Document:

exv4w11

 

EXECUTION COPY

INDENTURE

by and between

CAPITALSOURCE COMMERCIAL LOAN TRUST 2005-1,

 as the Issuer,

and

WELLS FARGO BANK, NATIONAL ASSOCIATION,

not in its individual capacity but solely in its capacity

as the Indenture Trustee

Dated as of April 14, 2005

CapitalSource Commercial Loan Trust 2005-1 Asset Backed Notes, Series 2005-1

Class A-1, Class A-2, Class B, Class C, Class D, Class E and Class F Notes

 

 

TABLE OF CONTENTS

	 	 	 	 	 
	 	 	Page	 
	ARTICLE I DEFINITIONS
	 	 	2	 
	 
	 	 	 	 
	Section 1.01. Definitions
	 	 	2	 
	 
	 	 	 	 
	Section 1.02. Rules of Construction
	 	 	8	 
	 
	 	 	 	 
	ARTICLE II THE NOTES
	 	 	8	 
	 
	 	 	 	 
	Section 2.01. Form
	 	 	8	 
	 
	 	 	 	 
	Section 2.02. Execution, Authentication and Delivery
	 	 	9	 
	 
	 	 	 	 
	Section 2.03. Opinions of Counsel
	 	 	9	 
	 
	 	 	 	 
	ARTICLE III COVENANTS
	 	 	10	 
	 
	 	 	 	 
	Section 3.01. Collection of Payments on Loans; Trust Accounts
	 	 	10	 
	 
	 	 	 	 
	Section 3.02. Maintenance of Office or Agency
	 	 	10	 
	 
	 	 	 	 
	Section 3.03. Money for Payments To Be Held in Trust; Paying Agent
	 	 	10	 
	 
	 	 	 	 
	Section 3.04. Existence; Separate Legal Existence
	 	 	12	 
	 
	 	 	 	 
	Section 3.05. Payment of Principal and Interest
	 	 	13	 
	 
	 	 	 	 
	Section 3.06. Protection of Indenture Collateral
	 	 	13	 
	 
	 	 	 	 
	Section 3.07. Opinions as to Indenture Collateral
	 	 	14	 
	 
	 	 	 	 
	Section 3.08. Furnishing of Rule 144A Information
	 	 	15	 
	 
	 	 	 	 
	Section 3.09. Performance of Obligations; Sale and Servicing Agreement
	 	 	15	 
	 
	 	 	 	 
	Section 3.10. Negative Covenants
	 	 	16	 
	 
	 	 	 	 
	Section 3.11. Annual Statement as to Compliance
	 	 	17	 
	 
	 	 	 	 
	Section 3.12. Recording of Assignments
	 	 	17	 
	 
	 	 	 	 
	Section 3.13. Representations and Warranties Concerning the Loans
	 	 	17	 
	 
	 	 	 	 
	Section 3.14. Indenture Trustee’s Review of Loan Files
	 	 	17	 
	 
	 	 	 	 
	Section 3.15. Indenture Collateral; Related Documents
	 	 	17	 
	 
	 	 	 	 
	Section 3.16. Amendments to Sale and Servicing Agreement
	 	 	18	 
	 
	 	 	 	 
	Section 3.17. Servicer as Agent and Bailee of Indenture Trustee
	 	 	18	 
	 
	 	 	 	 
	Section 3.18. Investment Company Act
	 	 	18	 
	 
	 	 	 	 
	Section 3.19. Issuer May Consolidate, etc., Only on Certain Terms
	 	 	19	 
	 
	 	 	 	 
	Section 3.20. Successor or Transferee
	 	 	20	 
	 
	 	 	 	 
	Section 3.21. No Other Business
	 	 	20	 
	 
	 	 	 	 
	Section 3.22. No Borrowing
	 	 	21	 

-i-

 

TABLE OF CONTENTS

(continued)

	 	 	 	 	 
	 	 	Page	 
	Section 3.23. Guarantees, Loans, Advances and Other Liabilities
	 	 	21	 
	 
	 	 	 	 
	Section 3.24. Capital Expenditures
	 	 	21	 
	 
	 	 	 	 
	Section 3.25. Representations and Warranties of the Issuer
	 	 	21	 
	 
	 	 	 	 
	Section 3.26. Restricted Payments
	 	 	23	 
	 
	 	 	 	 
	Section 3.27. Notice of Events of Default
	 	 	24	 
	 
	 	 	 	 
	Section 3.28. Further Instruments and Acts
	 	 	24	 
	 
	 	 	 	 
	Section 3.29. Statements to Noteholders
	 	 	24	 
	 
	 	 	 	 
	Section 3.30. Grant of Substitute Loans
	 	 	25	 
	 
	 	 	 	 
	Section 3.31. Determination of LIBOR; Note Interest Rate; Interest Distributable
	 	 	25	 
	 
	 	 	 	 
	Section 3.32. Covenants of the Issuer Relating to Hedge Agreements
	 	 	25	 
	 
	 	 	 	 
	Section 3.33. Payments from Obligor Lock–Boxes and Obligor Lock–Box Accounts
	 	 	27	 
	 
	 	 	 	 
	Section 3.34. Maintenance of Listing
	 	 	27	 
	 
	 	 	 	 
	ARTICLE IV THE NOTES; SATISFACTION AND DISCHARGE OF INDENTURE
	 	 	28	 
	 
	 	 	 	 
	Section 4.01. The Notes
	 	 	28	 
	 
	 	 	 	 
	Section 4.02. Registration of Transfer and Exchange of Notes
	 	 	28	 
	 
	 	 	 	 
	Section 4.03. Mutilated, Destroyed, Lost or Stolen Notes
	 	 	37	 
	 
	 	 	 	 
	Section 4.04. Payment of Principal and Interest; Defaulted Interest
	 	 	38	 
	 
	 	 	 	 
	Section 4.05. Tax Treatment
	 	 	39	 
	 
	 	 	 	 
	Section 4.06. Satisfaction and Discharge of Indenture
	 	 	40	 
	 
	 	 	 	 
	Section 4.07. Application of Trust Money
	 	 	41	 
	 
	 	 	 	 
	Section 4.08. Repayment of Moneys Held by Paying Agent
	 	 	41	 
	 
	 	 	 	 
	ARTICLE V REMEDIES
	 	 	41	 
	 
	 	 	 	 
	Section 5.01. Events of Default
	 	 	41	 
	 
	 	 	 	 
	Section 5.02. Acceleration of Maturity; Rescission and Annulment
	 	 	43	 
	 
	 	 	 	 
	Section 5.03. Collection of Indebtedness and Suits for Enforcement by Indenture Trustee
	 	 	43	 
	 
	 	 	 	 
	Section 5.04. Remedies; Priorities
	 	 	46	 
	 
	 	 	 	 
	Section 5.05. Optional Preservation of the Indenture Collateral
	 	 	47	 

-ii-

 

TABLE OF CONTENTS

(continued)

	 	 	 	 	 
	 	 	Page	 
	Section 5.06. Limitation of Suits
	 	 	48	 
	 
	 	 	 	 
	Section 5.07. Unconditional Rights of Noteholders To Receive Principal and Interest
	 	 	49	 
	 
	 	 	 	 
	Section 5.08. Restoration of Rights and Remedies
	 	 	49	 
	 
	 	 	 	 
	Section 5.09. Rights and Remedies Cumulative
	 	 	49	 
	 
	 	 	 	 
	Section 5.10. Delay or Omission Not a Waiver
	 	 	50	 
	 
	 	 	 	 
	Section 5.11. Control by Noteholders
	 	 	50	 
	 
	 	 	 	 
	Section 5.12. Waiver of Past Defaults
	 	 	51	 
	 
	 	 	 	 
	Section 5.13. Undertaking for Costs
	 	 	51	 
	 
	 	 	 	 
	Section 5.14. Waiver of Stay or Extension Laws
	 	 	51	 
	 
	 	 	 	 
	Section 5.15. Sale of Indenture Collateral
	 	 	52	 
	 
	 	 	 	 
	Section 5.16. Action on Notes
	 	 	53	 
	 
	 	 	 	 
	Section 5.17. Performance and Enforcement of Certain Obligations
	 	 	53	 
	 
	 	 	 	 
	ARTICLE VI THE INDENTURE TRUSTEE
	 	 	54	 
	 
	 	 	 	 
	Section 6.01. Duties of Indenture Trustee
	 	 	54	 
	 
	 	 	 	 
	Section 6.02. Rights of Indenture Trustee
	 	 	55	 
	 
	 	 	 	 
	Section 6.03. Individual Rights of Indenture Trustee
	 	 	56	 
	 
	 	 	 	 
	Section 6.04. Indenture Trustee’s Disclaimer
	 	 	56	 
	 
	 	 	 	 
	Section 6.05. Notice of Event of Default
	 	 	57	 
	 
	 	 	 	 
	Section 6.06. Reports by Indenture Trustee to Holders
	 	 	57	 
	 
	 	 	 	 
	Section 6.07. Compensation and Indemnity
	 	 	57	 
	 
	 	 	 	 
	Section 6.08. Replacement of Indenture Trustee
	 	 	58	 
	 
	 	 	 	 
	Section 6.09. Successor Indenture Trustee by Merger
	 	 	60	 
	 
	 	 	 	 
	Section 6.10. Appointment of Co–Indenture Trustee or Separate Indenture Trustee
	 	 	60	 
	 
	 	 	 	 
	Section 6.11. Eligibility; Disqualification
	 	 	61	 
	 
	 	 	 	 
	Section 6.12. Representations, Warranties and Covenants of Indenture Trustee
	 	 	62	 
	 
	 	 	 	 
	Section 6.13. Directions to Indenture Trustee
	 	 	63	 
	 
	 	 	 	 
	Section 6.14. Conflicts
	 	 	63	 

-iii-

 

TABLE OF CONTENTS

(continued)

	 	 	 	 	 
	 	 	Page	 
	ARTICLE VII NOTEHOLDERS’ LISTS AND REPORTS
	 	 	63	 
	 
	 	 	 	 
	Section 7.01. Issuer To Furnish Indenture Trustee Names and Addresses of Noteholders
	 	 	63	 
	 
	 	 	 	 
	Section 7.02. Preservation of Information; Communications to Noteholders
	 	 	63	 
	 
	 	 	 	 
	Section 7.03. Fiscal Year
	 	 	64	 
	 
	 	 	 	 
	Section 7.04. Reports to Irish Stock Exchange, Etc
	 	 	64	 
	 
	 	 	 	 
	ARTICLE VIII TRUST ACCOUNTS, DISBURSEMENTS AND RELEASES
	 	 	64	 
	 
	 	 	 	 
	Section 8.01. Collection of Money
	 	 	64	 
	 
	 	 	 	 
	Section 8.02. Trust Accounts
	 	 	64	 
	 
	 	 	 	 
	Section 8.03. Opinion of Counsel
	 	 	65	 
	 
	 	 	 	 
	Section 8.04. Termination Upon Distribution to Noteholders
	 	 	66	 
	 
	 	 	 	 
	Section 8.05. Release of Indenture Collateral
	 	 	66	 
	 
	 	 	 	 
	Section 8.06. Surrender of Notes Upon Final Payment
	 	 	66	 
	 
	 	 	 	 
	ARTICLE IX SUPPLEMENTAL INDENTURES
	 	 	66	 
	 
	 	 	 	 
	Section 9.01. Supplemental Indentures Without Consent of Noteholders
	 	 	66	 
	 
	 	 	 	 
	Section 9.02. Supplemental Indentures With Consent of Noteholders
	 	 	68	 
	 
	 	 	 	 
	Section 9.03. Execution of Supplemental Indentures
	 	 	70	 
	 
	 	 	 	 
	Section 9.04. Effect of Supplemental Indenture
	 	 	70	 
	 
	 	 	 	 
	Section 9.05. Reference in Notes to Supplemental Indentures
	 	 	70	 
	 
	 	 	 	 
	ARTICLE X OPTIONAL REPURCHASE OF NOTES
	 	 	70	 
	 
	 	 	 	 
	Section 10.01. Optional Repurchase
	 	 	70	 
	 
	 	 	 	 
	Section 10.02. Form of Repurchase Notice
	 	 	71	 
	 
	 	 	 	 
	Section 10.03. Notes Payable on Repurchase Date
	 	 	71	 
	 
	 	 	 	 
	ARTICLE XI MISCELLANEOUS
	 	 	71	 
	 
	 	 	 	 
	Section 11.01. Compliance Certificates and Opinions, etc
	 	 	71	 
	 
	 	 	 	 
	Section 11.02. Form of Documents Delivered to Indenture Trustee
	 	 	73	 
	 
	 	 	 	 
	Section 11.03. Acts of Noteholders
	 	 	73	 
	 
	 	 	 	 
	Section 11.04. Notices, etc., to Indenture Trustee and Others
	 	 	74	 
	 
	 	 	 	 
	Section 11.05. Notices to Noteholders; Waiver
	 	 	75	 
	 
	 	 	 	 
	Section 11.06. Alternate Payment and Notice Provisions
	 	 	75	 

-iv-

 

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(continued)

	 	 	 	 	 
	 	 	Page	 
	Section 11.07. Effect of Headings
	 	 	76	 
	 
	 	 	 	 
	Section 11.08. Successors and Assigns
	 	 	76	 
	 
	 	 	 	 
	Section 11.09. Severability
	 	 	76	 
	 
	 	 	 	 
	Section 11.10. Benefits of Indenture
	 	 	76	 
	 
	 	 	 	 
	Section 11.11. Legal Holidays
	 	 	76	 
	 
	 	 	 	 
	Section 11.12. GOVERNING LAW
	 	 	76	 
	 
	 	 	 	 
	Section 11.13. Counterparts
	 	 	77	 
	 
	 	 	 	 
	Section 11.14. Issuer Obligation
	 	 	77	 
	 
	 	 	 	 
	Section 11.15. No Petition
	 	 	77	 
	 
	 	 	 	 
	Section 11.16. Inspection; Confidentiality
	 	 	78	 
	 
	 	 	 	 
	Section 11.17. Limitation of Liability
	 	 	78	 
	 
	 	 	 	 
	Section 11.18. Disclaimer and Subordination
	 	 	79	 

EXHIBITS

	 	 	 	 	 
	Exhibit A–1
	 	—	 	Form of Class A-1 Note
	Exhibit A–2
	 	—	 	Form of Class A-2 Note
	Exhibit A–3
	 	—	 	Form of Class B Note
	Exhibit A–4
	 	—	 	Form of Class C Note
	Exhibit A–5
	 	—	 	Form of Class D Note
	Exhibit A–6
	 	—	 	Form of Class E Note
	Exhibit A–7
	 	—	 	Form of Class F Note
	Exhibit B
	 	—	 	List of Loans
	Exhibit C
	 	—	 	Form of Wiring Instructions
	Exhibit D–1
	 	—	 	Form of Transferee Letter [Non–Rule 144A]
	Exhibit D–2
	 	—	 	Form of Rule 144A Certification
	Exhibit E
	 	—	 	Form of Transfer Certificate for
Rule 144A Global Note to Regulation S Global Note during Distribution Compliance Period
	Exhibit F
	 	—	 	Form of Transfer Certificate for
Rule 144A Global Note to Regulation S Global Note
after Distribution Compliance Period
	Exhibit G
	 	—	 	Form of Transfer Certificate for
Regulation S Global Note to Rule 144A Global Note
during Distribution Compliance Period
	Exhibit H
	 	—	 	Form of Transfer Certificate for
Regulation S Global Note during Distribution Compliance Period

-v-

 

INDENTURE

     THIS INDENTURE, dated as of April 14, 2005 (as amended, modified, restated, supplemented or
waived from time to time, the “Indenture”), is by and between CAPITALSOURCE COMMERCIAL LOAN
TRUST 2005-1, a Delaware statutory trust, as the issuer (together with its successors and assigns
in such capacity, the “Issuer”), and WELLS FARGO BANK, NATIONAL ASSOCIATION, not in its
individual capacity but solely in its capacity as the indenture trustee (together with its
successors and assigns, in such capacity, the “Indenture Trustee”).

     Each party hereto agrees as follows for the benefit of the other party and for the equal and
ratable benefit of the Holders of the Issuer’s Notes and the Hedge Counterparties.

GRANTING CLAUSE

     The Issuer hereby Grants to the Indenture Trustee, on behalf of and for the benefit of the
Holders of the Notes and the Hedge Counterparties, without recourse, subject to the terms of this
Indenture and the other Transaction Documents, a continuing security interest in and lien on all of
its right, title and interest in and to all accounts, cash and currency, chattel paper, electronic
chattel paper, tangible chattel paper, copyrights, copyright licenses, equipment, fixtures, general
intangibles, instruments, commercial tort claims, deposit accounts, inventory, investment property,
letter of credit rights, software, supporting obligations, accessions, and other property
consisting of, arising out of, or related to (i) the Loans and all other assets included or to be
included from time to time in the Loan Assets, whether now existing or hereafter arising or
acquired, other than the Retained Interest, if any, as it may exist from time to time, (ii) all
payments under any Hedge Agreement, and (iii) all present and future claims, demands, causes and
choses in action in respect of any or all of the foregoing and all payments on or under and all
proceeds of every kind and nature whatsoever in respect of any or all of the foregoing, including
all proceeds of the conversion, voluntary or involuntary, into cash or other liquid property, all
cash proceeds, accounts, accounts receivable, notes, drafts, acceptances, chattel paper, checks,
deposit accounts, insurance proceeds, condemnation awards, rights to payment of any and every kind
and other forms of obligations and receivables, instruments and other property which at any time
constitute all or part of or are included in the proceeds of any of the foregoing (collectively,
the “Indenture Collateral”).

     The foregoing Grant is made in trust to secure (x) the payment of principal of and interest
on, and any other amounts owing in respect of, the Notes and all other sums owing by the Issuer
hereunder or under any other Transaction Document or under any Hedge Transaction, and (y) to secure
compliance with the covenants and agreement in this Indenture, the Hedge Agreement and the other
Transaction Documents.

     The Indenture Trustee, on behalf of the Noteholders and on behalf of the Hedge Counterparties
(1) acknowledges such Grant, and (2) accepts the trusts under this Indenture in accordance with
this Indenture and agrees to perform its duties required in this Indenture to the best of its
ability to the end that the interests of the Noteholders and Hedge Counterparties may be adequately
and effectively protected.

 

 

ARTICLE I

DEFINITIONS

     Section 1.01. Definitions.

     Certain defined terms used throughout the Indenture are defined above or in this Section
1.01. In addition, except as otherwise expressly provided herein or unless the context
otherwise requires, capitalized terms used but not otherwise defined herein shall have the meanings
given to such terms in the Sale and Servicing Agreement (as defined below), which are incorporated
by reference herein.

     “Accredited Investors” shall have the meaning specified in Rule 501(a)(1)–(3) or (7)
under the Securities Act.

     “Applicable Procedures” has the meaning given to such term in subsection
4.02(l)(i).

     “Authorized Newspaper” means a newspaper of general circulation in the Borough of
Manhattan, The City of New York, printed in the English language and customarily published on each
Business Day, whether or not published on Saturdays, Sundays or holidays.

     “Authorized Officer” means, (i) with respect to any Person, any person who is
authorized to act for such Person in matters relating to the Transaction Documents and whose action
is binding upon such Person, (ii) with respect to the Issuer, any officer of the Owner Trustee who
is authorized to act for the Owner Trustee in matters relating to the Issuer, (iii) with respect to
the Trust Depositor or the Servicer, initially those individuals the names of whom appear on the
lists of Authorized Officers delivered on the Closing Date (as such list may be modified or
supplemented from time to time thereafter), and (iv) with respect to the Indenture Trustee, the
Chairman or Vice President of the Board of Directors or Trustees, the Chairman or Vice Chairman of
the Executive or Standing Committee of the Board of Directors or Trustees, the President, the
Chairman of the Committee on Trust Matters, any vice president, any assistant vice president, the
Secretary, any assistant secretary, the Treasurer, any assistant treasurer, the Cashier, any
assistant cashier, any trust officer, the Controller and any assistant controller or any other
officer of the Indenture Trustee customarily performing functions similar to those performed by any
of the above designated officers and also, with respect to a particular matter, any other officer
to whom such matter is referred because of such officer’s knowledge of and familiarity with
particular subject.

     “Beneficial Owner” means, with respect to a Note, the Person who is the beneficial
owner of such Note, as reflected on the books of the Depository or on the books of a Person
maintaining an account with such Depository (directly or as an indirect participant, in accordance
with the rules of such Depository), as the case may be.

     “CapitalSource” means CapitalSource Finance LLC, together with its successors and
assigns.

     “Certificate Registrar” means initially, the Indenture Trustee, and thereafter, any
successor appointed pursuant to the Trust Agreement.

2

 

     “Clearstream” means Clearstream Banking, a société anonyme, a limited liability
company organized under the laws of Luxembourg.

     “Corporate Trust Office” means in the case of Owner Trustee: Wilmington Trust
Company, 1100 North Market Street, Wilmington, Delaware 19801, Attention: Corporate Trust
Administration and in the case of the Indenture Trustee: Wells Fargo Bank, National Association,
Sixth and Marquette Avenue, MAC N9311–161, Minneapolis, Minnesota 55479, Attention: Corporate
Trust Services/Asset Backed Administration, or at such other address as the Owner Trustee or the
Indenture Trustee may designate from time to time by notice to the Issuer, or the principal
corporate trust officer of any successor Owner Trustee or Indenture Trustee at the address
designated by such successor by notice to the Issuer.

     “Credit Support Provider” means, in respect of a Hedge Counterparty, any Person
providing credit support on behalf of such Hedge Counterparty.

     “Default” means any occurrence that is, or with notice or the lapse of time or both
would become, an Event of Default.

     “Depository” means The Depository Trust Company or its successors or assigns.

     “Depository Participant” means a Person for whom, from time to time, the Depository
effects book–entry transfers and pledges of securities deposited with the Depository.

     “Direct Participant” means any broker–dealer, bank or other financial institution for
whom the nominee of the Depository holds an interest in any Note.

     “Distribution Compliance Period” means the 40 day period prescribed by Regulation S
commencing on the later of (a) the date upon which Notes are first offered to Persons other than
the Initial Purchasers and any other distributor (as such term is defined in Regulation S) of the
Notes and (b) the Closing Date.

     “DTC” means The Depository Trust Company, and its successors.

     “DTC Custodian” means the Indenture Trustee as a custodian for DTC.

     “ERISA” means the Employee Retirement Income Security Act of 1974, as amended from
time to time, or any successor legislation thereto and the regulations promulgated and the rulings
issued thereunder.

     “Euroclear” means the Euroclear System, operated by Morgan Guaranty Trust Company of
New York, Brussels office.

     “Event of Default” has the meaning given to such term in Section 5.01.

     “Fixed Rate Permitted Excess Amount” means, with respect to Fixed Rate Loans,
$250,000.

     “Floating Prime Rate Permitted Excess Amount” means, with respect to Floating Prime
Rate Loans, $250,000.

3

 

     “Global Note” means any Note registered in the name of the Depository or its nominee,
beneficial interests of which are reflected on the books of the Depository or on the books of a
Person maintaining any account with such Depository (directly or as an indirect participant in
accordance with the rules of such Depository). The Global Note shall include the Rule 144A Global
Notes and the Regulation S Global Notes.

     “Grant” means to mortgage, pledge, sell, bargain, warrant, alienate, remise, release,
convey, assign, transfer, create, and grant a lien upon and a security interest in and right of
set–off against, deposit, set over and confirm pursuant to the Indenture. A Grant of Indenture
Collateral or of any other agreement or instrument shall include all rights, powers and options
(but none of the obligations) of the granting party thereunder, including the immediate and
continuing right to claim for, collect, receive and give receipt for principal and interest
payments in respect of such collateral or other agreement or instrument and all other moneys
payable thereunder, to give and receive notices and other communications, to make waivers or other
agreements, to exercise all rights and options, to bring proceedings in the name of the granting
party or otherwise, and generally to do and receive anything that the granting party is or may be
entitled to do or receive thereunder or with respect thereto.

     “Indenture Collateral” has the meaning given to such term in the Granting
Clauses.

     “Indenture Trustee” has the meaning given to such term in the Preamble.

     “Indirect Participant” means any financial institution for whom any Direct Participant
holds an interest in any Note.

     “Individual Note” means any Note in permanent certificated form registered in the name
of a holder other than the Depository or its nominee.

     “Initial Purchasers” means Wachovia Capital Markets, LLC, Citigroup Global Markets
Inc., Harris Nesbitt Corp., J.P. Morgan Securities Inc., SunTrust Capital Markets, Inc. and SG
Americas Securities, LLC.

     “Institutional Accredited Investor” means any Person meeting the requirements of Rule
501 (a) (1) – (3) or (7) of Regulation D under the Securities Act.

     “Issuer Order” means a written order or request signed in the name of the Issuer by
any one of its Authorized Officers or by the Servicer on behalf of the Issuer and delivered to the
Indenture Trustee.

     “Legal Final Maturity Date” means February 20, 2014.

     “Letter of Representations” means the Letter of Representations, dated as of April 14,
2005 by and among the Issuer, the Indenture Trustee and the Depository.

     “Note Register” has the meaning given to such term in subsection 4.02(a).

     “Note Registrar” has the meaning given to such term in subsection 4.02(a).

4

 

     “Outstanding” means as of the date of determination, all Notes theretofore executed,
authenticated and delivered under the Indenture except:

     (i) Notes in exchange for or in lieu of which other Notes have been executed, authenticated
and delivered pursuant to the Indenture unless proof satisfactory to the Indenture Trustee is
presented that any such Notes are held by a holder in due course;

     (ii) Notes to be repurchased and in respect of which money in the necessary amount to pay the
Repurchase Price has been theretofore deposited with the Indenture Trustee in trust for the
Noteholders (provided, however, that notice of such repurchase has been duly given
pursuant to Section 10.02 hereof); and

     (iii) Notes theretofore canceled by the Note Registrar or delivered to the Indenture Trustee
for cancellation.

     “Owner” means each Holder of a Note.

     “Owner Trustee” means Wilmington Trust Company, not in its individual capacity but
solely as owner trustee under the Trust Agreement, and any successor Owner Trustee thereunder.

     “Participant” means a Person that has an account with DTC.

     “Paying Agent” means, with respect to the Notes, any paying agent or co–paying agent
appointed pursuant to Section 3.03 of the Indenture, which initially shall be (i) the
Indenture Trustee and (ii) with respect to the payment of principal and interest on those Class A-1
Notes, Class A-2 Notes, Class B Notes, Class C Notes and Class D Notes listed on the Irish Stock
Exchange only, JP Morgan Bank (Ireland) PLC. With respect to the Trust Certificates, any paying
agent or co–paying agent appointed pursuant to Section 3.09 of the Trust Agreement which initially
shall be Wells Fargo Bank, National Association.

     “Percentage Interest” means, with respect to a Class A-1 Note, Class A-2 Note, Class B
Note, Class C Note, Class D Note, Class E Note or Class F Note, the fraction, expressed as a
percentage, the numerator of which is the denomination represented by such Class A-1 Note, Class
A-2 Note, Class B Note, Class C Note, Class D Note, Class E Note or Class F Note and the
denominator of which is the Initial Class A-1 Principal Balance, the Initial Class A-2 Principal
Balance, the Initial Class B Principal Balance, the Initial Class C Principal Balance, the Initial
Class D Principal Balance, the Initial Class E Principal Balance or the Initial Class F Principal
Balance, as the case may be. With respect to a Trust Certificate, the percentage set forth on the
face thereof.

     “Plan” has the meaning given to such term in subsection 4.02(y).

     “Proceeding” means any suit in equity, action at law or other judicial or
administrative proceeding.

     “Qualified Institutional Buyer” has the meaning given to such term in Rule 144A under
the Securities Act.

     “Regulation S” means Regulation S under the Securities Act.

5

 

     “Regulation S Global Notes” means the Notes sold in offshore transactions in reliance
on Regulation S and represented by one or more Global Notes deposited with the Indenture Trustee as
custodian for the Depository.

     “Regulation S Investor” means, with respect to a transferee of a Regulation S Global
Note pursuant to Regulation S.

     “Repurchase Date” means in the case of a repurchase of the Notes pursuant to
Section 10.01 of this Indenture, the Remittance Date specified by the Issuer pursuant to
Section 10.01 of this Indenture.

     “Repurchase Price” means, in the case of a repurchase of the Notes pursuant to
Section 10.01 of this Indenture, an amount equal to the then outstanding principal amount
of each Class of Offered Notes being repurchased plus accrued and unpaid interest thereon to but
excluding the Repurchase Date plus all other amounts accrued and unpaid with respect thereto,
together with all amounts then owing to each Hedge Counterparty, including Hedge Breakage Costs,
plus, without duplication, all amounts payable to each Hedge Counterparty upon termination of all
Hedge Transactions in connection with a repurchase of the Notes, including Hedge Breakage Costs.

     “Rule 144A Certification” means a letter substantially in the form attached to the
Indenture as Exhibit D–2.

     “Rule 144A Global Notes” means the Notes sold within the United States to U.S.
Persons, initially issued to Qualified Institutional Buyers in the form of beneficial interests in
one or more Global Notes, deposited with the Indenture Trustee as custodian for the Depository.

     “Sale” has the meaning given to such term in Section 5.15.

     “Sale and Servicing Agreement” means the Sale and Servicing Agreement, dated as of
April 14, 2005, by and among CapitalSource Commercial Loan Trust 2005-1, as the Trust,
CapitalSource Commercial Loan LLC, 2005-1, as the Trust Depositor, CapitalSource Finance LLC, as
the Originator and as the Servicer, and Wells Fargo Bank, National Association, as the Indenture
Trustee and the Backup Servicer.

     “Securities Legend” “THIS NOTE HAS NOT BEEN AND WILL NOT BE REGISTERED UNDER THE
SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR UNDER ANY STATE SECURITIES OR BLUE
SKY LAW OF ANY STATE. THE HOLDER HEREOF, BY PURCHASING THIS NOTE, AGREES THAT THIS NOTE MAY BE
REOFFERED, RESOLD, PLEDGED OR OTHERWISE TRANSFERRED ONLY IN COMPLIANCE WITH THE SECURITIES ACT AND
OTHER REQUIREMENTS OF LAWS AND ONLY (1) PURSUANT TO RULE 144A UNDER THE SECURITIES ACT (“RULE
144A”) TO A PERSON THAT THE HOLDER REASONABLY BELIEVES IS A QUALIFIED INSTITUTIONAL BUYER WITHIN
THE MEANING OF RULE 144A (A “QIB”), PURCHASING FOR ITS OWN ACCOUNT OR A QIB PURCHASING FOR THE
ACCOUNT OF A QIB, WHOM THE HOLDER HAS INFORMED THAT THE REOFFER, RESALE, PLEDGE OR OTHER TRANSFER
IS BEING MADE IN RELIANCE ON RULE 144A, (2) IN CERTIFICATED FORM TO AN INSTITUTIONAL

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“ACCREDITED INVESTOR” (WITHIN THE MEANING OF RULE 501 (a)(1)–(3) OR (7) UNDER THE SECURITIES
ACT) WHO IS ALSO A QUALIFIED PURCHASER FOR PURPOSES OF SECTION 3(c)(7) UNDER THE INVESTMENT COMPANY
ACT OF 1940, AS AMENDED, PURCHASING FOR INVESTMENT AND NOT FOR DISTRIBUTION IN VIOLATION OF THE
SECURITIES ACT, IN EACH CASE, SUBJECT TO (A) THE RECEIPT BY THE INDENTURE TRUSTEE OF A LETTER
SUBSTANTIALLY IN THE FORM PROVIDED IN THE INDENTURE AND (B) THE RECEIPT BY THE INDENTURE TRUSTEE OF
SUCH OTHER EVIDENCE ACCEPTABLE TO THE INDENTURE TRUSTEE THAT SUCH REOFFER, RESALE, PLEDGE OR
TRANSFER IS IN COMPLIANCE WITH THE SECURITIES ACT AND OTHER REQUIREMENTS OF LAWS OR IN EACH CASE IN
ACCORDANCE WITH ALL APPLICABLE SECURITIES LAWS OF THE UNITED STATES AND SECURITIES AND BLUE SKY
LAWS OF ANY STATE OF THE UNITED STATES AND ANY OTHER APPLICABLE JURISDICTION, (3) IN AN OFFSHORE
TRANSACTION IN ACCORDANCE WITH RULE 903 OR RULE 904 OF REGULATION S UNDER THE SECURITIES ACT, (4)
PURSUANT TO ANOTHER EXEMPTION AVAILABLE UNDER THE SECURITIES ACT AND IN ACCORDANCE WITH ANY
APPLICABLE STATE SECURITIES LAWS, OR (5) PURSUANT TO A VALID REGISTRATION STATEMENT. THE PURCHASE
OF THIS NOTE WILL BE DEEMED A REPRESENTATION BY THE ACQUIRER THAT EITHER: (I) IT IS NOT, AND IS NOT
ACQUIRING OR HOLDING THIS NOTE, DIRECTLY OR INDIRECTLY, ON BEHALF OF OR WITH ANY ASSETS OF, AN
“EMPLOYEE BENEFIT PLAN” AS DEFINED IN SECTION 3(3) OF ERISA, THAT IS SUBJECT TO TITLE I OF ERISA,
OR A “PLAN” DESCRIBED IN AND SUBJECT TO SECTION 4975 OF THE CODE (COLLECTIVELY, A “PLAN”),OR OTHER
PLAN OR ARRANGEMENT SUBJECT TO ANY FEDERAL, STATE, LOCAL, NON-U.S. OR OTHER LAW SUBSTANTIVELY
SIMILAR TO THE FOREGOING PROVISIONS OF ERISA OR THE CODE (“SIMILAR LAW”); OR (II)(A) IN THE CASE OF
A LISTED NOTE, ITS ACQUISITION AND HOLDING OF THIS NOTE WILL NOT CONSTITUTE OR RESULT IN A
NON-EXEMPT PROHIBITED TRANSACTION TITLE I OF ERISA OR SECTION 4975 OF THE CODE OR A VIOLATION OF
SIMILAR LAW, AND (B) IN THE CASE OF A CLASS E NOTE OR CLASS F NOTE, IT IS A PLAN THAT IS NOT
SUBJECT TO TITLE I OF ERISA OR SECTION 4975 OF THE CODE AND ITS ACQUISITION AND HOLDING OF THE
CLASS E NOTE OR CLASS F NOTE WILL NOT CONSTITUTE OR RESULT IN A VIOLATION OF SIMILAR LAW.

     “Series” means 2005-1.

     “Servicer’s Certificate” means the certificate as defined in Section 9.02 of the Sale
and Servicing Agreement.

     “Similar Law” has the meaning given to such term in subsection 4.02(y).

     “Termination Price” means the price calculated in accordance with Section 10.01 of the
Sale and Servicing Agreement.

     “Transfer” has the meaning given to such term in subsection 4.02(r).

     “Transferee Letter” means the letter set forth in Exhibit D–1 to the
Indenture.

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     “Trust Certificate” means a certificate evidencing the beneficial interest of a
Certificateholder in the Issuer, substantially in the form of Exhibit A attached to the
Trust Agreement.

     “Trust Company” means Wilmington Trust Company (and any successor thereto or assign
thereof), in its individual capacity, and any other Person who shall act as Owner Trustee under the
Trust Agreement, in its individual capacity.

     “Trust Indenture Act” or “TIA” means the Trust Indenture Act of 1939, as
amended from time to time, as in effect on any relevant date.

     “U.S. Person” means a person that is a citizen or resident of the United States, a
corporation or partnership (except as provided in applicable Treasury regulations) created or
organized in or under the laws of the United States, any State or the District of Columbia,
including any entity treated as a corporation or partnership for federal income tax purposes, an
estate whose income is subject to United States federal income tax regardless of its source, or a
trust if a court within the United States is able to exercise primary supervision over the
administration of such trust, and one or more such U.S. Persons have the authority to control all
substantial decisions of such trust (or, to the extent provided as applicable Treasury regulations,
certain trusts in existence on August 20, 1996 which are eligible to elect to be treated as a U.S.
Person).

     “USA PATRIOT Act” means the United States Uniting and Strengthening America By
Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act of 2001, signed into
law on and effective as of October 26, 2001, which, among other things, requires that financial
institutions, a term that includes banks, broker-dealers and investment companies, establish and
maintain compliance programs to guard against money laundering activities.

     Section 1.02. Rules of Construction.

     Unless the context otherwise requires:

     (i) a term has the meaning given to it;

     (ii) an accounting term not otherwise defined has the meaning given to it in accordance
with generally accepted accounting principles;

     (iii) “or” is not exclusive;

     (iv) “including” means including without limitation;

     (v) words in the singular include the plural and words in the plural include the
singular;

     (vi) any pronouns shall be deemed to cover all genders; and

     (vii) any agreement, instrument or statute defined or referred to herein or in any
instrument or certificate delivered in connection herewith means such agreement, instrument
or statute as from time to time amended, modified, waived or supplemented

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and includes (in the case of agreements or instruments) references to all attachments
thereto and instruments incorporated therein; references to a Person are also to its
permitted successors and assigns.

ARTICLE II

THE NOTES

     Section 2.01. Form.

     The Notes, together with the Indenture Trustee’s certificate of authentication, shall be in
substantially the forms set forth as Exhibits A–1 through A-7 to this Indenture
with such appropriate insertions, omissions, substitutions and other variations as are required or
permitted by this Indenture and may have such letters, numbers or other marks of identification and
such legends or endorsements placed thereon as may, consistently herewith, be determined by the
appropriate Authorized Officers executing such Notes, as evidenced by their execution of the Notes.
Any portion of the text of any Note may be set forth on the reverse thereof, with an appropriate
reference thereto on the face of the Note.

     The Notes shall be typewritten, printed, lithographed or engraved or produced by any
combination of these methods (with or without steel engraved borders), all as determined by the
Authorized Officers executing such Notes, as evidenced by their execution of such Notes.

     The terms of the Notes set forth in Exhibits A–1 through A-7 are part of the
terms of this Indenture.

     Section 2.02. Execution, Authentication and Delivery.

     The Notes shall be executed on behalf of the Issuer by any of its Authorized Officers. The
signature of any such Authorized Officer on the Notes may be manual or facsimile.

     Notes bearing the manual or facsimile signature of individuals who were at any time Authorized
Officers of the Issuer shall bind the Issuer, notwithstanding that such individuals or any of them
have ceased to hold such offices prior to the authentication and delivery of such Notes or did not
hold such offices at the date of such Notes.

     The Indenture Trustee shall upon receipt of an Issuer Order authenticate and deliver Class A-1
Notes for original issue in an aggregate amount equal to the Initial Class A-1 Principal Balance,
Class A-2 Notes for original issue in an aggregate amount equal to the Initial Class A-2 Principal
Balance, Class B Notes for original issue in an aggregate amount equal to the Initial Class B
Principal Balance, Class C Notes for original issue in an aggregate amount equal to the Initial
Class C Principal Balance, Class D Notes for original issue in an aggregate amount equal to the
Initial Class D Principal Balance, Class E Notes for original issue in an aggregate amount equal to
the Initial Class E Principal Balance and a Class F Note for original issue in an aggregate amount
equal to the Initial Class F Principal Balance.

     Each Note shall be dated the date of its authentication. The Notes shall be issuable as
registered Notes in the minimum initial denominations of $500,000 and in integral multiples of

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$1,000 in excess thereof; provided, however, that one Note of each Class may
be issued in a different denomination.

     No Note shall be entitled to any benefit under this Indenture or be valid or obligatory for
any purpose, unless there appears on such Note a certificate of authentication substantially in the
form provided for herein executed by the Indenture Trustee by the manual signature of one of its
authorized signatories, and such certificate upon any Note shall be conclusive evidence, and the
only evidence, that such Note has been duly authenticated and delivered hereunder.

     Section 2.03. Opinions of Counsel.

     On the Closing Date, the Indenture Trustee shall have received: (i) an Opinion of Counsel,
with respect to securities law matters; (ii) an Opinion of Counsel, with respect to the tax status
of the arrangement created by this Indenture and the tax treatment of the Class A-1 Notes, the
Class A-2 Notes, the Class B Notes, the Class C Notes, the Class D Notes and the Class E Notes; and
(iii) an Opinion of Counsel to the Issuer, with respect to the due authorization, valid execution
and delivery of this Indenture and with respect to its binding effect on the Issuer.

ARTICLE III

COVENANTS

     Section 3.01. Collection of Payments on Loans; Trust Accounts.

     The Servicer shall establish with the Indenture Trustee and cause to be maintained each of the
Trust Accounts specified in Section 7.01 of the Sale and Servicing Agreement. The Indenture
Trustee shall ensure that each of the Trust Accounts is established and maintained as an Eligible
Deposit Account with a Qualified Institution. If any institution with which any of the Trust
Accounts established pursuant to subsection 7.01(a) of the Sale and Servicing Agreement are
established ceases to be a Qualified Institution, the Servicer, or if the Servicer fails to do so,
the Indenture Trustee (as the case may be) shall within ten Business Days establish a replacement
account at a Qualified Institution after notice of such event. The Indenture Trustee shall make
all payments of principal of and interest on the Notes, subject to Section 3.03 and as
provided in Section 3.05 herein from moneys on deposit in the Note Distribution Account.

     Section 3.02. Maintenance of Office or Agency.

     The Issuer will maintain with the Indenture Trustee an office or agency where, subject to
satisfaction of conditions set forth herein, Notes may be surrendered for registration of transfer
or exchange, and where notices and demands to or upon the Issuer in respect of the Notes and this
Indenture may be served. The Issuer hereby initially appoints the Indenture Trustee to serve as
its agent for the foregoing purposes. The Issuer will give prompt written notice to the Indenture
Trustee of the location, and of any change in the location, of any such office or agency. If at
any time the Issuer shall fail to maintain any such office or agency or shall fail to furnish the
Indenture Trustee with the address thereof, such surrenders, notices and demands may be made or
served at the Corporate Trust Office of the Indenture Trustee, and the Issuer hereby appoints the
Indenture Trustee as its agent to receive all such surrenders, notices and demands.

     Section 3.03. Money for Payments To Be Held in Trust; Paying Agent.

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     The Issuer hereby appoints the Indenture Trustee as Paying Agent for the payment of principal
and interest on the Notes. As provided in Section 3.01, all payments of amounts due and
payable with respect to any Notes or Hedge Agreements that are to be made from amounts withdrawn
from the Note Distribution Account pursuant to Section 3.01 shall be made on behalf of the
Issuer by the Indenture Trustee or by another Paying Agent, and no amounts so withdrawn from the
Note Distribution Account for payments of Notes or any Hedge Agreements shall be paid over to the
Issuer except as provided in this Section 3.03. The Issuer shall have for so long as any
Notes are listed on the Irish Stock Exchange, a Paying Agent for the payment of principal and
interest on such Notes in Ireland and where notices and demands to or upon the Issuer in respect of
such Notes or this Indenture may be served and where such securities may be surrendered for
registration of transfer or exchange. The Issuer hereby appoints JP Morgan Bank (Ireland) PLC as
Paying Agent for the payment of principal and interest with respect to only those securities listed
on the Irish Stock Exchange.

     The Issuer may at any time and from time to time vary or terminate the appointment of any such
agent or appoint any additional agents for any or all of such purposes; provided, that, (A) no
Paying Agent shall be appointed in a jurisdiction that subjects payments on the Notes to
withholding tax and (B) so long as any Notes are listed on the Irish Stock Exchange and the rules
of such exchange so require, the Issuer will maintain in Ireland a Paying Agent and an office or
agency where notices and demands to or upon the Issuer in respect of such securities and this
Indenture may be served and where such Notes may be surrendered for registration of transfer or
exchange. The Issuer shall give prompt written notice to the Indenture Trustee, the Rating
Agencies and the Noteholders of the appointment or termination of any such agent and of the
location and any change in the location of any such office or agency.

     On or before the Business Day immediately preceding each Remittance Date and the Repurchase
Date, the Issuer shall deposit or cause to be deposited in the Note Distribution Account from
amounts (except in the case of the Repurchase Date) on deposit in the Principal and Interest
Account an aggregate sum sufficient to pay the amounts then becoming due, such sum to be held in
trust for the benefit of the Persons entitled thereto and (unless the Paying Agent is the Indenture
Trustee) shall promptly notify the Indenture Trustee in writing of its action or failure so to act.

     The Issuer will cause each Paying Agent other than the Indenture Trustee to execute and
deliver to the Indenture Trustee an instrument in which such Paying Agent shall agree with the
Indenture Trustee (and if the Indenture Trustee acts as Paying Agent, it hereby so agrees), subject
to the provisions of this Section 3.03, that such Paying Agent will:

     (i) hold all sums held by it for the payment of amounts due with respect to the Notes
or the Hedge Agreements in trust for the benefit of the Persons entitled thereto until such
sums shall be paid to such Persons or otherwise disposed of as herein provided and pay such
sums to such Persons as herein provided;

     (ii) give the Indenture Trustee notice of any default by the Issuer in the making of
any payment required to be made with respect to the Notes or the Hedge Agreements;

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     (iii) at any time during the continuance of any such default, upon the written request
of the Indenture Trustee, forthwith pay to the Indenture Trustee all sums so held in trust
by such Paying Agent;

     (iv) immediately resign as Paying Agent and forthwith pay to the Indenture Trustee all
sums held by it in trust for the payment of Notes or the Hedge Agreements if at any time it
ceases to meet the standards required to be met by a Paying Agent at the time of its
appointment; and

     (v) comply with all requirements of the Code with respect to the withholding from any
payments made by it on any Notes or the Hedge Agreements of any applicable withholding taxes
imposed thereon and with respect to any applicable reporting requirements in connection
therewith.

     The Issuer may at any time, for the purpose of obtaining the satisfaction and discharge of
this Indenture or for any other purpose, by Issuer Order direct any Paying Agent to pay to the
Indenture Trustee all sums held in trust by such Paying Agent, such sums to be held by the
Indenture Trustee upon the same trusts as those upon which the sums were held by such Paying Agent;
and upon such payment by any Paying Agent to the Indenture Trustee, such Paying Agent shall be
released from all further liability with respect to such money.

     Subject to applicable laws with respect to escheat of funds, any money held by the Indenture
Trustee or any Paying Agent in trust for the payment of any amount due with respect to any Note and
remaining unclaimed for two years after such amount has become due and payable shall be discharged
from such trust and be paid to the Issuer on an Issuer Order; and the Holder of such Note shall
thereafter, as an unsecured general creditor, look only to the Issuer for payment thereof (but only
to the extent of the amounts so paid to the Issuer), and all liability of the Indenture Trustee or
such Paying Agent with respect to such trust money shall thereupon cease; provided,
however, that the Indenture Trustee or such Paying Agent, before being required to make any
such repayment, shall at the expense and direction of the Issuer cause to be published once, in an
Authorized Newspaper, notice that such money remains unclaimed and that, after a date specified
therein, which shall not be less than 30 days from the date of such publication, any unclaimed
balance of such money then remaining will be repaid to the Issuer. The Indenture Trustee shall
also adopt and employ, at the expense and direction of the Issuer, any other reasonable means of
notification of such repayment (including, but not limited to, mailing notice of such repayment to
Holders whose Notes have been called but have not been surrendered for repurchase or whose right to
or interest in moneys due and payable but not claimed is determinable from the records of the
Indenture Trustee or of any Paying Agent, at the last address of record for each such Holder).

     Section 3.04. Existence; Separate Legal Existence.

     (a) The Issuer will keep in full effect its existence, rights and franchises as a statutory
trust under the laws of the State of Delaware (unless it becomes, or any successor Issuer hereunder
is or becomes, organized under the laws of any other state or of the United States, in which case
the Issuer will keep in full effect its existence, rights and franchises under the laws of such
other jurisdiction) and will obtain and preserve its qualification to do business in each
jurisdiction in which such qualification is or shall be necessary to protect the validity and

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enforceability of this Indenture, the Notes, the Hedge Agreements, the other Transaction
Documents, the Indenture Collateral and each other instrument or agreement included in the
Indenture Collateral.

     (b) The Issuer shall:

     (i) Maintain its own deposit account or accounts, separate from those of any Affiliate,
with commercial banking institutions and in accordance with the terms of this Indenture.
The funds of the Issuer will not be diverted to any other Person or for other than
authorized uses of the Issuer.

     (ii) Ensure that it is at all times in compliance with Section 4.01 of the Trust
Agreement.

     (iii) Ensure that, to the extent that it jointly contracts with any of its members or
Affiliates to do business with vendors or service providers or to share overhead expenses,
the costs incurred in so doing shall be allocated fairly among such entities, and each such
entity shall bear its fair share of such costs. To the extent that the Issuer contracts or
does business with vendors or service providers when the goods and services provided are
partially for the benefit of any other Person, the costs incurred in so doing shall be
fairly allocated to or among such entities for whose benefit the goods and services are
provided, and each such entity shall bear its fair share of such costs. All material
transactions between Issuer and any of its Affiliates shall be only on an arm’s length
basis.

     (iv) Conduct its affairs strictly in accordance with its organizational documents and
observe all necessary, appropriate and customary statutory trust formalities, including, but
not limited to, holding all regular and special board of trustees meetings appropriate to
authorize all statutory trust action, keeping separate and accurate minutes of its meetings,
passing all resolutions or consents necessary to authorize actions taken or to be taken, and
maintaining accurate and separate books, records and accounts, including, but not limited
to, payroll and intercompany transaction accounts.

     Section 3.05. Payment of Principal and Interest.

     The Issuer will duly and punctually pay (i) the principal of and interest on the Notes in
accordance with the terms of such Notes, this Indenture and the Sale and Servicing Agreement and
(ii) all amounts payable under the Hedge Agreements in accordance with the terms thereof. The
Issuer will cause to be distributed all amounts on deposit in the Note Distribution Account on a
Remittance Date deposited therein pursuant to the Sale and Servicing Agreement for the benefit of
the Notes, to the applicable Noteholders, and for the benefit of the Hedge Agreements, to the
applicable Hedge Counterparties. Amounts properly withheld under the Code or any applicable state
law by any Person from a payment to any Noteholder of interest and/or principal shall be considered
as having been paid by the Issuer to such Noteholder for all purposes of this Indenture.

     Section 3.06. Protection of Indenture Collateral.

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     (a) The Issuer intends the security interest Granted pursuant to this Indenture in favor of
the Indenture Trustee on behalf of the Noteholders and the Hedge Counterparties to be prior to all
other liens in respect of the Indenture Collateral, and the Issuer shall take or shall cause the
Servicer to take all actions necessary to obtain and maintain, for the benefit of the Indenture
Trustee on behalf of the Noteholders and the Hedge Counterparties, a first lien on and a first
priority, perfected security interest in the Indenture Collateral. In connection therewith,
pursuant to Section 2.06 of the Sale and Servicing Agreement, the Issuer shall cause to be
delivered into the possession of the Indenture Trustee as pledgee hereunder, indorsed in blank, any
“instruments” (within the meaning of the UCC), not constituting part of chattel paper, evidencing
any Loan which is part of the Indenture Collateral and all other portions of the Loan Files. The
Indenture Trustee acknowledges and agrees that (i) it holds the Loan Assets delivered to it under
the Sale Agreement for the benefit of the Trust Depositor, (ii) it holds the Loan Assets delivered
to it under the Sale and Servicing Agreement for the benefit of the Trust, and (iii) it holds the
Indenture Collateral delivered to it pursuant to this Indenture for the benefit of the Noteholders
and the Hedge Counterparties. The Indenture Trustee agrees to maintain continuous possession of
such delivered instruments and the Loan Files as pledgee hereunder until this Indenture shall have
terminated in accordance with its terms or until, pursuant to the terms hereof or of the Sale and
Servicing Agreement, the Indenture Trustee is otherwise authorized to release such instrument from
the Indenture Collateral. The Servicer, on behalf of the Issuer, will from time to time prepare
(or shall cause to be prepared), execute and deliver all such supplements and amendments hereto and
all such financing statements, continuation statements, instruments of further assurance and other
instruments, and will take such other action necessary or advisable to:

     (i) maintain or preserve the lien and security interest (and the priority thereof) of
this Indenture or carry out more effectively the purposes hereof;

     (ii) perfect, publish notice of or protect the validity of any Grant made or to be made
by this Indenture;

     (iii) enforce any of the Loans transferred to the Issuer as and to the extent
commercially reasonable; or

     (iv) preserve and defend title to the Indenture Collateral and the rights of the
Indenture Trustee, the Noteholders and the Hedge Counterparties in such Indenture Collateral
against the claims of all persons and parties.

     Except as otherwise provided in or permitted by the Sale and Servicing Agreement or this
Indenture, the Indenture Trustee shall not remove any portion of the Indenture Collateral that
consists of money or is evidenced by an instrument, certificate or other writing from the
jurisdiction in which it was held at the date of the most recent Opinion of Counsel delivered
pursuant to Section 3.07 (or from the jurisdiction in which it was held as described in the
Opinion of Counsel delivered at the Closing Date pursuant to subsection 3.07(a), if no
Opinion of Counsel has yet been delivered pursuant to subsection 3.07(b)) unless the
Indenture Trustee shall have first received an Opinion of Counsel to the effect that the lien and
security interest created by this Indenture with respect to such property will continue to be
maintained after giving effect to such action or actions.

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     The Issuer hereby designates the Indenture Trustee its agent and attorney–in–fact to execute
any financing statement, continuation statement or other instrument required to be executed
pursuant to this Section 3.06.

     Section 3.07. Opinions as to Indenture Collateral.

     (a) On or before the Closing Date, the Issuer shall furnish to the Indenture Trustee and Hedge
Counterparties an Opinion of Counsel either stating that, in the opinion of such counsel, such
action has been taken with respect to the delivery of the Underlying Notes (or, in the case of
Noteless Loans, a copy of the applicable Loan Register certified by a Responsible Officer of the
Servicer) and any other requisite documents, and with respect to the execution and filing of any
financing statements and continuation statements, as are necessary to perfect and make effective
the lien and security interest of this Indenture and reciting the details of such action, or
stating that, in the opinion of such counsel, no such action is necessary to make such lien and
security interest effective.

     (b) On or before March 31 in each calendar year, beginning in 2006, the Servicer on behalf of
the Issuer will furnish to the Indenture Trustee and Hedge Counterparties an Opinion of Counsel at
the expense of the Issuer either stating that, in the opinion of such counsel, such action has been
taken with respect to any other requisite documents and with respect to the execution and filing of
any financing statements and continuation statements as is necessary to maintain the perfection of
the lien and security interest created by this Indenture and reciting the details of such action or
stating that in the opinion of such counsel no such action is necessary to maintain the perfection
of such lien and security interest. Such Opinion of Counsel shall also describe any other requisite
documents and the execution and filing of any financing statements and continuation statements that
will, in the opinion of such counsel, be required to maintain the lien and security interest of
this Indenture until December 31 in the following calendar year.

     Section 3.08. Furnishing of Rule 144A Information.

     The Issuer will furnish, upon the written request of any Noteholder or of any owner of a
beneficial interest therein, such information as is specified in paragraph (d)(4) of Rule 144A
under the Securities Act (i) to such Noteholder or beneficial owner, (ii) to a prospective
purchaser of such Note or interest therein who is a Qualified Institutional Buyer designated by
such Noteholder or beneficial owner, or (iii) to the Indenture Trustee for delivery to such
Noteholder, beneficial owner or prospective purchaser, in order to permit compliance by such
Noteholder or beneficial owner with Rule 144A in connection with the resale of such Note or
beneficial interest therein by such Noteholder or beneficial owner in reliance on Rule 144A unless,
at the time of such request, the Issuer is subject to the reporting requirements of Section 13 or
15(d) of the Exchange Act, or exempt from reporting pursuant to Rule 12g3-2(b) under the Exchange
Act.

     Section 3.09. Performance of Obligations; Sale and Servicing Agreement.

     (a) The Issuer will punctually perform and observe all of its obligations and agreements
contained in this Indenture, the Transaction Documents and in the instruments and agreements
included in the Indenture Collateral.

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     (b) The Issuer may contract with other Persons to assist it in performing its duties under
this Indenture, the Transaction Documents and in the instruments and agreements included in the
Indenture Collateral, and any performance of such duties by a Person identified to the Indenture
Trustee in an Officer’s Certificate of the Issuer shall be deemed to be action taken by the Issuer.
Initially, the Issuer has contracted with the Servicer to assist the Issuer in performing its
duties under this Indenture, the Transaction Documents and in the instruments and agreements
included in the Indenture Collateral.

     (c) The Issuer will not take any action or permit any action to be taken by others which would
release any Person from any of such Person’s covenants or obligations under any of the documents
relating to the Loans or under any instrument included in the Indenture Collateral, or which would
result in the amendment, hypothecation, subordination, termination or discharge of, or impair the
validity or effectiveness of, any of the documents relating to the Loans or any such instrument,
except such actions as the Servicer is expressly permitted to take in the Transaction Documents.

     (d) If the Issuer shall have knowledge of the occurrence of a Servicer Default, the Issuer
shall promptly notify in writing the Indenture Trustee, each Hedge Counterparty and the Rating
Agencies thereof, and shall specify in such notice the action, if any, the Issuer is taking in
respect of such Servicer Default. If such Servicer Default arises from the failure of the Servicer
to perform any of its duties or obligations under the Sale and Servicing Agreement with respect to
the Loans, the Issuer may remedy such failure. So long as any such Servicer Default shall be
continuing, the Indenture Trustee may exercise its remedies set forth in Section 8.02 of the Sale
and Servicing Agreement. Unless granted or permitted by the Holders of the Notes and the Hedge
Counterparties to the extent provided above, the Issuer may not waive any such Servicer Default or
terminate the rights and powers of the Servicer under the Sale and Servicing Agreement.

     Section 3.10. Negative Covenants.

     So long as any Notes are Outstanding, the Issuer shall not:

     (i) except as expressly permitted by this Indenture or any other Transaction Document,
sell, transfer, exchange or otherwise dispose of the Indenture Collateral, unless directed
to do so by the Indenture Trustee;

     (ii) claim any credit on, or make any deduction from the principal or interest payable
in respect of, the Notes (other than amounts properly withheld from such payments under the
Code or applicable state law) or assert any claim against any present or former Noteholder
or Hedge Counterparty by reason of the payment of the taxes levied or assessed upon any part
of the Indenture Collateral;

     (iii) permit the validity or effectiveness of this Indenture to be impaired, or permit
the lien of this Indenture to be amended, hypothecated, subordinated, terminated or
discharged, or permit any Person to be released from any covenants or obligations with
respect to the Notes or Hedge Agreements under this Indenture except as may be expressly
permitted hereby, permit any lien, charge, excise, claim, security interest, mortgage or
other encumbrance (other than the lien of this Indenture or any other

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Transaction Document) to be created on or extend to or otherwise arise upon or burden
the Indenture Collateral or any part thereof or any interest therein or the proceeds thereof
or permit the lien of this Indenture not to constitute a valid first priority security
interest in the Indenture Collateral;

     (iv) except as contemplated in the Transaction Documents, dissolve or liquidate in
whole or in part;

     (v) enter into any agreement which does not contain non-petition and limited recourse
provisions substantially to the effect of Section 11.15 hereof and will not consent
to any amendment or waiver of such provisions;

     (vi) create any subsidiaries; or

     (vii) make any payment or distribution with respect to the Certificates other than as
permitted under this Indenture and the other Transaction Documents.

     Section 3.11. Annual Statement as to Compliance.

     The Issuer will deliver to the Indenture Trustee, the Hedge Counterparties and the Rating
Agencies, within 90 days after the end of each calendar year (commencing with the calendar year
ending 2005), an Officer’s Certificate stating, as to the Person signing such Officer’s
Certificate, that:

     (i) a review of the activities of the Issuer during such year and of its performance
under this Indenture has been made under such Person’s supervision or direction; and

     (ii) to the best of such Person’s knowledge, based on such review, the Issuer has
complied with all conditions and covenants under this Indenture throughout such year, or, if
there has been such a default in its compliance with any such condition or covenant,
specifying each such default known to such Person and the nature and status thereof.

     Section 3.12. Recording of Assignments.

     The Issuer shall submit or cause to be submitted for recording all Assignments of Mortgages
within the time period set forth in the Sale and Servicing Agreement.

     Section 3.13. Representations and Warranties Concerning the Loans.

     The Issuer has pledged to the Indenture Trustee for the benefit of the Noteholders and the
Hedge Counterparties all of its rights under the Sale Agreement and the Sale and Servicing
Agreement and the Indenture Trustee has the benefit of the representations and warranties made by
the Originator and the Trust Depositor in such documents concerning the Loans transferred into the
Loan Assets and the right to enforce any remedy against the Originator and the Trust Depositor
provided in the Sale Agreement and the Sale and Servicing Agreement, to the same extent as though
such representations and warranties were made directly to the Indenture Trustee.

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     Section 3.14. Indenture Trustee’s Review of Loan Files.

     The Indenture Trustee agrees, for the benefit of the Noteholders and the Hedge Counterparties,
to review the Loan Files as provided in Section 2.08 of the Sale and Servicing Agreement.

     Section 3.15. Indenture Collateral; Related Documents.

     (a) When instructed to do so by the Issuer or the Servicer, the Indenture Trustee shall
execute instruments to release property from the lien of this Indenture, or convey the Indenture
Trustee’s interest in the same, in a manner and under circumstances which are not inconsistent with
the provisions of this Indenture or the Sale and Servicing Agreement. No party relying upon an
instrument executed by the Indenture Trustee as provided in this Article III shall be bound to
ascertain the Indenture Trustee’s authority, inquire into the satisfaction of any conditions
precedent or see to the application of any moneys.

     (b) In order to facilitate the servicing of the Loans, the Indenture Trustee authorizes the
Servicer in the name and on behalf of the Indenture Trustee and the Issuer, to perform its
respective duties and obligations under the Sale and Servicing Agreement and the Indenture Trustee
agrees to perform its obligations thereunder in accordance with the terms thereof.

     (c) The Indenture Trustee shall, at such time as there are no Notes Outstanding and after
terminating of each Hedge Agreement and payment of all amounts payable thereunder in connection
with such termination, including Hedge Breakage Costs, release all of the Indenture Collateral to
the Issuer (other than any cash held for the payment of the Notes or the Hedge Agreements pursuant
to Section 3.03 or 4.06), subject, however, to the rights of the Indenture Trustee
under Section 6.07.

     Section 3.16. Amendments to Sale and Servicing Agreement.

     The Indenture Trustee may enter into any amendment or supplement to the Sale and Servicing
Agreement only in accordance with Section 13.01 of the Sale and Servicing Agreement. The Indenture
Trustee may, in its reasonable discretion, decline to enter into or consent to any such supplement
or amendment if its own rights, duties or immunities shall be adversely affected in any material
respect.

     Section 3.17. Servicer as Agent and Bailee of Indenture Trustee.

     (a) Solely for purposes of perfection under Section 9–313 of the UCC or other similar
applicable law, rule or regulation of the state in which such property is held by the Servicer, the
Indenture Trustee hereby acknowledges that the Servicer is acting as agent and bailee of the
Indenture Trustee in holding amounts on deposit in the Principal and Interest Accounts pursuant to
Section 7.01 of the Sale and Servicing Agreement, and the Indenture Trustee hereby acknowledges
that the Servicer is acting as its agent and bailee of the Indenture Trustee in holding any
documents released to the Servicer pursuant to the Sale and Servicing Agreement as well as any
other items constituting a part of the Indenture Collateral which from time to time come into the
possession of the Servicer. It is intended that, by the Servicer’s execution and delivery of the
Sale and Servicing Agreement, the Indenture Trustee, as a secured party, will be

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deemed to have possession of such documents, such moneys and such other items for purposes of
Section 9–313 of the UCC of the state in which such property is held by the Servicer.

     (b) Solely for purposes of perfection under Section 9–313 of the UCC or other similar
applicable law, rule or regulation of the state in which such property is held by the Indenture
Trustee, if the transfer of the Loans and the other assets in the Indenture Collateral by the Trust
Depositor to the Issuer is deemed to be a loan, the Indenture Trustee hereby acknowledges it is
acting as agent and bailee of the Issuer in holding items constituting a part of the Indenture
Collateral which from time to time come into the possession of the Indenture Trustee.

     Section 3.18. Investment Company Act.

     The Issuer shall not and none of the Issuer or the Indenture Trustee shall take any action
that would cause the Issuer to be required to register as an “investment company” under the
Investment Company Act of 1940, as amended (or any successor or amendatory statute).

     Section 3.19. Issuer May Consolidate, etc., Only on Certain Terms.

     (a) The Issuer shall not consolidate or merge with or into any other Person, unless:

     (i) the Person (if other than the Issuer) formed by or surviving such consolidation or
merger shall be a Person organized and existing under the laws of the United States or any
state or the District of Columbia and shall expressly assume, by an indenture supplemental
hereto, executed and delivered to the Indenture Trustee and each Hedge Counterparty, in form
satisfactory to the Indenture Trustee and the Hedge Counterparties, the due and punctual
payment of the principal of and interest on all Notes and all amounts payable under the
Hedge Agreements and the performance or observance of every agreement and covenant of this
Indenture, the Hedge Agreements, the Trust Certificates and each other Transaction Document
on the part of the Issuer to be performed or observed, all as provided herein and therein;

     (ii) immediately after giving effect to such transaction, no Default or Event of
Default shall have occurred and be continuing;

     (iii) the Rating Agency Condition shall have been satisfied with respect to such
transaction;

     (iv) the Issuer shall have received an Opinion of Counsel (and shall have delivered
copies thereof to the Indenture Trustee and the Hedge Counterparties) to the effect that
such transaction will not have any material adverse tax consequence to the Issuer, any
Noteholder, any Hedge Counterparty and any Certificateholder;

     (v) any action that is necessary to maintain the lien and security interest created by
this Indenture shall have been taken; and

     (vi) the Issuer shall have delivered to the Indenture Trustee and each Hedge
Counterparty an Officer’s Certificate and an Opinion of Counsel each stating that such
consolidation or merger and such supplemental indenture comply with this Article III
and

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that all conditions precedent herein provided for relating to such transaction have
been complied with.

     (b) Except as otherwise permitted hereunder or under the Transaction Documents, the Issuer
shall not convey or transfer all or substantially all of its properties or assets, including those
included in the Indenture Collateral, to any Person, unless:

     (i) the Person that acquires by conveyance or transfer the properties and assets of the
Issuer the conveyance or transfer of which is hereby restricted shall be a United States
citizen or a Person organized and existing under the laws of the United States or any state,
expressly assumes, by an indenture supplemental hereto, executed and delivered to the
Indenture Trustee and each Hedge Counterparty, in form and substance reasonably satisfactory
to the Indenture Trustee and the Hedge Counterparties, the due and punctual payment of the
principal of and interest on all Notes, the amounts payable under the Hedge Agreements and
each other Transaction Document, and the performance or observance of every agreement and
covenant of this Indenture and the Hedge Agreements on the part of the Issuer to be
performed or observed, all as provided herein, expressly agrees by means of such
supplemental indenture that all right, title and interest so conveyed or transferred shall
be subject and subordinate to the rights of the Holders of the Notes and the Hedge
Counterparties, unless otherwise provided in such supplemental indenture, expressly agrees
to indemnify, defend and hold harmless the Issuer against and from any loss, liability or
expense arising under or related to this Indenture and the Notes;

     (ii) immediately after giving effect to such transaction, no Default or Event of
Default shall have occurred and be continuing;

     (iii) the Rating Agency Condition shall have been satisfied with respect to such
transaction;

     (iv) the Issuer shall have received an Opinion of Counsel (and shall have delivered
copies thereof to the Indenture Trustee and each Hedge Counterparty) to the effect that such
transaction will not have any material adverse tax consequence to the Issuer, any
Noteholder, any Hedge Counterparty and any Certificateholder;

     (v) any action that is necessary to maintain the lien and security interest created by
this Indenture shall have been taken; and

     (vi) the Issuer shall have delivered to the Indenture Trustee and each Hedge
Counterparty an Officer’s Certificate and an Opinion of Counsel each stating that such
conveyance or transfer and such supplemental indenture comply with this Article III
and that all conditions precedent herein provided for relating to such transaction have been
complied with.

     Section 3.20. Successor or Transferee.

     (a) Upon any consolidation or merger of the Issuer in accordance with subsection
3.19(a), the Person formed by or surviving such consolidation or merger (if other than the Issuer)

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shall succeed to, and be substituted for, and may exercise every right and power of, the
Issuer under this Indenture with the same effect as if such Person had been named as the Issuer
herein.

     (b) Upon a conveyance or transfer of all or substantially all of the assets and properties of
the Issuer pursuant to subsection 3.19(b), the Issuer will be released from every covenant
and agreement of this Indenture to be observed or performed on the part of the Issuer with respect
to the Notes or the Hedge Agreements immediately upon the delivery of written notice to the
Indenture Trustee stating that the Issuer is to be so released.

     Section 3.21. No Other Business.

     The Issuer shall not engage in any business other than financing, purchasing, owning, selling,
managing and enforcing the Loans in the manner contemplated by this Indenture and the Transaction
Documents, issuing the Notes and the Trust Certificates and entering into and performing its
obligations under the Hedge Agreements and all activities incidental thereto.

     Section 3.22. No Borrowing.

     The Issuer shall not issue, incur, assume, guarantee or otherwise become liable, directly or
indirectly, for any indebtedness except for the Notes, the Hedge Agreements and any other
indebtedness permitted by the Transaction Documents. The proceeds from the initial sale of the
Notes and the Trust Certificates shall be used exclusively to fund the Issuer’s purchase of the
Loans and other assets specified in the Sale and Servicing Agreement, to fund the Reserve Fund and
to pay the transactional expenses of the Issuer.

     Section 3.23. Guarantees, Loans, Advances and Other Liabilities.

     Except as contemplated by this Indenture or the other Transaction Documents, the Issuer shall
not make any loan or advance or credit to, or guarantee (directly or indirectly or by an instrument
having the effect of assuring another’s payment or performance on any obligation or capability of
so doing or otherwise), endorse or otherwise become contingently liable, directly or indirectly, in
connection with the obligations, stocks or dividends of, or own, purchase, repurchase or acquire
(or agree contingently to do so) any stock, obligations, assets or securities of, or any other
interest in, or make any capital contribution to, any other Person.

     Section 3.24. Capital Expenditures.

     The Issuer shall not make any expenditure (by long–term or operating lease or otherwise) for
capital assets (either realty or personalty).

     Section 3.25. Representations and Warranties of the Issuer.

     The Issuer represents and warrants as follows:

     (a) Power and Authority. It has full power, authority and legal right to execute,
deliver and perform its obligations as Issuer under this Indenture and the Notes (the foregoing
documents, the “Issuer Documents”) and under each of the other Transaction Documents to which the
Issuer is a party.

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     (b) Due Authorization and Binding Obligation. The execution and delivery of the
Issuer Documents and the Transaction Documents to which the Issuer is a party, and the consummation
of the transactions provided for therein have been duly authorized by all necessary action on its
part. Each of the Issuer Documents and the other Transaction Documents to which the Issuer is a
party constitutes the legal, valid and binding obligation of the Issuer and is enforceable in
accordance with its terms, except as enforcement of such terms may be limited by bankruptcy,
insolvency or similar laws affecting the enforcement of creditors’ rights generally and by the
availability of equitable remedies.

     (c) No Conflict. The execution and delivery of the Issuer Documents and the other
Transaction Documents to which the Issuer is a party, the performance of the transactions
contemplated thereby and the fulfillment of the terms thereof will not conflict with, result in any
breach of any of the materials terms and provisions of, or constitute (with or without notice or
lapse of time or both) a default under, any indenture, contract, agreement, mortgage, deed of
trust, or other instrument to which the Issuer is a party or by which it or any of its property is
bound.

     (d) No Violation. The execution and delivery of the Issuer Documents and the other
Transaction Documents to which the Issuer is a party, the performance of the transactions
contemplated thereby and the fulfillment of the terms thereof will not conflict with or violate, in
any material respect, any Requirements of Law applicable to the Issuer.

     (e) All Consents Required. All approvals, authorizations, consents, orders or other
actions of any Person or any Governmental Authority required in connection with the execution and
delivery of the Issuer Documents and the other Transaction Documents to which the Issuer is a
party, the performance of the transactions contemplated thereby and the fulfillment of the terms
thereof have been obtained.

     (f) No Proceedings. No litigation or administrative proceeding of or before any
court, tribunal or governmental body is currently pending, or to the knowledge of the Issuer,
threatened, against the Issuer or any of its respective properties or with respect to the Issuer
Documents or any other Transaction Document to which the Issuer is a party that, if adversely
determined, would have a material adverse effect on the business, properties, assets or condition
(financial or otherwise) of the Issuer or the transactions contemplated by the Issuer Documents or
any of the other Transaction Documents to which the Issuer is a party.

     (g) Organization and Good Standing. The Issuer is a statutory trust duly organized,
validly existing and in good standing under the laws of Delaware and has the requisite power to own
its assets and to transact the business in which it is currently engaged, and had at all relevant
times, and now has, all necessary power, authority and legal right to acquire, own and pledge the
Indenture Collateral.

     (h) 1940 Act. The Issuer is not an “investment company” within the meaning of the
Investment Company Act of 1940, as amended.

     (i) Location. The Issuer is located (within the meaning of Article 9 of the UCC) in
Delaware. The Issuer agrees that it will not change its location (within the meaning of Article 9

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of the UCC) without at least 30 days prior written notice to the Originator, the Servicer, the
Indenture Trustee and the Rating Agencies.

     (j) Security Interest in Collateral.

     (i) This Indenture creates a valid, continuing and enforceable security interest (as
defined in the applicable UCC) in the Indenture Collateral in favor of the Indenture
Trustee, which security interest is prior to all other Liens (except for Permitted Liens),
and is enforceable as such against creditors of and purchasers from the Issuer;

     (ii) such Indenture Collateral constitutes either a “general intangible,” an
“instrument,” an “account,” “investment property,” or “chattel paper,” within the meaning of
the applicable UCC;

     (iii) the Issuer owns and has good and marketable title to such Indenture Collateral
free and clear of any Lien (other than Permitted Liens), claim or encumbrance of any Person;

     (iv) the Issuer has received all consents and approvals required by the terms of the
Indenture Collateral to the pledge of the Indenture Collateral hereunder to the Indenture
Trustee;

     (v) the Issuer has caused the filing of all appropriate financing statements in the
proper filing office in the appropriate jurisdictions under Requirements of Law in order to
perfect the security interest in such Indenture Collateral granted to the Indenture Trustee
under this Indenture;

     (vi) other than the security interest granted by the Issuer pursuant to this Indenture,
the Issuer has not pledged, assigned, sold, granted a security interest in or otherwise
conveyed any of such Indenture Collateral. The Issuer has not authorized the filing of and
is not aware of any financing statements against the Issuer that include a description of
collateral covering such Indenture Collateral other than any financing statement (A)
relating to the security interest granted by the Issuer under this Indenture, or (B) that
has been terminated. The Issuer is not aware of the filing of any judgment or tax Lien
filings against the Issuer;

     (vii) all original executed copies of each Underlying Note that constitute or evidence
the Indenture Collateral have been delivered to and to the knowledge of the Issuer are in
the possession of the Indenture Trustee;

     (viii) the Issuer has received a written acknowledgment from the Indenture Trustee that
the Indenture Trustee or its bailee is holding the Underlying Notes that constitute or
evidence the Indenture Collateral solely on behalf of and for the benefit of the
Securityholders and the Hedge Counterparties; and

     (ix) none of the Underlying Notes that constitute or evidence the Indenture Collateral
has any marks or notations indicating that they have been pledged, assigned or otherwise
conveyed to any Person other than the Issuer and the Indenture Trustee.

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     The representations and warranties in subsection 3.25(j) shall survive the termination
of this Agreement and such representations and warranties may not be waived by any party hereto.

     Section 3.26. Restricted Payments.

     The Issuer shall not, directly or indirectly, (i) pay any dividend or make any distribution
(by reduction of capital or otherwise), whether in cash, property, securities or a combination
thereof, to the Owner Trustee or any owner of a beneficial interest in the Issuer or otherwise with
respect to any ownership or equity interest or security in or of the Issuer, (ii) redeem, purchase,
retire or otherwise acquire for value any such ownership or equity interest or security or (iii)
set aside or otherwise segregate any amounts for any such purpose; provided,
however, that the Issuer may make, or cause to be made, (w) distributions to the Owner
Trustee, the Trust Company and the Certificateholders as contemplated by, and to the extent funds
are available for such purpose under the Trust Agreement and the Sale and Servicing Agreement, (x)
payment to the Servicer and/or Trust Depositor pursuant to the terms of the Sale and Servicing
Agreement or the other Transaction Documents and (y) payments to the Indenture Trustee pursuant to
terms of the Sale and Servicing Agreement. The Issuer will not, directly or indirectly, make
payments to or distributions from the Note Distribution Account except in accordance with this
Indenture and the Transaction Documents.

     Section 3.27. Notice of Events of Default.

     The Issuer shall give the Indenture Trustee, each Hedge Counterparty and the Rating Agencies
prompt written notice of each Event of Default hereunder and under the Trust Agreement and of each
Servicer Default under the Sale and Servicing Agreement and of any event of default of any
Transaction Document and of any other amendment or waiver of any Transaction Document.

     Section 3.28. Further Instruments and Acts.

     Upon request of the Indenture Trustee, the Issuer will execute and deliver such further
instruments and do such further acts as may be reasonably necessary or proper to carry out more
effectively the purpose of this Indenture.

     Section 3.29. Statements to Noteholders.

     The Indenture Trustee shall forward by electronic mail to each Noteholder and each Hedge
Counterparty the statements delivered to it pursuant to Article IX of the Sale and
Servicing Agreement except for the Monthly Report. The Indenture Trustee may make available to the
Noteholders, the Hedge Counterparties, the parties to the Transaction Documents and the Rating
Agencies, via the Indenture Trustee’s Internet website, each Monthly Report and, with the consent
or at the direction of the Trust Depositor, such other information regarding the Notes and/or the
Loans as the Indenture Trustee may have in its possession, but only with the use of a password
provided by the Indenture Trustee; provided, however, the Indenture Trustee shall
have no obligation to provide such information described in this Section 3.29 until it has
received the requisite information from the Trust Depositor or the Servicer. The Indenture Trustee
will make no representation or warranties as to the accuracy or completeness of such documents and
will assume no responsibility therefor.

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     The Indenture Trustee’s Internet website shall be initially located at “www.CTSLink.com” or at
such other address as shall be specified by the Indenture Trustee from time to time in writing to
the Noteholders, the Hedge Counterparties, the parties to the Transaction Documents and the Rating
Agencies. In connection with providing access to the Indenture Trustee’s Internet website, the
Indenture Trustee may (other than with respect to the parties to the Transaction Documents and the
Rating Agencies) require registration and the acceptance of a disclaimer. The Indenture Trustee
shall not be liable for the dissemination of information in accordance with this Agreement.

     Section 3.30. Grant of Substitute Loans.

     In consideration of the delivery on each Subsequent Transfer Date pursuant to and in
accordance with the terms of Section 2.04 of the Sale and Servicing Agreement, the Issuer grants to
the Indenture Trustee a security interest in all of its right, title and interest in the Loans
transferred on such Subsequent Transfer Date and simultaneously with the transfer of the Substitute
Loans to the extent of the availability thereof, the Issuer will cause the related Loan File to be
delivered to the Indenture Trustee.

     Section 3.31. Determination of LIBOR; Note Interest Rate; Interest Distributable.

     Until the Outstanding Principal Balance of each Class of Notes has been reduced to zero, the
Indenture Trustee shall determine LIBOR for each Interest Accrual Period as provided in Section
7.06 of the Sale and Servicing Agreement, and based upon such determination of LIBOR, the Trustee
shall calculate the Class A-1 Note Interest Rate, the Class A-2 Note Interest Rate, the Class B
Note Interest Rate, the Class C Note Interest Rate, the Class D Note Interest Rate and the Class E
Note Interest Rate for such Interest Accrual Period, and shall inform the Issuer, the Trust
Depositor and the Servicer at their respective email addresses given to the Indenture Trustee in
writing thereof. Any such determination by the Indenture Trustee of the amount of interest
distributable on the Class A-1 Notes, the Class A-2 Notes, the Class B Notes, the Class C Notes,
the Class D Notes and the Class E Notes shall be binding on the parties absent manifest error.

     Section 3.32. Covenants of the Issuer Relating to Hedge Agreements.

     (a) On each day, the Issuer shall maintain one or more Hedge Transactions, provided that each
such Hedge Transaction shall:

     (i) be entered into with a Hedge Counterparty and governed by a Hedge Agreement;

     (ii) have a schedule of periodic payment periods which terminate not later than the
date on which the Outstanding Amount of the Notes is expected to be reduced to zero based on
an assumed constant prepayment rate of 10% with respect to the Loans;

     (iii) on the Closing Date, have an amortizing notional amount such that the Aggregate
Notional Amount during any current or future calculation period thereunder shall be not less
than the sum of (A) the product of 100% and the Outstanding Loan Balance of the Fixed Rate
Loans for the corresponding Due Period; and (B) the product

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of 100% and the Outstanding Loan Balance of the Floating Prime Rate Loans for the
corresponding Due Period, in each case based on an assumed constant prepayment rate of 10%
with respect to the Loans;

     (iv) be maintained so that (A) the Aggregate Notional Amount of all Hedge Transactions
hedging the Fixed Rate Loans for any current or future calculation period will not be
greater than the Outstanding Loan Balance of the Fixed Rate Loans at the end of the
corresponding Due Period by more than the Fixed Rate Permitted Excess Amount, (B) the
Aggregate Notional Amount of all Hedge Transactions (excluding any interest rate cap
transactions) hedging the Floating Prime Rate Loans for any current or future calculation
period will not be greater than the Outstanding Loan Balance of the Floating Prime Rate
Loans at the end of the corresponding Due Period by more than the Floating Prime Rate
Permitted Excess Amount and (C) the Aggregate Notional Amount of all Hedge Transactions
(excluding any interest rate cap transactions) under all Hedge Agreements then in effect for
any current or future calculation period shall not exceed the Aggregate Outstanding
Principal Balance for the corresponding Interest Accrual Period; and

     (v) each Hedge Agreement will provide that any scheduled periodic payments required to
be made by the Issuer and the Hedge Counterparty on the same date with respect to a Hedge
Transaction will be netted so that only the net difference between such payments will be
paid, with any net periodic payments to be paid into the Principal and Interest Account (if
payable by the Hedge Counterparty) or from the Principal and Interest Account (if payable by
the Issuer) and distributed pursuant to the terms of this Indenture and the Sale and
Servicing Agreement.

     (b) As additional security hereunder, the Issuer hereby assigns to the Indenture Trustee, on
behalf of the Noteholders and each Hedge Counterparty, all right, title and interest of the Issuer
in each Hedge Agreement, each Hedge Transaction, and all present and future amounts payable by a
Hedge Counterparty to the Issuer in accordance with the terms of the respective Hedge Agreement and
Hedge Transaction(s) with that Hedge Counterparty (“Hedge Collateral”), and Grants a
security interest to the Indenture Trustee, as agent for the Noteholders and each Hedge
Counterparty, in the Hedge Collateral. The Issuer acknowledges that, as a result of that
assignment, the Issuer may not, without the prior written consent of the Indenture Trustee,
exercise any rights under any Hedge Agreement or Hedge Transaction, except for the Issuer’s right
under any Hedge Agreement to enter into Hedge Transactions in order to meet the Issuer’s
obligations under Section 3.32 hereof or except as otherwise contemplated in this
Section 3.32 and in subsection 5.02(g) of the Sale and Servicing Agreement. Nothing herein
shall have the effect of releasing the Issuer from any of its obligations under any Hedge Agreement
or any Hedge Transaction, nor be construed as requiring the consent of the Indenture Trustee, any
Noteholder or any Hedge Counterparty for the performance by the Issuer of any such obligations.

     (c) The Issuer hereby agrees to maintain a register of outstanding Hedge Agreements. Such
register shall contain the name of each Hedge Counterparty as well as the address of each Hedge
Counterparty. The Issuer shall provide such names and addresses to the Indenture Trustee, the
Backup Servicer and each Rating Agency on a current basis.

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     (d) The Indenture Trustee shall, upon notice from the Issuer, establish a single, segregated
trust account which shall be designated as the Hedge Counterparty Collateral Account, which shall
be held in trust in the name of the Indenture Trustee for the benefit of the Noteholders and the
Hedge Counterparties and over which the Trustee shall have the exclusive control and the sole right
of withdrawal. The Indenture Trustee shall deposit all collateral received from a Hedge
Counterparty under a Hedge Agreement in the Hedge Counterparty Collateral Account. Any and all
funds at any time on deposit in, or otherwise to the credit of, the Hedge Counterparty Collateral
Account shall be held in trust by the Indenture Trustee for the benefit of the Noteholders and the
Hedge Counterparties. The only permitted withdrawal from or application of funds on deposit in, or
otherwise to the credit of, the Hedge Counterparty Collateral Account shall be upon Issuer Order
(i) for application to obligations of a Hedge Counterparty to the Issuer under Hedge Agreement if
such Hedge Agreement becomes subject to early termination or (ii) to return collateral to such
Hedge Counterparty when and as required by such Hedge Agreement. The Trustee shall be fully
protected in relying upon such Issuer Order. Each Hedge Counterparty Collateral Account shall be
held in accordance with the terms of the related Hedge Agreement.

     (e) Each Hedge Agreement will provide that if at any time the Hedge Counterparty or the Hedge
Counterparty’s credit support provider (i) does not have the long-term or short-term ratings
required to be a Qualified Hedge Counterparty then the Hedge Counterparty shall, within ten days of
such failure to maintain the required ratings, transfer (at its own cost) all of its rights and
obligations under the Hedge Agreement to another Person in accordance with the terms of the Hedge
Agreement or (ii) has the long-term or short-term ratings required to be a Qualified Hedge
Counterparty but has a long-term senior unsecured debt rating by S&P of below “A+” or a short-term
debt rating by S&P of below “A-1”, then the Hedge Counterparty shall either post collateral within
30 days as provided in the Credit Support Annex to the Hedge Agreement or transfer (at its own
cost) all of its rights and obligations under the Hedge Agreement to another Person in accordance
with the terms of the Hedge Agreement; provided, however, that notwithstanding the foregoing, if
the Hedge Counterparty has a long-term senior unsecured debt rating by Moody’s of below “A3” or
“A3” on watch or a short-term debt rating by Moody’s of below “P-1” (for so long as any Class of
Offered Notes is deemed Outstanding hereunder and are rated by Moody’s), the Hedge Counterparty
shall transfer (at its own cost) all of its rights and obligations under the Hedge Agreements to
another Person in accordance with the terms of this Agreement.

     Section 3.33. Payments from Obligor Lock–Boxes and Obligor Lock–Box Accounts.

     The Issuer agrees not to make, or permit to be made, any change, in the direction of, or
instructions with respect to, any payments to be made by an Obligor Lock–Box Bank from any Obligor
Lock–Box or any Obligor Lock–Box Account in any manner that would diminish, impair, delay or
otherwise adversely effect the timing or receipt of such payments by the Lock–Box Bank or to change
the name in which an Obligor Lock-Box or Obligor Lock-Box Account is maintained without the prior
written consent of the Indenture Trustee and with the consent of the Majority Noteholders and the
Hedge Counterparties. The Issuer further agrees to provide the Indenture Trustee promptly, but in
no case later than one Business Day after the Issuer’s receipt, any notice it receives that an
Obligor is changing the direction of or instructions with respect to

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any payments from any Obligor Lock–Box or any Obligor Lock–Box Account or the name in which an
Obligor Lock-Box or Obligor Lock-Box Account is maintained.

     Section 3.34. Maintenance of Listing.

     So long as any of the Class A-1 Notes, the Class A-2 Notes, the Class B Notes, the Class C
Notes or the Class D Notes remain Outstanding, the Issuer shall use all commercially reasonable
efforts to maintain the listing of such Class A-1 Notes, the Class A-2 Notes, the Class B Notes,
the Class C Notes and the Class D Notes on the Irish Stock Exchange. If, despite such efforts,
such listing cannot be maintained, the Issuer shall instead use reasonable efforts to promptly
obtain and thereafter maintain a listing of such Class A-1 Notes, the Class A-2 Notes, the Class B
Notes, the Class C Notes or the Class D Notes on any other stock exchange located within a member
country of the European Union.

ARTICLE IV

THE NOTES; SATISFACTION AND DISCHARGE OF INDENTURE

     Section 4.01. The Notes.

     Certain of the Class A-1 Notes, the Class A-2 Notes, the Class B Notes, the Class C Notes, the
Class D Notes and the Class E Notes shall be registered initially in the name of Cede & Co.
Beneficial Owners will hold interests in the Class A-1 Notes, the Class A-2 Notes, the Class B
Notes, the Class C Notes, the Class D Notes and the Class E Notes through the book–entry facilities
of the Depository in minimum denominations of $500,000 and integral multiples of $1,000 in excess
thereof. Subject to subsections 4.02(b), (p), (q) and (r), the
Class A-1 Notes, the Class A-2 Notes, the Class B Notes, the Class C Notes, the Class D Notes, the
Class E Notes and the Class F Note shall be issued in such names and denominations as may be set
forth on an Issuer Order delivered to the Indenture Trustee.

     The Notes shall, on original issue, be executed on behalf of the Issuer by the Owner Trustee,
not in its individual capacity but solely as Owner Trustee, authenticated by the Note Registrar and
delivered by the Indenture Trustee to or upon the order of the Issuer.

     Section 4.02. Registration of Transfer and Exchange of Notes.

     (a) The Indenture Trustee shall cause to be kept a Note Register (the “Note Register”)
in which, subject to such reasonable regulations as it may prescribe, the Issuer shall provide for
the registration of Notes and the registration of transfers and exchanges of Notes as herein
provided. The Indenture Trustee shall be “Note Registrar” for the purpose of registering Notes and
transfers of Notes as herein provided. The Note Register shall contain the name, remittance
instructions, Class of each Noteholder, as well as the Series and the number in the Series.

     (b) Each Class of Notes shall be issued in minimum denominations of $500,000 initial principal
amount and integral multiples of $1,000 in excess thereof, except that one Note of each Class may
be in a different denomination so that the sum of the denominations of all outstanding Notes of
such Class shall equal the applicable Initial Class A-1 Principal Balance, the Initial Class A-2
Principal Balance, the Initial Class B Principal Balance, the Initial Class C Principal Balance,
the Initial Class D Principal Balance, the Initial Class E Principal Balance and

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the Initial Class
F Principal Balance, respectively. On the Closing Date, the Indenture Trustee will execute and
authenticate (i) one or more Global Notes and/or (ii) Individual Notes all in an aggregate
principal amount that shall equal the applicable Initial Class A-1 Principal Balance, the
applicable Initial Class A-2 Principal Balance, the applicable Initial Class B Principal Balance,
the applicable Initial Class C Principal Balance, the applicable Initial Class D Principal Balance,
the applicable Initial Class E Principal Balance and the applicable Initial Class F Principal
Balance.

     (c) The Global Notes (i) shall be delivered by the Issuer to the Depository or, pursuant to
the Depository’s instructions, shall be delivered by the Issuer on behalf of the Depository to and
deposited with the DTC Custodian, and in each case shall be registered in the name of Cede & Co.
and (ii) with respect to the Rule 144A Global Notes, shall bear a legend substantially to the
following effect:

“Unless this Note is presented by an authorized representative of
The Depository Trust Company, a New York corporation
(“DTC”), to the Note Registrar or its agent for registration
of transfer, exchange or payment, and any Note issued is registered
in the name of Cede & Co. or in such other name as is requested by
an authorized representative of DTC (and any payment is made to Cede
& Co. or to such other entity as is requested by an authorized
representative of DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR
VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL inasmuch as the
registered owner hereof, Cede & Co., has an interest herein.”

     The Global Notes may be deposited with such other Depository as the Issuer may from time to
time designate, and shall bear such legend as may be appropriate; provided, that,
such successor Depository maintains a book–entry system that qualifies to be treated as “registered
form” under Section 163(f)(3) of the Code.

     The Issuer and the Indenture Trustee are hereby authorized to execute and deliver a Letter of
Representations with the Depository relating to the Notes.

     (d) With respect to Notes registered in the Note Register in the name of Cede & Co., as
nominee of the Depository, the Issuer, the Servicer, the Owner Trustee (as such and in its
individual capacity) and the Indenture Trustee shall have no responsibility or obligation to Direct
or Indirect Participants or Beneficial Owners for which the Depository holds Notes from time to
time as a Depository. Without limiting the immediately preceding sentence, the Issuer, the
Servicer, the Owner Trustee, (as such and in its individual capacity), and the Indenture Trustee
shall have no responsibility or obligation with respect to (a) the accuracy of the records of the
Depository, Cede & Co., or any Direct or Indirect Participant with respect to the ownership
interest in the Notes, (b) the delivery to any Direct or Indirect Participant or any other Person,
other than a registered Holder of a Note, (c) the payment to any Direct or Indirect Participant or
any other Person, other than a registered Holder of a Note as shown in the Note Register, of any
amount with respect to any distribution of principal or interest on the Notes or (d) the making of
book–entry transfers among Participants of the Depository with respect to Notes registered in the

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Note Register in the name of the nominee of the Depository. No Person other than a registered
Holder of a Note as shown in the Note Register shall receive a Note evidencing such Note.

     (e) Upon delivery by the Depository to the Indenture Trustee of written notice to the effect
that the Depository has determined to substitute a new nominee in place of Cede & Co., and subject
to the provisions hereof with respect to the payment of distributions by the mailing of checks or
drafts to the registered Holders of Notes appearing as registered Owners in the Note Register on a
Record Date, the name “Cede & Co.” in this Indenture shall refer to such new nominee of the
Depository.

     (f) In the event that (i) the Depository or the Servicer advises the Indenture Trustee in
writing that the Depository is no longer willing or able to discharge properly its responsibilities
as nominee and depository with respect to the Global Notes and the Servicer is unable to locate a
qualified successor or (ii) the Servicer at its sole option elects to terminate the book–entry
system through the Depository, the Global Notes shall no longer be restricted to being registered
in the Note Register in the name of Cede & Co. (or a successor nominee) as nominee of the
Depository. At that time, the Servicer may determine that the Global Notes shall be registered in
the name of and deposited with a successor depository operating a global book–entry system, as may
be acceptable to the Servicer, or such depository’s agent or designee but, if the Servicer does not
select such alternative global book–entry system, then upon surrender to the Note Registrar of the
Global Notes by the Depository, accompanied by the registration instructions from the Depository
for registration, the Indenture Trustee shall at the Servicer’s expense authenticate Individual
Notes. Neither the Servicer nor the Indenture Trustee shall be liable for any delay in delivery of
such instructions and may conclusively rely on, and shall be protected in relying on, such instructions. Upon the issuance of Individual Notes, the Indenture Trustee,
the Note Registrar, the Servicer, any Paying Agent and the Issuer shall recognize the Holders of
the Individual Notes as Noteholders hereunder.

     (g) Notwithstanding any other provision of this Agreement to the contrary, so long as any
Global Notes are registered in the name of Cede & Co., as nominee of the Depository, all
distributions of principal and interest on such Global Notes and all notices with respect to such
Global Notes shall be made and given, respectively, in the manner provided in the Letter of
Representations.

     (h) Subject to the preceding paragraphs, upon surrender for registration of transfer of any
Note at the office of the Note Registrar and, upon satisfaction of the conditions set forth below,
the Issuer shall execute in the name of the designated transferee or transferees, a new Note or
Notes of the same Percentage Interest and dated the date of authentication by the Indenture
Trustee. The Note Registrar shall notify the Servicer and the Indenture Trustee of any such
transfer.

     (i) At the option of the Noteholders, Notes may be exchanged for other Notes in authorized
denominations of a like Class, upon surrender of the Notes to be exchanged at such office.
Whenever any Notes are so surrendered for exchange, the Issuer shall execute the Notes which the
Noteholder making the exchange is entitled to receive. Every Note presented or surrendered for
transfer or exchange shall be accompanied by wiring instructions, if applicable, in the form of
Exhibit C. The preceding provisions of this section notwithstanding, the Issuer

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shall not be required to make and the Note Registrar shall not register transfers or exchanges of Notes
called for repurchase.

     (j) No service charge shall be made for any transfer or exchange of Notes, but prior to
transfer the Note Registrar may require payment by the transferor of a sum sufficient to cover any
tax or governmental charge that may be imposed in connection with any transfer or exchange of
Notes.

     All Notes surrendered for payment, transfer and exchange or repurchase shall be marked
canceled by the Note Registrar and retained for one year and destroyed thereafter.

     (k) By acceptance of an Individual Note, whether upon original issuance or subsequent
transfer, each holder of such a Note acknowledges the restrictions on the transfer of such Note set
forth in the Securities Legend and agrees that it will transfer such a Note only as provided
herein. In addition to the provisions of subsection 4.02(m) and (n) the following
restrictions shall apply with respect to the transfer and registration of transfer of an Individual
Note to a transferee that takes delivery in the form of an Individual Note:

     (i) The Note Registrar shall register the transfer of an Individual Note if the
requested transfer is being made to a transferee who has provided the Note Registrar with a
Rule 144A Certification or to a transferee who is an Affiliate of the Originator in a
transfer which otherwise complies with subsection 4.02(s); or

     (ii) The Note Registrar shall register the transfer of any Individual Note if (I) such
transfer is made to a transferee who is an Affiliate of the Originator and such transfer
otherwise complies with subsection 4.02(s), or (II) (x) the transferor has advised
the Note Registrar in writing that the Note is being transferred to a Person that is both an
Institutional Accredited Investor and a Qualified Purchaser; and (y) prior to the transfer
the transferee furnishes to the Note Registrar a Transferee Letter; provided,
that, if based upon an Opinion of Counsel to the effect that the delivery of (x) and
(y) above are not sufficient to confirm that the proposed transfer is being made pursuant to
an exemption from, or in a transaction not subject to, the registration requirements of the
Securities Act and other applicable laws, the Note Registrar may as a condition of the
registration of any such transfer require the transferor to furnish other certifications,
legal opinions or other information prior to registering the transfer of an Individual Note.

     (l) Subject to subsection 4.02(n), so long as a Global Note remains outstanding and is
held by or on behalf of the Depository, transfers of beneficial interests in the Global Note, or
transfers by holders of Individual Notes to transferees that take delivery in the form of
beneficial interests in the Global Note, may be made only in accordance with this subsection
4.02(l) and in accordance with the rules of the Depository.

     (i) Rule 144A Global Note to Regulation S Global Note During the Distribution
Compliance Period. If, during the Distribution Compliance Period, a Beneficial Owner of
an interest in a Rule 144A Global Note wishes at any time to transfer its beneficial
interest in such Rule 144A Global Note to a Person who wishes to take delivery thereof in
the form of a beneficial interest in a Regulation S Global Note, such Beneficial Owner may,
in addition to complying with all applicable rules and

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procedures of the Depository and Clearstream or Euroclear applicable to transfers by their
respective participants (the “Applicable Procedures”), transfer or cause the transfer of such beneficial interest
for an equivalent beneficial interest in the Regulation S Global Note only upon compliance
with the provisions of this subsection 4.02(l)(i). Upon receipt by the Note
Registrar at its Corporate Trust Office of (1) written instructions given in accordance with
the Applicable Procedures from a Depository Participant directing the Note Registrar to
credit or cause to be credited to another specified Depository Participant’s account a
beneficial interest in the Regulation S Global Note in an amount equal to the denomination
of the beneficial interest in the Rule 144A Global Note to be transferred, (2) a written
order given in accordance with the Applicable Procedures containing information regarding
the account of the Depository Participant (and the Euroclear or Clearstream account, as the
case may be) to be credited with, and the account of the Depository Participant to be
debited for, such beneficial interest, and (3) a certificate in the form of Exhibit
E hereto given by the Beneficial Owner that is transferring such interest, the Note
Registrar shall instruct the Depository to reduce the denomination of the Rule 144A Global
Note by the denomination of the beneficial interest in the Rule 144A Global Note to be so
transferred and, concurrently with such reduction, to increase the denomination of the
Regulation S Global Note by the denomination of the beneficial interest in the Rule 144A
Global Note to be so transferred, and to credit or cause to be credited to the account of
the Person specified in such instructions (who shall be a Depository Participant acting for or on behalf of
Euroclear or Clearstream, or both, as the case may be) a beneficial interest in the
Regulation S Global Note having a denomination equal to the amount by which the denomination
of the Rule 144A Global Note was reduced upon such transfer.

     (ii) Rule 144A Global Note to Regulation S Global Note After the Distribution
Compliance Period. If, after the Distribution Compliance Period, a Beneficial Owner of
an interest in a Rule 144A Global Note wishes at any time to transfer its beneficial
interest in such Rule 144A Global Note to a Person who wishes to take delivery thereof in
the form of a beneficial interest in a Regulation S Global Note, such holder may, in
addition to complying with all Applicable Procedures, transfer or cause the transfer of such
beneficial interest for an equivalent beneficial interest in a Regulation S Global Note only
upon compliance with the provisions of this subsection 4.02(l)(ii). Upon receipt by
the Note Registrar at its Corporate Trust Office of (1) written instructions given in
accordance with the Applicable Procedures from a Depository Participant directing the Note
Registrar to credit or cause to be credited to another specified Depository Participant’s
account a beneficial interest in the Regulation S Global Note in an amount equal to the
denomination of the beneficial interest in the Rule 144A Global Note to be transferred, (2)
a written order given in accordance with the Applicable Procedures containing information
regarding the account of the Depository Participant (and, in the case of a transfer pursuant
to and in accordance with Regulation S, the Euroclear or Clearstream account, as the case
may be) to be credited with, and the account of the Depository Participant to be debited
for, such beneficial interest, and (3) a certificate in the form of Exhibit F hereto
given by the Beneficial Owner that is transferring such interest, the Note Registrar shall
instruct the Depository to reduce the denomination of the Rule 144A Global Note by the
aggregate denomination of the beneficial interest in the Rule 144A Global Note to be so
transferred and, concurrently

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with such reduction, to increase the denomination of the
Regulation S Global Note by the aggregate denomination of the beneficial interest in the
Rule 144A Global Note to be so transferred, and to credit or cause to be credited to the
account of the Person specified in such instructions (who shall be a Depository Participant
acting for or on behalf of Euroclear or Clearstream, or both, as the case may be) a
beneficial interest in the Regulation S Global Note having a denomination equal to the
amount by which the denomination of the Rule 144A Global Note was reduced upon such
transfer.

     (iii) Regulation S Global Note to Rule 144A Global Note. If the Beneficial
Owner of an interest in a Regulation S Global Note wishes at any time to transfer its
beneficial interest in such Regulation S Global Note to a Person who wishes to take delivery
thereof in the form of a beneficial interest in the Rule 144A Global Note, such holder may,
in addition to complying with all Applicable Procedures, transfer or cause the transfer of
such beneficial interest for an equivalent beneficial interest in the Rule 144A Global Note
only upon compliance with the provisions of this subsection 4.02(l)(iii). Upon
receipt by the Note Registrar at its Corporate Trust Office of (1) written instructions
given in accordance with the Applicable Procedures from a Depository Participant directing
the Note Registrar to credit or cause to be credited to another specified Depository Participant’s account a beneficial interest in the Rule
144A Global Note in an amount equal to the denomination of the beneficial interest in the
Regulation S Global Note to be transferred, (2) a written order given in accordance with the
Applicable Procedures containing information regarding the account of the Depository
Participant to be credited with, and the account of the Depository Participant (or, if such
account is held for Euroclear or Clearstream, the Euroclear or Clearstream account, as the
case may be) to be debited for such beneficial interest, and (3) with respect to a transfer
of a beneficial interest in the Regulation S Global Note for a beneficial interest in the
related Rule 144A Global Note (i) during the Distribution Compliance Period, a certificate
in the form of Exhibit G hereto given by the Beneficial Owner that is transferring
such interest, or (ii) after the Distribution Compliance Period, a Rule 144A Certification
from the transferee of such interest to the effect that such transferee is a Qualified
Institutional Buyer, the Note Registrar shall instruct the Depository to reduce the
denomination of the Regulation S Global Note by the denomination of the beneficial interest
in the Regulation S Global Note to be transferred and, concurrently with such reduction, to
increase the denomination of the Rule 144A Global Note by the aggregate denomination of the
beneficial interest in the Regulation S Global Note to be so transferred, and to credit or
cause to be credited to the account of the Person specified in such instructions (who shall
be a Depository Participant acting for or on behalf of Euroclear or Clearstream, or both, as
the case may be) a beneficial interest in the Rule 144A Global Note having a denomination
equal to the amount by which the denomination of the Regulation S Global Note was reduced
upon such transfer.

     (iv) Transfers Within Regulation S Global Notes During Distribution Compliance
Period. If, during the Distribution Compliance Period, the Beneficial Owner of an
interest in a Regulation S Global Note wishes at any time to transfer its beneficial
interest in such Note to a Person who wishes to take delivery thereof in the form of a
Regulation S Global Note, such Beneficial Owner may transfer or cause the transfer of such
beneficial interest for an equivalent beneficial interest in such Regulation S Global

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Note only upon compliance with the provisions of this subsection 4.02(l)(iv) and all
Applicable Procedures. Upon receipt by the Note Registrar at its Corporate Trust Office of
(1) written instructions given in accordance with the Applicable Procedures from a
Depository Participant directing the Note Registrar to credit or cause to be credited to
another specified Depository Participant’s account a beneficial interest in such Regulation
S Global Note in an amount equal to the denomination of the beneficial interest to be
transferred, (2) a written order given in accordance with the Applicable Procedures
containing information regarding the account of the Depository Participant to be credited
with, and the account of the Depository Participant (or, if such account is held for
Euroclear or Clearstream, the Euroclear or Clearstream account, as the case may be) to be
debited for, such beneficial interest and (3) a certificate in the form of Exhibit H
hereto given by the Beneficial Owner that is transferring such interest, the Note Registrar
shall instruct the Depository to credit or cause to be credited to the account of the Person
specified in such instructions (who shall be a Depository Participant acting for or on
behalf of Euroclear or Clearstream, or both, as the case may be) a beneficial interest in
the Regulation S Global Note having a denomination equal to the amount specified in such instructions by which the account to be debited was reduced upon such transfer.
The Note Registrar shall not be required to monitor compliance by Beneficial Owners of the
provisions of this subsection 4.02(l)(iv).

     (m) Transfers of Interests in Global Notes to Individual Notes. Any and all transfers
from a Global Note to a transferee wishing to take delivery in the form of an Individual Note will
require the transferee to take delivery subject to the restrictions on the transfer of such
Individual Note described on the face of such Note, and such transferee agrees that it will
transfer such Individual Note only as provided therein and herein. No such transfer shall be made
and the Note Registrar shall not register any such transfer unless such transfer is made in
accordance with this subsection 4.02(m) or is made to an Affiliate of the Originator in a
transfer which otherwise complies with subsection 4.02(s).

     (i) Transfers of a beneficial interest in a Global Note to a Person who is both an
Institutional Accredited Investor and a Qualified Purchaser will require delivery of such
Note to the transferee in the form of an Individual Note and the Note Registrar shall
register such transfer only if prior to the transfer such transferee furnishes to the Note
Registrar (1) a Transferee Letter to the effect that the transfer is being made to an
Institutional Accredited Investor and a Qualified Purchaser in accordance with an applicable
exemption under the Securities Act, and (2) an Opinion of Counsel acceptable to the
Indenture Trustee that such transfer is in compliance with the Securities Act.

     (ii) Transfers of a beneficial interest in a Global Note to a Qualified Institutional
Buyer or a Regulation S Investor wishing to take delivery in the form of an Individual Note
will be registered by the Note Registrar only upon compliance with the provisions of
subsection 4.02(l) and if the Note Registrar is provided with a Rule 144A
Certification or a Regulation S Transfer Certificate, as applicable.

     (iii) Notwithstanding the foregoing, no transfer of a beneficial interest in a
Regulation S Global Note to an Individual Note pursuant to subparagraph 4.02(m)(ii) above
shall be made prior to the expiration of the Distribution Compliance Period and compliance
with the certification requirements of Rule 903(b)(3)(ii)(B) under the

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Securities Act. Upon acceptance for exchange or transfer of a beneficial interest in a Global Note for an
Individual Note, as provided herein, the Note Registrar shall endorse on the schedule
affixed to the related Global Note Registrar (or on a continuation of such schedule affixed
to such Global Note Registrar and made a part thereof) an appropriate notation evidencing
the date of such exchange or transfer and a decrease in the denomination of such Global Note
Registrar equal to the denomination of such Individual Note Registrar issued in exchange
therefor or upon transfer thereof. Unless determined otherwise by the Company in accordance
with applicable law, an Individual Note Registrar issued upon transfer of or exchange for a
beneficial interest in the Global Note Registrar shall bear the Securities Legend.

     (n) Transfers of Individual Note to the Global Notes. If a Holder of an Individual
Note wishes at any time to transfer such Note to a Person who wishes to take delivery thereof in
the form of a beneficial interest in the related Regulation S Global Note or the related Rule 144A Global
Note, such transfer may be effected only in accordance with the Applicable Procedures,
and this subsection 4.02(n). Upon receipt by the Note Registrar at the Corporate Trust
Office of (1) the Individual Note to be transferred with an assignment and transfer, (2) written
instructions given in accordance with the Applicable Procedures from a Depository Participant
directing the Note Registrar to credit or cause to be credited to another specified Depository
Participant’s account a beneficial interest in such Regulation S Global Note or such Rule 144A
Global Note, as the case may be, in an amount equal to the denomination of the Individual Note to
be so transferred, (3) a written order given in accordance with the Applicable Procedures
containing information regarding the account of the Depository Participant (and, in the case of any
transfer pursuant to Regulation S, the Euroclear or Clearstream account, as the case may be) to be
credited with such beneficial interest, and (4) (x) if delivery is to be taken in the form of a
beneficial interest in the Regulation S Global Note, a certificate in the form of Exhibit H
hereto, given by the Beneficial Owner that is transferring such interest, if delivery is to be
taken in the form of a beneficial interest in the Regulation S Global Note or (y) a Transferee
Letter from the transferee of such interest to the effect that such transferee is a Qualified
Institutional Buyer, if delivery is to be taken in the form of a beneficial interest in the Rule
144A Global Note, the Note Registrar shall cancel such Individual Note, execute and deliver a new
Individual Note for the denomination of the Individual Note not so transferred, registered in the
name of the Holder, and the Note Registrar shall instruct the Depository to increase the
denomination of the Regulation S Global Note or the Rule 144A Global Note, as the case may be, by
the denomination of the Individual Note to be so transferred, and to credit or cause to be credited
to the account of the Person specified in such instructions (who, in the case of any increase in
the Regulation S Global Note during the Distribution Compliance Period, shall be a Depository
Participant acting for or on behalf of Euroclear or Clearstream, or both, as the case may be) a
corresponding denomination of the Rule 144A Global Note or the Regulation S Global Note, as the
case may be.

     It is the intent of the foregoing that under no circumstances may an Institutional Accredited
Investor that is not a Qualified Institutional Buyer take delivery in the form of a beneficial
interest in a Global Note.

     (o) An exchange of a beneficial interest in a Global Note for an Individual Note or Notes, an
exchange of an Individual Note or Notes for a beneficial interest in a Global Note and

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an exchange
of an Individual Note or Notes for another Individual Note or Notes (in each case, whether or not
such exchange is made in anticipation of subsequent transfer, and in the case of the Global Notes,
so long as the Global Notes remain outstanding and are held by or on behalf of the Depository), may
be made only in accordance with this Section 4.02 and in accordance with the rules of the
Depository and Applicable Procedures.

     (p) (i) Upon acceptance for exchange or transfer of an Individual Note for a beneficial
interest in the Global Note as provided herein, the Note Registrar shall cancel such Individual
Note and shall (or shall request the Depository to) endorse on the schedule affixed to the
applicable Global Note (or on a continuation of such schedule affixed to the Global Note and made a
part thereof) an appropriate notation evidencing the date of such exchange or transfer and an increase in the Note balance of the Global Note equal to the Note balance of such
Individual Note exchanged or transferred therefor.

     (ii) Upon acceptance for exchange or transfer of a beneficial interest in the Global
Note for an Individual Note as provided herein, the Note Registrar shall (or shall request
the Depository to) endorse on the schedule affixed to the Global Note (or on a continuation
of such schedule affixed to the Global Note and made a part thereof) an appropriate notation
evidencing the date of such exchange or transfer and a decrease in the Note balance of the
Global Note equal to the Note balance of such Individual Note issued in exchange therefor or
upon transfer thereof.

     (q) The Securities Legend shall be placed on any Individual Note issued in exchange for or
upon transfer of another Individual Note or of a beneficial interest in the Global Note.

     (r) Subject to the restrictions on transfer and exchange set forth in this Section
4.02, the holder of any Individual Note may transfer or exchange the same in whole or in part
(in an initial Note balance equal to the minimum authorized denomination of $500,000 or any
integral multiple of $1,000 in excess thereof) by surrendering such Note at the Corporate Trust
Office, or at the office of any transfer agent, together with an executed instrument of assignment
and transfer satisfactory in form and substance to the Note Registrar in the case of transfer and a
written request for exchange in the case of exchange. The holder of a beneficial interest in a
Global Note may, subject to the rules and procedures of the Depository, cause the Depository (or
its nominee) to notify the Note Registrar in writing of a request for transfer or exchange of such
beneficial interest for an Individual Note or Notes. Following a proper request for transfer or
exchange, the Note Registrar shall, within five Business Days of such request made at such
Corporate Trust Office, cause the Indenture Trustee to authenticate and the Note Registrar to
deliver at such Corporate Trust Office, to the transferee (in the case of transfer) or holder (in
the case of exchange) or send by first class mail at the risk of the transferee (in the case of
transfer) or holder (in the case of exchange) to such address as the transferee or holder, as
applicable, may request, an Individual Note or Notes, as the case may require, for a like aggregate
Percentage Interest and in such authorized denomination or denominations as may be requested. The
presentation for transfer or exchange of any Individual Note shall not be valid unless made at the
Corporate Trust Office by the registered holder in person, or by a duly authorized
attorney–in–fact.

     (s) No transfer of any Note shall be made unless such transfer is exempt from the registration
requirements of the Securities Act and any applicable state securities laws or is made

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in
accordance with said Act and laws. No transfer of any Note shall be made if such transfer would
require the Issuer to register as an “investment company” under the Investment Company Act. In the
event of any such transfer, unless such transfer is made in reliance upon Rule 144A under the
Securities Act or Regulation S under the Securities Act or is a transfer of the Class F Note to an
Affiliate of the Originator, (i) the Indenture Trustee may require a written Opinion of Counsel
acceptable to and in form and substance reasonably satisfactory to the Indenture Trustee that such
transfer may be made pursuant to an exemption, describing the applicable exemption and the basis
therefor, from said Act and laws or is being made pursuant to said Act and laws, which Opinion of Counsel shall not be an expense of the Indenture Trustee, the Issuer, or the
Servicer and (ii) the Indenture Trustee shall require the transferee to execute a Transferee Letter
or the transfer is to execute the applicable certification in the event of a transfer pursuant to
Regulation S certifying to the Issuer and the Indenture Trustee the facts surrounding such
transfer, which Transferee Letter or certification shall not be an expense of the Indenture
Trustee, the Issuer or the Servicer. The holder of a Note desiring to effect such transfer shall,
and by accepting a Note and the benefits of this Indenture does hereby agree to, indemnify the
Indenture Trustee, the Issuer, the Servicer and the Initial Purchasers against any liability that
may result if the transfer is not so exempt or is not made in accordance with such federal and
state laws. None of the Issuer, the Indenture Trustee, the Trust Depositor or the Initial
Purchasers intends or is obligated to register or qualify any Note under the Securities Act or any
state securities laws.

     (t) No Class E Note or Class F Note may be acquired or owned by any Person that is classified
for U.S. federal income tax purposes as a partnership, subchapter S corporation or grantor trust
unless (A) none of the direct or indirect beneficial owners of any interest in such Person have or
ever will have more than 50% of the value of its interest in such Person attributable to the
interest of such Person in any Class E Notes, Class F Notes or other interest (direct or indirect)
in the Issuer, and (B) it is not and will not be a principal purpose of the arrangement involving
the investment of such Person in any Class E Notes or Class F Notes to permit any partnership to
satisfy the 100 partner limitation of Treas. Reg. § 1.7704-1(h)(1)(ii);

     (u) No Class E Note or Class F Note (or interest therein) may be acquired, and no Holder of a
Class E Note or Class F Note may sell, transfer, assign, participate, pledge or otherwise dispose
of any Class E Note or Class F Note (or interest therein) or cause any Class E Note or Class F Note
(or interest therein) to be marketed, on or through (i) an “established securities market” within
the meaning of Section 7704(b) of the Code, including, without limitation, an interdealer quotation
system that regularly disseminates firm buy or sell quotations or (ii) a “secondary market (or the
substantial equivalent thereof)” within the meaning of Section 7704(b)(2) of the Code, including a
market wherein any Class E Note or Class F Note (or interest therein) is regularly quoted by any
person making a market in such interests and a market wherein any person regularly makes available
bid or offer quotes with respect to any Class E Note or Class F Note (or interest therein) and
stands ready to effect buy or sell transactions at the quoted prices for itself or on behalf of
others.

     (v) No Holder of a Class E Note or Class F Note may transfer its interest in any Class E Note
or Class F Note in an amount less than the minimum denomination of such Class E Note or Class F
Note, as the case may be.

     (w) Notwithstanding any other provision of this Agreement to the contrary, on the Closing
Date, the Indenture Trustee shall authenticate in the name of, and deliver to, the Trust

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Depositor,
the Class F Note in the form of a single Individual Note in an aggregate principal amount equal to
the Initial Class F Principal Balance. The Holder of the Class F Note shall initially be the Trust
Depositor. No transfer, sale, pledge or other disposition of one or more Class F Notes (a
“Transfer”) shall be made unless simultaneously with the Transfer (1) a proportionate
amount of Trust Certificates are Transferred so that the ratio of the Percentage Interest of the Trust Certificates so Transferred to all Trust Certificates and the ratio of
the Percentage Interest of the Class F Notes so Transferred to all Class F Notes are equal, (2) the
Transfers of the Trust Certificates and Class F Notes referred to herein are made to the same
Person, and (3) the Percentage Interest of the Trust Certificates and Class F Notes, respectively,
so transferred is no less than ten (10%) percent.

     (x) The Class E Notes and the Class F Notes may only be owned by United States Persons (as
defined in Section 7701(a)(30) of the Code).

     (y) No Class A-1 Note, Class A-2 Note, Class B Note, Class C Note or Class D Note may be
acquired directly or indirectly, by, for, on behalf of or with any assets of an employee benefit
plan as defined in Section 3(3) of ERISA that is subject to Title I of ERISA, any plan described in
and subject to Section 4975 of the Code (collectively, a “Plan”) or any other plan or arrangement
subject to any federal, state, local, non-U.S. or other law substantively similar to the foregoing
provisions of ERISA or the Code (“Similar Law”) unless it represents or is deemed to
represent that its acquisition and holding of the Class A-1 Note, Class A-2 Note, Class B Note,
Class C Note or Class D Note will not constitute or result in a non-exempt prohibited transaction
under Title I of ERISA or Section 4975 of the Code or a violation of Similar Law. No Class E Note
or Class F Note may be acquired directly or indirectly, by, for, on behalf of or with any assets of
any Plan. Further, no Class E Note or Class F Note may be acquired directly or indirectly, by,
for, on behalf of or with any assets of any plan that is not subject to Title I of ERISA or Section
4975 of the Code unless it represents or is deemed to represent that its acquisition and holding of
the Class E Note or class F note will not constitute or result in a violation of Similar Law. In
the case of an Individual Note, such representation shall be made in a certification from the
transferee to the Indenture Trustee; in the case of a Note other than an Individual Note, the
transferee shall be deemed to have made such representation.

     Section 4.03. Mutilated, Destroyed, Lost or Stolen Notes.

     Subject to UCC § 8–405, if (i) any mutilated Note is surrendered to the Indenture Trustee, or
the Indenture Trustee receives evidence to its satisfaction of the destruction, loss or theft of
any Note, and (ii) there is delivered to the Indenture Trustee such security or indemnity as may be
required by it to hold the Issuer and the Indenture Trustee harmless, then, in the absence of
notice to the Issuer, the Note Registrar or the Indenture Trustee that such Note has been acquired
by a protected purchaser, the Issuer shall execute, and upon its request the Indenture Trustee
shall authenticate and deliver, in exchange for or in lieu of any such mutilated, destroyed, lost
or stolen Note, a replacement Note; provided, however, that if any such destroyed,
lost or stolen Note, but not a mutilated Note, shall have become or within seven (7) days shall be
due and payable, or shall have been called for repurchase, instead of issuing a replacement Note,
the Issuer may pay such destroyed, lost or stolen Note when so due or payable or upon the
Repurchase Date without surrender thereof. If, after the delivery of such replacement Note or
payment of a destroyed, lost or stolen Note pursuant to the proviso to the preceding sentence, a
protected purchaser of the original Note in lieu of which such replacement

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Note was issued presents
for payment such original Note, the Issuer and the Indenture Trustee shall be entitled to recover
such replacement Note (or such payment) from the Person to whom it was delivered or any Person taking such replacement Note from such Person to whom such
replacement Note was delivered or any assignee of such Person, except a protected purchaser, and
shall be entitled to recover upon the security or indemnity provided therefor to the extent of any
loss, damage, cost or expense incurred by the Issuer or the Indenture Trustee in connection
therewith.

     Upon the issuance of any replacement Note under this Section 4.03, the Issuer may
require the payment by the Holder of such Note of a sum sufficient to cover any tax or other
governmental charge that may be imposed in relation thereto and any other reasonable expenses
(including the fees and expenses of the Indenture Trustee) connected therewith.

     Every replacement Note issued pursuant to this Section 4.03 in replacement of any
mutilated, destroyed, lost or stolen Note shall constitute an original additional contractual
obligation of the Issuer, whether or not the mutilated, destroyed, lost or stolen Note shall be at
any time enforceable by anyone, and shall be entitled to all the benefits of this Indenture equally
and proportionately with any and all other Notes duly issued hereunder.

     The provisions of this Section 4.03 are exclusive and shall preclude (to the extent
lawful) all other rights and remedies with respect to the replacement or payment of mutilated,
destroyed, lost or stolen Notes.

     Section 4.04. Payment of Principal and Interest; Defaulted Interest.

     (a) The Notes shall accrue interest during each Interest Accrual Period on the basis of the
actual number of days elapsed during such Interest Accrual Period and a year assumed to consist of
360 days. Any installment of interest or principal, if any, payable on any Note which is
punctually paid or duly provided for by the Issuer on the applicable Remittance Date shall be paid
to the Person in whose name such Note is registered on the Record Date, by check mailed
first–class, postage prepaid, to such Person’s address as it appears on the Note Register on such
Record Date, except that, unless Global Notes have been issued pursuant to Section 4.02,
with respect to Notes registered on the Record Date in the name of the nominee of the Depository
(initially, such nominee to be Cede & Co.), payment will be made by wire transfer in immediately
available funds to the account designated by such Person and except for the final installment of
principal payable with respect to such Note on a Remittance Date or on the applicable Expected
Maturity Date and except for the Repurchase Price for any Note called for repurchase pursuant to
Section 10.01(a) which shall be payable as provided below. The funds represented by any
such checks returned undelivered shall be held in accordance with Section 3.03.

     (b) The principal of each Note shall be payable in installments on each Remittance Date as
provided in the Sale and Servicing Agreement. Notwithstanding the foregoing, the entire unpaid
principal amount of the Notes shall be due and payable, if not previously paid, on the date on
which an Event of Default shall have occurred and be continuing, if the Indenture Trustee with the
consent of the Majority Noteholders have declared the Notes to be immediately due and payable in
the manner provided in Section 5.02. All principal payments among the Classes of Notes
shall be made in the order and priorities set forth herein and in the Sale and Servicing

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Agreement, and all principal payments on the Notes of the same Class shall be made pro rata to
the Noteholders of such Class. The Indenture Trustee shall notify the Person in whose name a Note
is registered at the close of business on the Record Date preceding the Remittance Date on which
the Issuer expects that the final installment of principal of and interest on such Note will be
paid. Such notice shall be mailed or transmitted by facsimile prior to such final Remittance Date
and shall specify that such final installment will be payable only upon presentation and surrender
of such Note and shall specify the place where such Note may be presented and surrendered for
payment of such installment. Notices in connection with repurchase of Notes shall be mailed to
Noteholders as provided in Section 10.02.

     (c) For so long as the Notes of any Class are listed on the Irish Stock Exchange and the rules
of such exchange shall so require, the Issuer will have a paying agent and transfer agent for such
securities in Ireland, and payments on and transfers or exchanges of interests in such Notes
(including partial interests therein) may be effected through such paying and transfer agent (or
any other paying and transfer agent); provided, that, all transfers and exchanges
must be effected in accordance with this Indenture. In addition, for so long as the Notes of any
Class are listed on the Irish Stock Exchange and the rules of such exchange shall so require, in
the case of a transfer or exchange of a physical instrument representing such security, a holder
thereof may obtain a new physical instrument from the paying agent and transfer agent in Ireland in
accordance with this Indenture.

     Section 4.05. Tax Treatment.

     The Issuer has entered into this Indenture, and the Notes will be issued, with the intention
that, for federal, state and local income, business and franchise tax purposes, (i) the Notes
(other than the Class F Note) will qualify as indebtedness secured by the Indenture Collateral and
(ii) the Issuer shall not be treated as an association, taxable mortgage pool or publicly traded
partnership taxable as a corporation. The Issuer, by entering into this Indenture, and each
Noteholder (other than the Class F Noteholder), by the acceptance of any such Note (and each
beneficial owner of a Note, by its acceptance of an interest in the applicable Note), agree to
treat such Notes for federal, state and local income and franchise tax purposes as indebtedness of
the Issuer. Each Holder of such Note (other than the Class F Noteholder) agrees that it will cause
any beneficial owner of such Note acquiring an interest in a Note through it to comply with this
Indenture as to treatment of indebtedness under applicable tax law, as described in this
Section 4.05. The parties hereto agree that they shall not cause or permit the making, as
applicable, of any election under Treasury Regulation Section 301.7701–3 whereby the Issuer or any
portion thereof would be treated as a corporation for federal income tax purposes and, except as
required by the terms of this Indenture, shall not file tax returns or obtain any federal employer
identification number for the Issuer, but shall treat the Issuer as a security device or
disregarded entity for federal income tax purposes. The provisions of this Indenture shall be
construed in furtherance of the foregoing intended tax treatment.

     It is the intent of the Trust Depositor, the Servicer, the Class F Noteholder and the
Certificateholder that, (i) in the event that the Trust Certificate and the Class F Note are owned
by a single Holder, for federal income tax purposes, the Trust will be treated as a division of
such Holder, and such Holder, by acceptance of the Trust Certificate and the Class F Note, agrees
to take no action inconsistent with such treatment and (ii) in the event that the Trust
Certificates and/or the Class F Notes are owned by more than one Holder, for federal income tax
purposes,

40

 

the Trust will be treated as a partnership, the partners of which are the
Certificateholders and the Class F Noteholders, and each Certificateholder and Class F Noteholder,
by acceptance of a Trust Certificate and a Class F Note, respectively, agree to treat the Trust
Certificate and the Class F Note as equity and to take no action inconsistent with such treatment.

     Section 4.06. Satisfaction and Discharge of Indenture.

     This Indenture shall cease to be of further effect with respect to the Notes except as to (i)
rights of registration of transfer and exchange, (ii) substitution of mutilated, destroyed, lost or
stolen Notes, (iii) rights of Noteholders to receive payments of principal thereof and interest
thereon, (iv) Sections 3.03, 3.04, 3.06, 3.10, 3.19,
3.21, 3.22, 4.05, 6.07, 11.15 and the second sentence of
11.16, (v) the rights, obligations and immunities of the Indenture Trustee hereunder
(including the rights of the Indenture Trustee under Section 6.07 and the obligations of
the Indenture Trustee under Section 4.07) and (vi) the rights of Noteholders as
beneficiaries hereof with respect to the property so deposited with the Indenture Trustee payable
to all or any of them, and the Indenture Trustee, on written demand of and at the expense of the
Issuer, shall execute proper instruments acknowledging satisfaction and discharge of this Indenture
with respect to the Notes, when:

     (A) either

(1) all Notes of such Series theretofore authenticated and delivered (other than (i)
Notes that have been destroyed, lost or stolen and that have been replaced or paid
as provided in Section 4.03 and (ii) Notes for whose payment money has
theretofore been deposited in trust or segregated and held in trust by the Issuer
and thereafter repaid to the Issuer or discharged from such trust, as provided in
Section 3.03) have been delivered to the Indenture Trustee for cancellation;
or

(2) all Notes not theretofore delivered to the Indenture Trustee for cancellation

(i) have become due and payable, or

      (ii) are to be called for repurchase within one year under arrangements satisfactory to
the Indenture Trustee for the giving of notice of repurchase by the Indenture Trustee in the
name, and at the expense, of the Issuer,

and the Issuer, in the case of (2)(i) or (ii) above, has irrevocably deposited or
caused to be irrevocably deposited with the Indenture Trustee cash or direct
obligations of or obligations guaranteed by the United States of America (which will
mature prior to the date such amounts are payable), in trust for such purpose, in an
amount sufficient to pay and discharge the entire indebtedness on such Notes not
theretofore delivered to the Indenture Trustee for cancellation when due to the Legal Final Maturity Date therefor or Repurchase Date (if Notes shall have
been called for repurchase pursuant to Section 10.01), as the case may be;
and

       (B) the Issuer has delivered to the Indenture Trustee an Officer’s Certificate
meeting the applicable requirements of Section 11.01 and, subject to

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Section 11.01, stating that all conditions precedent herein provided for
relating to the satisfaction and discharge of this Indenture with respect to the
Notes have been complied with.

     This Indenture shall cease to be of further effect with respect to each Hedge Agreement when
such Hedge Agreement has been terminated and the Hedge Counterparty has received all amounts it is
entitled to receive upon such termination.

     Section 4.07. Application of Trust Money.

     All moneys deposited with the Indenture Trustee pursuant to Section 4.06 hereof shall
be held in trust and applied by it, in accordance with the provisions of the Notes and this
Indenture, to the payment, either directly or through any Paying Agent, as the Indenture Trustee
may determine, to the Holders of Notes for the payment or repurchase of which such moneys have been
deposited with the Indenture Trustee, of all sums due and to become due thereon for principal and
interest; but such moneys need not be segregated from other funds except to the extent required
herein or in the Sale and Servicing Agreement or required by law.

     Section 4.08. Repayment of Moneys Held by Paying Agent.

     In connection with the satisfaction and discharge of this Indenture with respect to the Notes,
all moneys then held by any Paying Agent other than the Indenture Trustee under the provisions of
this Indenture with respect to such Notes shall, upon demand of the Issuer, be paid to the
Indenture Trustee to be held and applied according to Section 3.05 and thereupon such
Paying Agent shall be released from all further liability with respect to such moneys.

ARTICLE V

REMEDIES

     Section 5.01. Events of Default.

     Any one of the following events (whatever the reason for such Event of Default and whether it
shall be voluntary or involuntary or be effected by operation of law or pursuant to any judgment,
decree or order of any court or any order, rule or regulation of any administrative or governmental
body) shall constitute an Event of Default:

     (i) a default in the payment of any interest on any Note when the same becomes due and
payable and such default shall continue for a period of two Business Days;

     (ii) failure to reduce the Outstanding Principal Balance of (i) the Class A-1 Notes to
zero by the Class A-1 Legal Final Maturity Date or (ii) the Class A-2 Notes, the Class B
Notes, the Class C Notes, the Class D Notes and the Class E Notes to zero by the Legal Final
Maturity Date;

     (iii) failure to pay the Repurchase Price to the Noteholders and the Hedge
Counterparties on the Repurchase Date in the event of an optional repurchase pursuant to
Section 10.01 of this Indenture;

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     (iv) failure on the part of the Originator to make any payment or deposit required
under the Sale and Servicing Agreement within two Business Days after the date the payment
or deposit is required to be made;

     (v) there occurs a default in the observance or performance in any material respect of
any covenant or agreement of the Originator, the Trust Depositor or the Issuer made in the
Sale and Servicing Agreement or this Indenture, or any representation or warranty of the
Originator, the Trust Depositor or the Issuer made in the Sale and Servicing Agreement or
this Indenture proving to have been incorrect in any material respect as of the time when
the same shall have been made and such default or incorrect representation or warranty has a
material adverse effect on the rights of the Noteholders and the Hedge Counterparties, and
such default shall continue or not be cured, or the circumstance or condition in respect of
which such representation or warranty was incorrect shall not have been eliminated or
otherwise cured, for a period of 30 days (if such failure can be remedied) after the first
to occur of (i) actual knowledge thereof by a Responsible Officer of the Trust Depositor or
(ii) there shall have been given to the Issuer by the Indenture Trustee or to the Issuer and
the Indenture Trustee, by any Noteholder, a written notice specifying such default or
incorrect representation or warranty and requiring it to be remedied and stating that such
notice is a notice of default hereunder;

     (vi) there occurs the filing of a decree or order for relief by a court having
jurisdiction in the premises in respect of the Trust Depositor, the Issuer or any
substantial part of the Indenture Collateral in an involuntary case under any applicable
federal or state bankruptcy, insolvency or other similar law now or hereafter in effect, or
appointing a receiver, liquidator, assignee, custodian, trustee, sequestrator or similar
official of the Trust Depositor, the Issuer or for any substantial part of either Indenture
Collateral, or ordering the winding–up or liquidation of the Trust Depositor’s or the
Issuer’s affairs, and such decree or order shall remain unstayed and in effect for a period
of 30 consecutive days;

     (vii) there occurs the commencement by the Trust Depositor or the Issuer of a voluntary
case under any applicable federal or state bankruptcy, insolvency or other similar law now
or hereafter in effect, or the consent by the Trust Depositor or the Issuer to the entry of
an order for relief in an involuntary case under any such law, or the consent by the Trust
Depositor or the Issuer to the appointment or taking possession by a receiver, liquidator,
assignee, custodian, trustee, sequestrator or similar official of the Trust Depositor or the
Issuer or for any substantial part of the assets of the Indenture Collateral, or the making by the Trust Depositor or the Issuer of any general
assignment for the benefit of creditors, or the failure by the Trust Depositor or the Issuer
generally to pay its debts as such debts become due, or the taking of any action by the
Trust Depositor or the Issuer in furtherance of any of the foregoing;

     (viii) the Indenture Trustee, on behalf of the Noteholders and the Hedge
Counterparties, shall fail to have a valid and perfected first priority security interest in
the Indenture Collateral, and such failure to have a perfected first priority security
interest shall have a material adverse effect on the Noteholders and the Hedge
Counterparties; or

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     (ix) either the Issuer or the Loan Pool is required to be registered as an “investment
company” under the Investment Company Act of 1940, as amended.

     The Issuer shall deliver to the Indenture Trustee, each Hedge Counterparty and the Rating
Agencies, within two Business Days after the occurrence of an Event of Default, written notice in
the form of an Officer’s Certificate of any event which with the giving of notice and the lapse of
time would become an Event of Default under clause (v) of the definition of “Event of Default,” its
status and what action the Issuer is taking or proposes to take with respect thereto.

     Section 5.02. Acceleration of Maturity; Rescission and Annulment.

     If an Event of Default should occur and be continuing, (other than an Event of Default
specified in Section 5.01(vi) or 5.01(vii)), then and in every such case the
Indenture Trustee or the Majority Noteholders may declare the Notes to be immediately due and
payable, by a notice in writing to the Issuer and the Rating Agencies (and to the Indenture Trustee
if given by Noteholders), and upon any such declaration the unpaid principal amount of such Notes,
together with accrued and unpaid interest thereon through the date of acceleration, shall become
immediately due and payable. If an Event of Default specified in Section 5.01(vi) or
Section 5.01(vii) occurs, the unpaid principal amount of the Notes, together with accrued
and unpaid interest thereon through the date of acceleration, shall become immediately due and
payable.

     At any time after such declaration of acceleration of maturity has been made and before a
judgment or decree for payment of the money due has been obtained by the Indenture Trustee as
hereinafter in this Article V provided, the Majority Noteholders, by written notice to the
Issuer and the Indenture Trustee and each Hedge Counterparty, may rescind and annul such
declaration and its consequences if:

     (A) the Issuer has paid or deposited with the Indenture Trustee a sum
sufficient to pay:

     (i) all payments of principal of and interest on the Notes, all
scheduled payments then due and payable under each Hedge Agreement and all
other amounts that would then be due hereunder, upon the Notes and each
Hedge Agreement if the Event of Default giving rise to such acceleration had
not occurred; and

     (ii) all sums paid or advanced by the Indenture Trustee hereunder and
the reasonable compensation, expenses, disbursements and advances of the
Indenture Trustee and its agents and counsel; and

     (B) all Events of Default, other than the nonpayment of the principal of the
Notes that has become due solely by such acceleration, have been cured or waived as
provided in Section 5.12.

     No such rescission or annulment shall affect any subsequent default or impair any right
consequent thereto. No such rescission or annulment shall affect a Hedge Agreement or any Hedge
Transaction that has been terminated in accordance with the terms thereof. Any Hedge Agreement in
effect at the time of any declaration of acceleration of maturity shall remain in

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effect until such
time as such declaration of acceleration of maturity can no longer be rescinded or annulled under
the terms of this Indenture.

     Section 5.03. Collection of Indebtedness and Suits for Enforcement by Indenture Trustee.

     (a) The Issuer covenants that if (i) default is made in the payment of any interest on any
Note when the same becomes due and payable, and such default continues for a period of five
Business Days, or (ii) default is made in the payment of the principal of or any installment of the
principal of any Note when the same becomes due and payable, and such default continues for a
period of two Business Days, the Issuer will, upon demand of the Indenture Trustee, pay to it, for
the benefit of the Noteholders, the whole amount then due and payable on the Notes for principal
and interest, with interest upon the overdue principal, and in addition thereto such further amount
as shall be sufficient to cover the costs and expenses of collection, including the reasonable
compensation, expenses, disbursements and advances of the Indenture Trustee and its agents and
counsel.

     (b) In case the Issuer shall fail forthwith to pay such amounts upon such demand, the
Indenture Trustee, in its own name and as trustee of an express trust, with the consent of the
Majority Noteholders and subject to the provisions of Section 11.17 hereof may institute a
Proceeding for the collection of the sums so due and unpaid, and may prosecute such Proceeding to
judgment or final decree, and may enforce the same against the Issuer or other obligor upon the
Notes and collect in the manner provided by law out of the Indenture Collateral, wherever situated,
the moneys adjudged or decreed to be payable.

     (c) If an Event of Default occurs and is continuing, the Indenture Trustee subject to the
provisions of Section 11.17 hereof may, as more particularly provided in Section
5.04, in its discretion, proceed to protect and enforce its rights and the rights of the
Noteholders and the Hedge Counterparties and by such appropriate Proceedings as the Indenture
Trustee shall deem most effective to protect and enforce any such rights, whether for the specific
enforcement of any covenant or agreement in this Indenture or in aid of the exercise of any power
granted herein, or to enforce any other proper remedy or legal or equitable right vested in the
Indenture Trustee by this Indenture or by law.

     (d) In case there shall be pending, relative to the Issuer or any other obligor upon the Notes
or any Person having or claiming an ownership interest in the Indenture Collateral, Proceedings
under Title 11 of the United States Code or any other applicable federal or state bankruptcy,
insolvency or other similar law, or in case a receiver, assignee or trustee in bankruptcy or
reorganization, liquidator, sequestrator or similar official shall have been appointed for or taken
possession of the Issuer or its property or such other obligor or Person, or in case of any other
comparable judicial Proceedings relative to the Issuer or other obligor upon the Notes, or to the
creditors or property of the Issuer or such other obligor, the Indenture Trustee, irrespective of
whether the principal of any Notes shall then be due and payable as therein expressed or by
declaration or otherwise and irrespective of whether the Indenture Trustee shall have made any
demand pursuant to the provisions of this Section 5.03, shall be entitled and empowered, by
intervention in such Proceedings or otherwise:

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     (i) to file and prove a claim or claims for the whole amount of principal and interest
owing and unpaid in respect of the Notes and to file such other papers or documents as may
be necessary or advisable in order to have the claims of the Indenture Trustee (including
any claim for reasonable compensation to the Indenture Trustee and each predecessor
Indenture Trustee, and their respective agents, attorneys and counsel, and for reimbursement
of all reasonable expenses and liabilities incurred, and all advances made, by the Indenture
Trustee and each predecessor Indenture Trustee, except as a result of negligence or bad
faith) and of the Noteholders allowed in such Proceedings;

     (ii) unless prohibited by applicable law and regulations, to vote on behalf of the
Holders of Notes in any election of a trustee, a standby trustee or Person performing
similar functions in any such Proceedings;

     (iii) to collect and receive any moneys or other property payable or deliverable on any
such claims and to distribute all amounts received with respect to the claims of the
Noteholders and of the Indenture Trustee on their behalf;

     (iv) to file such proofs of claim and other papers or documents as may be necessary or
advisable in order to have the claims of the Indenture Trustee or the Noteholders allowed in
any judicial proceedings relative to the Issuer, its creditors and its property; and

     (v) to participate as a member, voting or otherwise, of any official committee of
creditors appointed in such matter;

and any trustee, receiver, liquidator, custodian or other similar official in any such Proceeding
is hereby authorized by each of such Noteholders to make payments to the Indenture Trustee, and, in
the event that the Indenture Trustee shall consent to the making of payments directly to such
Noteholders, to pay to the Indenture Trustee such amounts as shall be sufficient to cover
reasonable compensation to the Indenture Trustee, each predecessor Indenture Trustee and their
respective agents, attorneys and counsel, and all other expenses and liabilities incurred, and all advances
made, by the Indenture Trustee and each predecessor Indenture Trustee except as a result
of negligence or bad faith.

     (e) Nothing herein contained shall be deemed to authorize the Indenture Trustee to authorize
or consent to or vote for or accept or adopt on behalf of any Noteholder any plan of
reorganization, arrangement, adjustment or composition affecting the Notes or the rights of any
Holder thereof or to authorize the Indenture Trustee to vote in respect of the claim of any
Noteholder in any such proceeding except, as aforesaid, to vote for the election of a trustee in
bankruptcy or similar Person.

     (f) All rights of action and of asserting claims under this Indenture, or under any of the
Notes, may be enforced by the Indenture Trustee without the possession of any of the Notes or the
production thereof in any trial or other Proceedings relative thereto, and any such action or
proceedings instituted by the Indenture Trustee shall be brought in its own name as trustee of an
express trust, and any recovery of judgment, subject to the payment of the expenses, disbursements
and compensation of the Indenture Trustee, each predecessor Indenture Trustee

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and their respective
agents and attorneys, shall be for the ratable benefit of the Holders of the Notes.

     (g) In any Proceedings brought by the Indenture Trustee (and also any Proceedings involving
the interpretation of any provision of this Indenture to which the Indenture Trustee shall be a
party), the Indenture Trustee shall be held to represent all the Holders of the Notes, and it shall
not be necessary to make any Noteholder a party to any such Proceedings.

     (h) Notwithstanding anything to the contrary contained in this Indenture (including, without
limitation, Sections 5.4(a), 5.10 and 5.11), if the Issuer fails to perform
its obligations under Section 10.01 when and as due, the Indenture Trustee shall, at the
direction of the Class A-1 Noteholders evidencing 66 2/3% of the aggregate Outstanding Principal
Balance of all Class A-1 Notes, the Class A-2 Noteholders evidencing 66 2/3% of the aggregate
Outstanding Principal Balance of all Class A-2 Notes, the Class B Noteholders evidencing 66 2/3% of
the aggregate Outstanding Principal Balance of all Class B Notes, the Class C Noteholders
evidencing 66 2/3% of the aggregate Outstanding Principal Balance of all Class C Notes, the Class D
Noteholders evidencing 66 2/3% of the aggregate Outstanding Principal Balance of all Class D Notes,
the Class E Noteholders evidencing 66 2/3% of the aggregate Outstanding Principal Balance of all
Class E Notes, proceed to protect and enforce its rights and the rights of the Noteholders by such
appropriate proceedings as the Indenture Trustee shall deem most effective to protect and enforce
any such rights, whether for specific performance of any covenant or agreement in this Indenture or
in aid of the exercise of any power granted herein, or to enforce any other proper remedy or legal
or equitable right vested in the Indenture Trustee by this Indenture or by law.

     Section 5.04. Remedies; Priorities.

     (a) If an Event of Default shall have occurred and be continuing, subject to the provisions of
Section 11.17 hereof, the Indenture Trustee may do one or more of the following (subject to
Section 5.05 and Section 5.15):

     (i) institute Proceedings in its own name and as trustee of an express trust for the
collection of all amounts then payable on the Notes or under this Indenture with respect
thereto, whether by declaration or otherwise, and all amounts payable under the Sale and
Servicing Agreement, enforce any judgment obtained, and collect from the Issuer and any
other obligor upon such Notes moneys adjudged due;

     (ii) institute Proceedings from time to time for the complete or partial foreclosure of
this Indenture with respect to the Indenture Collateral;

     (iii) exercise any remedies of a secured party under the UCC and take any other
appropriate action to protect and enforce the rights and remedies of the Indenture Trustee,
the Holders of the Notes and the Hedge Counterparties; and

     (iv) sell the Indenture Collateral or any portion thereof or rights or interest
therein;

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provided, however, that the Indenture Trustee may not sell or otherwise liquidate
the Indenture Collateral following an Event of Default, other than a default in the payment of any
principal or interest on the Notes for 30 days or more, unless (A) (i) prior to the payment in full
of the Class A-1 Notes, the Class A-2 Notes, the Class B Notes, the Class C Notes, the Class D
Notes and the Class E Notes, the Class A-1 Noteholders evidencing 100% of the aggregate Outstanding
Principal Balance of all Class A-1 Notes, the Class A-2 Noteholders evidencing 100% of the
aggregate Outstanding Principal Balance of all Class A-2 Notes, the Class B Noteholders evidencing
100% of the aggregate Outstanding Principal Balance of all Class B Notes, the Class C Noteholders
evidencing 100% of the aggregate Outstanding Principal Balance of all Class C Notes, the Class D
Noteholders evidencing 100% of the aggregate Outstanding Principal Balance of all Class D Notes and
the Class E Noteholders evidencing 100% of the aggregate Outstanding Principal Balance of all Class
E Notes and, unless it shall be paid in full all amounts payable to each Hedge Counterparty upon a
termination of its Hedge Agreement, each Hedge Counterparty consents thereto, (ii) from and after
the payment in full of the Class A-1 Notes, the Class A-2 Notes, the Class B Notes, the Class C
Notes, the Class D Notes, the Class E Notes and amounts due under the Hedge Agreements, the Class F
Noteholders evidencing 100% of the aggregate Outstanding Principal Balance of the Class F Note
consents thereto, (B) the proceeds of such sale or liquidation distributable to the Noteholders are
sufficient to discharge in full all amounts then due and unpaid upon the Notes for principal and
interest and all amounts payable to each Hedge Counterparty upon termination of the Hedge
Agreements, or (C) the Indenture Trustee determines that the Loans will not continue to provide
sufficient funds for the payment of principal of and interest on the Notes, in accordance with
their respective terms as they would have become due if the Notes had not been declared due and
payable, and the Indenture Trustee obtains the consent of (i) prior to the payment in full of the
Class A-1 Notes, the Class A-2 Notes, the Class B Notes, the Class C Notes, the Class D Notes and
the Class E Notes, the Class A-1 Noteholders evidencing 66 2/3% of the aggregate Outstanding
Principal Balance of all Class A-1 Notes, the Class A-2 Noteholders evidencing 66 2/3% of the
aggregate Outstanding Principal Balance of all Class A-2 Notes, the Class B Noteholders evidencing
66 2/3% of the aggregate Outstanding Principal Balance of all Class B Notes, the Class C
Noteholders evidencing 66 2/3% of the aggregate Outstanding Principal Balance of all Class C Notes, the Class D
Noteholders evidencing 66 2/3% of the aggregate Outstanding Principal Balance of all Class D Notes
and the Class E Noteholders evidencing 66 2/3% of the aggregate Outstanding Principal Balance of
all Class E Notes and, unless it shall be paid in full all amounts payable to each Hedge
Counterparty upon a termination of its Hedge Agreement, each Hedge Counterparty, and (ii) from and
after the payment in full of the Class A-1 Notes, the Class A-2 Notes, the Class B Notes, the Class
C Notes, the Class D Notes and the Class E Notes and amounts due under the Hedge Agreements, the
Class F Noteholders evidencing 66 2/3% of the aggregate Outstanding Principal Balance of the Class
F Note. In determining such sufficiency or insufficiency with respect to clauses (B) and (C), the
Indenture Trustee may, but need not, obtain and rely upon an opinion of an Independent investment
banking or accounting firm of national reputation as to the feasibility of such proposed action and
as to the sufficiency of the Indenture Collateral for such purpose. Notwithstanding the foregoing,
so long as a Servicer Default has not occurred, any Sale of the Indenture Collateral shall be made
subject to the continued servicing of the Loans by the Servicer as provided in the Sale and
Servicing Agreement.

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     (b) If the Indenture Trustee collects any money or property pursuant to this Article V, it
shall pay out the money or property as set forth in Section 7.05 of the Sale and Servicing
Agreement.

     The Indenture Trustee may fix a record date and Remittance Date for any payment to Noteholders
pursuant to this Section 5.04. At least five days before such record date, the Issuer
shall mail to each Noteholder and the Indenture Trustee a notice that states the record date, the
Remittance Date and the amount to be paid.

     Section 5.05. Optional Preservation of the Indenture Collateral.

     If the Notes have been declared to be due and payable under Section 5.02 following an
Event of Default and such declaration and its consequences have not been rescinded and annulled,
the Indenture Trustee may, but need not, elect to maintain possession of the Indenture Collateral.
It is the desire of the parties hereto and the Noteholders that there be at all times sufficient
funds for the payment of principal of and interest on the Notes, amounts due under the Hedge
Agreements and other obligations of the Issuer and the Indenture Trustee shall take such desire
into account when determining whether or not to maintain possession of the Indenture Collateral.
In determining whether to maintain possession of the Indenture Collateral, the Indenture Trustee
may, but need not, obtain and rely upon an opinion of an Independent investment banking or
accounting firm of national reputation as to the feasibility of such proposed action and as to the
sufficiency of the Indenture Collateral for such purpose.

     Section 5.06. Limitation of Suits.

     No Holder of any Note shall have any right to institute any Proceeding, judicial or otherwise,
with respect to this Indenture, or for the appointment of a receiver or trustee, or for any other
remedy hereunder, unless and subject to the provisions of Section 11.17 hereof:

     (i) such Holder has previously given written notice to the Indenture Trustee of a
continuing Event of Default;

     (ii) (A) prior to the payment in full of the Class A-1 Notes, the Class A-2 Notes, the
Class B Notes, the Class C Notes, the Class D Notes and the Class E Notes, the Class A-1
Noteholders evidencing 25% of the aggregate Outstanding Principal Balance of all Class A-1
Notes, the Class A-2 Noteholders evidencing 25% of the aggregate Outstanding Principal
Balance of all Class A-2 Notes, the Class B Noteholders evidencing 25% of the aggregate
Outstanding Principal Balance of all Class B Notes, the Class C Noteholders evidencing 25%
of the aggregate Outstanding Principal Balance of all Class C Notes, the Class D Noteholders
evidencing 25% of the aggregate Outstanding Principal Balance of all Class D Notes and the
Class E Noteholders evidencing 25% of the aggregate Outstanding Principal Balance of all
Class E Notes have made written request to the Indenture Trustee to institute such
Proceeding in respect of such Event of Default in its own name as Indenture Trustee
hereunder and (B) from and after the payment in full of the Class A-1 Notes, the Class A-2
Notes, the Class B Notes, the Class C Notes, the Class D Notes and the Class E Notes, the
Class F Noteholders evidencing 25% of the aggregate Outstanding Principal Balance of the
Class F Notes have made

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written request to the Indenture Trustee to institute such
proceeding in respect of such Event of Default in its own name as Indenture Trustee
hereunder;

     (iii) such Holder or Holders have offered to the Indenture Trustee reasonable indemnity
against the costs, expenses and liabilities to be incurred in complying with such request;

     (iv) the Indenture Trustee for 60 days after its receipt of such notice, request and
offer of indemnity has failed to institute such Proceedings; and

     (v) (A) prior to the payment in full of the Class A-1 Notes, the Class A-2 Notes, the
Class B Notes, the Class C Notes, the Class D Notes and the Class E Notes, no direction
inconsistent with such written request has been given to the Indenture Trustee during such
60 day period by the Holders of a majority of the Outstanding Principal Balance of the Class
A-1 Notes, the Class A-2 Notes, the Class B Notes, the Class C Notes, the Class D Notes and
Class E Notes and (B) from and after payment in full of the Class A-1 Notes, the Class A-2
Notes, the Class B Notes, the Class C Notes, the Class D Notes and the Class E Notes, no
direction inconsistent with such written request has been given to the Indenture Trustee
during such 60 day period by the Holders of a majority of the Outstanding Principal Balance
of the Class F Notes.

It is understood and intended that no one or more Holders of Notes shall have any right in any
manner whatever by virtue of, or by availing of, any provision of this Indenture to affect, disturb
or prejudice the rights of any other Holders of Notes or to obtain or to seek to obtain priority or
preference over any other Holders or to enforce any right under this Indenture, except in the
manner herein provided.

     In the event the Indenture Trustee shall receive conflicting or inconsistent requests and
indemnity from two or more groups of Holders of Notes, each representing less than a majority of
the Aggregate Outstanding Principal Balance, the Indenture Trustee in its sole discretion may
determine what action, if any, shall be taken, notwithstanding any other provisions of this
Indenture.

     Section 5.07. Unconditional Rights of Noteholders To Receive Principal and Interest.

     Notwithstanding any other provisions in this Indenture, the Holder of any Note shall have the
right, which is absolute and unconditional, to receive payment of the principal of and interest, if
any, on such Note on or after the respective due dates thereof expressed in such Note or in this
Indenture (or, in the case of repurchase, on or after the Repurchase Date) and such right shall not
be impaired without the consent of such Holder.

     Section 5.08. Restoration of Rights and Remedies.

     If the Indenture Trustee or any Noteholder has instituted any Proceeding to enforce any right
or remedy under this Indenture and such Proceeding has been discontinued or abandoned for any
reason or has been determined adversely to the Indenture Trustee or to such Noteholder, then and in
every such case the Issuer, the Indenture Trustee and the Noteholders shall, subject to

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any determination in such Proceeding, be restored severally and respectively to their former positions
hereunder, and thereafter all rights and remedies of the Indenture Trustee and the Noteholders
shall continue as though no such Proceeding had been instituted.

     Section 5.09. Rights and Remedies Cumulative.

     No right or remedy herein conferred upon or reserved to the Indenture Trustee or to the
Noteholders is intended to be exclusive of any other right or remedy, and every right and remedy
shall, to the extent permitted by law, be cumulative and in addition to every other right and
remedy given hereunder or now or hereafter existing at law or in equity or otherwise. The
assertion or employment of any right or remedy hereunder, or otherwise, shall not prevent the
concurrent assertion or employment of any other appropriate right or remedy.

     Section 5.10. Delay or Omission Not a Waiver.

     No delay or omission of the Indenture Trustee or any Holder of any Note to exercise any right
or remedy accruing upon any Default or Event of Default shall impair any such right or remedy or
constitute a waiver of any such Default or Event of Default or an acquiescence therein. Every
right and remedy given by this Article V or by law to the Indenture Trustee or to the
Noteholders may be exercised from time to time, and as often as may be deemed expedient, by the
Indenture Trustee or by the Noteholders, as the case may be.

     Section 5.11. Control by Noteholders.

     The Majority Noteholders shall have the right to direct the time, method and place of
conducting any Proceeding for any remedy available to the Indenture Trustee with respect to the
Notes or exercising any trust or power conferred on the Indenture Trustee; provided,
that:

     (i) such direction shall not be in conflict with any rule of law or with this
Indenture;

     (ii) subject to the express terms of Section 5.04, any direction to the
Indenture Trustee to sell or liquidate the Indenture Collateral shall be by Holders of the
Notes representing (A) prior to the payment in full of the Class A-1 Notes, the Class A-2
Notes, the Class B Notes, the Class C Notes, the Class D Notes and the Class E Notes, 100%
of the aggregate Outstanding Principal Balance of all Class A-1 Notes, all Class A-2 Notes,
all Class B Notes, all Class C Notes, all Class D Notes, all Class E Notes and, unless it
shall be paid in full all amounts payable to each Hedge Counterparty upon a termination of
its Hedge Agreement, each Hedge Counterparty and (B) from and after the payment in full of
the Class A-1 Notes, the Class A-2 Notes, the Class B Notes, the Class C Notes, the Class D
Notes, the Class E Notes and amounts due under the Hedge Agreements, 100% of the aggregate
Outstanding Principal Balance of the Class F Notes;

     (iii) if the conditions set forth in Section 5.05 have been satisfied and the
Indenture Trustee elects to retain the Indenture Collateral pursuant to such Section, then
any direction to the Indenture Trustee to sell or liquidate the Indenture Collateral shall
be of no force and effect unless (A) prior to the payment in full of the Class A-1 Notes,
the Class A-2 Notes, the Class B Notes, the Class C Notes, the Class D Notes and the Class E

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Notes, the Class A-1 Noteholders evidencing 100% of the aggregate Outstanding Principal
Balance of all Class A-1 Notes, Class A-2 Noteholders evidencing 100% of the aggregate
Outstanding Principal Balance of all Class A-2 Notes, the Class B Noteholders evidencing
100% of the aggregate Outstanding Principal Balance of all Class B Notes, the Class C
Noteholders evidencing 100% of the aggregate Outstanding Principal Balance of all Class C
Notes, the Class D Noteholders evidencing 100% of the aggregate Outstanding Principal
Balance of all Class D Notes, the Class E Noteholders evidencing 100% of the aggregate
Outstanding Principal Balance of all Class E Notes and, unless it shall be paid in full all
amounts payable to each Hedge Counterparty upon a termination of its Hedge Agreement, each
Hedge Counterparty consent thereto and (B) from and after the payment in full of the Class
A-1 Notes, the Class A-2 Notes, the Class B Notes, the Class C Notes, the Class D Notes, the
Class E Notes and amounts due under the Hedge Agreements, the Class F Noteholders evidencing
100% of the aggregate Outstanding Principal Balance of the Class F Notes consents thereto;
and

     (iv) the Indenture Trustee may take any other action deemed proper by the Indenture
Trustee that is not inconsistent with such direction.

     Notwithstanding the rights of Noteholders set forth in this Section 5.11, subject to
Section 6.01, the Indenture Trustee need not take any action that it determines might
involve it in liability or might materially adversely affect the rights of any Noteholders or Hedge
Counterparties not consenting to such action.

     Section 5.12. Waiver of Past Defaults.

     Prior to the declaration of the acceleration of the maturity of the Notes as provided in
Section 5.02, the Majority Noteholders may waive any past Event of Default and its
consequences except an Event of Default with respect to payment of principal of or interest on any
of the Notes or in respect of a covenant or provision hereof which cannot be modified or amended
without the consent of the Holder of each Note. In the case of any such waiver, the Issuer, the
Indenture Trustee and the Noteholders shall be restored to their former positions and rights
hereunder, respectively; but no such waiver shall extend to any subsequent or other Event of
Default or impair any right consequent thereto.

     Upon any such waiver, any Event of Default arising therefrom shall be deemed to have been
cured and not to have occurred, for every purpose of this Indenture; but no such waiver shall
extend to any subsequent or other Event of Default or impair any right consequent thereto. No such
waiver shall affect a Hedge Agreement or any Hedge Transaction that has been terminated in
accordance with its terms.

     Section 5.13. Undertaking for Costs.

     All parties to this Indenture agree, and each Holder of any Note by such Holder’s acceptance
thereof shall be deemed to have agreed, that any court may in its discretion require, in any suit
for the enforcement of any right or remedy under this Indenture, or in any suit against the
Indenture Trustee for any action taken, suffered or omitted by it as Indenture Trustee, the filing
by any party litigant in such suit of an undertaking to pay the costs of such suit, and that such
court may in its discretion assess reasonable costs, including reasonable attorneys’ fees,

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against
any party litigant in such suit, having due regard to the merits and good faith of the claims or
defenses made by such party litigant; but the provisions of this Section 5.13 shall not
apply to (a) any suit instituted by the Indenture Trustee, (b) any suit instituted by any
Noteholder, or group of Noteholders, in each case holding in the aggregate more than 25% of the
Aggregate Outstanding Principal Balance or (c) any suit instituted by any Noteholder for the
enforcement of the payment of principal of or interest on any Note on or after the respective due
dates expressed in such Note and in this Indenture.

     Section 5.14. Waiver of Stay or Extension Laws.

     The Issuer covenants (to the extent that it may lawfully do so) that it will not at any time
insist upon, or plead or in any manner whatsoever, claim or take the benefit or advantage of, any
stay or extension law wherever enacted, now or at any time hereafter in force, that may affect the
covenants or the performance of this Indenture; and the Issuer (to the extent that it may lawfully
do so) hereby expressly waives all benefit or advantage of any such law, and covenants that it will
not hinder, delay or impede the execution of any power herein granted to the Indenture Trustee, but
will suffer and permit the execution of every such power as though no such law had been enacted.

     Section 5.15. Sale of Indenture Collateral.

     (a) The power to effect any sale or other disposition (a “Sale”) of any portion of a Indenture
Collateral pursuant to Section 5.04 is expressly subject to the provisions of Section
5.05 and this Section 5.15. The power to effect any such Sale shall not be exhausted
by any one or more Sales as to any portion of the Indenture Collateral remaining unsold, but shall
continue unimpaired until the entire Indenture Collateral shall have been sold or all amounts
payable on the Notes and under this Indenture shall have been paid. The Indenture Trustee hereby
expressly waives its right to any amount fixed by law as compensation for any Sale.

     (b) The Indenture Trustee shall not in any private Sale sell the Indenture Collateral, or any
portion thereof, unless the Holders of all the Class A-1 Notes, Class A-2 Notes, Class B Notes,
Class C Notes, Class D Notes and Class E Notes, and each Hedge Counterparty consent to or direct
the Indenture Trustee to make such Sale and:

     (i) the proceeds of such Sale would be not less than the entire amount which would be
payable to the Noteholders under the Notes and the Hedge Counterparties under the Hedge
Agreements, in full payment thereof (including all Hedge Breakage Costs and other amounts
payable in connection with the termination of the Hedge Agreements) on the Remittance Date
next succeeding the date of such Sale, or

     (ii) the Indenture Trustee determines, in its sole discretion, that the conditions for
retention of the Indenture Collateral set forth in Section 5.05 cannot be satisfied
(in making any such determination, the Indenture Trustee may rely upon an opinion of an
Independent investment banking or accounting firm obtained and delivered as provided in
Section 5.05, and the Majority Noteholders consent to such Sale, which consent will
not be unreasonably withheld).

     (c) In connection with a Sale of all or any portion of the Indenture Collateral:

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     (i) any Holder or Holders of Notes may bid for and purchase the property offered for
Sale, and upon compliance with the terms of Sale may hold, retain and possess and dispose of
such property, without further accountability, and may, in paying the purchase money
therefor, deliver any Notes or claims for interest thereon in lieu of cash up to the amount
which shall, upon distribution of the net proceeds of such Sale, be payable thereon, and
such Notes, in case the amounts so payable thereon shall be less than the amount due
thereon, shall be returned to the Holders thereof after being appropriately stamped to show
such partial payment;

     (ii) the Indenture Trustee may bid for and acquire the property offered for Sale in
connection with any Sale thereof, and, subject to any requirements of, and to the extent
permitted by, Requirements of Law in connection therewith, may purchase all or any portion
of the Indenture Collateral in a private sale, and, in lieu of paying cash therefor, may
make settlement for the purchase price by crediting the gross Sale price against the sum of
(A) the amount which would be distributable to the Holders of the Notes and Hedge
Counterparties as a result of such Sale in accordance with subsection 5.04(b) on the
Remittance Date next succeeding the date of such Sale and (B) the expenses of the Sale and
of any Proceedings in connection therewith which are reimbursable to it, without being required to produce the Notes in order to complete any such Sale or in
order for the net Sale price to be credited against such Notes, and any property so acquired
by the Indenture Trustee shall be held and dealt with by it in accordance with the
provisions of this Indenture;

     (iii) the Indenture Trustee shall execute and deliver an appropriate instrument of
conveyance transferring its interest in any portion of the Indenture Collateral in
connection with a Sale thereof;

     (iv) the Indenture Trustee is hereby irrevocably appointed the agent and
attorney–in–fact of the Issuer to transfer and convey its interest in any portion of the
Indenture Collateral in connection with a Sale thereof, and to take all action necessary to
effect such Sale; and

     (v) no purchaser or transferee at such a Sale shall be bound to ascertain the Indenture
Trustee’s authority, inquire into the satisfaction of any conditions precedent or see to the
application of any moneys.

     Section 5.16. Action on Notes.

     The Indenture Trustee’s right to seek and recover judgment on the Notes or under this
Indenture shall not be affected by the seeking, obtaining or application of any other relief under
or with respect to this Indenture. Neither the lien of this Indenture nor any rights or remedies
of the Indenture Trustee, the Hedge Counterparties or the Noteholders shall be impaired by the
recovery of any judgment by the Indenture Trustee against the Issuer or by the levy of any
execution under such judgment upon any portion of the Indenture Collateral or upon any of the
assets of the Issuer. Any money or property collected by the Indenture Trustee shall be applied in
accordance with subsection 5.04(b).

     Section 5.17. Performance and Enforcement of Certain Obligations.

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     (a) Promptly following a request from the Indenture Trustee to do so, the Issuer shall take
all such lawful action as the Indenture Trustee may request to compel or secure the performance and
observance by the Trust Depositor and the Servicer, as applicable, of each of their obligations to
the Issuer under or in connection with the Transaction Documents, and to exercise any and all
rights, remedies, powers and privileges lawfully available to the Issuer under or in connection
with the Transaction Documents to the extent and in the manner directed by the Indenture Trustee,
including the transmission of notices of default on the part of the Trust Depositor or the Servicer
thereunder and the institution of legal or administrative actions or proceedings to compel or
secure performance by the Trust Depositor or the Servicer of each of their obligations under the
Transaction Documents.

     (b) If a Servicer Default has occurred and is continuing, the Indenture Trustee, at the
direction (which direction shall be in writing or by telephone (confirmed in writing promptly
thereafter)) of (i) prior to the payment in full of the Class A-1 Notes, the Class A-2 Notes, the
Class B Notes, the Class C Notes, the Class D Notes and the Class E Notes, the Class A-1 Noteholders evidencing 66 2/3% of the aggregate Outstanding Principal Balance of all Class A-1
Notes, the Class A-2 Noteholders evidencing 66 2/3% of the aggregate Outstanding Principal Balance
of all Class A-2 Notes, the Class B Noteholders evidencing 66 2/3% of the aggregate Outstanding
Principal Balance of all Class B Notes, the Class C Noteholders evidencing 66 2/3% of the aggregate
Outstanding Principal Balance of all Class C Notes, the Class D Noteholders evidencing 66 2/3% of
the aggregate Outstanding Principal Balance of all Class D Notes and the Class E Noteholders
evidencing 66 2/3% of the aggregate Outstanding Principal Balance of all Class E Notes consents
thereto and (ii) from and after the payment in full of the Class A-1 Notes, the Class A-2 Notes,
the Class B Notes, the Class C Notes, the Class D Notes and the Class E Notes, the Class F
Noteholders evidencing 66 2/3% of the aggregate Outstanding Principal Balance of the Class F Note
consents thereto, shall exercise all rights, remedies, powers, privileges and claims of the Issuer
against the Servicer under or in connection with the Sale and Servicing Agreement, including the
right or power to take any action to compel or secure performance or observance by the Servicer, of
its obligations to the Issuer thereunder and to give any consent, request, notice, direction,
approval, extension or waiver under the Sale and Servicing Agreement, and any right of the Issuer
to take such action shall not be suspended.

ARTICLE VI

THE INDENTURE TRUSTEE

     Section 6.01. Duties of Indenture Trustee.

     (a) If an Event of Default has occurred and is continuing, the Indenture Trustee shall
exercise the rights and powers vested in it by this Indenture and use the same degree of care and
skill in their exercise as a prudent person would exercise or use under the circumstances in the
conduct of such person’s own affairs with respect to the Indenture Collateral.

     (b) Except during the continuance of an Event of Default:

     (i) the Indenture Trustee undertakes to perform such duties and only such duties as are
specifically set forth in this Indenture and no implied covenants or obligations shall be
read into this Indenture against the Indenture Trustee; and

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     (ii) in the absence of bad faith on its part, the Indenture Trustee may conclusively
rely, as to the truth of the statements and the correctness of the opinions expressed
therein, upon certificates or opinions furnished to the Indenture Trustee and conforming to
the requirements of this Indenture; however, the Indenture Trustee shall examine the
certificates and opinions to determine whether or not they conform to the requirements of
this Indenture.

     (c) The Indenture Trustee may not be relieved from liability for its own negligent action, its
own negligent failure to act or its own willful misconduct, except that:

     (i) this paragraph does not limit the effect of paragraph (b) of this
Section 6.01;

     (ii) the Indenture Trustee shall not be liable for any error of judgment made in good
faith by a Responsible Officer unless it is proved that the Indenture Trustee was negligent
in ascertaining the pertinent facts; and

     (iii) the Indenture Trustee shall not be liable with respect to any action it takes or
omits to take in good faith in accordance with a direction received by it pursuant to
Section 5.11.

     (d) Every provision of this Indenture that in any way relates to the Indenture Trustee is
subject to paragraphs (a), (b), (c) and (g) of this Section
6.01.

     (e) The Indenture Trustee shall not be liable for interest on any money received by it except
as the Indenture Trustee may agree in writing with the Issuer.

     (f) Money held in trust by the Indenture Trustee need not be segregated from other funds
except to the extent required by law or the terms of this Indenture or the Sale and Servicing
Agreement.

     (g) The Indenture Trustee shall be under no obligation to exercise any of the rights or powers
vested in it by this Indenture, to expend or risk its own funds or otherwise incur financial
liability or to honor the request or direction of any of the Noteholders pursuant to this
Indenture, unless the Noteholders shall have offered to the Indenture Trustee reasonable security
or indemnity against the costs, expenses, and liabilities that might be incurred by it in
compliance with the request or direction.

     (h) Every provision of this Indenture relating to the conduct or affecting the liability of or
affording protection to the Indenture Trustee shall be subject to the provisions of this
Section 6.01.

     (i) The Indenture Trustee shall not be deemed to have notice of any Event of Default unless a
Responsible Officer assigned to and working in the Indenture Trustee’s Corporate Trust Office has
actual knowledge thereof.

     Section 6.02. Rights of Indenture Trustee.

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     (a) The Indenture Trustee may rely on any document believed by it to be genuine and to have
been signed or presented by the proper person. The Indenture Trustee need not investigate any fact
or matter stated in the document.

     (b) Before the Indenture Trustee acts or refrains from acting, it may require an Officer’s
Certificate, or, with respect to legal matters, an Opinion of Counsel. The Indenture Trustee shall
not be liable for any action it takes or omits to take in good faith in reliance on an Officer’s
Certificate or Opinion of Counsel.

     (c) The Indenture Trustee may execute any of the trusts or powers hereunder or perform any
duties hereunder either directly or by or through agents or attorneys or a custodian or nominee, and the Indenture Trustee shall not be responsible for any misconduct or
negligence on the part of, or for the supervision of, any such agent, attorney, custodian or
nominee appointed with due care by it hereunder.

     (d) The Indenture Trustee shall not be liable for any action it takes or omits to take in good
faith which it believes to be authorized or within its rights or powers; provided, however, that
the Indenture Trustee’s conduct does not constitute willful misconduct, negligence or bad faith.

     (e) The Indenture Trustee may consult with counsel, and the advice or opinion of counsel with
respect to legal matters relating to this Indenture and the Notes shall be full and complete
authorization and protection from liability in respect to any action taken, omitted or suffered by
it hereunder in good faith and in accordance with the advice or opinion of such counsel.

     (f) The Indenture Trustee shall not be bound to make any investigation into the performance of
the Issuer or the Servicer under this Indenture or any other Transaction Document or into the
matters stated in any resolution, certificate, statement, instrument, opinion, report, notice,
request, direction, consent, order, bond, note or other document, but the Indenture Trustee, in its
discretion, may make any further inquiry or investigation into those matters that it deems
appropriate, and if the Indenture Trustee determines to inquire further, it shall be entitled to
examine the books, records and premises of the Issuer and the Servicer, personally or by agent or
attorney.

     (g) If the Indenture Trustee is also acting as Paying Agent or as Note Registrar, the rights
and protections afforded to the Indenture Trustee pursuant to the Article shall also be afforded to
it in such additional capacities.

     Section 6.03. Individual Rights of Indenture Trustee.

     The Indenture Trustee in its individual or any other capacity may become the owner or pledgee
of Notes and may otherwise deal with the Issuer or its Affiliates with the same rights it would
have if it were not Indenture Trustee. Any Note Registrar, co–registrar, Paying Agent or co–paying
agent may do the same with like rights. However, the Indenture Trustee must comply with
Section 6.11.

     Section 6.04. Indenture Trustee’s Disclaimer.

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     The Indenture Trustee shall not be responsible for and makes no representation as to the
validity or adequacy of this Indenture, the Sale and Servicing Agreement, the Trust Agreement or
any other Transaction Document, the validity or sufficiency of any security interest intended to be
created or the characterization of the Notes for tax purposes or the Notes, it shall not be
accountable for the Issuer’s use of the proceeds from the Notes, and it shall not be responsible
for any statement of the Issuer in the Indenture or in any document issued in connection with the
sale of the Notes or in the Notes other than the Indenture Trustee’s certificate of authentication.

     Section 6.05. Notice of Event of Default.

     The Indenture Trustee shall mail to each Noteholder, each Hedge Counterparty and the Owner
Trustee notice of an Event of Default within 30 days after the Indenture Trustee has actual
knowledge thereof in accordance with Section 6.01. Except in the case of an Event of
Default in payment of principal of or interest on any Note, the Indenture Trustee may withhold the
notice if and so long as a committee of its Responsible Officers in good faith determines that
withholding the notice is in the interests of Noteholders and the Hedge Counterparties.

     Section 6.06. Reports by Indenture Trustee to Holders.

     The Indenture Trustee shall deliver to each Noteholder such information as may be required to
enable such holder to prepare its federal and state income tax returns. In addition, upon the
Issuer’s or a Noteholder’s written request, the Indenture Trustee shall promptly furnish
information reasonably requested by the Issuer or such Noteholder that is reasonably available to
the Indenture Trustee to enable the Issuer or such Noteholder to perform its federal and state
income tax reporting obligations.

     The Indenture Trustee shall not be responsible for any tax reporting, disclosure, record
keeping or list maintenance requirements of the Issuer under Internal Revenue Code sections
6011(a), 6111(d) or 6112, including, but not limited to, the preparation of IRS Form 8886 pursuant
to Treasury Regulations Section 1.6011-4(d) or any successor provision and any required list
maintenance under Treasury Regulations Section 301.6112-1 or any successor provision.

     Section 6.07. Compensation and Indemnity.

     The Issuer shall or shall cause the Trust Depositor to pay to the Indenture Trustee on each
Remittance Date such reasonable compensation for its services pursuant to a separate agreement
between the Indenture Trustee and the Trust Depositor. The Indenture Trustee’s compensation shall
not be limited by any law on compensation of a trustee of an express trust. The Issuer shall or
shall cause the Trust Depositor to reimburse the Indenture Trustee for all reasonable out–of–pocket
expenses incurred or made by it, including costs of collection, in addition to the compensation for
its services. Such expenses shall include the reasonable compensation and expenses, disbursements
and advances of the Indenture Trustee’s agents, counsel, accountants and experts. The Issuer shall
or shall cause the Trust Depositor to indemnify the Indenture Trustee against any and all loss,
liability or expense (including attorneys’ fees) incurred by it in connection with the
administration of this trust and the performance of its duties hereunder. The Indenture Trustee
shall notify the Issuer and the Trust Depositor promptly of any claim for which it may seek
indemnity. Failure by the Indenture Trustee to so notify the Issuer and the Trust

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Depositor shall
not relieve the Issuer or the Trust Depositor of its obligations hereunder or under the Trust
Agreement. Neither the Issuer nor the Trust Depositor need reimburse any expense or indemnify
against any loss, liability or expense incurred by the Indenture Trustee through the Indenture
Trustee’s own willful misconduct, negligence or bad faith.

     The Indenture Trustee hereby agrees not to cause the filing of a petition in bankruptcy,
insolvency, reorganization, moratorium, receivership, conservatorship or other similar laws now or
hereafter in effect against the Issuer for the non-payment to the Indenture Trustee of any amounts
provided by this Section 6.07 until at least one year and one day, or, if longer, the
applicable preference period then in effect, after the payment in full of all Notes issued under
this Indenture.

     The amounts payable to the Indenture Trustee pursuant to this Section 6.07 shall not,
except as provided by Section 7.05 of the Sale and Servicing Agreement, exceed on any Distribution
Date the limitation on the amount thereof described in such Section 7.05 for such Distribution
Date; provided, that (i) the Indenture Trustee shall not institute any proceeding for
payment of any amount payable hereunder except in connection with an action pursuant to Section
5.03 or 5.04 for the enforcement of the lien of this Indenture for the benefit of the
Secured Parties and (ii) the Indenture Trustee may only seek to enforce payment of such amounts in
conjunction with the enforcement of the rights of the Secured Parties in the manner set forth in
Section 5.04.

     The Indenture Trustee shall receive amounts pursuant to this Section 6.07 and Section
7.05 of the Sale and Servicing Agreement in accordance with the Priority of Payments, and only to
the extent that the payment thereof would not result in an Event of Default and the failure to pay
such amounts to the Indenture Trustee will not, by itself, constitute an Event of Default. Subject
to Section 6.08, the Indenture Trustee shall continue to serve as Indenture Trustee under
this Indenture notwithstanding the fact that the Indenture Trustee shall not have received amounts
due it hereunder and hereby agrees not to cause the filing of a petition in bankruptcy, insolvency,
reorganization, moratorium, receivership, conservatorship or other similar laws now or hereafter in
effect against the Issuer for the nonpayment to the Indenture Trustee of any amounts provided by
this Section 6.07 until at least one year and one day, or, if longer, the applicable
preference period then in effect, after the payment in full of all Notes issued under this
Indenture.

     The Issuer’s payment obligations to the Indenture Trustee pursuant to this Section
6.07 shall survive the discharge of this Indenture. When the Indenture Trustee incurs expenses
after the occurrence of an Event of Default specified in clauses (iv) or (v) of the
definition of “Event of Default” with respect to the Issuer, the expenses are intended to
constitute expenses of administration under Title 11 of the United States Code or any other
applicable federal or state bankruptcy, insolvency or similar law.

     Section 6.08. Replacement of Indenture Trustee.

     No resignation or removal of the Indenture Trustee and no appointment of a successor Indenture
Trustee shall become effective until the acceptance of appointment by the successor Indenture
Trustee pursuant to this Section 6.08. The Indenture Trustee may resign at any time by so
notifying the Issuer. The Majority Noteholders or the Issuer, with the written consent of the

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Majority Noteholders, may remove the Indenture Trustee by so notifying the Indenture Trustee and
the Rating Agencies in writing and may appoint a successor Indenture Trustee. The Issuer shall
remove the Indenture Trustee if:

     (i) the Indenture Trustee fails to comply with Section 6.11;

     (ii) the Indenture Trustee is adjudged a bankrupt or insolvent;

     (iii) a receiver or other public officer takes charge of the Indenture Trustee or its
property;

     (iv) the Indenture Trustee otherwise becomes incapable of acting; or

     (v) the Indenture Trustee defaults in any of its obligations under the Transaction
Documents and such default is not cured within 30 days after a Responsible Officer of the
Indenture Trustee receives written notice of such default.

     If the Indenture Trustee resigns or is removed or if a vacancy exists in the office of
Indenture Trustee for any reason (the Indenture Trustee in such event being referred to herein as
the retiring Indenture Trustee), the Issuer shall promptly appoint a successor Indenture Trustee.

     A successor Indenture Trustee shall deliver a written acceptance of its appointment to the
retiring Indenture Trustee and to the Issuer. Thereupon the resignation or removal of the retiring
Indenture Trustee shall become effective, and the successor Indenture Trustee shall have all the
rights, powers and duties of the Indenture Trustee under this Indenture. No successor Indenture
Trustee shall accept appointment as provided in this Section 6.08 unless at the time of
such acceptance such Person shall be eligible under the provisions of Section 6.11. The
successor Indenture Trustee shall mail a notice of its succession to Noteholders and the Hedge
Counterparties. The retiring Indenture Trustee shall promptly transfer all property (including all
Indenture Collateral) held by it as Indenture Trustee to the successor Indenture Trustee and shall
execute and deliver such instruments and such other documents as may reasonably be required to more
fully and certainly vest and confirm in the successor Indenture Trustee all such rights, powers,
duties and obligations.

     If a successor Indenture Trustee does not take office within 60 days after the retiring
Indenture Trustee resigns or is removed, the retiring Indenture Trustee, the Issuer or the Majority
Noteholders, may petition any court of competent jurisdiction for the appointment of a successor
Indenture Trustee.

     If the Indenture Trustee fails to comply with Section 6.11, any Noteholder may
petition any court of competent jurisdiction for the removal of the Indenture Trustee and the
appointment of a successor Indenture Trustee.

     Notwithstanding the replacement of the Indenture Trustee pursuant to this Section
6.08, the Issuer’s obligations under Section 6.07 shall continue for the benefit of the
retiring Indenture Trustee.

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     Upon acceptance of appointment by a successor Indenture Trustee as provided in this
Section 6.08, the Servicer shall mail notice of such succession hereunder to all Holders of
Notes at their addresses as shown in the Note Register and the Hedge Counterparties at their
addresses as shown on the register kept by the Issuer, as provided to the Indenture Trustee. If the
Servicer fails to mail such notice within 10 days after acceptance of appointment by the successor
Indenture Trustee, the successor Indenture Trustee shall cause such notice to be mailed at the
expense of the Servicer.

     Section 6.09. Successor Indenture Trustee by Merger.

     If the Indenture Trustee consolidates with, merges or converts into, or transfers all or
substantially all its corporate trust business or assets to, another corporation or banking
association, the resulting, surviving or transferee corporation without any further act shall be
the successor Indenture Trustee; provided, that, such corporation or banking
association shall be otherwise qualified and eligible under Section 6.11. The Indenture
Trustee shall provide the Rating Agencies and the Hedge Counterparties prior written notice of any
such transaction.

     In case at the time such successor or successors by merger, conversion or consolidation to the
Indenture Trustee shall succeed to the trusts created by this Indenture any of the Notes shall have
been authenticated but not delivered, any such successor to the Indenture Trustee may adopt the
certificate of authentication of any predecessor trustee, and deliver such Notes so authenticated;
and in case at that time any of the Notes shall not have been authenticated, any successor to the
Indenture Trustee may authenticate such Notes either in the name of any predecessor hereunder or in
the name of the successor to the Indenture Trustee; and in all such cases such certificates shall
have the full force which it is anywhere in the Notes or in this Indenture provided that the
certificate of the Indenture Trustee shall have.

     Section 6.10. Appointment of Co–Indenture Trustee or Separate Indenture Trustee.

     (a) Notwithstanding any other provisions of this Indenture, at any time, for the purpose of
meeting any legal requirement of any jurisdiction in which any part of the Indenture Collateral may
at the time be located, the Indenture Trustee shall have the power and may execute and deliver all
instruments to appoint one or more Persons, to act as a co–trustee or co–trustees, or separate
trustee or separate trustees, of all or any part of the Indenture Collateral, and to vest in such
Person or Persons, in such capacity and for the benefit of the Noteholders and the Hedge
Counterparties, such interest to the Indenture Collateral, or any part hereof, and, subject to the
other provisions of this Section 6.10, such powers, duties, obligations, rights and trusts
as the Indenture Trustee may consider necessary or desirable. No co–trustee or separate trustee
hereunder shall be required to meet the terms of eligibility as a successor Indenture Trustee under
Section 6.11 and no notice to the Noteholders or the Hedge Counterparties of the
appointment of any co–trustee or separate trustee shall be required under Section 6.08
hereof. No appointment of a co–trustee or a separate trustee shall relieve the Indenture Trustee
of its duties and obligations hereunder.

     (b) Every separate trustee and co–trustee shall, to the extent permitted by law, be appointed
and act subject to the following provisions and conditions:

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     (i) all rights, powers, duties and obligations conferred or imposed upon the Indenture
Trustee shall be conferred or imposed upon and exercised or performed by the Indenture
Trustee and such separate trustee or co–trustee jointly (it being understood that such
separate trustee or co–trustee is not authorized to act separately without the Indenture
Trustee joining in such act), except to the extent that under any law of any jurisdiction in
which any particular act or acts are to be performed the Indenture Trustee shall be
incompetent or unqualified to perform such act or acts, in which event such rights, powers,
duties and obligations (including the holding of title to the Indenture Collateral or any
portion thereof in any such jurisdiction) shall be exercised and performed singly by such
separate trustee or co–trustee, but solely at the direction of the Indenture Trustee;

     (ii) no trustee hereunder shall be personally liable by reason of any act or omission
of any other trustee hereunder; and

     (iii) the Indenture Trustee may at any time accept the resignation of or remove any
separate trustee or co–trustee.

     (c) Any notice, request or other writing given to the Indenture Trustee shall be deemed to
have been given to each of the then separate trustees and co–trustees, as effectively as if given
to each of them. Every instrument appointing any separate trustee or co–trustee shall refer to
this Indenture and the conditions of this Article VI. Each separate trustee and
co–trustee, upon its acceptance of the trusts conferred, shall be vested with the estates or
property specified in its instrument of appointment, either jointly with the Indenture Trustee or
separately, as may be provided therein, subject to all the provisions of this Indenture,
specifically including every provision of this Indenture relating to the conduct of, affecting the
liability of, or affording protection to, the Indenture Trustee. Every such instrument shall be
filed with the Indenture Trustee.

     (d) Any separate trustee or co–trustee may at any time constitute the Indenture Trustee, its
agent or attorney–in–fact with full power and authority, to the extent not prohibited by law, to do
any lawful act under or in respect of this Indenture on its behalf and in its name. If any
separate trustee or co–trustee shall die, become incapable of acting, resign or be removed, all of
its estates, properties, rights, remedies and trusts shall vest in and be exercised by the
Indenture Trustee, to the extent permitted by law, without the appointment of a new or successor
trustee.

     Section 6.11. Eligibility; Disqualification.

     The Indenture Trustee hereunder shall at all times be (i) a national banking association or
banking corporation or trust company organized and doing business under the laws of any state or
the United States, (ii) authorized under such laws to exercise corporate trust powers, (iii) having
a combined capital and surplus of at least $200,000,000, (iv) having unsecured and unguaranteed
long–term debt obligations rated at least Baa3 by Moody’s, BBB by Fitch and BBB– by S&P, and (v) is
subject to supervision or examination by federal or state authority. If such banking association
publishes reports of condition at least annually, pursuant to law or to the requirements of the aforesaid supervising or examining authority, then for the purposes of
this Section 6.11 its combined capital and surplus shall be deemed to be as set forth in
its most

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recent report of condition so published. In case at any time the Indenture Trustee shall
cease to be eligible in accordance with the provisions of this Section 6.11, the Indenture
Trustee shall (a) give prompt notice to the Issuer, the Trust Depositor, the Servicer, the
Noteholders and the Hedge Counterparties that it has so ceased to be eligible to be the Indenture
Trustee and (b) resign, upon the request of the Majority Noteholders in the manner and with the
effect specified in Section 6.08.

     Section 6.12. Representations, Warranties and Covenants of Indenture Trustee.

     The Indenture Trustee hereby makes the following representations, warranties and covenants on
which the Issuer, the Trust Depositor, the Servicer, the Noteholders and the Hedge Counterparties
shall rely:

     (a) the Indenture Trustee is a national banking association and trust company duly organized,
validly existing and in good standing under the laws of the United States.

     (b) it satisfies the criteria specified in Section 6.11.

     (c) The Indenture Trustee has full power, authority and legal right to execute, deliver and
perform this Indenture and the other Transaction Documents to which it is a party and shall have
taken all necessary action to authorize the execution, deliver and performance by it of this
Indenture and the other Transaction Documents to which it is a party.

     (d) The execution, delivery and performance by the Indenture Trustee of this Indenture and the
other Transaction Documents to which it is a party shall not (i) violate any provision of any law
or any order, writ, judgment or decree of any court, arbitrator or governmental authority
applicable to the Indenture Trustee or any of its assets, (ii) violate any provision of the
corporate charter or by–laws of the Indenture Trustee or (iii) violate any provision of, or
constitute, with or without notice or lapse of time, a default under, or result in the creation or
imposition of any lien on any properties included in the Indenture Collateral pursuant to the
provisions of, any mortgage, indenture, contract, agreement or other undertaking to which it is a
party, which violation, default or lien could reasonably be expected to materially and adversely
affect the Indenture Trustee’s performance or ability to perform its duties under this Indenture
and the other Transaction Documents to which it is a party or the transactions contemplated in this
Indenture and the other Transaction Documents to which it is a party.

     (e) The execution, delivery and performance by the Indenture Trustee of this Indenture and the
other Transaction Documents to which it is a party shall not require the authorization, consent or
approval of, the giving of notice to, the filing or registration with or the taking of any other
action in respect of any governmental authority or agency regulating the banking and corporate
trust activities of the Indenture Trustee.

     (f) This Indenture and the other Transaction Documents to which it is a party has been duly
executed and delivered by the Indenture Trustee and constitute the legal, valid and binding
agreements of the Indenture Trustee, enforceable in accordance with their respective terms, subject
to the effect of bankruptcy, insolvency, reorganization, moratorium and other similar laws relating
to or affecting creditors’ rights generally or the application of equitable principles in any
proceeding, whether at law or in equity. The Indenture Trustee hereby agrees

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and covenants that it will not at any time in the future, deny that this Indenture and the
other Transaction Documents to which it is a party constitute the legal, valid and binding
agreement of the Indenture Trustee.

     (g) The Indenture Trustee shall not take any action, or fail to take any action, if such
action or failure to take action will materially interfere with the enforcement of any rights of
the Noteholders or the Hedge Counterparties under this Indenture or the other Transaction
Documents.

     Section 6.13. Directions to Indenture Trustee.

     The Indenture Trustee is hereby directed:

          (i) to accept a collateral assignment of the Loans and hold the assets of the Indenture
Collateral as security for the Noteholders and Hedge Counterparties;

          (ii) to authenticate and deliver the Notes substantially in the form prescribed by
Exhibit A in accordance with the terms of this Indenture;

          (iii) to execute and deliver the Transaction Documents to which it is a party; and

          (iv) to take all other actions as shall be required to be taken by the terms of this
Indenture.

     Section 6.14. Conflicts.

     If a Default occurs and is continuing and the Indenture Trustee is deemed to have a
“conflicting interest” (as defined in the TIA) as a result of acting as trustee for the Offered
Notes and the Class F Note, the Issuer shall appoint a successor Indenture Trustee for the Offered
Notes and a successor for the Class F Note so that there will be separate Indenture Trustees for
the Offered Notes on the one hand, and for the Class F Note on the other hand. No such event shall
alter the voting rights of the Noteholders under this Indenture or under any of the other
Transaction Documents.

ARTICLE VII

NOTEHOLDERS’ LISTS AND REPORTS

     Section 7.01. Issuer To Furnish Indenture Trustee Names and Addresses of Noteholders.

     The Issuer will furnish or cause to be furnished to the Indenture Trustee (a) within one day
after each Record Date, a list, in such form as the Indenture Trustee may reasonably require, of
the names and addresses of the Holders of Notes as of such Record Date and (b) at such other times
as the Indenture Trustee may reasonably request in writing, within 30 days after receipt by the
Issuer of any such request, a list of similar form and content as of a date not more than ten days
prior to the time such list is furnished; provided, however, that so long as the
Indenture Trustee is the Note Registrar, no such list shall be required to be furnished.

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     Section 7.02. Preservation of Information; Communications to Noteholders.

     (a) The Indenture Trustee shall preserve, in as current a form as is reasonably practicable,
the names and addresses of the Holders of Notes contained in the most recent list furnished to the
Indenture Trustee as provided in Section 7.01 and the names and addresses of Holders of
Notes received by the Indenture Trustee in its capacity as Note Registrar. The Indenture Trustee
may destroy any list furnished to it as provided in such Section 7.01 upon receipt of a new
list so furnished.

     (b) Noteholders may communicate pursuant to TIA § 312(b) with other Noteholders with respect
to their rights under this Indenture or under the Notes.

     (c) The Issuer, the Indenture Trustee and the Note Registrar shall have the protection of TIA
§ 312(c).

     (d) The Indenture Trustee shall furnish to the Noteholders and the Hedge Counterparties
promptly upon receipt of a written request therefor, duplicates or copies of all reports, notices,
requests, demands, certificates, financial statements and any other instruments furnished to the
Indenture Trustee under the Transaction Documents.

     Section 7.03. Fiscal Year.

     Unless the Issuer otherwise determines, the fiscal year of the Issuer shall end on December 31
of each year.

     Section 7.04. Reports to Irish Stock Exchange, Etc.

     In the event of a change in the Indenture Trustee, any paying agent or any transfer agent in
Ireland, the Issuer will cause notification thereof to be published in the Irish Stock Exchange’s
Daily Official List or as otherwise required by the rules of the Irish Stock Exchange.

ARTICLE VIII

TRUST ACCOUNTS, DISBURSEMENTS AND RELEASES

     Section 8.01. Collection of Money.

     Except as otherwise expressly provided herein, the Indenture Trustee may demand payment or
delivery of, and shall receive and collect, directly and without intervention or assistance of any
fiscal agent or other intermediary, all money and other property payable to or receivable by the
Indenture Trustee pursuant to this Indenture. The Indenture Trustee shall apply all such money
received by it as provided in this Indenture. Except as otherwise expressly provided in this
Indenture, if any Event of Default occurs in the making of any payment or performance under any
agreement or instrument that is part of the Indenture Collateral, the Indenture Trustee may take
such action as may be appropriate to enforce such payment or performance, including the institution
and prosecution of appropriate Proceedings. Any such action shall be without prejudice to any
right to claim a Default or Event of Default under this Indenture and any right to proceed
thereafter as provided in Article V.

     Section 8.02. Trust Accounts.

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     (a) On or prior to the Closing Date, the Servicer shall establish and maintain, in the name of
the Indenture Trustee, for the benefit of the Noteholders, the Hedge Counterparties, and the
Certificateholder, the Trust Accounts (other than the Principal and Interest Accounts which shall
be in the name of the Servicer) as provided in Section 7.01 of the Sale and Servicing Agreement.

     (b) All funds required to be deposited in the Principal and Interest Account with respect to
the preceding Due Period will be deposited in the Principal and Interest Account as provided in
Section 7.01 of the Sale and Servicing Agreement. On or before each Determination Date, the
Collections with respect to the preceding Due Period will be transferred from the Principal and
Interest Account to the Note Distribution Account as provided in Section 7.05 of the Sale and
Servicing Agreement.

     (c) On each Remittance Date, the Indenture Trustee shall distribute all amounts on deposit in
the Note Distribution Account to Noteholders in respect of each Class of Notes, to the Hedge
Counterparties in respect of the Hedge Agreements, and to the Paying Agent under the Trust
Agreement, for distribution to the Holders of the Trust Certificates in accordance with the
provisions of Section 7.05 of the Sale and Servicing Agreement.

     (d) All moneys deposited from time to time in the Note Distribution Account pursuant to the
Sale and Servicing Agreement and all deposits therein pursuant to this Indenture are for the
benefit of the Noteholders and the Hedge Counterparties and all investments made with such moneys
including all income or other gain from such investments are for the benefit of the Noteholders and
the Hedge Counterparties as provided by the Sale and Servicing Agreement.

     (e) The proceeds of any purchase or sale of the assets of the Issuer described in Section
10.01 hereof shall be deposited in the Note Distribution Account.

     The Indenture Trustee shall invest any funds in the Note Distribution Account as provided in
the Sale and Servicing Agreement.

     Section 8.03. Opinion of Counsel.

     Except for releases or conveyances required or permitted by the Sale and Servicing Agreement
and the other Transaction Documents, the Indenture Trustee shall receive at least two Business
Days’ notice when requested by the Issuer to take any action pursuant to subsection 8.05(a),
accompanied by copies of any instruments to be executed, and the Indenture Trustee shall also
require, as a condition to such action, an Opinion of Counsel, in form and substance satisfactory
to the Indenture Trustee, stating the legal effect of any such action, outlining the steps required
to complete the same, and concluding that all conditions precedent to the taking of such action
have been complied with and such action will not materially and adversely impair the security for
the Notes or the Hedge Agreements or the rights of the Noteholders and the Hedge Counterparties in
contravention of the provisions of this Indenture; provided, however, that such
Opinion of Counsel shall not be required to express an opinion as to the fair value of the
Indenture Collateral. Counsel rendering any such opinion may rely as to factual matters, without
independent investigation, on the accuracy and validity of any certificate or other instrument
delivered to the Indenture Trustee in connection with any such action.

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     Section 8.04. Termination Upon Distribution to Noteholders.

     Subject to Section 4.06, this Indenture and the respective obligations and
responsibilities of the Issuer and the Indenture Trustee created hereby shall terminate upon the
distribution to the Noteholders, the Hedge Counterparties and the Indenture Trustee of all amounts
required to be distributed pursuant to Article III and the Sale and Servicing Agreement.

     Section 8.05. Release of Indenture Collateral.

     (a) Subject to the payment of its fees and reasonable expenses, the Indenture Trustee may, and
when required by the provisions of this Indenture shall, execute instruments to release property
from the lien of this Indenture, or convey the Indenture Trustee’s interest in the same, in a
manner and under circumstances that are not inconsistent with the provisions of this Indenture,
Section 5.08 of the Sale and Servicing Agreement and the other Transaction Documents. No party
relying upon an instrument executed by the Indenture Trustee as provided in Article IV hereunder
shall be bound to ascertain the Indenture Trustee’s authority, inquire into the satisfaction of any
conditions precedent, or see to the application of any moneys.

     (b) The Indenture Trustee shall, at such time as (i) there are no Notes Outstanding, (ii) all
outstanding Hedge Transactions under all Hedge Agreements then in effect have been terminated and
all payments payable to the Hedge Counterparties in connection with such termination have been paid
in full, and (iii) all sums due the Indenture Trustee pursuant to this Indenture have been paid,
release any remaining portion of the Indenture Collateral that secured the Notes from the lien of
this Indenture. The Indenture Trustee shall release property from the lien of this Indenture
pursuant to this subsection 8.05(b) only upon receipt of a request from the Issuer
accompanied by an Officer’s Certificate and an Opinion of Counsel stating that all conditions
precedent to such release have been satisfied.

     Section 8.06. Surrender of Notes Upon Final Payment.

     By acceptance of any Note, the Holder thereof agrees to surrender such Note to the Indenture
Trustee promptly, prior to such Noteholder’s receipt of the final payment thereon.

ARTICLE IX

SUPPLEMENTAL INDENTURES

     Section 9.01. Supplemental Indentures Without Consent of Noteholders.

     (a) Without the consent of the Holders of any Notes but with the prior notice to the Rating
Agencies, the Issuer and the Indenture Trustee, when authorized by an Issuer Order, at any time and
from time to time, may enter into one or more indentures supplemental, in form satisfactory to the
Indenture Trustee, for any of the following purposes; provided, however, that the Issuer shall only
enter into an indenture supplemental hereunder in compliance with Section 4.01(d) of the Trust
Agreement:

          (i) to correct or amplify the description of any property at any time subject to the
lien of this Indenture, or better to assure, convey and confirm unto the Indenture

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Trustee any property subject or required to be subjected to the lien of this Indenture,
or to subject to the lien of this Indenture additional property;

          (ii) to evidence the succession, in compliance with the applicable provisions hereof,
of another person to the Issuer, and the assumption by any such successor of the covenants
of the Issuer herein and in the Notes contained;

          (iii) to add to the covenants of the Issuer, for the benefit of the Holders of the
Notes and the Hedge Counterparties, or to surrender any right or power herein conferred upon
the Issuer;

          (iv) to convey, transfer, assign, mortgage or pledge any property to or with the
Indenture Trustee;

          (v) to cure any ambiguity, to correct or supplement any provision herein or in any
supplemental indenture that may be inconsistent with any other provision herein or in any
supplemental indenture or to make any other provisions with respect to matters or questions
arising under this Indenture or in any supplemental indenture; provided, that, such action
shall not as evidenced by an Opinion of Counsel delivered to the Indenture Trustee,
adversely affect the interests of the Noteholders or the Hedge Counterparties in any
material respect;

          (vi) to evidence and provide for the acceptance of the appointment hereunder by a
successor trustee with respect to the Notes and to add to or change any of the provisions of
this Indenture as shall be necessary to facilitate the administration of the trusts
hereunder by more than one trustee, pursuant to the requirements of Article VI;

          (vii) to add to the conditions, limitations and restrictions on the authorized amount,
terms and purposes of the issuance, authentication and delivery of any Class of Notes, as
herein set forth, additional conditions, limitations and restrictions thereafter to be
observed;

          (viii) to modify the restrictions on and procedures for resales and other transfers of
the Notes to reflect any changes in Applicable Law or regulations (or the interpretation
thereof) or to enable the Issuer or the Indenture Trustee to rely upon the exemption from
registration under the Securities Act or the 1940 Act or to remove restrictions on resale or
transfer to the extent required hereunder;

          (ix) to make such amendments to this Indenture or the Notes (other than an amendment of
the type described in Section 9.02(i)-(viii)) as the Issuer and the Indenture
Trustee, in their reasonable discretion, may deem necessary or advisable in order for the
Class A-1 Notes, the Class A-2 Notes, the Class B Notes, the Class C Notes and the Class D
Notes to qualify for or maintain their listing on the Irish Stock Exchange; and

          (x) to evidence or implement any change to this Indenture required by regulations or
guidelines enacted to support the USA PATRIOT Act.

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     The Indenture Trustee is hereby authorized to join in the execution of any such supplemental
indenture and to make any further appropriate agreements and stipulations that may be therein
contained.

     (b) The Issuer and the Indenture Trustee, when authorized by an Issuer Order, may, also
without the consent of any of the Holders of the Notes but with prior notice to the Rating
Agencies, enter into an indenture or indentures supplemental hereto for the purpose of adding any
provisions to, or changing in any manner or eliminating any of the provisions of, this Indenture or
of modifying in any manner the rights of the Holders of the Notes or any Hedge Counterparty under
this Indenture; provided, however, that such action shall not, as evidenced by an
Opinion of Counsel, (i) adversely affect in any material respect the interest of any Noteholder or
any Hedge Counterparty or (ii) cause the Issuer to be subject to an entity level tax or be
classified as a taxable mortgage pool within the meaning of Section 7701(i) of the Code.

     (c) Notwithstanding any provision contained herein to the contrary, prior to entering into any

supplemental indenture pursuant to Section 9.01, the Issuer and Indenture Trustee shall
obtain written confirmation from Moody’s that entry by the Issuer and Indenture Trustee into such
supplemental indenture satisfies the Moody’s Rating Condition.

     Section 9.02. Supplemental Indentures With Consent of Noteholders.

     The Issuer and the Indenture Trustee, when authorized by an Issuer Order, also may, with prior
notice to the Rating Agencies and with the consent of the Majority Noteholders by Act of such
Holders and the Hedge Counterparties, enter into an indenture or indentures supplemental hereto for
the purpose of adding any provisions to, or changing in any manner or eliminating any of the
provisions of, this Indenture or of modifying in any manner the rights of the Holders of the Notes
under this Indenture; provided, however, that (x) that the Issuer shall only enter
into an indenture supplemental hereunder in compliance with Section 4.01(c) of the Trust Agreement,
and (y) no such supplemental indenture shall, without the consent of the Holder of each Note
affected thereby:

          (i) change the date of payment of any installment of principal of or interest on any
Note, or reduce the principal amount thereof, the interest rate thereon or the Repurchase
Price with respect thereto, change the provisions of this Indenture relating to the
application of collections on, or the proceeds of the sale of the Indenture Collateral to
payment of principal of or interest on the Notes, or change any place of payment where, or
the coin or currency in which, any Note or the interest thereon is payable, or impair the
right to institute suit for the enforcement of the provisions of this Indenture requiring
the application of funds available therefor, as provided in Article V, to the
payment of any such amount due on the Notes on or after the respective due dates thereof;

          (ii) reduce the percentage of the Aggregate Outstanding Principal Balance, the consent
of the Holders of which is required for any such supplemental indenture, or the consent of
the Holders of which is required for any waiver of compliance with any provision of this
Indenture or defaults hereunder and their consequences provided for in this Indenture;

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          (iii) modify or alter the provisions of the proviso to the definition of the term
“Outstanding” or modify or alter the exception in the definition of the term “Holder”;

          (iv) reduce the percentage of the Aggregate Outstanding Principal Balance required to
direct the Indenture Trustee to direct the Issuer to sell or liquidate the Indenture
Collateral pursuant to Section 5.04;

          (v) modify any provision of this Section 9.02 except to increase any percentage
specified herein or to provide that certain additional provisions of this Indenture or the
Transaction Documents cannot be modified or waived without the consent of the Holder of each
Note affected thereby;

          (vi) permit the creation of any lien ranking prior to or on a parity with the lien of
this Indenture with respect to any part of the Indenture Collateral or, except as otherwise
permitted or contemplated herein, terminate the lien of this Indenture on any property at
any time subject hereto or deprive any Noteholder or any Hedge Counterparty of the security
provided by the lien of this Indenture; and provided, further, that such
action shall not, as evidenced by an Opinion of Counsel, cause the Issuer to be subject to
an entity level tax or be classified as a publicly traded partnership within the meaning of
Section 7704(b) of the Code or a taxable mortgage pool within the meaning of Section 7701(i)
of the Code; or

          (vii) change the definition of Eligible Loan.

     Notwithstanding any provision contained herein to the contrary, in no event may Section
3.32 of the Indenture be amended or modified in any respect without the prior written consent
of each Hedge Counterparty.

     The Indenture Trustee may in its discretion determine whether or not any Notes would be
affected by any supplemental indenture and any such determination shall be conclusive upon the
Holders of all Notes, whether theretofore or thereafter authenticated and delivered hereunder. The
Indenture Trustee shall not be liable for any such determination made in good faith.

     It shall not be necessary for any Act of Noteholders or Hedge Counterparties under this
Section 9.02 to approve the particular form of any proposed supplemental indenture, but it
shall be sufficient if such Act shall approve the substance thereof.

     Promptly after the execution by the Issuer and the Indenture Trustee of any supplemental
indenture pursuant to this Section 9.02, the Indenture Trustee shall mail to the Holders of
the Notes and the Hedge Counterparties to which such amendment or supplemental indenture relates a
copy of such supplemental Indenture or a notice setting forth in general terms the substance of
such supplemental indenture. Any failure of the Indenture Trustee to mail such notice, or any
defect therein, shall not, however, in any way impair or affect the validity of any such
supplemental indenture.

     Notwithstanding any provision contained herein to the contrary, prior to entering into any
supplemental indenture pursuant to Section 9.02, the Issuer and Indenture Trustee shall
obtain written confirmation from each of Moody’s and S&P that entry by the Issuer and Indenture

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Trustee into such supplemental indenture satisfies the Moody’s Rating Condition and the S&P
Rating Condition, respectively.

     Section 9.03. Execution of Supplemental Indentures.

     In executing, or permitting the additional trusts created by, any supplemental indenture
permitted by this Article IX or the modification thereby of the trusts created by this
Indenture, the Indenture Trustee shall be entitled to receive, and subject to Sections 6.01
and 6.02, shall be fully protected in relying upon, an Opinion of Counsel stating that the
execution of such supplemental indenture is authorized or permitted by this Indenture. The

Indenture Trustee may, but shall not be obligated to, enter into any such supplemental indenture
that affects the Indenture Trustee’s own rights, duties, liabilities or immunities under this
Indenture or otherwise. The Indenture Trustee shall provide copies of each supplemental indenture
to the Rating Agencies.

     Section 9.04. Effect of Supplemental Indenture.

     Upon the execution of any supplemental indenture pursuant to the provisions hereof, this
Indenture shall be and shall be deemed to be modified and amended in accordance therewith with
respect to the Notes affected thereby, and the respective rights, limitations of rights,
obligations, duties, liabilities and immunities under this Indenture of the Indenture Trustee, the
Issuer and the Noteholders shall thereafter be determined, exercised and enforced hereunder subject
in all respects to such modifications and amendments, and all the terms and conditions of any such
supplemental indenture shall be and be deemed to be part of the terms and conditions of this
Indenture for any and all purposes.

     Section 9.05. Reference in Notes to Supplemental Indentures.

     Notes authenticated and delivered after the execution of any supplemental indenture pursuant
to this Article IX may, and if required by the Indenture Trustee shall, bear a notation in form
approved by the Indenture Trustee as to any matter provided for in such supplemental indenture. If
the Issuer or the Indenture Trustee shall so determine, new Notes so modified as to conform, in the
opinion of the Indenture Trustee and the Issuer, to any such supplemental indenture may be prepared
and executed by the Issuer and authenticated and delivered by the Indenture Trustee in exchange for
Outstanding Notes.

ARTICLE X

OPTIONAL REPURCHASE OF NOTES

     Section 10.01. Optional Repurchase.

     At any time during the Call Period, the Issuer may repurchase the Notes in whole, but not in
part, at the direction of the Holder of the Class F Note pursuant to Section 10.01 of the Sale and
Servicing Agreement, on any Remittance Date on which the Holder of the Class F Note provides notice
to the Issuer and the Indenture Trustee of its election to cause the Issuer to repurchase the
Notes. The Holder of the Class F Note may exercise its option to cause the Issuer to repurchase
Notes pursuant to said Section 10.01 by directing the Issuer to deposit in full in the Note
Distribution Account an amount equal to the Repurchase Price. If the Notes are to be

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repurchased pursuant to this Section 10.01, the Issuer shall furnish the Indenture
Trustee and the Rating Agencies notice of such repurchase no later than ten days prior to the
proposed Repurchase Date and the Issuer shall deposit with the Indenture Trustee in the Note
Distribution Account the Repurchase Price of the Notes to be repurchased and all Hedge Transactions
then outstanding under any Hedge Agreements then in effect shall be terminated and all amounts
payable to the Hedge Counterparties, including Hedge Breakage Costs, shall be paid in full on the
Repurchase Date, and all such Notes shall be due and payable on the Repurchase Date upon the
furnishing of a notice complying with Section 10.02 to each Holder of Notes.

     Section 10.02. Form of Repurchase Notice.

     Notice of repurchase under Section 10.01 shall be given by the Indenture Trustee by
facsimile, overnight courier or by first-class mail, postage prepaid, transmitted or mailed prior
to the applicable Repurchase Date to each Holder of Notes and to each Hedge Counterparty, as of the
close of business on the Record Date preceding the applicable Repurchase Date, at such Holder’s
address appearing in the Note Register.

     All notices of repurchase shall state:

          (i) the Repurchase Date;

          (ii) the Repurchase Price;

          (iii) that the Record Date otherwise applicable to such Repurchase Date is not
applicable and that payments shall be made only upon presentation and surrender of such
Notes and the place where such Notes are to be surrendered for payment of the Repurchase
Price (which shall be the office or agency of the Issuer to be maintained as provided in
Section 3.02); and

          (iv) that interest on the Notes shall cease to accrue on the Repurchase Date.

     Notice of repurchase of the Notes shall be given by the Indenture Trustee in the name and at
the expense of the Issuer. Failure to give notice of repurchase, or any defect therein, to any
Holder of any Note shall not impair or affect the validity of the repurchase of any other Note.

     Section 10.03. Notes Payable on Repurchase Date.

     The Notes to be repurchased shall, following notice of repurchase as required by Section
10.02, on the Repurchase Date become due and payable at the Repurchase Price and no interest
shall accrue on the Repurchase Price for any period after the date to which accrued interest is
calculated for purposes of calculating the Repurchase Price. Following the repurchase in whole of
the Offered Notes, the Class F Note will be repurchased in whole whether or not any amounts are
available to the Issuer for distribution to the Holder of the Class F Note in connection with such
repurchase.

ARTICLE XI

MISCELLANEOUS

     Section 11.01. Compliance Certificates and Opinions, etc.

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     (a) Upon any application or request by the Issuer to the Indenture Trustee to take any action
under any provision of this Indenture, the Issuer shall furnish to the Indenture Trustee an
Officer’s Certificate stating that all conditions precedent, if any, provided for in this Indenture
relating to the proposed action have been complied with, and, if required, an Opinion of Counsel
stating that in the opinion of such counsel all such conditions precedent, if any, have been
complied with, except that, in the case of any such application or request as to which the
furnishing of such documents is specifically required by any provision of this Indenture, no
additional certificate or opinion need be furnished.

     Every certificate or opinion with respect to compliance with a condition or covenant provided
for in this Indenture shall include:

          (i) a statement that each signatory of such certificate or opinion has read or has
caused to be read such covenant or condition and the definitions herein relating thereto;

          (ii) a brief statement as to the nature and scope of the examination or investigation
upon which the statements or opinions contained in such certificate or opinion are based;

          (iii) a statement that, in the opinion of each such signatory, such signatory has made
such examination or investigation as is necessary to enable such signatory to express an
informed opinion as to whether or not such covenant or condition has been complied with;

          (iv) a statement as to whether, in the opinion of each such signatory, such condition
or covenant has been complied with; and

          (v) if the signer of such Trust Certificate or Opinion is required to be Independent,
the Statement required by the definition of the term “Independent”.

     (b) (i) Prior to the deposit of any Indenture Collateral or other property or securities with
the Indenture Trustee that is to be made the basis for the release of any property or securities
subject to the lien of this Indenture, the Issuer shall, in addition to any obligation imposed in
subsection 11.01(a) or elsewhere in this Indenture, furnish to the Indenture Trustee an
Officer’s Certificate certifying or stating the opinion of each person signing such certificate as
to the estimated fair value (within 90 days of such deposit) to the Issuer of the Indenture
Collateral or other property or securities to be so deposited.

          (ii) Subject to clause (iii), whenever any property or securities are to be
released from the lien of this Indenture, the Issuer shall also furnish to the Indenture
Trustee an Officer’s Certificate certifying or stating the opinion of each person signing
such certificate as to the estimated fair value (within 90 days of such release) of the
property or securities proposed to be released and stating that in the opinion of such
person the proposed release will not impair the security under this Indenture in
contravention of the provisions hereof.

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          (iii) Notwithstanding any provision of this Indenture, the Issuer may, without
compliance with the requirements of the other provisions of this Section 11.01, (A)
collect, sell or otherwise dispose of Loans and Indenture Collateral as and to the extent
permitted or required by the Transaction Documents, or (B) make cash payments out of the
Trust Accounts.

     Section 11.02. Form of Documents Delivered to Indenture Trustee.

     In any case where several matters are required to be certified by, or covered by an opinion
of, any specified Person, it is not necessary that all such matters be certified by, or covered by
the opinion of, only one such Person, or that they be so certified or covered by only one document,
but one such Person may certify or give an opinion with respect to some matters and one or more
other such Persons as to other matters, and any such Person may certify or give an opinion as to
such matters in one or several documents.

     Any certificate or opinion of an Authorized Officer of the Issuer may be based, insofar as it
relates to legal matters, upon a certificate or opinion of, or representations by, counsel, unless
such officer knows that the certificate or opinion or representations with respect to the matters
upon which the certificate or opinion is based are erroneous. Any such certificate of an
Authorized Officer or Opinion of Counsel may be based, insofar as it relates to factual matters,
upon a certificate or opinion of, or representations by, an officer or officers of the Servicer,
the Issuer, the Trust Depositor, or other appropriate Person, stating that the information with
respect to such factual matters is in the possession of the Servicer, the Issuer, the Trust
Depositor or such other Person, unless such counsel knows that the certificate or opinion or
representations with respect to such matters are erroneous.

     Where any Person is required to make, give or execute two or more applications, requests,
consents, certificates, statements, opinions or other instruments under this Indenture, they may,
but need not, be consolidated and form one instrument.

     Whenever in this Indenture, in connection with any application or certificate or report to the
Indenture Trustee, it is provided that the Issuer shall deliver any document as a condition of the
granting of such application, or as evidence of the Issuer’s compliance with any term hereof, it is
intended that the truth and accuracy in all material respects, at the time of the granting of such
application or at the effective date of such certificate or report (as the case may be), of the
facts and opinions stated in such document shall in such case be conditions precedent to the right
of the Issuer to have such application granted or to the sufficiency of such certificate or report.
The foregoing shall not, however, be construed to affect the Indenture Trustee’s right to rely
upon the truth and accuracy of any statement or opinion contained in any such document as provided
in Article VI.

     Section 11.03. Acts of Noteholders.

     (a) Any request, demand, authorization, direction, notice, consent, waiver or other action
provided by this Indenture to be given or taken by Noteholders may be embodied in and evidenced by
one or more instruments of substantially similar tenor signed by such Noteholders in person or by
agents duly appointed in writing; and except as herein otherwise expressly provided such action
shall become effective when such instrument or instruments are delivered

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to the Indenture Trustee, and, where it is hereby expressly required, to the Issuer. Such
instrument or instruments (and the action embodied therein and evidenced thereby) are herein
sometimes referred to as the “Act” of the Noteholders signing such instrument or instruments.
Proof of execution of any such instrument or of a writing appointing any such agent shall be
sufficient for any purpose of this Indenture and (subject to Section 6.01) conclusive in
favor of the Indenture Trustee and the Issuer, if made in the manner provided in this Section
11.03.

     (b) The fact and date of the execution by any person of any such instrument or writing may be
proved in any manner that the Indenture Trustee deems sufficient.

     (c) The ownership of Notes shall be proved by the Note Register.

     (d) Any request, demand, authorization, direction, notice, consent, waiver or other action by
the Holder of any Notes shall bind the Holder of every Note issued upon the registration thereof or
in exchange therefor or in lieu thereof, in respect of anything done, omitted or suffered to be
done by the Indenture Trustee or the Issuer in reliance thereon, whether or not notation of such
action is made upon such Note.

     Section 11.04. Notices, etc., to Indenture Trustee and Others.

     Any request, demand, authorization, direction, notice, consent, waiver or Act of Noteholders
or other documents provided or permitted by this Indenture shall be in writing and if such request,
demand, authorization, direction, notice, consent, waiver or act of Noteholders is to be made upon,
given or furnished to or filed with:

          (i) the Indenture Trustee by any Noteholder or by the Issuer shall be sufficient for
every purpose hereunder if made, given, furnished or filed in writing to or with the
Indenture Trustee and received at the Corporate Trust Office, or

          (ii) the Issuer by the Indenture Trustee or by any Noteholder shall be sufficient for
every purpose hereunder if in writing and mailed first–class, postage prepaid to the Issuer
addressed to: CapitalSource Commercial Loan Trust 2005-1, c/o Wilmington Trust Company,
Rodney Square North, 1100 North Market Street, Wilmington, Delaware 19801, Attention:
Corporate Trust Administration, with a copy to CapitalSource Finance LLC at 4445 Willard
Avenue, 12th Floor, Chevy Chase, Maryland 20815, Attention: Controller, or at any other
address previously furnished in writing to the Indenture Trustee by the Issuer,
CapitalSource or the Trust Depositor. The Issuer shall promptly transmit any notice
received by it from the Noteholders to the Indenture Trustee.

     Notices required to be given to the Rating Agencies by the Issuer, the Indenture Trustee or
the Owner Trustee shall be in writing, personally delivered or mailed by certified mail, return
receipt requested, to (i) in the case of S&P, at the following address: Standard and Poor’s Rating
Service, 55 Water Street, 41st Floor, New York, New York 10007, Attention: Surveillance:
Asset–Backed Services, and via electronic mail to CDO_Surveillance@sandp.com (ii) in the case of
Fitch, at the following address: 55 East Monroe Street, Suite 3500, Chicago, Illinois 60603,
Attention: CDO Surveillance, and (iii) in the case of Moody’s, at the following address: Moody’s
Investors Service, ABS Monitoring Department, 99 Church Street, New York, New

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York 10007, cdomonitoring@moodys.com; or as to each of the foregoing, at such other address as
shall be designated by written notice to the other parties; provided, however, that
no notice shall be required to be given to the Rating agencies until a Class of Notes has been
rated by such Rating Agency.

     Notices required to be given to any Hedge Counterparty by the Issuer, the Indenture Trustee or
the Owner Trustee shall be in writing, personally delivered or mailed by certified mail, return
receipt requested, to the notice address shown in the register kept by the Issuer, as provided to
the Indenture Trustee.

     Section 11.05. Notices to Noteholders; Waiver.

     Where this Indenture provides for notice to Noteholders of any event, such notice shall be
sufficiently given (unless otherwise herein expressly provided) if in writing and mailed, by
nationally recognized overnight courier or by first–class, postage prepaid to each Noteholder
affected by such event, at his address as it appears on the Note Register, not later than the
latest date, and not earlier than the earliest date, prescribed for the giving of such notice. In
any case where notice to Noteholders is given by mail, neither the failure to mail such notice nor
any defect in any notice so mailed to any particular Noteholder shall affect the sufficiency of
such notice with respect to other Noteholders, and any notice that is mailed in the manner herein
provided shall conclusively be presumed to have been duly given.

     Where this Indenture provides for notice in any manner, such notice may be waived in writing
by any Person entitled to receive such notice, either before or after the event, and such waiver
shall be the equivalent of such notice. Waivers of notice by Noteholders shall be filed with the
Indenture Trustee but such filing shall not be a condition precedent to the validity of any action
taken in reliance upon such a waiver.

     In case, by reason of the suspension of regular mail service as a result of a strike, work
stoppage or similar activity, it shall be impractical to mail notice of any event to Noteholders
when such notice is required to be given pursuant to any provision of this Indenture, then any
manner of giving such notice as shall be satisfactory to the Indenture Trustee shall be deemed to
be a sufficient giving of such notice.

     Where this Indenture provides for notice to the Rating Agencies, failure to give such notice
shall not affect any other rights or obligations created hereunder, and shall not under any
circumstance constitute an Event of Default.

     In addition, for so long as any Class of Notes is listed on the Irish Stock Exchange and the
rules thereof so require, notices to Holders of such Notes will also be given by publication in the
Irish Stock Exchange’s Daily Official List or as otherwise required by the rules of the Irish Stock
Exchange.

     Section 11.06. Alternate Payment and Notice Provisions.

     Notwithstanding any provision of this Indenture or any of the Notes to the contrary, the
Issuer may enter into any agreement with any Holder of a Note providing for a method of payment, or
notice by the Indenture Trustee or any Paying Agent to such Holder, that is different

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from the methods provided for in this Indenture for such payments or notices. The Issuer will
furnish to the Indenture Trustee a copy of each such agreement and the Indenture Trustee will cause
payments to be made and notices to be given in accordance with such agreements.

     Section 11.07. Effect of Headings.

     The Article and Section headings herein are for convenience only and shall not affect the
construction hereof.

     Section 11.08. Successors and Assigns.

     All covenants and agreements in this Indenture and the Notes by the Issuer shall bind its
successors and assigns, whether so expressed or not. All agreements of the Indenture Trustee in
this Indenture shall bind its successors, co–trustees and agents.

     Section 11.09. Severability.

     In case any provision in this Indenture or in the Notes shall be invalid, illegal or
unenforceable, the validity, legality, and enforceability of the remaining provisions shall not in
any way be affected or impaired thereby.

     Section 11.10. Benefits of Indenture.

     Nothing in this Indenture or in the Notes, express or implied, shall give to any Person, other
than the parties hereto and their successors hereunder, and the Noteholders, and any other party
secured hereunder (including the Hedge Counterparties), and any other Person with an ownership
interest in any part of the Indenture Collateral, any benefit or any legal or equitable right,
remedy or claim under this Indenture.

     Section 11.11. Legal Holidays.

     In any case where the date on which any payment is due shall not be a Business Day, then
(notwithstanding any other provision of the Notes or this Indenture) payment need not be made on
such date, but may be made on the next succeeding Business Day with the same force and effect as if
made on the date on which nominally due, and no interest shall accrue for the period from and after
any such nominal date.

     Section 11.12. GOVERNING LAW.

     (a) THIS INDENTURE, EACH SUPPLEMENT AND THE NOTES SHALL BE CONSTRUED IN ACCORDANCE WITH THE
LAWS OF THE STATE OF NEW YORK, WITHOUT REFERENCE TO ITS CONFLICT OF LAW PROVISIONS, AND THE
OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES HEREUNDER SHALL BE DETERMINED IN ACCORDANCE WITH
SUCH LAWS.

     (b) EACH PARTY HERETO HEREBY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY
RIGHT IT MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY LITIGATION DIRECTLY OR INDIRECTLY ARISING
OUT OF, UNDER OR IN CONNECTION WITH THIS INDENTURE. Each party hereto (i) certifies that

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no representative, agent or attorney of any other party has represented, expressly or
otherwise, that such other party would not, in the event of litigation, seek to enforce the
foregoing waiver and (ii) acknowledges that it and the other parties hereto have been induced to
enter into this Indenture by, among other things, the mutual waivers and certifications in this
subsection 11.12(b).

     Section 11.13. Counterparts.

     This Indenture may be executed in any number of counterparts (including by facsimile), each of
which so executed shall be deemed to be an original, but all such counterparts shall together
constitute but one and the same instrument.

     Section 11.14. Issuer Obligation.

     No recourse may be taken, directly or indirectly, with respect to the obligations of the
Issuer, the Owner Trustee or the Indenture Trustee on the Notes or under this Indenture or any
certificate or other writing delivered in connection herewith or therewith, against (i) the
Indenture Trustee or the Owner Trustee in its individual capacity, (ii) any owner of a beneficial
interest in the Issuer or (iii) any partner, owner, beneficiary, agent, officer, director, employee
or agent of the Indenture Trustee or the Owner Trustee in its individual capacity, any holder of a
beneficial interest in the Issuer, the Owner Trustee or the Indenture Trustee or of any successor
or assign of the Indenture Trustee or the Owner Trustee in its individual capacity, except as any
such Person may have expressly agreed (it being understood that the Indenture Trustee and the Owner
Trustee have no such obligations in their individual capacity) and except that any such partner,
owner or beneficiary shall be fully liable, to the extent provided by applicable law, for any
unpaid consideration for stock, unpaid capital contribution or failure to pay any installment or
call owing to such entity. For all purposes of this Indenture, in the performance of any duties or
obligations of the Issuer hereunder, the Owner Trustee and the Trust Company shall be subject to,
and entitled to the benefits of, the terms and provisions of the Trust Agreement.

     Section 11.15. No Petition.

     (a) The Indenture Trustee, by entering into this Indenture, and each Noteholder, by accepting
a Note, hereby covenant and agree that they will not prior to the date which is one year and one
day or, if longer, the preference period then in effect after payment in full of each Class of
Notes rated by any Rating Agency, institute against the Trust Depositor or the Issuer, or join in
any institution against the Trust Depositor or the Issuer of, any bankruptcy, reorganization,
arrangement, insolvency or liquidation proceedings, or other proceedings under any United States
federal or state bankruptcy or similar law in connection with any obligations relating to the
Notes, this Indenture or any of the Transaction Documents.

     (b) Notwithstanding any other provisions of the Notes, this Indenture or any other Transaction
Document, the obligations of the Issuer under the Notes and this Indenture and any other
Transaction Document are limited recourse obligations of the Issuer payable solely from the
Indenture Collateral in accordance with the Priority of Payments and, following realization of the
Indenture Collateral and distribution in accordance with the Priority of Payments, any claims of
the Noteholders and the other Secured Parties, and any other parties to any Transaction Document
shall be extinguished. No recourse shall be had against any officer, administrator,

78

 

member, director, employee, security holder or incorporator of the Issuer or their respective
successors or assigns for the payment of any amounts payable under the Notes, this Indenture or any
other Transaction Document. It is understood that the foregoing provisions of this Section
11.15(b) shall not (i) prevent recourse to the Loan Assets for the sums due or to become due
under any security, instrument or agreement which is part of the Loan Assets or (ii) constitute a
waiver, release or discharge of any indebtedness or obligation evidenced by the Notes or secured by
this Indenture or payable under any other Transaction Document until such Loan Assets have been
realized and distributed in accordance with the Priority of Payments, whereupon any such
outstanding indebtedness or obligation shall be extinguished.

     Section 11.16. Inspection; Confidentiality.

     The Issuer agrees that, on reasonable prior notice, it will permit any representative of the
Indenture Trustee, during the Issuer’s normal business hours, and in a manner that does not
unreasonably interfere with the Issuer’s normal operations, to examine all the books of account,
records, reports and other papers of the Issuer, to make copies and extracts therefrom, to cause
such books to be audited by Independent certified public accountants, and to discuss the Issuer’s
affairs, finances and accounts with the Issuer’s officers, employees, and Independent certified
public accountants, all at such reasonable times, in such reasonable manner, and as often as may be
reasonably requested. The Indenture Trustee shall and shall cause its representatives, its legal
counsel and its auditors to hold in confidence all such information except to the extent disclosure
may be required by law (and all reasonable applications for confidential treatment are unavailing)
and except to the extent that the Indenture Trustee may reasonably determine that such disclosure
is consistent with its obligations hereunder and under applicable law. Notwithstanding anything to
the contrary contained herein, all parties to which this Indenture relates may disclose to any and
all persons, without limitation of any kind, the tax treatment and tax structure of the transaction
and all materials of any kind (including opinions or other tax analyses) that are provided to such
investors relating to such tax treatment and tax structure. For purposes of this paragraph, the
terms “tax treatment,” “tax structure,” and “tax analyses” have the meaning given to such terms
under Treasury Regulation section 1.6011-4(c).

     Section 11.17. Limitation of Liability.

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

79

 

     Section 11.18. Disclaimer and Subordination.

     Each Noteholder by accepting a Note and each Hedge Counterparty by accepting the benefits of
this Indenture acknowledges and agrees that this Indenture and the Notes represent a debt
obligation of the Issuer only and do not represent an interest in any assets (other than the
Indenture Collateral) of the Trust Depositor (including by virtue of any deficiency claim in
respect of obligations not paid or otherwise satisfied from the Trust Assets and proceeds thereof).
In furtherance of and not in derogation of the foregoing, each Noteholder by accepting a Note and
each Hedge Counterparty by accepting the benefits of this Indenture acknowledges and agrees that it
shall have no right, title or interest in or to any assets (or interests therein) (other than the
Indenture Collateral) conveyed or purported to be conveyed by the Trust Depositor to another
securitization trust (i.e., other than the Issuer) or other Person or Persons in connection
therewith (whether by way of a sale, capital contribution or by virtue of the granting of a Lien)
(“Other Assets”). To the extent that, notwithstanding the agreements and provisions
contained in the preceding sentences of this Section 11.18, any Noteholder or Hedge
Counterparty either (i) asserts an interest in or claim to, or benefit from, Other Assets, whether
asserted against or through the Trust Depositor or any other Person owned by the Trust Depositor,
or (ii) is deemed to have any such interest, claim or benefit in or from Other Assets, whether by
operation of law, legal process, pursuant to applicable provisions of any applicable insolvency
laws or otherwise (including without limitation by virtue of Section 111l(b) of the federal
Bankruptcy Code or any successor provision having similar effect under the Bankruptcy Code or any
successor provision having similar effect under the Bankruptcy Code), and whether deemed asserted
against or through the Trust Depositor or any other Person owned by the Trust Depositor, then each
Noteholder by accepting a Note and each Hedge Counterparty by accepting the benefits of this
Indenture further acknowledges and agrees that any such interest, claim or benefit in or from Other
Assets is and shall be expressly subordinated to the indefeasible payment in full of all
obligations and liabilities of the Trust Depositor which, under the terms of the relevant documents
relating to the securitization of such Other Assets, are entitled to be paid from, entitled to the
benefits of, or otherwise secured by such Other Assets (whether or not any such entitlement or
security interest is legally perfected or otherwise entitled to a priority of distribution or
application under applicable law, including any applicable insolvency laws, and whether asserted
against the Trust Depositor or any other Person owned by the Trust Depositor), including, without
limitation, the payment of post–petition interest on such other obligations and liabilities. This
subordination agreement shall be deemed a subordination agreement within the meaning of Section
510(a) of the Bankruptcy Code. Each Noteholder and each Hedge Counterparty further acknowledges
and agrees that no adequate remedy at law exists for a breach of this Section 11.18 and
that the terms and provisions of this Section 11.18 may be enforced by an action for
specific performance. Nothing in this Section 11.18 shall in any way affect the rights of
any Hedge Counterparty against any guaranty by CapitalSource Finance LLC of the Issuer’s
obligations under any Hedge Agreement.

[Remainder of Page Intentionally Left Blank]

80

 

     IN WITNESS WHEREOF, the Issuer and the Indenture Trustee have caused their names to be signed
hereto by their respective officers thereunto duly authorized, all as of the day and year first
above written.

	 	 	 	 	 
	 	 	CAPITALSOURCE COMMERCIAL LOAN TRUST 2005-1
	 
	 	 	 	 
	

	 	By:
	 	WILMINGTON TRUST COMPANY, not
	

	 	 	 	in its individual capacity, but solely as
	

	 	 	 	Owner Trustee on behalf of the Trust
	 
	 	 	 	 
	

	 	By:
	 	/s/ JANEL R. HARVILLA
	

	 	 	 	 
	

	 	Name:
	 	Janel R. Harvilla
	

	 	 	 	 
	

	 	Title:
	 	Financial Services Officer
	

	 	 	 	 

STATE OF               DELAWARE                          )

                                                                ) ss.:

COUNTY OF             NEW CASTLE                     )

     On this _12___day of April, 2005, before me personally appeared ___ Janel R.
Harvilla _, to me known, who being by me duly sworn, did depose and say, that (s)he resides at
____Wilmington___, ___Delawares___, that (s)he is the ___
Financial Services Officer of the Owner Trustee, one of the corporations described in and which
executed the above instrument; and that (s)he signed his/her name thereto by like order.

	 	 	 
	

	 	                     /s/ AMANDA E. BURGER                    
	

	 	Notary Public

	 	 	 
	My commission expires:

	 	AMANDA E. BURGER
	

	 	Notary Public – State of Delaware
	

	 	My Comm. Expires Mar. 7, 2007

CapitalSource Commercial Loan Trust 2005-1

Indenture

 

 

     IN WITNESS WHEREOF, the Issuer and the Indenture Trustee have caused their names to be signed
hereto by their respective officers thereunto duly authorized, all as of the day and year first
above written.

	 	 	 
	

	 	WELLS FARGO BANK, NATIONAL ASSOCIATION,
	

	 	not in its individual capacity but solely
	

	 	as the Indenture Trustee

	 	 	 	 	 
	

	 	By:
	 	/s/ JOE NARDI
	

	 	 	 	 
	

	 	Name:
	 	Joe Nardi
	

	 	 	 	 
	

	 	Title:
	 	Vice President
	

	 	 	 	 

STATE OF        MINNESOTA                          )

                                                             ) ss.:

COUNTY OF             HENNEPIN                     )

     On this ___day of April, 2005, before me personally appeared _Joe Nardi___,
to me known, who being by me duly sworn, did depose and say, that (s)he resides at ___13668
Ashcroft Road___, ___Savage, MN___, that (s)he is the ___Vice
President___of the Indenture Trustee, one of the corporations described in and which executed
the above instrument; and that (s)he signed his/her name thereto by like order.

	 	 	 
	

	 	                     /s/ KARLEEN RAE BRATLAND                    
	

	 	Notary Public

My commission expires:                1/31/2009                    

KARLEEN RAE BRATLAND

Notary Public

Minnesota

My Commission Expires Jan. 31, 2009

CapitalSource Commercial Loan Trust 2005-1

Indenture

 

 

EXHIBIT A–1

[FORM OF CLASS A-1 NOTE]

CAPITALSOURCE COMMERCIAL LOAN TRUST 2005-1

THIS NOTE HAS NOT BEEN AND WILL NOT BE REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE
“SECURITIES ACT”), OR UNDER ANY STATE SECURITIES OR BLUE SKY LAW OF ANY STATE. THE HOLDER
HEREOF, BY PURCHASING THIS NOTE, AGREES THAT THIS NOTE MAY BE REOFFERED, RESOLD, PLEDGED OR
OTHERWISE TRANSFERRED ONLY IN COMPLIANCE WITH THE SECURITIES ACT AND OTHER REQUIREMENTS OF LAWS AND
ONLY (1) PURSUANT TO RULE 144A UNDER THE SECURITIES ACT (“RULE 144A”) TO A PERSON THAT THE
HOLDER REASONABLY BELIEVES IS A QUALIFIED INSTITUTIONAL BUYER WITHIN THE MEANING OF RULE 144A (A
“QIB”), PURCHASING FOR ITS OWN ACCOUNT OR A QIB PURCHASING FOR THE ACCOUNT OF A QIB, WHOM THE
HOLDER HAS INFORMED THAT THE REOFFER, RESALE, PLEDGE OR OTHER TRANSFER IS BEING MADE IN RELIANCE ON
RULE 144A, (2) IN CERTIFICATED FORM TO AN INSTITUTIONAL “ACCREDITED INVESTOR” (WITHIN THE MEANING
OF RULE 501 (a)(1)–(3) OR (7) UNDER THE SECURITIES ACT) THAT IS ALSO A QUALIFIED PURCHASER FOR
PURPOSES OF SECTION 3(c)(7) UNDER THE INVESTMENT COMPANY ACT OF 1940, AS AMENDED, PURCHASING FOR
INVESTMENT AND NOT FOR DISTRIBUTION IN VIOLATION OF THE SECURITIES ACT, IN EACH CASE, SUBJECT TO
(A) THE RECEIPT BY THE INDENTURE TRUSTEE OF A LETTER SUBSTANTIALLY IN THE FORM PROVIDED IN THE
INDENTURE AND (B) THE RECEIPT BY THE INDENTURE TRUSTEE OF SUCH OTHER EVIDENCE ACCEPTABLE TO THE
INDENTURE TRUSTEE THAT SUCH REOFFER, RESALE, PLEDGE OR TRANSFER IS IN COMPLIANCE WITH THE
SECURITIES ACT AND OTHER REQUIREMENTS OF LAWS OR IN EACH CASE IN ACCORDANCE WITH ALL APPLICABLE
SECURITIES LAWS OF THE UNITED STATES AND SECURITIES AND BLUE SKY LAWS OF ANY STATE OF THE UNITED
STATES AND ANY OTHER APPLICABLE JURISDICTION, (3) IN AN OFFSHORE TRANSACTION IN ACCORDANCE WITH
RULE 903 OR RULE 904 OF REGULATION S UNDER THE SECURITIES ACT, (4) PURSUANT TO ANOTHER EXEMPTION
AVAILABLE UNDER THE SECURITIES ACT AND IN ACCORDANCE WITH ANY APPLICABLE STATE SECURITIES LAWS, OR
(5) PURSUANT TO A VALID REGISTRATION STATEMENT. THE PURCHASE OF THIS NOTE WILL BE DEEMED A
REPRESENTATION BY THE ACQUIRER THAT EITHER: (I) IT IS NOT, AND IS NOT ACQUIRING OR HOLDING THIS
NOTE, DIRECTLY OR INDIRECTLY, ON BEHALF OF OR WITH ANY ASSETS OF, AN “EMPLOYEE BENEFIT PLAN” AS
DEFINED IN SECTION 3(3) OF ERISA THAT IS SUBJECT TO TITLE I OF ERISA, A “PLAN” DESCRIBED IN AND
SUBJECT TO SECTION 4975 OF THE CODE (COLLECTIVELY, A “PLAN”),OR OTHER PLAN OR ARRANGEMENT SUBJECT
TO ANY FEDERAL, STATE, LOCAL, NON-U.S. OR OTHER LAW SUBSTANTIVELY SIMILAR TO THE FOREGOING
PROVISIONS OF ERISA OR THE CODE (“SIMILAR LAW”); OR (II) ITS ACQUISITION AND HOLDING OF THIS NOTE
WILL NOT CONSTITUTE OR RESULT IN A NON-EXEMPT PROHIBITED TRANSACTION UNDER

A-1-1

 

SECTION 406 OF ERISA OR SECTION 4975 OF THE CODE (COLLECTIVELY, “PLAN”),OR OTHER PLAN OR A
VIOLATION OF SIMILAR LAW.

[IF HELD BY DTC] [UNLESS THIS NOTE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY
TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE ISSUER OR ITS AGENT FOR REGISTRATION
OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY NOTE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN
SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO
CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY
TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL
INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.]

[IF REGULATION S GLOBAL NOTE] [THIS NOTE HAS NOT BEEN AND WILL NOT BE REGISTERED UNDER THE
SECURITIES ACT AND PRIOR TO THE DATE THAT IS 40 DAYS AFTER THE LATER OF THE COMMENCEMENT OF THE
OFFERING AND THE ORIGINAL ISSUE DATE OF THE NOTES, MAY NOT BE OFFERED, SOLD, PLEDGED OR OTHERWISE
TRANSFERRED IN THE UNITED STATES OR TO A U.S. PERSON EXCEPT PURSUANT TO AN EXEMPTION FROM THE
REGISTRATION REQUIREMENTS OF THE SECURITIES ACT.]

THE PRINCIPAL OF THIS NOTE IS PAYABLE IN INSTALLMENTS AS SET FORTH HEREIN. ACCORDINGLY, THE
OUTSTANDING PRINCIPAL AMOUNT OF THIS NOTE AT ANY TIME MAY BE LESS THAN THE AMOUNT SHOWN ON THE FACE
HEREOF.

A-1-2

 

	 	 	 
	REGISTERED

	 	$_______________
	No. A–1–___

	 	[_________][______],2005

SEE REVERSE FOR CERTAIN DEFINITIONS

	 	 	 
	

	 	[144A CUSIP NO.
               ]
	

	 	[Reg S ISIN NO.
                  ]
	

	 	[Reg S CUSIP No.
               ]
	

	 	[Common Code No.
            ]

     CapitalSource Commercial Loan Trust 2005-1, a statutory trust organized and existing under the
laws of the State of Delaware (herein referred to as the “Issuer”), for value received, hereby
promises to pay to ___, or registered assigns, the principal sum of
___DOLLARS payable on each Remittance Date in an amount equal to the
result obtained by multiplying (i) a fraction, the numerator of which is the initial principal
balance of this Class A-1 Note and the denominator of which is the Initial Class A-1 Principal
Balance by (ii) the aggregate amount, if any, payable from the Note Distribution Account in respect
of principal on the Class A-1 Notes.

     The principal of and interest on this Class A-1 Note are payable in such coin or currency of
the United States as at the time of payment is legal tender for payment of public and private
debts. All payments made by the Issuer with respect to this Class A-1 Note shall be applied first
to interest due and payable on this Class A-1 Note as provided above and then to the unpaid
principal of this Class A-1 Note.

     Reference is made to the further provisions of this Class A-1 Note set forth on the reverse
hereof, which shall have the same effect as though fully set forth on the face of this Class A-1
Note.

     Unless the certificate of authentication hereon has been executed by the Indenture Trustee
whose name appears below by manual signature, this Class A-1 Note shall not be entitled to any
benefit under the Indenture referred to on the reverse hereof, or be valid or obligatory for any
purpose.

A-1-3

 

     IN WITNESS WHEREOF, the Issuer has caused this instrument to be signed, manually or in
facsimile, by its Responsible Officer as of the date set forth above.

	 	 	 	 	 
	 	 	CAPITALSOURCE COMMERCIAL LOAN TRUST 2005-1
	 
	 	 	 	 
	

	 	By:
	 	WILMINGTON TRUST COMPANY, not
	

	 	 	 	in its individual capacity but solely as
	

	 	 	 	Owner Trustee under the Trust Agreement
	 
	 	 	 	 
	

	 	By:	 	 
	

	 	 	 	 
	

	 	 	 	 Authorized Signatory

INDENTURE TRUSTEE’S CERTIFICATE OF AUTHENTICATION

This is one of the Class A-1 Notes of CapitalSource Commercial Loan Trust 2005-1 designated above
and referred to in the within–mentioned Indenture.

	 	 	 	 	 
	 	 	WELLS FARGO BANK, NATIONAL ASSOCIATION,
	 	 	not in its individual
capacity but solely as Indenture Trustee,
	 
	 	 	 	 
	

	 	By:	 	 
	

	 	 	 	 
	

	 	 	 	Authorized Signatory

A-1-4

 

[REVERSE OF NOTE]

     This Class A-1 Note is one of a duly authorized issue of Class A-1 Notes of the Issuer,
designated as its CapitalSource Commercial Loan Trust Notes, Series 2005-1, Class A-1 (herein
called the “Class A-1 Notes”), all issued under an Indenture, dated as of April 14, 2005
(such indenture, as supplemented or amended, is herein called the “Indenture”), between the
Issuer and Wells Fargo Bank, National Association, as indenture trustee (the “Indenture
Trustee”, which term includes any successor Indenture Trustee under the Indenture), to which
Indenture and all indentures supplemental thereto reference is hereby made for a statement of the
respective rights and obligations thereunder of the Issuer, the Indenture Trustee and the Holders
of the Class A-1 Notes. The Class A-1 Notes are subject to all terms of the Indenture. All terms
used in this Class A-1 Note that are defined in the Indenture, as supplemented or amended, shall
have the meanings assigned to them in or pursuant to the Indenture, as so supplemented or amended.

     Notwithstanding the foregoing, the entire unpaid principal amount of the Class A-1 Notes shall
be due and payable on the date on which an Event of Default shall have occurred and be continuing
and the Indenture Trustee, or the Majority Noteholders have declared the Class A-1 Notes to be
immediately due and payable in the manner provided in Section 5.02 of the Indenture. All
principal payments on the Class A-1 Notes shall be made pro rata to the Class A-1 Noteholders
entitled thereto.

     Each Class A-1 Noteholder or Class A-1 Note Owner, by acceptance of a Class A-1 Note or, in
the case of a Class A-1 Note Owner, a beneficial interest in a Class A-1 Note covenants and agrees
that no recourse may be taken, directly or indirectly, with respect to the obligations of the
Issuer under the Indenture on the Class A-1 Notes or under any certificate or other writing
delivered in connection therewith, against the Trust Depositor, the Servicer, the Indenture Trustee
or the Owner Trustee in its individual capacity.

     On each Remittance Date, commencing April 20, 2005, the Indenture Trustee or Paying Agent
shall distribute to the Person in whose name this Class A-1 Note is registered at the close of
business on the Record Date an amount equal to the product of the Percentage Interest of the Class
A-1 Notes evidenced by this Class A-1 Note and the amount required to be distributed to Holders of
Class A-1 Notes on such Remittance Date pursuant to Section 3.05 of the Indenture.

     During each Interest Accrual Period, this Class A-1 Note will bear interest at the Class A-1
Note Interest Rate.

     Distributions on this Class A-1 Note will be made by the Indenture Trustee or Paying Agent by
check mailed to the address of the Person entitled thereto as such name and address shall appear on
the Note Register or, upon written request to the Indenture Trustee, by wire transfer of
immediately available funds to the account of the Person entitled thereto as shall appear on the
Note Register without the presentation or surrender of this Note or the making of any notation
thereon, at a bank or other entity having appropriate facilities therefor, and, in the case of wire
transfers, at the expense of such Person unless such Person shall own of record Class A-1 Notes
which have Initial Class A-1 Principal Balances aggregating at least $500,000.

A-1-5

 

     Notwithstanding the above, the final distribution on this Class A-1 Note will be made after
due notice by the Indenture Trustee of the pendency of such distribution and only upon presentation
and surrender of this Class A-1 Note at the office or agency maintained for that purpose by the
Note Registrar in Minneapolis, Minnesota.

     As provided in the Indenture and the Sale and Servicing Agreement, deposits and withdrawals
from the Note Distribution Account, the Principal and Interest Account and the Reserve Fund may be
made by the Indenture Trustee from time to time for purposes other than distributions to Class A-1
Noteholders, such purposes including reimbursement to the Servicer of advances made, or certain
expenses incurred, by it, and investment in Permitted Investments.

     As provided in the Indenture and subject to certain limitations therein set forth, the
transfer of this Class A-1 Note is registrable in the Note Register upon surrender of this Class
A-1 Note for registration of transfer at the offices or agencies maintained by the Note Registrar
in Minneapolis, Minnesota, duly endorsed by, or accompanied by a written instrument of transfer in
form satisfactory to, the Indenture Trustee, duly executed by the holder hereof or such holder’s
attorney duly authorized in writing, and thereupon one or more new Class A-1 Notes in authorized
denominations evidencing the same aggregate undivided Percentage Interest will be issued to the
designated transferee or transferees.

     The Class A-1 Note is issuable only as a registered Class A-1 Note. As provided in the
Indenture and subject to certain limitations therein set forth, the Class A-1 Note is exchangeable
for a new Class A-1 Note evidencing the same undivided ownership interest, as requested by the
holder surrendering the same.

     No service charge will be made for any such registration of transfer or exchange, but the Note
Registrar may require payment of a sum sufficient to cover any tax or other governmental charge
payable in connection therewith.

     The Servicer, the Trust Depositor, the Indenture Trustee and the Note Registrar, and any agent
of any of the foregoing, may treat the person in whose name this Class A-1 Note is registered as
the owner hereof for all purposes, and none of the foregoing shall be affected by notice to the
contrary.

     The obligations and responsibilities created by the Indenture shall terminate upon the payment
to Class A-1 Noteholders of all amounts required to be paid to them pursuant to the Indenture and
the Sale and Servicing Agreement and the disposition of all property held as part of the Indenture
Collateral.

A-1-6

 

SCHEDULE OF EXCHANGES OF INTERESTS IN THE GLOBAL NOTE1

     The following exchanges of a part of this Global Note for an interest in another Global Note
or for an Individual Note, or exchanges of a part of another Global Note or Individual Note for an
interest in this Global Note, have been made:

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	Amount of	 	 	Amount of	 	 	Principal Amount	 	 	 	 
	 	 	decrease in	 	 	increase in	 	 	of this Global	 	 	Signature of	 
	 	 	Principal Amount	 	 	Principal Amount	 	 	Note following	 	 	Responsible	 
	Date of	 	of this Global	 	 	of this Global	 	 	such decrease (or	 	 	Officer of Note	 
	Exchange	 	Note	 	 	Note	 	 	increase)	 	 	Registrar	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 

	1	 	This should be included only if the Note is issued in global form.

A-1-7

 

ASSIGNMENT

Social Security or taxpayer I.D. or other identifying number of assignee

FOR VALUE RECEIVED, the undersigned hereby sells, assigns and transfers unto

	 	 	 
	 
	 
	 
	
(name and address of assignee)

the within Note and all rights thereunder, and hereby irrevocably constitutes and appoints
___, attorney, to transfer said Note on the books kept for registration thereof, with
full power of substitution in the premises.

	 	 	 	 	 
	Dated:
	 	 	 	2
	

	 	 
	 	 

Signature Guaranteed:

	2	 	NOTE: The signature to this assignment must correspond with the name of the registered owner as it appears on the face of
the within Note in every particular, without alteration, enlargement or any
change whatsoever.

A-1-8

 

EXHIBIT A–2

[FORM OF CLASS A-2 NOTE]

CAPITALSOURCE COMMERCIAL LOAN TRUST 2005-1

THIS NOTE HAS NOT BEEN AND WILL NOT BE REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE
“SECURITIES ACT”), OR UNDER ANY STATE SECURITIES OR BLUE SKY LAW OF ANY STATE. THE HOLDER
HEREOF, BY PURCHASING THIS NOTE, AGREES THAT THIS NOTE MAY BE REOFFERED, RESOLD, PLEDGED OR
OTHERWISE TRANSFERRED ONLY IN COMPLIANCE WITH THE SECURITIES ACT AND OTHER REQUIREMENTS OF LAWS AND
ONLY (1) PURSUANT TO RULE 144A UNDER THE SECURITIES ACT (“RULE 144A”) TO A PERSON THAT THE
HOLDER REASONABLY BELIEVES IS A QUALIFIED INSTITUTIONAL BUYER WITHIN THE MEANING OF RULE 144A (A
“QIB”), PURCHASING FOR ITS OWN ACCOUNT OR A QIB PURCHASING FOR THE ACCOUNT OF A QIB, WHOM
THE HOLDER HAS INFORMED THAT THE REOFFER, RESALE, PLEDGE OR OTHER TRANSFER IS BEING MADE IN
RELIANCE ON RULE 144A, (2) IN CERTIFICATED FORM TO AN INSTITUTIONAL “ACCREDITED INVESTOR” (WITHIN
THE MEANING OF RULE 501 (a)(1)–(3) OR (7) UNDER THE SECURITIES ACT) THAT IS ALSO A QUALIFIED
PURCHASER FOR PURPOSES OF SECTION 3(c)(7) UNDER THE INVESTMENT COMPANY ACT OF 1940, AS AMENDED,
PURCHASING FOR INVESTMENT AND NOT FOR DISTRIBUTION IN VIOLATION OF THE SECURITIES ACT, IN EACH
CASE, SUBJECT TO (A) THE RECEIPT BY THE INDENTURE TRUSTEE OF A LETTER SUBSTANTIALLY IN THE FORM
PROVIDED IN THE INDENTURE AND (B) THE RECEIPT BY THE INDENTURE TRUSTEE OF SUCH OTHER EVIDENCE
ACCEPTABLE TO THE INDENTURE TRUSTEE THAT SUCH REOFFER, RESALE, PLEDGE OR TRANSFER IS IN COMPLIANCE
WITH THE SECURITIES ACT AND OTHER REQUIREMENTS OF LAWS OR IN EACH CASE IN ACCORDANCE WITH ALL
APPLICABLE SECURITIES LAWS OF THE UNITED STATES AND SECURITIES AND BLUE SKY LAWS OF ANY STATE OF
THE UNITED STATES AND ANY OTHER APPLICABLE JURISDICTION, (3) IN AN OFFSHORE TRANSACTION IN
ACCORDANCE WITH RULE 903 OR RULE 904 OF REGULATION S UNDER THE SECURITIES ACT, (4) PURSUANT TO
ANOTHER EXEMPTION AVAILABLE UNDER THE SECURITIES ACT AND IN ACCORDANCE WITH ANY APPLICABLE STATE
SECURITIES LAWS, OR (5) PURSUANT TO A VALID REGISTRATION STATEMENT. THE PURCHASE OF THIS NOTE WILL
BE DEEMED A REPRESENTATION BY THE ACQUIRER THAT EITHER: (I) IT IS NOT, AND IS NOT ACQUIRING OR
HOLDING THIS NOTE, DIRECTLY OR INDIRECTLY, ON BEHALF OF OR WITH ANY ASSETS OF, AN “EMPLOYEE BENEFIT
PLAN” AS DEFINED IN SECTION 3(3) OF ERISA THAT IS SUBJECT TO TITLE I OF ERISA, A “PLAN” DESCRIBED
IN AND SUBJECT TO SECTION 4975 OF THE CODE (COLLECTIVELY, A “PLAN”),OR OTHER PLAN OR ARRANGEMENT
SUBJECT TO ANY FEDERAL, STATE, LOCAL, NON-U.S. OR OTHER LAW SUBSTANTIVELY SIMILAR TO THE FOREGOING
PROVISIONS OF ERISA OR THE CODE (“SIMILAR LAW”); OR (II) ITS ACQUISITION AND HOLDING OF THIS NOTE
WILL NOT

A-2-1

 

CONSTITUTE OR RESULT IN A NON-EXEMPT PROHIBITED TRANSACTION UNDER SECTION 406 OF ERISA OR SECTION
4975 OF THE CODE (COLLECTIVELY, “PLAN”),OR OTHER PLAN OR A VIOLATION OF SIMILAR LAW.

[IF HELD BY DTC] [UNLESS THIS NOTE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY
TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE ISSUER OR ITS AGENT FOR REGISTRATION OF
TRANSFER, EXCHANGE OR PAYMENT, AND ANY NOTE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN
SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO
CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY
TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL
INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.]

[IF REGULATION S GLOBAL NOTE] [THIS NOTE HAS NOT BEEN AND WILL NOT BE REGISTERED UNDER THE
SECURITIES ACT AND PRIOR TO THE DATE THAT IS 40 DAYS AFTER THE LATER OF THE COMMENCEMENT OF THE
OFFERING AND THE ORIGINAL ISSUE DATE OF THE NOTES, MAY NOT BE OFFERED, SOLD, PLEDGED OR OTHERWISE
TRANSFERRED IN THE UNITED STATES OR TO A U.S. PERSON EXCEPT PURSUANT TO AN EXEMPTION FROM THE
REGISTRATION REQUIREMENTS OF THE SECURITIES ACT.]

THE PRINCIPAL OF THIS NOTE IS PAYABLE IN INSTALLMENTS AS SET FORTH HEREIN. ACCORDINGLY, THE
OUTSTANDING PRINCIPAL AMOUNT OF THIS NOTE AT ANY TIME MAY BE LESS THAN THE AMOUNT SHOWN ON THE FACE
HEREOF.

THE RIGHTS OF THE HOLDER OF THIS CLASS A-2 NOTE TO RECEIVE INTEREST ARE SUBORDINATED TO THE RIGHTS
OF THE HOLDERS OF THE CLASS A-1 NOTES TO RECEIVE INTEREST AND THE RIGHTS OF THE HOLDERS OF THIS
CLASS A-2 NOTE TO RECEIVE PRINCIPAL ARE SUBORDINATED TO THE RIGHTS OF THE HOLDERS OF THE CLASS A-1
NOTES TO RECEIVE PRINCIPAL AND INTEREST TO THE EXTENT SET FORTH IN THE SALE AND SERVICING
AGREEMENT.

A-2-2

 

	 	 	 
	REGISTERED

	 	$_______________
	No. A–2–___

	 	[_________][______],2005

SEE REVERSE FOR CERTAIN DEFINITIONS

	 	 	 
	

	 	[144A CUSIP NO.
                  ]
	

	 	[Reg S ISIN NO.
                     ]
	

	 	[Reg S CUSIP No.
                  ]
	

	 	[Common Code No.
               ]

     CapitalSource Commercial Loan Trust 2005-1, a statutory trust organized and existing under the
laws of the State of Delaware (herein referred to as the “Issuer”), for value received,
hereby promises to pay to ___, or registered assigns, the principal sum of
___DOLLARS payable on each Remittance Date in an amount equal
to the result obtained by multiplying (i) a fraction, the numerator of which is the initial
principal balance of this Class A-2 Note and the denominator of which is the Initial Class A-2
Principal Balance by (ii) the aggregate amount, if any, payable from the Note Distribution Account
in respect of principal on the Class A-2 Notes.

     The principal of and interest on this Class A-2 Note are payable in such coin or currency of
the United States as at the time of payment is legal tender for payment of public and private
debts. All payments made by the Issuer with respect to this Class A-2 Note shall be applied first
to interest due and payable on this Class A-2 Note as provided above and then to the unpaid
principal of this Class A-2 Note.

     Reference is made to the further provisions of this Class A-2 Note set forth on the reverse
hereof, which shall have the same effect as though fully set forth on the face of this Class A-2
Note.

     Unless the certificate of authentication hereon has been executed by the Indenture Trustee
whose name appears below by manual signature, this Class A-2 Note shall not be entitled to any
benefit under the Indenture referred to on the reverse hereof, or be valid or obligatory for any
purpose.

A-2-3

 

     IN WITNESS WHEREOF, the Issuer has caused this instrument to be signed, manually or in
facsimile, by its Responsible Officer as of the date set forth above.

	 	 	 	 	 	 	 	 	 
	 	 	CAPITALSOURCE COMMERCIAL LOAN TRUST 2005-1	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	By:	 	WILMINGTON TRUST COMPANY, not
	 	 	 	 	in its individual capacity but solely as
	 	 	 	 	Owner Trustee under the Trust Agreement
	 
	 	 	 	 	 	 	 	 
	

	 	 	 	By:	 	 	 	 
	

	 	 	 	 	 	 	 	 
	

	 	 	 	 	 	Authorized Signatory	 	 

INDENTURE TRUSTEE’S CERTIFICATE OF AUTHENTICATION

This is one of the Class A-2 Notes of CapitalSource Commercial Loan Trust 2005-1 designated above
and referred to in the within–mentioned Indenture.

	 	 	 	 	 
	 	 	WELLS FARGO BANK, NATIONAL ASSOCIATION,
	 	 	not in its individual capacity but solely as Indenture Trustee,
	 	 	 
	

	 	By:	 	 
	

	 	 	 	 
	

	 	 	 	Authorized Signatory

A-2-4

 

[REVERSE OF NOTE]

     This Class A-2 Note is one of a duly authorized issue of Class A-2 Notes of the Issuer,
designated as its CapitalSource Commercial Loan Trust Notes, Series 2005-1, Class A-2 (herein
called the “Class A-2 Notes”), all issued under an Indenture, dated as of April 14, 2005
(such indenture, as supplemented or amended, is herein called the “Indenture”), between the
Issuer and Wells Fargo Bank, National Association, as indenture trustee (the “Indenture
Trustee”, which term includes any successor Indenture Trustee under the Indenture), to which
Indenture and all indentures supplemental thereto reference is hereby made for a statement of the
respective rights and obligations thereunder of the Issuer, the Indenture Trustee and the Holders
of the Class A-2 Notes. The Class A-2 Notes are subject to all terms of the Indenture. All terms
used in this Class A-2 Note that are defined in the Indenture, as supplemented or amended, shall
have the meanings assigned to them in or pursuant to the Indenture, as so supplemented or amended.

     Notwithstanding the foregoing, the entire unpaid principal amount of the Class A-2 Notes shall
be due and payable on the date on which an Event of Default shall have occurred and be continuing
and the Indenture Trustee, or the Majority Noteholders have declared the Class A-2 Notes to be
immediately due and payable in the manner provided in Section 5.02 of the Indenture. All
principal payments on the Class A-2 Notes shall be made pro rata to the Class A-2 Noteholders
entitled thereto.

     Each Class A-2 Noteholder or Class A-2 Note Owner, by acceptance of a Class A-2 Note or, in
the case of a Class A-2 Note Owner, a beneficial interest in a Class A-2 Note covenants and agrees
that no recourse may be taken, directly or indirectly, with respect to the obligations of the
Issuer under the Indenture on the Class A-2 Notes or under any certificate or other writing
delivered in connection therewith, against the Trust Depositor, the Servicer, the Indenture Trustee
or the Owner Trustee in its individual capacity.

     On each Remittance Date, commencing April 20, 2005, the Indenture Trustee or Paying Agent
shall distribute to the Person in whose name this Class A-2 Note is registered at the close of
business on the Record Date an amount equal to the product of the Percentage Interest of the Class
A-2 Notes evidenced by this Class A-2 Note and the amount required to be distributed to Holders of
Class A-2 Notes on such Remittance Date pursuant to Section 3.05 of the Indenture.

     During each Interest Accrual Period, this Class A-2 Note will bear interest at the Class A-2
Note Interest Rate.

     Distributions on this Class A-2 Note will be made by the Indenture Trustee or Paying Agent by
check mailed to the address of the Person entitled thereto as such name and address shall appear on
the Note Register or, upon written request to the Indenture Trustee, by wire transfer of
immediately available funds to the account of the Person entitled thereto as shall appear on the
Note Register without the presentation or surrender of this Note or the making of any notation
thereon, at a bank or other entity having appropriate facilities therefor, and, in the case of wire
transfers, at the expense of such Person unless such Person shall own of record Class A-2 Notes
which have Initial Class A-2 Principal Balances aggregating at least $500,000.

A-2-5

 

     Notwithstanding the above, the final distribution on this Class A-2 Note will be made after
due notice by the Indenture Trustee of the pendency of such distribution and only upon presentation
and surrender of this Class A-2 Note at the office or agency maintained for that purpose by the
Note Registrar in Minneapolis, Minnesota.

     As provided in the Indenture and the Sale and Servicing Agreement, deposits and withdrawals
from the Note Distribution Account, the Principal and Interest Account and the Reserve Fund may be
made by the Indenture Trustee from time to time for purposes other than distributions to Class A-2
Noteholders, such purposes including reimbursement to the Servicer of advances made, or certain
expenses incurred, by it, and investment in Permitted Investments.

     As provided in the Indenture and subject to certain limitations therein set forth, the
transfer of this Class A-2 Note is registrable in the Note Register upon surrender of this Class
A-2 Note for registration of transfer at the offices or agencies maintained by the Note Registrar
in Minneapolis, Minnesota, duly endorsed by, or accompanied by a written instrument of transfer in
form satisfactory to, the Indenture Trustee, duly executed by the holder hereof or such holder’s
attorney duly authorized in writing, and thereupon one or more new Class A-2 Notes in authorized
denominations evidencing the same aggregate undivided Percentage Interest will be issued to the
designated transferee or transferees.

     The Class A-2 Note is issuable only as a registered Class A-2 Note. As provided in the
Indenture and subject to certain limitations therein set forth, the Class A-2 Note is exchangeable
for a new Class A-2 Note evidencing the same undivided ownership interest, as requested by the
holder surrendering the same.

     No service charge will be made for any such registration of transfer or exchange, but the Note
Registrar may require payment of a sum sufficient to cover any tax or other governmental charge
payable in connection therewith.

     The Servicer, the Trust Depositor, the Indenture Trustee and the Note Registrar, and any agent
of any of the foregoing, may treat the person in whose name this Class A-2 Note is registered as
the owner hereof for all purposes, and none of the foregoing shall be affected by notice to the
contrary.

     The obligations and responsibilities created by the Indenture shall terminate upon the payment
to Class A-2 Noteholders of all amounts required to be paid to them pursuant to the Indenture and
the Sale and Servicing Agreement and the disposition of all property held as part of the Indenture
Collateral.

SCHEDULE OF EXCHANGES OF INTERESTS IN THE GLOBAL NOTE3

	3	 	This should be included only if the Note is issued in global form.

A-2-6

 

     The following exchanges of a part of this Global Note for an interest in another Global Note
or for an Individual Note, or exchanges of a part of another Global Note or Individual Note for an
interest in this Global Note, have been made:

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	Amount of	 	 	Amount of	 	 	Principal Amount	 	 	 	 
	 	 	decrease in	 	 	increase in	 	 	of this Global	 	 	Signature of	 
	 	 	Principal Amount	 	 	Principal Amount	 	 	Note following	 	 	Responsible	 
	Date of	 	of this Global	 	 	of this Global	 	 	such decrease (or	 	 	Officer of Note	 
	Exchange	 	Note	 	 	Note	 	 	increase)	 	 	Registrar	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 

A-2-7

 

ASSIGNMENT

Social Security or taxpayer I.D. or other identifying number of assignee

FOR VALUE RECEIVED, the undersigned hereby sells, assigns and transfers unto

	 	 	 
	 
	 
	 
	
(name and address of assignee)

     the within Note and all rights thereunder, and hereby irrevocably constitutes and appoints
___, attorney, to transfer said Note on the books kept for registration thereof, with
full power of substitution in the premises.

	 	 	 	 	 
	Dated:
	 	 	 	4
	

	 	 
	 	 

Signature Guaranteed:

	4	 	NOTE: The signature to this assignment must
correspond with the name of the registered owner as it appears on the face of
the within Note in every particular, without alteration, enlargement or any
change whatsoever.

A-2-8

 

EXHIBIT A–3

[FORM OF CLASS B NOTE]

CAPITALSOURCE COMMERCIAL LOAN TRUST 2005-1

     THIS NOTE HAS NOT BEEN AND WILL NOT BE REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED
(THE “SECURITIES ACT”), OR UNDER ANY STATE SECURITIES OR BLUE SKY LAW OF ANY STATE. THE
HOLDER HEREOF, BY PURCHASING THIS NOTE, AGREES THAT THIS NOTE MAY BE REOFFERED, RESOLD, PLEDGED OR
OTHERWISE TRANSFERRED ONLY IN COMPLIANCE WITH THE SECURITIES ACT AND OTHER REQUIREMENTS OF LAWS AND
ONLY (1) PURSUANT TO RULE 144A UNDER THE SECURITIES ACT (“RULE 144A”) TO A PERSON THAT THE
HOLDER REASONABLY BELIEVES IS A QUALIFIED INSTITUTIONAL BUYER WITHIN THE MEANING OF RULE 144A (A
“QIB”), PURCHASING FOR ITS OWN ACCOUNT OR A QIB PURCHASING FOR THE ACCOUNT OF A QIB, WHOM
THE HOLDER HAS INFORMED THAT THE REOFFER, RESALE, PLEDGE OR OTHER TRANSFER IS BEING MADE IN
RELIANCE ON RULE 144A, (2) IN CERTIFICATED FORM TO AN INSTITUTIONAL “ACCREDITED INVESTOR” (WITHIN
THE MEANING OF RULE 501 (a)(1)–(3) OR (7) UNDER THE SECURITIES ACT) THAT IS ALSO A QUALIFIED
PURCHASER FOR PURPOSES OF SECTION 3(c)(7) UNDER THE INVESTMENT COMPANY ACT OF 1940, AS AMENDED,
PURCHASING FOR INVESTMENT AND NOT FOR DISTRIBUTION IN VIOLATION OF THE SECURITIES ACT, IN EACH
CASE, SUBJECT TO (A) THE RECEIPT BY THE INDENTURE TRUSTEE OF A LETTER SUBSTANTIALLY IN THE FORM
PROVIDED IN THE INDENTURE AND (B) THE RECEIPT BY THE INDENTURE TRUSTEE OF SUCH OTHER EVIDENCE
ACCEPTABLE TO THE INDENTURE TRUSTEE THAT SUCH REOFFER, RESALE, PLEDGE OR TRANSFER IS IN COMPLIANCE
WITH THE SECURITIES ACT AND OTHER REQUIREMENTS OF LAWS OR IN EACH CASE IN ACCORDANCE WITH ALL
APPLICABLE SECURITIES LAWS OF THE UNITED STATES AND SECURITIES AND BLUE SKY LAWS OF ANY STATE OF
THE UNITED STATES AND ANY OTHER APPLICABLE JURISDICTION, (3) IN AN OFFSHORE TRANSACTION IN
ACCORDANCE WITH RULE 903 OR RULE 904 OF REGULATION S UNDER THE SECURITIES ACT, (4) PURSUANT TO
ANOTHER EXEMPTION AVAILABLE UNDER THE SECURITIES ACT AND IN ACCORDANCE WITH ANY APPLICABLE STATE
SECURITIES LAWS, OR (5) PURSUANT TO A VALID REGISTRATION STATEMENT. THE PURCHASE OF THIS NOTE WILL
BE DEEMED A REPRESENTATION BY THE ACQUIRER THAT EITHER: (I) IT IS NOT, AND IS NOT ACQUIRING OR
HOLDING THIS NOTE, DIRECTLY OR INDIRECTLY, ON BEHALF OF OR WITH ANY ASSETS OF, AN “EMPLOYEE BENEFIT
PLAN” AS DEFINED IN SECTION 3(3) OF ERISA THAT IS SUBJECT TO TITLE I OF ERISA, A “PLAN” DESCRIBED
IN AND SUBJECT TO SECTION 4975 OF THE CODE (COLLECTIVELY, A “PLAN”),OR OTHER PLAN OR ARRANGEMENT
SUBJECT TO ANY FEDERAL, STATE, LOCAL, NON-U.S. OR OTHER LAW SUBSTANTIVELY SIMILAR TO THE FOREGOING
PROVISIONS OF ERISA OR THE CODE (“SIMILAR LAW”); OR (II) ITS ACQUISITION AND HOLDING OF THIS NOTE
WILL NOT CONSTITUTE OR RESULT IN A NON-EXEMPT PROHIBITED TRANSACTION UNDER

A - 3 - 1

 

SECTION 406 OF ERISA OR SECTION 4975 OF THE CODE (COLLECTIVELY, “PLAN”),OR OTHER PLAN OR A
VIOLATION OF SIMILAR LAW.

     [IF HELD BY DTC] [UNLESS THIS NOTE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE
DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE ISSUER OR ITS AGENT FOR
REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY NOTE ISSUED IS REGISTERED IN THE NAME OF
CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY
PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED
REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO
ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST
HEREIN.]

     [IF REGULATION S GLOBAL NOTE] [THIS NOTE HAS NOT BEEN AND WILL NOT BE REGISTERED UNDER THE
SECURITIES ACT AND PRIOR TO THE DATE THAT IS 40 DAYS AFTER THE LATER OF THE COMMENCEMENT OF THE
OFFERING AND THE ORIGINAL ISSUE DATE OF THE NOTES, MAY NOT BE OFFERED, SOLD, PLEDGED OR OTHERWISE
TRANSFERRED IN THE UNITED STATES OR TO A U.S. PERSON EXCEPT PURSUANT TO AN EXEMPTION FROM THE
REGISTRATION REQUIREMENTS OF THE SECURITIES ACT.]

     THE PRINCIPAL OF THIS NOTE IS PAYABLE IN INSTALLMENTS AS SET FORTH HEREIN. ACCORDINGLY, THE
OUTSTANDING PRINCIPAL AMOUNT OF THIS NOTE AT ANY TIME MAY BE LESS THAN THE AMOUNT SHOWN ON THE FACE
HEREOF.

     THE RIGHTS OF THE HOLDER OF THIS CLASS B NOTE TO RECEIVE INTEREST ARE SUBORDINATED TO THE
RIGHTS OF THE HOLDERS OF THE CLASS A-1 NOTES AND THE CLASS A-2 NOTES TO RECEIVE INTEREST AND THE
RIGHTS OF THE HOLDERS OF THIS CLASS B NOTE TO RECEIVE PRINCIPAL ARE SUBORDINATED TO THE RIGHTS OF
THE HOLDERS OF THE CLASS A-1 NOTES AND CLASS A-2 NOTES TO RECEIVE PRINCIPAL AND INTEREST TO THE
EXTENT SET FORTH IN THE SALE AND SERVICING AGREEMENT.

A - 3 - 2

 

			
	REGISTERED

No. B–
	 	$                                        

[                    ][___],2005

SEE REVERSE FOR CERTAIN DEFINITIONS

	 	 	 
	

	 	[144A CUSIP NO.                                           ]
	

	 	[Reg S CUSIP No.                                           ]
	

	 	[Reg S CUSIP No.                                           ]
	

	 	[Common Code No.                                        ]

     CapitalSource Commercial Loan Trust 2005-1, a statutory trust organized and existing under the
laws of the State of Delaware (herein referred to as the “Issuer”), for value received,
hereby promises to pay to                                         , or registered assigns, the principal sum of
                                                                                 DOLLARS payable on each Remittance Date in an
amount equal to the result obtained by multiplying (i) a fraction, the numerator of which is the
initial principal balance of this Class B Note and the denominator of which is the Initial Class B
Principal Balance by (ii) the aggregate amount, if any, payable from the Note Distribution Account
in respect of principal on the Class B Notes pursuant to Section 3.05 of the Indenture.

     The principal of and interest on this Class B Note are payable in such coin or currency of the
United States as at the time of payment is legal tender for payment of public and private debts.
All payments made by the Issuer with respect to this Class B Note shall be applied first to
interest due and payable on this Class B Note as provided above and then to the unpaid principal of
this Class B Note.

     Reference is made to the further provisions of this Class B Note set forth on the reverse
hereof, which shall have the same effect as though fully set forth on the face of this Class B
Note.

     Unless the certificate of authentication hereon has been executed by the Indenture Trustee
whose name appears below by manual signature, this Class B Note shall not be entitled to any
benefit under the Indenture referred to on the reverse hereof, or be valid or obligatory for any
purpose.

A - 3 - 3

 

     IN WITNESS WHEREOF, the Issuer has caused this instrument to be signed, manually or in
facsimile, by its Responsible Officer as of the date set forth above.

	 	 	 	 	 	 	 
	 	 	CAPITALSOURCE COMMERCIAL LOAN TRUST 2005-1
	 
	 	 	 	 	 	 
	 	 	By:	 	WILMINGTON TRUST
COMPANY, not in its individual capacity but solely as Owner
Trustee under the
Trust Agreement
	 
	 	 	 	 	 	 
	

	 	 	 	By:	 	 
	

	 	 	 	 	 	 
	

	 	 	 	 	 	Authorized Signatory

INDENTURE TRUSTEE’S CERTIFICATE OF AUTHENTICATION

     This is one of the Class B Notes of CapitalSource Commercial Loan Trust 2005-1 designated
above and referred to in the within–mentioned Indenture.

	 	 	 	 	 
	 	 	WELLS FARGO BANK,
NATIONAL ASSOCIATION, not in its individual capacity but solely as Indenture Trustee,
	 
	 	 	 	 
	

	 	By:	 	 
	

	 	 	 	 
	

	 	 	 	Authorized Signatory

A - 3 - 4

 

[REVERSE OF NOTE]

     This Class B Note is one of a duly authorized issue of Class B Notes of the Issuer, designated
as its CapitalSource Commercial Loan Trust Notes, Series 2005-1, Class B (herein called the
“Class B Notes”), all issued under an Indenture, dated as of April 14, 2005 (such
indenture, as supplemented or amended, is herein called the “Indenture”), between the
Issuer and Wells Fargo Bank, National Association, as indenture trustee (the “Indenture
Trustee”, which term includes any successor Indenture Trustee under the Indenture), to which
Indenture and all indentures supplemental thereto reference is hereby made for a statement of the
respective rights and obligations thereunder of the Issuer, the Indenture Trustee and the Holders
of the Class B Notes. The Class B Notes are subject to all terms of the Indenture. All terms used
in this Class B Note that are defined in the Indenture, as supplemented or amended, shall have the
meanings assigned to them in or pursuant to the Indenture, as so supplemented or amended.

     Notwithstanding the foregoing, the entire unpaid principal amount of the Class B Notes shall
be due and payable on the date on which an Event of Default shall have occurred and be continuing
and the Indenture Trustee, or the Majority Noteholders have declared the Class B Notes to be
immediately due and payable in the manner provided in Section 5.02 of the Indenture. All
principal payments on the Class B Notes shall be made pro rata to the Class B Noteholders entitled
thereto.

     Each Class B Noteholder or Class B Note Owner, by acceptance of a Class B Note or, in the case
of a Class B Note Owner, a beneficial interest in a Class B Note covenants and agrees that no
recourse may be taken, directly or indirectly, with respect to the obligations of the Issuer under
the Indenture on the Class B Notes or under any certificate or other writing delivered in
connection therewith, against the Trust Depositor, the Servicer, the Indenture Trustee or the Owner
Trustee in its individual capacity or any of their Affiliates.

     On each Remittance Date, commencing April 20, 2005, the Indenture Trustee or Paying Agent
shall distribute to the Person in whose name this Class B Note is registered at the close of
business on the Record Date an amount equal to the product of the Percentage Interest of the Class
B Notes evidenced by this Class B Note and the amount required to be distributed to Holders of
Class B Notes on such Remittance Date pursuant to Section 3.05 of the Indenture.

     During each Interest Accrual Period, this Class B Note will bear interest at the Class B Note
Interest Rate.

     Distributions on this Class B Note will be made by the Indenture Trustee or Paying Agent by
check mailed to the address of the Person entitled thereto as such name and address shall appear on
the Note Register or, upon written request to the Indenture Trustee, by wire transfer of
immediately available funds to the account of the Person entitled thereto as shall appear on the
Note Register without the presentation or surrender of this Note or the making of any notation
thereon, at a bank or other entity having appropriate facilities therefor, and, in the case of wire
transfers, at the expense of such Person unless such Person shall own of record Class B Notes which
have Initial Class B Principal Balances aggregating at least $500,000.

A - 3 - 5

 

     Notwithstanding the above, the final distribution on this Class B Note will be made after due
notice by the Indenture Trustee of the pendency of such distribution and only upon presentation and
surrender of this Class B Note at the office or agency maintained for that purpose by the Note
Registrar in Minneapolis, Minnesota.

     As provided in the Indenture and the Sale and Servicing Agreement, deposits and withdrawals
from the Note Distribution Account, the Principal and Interest Account and the Reverse Fund may be
made by the Indenture Trustee from time to time for purposes other than distributions to Class B
Noteholders, such purposes including reimbursement to the Servicer of advances made, or certain
expenses incurred, by it, and investment in Permitted Investments.

     As provided in the Indenture and subject to certain limitations therein set forth, the
transfer of this Class B Note is registrable in the Note Register upon surrender of this Class B
Note for registration of transfer at the offices or agencies maintained by the Note Registrar in
Minneapolis, Minnesota, duly endorsed by, or accompanied by a written instrument of transfer in
form satisfactory to, the Indenture Trustee, duly executed by the holder hereof or such holder’s
attorney duly authorized in writing, and thereupon one or more new Class B Notes in authorized
denominations evidencing the same aggregate undivided Percentage Interest will be issued to the
designated transferee or transferees.

     The Class B Note is issuable only as a registered Class B Note. As provided in the Indenture
and subject to certain limitations therein set forth, the Class B Note is exchangeable for a new
Class B Note evidencing the same undivided ownership interest, as requested by the holder
surrendering the same.

     No service charge will be made for any such registration of transfer or exchange, but the Note
Registrar may require payment of a sum sufficient to cover any tax or other governmental charge
payable in connection therewith.

     The Servicer, the Trust Depositor, the Indenture Trustee and the Note Registrar, and any agent
of any of the foregoing, may treat the person in whose name this Class B Note is registered as the
owner hereof for all purposes, and none of the foregoing shall be affected by notice to the
contrary.

     The obligations and responsibilities created by the Indenture shall terminate upon the payment
to Class B Noteholders of all amounts required to be paid to them pursuant to the Indenture and the
Sale and Servicing Agreement and the disposition of all property held as part of the Indenture
Collateral.

A - 3 - 6

 

SCHEDULE OF EXCHANGES OF INTERESTS IN THE GLOBAL NOTE5

     The following exchanges of a part of this Global Note for an interest in another Global Note
or for an Individual Note, or exchanges of a part of another Global Note or Individual Note for an
interest in this Global Note, have been made:

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	Amount of	 	 	Amount of	 	 	Principal Amount	 	 	 	 
	 	 	decrease in	 	 	increase in	 	 	of this Global	 	 	Signature of	 
	 	 	Principal Amount	 	 	Principal Amount	 	 	Note following	 	 	Responsible	 
	Date of	 	of this Global	 	 	of this Global	 	 	such decrease	 	 	Officer of Note	 
	Exchange	 	Note	 	 	Note	 	 	(or increase)	 	 	Registrar	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 

	5	 	This should be included only if the Note is issued in global form.

A - 3 - 7

 

ASSIGNMENT

Social Security or taxpayer I.D. or other identifying number of assignee

FOR VALUE RECEIVED, the undersigned hereby sells, assigns and transfers unto

	 	 	 
	 
	
(name and address of assignee)

     the within Note and all rights thereunder, and hereby irrevocably constitutes and appoints
                    , attorney, to transfer said Note on the books kept for registration thereof, with
full power of substitution in the premises.

	 	 	 
	Dated:

                                                            

	 	6

                                                            

Signature Guaranteed:

	6	 	NOTE: The signature to this assignment must
correspond with the name of the registered owner as it appears on the face of
the within Note in every particular, without alteration, enlargement or any
change whatsoever.

A - 3 - 8

 

EXHIBIT A–4

[FORM OF CLASS C NOTE]

CAPITALSOURCE COMMERCIAL LOAN TRUST 2005-1

     THIS NOTE HAS NOT BEEN AND WILL NOT BE REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE
“SECURITIES ACT”), OR UNDER ANY STATE SECURITIES OR BLUE SKY LAW OF ANY STATE. THE HOLDER
HEREOF, BY PURCHASING THIS NOTE, AGREES THAT THIS NOTE MAY BE REOFFERED, RESOLD, PLEDGED OR
OTHERWISE TRANSFERRED ONLY IN COMPLIANCE WITH THE SECURITIES ACT AND OTHER REQUIREMENTS OF LAWS AND
ONLY (1) PURSUANT TO RULE 144A UNDER THE SECURITIES ACT (“RULE 144A”) TO A PERSON THAT THE
HOLDER REASONABLY BELIEVES IS A QUALIFIED INSTITUTIONAL BUYER WITHIN THE MEANING OF RULE 144A (A
“QIB”), PURCHASING FOR ITS OWN ACCOUNT OR A QIB PURCHASING FOR THE ACCOUNT OF A QIB, WHOM
THE HOLDER HAS INFORMED THAT THE REOFFER, RESALE, PLEDGE OR OTHER TRANSFER IS BEING MADE IN
RELIANCE ON RULE 144A, (2) IN CERTIFICATED FORM TO AN INSTITUTIONAL “ACCREDITED INVESTOR” (WITHIN
THE MEANING OF RULE 501 (a)(1)–(3) OR (7) UNDER THE SECURITIES ACT) THAT IS ALSO A QUALIFIED
PURCHASER FOR PURPOSES OF SECTION 3(c)(7) UNDER THE INVESTMENT COMPANY ACT OF 1940, AS AMENDED,
PURCHASING FOR INVESTMENT AND NOT FOR DISTRIBUTION IN VIOLATION OF THE SECURITIES ACT, IN EACH
CASE, SUBJECT TO (A) THE RECEIPT BY THE INDENTURE TRUSTEE OF A LETTER SUBSTANTIALLY IN THE FORM
PROVIDED IN THE INDENTURE AND (B) THE RECEIPT BY THE INDENTURE TRUSTEE OF SUCH OTHER EVIDENCE
ACCEPTABLE TO THE INDENTURE TRUSTEE THAT SUCH REOFFER, RESALE, PLEDGE OR TRANSFER IS IN COMPLIANCE
WITH THE SECURITIES ACT AND OTHER REQUIREMENTS OF LAWS OR IN EACH CASE IN ACCORDANCE WITH ALL
APPLICABLE SECURITIES LAWS OF THE UNITED STATES AND SECURITIES AND BLUE SKY LAWS OF ANY STATE OF
THE UNITED STATES AND ANY OTHER APPLICABLE JURISDICTION, (3) IN AN OFFSHORE TRANSACTION IN
ACCORDANCE WITH RULE 903 OR RULE 904 OF REGULATION S UNDER THE SECURITIES ACT, (4) PURSUANT TO
ANOTHER EXEMPTION AVAILABLE UNDER THE SECURITIES ACT AND IN ACCORDANCE WITH ANY APPLICABLE STATE
SECURITIES LAWS, OR (5) PURSUANT TO A VALID REGISTRATION STATEMENT. THE PURCHASE OF THIS NOTE WILL
BE DEEMED A REPRESENTATION BY THE ACQUIRER THAT EITHER: (I) IT IS NOT, AND IS NOT ACQUIRING OR
HOLDING THIS NOTE, DIRECTLY OR INDIRECTLY, ON BEHALF OF OR WITH ANY ASSETS OF, AN “EMPLOYEE BENEFIT
PLAN” AS DEFINED IN SECTION 3(3) OF ERISA THAT IS SUBJECT TO TITLE I OF ERISA, A “PLAN” DESCRIBED
IN AND SUBJECT TO SECTION 4975 OF THE CODE (COLLECTIVELY, A “PLAN”),OR OTHER PLAN OR ARRANGEMENT
SUBJECT TO ANY FEDERAL, STATE, LOCAL, NON-U.S. OR OTHER LAW SUBSTANTIVELY SIMILAR TO THE FOREGOING
PROVISIONS OF ERISA OR THE CODE (“SIMILAR LAW”); OR (II) ITS ACQUISITION AND HOLDING OF THIS NOTE
WILL NOT CONSTITUTE OR RESULT IN A NON-EXEMPT PROHIBITED TRANSACTION UNDER

A - 4 - 1

 

SECTION 406 OF ERISA OR SECTION 4975 OF THE CODE (COLLECTIVELY, “PLAN”),OR OTHER PLAN OR A
VIOLATION OF SIMILAR LAW.

     [IF HELD BY DTC] [UNLESS THIS NOTE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE
DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE ISSUER OR ITS AGENT FOR
REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY NOTE ISSUED IS REGISTERED IN THE NAME OF
CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY
PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED
REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO
ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST
HEREIN.]

     [IF REGULATION S GLOBAL NOTE] [THIS NOTE HAS NOT BEEN AND WILL NOT BE REGISTERED UNDER THE
SECURITIES ACT AND PRIOR TO THE DATE THAT IS 40 DAYS AFTER THE LATER OF THE COMMENCEMENT OF THE
OFFERING AND THE ORIGINAL ISSUE DATE OF THE NOTES, MAY NOT BE OFFERED, SOLD, PLEDGED OR OTHERWISE
TRANSFERRED IN THE UNITED STATES OR TO A U.S. PERSON EXCEPT PURSUANT TO AN EXEMPTION FROM THE
REGISTRATION REQUIREMENTS OF THE SECURITIES ACT.]

     THE PRINCIPAL OF THIS NOTE IS PAYABLE IN INSTALLMENTS AS SET FORTH HEREIN. ACCORDINGLY, THE
OUTSTANDING PRINCIPAL AMOUNT OF THIS NOTE AT ANY TIME MAY BE LESS THAN THE AMOUNT SHOWN ON THE FACE
HEREOF.

     THE RIGHTS OF THE HOLDER OF THIS CLASS C NOTE TO RECEIVE INTEREST ARE SUBORDINATED TO THE
RIGHTS OF THE HOLDERS OF THE CLASS A-1 NOTES, THE CLASS A-2 NOTES AND THE CLASS B NOTES TO RECEIVE
INTEREST AND THE RIGHTS OF THE HOLDERS OF THIS CLASS C NOTE TO RECEIVE PRINCIPAL ARE SUBORDINATED
TO THE RIGHTS OF THE HOLDERS OF THE CLASS A-1 NOTES, THE CLASS A-2 NOTES AND THE CLASS B NOTES TO
RECEIVE PRINCIPAL AND INTEREST TO THE EXTENT SET FORTH IN THE SALE AND SERVICING AGREEMENT.

A - 4 - 2

 

			
	REGISTERED
	 	$                                        
	No. C–
	 	[                    ][___],2005

	 
	SEE REVERSE FOR CERTAIN DEFINITIONS

	 	 	 
	

	 	[144A CUSIP NO.                                        ]
	

	 	[Reg S CUSIP No.                                        ]
	

	 	[Reg S CUSIP No.                                        ]
	

	 	[Common Code No.                                     ]

     CapitalSource Commercial Loan Trust 2005-1, a statutory trust organized and existing under the
laws of the State of Delaware (herein referred to as the “Issuer”), for value received,
hereby promises to pay to                                         , or registered assigns, the principal sum of
                                                                                 DOLLARS payable on each Remittance Date in
an amount equal to the result obtained by multiplying (i) a fraction, the numerator of which is the
initial principal balance of this Class C Note and the denominator of which is the Initial Class C
Principal Balance by (ii) the aggregate amount, if any, payable from the Note Distribution Account
in respect of principal on the Class C Notes pursuant to Section 3.05 of the Indenture.

     The principal of and interest on this Class C Note are payable in such coin or currency of the
United States as at the time of payment is legal tender for payment of public and private debts.
All payments made by the Issuer with respect to this Class C Note shall be applied first to
interest due and payable on this Class C Note as provided above and then to the unpaid principal of
this Class C Note.

     Reference is made to the further provisions of this Class C Note set forth on the reverse
hereof, which shall have the same effect as though fully set forth on the face of this Class C
Note.

     Unless the certificate of authentication hereon has been executed by the Indenture Trustee
whose name appears below by manual signature, this Class C Note shall not be entitled to any
benefit under the Indenture referred to on the reverse hereof, or be valid or obligatory for any
purpose.

A - 4 - 3

 

     IN WITNESS WHEREOF, the Issuer has caused this instrument to be signed, manually or in
facsimile, by its Responsible Officer as of the date set forth below.

	 	 	 	 	 
	 	 	CAPITALSOURCE COMMERCIAL LOAN TRUST 2005-1
	 
	 	 	 	 
	

	 	By:
	 	WILMINGTON TRUST COMPANY, not in
its individual capacity but solely as Owner Trustee under the Trust Agreement

	 	 	 	 	 
	

	 	By:	 	 
	

	 	 	 	 
	

	 	 	 	Authorized Signatory

INDENTURE TRUSTEE’S CERTIFICATE OF AUTHENTICATION

     This is one of the Class C Notes of CapitalSource Commercial Loan Trust 2005-1 designated
above and referred to in the within–mentioned Indenture.

	 	 	 	 	 
	 	 	WELLS FARGO BANK, NATIONAL ASSOCIATION, not in its

individual capacity but solely as Indenture Trustee,
	 
	 	 	 	 
	

	 	By:	 	 
	

	 	 	 	 
	

	 	 	 	Authorized Signatory

A - 4 - 4

 

[REVERSE OF NOTE]

     This Class C Note is one of a duly authorized issue of Class C Notes of the Issuer, designated
as its CapitalSource Commercial Loan Trust Notes, Series 2005-1, Class C (herein called the
“Class C Notes”), all issued under an Indenture, dated as of April 14, 2005 (such
indenture, as supplemented or amended, is herein called the “Indenture”), between the
Issuer and Wells Fargo Bank, National Association, as indenture trustee (the “Indenture
Trustee”, which term includes any successor Indenture Trustee under the Indenture), to which
Indenture and all indentures supplemental thereto reference is hereby made for a statement of the
respective rights and obligations thereunder of the Issuer, the Indenture Trustee and the Holders
of the Class C Notes. The Class C Notes are subject to all terms of the Indenture. All terms used
in this Class C Note that are defined in the Indenture, as supplemented or amended, shall have the
meanings assigned to them in or pursuant to the Indenture, as so supplemented or amended.

     Notwithstanding the foregoing, the entire unpaid principal amount of the Class C Notes shall
be due and payable on the date on which an Event of Default shall have occurred and be continuing
and the Indenture Trustee, or the Majority Noteholders have declared the Class C Notes to be
immediately due and payable in the manner provided in Section 5.02 of the Indenture. All
principal payments on the Class C Notes shall be made pro rata to the Class C Noteholders entitled
thereto.

     Each Class C Noteholder or Class C Note Owner, by acceptance of a Class C Note or, in the case
of a Class C Note Owner, a beneficial interest in a Class C Note covenants and agrees that no
recourse may be taken, directly or indirectly, with respect to the obligations of the Issuer under
the Indenture on the Class C Notes or under any certificate or other writing delivered in
connection therewith, against the Trust Depositor, the Servicer, the Indenture Trustee or the Owner
Trustee in its individual capacity or any of their Affiliates.

     On each Remittance Date, commencing April 20, 2005, the Indenture Trustee or Paying Agent
shall distribute to the Person in whose name this Class C Note is registered at the close of
business on the Record Date an amount equal to the product of the Percentage Interest of the Class
C Notes evidenced by this Class C Note and the amount required to be distributed to Holders of
Class C Notes on such Remittance Date pursuant to Section 3.05 of the Indenture.

     During each Interest Accrual Period, this Class C Note will bear interest at the Class C Note
Interest Rate.

     Distributions on this Class C Note will be made by the Indenture Trustee or Paying Agent by
check mailed to the address of the Person entitled thereto as such name and address shall appear on
the Note Register or, upon written request to the Indenture Trustee, by wire transfer of
immediately available funds to the account of the Person entitled thereto as shall appear on the
Note Register without the presentation or surrender of this Note or the making of any notation
thereon, at a bank or other entity having appropriate facilities therefor, and, in the case of wire
transfers, at the expense of such Person unless such Person shall own of record Class C Notes which
have Initial Class C Principal Balances aggregating at least $500,000.

A - 4 - 5

 

     Notwithstanding the above, the final distribution on this Class C Note will be made after due
notice by the Indenture Trustee of the pendency of such distribution and only upon presentation and
surrender of this Class C Note at the office or agency maintained for that purpose by the Note
Registrar in Minneapolis, Minnesota.

     As provided in the Indenture and the Sale and Servicing Agreement, deposits and withdrawals
from the Note Distribution Account, the Principal and Interest Account and the Reserve Fund may be
made by the Indenture Trustee from time to time for purposes other than distributions to Class C
Noteholders, such purposes including reimbursement to the Servicer of advances made, or certain
expenses incurred, by it, and investment in Permitted Investments.

     As provided in the Indenture and subject to certain limitations therein set forth, the
transfer of this Class C Note is registrable in the Note Register upon surrender of this Class C
Note for registration of transfer at the offices or agencies maintained by the Note Registrar in
Minneapolis, Minnesota, duly endorsed by, or accompanied by a written instrument of transfer in
form satisfactory to, the Indenture Trustee, duly executed by the holder hereof or such holder’s
attorney duly authorized in writing, and thereupon one or more new Class C Notes in authorized
denominations evidencing the same aggregate undivided Percentage Interest will be issued to the
designated transferee or transferees.

     The Class C Note is issuable only as a registered Class C Note. As provided in the Indenture
and subject to certain limitations therein set forth, the Class C Note is exchangeable for a new
Class C Note evidencing the same undivided ownership interest, as requested by the holder
surrendering the same.

     No service charge will be made for any such registration of transfer or exchange, but the Note
Registrar may require payment of a sum sufficient to cover any tax or other governmental charge
payable in connection therewith.

     The Servicer, the Trust Depositor, the Indenture Trustee and the Note Registrar, and any agent
of any of the foregoing, may treat the person in whose name this Class C Note is registered as the
owner hereof for all purposes, and none of the foregoing shall be affected by notice to the
contrary.

     The obligations and responsibilities created by the Indenture with respect to this Class C
Note shall terminate upon the payment to Class C Noteholders of all amounts required to be paid to
them pursuant to the Indenture and the Sale and Servicing Agreement and the disposition of all
property held as part of the Indenture Collateral with respect to this Class C Note.

A - 4 - 6

 

SCHEDULE OF EXCHANGES OF INTERESTS IN THE GLOBAL NOTE7

     The following exchanges of a part of this Global Note for an interest in another Global Note
or for an Individual Note, or exchanges of a part of another Global Note or Individual Note for an
interest in this Global Note, have been made:

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	Amount of	 	 	Amount of	 	 	Principal Amount	 	 	 	 
	 	 	decrease in	 	 	increase in	 	 	of this Global	 	 	Signature of	 
	 	 	Principal Amount	 	 	Principal Amount	 	 	Note following	 	 	Responsible	 
	Date of	 	of this Global	 	 	of this Global	 	 	such decrease	 	 	Officer of Note	 
	Exchange	 	Note	 	 	Note	 	 	(or increase)	 	 	Registrar	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 

	7	 	This should be included only if the Note is issued in global form.

A - 4 - 7

 

ASSIGNMENT

Social Security or taxpayer I.D. or other identifying number of assignee

FOR VALUE RECEIVED, the undersigned hereby sells, assigns and transfers unto

	 	 	 
	 
	 
	 	 
	 
	(name and address of assignee)

the within Note and all rights thereunder, and hereby irrevocably constitutes and appoints
                    , attorney, to transfer said Note on the books kept for registration thereof, with
full power of substitution in the premises.

	 	 	 
	Dated:
                                                             

	 	8
                                                            

Signature Guaranteed:

	8	 	NOTE: The signature to this assignment must
correspond with the name of the registered owner as it appears on the face of
the within Note in every particular, without alteration, enlargement or any
change whatsoever.

A - 4 - 8

 

EXHIBIT A–5

[FORM OF CLASS D NOTE]

CAPITALSOURCE COMMERCIAL LOAN TRUST 2005-1

THIS NOTE HAS NOT BEEN AND WILL NOT BE REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE
“SECURITIES ACT”), OR UNDER ANY STATE SECURITIES OR BLUE SKY LAW OF ANY STATE. THE HOLDER
HEREOF, BY PURCHASING THIS NOTE, AGREES THAT THIS NOTE MAY BE REOFFERED, RESOLD, PLEDGED OR
OTHERWISE TRANSFERRED ONLY IN COMPLIANCE WITH THE SECURITIES ACT AND OTHER REQUIREMENTS OF LAWS AND
ONLY (1) PURSUANT TO RULE 144A UNDER THE SECURITIES ACT (“RULE 144A”) TO A PERSON THAT THE
HOLDER REASONABLY BELIEVES IS A QUALIFIED INSTITUTIONAL BUYER WITHIN THE MEANING OF RULE 144A (A
“QIB”), PURCHASING FOR ITS OWN ACCOUNT OR A QIB PURCHASING FOR THE ACCOUNT OF A QIB, WHOM
THE HOLDER HAS INFORMED THAT THE REOFFER, RESALE, PLEDGE OR OTHER TRANSFER IS BEING MADE IN
RELIANCE ON RULE 144A, (2) IN CERTIFICATED FORM TO AN INSTITUTIONAL “ACCREDITED INVESTOR” (WITHIN
THE MEANING OF RULE 501 (a)(1)–(3) OR (7) UNDER THE SECURITIES ACT) THAT IS ALSO A QUALIFIED
PURCHASER FOR PURPOSES OF SECTION 3(c)(7) UNDER THE INVESTMENT COMPANY ACT OF 1940, AS AMENDED,
PURCHASING FOR INVESTMENT AND NOT FOR DISTRIBUTION IN VIOLATION OF THE SECURITIES ACT, IN EACH
CASE, SUBJECT TO (A) THE RECEIPT BY THE INDENTURE TRUSTEE OF A LETTER SUBSTANTIALLY IN THE FORM
PROVIDED IN THE INDENTURE AND (B) THE RECEIPT BY THE INDENTURE TRUSTEE OF SUCH OTHER EVIDENCE
ACCEPTABLE TO THE INDENTURE TRUSTEE THAT SUCH REOFFER, RESALE, PLEDGE OR TRANSFER IS IN COMPLIANCE
WITH THE SECURITIES ACT AND OTHER REQUIREMENTS OF LAWS OR IN EACH CASE IN ACCORDANCE WITH ALL
APPLICABLE SECURITIES LAWS OF THE UNITED STATES AND SECURITIES AND BLUE SKY LAWS OF ANY STATE OF
THE UNITED STATES AND ANY OTHER APPLICABLE JURISDICTION, (3) IN AN OFFSHORE TRANSACTION IN
ACCORDANCE WITH RULE 903 OR RULE 904 OF REGULATION S UNDER THE SECURITIES ACT, (4) PURSUANT TO
ANOTHER EXEMPTION AVAILABLE UNDER THE SECURITIES ACT AND IN ACCORDANCE WITH ANY APPLICABLE STATE
SECURITIES LAWS, OR (5) PURSUANT TO A VALID REGISTRATION STATEMENT. THE PURCHASE OF THIS NOTE WILL
BE DEEMED A REPRESENTATION BY THE ACQUIRER THAT EITHER: (I) IT IS NOT, AND IS NOT ACQUIRING OR
HOLDING THIS NOTE, DIRECTLY OR INDIRECTLY, ON BEHALF OF OR WITH ANY ASSETS OF, AN “EMPLOYEE BENEFIT
PLAN” AS DEFINED IN SECTION 3(3) OF ERISA THAT IS SUBJECT TO TITLE I OF ERISA, A “PLAN” DESCRIBED
IN AND SUBJECT TO SECTION 4975 OF THE CODE (COLLECTIVELY, A “PLAN”),OR OTHER PLAN OR ARRANGEMENT
SUBJECT TO ANY FEDERAL, STATE, LOCAL, NON-U.S. OR OTHER LAW SUBSTANTIVELY SIMILAR TO THE FOREGOING
PROVISIONS OF ERISA OR THE CODE (“SIMILAR LAW”); OR (II) ITS ACQUISITION AND HOLDING OF THIS NOTE
WILL NOT

A - 6 - 1

 

CONSTITUTE OR RESULT IN A NON-EXEMPT PROHIBITED TRANSACTION UNDER SECTION 406 OF ERISA OR SECTION
4975 OF THE CODE (COLLECTIVELY, “PLAN”),OR OTHER PLAN OR A VIOLATION OF SIMILAR LAW.

[IF HELD BY DTC] [UNLESS THIS NOTE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY
TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE ISSUER OR ITS AGENT FOR REGISTRATION
OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY NOTE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN
SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO
CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY
TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL
INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.]

[IF REGULATION S GLOBAL NOTE] [THIS NOTE HAS NOT BEEN AND WILL NOT BE REGISTERED UNDER THE
SECURITIES ACT AND PRIOR TO THE DATE THAT IS 40 DAYS AFTER THE LATER OF THE COMMENCEMENT OF THE
OFFERING AND THE ORIGINAL ISSUE DATE OF THE NOTES, MAY NOT BE OFFERED, SOLD, PLEDGED OR OTHERWISE
TRANSFERRED IN THE UNITED STATES OR TO A U.S. PERSON EXCEPT PURSUANT TO AN EXEMPTION FROM THE
REGISTRATION REQUIREMENTS OF THE SECURITIES ACT.]

THE PRINCIPAL OF THIS NOTE IS PAYABLE IN INSTALLMENTS AS SET FORTH HEREIN. ACCORDINGLY, THE
OUTSTANDING PRINCIPAL AMOUNT OF THIS NOTE AT ANY TIME MAY BE LESS THAN THE AMOUNT SHOWN ON THE FACE
HEREOF.

THE RIGHTS OF THE HOLDER OF THIS CLASS D NOTE TO RECEIVE INTEREST ARE SUBORDINATED TO THE RIGHTS OF
THE HOLDERS OF THE CLASS A-1 NOTES, THE CLASS A-2 NOTES, THE CLASS B NOTES AND THE CLASS C NOTES TO
RECEIVE INTEREST AND THE RIGHTS OF THE HOLDERS OF THIS CLASS D NOTE TO RECEIVE PRINCIPAL ARE
SUBORDINATED TO THE RIGHTS OF THE HOLDERS OF THE CLASS A-1 NOTES, THE CLASS A-2 NOTES, THE CLASS B
NOTES AND THE CLASS C NOTES TO RECEIVE PRINCIPAL AND INTEREST TO THE EXTENT SET FORTH IN THE SALE
AND SERVICING AGREEMENT.

A - 6 - 2

 

			
	REGISTERED
	 	$                                        
	No. D–
	 	[                    ][___],2005

SEE REVERSE FOR CERTAIN DEFINITIONS

	 	 	 
	

	 	[144A CUSIP NO.                                        ]
	

	 	[Reg S CUSIP No.                                        ]
	

	 	[Reg S CUSIP No.                                        ]
	

	 	[Common Code No.                                     ]

     CapitalSource Commercial Loan Trust 2005-1, a statutory trust organized and existing under the
laws of the State of Delaware (herein referred to as the “Issuer”), for value received,
hereby promises to pay to                                         , or registered assigns, the principal sum of
                                                                                 DOLLARS payable on each Remittance Date in an amount
equal to the result obtained by multiplying (i) a fraction, the numerator of which is the initial
principal balance of this Class D Note and the denominator of which is the Initial Class D
Principal Balance by (ii) the aggregate amount, if any, payable from the Note Distribution Account
in respect of principal on the Class D Notes pursuant to Section 3.05 of the Indenture.

     The principal of and interest on this Class D Note are payable in such coin or currency of the
United States as at the time of payment is legal tender for payment of public and private debts.
All payments made by the Issuer with respect to this Class D Note shall be applied first to
interest due and payable on this Class D Note as provided above and then to the unpaid principal of
this Class D Note.

     Reference is made to the further provisions of this Class D Note set forth on the reverse
hereof, which shall have the same effect as though fully set forth on the face of this Class D
Note.

     Unless the certificate of authentication hereon has been executed by the Indenture Trustee
whose name appears below by manual signature, this Class D Note shall not be entitled to any
benefit under the Indenture referred to on the reverse hereof, or be valid or obligatory for any
purpose.

A - 6 - 3

 

     IN WITNESS WHEREOF, the Issuer has caused this instrument to be signed, manually or in
facsimile, by its Responsible Officer as of the date set forth below.

	 	 	 	 	 
	 
	 	 	 	 
	 	 	CAPITALSOURCE COMMERCIAL LOAN TRUST 2005-1
	 
	 	 	 	 
	

	 	By:
	 	WILMINGTON TRUST COMPANY, not in its individual
capacity but solely as Owner Trustee under the
Trust Agreement

	 	 	 	 	 
	

	 	By:	 	 
	

	 	 	 	 
	

	 	 	 	Authorized Signatory

INDENTURE TRUSTEE’S CERTIFICATE OF AUTHENTICATION

     This is one of the Class D Notes of CapitalSource Commercial Loan Trust 2005-1 designated
above and referred to in the within–mentioned Indenture.

	 	 	 	 	 
	 	 	WELLS FARGO BANK, NATIONAL ASSOCIATION, not in its
individual capacity but solely as Indenture Trustee,
	 
	 	 	 	 
	

	 	By:	 	 
	

	 	 	 	 
	

	 	 	 	Authorized Signatory

A - 6 - 4

 

[REVERSE OF NOTE]

     This Class D Note is one of a duly authorized issue of Class D Notes of the Issuer, designated
as its CapitalSource Commercial Loan Trust Notes, Series 2005-1, Class D (herein called the
“Class D Notes”), all issued under an Indenture, dated as of April 14, 2005 (such
indenture, as supplemented or amended, is herein called the “Indenture”), between the
Issuer and Wells Fargo Bank, National Association, as indenture trustee (the “Indenture
Trustee”, which term includes any successor Indenture Trustee under the Indenture), to which
Indenture and all indentures supplemental thereto reference is hereby made for a statement of the
respective rights and obligations thereunder of the Issuer, the Indenture Trustee and the Holders
of the Class D Notes. The Class D Notes are subject to all terms of the Indenture. All terms used
in this Class D Note that are defined in the Indenture, as supplemented or amended, shall have the
meanings assigned to them in or pursuant to the Indenture, as so supplemented or amended.

     Notwithstanding the foregoing, the entire unpaid principal amount of the Class D Notes shall
be due and payable on the date on which an Event of Default shall have occurred and be continuing
and the Indenture Trustee, or the Majority Noteholders have declared the Class D Notes to be
immediately due and payable in the manner provided in Section 5.02 of the Indenture. All
principal payments on the Class D Notes shall be made pro rata to the Class D Noteholders entitled
thereto.

     Each Class D Noteholder or Class D Note Owner, by acceptance of a Class D Note or, in the case
of a Class D Note Owner, a beneficial interest in a Class D Note covenants and agrees that no
recourse may be taken, directly or indirectly, with respect to the obligations of the Issuer under
the Indenture on the Class D Notes or under any certificate or other writing delivered in
connection therewith, against the Trust Depositor, the Servicer, the Indenture Trustee or the Owner
Trustee in its individual capacity or any of their Affiliates.

     On each Remittance Date, commencing April 20, 2005, the Indenture Trustee or Paying Agent
shall distribute to the Person in whose name this Class D Note is registered at the close of
business on the Record Date an amount equal to the product of the Percentage Interest of the Class
D Notes evidenced by this Class D Note and the amount required to be distributed to Holders of
Class D Notes on such Remittance Date pursuant to Section 3.05 of the Indenture.

     During each Interest Accrual Period, this Class D Note will bear interest at the Class D Note
Interest Rate.

     Distributions on this Class D Note will be made by the Indenture Trustee or Paying Agent by
check mailed to the address of the Person entitled thereto as such name and address shall appear on
the Note Register or, upon written request to the Indenture Trustee, by wire transfer of
immediately available funds to the account of the Person entitled thereto as shall appear on the
Note Register without the presentation or surrender of this Note or the making of any notation
thereon, at a bank or other entity having appropriate facilities therefor, and, in the case of wire
transfers, at the expense of such Person unless such Person shall own of record Class D Notes which
have Initial Class D Principal Balances aggregating at least $500,000.

A - 6 - 5

 

     Notwithstanding the above, the final distribution on this Class D Note will be made after due
notice by the Indenture Trustee of the pendency of such distribution and only upon presentation and
surrender of this Class D Note at the office or agency maintained for that purpose by the Note
Registrar in Minneapolis, Minnesota.

     As provided in the Indenture and the Sale and Servicing Agreement, deposits and withdrawals
from the Note Distribution Account, the Principal and Interest Account and the Reserve Fund may be
made by the Indenture Trustee from time to time for purposes other than distributions to Class D
Noteholders, such purposes including reimbursement to the Servicer of advances made, or certain
expenses incurred, by it, and investment in Permitted Investments.

     As provided in the Indenture and subject to certain limitations therein set forth, the
transfer of this Class D Note is registrable in the Note Register upon surrender of this Class D
Note for registration of transfer at the offices or agencies maintained by the Note Registrar in
Minneapolis, Minnesota, duly endorsed by, or accompanied by a written instrument of transfer in
form satisfactory to, the Indenture Trustee, duly executed by the holder hereof or such holder’s
attorney duly authorized in writing, and thereupon one or more new Class D Notes in authorized
denominations evidencing the same aggregate undivided Percentage Interest will be issued to the
designated transferee or transferees.

     The Class D Note is issuable only as a registered Class D Note. As provided in the Indenture
and subject to certain limitations therein set forth, the Class D Note is exchangeable for a new
Class D Note evidencing the same undivided ownership interest, as requested by the holder
surrendering the same.

     No service charge will be made for any such registration of transfer or exchange, but the Note
Registrar may require payment of a sum sufficient to cover any tax or other governmental charge
payable in connection therewith.

     The Servicer, the Trust Depositor, the Indenture Trustee and the Note Registrar, and any agent
of any of the foregoing, may treat the person in whose name this Class D Note is registered as the
owner hereof for all purposes, and none of the foregoing shall be affected by notice to the
contrary.

     The obligations and responsibilities created by the Indenture with respect to this Class D
Note shall terminate upon the payment to Class D Noteholders of all amounts required to be paid to
them pursuant to the Indenture and the Sale and Servicing Agreement and the disposition of all
property held as part of the Indenture Collateral with respect to this Class D Note.

A - 6 - 6

 

SCHEDULE OF EXCHANGES OF INTERESTS IN THE GLOBAL NOTE9

     The following exchanges of a part of this Global Note for an interest in another Global Note
or for an Individual Note, or exchanges of a part of another Global Note or Individual Note for an
interest in this Global Note, have been made:

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	Amount of	 	 	Amount of	 	 	Principal Amount	 	 	 	 
	 	 	decrease in	 	 	increase in	 	 	of this Global	 	 	Signature of	 
	 	 	Principal Amount	 	 	Principal Amount	 	 	Note following	 	 	Responsible	 
	Date of	 	of this Global	 	 	of this Global	 	 	such decrease (or	 	 	Officer of Note	 
	Exchange	 	Note	 	 	Note	 	 	increase)	 	 	Registrar	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 

	9	 	This should be included only if the Note is
issued in global form.

A - 6 - 7

 

ASSIGNMENT

Social Security or taxpayer I.D. or other identifying number of assignee

FOR VALUE RECEIVED, the undersigned hereby sells, assigns and transfers unto

	 	 	 
	 
	 
	 	 
	 
	
(name and address of assignee)

the within Note and all rights thereunder, and hereby irrevocably constitutes and appoints
                    , attorney, to transfer said Note on the books kept for registration thereof, with
full power of substitution in the premises.

	 	 	 
	

	 	 10
	Dated:                                                            

	 	                                                            

Signature Guaranteed:

	10	 	NOTE: The signature to this assignment must
correspond with the name of the registered owner as it appears on the face of
the within Note in every particular, without alteration, enlargement or any
change whatsoever.

A - 6 - 8

 

EXHIBIT A-6

[FORM OF CLASS E NOTE]

CAPITALSOURCE COMMERCIAL LOAN TRUST 2005-1

THIS NOTE HAS NOT BEEN AND WILL NOT BE REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE
“SECURITIES ACT”), OR UNDER ANY STATE SECURITIES OR BLUE SKY LAW OF ANY STATE. THE HOLDER
HEREOF, BY PURCHASING THIS NOTE, AGREES THAT THIS NOTE MAY BE REOFFERED, RESOLD, PLEDGED OR
OTHERWISE TRANSFERRED ONLY IN COMPLIANCE WITH THE SECURITIES ACT AND OTHER REQUIREMENTS OF LAWS AND
ONLY (1) PURSUANT TO RULE 144A UNDER THE SECURITIES ACT (“RULE 144A”) TO A PERSON THAT THE
HOLDER REASONABLY BELIEVES IS A QUALIFIED INSTITUTIONAL BUYER WITHIN THE MEANING OF RULE 144A (A
“QIB”), PURCHASING FOR ITS OWN ACCOUNT OR A QIB PURCHASING FOR THE ACCOUNT OF A QIB, WHOM
THE HOLDER HAS INFORMED THAT THE REOFFER, RESALE, PLEDGE OR OTHER TRANSFER IS BEING MADE IN
RELIANCE ON RULE 144A, (2) IN CERTIFICATED FORM TO AN INSTITUTIONAL “ACCREDITED INVESTOR” (WITHIN
THE MEANING OF RULE 501 (a)(1)–(3) OR (7) UNDER THE SECURITIES ACT) THAT IS ALSO A QUALIFIED
PURCHASER FOR PURPOSES OF SECTION 3(c)(7) UNDER THE INVESTMENT COMPANY ACT OF 1940, AS AMENDED,
PURCHASING FOR INVESTMENT AND NOT FOR DISTRIBUTION IN VIOLATION OF THE SECURITIES ACT, IN EACH
CASE, SUBJECT TO (A) THE RECEIPT BY THE INDENTURE TRUSTEE OF A LETTER SUBSTANTIALLY IN THE FORM
PROVIDED IN THE INDENTURE AND (B) THE RECEIPT BY THE INDENTURE TRUSTEE OF SUCH OTHER EVIDENCE
ACCEPTABLE TO THE INDENTURE TRUSTEE THAT SUCH REOFFER, RESALE, PLEDGE OR TRANSFER IS IN COMPLIANCE
WITH THE SECURITIES ACT AND OTHER REQUIREMENTS OF LAWS OR IN EACH CASE IN ACCORDANCE WITH ALL
APPLICABLE SECURITIES LAWS OF THE UNITED STATES AND SECURITIES AND BLUE SKY LAWS OF ANY STATE OF
THE UNITED STATES AND ANY OTHER APPLICABLE JURISDICTION, (3) IN AN OFFSHORE TRANSACTION IN
ACCORDANCE WITH RULE 903 OR RULE 904 OF REGULATION S UNDER THE SECURITIES ACT, (4) PURSUANT TO
ANOTHER EXEMPTION AVAILABLE UNDER THE SECURITIES ACT AND IN ACCORDANCE WITH ANY APPLICABLE STATE
SECURITIES LAWS, OR (5) PURSUANT TO A VALID REGISTRATION STATEMENT. THE PURCHASE OF THIS NOTE WILL
BE DEEMED A REPRESENTATION BY THE ACQUIRER THAT (I) IT IS NOT, AND IS NOT ACQUIRING OR HOLDING THIS
NOTE, DIRECTLY OR INDIRECTLY, ON BEHALF OF OR WITH ANY ASSETS OF, AN “EMPLOYEE BENEFIT PLAN” AS
DEFINED IN SECTION 3(3) OF ERISA THAT IS SUBJECT TO TITLE I OF ERISA, OR A “PLAN” DESCRIBED IN AND
SUBJECT TO SECTION 4975 OF THE CODE (COLLECTIVELY, A “PLAN”), AND (II) IF IT IS A PLAN THAT IS NOT
SUBJECT TO TITLE I OF ERISA OR SECTION 4975 OF THE CODE, ITS ACQUISITION AND HOLDING OF THIS NOTE
WILL NOT CONSTITUTE OR RESULT IN A VIOLATION OF ANY FEDERAL, STATE, LOCAL, NON-U.S. OR OTHER LAW
SUBSTANTIVELY SIMILAR TO THE FOREGOING PROVISIONS OF ERISA OR THE CODE (“SIMILAR LAW”).

A - 6 - 1

 

[IF HELD BY DTC] [UNLESS THIS NOTE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY
TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE ISSUER OR ITS AGENT FOR REGISTRATION
OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY NOTE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN
SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO
CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY
TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL
INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.]

THE PRINCIPAL OF THIS NOTE IS PAYABLE IN INSTALLMENTS AS SET FORTH HEREIN. ACCORDINGLY, THE
OUTSTANDING PRINCIPAL AMOUNT OF THIS NOTE AT ANY TIME MAY BE LESS THAN THE AMOUNT SHOWN ON THE FACE
HEREOF.

     THIS CLASS E NOTE MAY NOT BE ACQUIRED OR OWNED BY ANY PERSON THAT IS CLASSIFIED FOR U.S.
FEDERAL INCOME TAX PURPOSES AS A PARTNERSHIP, SUBCHAPTER S CORPORATION OR GRANTOR TRUST UNLESS (A)
NONE OF THE DIRECT OR INDIRECT BENEFICIAL OWNERS OF ANY INTEREST IN SUCH PERSON HAVE OR EVER WILL
HAVE MORE THAN 50% OF THE VALUE OF ITS INTEREST IN SUCH PERSON ATTRIBUTABLE TO THE INTEREST OF SUCH
PERSON IN ANY CLASS E NOTES, CLASS F NOTES OR OTHER INTEREST (DIRECT OR INDIRECT) IN CAPITALSOURCE
COMMERCIAL LOAN TRUST 2005-1, AND (B) IT IS NOT AND WILL NOT BE A PRINCIPAL PURPOSE OF THE
ARRANGEMENT INVOLVING THE INVESTMENT OF SUCH PERSON IN THIS CLASS E NOTE TO PERMIT ANY PARTNERSHIP
TO SATISFY THE 100 PARTNER LIMITATION OF TREAS. REG. § 1.7704-1(H)(1)(II).

     THIS CLASS E NOTE (AND ANY INTEREST HEREIN) MAY NOT BE ACQUIRED, SOLD, TRANSFERRED, ASSIGNED,
PARTICIPATED, PLEDGED OR OTHERWISE DISPOSED OF OR CAUSED TO BE MARKETED, ON OR THROUGH (I) AN
“ESTABLISHED SECURITIES MARKET” WITHIN THE MEANING OF SECTION 7704(B) OF THE CODE, INCLUDING,
WITHOUT LIMITATION, AN INTERDEALER QUOTATION SYSTEM THAT REGULARLY DISSEMINATES FIRM BUY OR SELL
QUOTATIONS OR (II) A “SECONDARY MARKET (OR THE SUBSTANTIAL EQUIVALENT THEREOF)” WITHIN THE MEANING
OF SECTION 7704(B)(2) OF THE CODE, INCLUDING A MARKET WHEREIN ANY CLASS E NOTE (OR INTEREST
THEREIN) IS REGULARLY QUOTED BY ANY PERSON MAKING A MARKET IN SUCH INTERESTS AND A MARKET WHEREIN
ANY PERSON REGULARLY MAKES AVAILABLE BID OR OFFER QUOTES WITH RESPECT TO ANY CLASS E NOTE (OR
INTEREST THEREIN) AND STANDS READY TO EFFECT BUY OR SELL TRANSACTIONS AT THE QUOTED PRICES FOR
ITSELF OR ON BEHALF OF OTHERS.

     THIS CLASS E NOTE (AND ANY INTEREST HEREIN) MAY NOT BE TRANSFERRED IN AN AMOUNT LESS THAN THE
MINIMUM DENOMINATION OF SUCH CLASS E NOTE.

A - 6 - 2

 

     THIS CLASS E NOTE MAY NOT BE TRANSFERRED DIRECTLY OR INDIRECTLY TO (1) EMPLOYEE BENEFIT PLANS,
RETIREMENT ARRANGEMENTS, INDIVIDUAL RETIREMENT ACCOUNTS OR KEOGH PLANS SUBJECT TO EITHER TITLE I OF
THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED, OR SECTION 4975 OF THE INTERNAL
REVENUE CODE OF 1986, AS AMENDED, OR (2) ENTITIES (INCLUDING INSURANCE COMPANY GENERAL ACCOUNTS)
WHOSE UNDERLYING ASSETS INCLUDE PLAN ASSETS BY REASON OF ANY SUCH PLAN’S ARRANGEMENTS OR ACCOUNT’S
INVESTMENT IN SUCH ENTITIES. FURTHER, THIS CLASS E NOTE MAY BE TRANSFERRED ONLY TO A UNITED STATES
PERSON WITHIN THE MEANING OF SECTION 7701(a)(30) OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED.

THE RIGHTS OF THE HOLDER OF THIS CLASS E NOTE TO RECEIVE INTEREST ARE SUBORDINATED TO THE RIGHTS OF
THE HOLDERS OF THE CLASS A-1 NOTES, THE CLASS A-2 NOTES, THE CLASS B NOTES, THE CLASS C NOTES AND
THE CLASS D NOTES TO RECEIVE INTEREST AND THE RIGHTS OF THE HOLDERS OF THIS CLASS E NOTE TO RECEIVE
PRINCIPAL ARE SUBORDINATED TO THE RIGHTS OF THE HOLDERS OF THE CLASS A-1 NOTES, THE CLASS A-2
NOTES, THE CLASS B NOTES, THE CLASS C NOTES AND THE CLASS D NOTES TO RECEIVE PRINCIPAL AND INTEREST
TO THE EXTENT SET FORTH IN THE SALE AND SERVICING AGREEMENT.

A - 6 - 3

 

			
	REGISTERED

No. E–
	 	$                                        

[                    ][___],2005

SEE REVERSE FOR CERTAIN DEFINITIONS

	 	 	 
	

	 	[144A CUSIP NO.                                         ]
	

	 	[Common Code No.                                      ]

     CapitalSource Commercial Loan Trust 2005-1, a statutory trust organized and existing under the
laws of the State of Delaware (herein referred to as the “Issuer”), for value received,
hereby promises to pay to                                         , or registered assigns, the principal sum of
                                                                                 DOLLARS payable on each Remittance Date in an amount
equal to the result obtained by multiplying (i) a fraction, the numerator of which is the initial
principal balance of this Class E Note and the denominator of which is the Initial Class E
Principal Balance by (ii) the aggregate amount, if any, payable from the Note Distribution Account
in respect of principal on the Class E Notes pursuant to Section 3.05 of the Indenture.

     The principal of and interest on this Class E Note are payable in such coin or currency of the
United States as at the time of payment is legal tender for payment of public and private debts.
All payments made by the Issuer with respect to this Class E Note shall be applied first to
interest due and payable on this Class E Note as provided above and then to the unpaid principal of
this Class E Note.

     Reference is made to the further provisions of this Class E Note set forth on the reverse
hereof, which shall have the same effect as though fully set forth on the face of this Class E
Note.

     Unless the certificate of authentication hereon has been executed by the Indenture Trustee
whose name appears below by manual signature, this Class E Note shall not be entitled to any
benefit under the Indenture referred to on the reverse hereof, or be valid or obligatory for any
purpose.

A - 6 - 4

 

     IN WITNESS WHEREOF, the Issuer has caused this instrument to be signed, manually or in
facsimile, by its Responsible Officer as of the date set forth below.

	 	 	 	 	 
	 	 	CAPITALSOURCE COMMERCIAL LOAN TRUST 2005-1
	 
	 	 	 	 
	

	 	By:
	 	WILMINGTON TRUST COMPANY, not in its individual
capacity but solely as Owner Trustee under the
Trust Agreement

	 	 	 	 	 
	

	 	By:	 	 
	

	 	 	 	 
	

	 	 	 	Authorized Signatory

INDENTURE TRUSTEE’S CERTIFICATE OF AUTHENTICATION

     This is one of the Class E Notes of CapitalSource Commercial Loan Trust 2005-1 designated
above and referred to in the within–mentioned Indenture.

	 	 	 	 	 
	 	 	WELLS FARGO BANK,
NATIONAL ASSOCIATION, not in its individual capacity but solely as Indenture Trustee,
	 
	 	 	 	 
	

	 	By:	 	 
	

	 	 	 	 
	

	 	 	 	Authorized Signatory

A - 6 - 5

 

[REVERSE OF NOTE]

     This Class E Note is one of a duly authorized issue of Class E Notes of the Issuer, designated
as its CapitalSource Commercial Loan Trust Notes, Series 2005-1, Class E (herein called the
“Class E Notes”), all issued under an Indenture, dated as of April 25, 2005 (such
indenture, as supplemented or amended, is herein called the “Indenture”), between the
Issuer and Wells Fargo Bank, National Association, as indenture trustee (the “Indenture
Trustee”, which term includes any successor Indenture Trustee under the Indenture), to which
Indenture and all indentures supplemental thereto reference is hereby made for a statement of the
respective rights and obligations thereunder of the Issuer, the Indenture Trustee and the Holders
of the Class E Notes. The Class E Notes are subject to all terms of the Indenture. All terms used
in this Class E Note that are defined in the Indenture, as supplemented or amended, shall have the
meanings assigned to them in or pursuant to the Indenture, as so supplemented or amended.

     Notwithstanding the foregoing, the entire unpaid principal amount of the Class E Notes shall
be due and payable on the date on which an Event of Default shall have occurred and be continuing
and the Indenture Trustee, or the Majority Noteholders have declared the Class E Notes to be
immediately due and payable in the manner provided in Section 5.02 of the Indenture. All
principal payments on the Class E Notes shall be made pro rata to the Class E Noteholders entitled
thereto.

     Each Class E Noteholder or Class E Note Owner, by acceptance of a Class E Note or, in the case
of a Class E Note Owner, a beneficial interest in a Class E Note covenants and agrees that no
recourse may be taken, directly or indirectly, with respect to the obligations of the Issuer under
the Indenture on the Class E Notes or under any certificate or other writing delivered in
connection therewith, against the Trust Depositor, the Servicer, the Indenture Trustee or the Owner
Trustee in its individual capacity or any of their Affiliates.

     On each Remittance Date, commencing April 20, 2005, the Indenture Trustee or Paying Agent
shall distribute to the Person in whose name this Class E Note is registered at the close of
business on the Record Date an amount equal to the product of the Percentage Interest of the Class
E Notes evidenced by this Class E Note and the amount required to be distributed to Holders of
Class E Notes on such Remittance Date pursuant to Section 3.05 of the Indenture.

     During each Interest Accrual Period, this Class E Note will bear interest at the Class E Note
Interest Rate.

     Distributions on this Class E Note will be made by the Indenture Trustee or Paying Agent by
check mailed to the address of the Person entitled thereto as such name and address shall appear on
the Note Register or, upon written request to the Indenture Trustee, by wire transfer of
immediately available funds to the account of the Person entitled thereto as shall appear on the
Note Register without the presentation or surrender of this Note or the making of any notation
thereon, at a bank or other entity having appropriate facilities therefor, and, in the case of wire
transfers, at the expense of such Person unless such Person shall own of record Class E Notes which
have Initial Class E Principal Balances aggregating at least $500,000.

A - 6 - 6

 

     Notwithstanding the above, the final distribution on this Class E Note will be made after due
notice by the Indenture Trustee of the pendency of such distribution and only upon presentation and
surrender of this Class E Note at the office or agency maintained for that purpose by the Note
Registrar in Minneapolis, Minnesota.

     As provided in the Indenture and the Sale and Servicing Agreement, deposits and withdrawals
from the Note Distribution Account, the Principal and Interest Account and the Reserve Fund may be
made by the Indenture Trustee from time to time for purposes other than distributions to Class E
Noteholders, such purposes including reimbursement to the Servicer of advances made, or certain
expenses incurred, by it, and investment in Permitted Investments.

     As provided in the Indenture and subject to certain limitations therein set forth, the
transfer of this Class E Note is registrable in the Note Register upon surrender of this Class E
Note for registration of transfer at the offices or agencies maintained by the Note Registrar in
Minneapolis, Minnesota, duly endorsed by, or accompanied by a written instrument of transfer in
form satisfactory to, the Indenture Trustee, duly executed by the holder hereof or such holder’s
attorney duly authorized in writing, and thereupon one or more new Class E Notes in authorized
denominations evidencing the same aggregate undivided Percentage Interest will be issued to the
designated transferee or transferees.

     The Class E Note is issuable only as a registered Class E Note. As provided in the Indenture
and subject to certain limitations therein set forth, the Class E Note is exchangeable for a new
Class E Note evidencing the same undivided ownership interest, as requested by the holder
surrendering the same.

     No service charge will be made for any such registration of transfer or exchange, but the Note
Registrar may require payment of a sum sufficient to cover any tax or other governmental charge
payable in connection therewith.

     The Servicer, the Trust Depositor, the Indenture Trustee and the Note Registrar, and any agent
of any of the foregoing, may treat the person in whose name this Class E Note is registered as the
owner hereof for all purposes, and none of the foregoing shall be affected by notice to the
contrary.

     The obligations and responsibilities created by the Indenture with respect to this Class E
Note shall terminate upon the payment to Class E Noteholders of all amounts required to be paid to
them pursuant to the Indenture and the Sale and Servicing Agreement and the disposition of all
property held as part of the Indenture Collateral with respect to this Class E Note.

A - 6 - 7

 

SCHEDULE OF EXCHANGES OF INTERESTS IN THE GLOBAL NOTE11

     The following exchanges of a part of this Global Note for an interest in another Global Note
or for an Individual Note, or exchanges of a part of another Global Note or Individual Note for an
interest in this Global Note, have been made:

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	Amount of	 	 	Amount of	 	 	Principal Amount	 	 	 	 
	 	 	decrease in	 	 	increase in	 	 	of this Global	 	 	Signature of	 
	 	 	Principal Amount	 	 	Principal Amount	 	 	Note following	 	 	Responsible	 
	Date of	 	of this Global	 	 	of this Global	 	 	such decrease (or	 	 	Officer of Note	 
	Exchange	 	Note	 	 	Note	 	 	increase)	 	 	Registrar	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 

	11	 	This should be included only if the Note is
issued in global form.

A - 6 - 8

 

ASSIGNMENT

Social Security or taxpayer I.D. or other identifying number of assignee

FOR VALUE RECEIVED, the undersigned hereby sells, assigns and transfers unto

	 	 	 
	 
	 
	 	 
	 
	
(name and address of assignee)

the within Note and all rights thereunder, and hereby irrevocably constitutes and appoints
                    , attorney, to transfer said Note on the books kept for registration thereof, with
full power of substitution in the premises.

	 	 	 
	

	 	 12
	Dated:                                                            

	 	                                                            

Signature Guaranteed:

	12	 	NOTE: The signature to this assignment must
correspond with the name of the registered owner as it appears on the face of
the within Note in every particular, without alteration, enlargement or any
change whatsoever.

A - 6 - 9

 

EXHIBIT A–7

[FORM OF CLASS F NOTE]

CAPITALSOURCE COMMERCIAL LOAN TRUST 2005-1

THIS NOTE HAS NOT BEEN AND WILL NOT BE REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE
“SECURITIES ACT”), OR UNDER ANY STATE SECURITIES OR BLUE SKY LAW OF ANY STATE. THE HOLDER
HEREOF, BY PURCHASING THIS NOTE, AGREES THAT THIS NOTE MAY BE REOFFERED, RESOLD, PLEDGED OR
OTHERWISE TRANSFERRED ONLY IN COMPLIANCE WITH THE SECURITIES ACT AND OTHER REQUIREMENTS OF LAWS AND
ONLY (1) PURSUANT TO RULE 144A UNDER THE SECURITIES ACT (“RULE 144A”) TO A PERSON THAT THE
HOLDER REASONABLY BELIEVES IS A QUALIFIED INSTITUTIONAL BUYER WITHIN THE MEANING OF RULE 144A (A
“QIB”), PURCHASING FOR ITS OWN ACCOUNT OR A QIB PURCHASING FOR THE ACCOUNT OF A QIB, WHOM
THE HOLDER HAS INFORMED THAT THE REOFFER, RESALE, PLEDGE OR OTHER TRANSFER IS BEING MADE IN
RELIANCE ON RULE 144A, (2) IN CERTIFICATED FORM TO AN INSTITUTIONAL “ACCREDITED INVESTOR” (WITHIN
THE MEANING OF RULE 501 (a)(1)–(3) OR (7) UNDER THE SECURITIES ACT) THAT IS ALSO A QUALIFIED
PURCHASER FOR PURPOSES OF SECTION 3(c)(7) UNDER THE INVESTMENT COMPANY ACT OF 1940, AS AMENDED,
PURCHASING FOR INVESTMENT AND NOT FOR DISTRIBUTION IN VIOLATION OF THE SECURITIES ACT, IN EACH
CASE, SUBJECT TO (A) THE RECEIPT BY THE INDENTURE TRUSTEE OF A LETTER SUBSTANTIALLY IN THE FORM
PROVIDED IN THE INDENTURE AND (B) THE RECEIPT BY THE INDENTURE TRUSTEE OF SUCH OTHER EVIDENCE
ACCEPTABLE TO THE INDENTURE TRUSTEE THAT SUCH REOFFER, RESALE, PLEDGE OR TRANSFER IS IN COMPLIANCE
WITH THE SECURITIES ACT AND OTHER REQUIREMENTS OF LAWS OR IN EACH CASE IN ACCORDANCE WITH ALL
APPLICABLE SECURITIES LAWS OF THE UNITED STATES AND SECURITIES AND BLUE SKY LAWS OF ANY STATE OF
THE UNITED STATES AND ANY OTHER APPLICABLE JURISDICTION, (3) IN AN OFFSHORE TRANSACTION IN
ACCORDANCE WITH RULE 903 OR RULE 904 OF REGULATION S UNDER THE SECURITIES ACT, (4) PURSUANT TO
ANOTHER EXEMPTION AVAILABLE UNDER THE SECURITIES ACT AND IN ACCORDANCE WITH ANY APPLICABLE STATE
SECURITIES LAWS, OR (5) PURSUANT TO A VALID REGISTRATION STATEMENT. THE PURCHASE OF THIS NOTE WILL
BE DEEMED A REPRESENTATION BY THE ACQUIRER THAT IT IS NOT, AND IS NOT ACQUIRING OR HOLDING THIS
NOTE, DIRECTLY OR INDIRECTLY, ON BEHALF OF OR WITH ANY ASSETS OF, AN “EMPLOYEE BENEFIT PLAN” AS
DEFINED IN SECTION 3(3) OF ERISA, THAT IS SUBJECT TO TITLE I OF ERISA, OR A “PLAN” DESCRIBED IN AND
SUBJECT TO SECTION 4975 OF THE CODE.

     THE PRINCIPAL OF THIS NOTE IS PAYABLE IN INSTALLMENTS AS SET FORTH HEREIN. ACCORDINGLY, THE
OUTSTANDING PRINCIPAL AMOUNT OF THIS NOTE AT ANY TIME MAY BE LESS THAN THE AMOUNT SHOWN ON THE FACE
HEREOF.

A - 7 - 1

 

     THIS CLASS F NOTE IS A PRINCIPAL ONLY NOTE AND DOES NOT BEAR ANY INTEREST.

     THIS CLASS F NOTE MAY NOT BE TRANSFERRED DIRECTLY OR INDIRECTLY TO ANY PERSON THAT IS, OR IS
ACTING DIRECTLY OR INDIRECTLY FOR, ON BEHALF OF OR WITH ANY ASSETS OF, AN “EMPLOYEE BENEFIT PLAN”
AS DEFINED IN SECTION 3(3) OF ERISA THAT IS SUBJECT TO TITLE I OF ERISA, OR A “PLAN” DESCRIBED IN
AND SUBJECT TO SECTION 4975 OF THE CODE (COLLECTIVELY, “PLAN”). THIS CLASS F NOTE MAY NOT BE
TRANSFERRED TO A PLAN THAT IS NOT SUBJECT TO TITLE I OF ERISA OR SECTION 4975 OF THE CODE UNLESS
ITS ACQUISITION AND HOLDING OF THIS NOTE WILL NOT CONSTITUTE OR RESULT IN A VIOLATION OF ANY
FEDERAL, STATE, LOCAL, NON-U.S. OR OTHER LAW SUBSTANTIVELY SIMILAR TO THE FOREGOING PROVISIONS OF
ERISA OR THE CODE (“SIMILAR LAW”). FURTHER, THIS NOTE MAY BE TRANSFERRED ONLY TO A UNITED STATES
PERSON WITHIN THE MEANING OF SECTION 7701(a)(30) OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED.

     THIS CLASS F NOTE MAY NOT BE ACQUIRED OR OWNED BY ANY PERSON THAT IS CLASSIFIED FOR U.S.
FEDERAL INCOME TAX PURPOSES AS A PARTNERSHIP, SUBCHAPTER S CORPORATION OR GRANTOR TRUST UNLESS (A)
NONE OF THE DIRECT OR INDIRECT BENEFICIAL OWNERS OF ANY INTEREST IN SUCH PERSON HAVE OR EVER WILL
HAVE MORE THAN 50% OF THE VALUE OF ITS INTEREST IN SUCH PERSON ATTRIBUTABLE TO THE INTEREST OF SUCH
PERSON IN ANY CLASS E NOTES, CLASS F NOTES OR OTHER INTEREST (DIRECT OR INDIRECT) IN CAPITALSOURCE
COMMERCIAL LOAN TRUST 2005-1, AND (B) IT IS NOT AND WILL NOT BE A PRINCIPAL PURPOSE OF THE
ARRANGEMENT INVOLVING THE INVESTMENT OF SUCH PERSON IN THIS CLASS F NOTE TO PERMIT ANY PARTNERSHIP
TO SATISFY THE 100 PARTNER LIMITATION OF TREAS. REG. § 1.7704-1(H)(1)(II).

     THIS CLASS F NOTE (AND ANY INTEREST HEREIN) MAY NOT BE ACQUIRED, SOLD, TRANSFERRED, ASSIGNED,
PARTICIPATED, PLEDGED OR OTHERWISE DISPOSED OF OR CAUSED TO BE MARKETED, ON OR THROUGH (I) AN
“ESTABLISHED SECURITIES MARKET” WITHIN THE MEANING OF SECTION 7704(B) OF THE CODE, INCLUDING,
WITHOUT LIMITATION, AN INTERDEALER QUOTATION SYSTEM THAT REGULARLY DISSEMINATES FIRM BUY OR SELL
QUOTATIONS OR (II) A “SECONDARY MARKET (OR THE SUBSTANTIAL EQUIVALENT THEREOF)” WITHIN THE MEANING
OF SECTION 7704(B)(2) OF THE CODE, INCLUDING A MARKET WHEREIN ANY CLASS F NOTE (OR INTEREST
THEREIN) IS REGULARLY QUOTED BY ANY PERSON MAKING A MARKET IN SUCH INTERESTS AND A MARKET WHEREIN
ANY PERSON REGULARLY MAKES AVAILABLE BID OR OFFER QUOTES WITH RESPECT TO ANY CLASS F NOTE (OR
INTEREST THEREIN) AND STANDS READY TO EFFECT BUY OR SELL TRANSACTIONS AT THE QUOTED PRICES FOR
ITSELF OR ON BEHALF OF OTHERS.

     THIS CLASS F NOTE (AND ANY INTEREST HEREIN) MAY NOT BE TRANSFERRED IN AN AMOUNT LESS THAN THE
MINIMUM DENOMINATION OF SUCH CLASS F NOTE.

A - 7 - 2

 

     NO TRANSFER, SALE, PLEDGE OR OTHER DISPOSITION OF ONE OR MORE CLASS F NOTES (A
“TRANSFER”) SHALL BE MADE UNLESS SIMULTANEOUSLY WITH THE TRANSFER (1) A PROPORTIONATE
AMOUNT OF TRUST CERTIFICATES ARE TRANSFERRED SO THAT THE RATIO OF THE PERCENTAGE INTEREST OF THE
TRUST CERTIFICATES SO TRANSFERRED TO ALL TRUST CERTIFICATES AND THE RATIO OF THE PERCENTAGE
INTEREST OF THE CLASS F NOTES SO TRANSFERRED TO THE PERCENTAGE INTEREST OF ALL CLASS F NOTES ARE
EQUAL, (2) THE TRANSFERS OF THE TRUST CERTIFICATES AND CLASS F NOTES REFERRED TO HEREIN ARE MADE TO
THE SAME PERSON, AND (3) THE PERCENTAGE INTEREST OF THE TRUST CERTIFICATES AND CLASS F NOTES,
RESPECTIVELY, SO TRANSFERRED IS NO LESS THAN TEN (10%) PERCENT.

     THE RIGHTS OF THE HOLDERS OF THIS CLASS F NOTE TO RECEIVE PRINCIPAL ARE SUBORDINATED TO THE
RIGHTS OF THE HOLDERS OF THE CLASS A-1 NOTES, THE CLASS A-2 NOTES, THE CLASS B NOTES, THE CLASS C
NOTES, THE CLASS D NOTES AND THE CLASS E NOTES TO RECEIVE PRINCIPAL AND INTEREST TO THE EXTENT SET
FORTH IN THE SALE AND SERVICING AGREEMENT.

A - 7 - 3

 

			
	REGISTERED

No. F–
	 	$                                        

[                    ][___],2005

SEE REVERSE FOR CERTAIN DEFINITIONS

     CapitalSource Commercial Loan Trust 2005-1, a statutory trust organized and existing under the
laws of the State of Delaware (herein referred to as the “Issuer”), for value received,
hereby promises to pay to                                         , or registered assigns, the principal sum of
                                                                                 DOLLARS payable on each Remittance
Date in an amount equal to the result obtained by multiplying (i) a fraction the numerator of which
is the initial principal balance of this Class F Note and the denominator of which is the Initial
Class F Principal Balance by (ii) the aggregate amount, if any, payable from the Note Distribution
Account in respect of principal on the Class F Notes pursuant to Section 3.05 of the
Indenture.

     Distributions on this Class F Note are payable in such coin or currency of the United States
as at the time of payment is legal tender for payment of public and private debts.

     Reference is made to the further provisions of this Class F Note set forth on the reverse
hereof, which shall have the same effect as though fully set forth on the face of this Class F
Note.

     Unless the certificate of authentication hereon has been executed by the Indenture Trustee
whose name appears below by manual signature, this Class F Note shall not be entitled to any
benefit under the Indenture referred to on the reverse hereof, or be valid or obligatory for any
purpose.

A - 7 - 4

 

     IN WITNESS WHEREOF, the Issuer has caused this instrument to be signed, manually or in
facsimile, by its Responsible Officer as of the date set forth below.

	 	 	 	 	 
	 	 	CAPITALSOURCE COMMERCIAL LOAN TRUST 2005-1
	 
	 	 	 	 
	

	 	By:
	 	WILMINGTON TRUST COMPANY,
not in its individual capacity but solely as Owner Trustee under the Trust Agreement

	 	 	 	 	 
	

	 	By:	 	 
	

	 	 	 	 
	

	 	 	 	Authorized Signatory

INDENTURE TRUSTEE’S CERTIFICATE OF AUTHENTICATION

     This is one of the Class F Notes of CapitalSource Commercial Loan Trust 2005-1 designated above and
referred to in the within–mentioned Indenture.

	 	 	 	 	 
	 	 	WELLS FARGO BANK,

NATIONAL ASSOCIATION, not in its individual capacity but solely as Indenture Trustee,
	 
	 	 	 	 
	

	 	By:	 	 
	

	 	 	 	 
	

	 	 	 	Authorized Signatory

A - 7 - 5

 

[REVERSE OF NOTE]

     This Class F Note is one of a duly authorized issue of Class F Notes of the Issuer, designated
as its CapitalSource Commercial Loan Trust Notes, Series 2005-1, Class F (herein called the
“Class F Notes”), all issued under an Indenture dated as of April 14, 2005 (such indenture,
as supplemented or amended, is herein called the “Indenture”), between the Issuer and Wells
Fargo Bank, National Association, as indenture trustee (the “Indenture Trustee”, which term
includes any successor Indenture Trustee under the Indenture), to which Indenture and all
indentures supplemental thereto reference is hereby made for a statement of the respective rights
and obligations thereunder of the Issuer, the Indenture Trustee and the Holders of the Class F
Notes. The Class F Notes are subject to all terms of the Indenture. All terms used in this Class
F Note that are defined in the Indenture, as supplemented or amended, shall have the meanings
assigned to them in or pursuant to the Indenture, as so supplemented or amended.

     Notwithstanding the foregoing, the entire unpaid principal amount of the Class F Notes shall
be due and payable on the date on which an Event of Default shall have occurred and be continuing
and the Indenture Trustee, or the Majority Noteholders have declared the Class F Notes to be
immediately due and payable in the manner provided in Section 5.02 of the Indenture. All
principal payments on the Class F Notes shall be made pro rata to the Class F Noteholders entitled
thereto.

     Each Class F Noteholder or Class F Note Owner, by acceptance of a Class F Note or, in the case
of a Class F Note Owner, a beneficial interest in a Class F Note covenants and agrees that no
recourse may be taken, directly or indirectly, with respect to the obligations of the Issuer under
the Indenture on the Class F Notes or under any certificate or other writing delivered in
connection therewith, against the Trust Depositor, the Servicer, the Indenture Trustee or the Owner
Trustee in its individual capacity or any of their Affiliates.

     On each Remittance Date, commencing April 20, 2005, the Indenture Trustee or Paying Agent
shall distribute to the Person in whose name this Class F Note is registered on the close of
business on the Record Date an amount equal to the product of the Percentage Interest of the Class
F Notes evidenced by this Class F Note and the amount required to be distributed to Holders of
Class F Notes on such Remittance Date pursuant to Section 3.05 of the Indenture.

     Distributions on this Class F Note will be made by the Indenture Trustee or Paying Agent by
check mailed to the address of the Person entitled thereto as such name and address shall appear on
the Note Register or, upon written request to the Indenture Trustee, by wire transfer of
immediately available funds to the account of the Person entitled thereto as shall appear on the
Note Register without the presentation or surrender of this Note or the making of any notation
thereon, at a bank or other entity having appropriate facilities therefor, and, in the case of wire
transfers, at the expense of such Person unless such Person shall own of record Class F Notes which
have Initial Class F Principal Balances aggregating at least $500,000.

     Notwithstanding the above, the final distribution on this Class F Note will be made after due
notice by the Indenture Trustee of the pendency of such distribution and only upon

A - 7 - 6

 

presentation and surrender of this Class F Note at the office or agency maintained for that
purpose by the Note Registrar in Minneapolis, Minnesota.

     As provided in the Indenture and the Sale and Servicing Agreement, deposits and withdrawals
from the Note Distribution Account, the Principal and Interest Account and the Reserve Fund may be
made by the Indenture Trustee from time to time for purposes other than distributions to Class F
Noteholders, such purposes including reimbursement to the Servicer of advances made, or certain
expenses incurred, by it, and investment in Permitted Investments.

     As provided in the Indenture and subject to certain limitations therein set forth, the
transfer of this Class F Note is registrable in the Note Register upon surrender of this Class F
Note for registration of transfer at the offices or agencies maintained by the Note Registrar in
Minneapolis, Minnesota, duly endorsed by, or accompanied by a written instrument of transfer in
form satisfactory to, the Indenture Trustee, duly executed by the holder hereof or such holder’s
attorney duly authorized in writing, and thereupon one or more new Class F Notes in authorized
denominations evidencing the same aggregate undivided Percentage Interest will be issued to the
designated transferee or transferees.

     The Class F Note is issuable only as a registered Class F Note. As provided in the Indenture
and subject to certain limitations therein set forth, the Class F Note is exchangeable for a new
Class F Note evidencing the same undivided ownership interest, as requested by the holder
surrendering the same.

     No service charge will be made for any such registration of transfer or exchange, but the Note
Registrar may require payment of a sum sufficient to cover any tax or other governmental charge
payable in connection therewith.

     The Servicer, the Trust Depositor, the Indenture Trustee and the Note Registrar, and any agent
of any of the foregoing, may treat the person in whose name this Class F Note is registered as the
owner hereof for all purposes, and none of the foregoing shall be affected by notice to the
contrary.

     The obligations and responsibilities created by the Indenture shall terminate upon the payment
to Class F Noteholders of all amounts required to be paid to them pursuant to the Indenture and the
Sale and Servicing Agreement and the disposition of all property held as part of the Indenture
Collateral.

A - 7 - 7

 

ASSIGNMENT

Social Security or taxpayer I.D. or other identifying number of assignee

FOR VALUE RECEIVED, the undersigned hereby sells, assigns and transfers unto

	 	 	 
	 
	 
	 	 
	 
	 
	 	 
	(name and address of assignee)
	 	 

the within Note and all rights thereunder, and hereby irrevocably constitutes and appoints
                    , attorney, to transfer said Note on the books kept for registration thereof, with
full power of substitution in the premises.

	 	 	 
	

	 	 13
	Dated:                                                             

	 	                                                            

Signature Guaranteed:

	13	 	NOTE: The signature to this assignment must
correspond with the name of the registered owner as it appears on the face of
the within Note in every particular, without alteration, enlargement or any
change whatsoever.

A - 7 - 8

 

EXHIBIT B

LIST OF LOANS

See Exhibit G of the Sale and Servicing Agreement.

B - 1

 

EXHIBIT C

WIRING INSTRUCTIONS FORM

                                        , 2005

[Paying Agent]

[Trustee]

                                                            

                                                            

                                                            

	 	 	 
	Re:

	 	CapitalSource Commercial Loan Trust Notes, Series 2005-1, [Class A-1] [Class A-2] [Class
B] [Class C] [Class D] [Class E] [Class F]

Dear Sir:

In connection with the sale of the above–captioned Note by                                                              to
                                                            , (“Transferee”) you, as Paying Agent, are instructed to make
all remittances to Transferee as Noteholder as of ____________, ____ by wire transfer. For such
wire transfer, the wiring instructions are as follows:

                                                            

                                                            

                                                            

	 	 	 
	

	 	 
	

	 	Transferee

Noteholder’s mailing address:

Name:

Address:

C - 1

 

EXHIBIT D–1

FORM OF TRANSFEREE LETTER

CapitalSource Finance LLC,

as the Servicer

4445 Willard Avenue, 12th Floor

Chevy Chase, Maryland 20815

Attention: Controller

Wells Fargo Bank, National Association,

as the Indenture Trustee

Sixth and Marquette Avenue, MAC N9311–161

Minneapolis, Minnesota 55479

Attention: Corporate Trust Services/Asset Backed Administration

___, 20___

	 	 	 
	Re:

	 	CapitalSource Commercial Loan Trust Notes, Series 2005-1
	

	 	Class A-1, Class A-2, Class B, Class C, Class D, Class E and Class F Notes

Ladies and Gentlemen:

     In connection with our acquisition of the above–captioned Notes, we certify that (a) we
understand that the Notes are not being registered under the Securities Act of 1933, as amended
(the “Act”), or any state securities laws and are being transferred to us in a transaction
that is exempt from the registration requirements of the Act and any such laws, (b) we are an
institutional “Accredited Investor,” as defined in the Indenture pursuant to which the Notes were
issued (the “Indenture”), and a “Qualified Purchaser” for purposes of Section 3(c)(7) under
the Investment Company Act of 1940, as amended, and have such knowledge and experience in financial
and business matters that we are capable of evaluating the merits and risks of investments in the
Notes, (c) we have had the opportunity to ask questions of and receive answers from the Originator
and the Servicer concerning the purchase of the Notes and all matters relating thereto or any
additional information deemed necessary to our decision to purchase the Notes, (d) we are acquiring
the Notes for investment for our own account and not with a view to any distribution of such Notes
(but without prejudice to our right at all times to sell or otherwise dispose of the Notes in
accordance with clause (f) below), (e) we have not offered or sold any Notes to, or
solicited offers to buy any Notes from, any person, or otherwise approached or negotiated with any
person with respect thereto, or taken any other action which would result in a violation of Section
5 of the Act, (f) we will not sell, transfer or otherwise dispose of any Notes unless (1) such
sale, transfer or other disposition is made pursuant to an effective registration statement under
the Act or is exempt from such registration requirements, and if requested, we will at our expense
provide an opinion of counsel satisfactory to the addressees of this certificate that such sale,
transfer or other disposition may be made pursuant to an exemption from the Act, (2) the purchaser
or transferee of such Note has executed and delivered to you a certificate to substantially the
same effect as this certificate if required by the Indenture, and (3) the purchaser or transferee
has otherwise complied with any conditions for

D - 1 - 1

 

transfer set forth in the Indenture, (g) the purchaser is not, and is not acquiring or holding
a Class A-1 Note, Class A-2 Note, Class B Note, Class C Note or Class D Note, directly or
indirectly on behalf of or with any assets of an employee benefit plan as defined in Section 3(3)
of the Employee Retirement Income Security Act of 1974, as amended (“ERISA”), that is subject to
Title I of ERISA, a “plan” described in and subject to Section 4975 of the Internal Revenue Code of
1986, as amended (the “Code”) (collectively, a “Plan”) or other plan or arrangement subject to any
federal, state, local, non-U.S. or other law substantively similar to the foregoing provisions of
ERISA or the Code (“Similar Law”); or (A) in the case of a Class A-1 Note, Class A-2 Note, Class B
Note, Class C Note or Class D Note, its acquisition and holding of the Class A-1 Note, Class A-2
Note, Class B Note, Class C Note or Class D Note will not constitute or result in a non-exempt
prohibited transaction under Title I of ERISA or Section 4975 of the Code or a violation of Similar
Law, and (b) in the case of a Class E Note or Class F Note, it is a plan that is not subject to
Title I of ERISA or Section 4975 of the Code and its acquisition and holding of the Class E Note or
Class F note will not constitute or result in a violation of Similar Law, (h) the purchaser is not,
and is not acquiring or holding a Class E Note or Class F Note, directly or indirectly on behalf of
or with any asset of, an employee benefit plan as defined in Section 3(3) of ERISA that is subject
to Title I of ERISA or a “plan” described in and subject to Section 4975 of the Code (i) if the
purchaser is acquiring a Class E Note or Class F Note, the purchaser is a U.S. Person, as such term
is defined in Section 7701(a)(30) of the Internal Revenue Code of 1986, as amended, and (j) if the
purchaser is acquiring a Class F Note, the purchaser also is acquiring Trust Certificates such that
the ratio and the Percentage Interest of the Trust Certificates being acquired to all Trust
Certificates and the ratio and the Percentage Interest of the Class F Notes being acquired to all
Class F Notes are equal.

     If the Purchaser is acquiring a Class E Note or Class F Note:

     (a) the Purchaser either:

          (1) is not and will not become for U.S. federal income tax purposes a partnership, subchapter
S corporation, grantor trust or other pass-through entity or

          (2) if it is or will become such an entity for U.S. federal income tax purposes, then:

     (A) none of the direct or indirect beneficial owners of any interest in the
Purchaser have or ever will have more than 50% of the value of its interest in the
Purchaser attributable to the interest of the Purchaser in any Class E Notes, Class
F Notes or other interest (direct or indirect) in the Issuer; and

     (B) it is not and will not be a principal purpose of the arrangement involving
the investment of the Purchaser in any Class E Notes or Class F Notes to permit any
partnership to satisfy the 100 partner limitation of Treas. Reg. §
1.7704-1(h)(1)(ii);

     (b) The Purchaser is not acquiring and will not sell, transfer, assign, participate, pledge or
otherwise dispose of any Class E Notes or Class F Notes (or interest therein) or cause any Class E
Notes or Class F Notes (or interest therein) to be marketed on or through an “established
securities market” within the meaning of Section 7704(b) of the Code, including,

D - 1 - 2

 

without limitation, an interdealer quotation system that regularly disseminates firm buy or
sell quotations.

     (c) The Purchaser is (i) a citizen or resident of the United States, (ii) a corporation or
partnership organized in or under the laws of the United States or any state (or the District of
Columbia), (iii) an estate the income of which is subject to United States federal income tax,
regardless of source or (iv) a trust if a court within the United States is able to exercise
primary supervision over the administration of such trust or one or more persons described in this
paragraph have the authority to control all substantial decisions of the trust (each of the
foregoing being a “U.S. Person”).

     (d) The Purchaser understands and agrees not to transfer its interest in any Class E Note or
Class F Note in an amount less than the minimum denomination of such Note.

	 	 	 	 	 
	 	 	Very truly yours,
	 
	 	 	 	 
	 	 	 
	 	 	Print Name of Transferee
	 
	 	 	 	 
	

	 	By:	 	 
	

	 	 	 	 
	

	 	 	 	Responsible Officer

D - 1 - 3

 

EXHIBIT D–2

FORM OF RULE 144A CERTIFICATION

CapitalSource Finance LLC,

as the Servicer

4445 Willard Avenue, 12th Floor

Chevy Chase, Maryland 20815

Attention: Controller

Wells Fargo Bank, National Association,

as the Indenture Trustee

Sixth and Marquette Avenue, MAC N9311–161

Minneapolis, Minnesota 55479

Attention: Corporate Trust Services/Asset Backed Administration

___, 20___

	 	 	 
	Re:

	 	CapitalSource Commercial Loan Trust Notes, Series 2005-1
	

	 	Class A-1, Class A-2, Class B, Class C, Class D, Class E and Class F Notes

Ladies and Gentlemen:

In connection with our acquisition any of the above Notes we certify that (a) we understand that
the Notes are not being registered under the Securities Act of 1933, as amended (the
“Act”), or any state securities laws and are being transferred to us in a transaction that
is exempt from the registration requirements of the Act and any such laws, (b) we have had the
opportunity to ask questions of and receive answers from Originator and the Servicer concerning the
purchase of the Notes and all matters relating thereto or any additional information deemed
necessary to our decision to purchase the Notes, (c) we have not, nor has anyone acting on our
behalf offered, transferred, pledged, sold or otherwise disposed of the Notes, any interest in the
Notes or any other similar security to, or solicited any offer to buy or accept a transfer, pledge
or other disposition of the Notes, any interest in the Notes or any other similar security from, or
otherwise approached or negotiated with respect to the Notes, any interest in the Notes or any
other similar security with, any person in any manner, or made any general solicitation by means of
general advertising or in any other manner, or taken any other action, that would constitute a
distribution of the Notes under the Act or that would render the disposition of the Notes a
violation of Section 5 of the Act or require registration pursuant thereto, nor will act, nor has
authorized or will authorize any person to act, in such manner with respect to the Notes, (d) we
are a “qualified institutional buyer” as that term is defined in Rule 144A under the Act and have
completed the form of certification to that effect attached hereto as Annex 1, (e) we are not, and
are not acquiring or holding a Class A-1 Note, Class A-2 Note, Class B Note, Class C Note or Class
D Note, directly or indirectly on behalf of or with any assets of an employee benefit plan as
defined in Section 3(3) of the Employee Retirement Income Security Act of 1974, as amended
(“ERISA”), that is subject to Title I of ERISA a “plan” described in and subject to Section 4975 of
the Internal Revenue Code of 1986, as amended (the “Code”) (collectively, a “Plan”) or other

D - 2 - 1

 

plan or arrangement subject to any federal, state, local, non-U.S. or other law substantively
similar to the foregoing provisions of ERISA or the Code (“Similar Law”); or (A) in the case of a
Class A-1 Note, Class A-2 Note, Class B Note, Class C Note or Class D Note, its acquisition and
holding of the Class A-1 Note, Class A-2 Note, Class B Note, Class C Note or Class D Note will not
constitute or result in a non-exempt prohibited transaction under Title I of ERISA or Section 4975
of the Code or a violation of Similar Law, and (b) in the case of a Class E Note or Class F Note,
it is a plan that is not subject to Title I of ERISA or Section 4975 of the Code and its
acquisition and holding of the Class E Note or Class F note will not constitute or result in a
violation of Similar Law; (f) we are not, and are not acquiring or holding a Class E Note or a
Class F Note, directly or indirectly on behalf of or with any assets of, an employee benefit plan
as defined in Section 3(3) of ERISA that is subject to Title I of ERISA a “plan” described in and
subject to Section 4975 of the Code, and if we are a plan that is not subject to Title I of ERISA
or Section 4975 of the Code, our acquisition and holding of such Note will not constitute or result
in a violation of Similar Law, (g) if we are acquiring a Class E Note or Class F Note, we are a
U.S. Person, as such term is defined in Section 7701(a)(30) of the Internal Revenue Code of 1986,
as amended, and (h) if the purchaser is acquiring a Class F Note, we also are acquiring Trust
Certificates such that the ratio and the Percentage Interest of the Trust Certificates being
acquired to all Trust Certificates and the ratio and the Percentage Interest of the Class F Notes
being acquired to all Class F Notes are equal. We are aware that the sale to us is being made in
reliance on Rule 144A. We are acquiring the Notes for our own account or for resale pursuant to
Rule 144A and further, understand that such Notes may be resold, pledged or transferred only (i) to
a person reasonably believed to be a qualified institutional buyer that purchases for its own
account or for the account of a qualified institutional buyer to whom notice is given that the
resale, pledge or transfer is being made in reliance on Rule 144A, or (ii) pursuant to another
exemption from registration under the Act.

     If the Purchaser is acquiring a Class E Note or Class F Note:

     (a) the Purchaser either:

          (1) is not and will not become for U.S. federal income tax purposes a partnership, subchapter
S corporation, grantor trust or other pass-through entity or

          (2) if it is or will become such an entity for U.S. federal income tax purposes, then:

     (A) none of the direct or indirect beneficial owners of any interest in the
Purchaser have or ever will have more than 50% of the value of its interest in the
Purchaser attributable to the interest of the Purchaser in any Class E Notes or
Class F Notes or other interest (direct or indirect) in the Issuer; and

     (B) it is not and will not be a principal purpose of the arrangement involving
the investment of the Purchaser in any Class E Notes or Class F Notes to permit any
partnership to satisfy the 100 partner limitation of Treas. Reg. §
1.7704-1(h)(1)(ii) necessary for such partnership not to be classified as a publicly
traded partnership under the Code;

D - 2 - 2

 

     (b) The Purchaser is not acquiring and will not sell, transfer, assign, participate, pledge or
otherwise dispose of any Class E Notes or Class F Notes (or interest therein) or cause any Class E
Notes or Class F Notes (or interest therein) to be marketed on or through an “established
securities market” within the meaning of Section 7704(b) of the Code, including, without
limitation, an interdealer quotation system that regularly disseminates firm buy or sell
quotations.

     (c) The Purchaser is (i) a citizen or resident of the United States, (ii) a corporation or
partnership organized in or under the laws of the United States or any state (or the District of
Columbia), (iii) an estate the income of which is subject to United States federal income tax,
regardless of source or (iv) a trust if a court within the United States is able to exercise
primary supervision over the administration of such trust or one or more persons described in this
paragraph have the authority to control all substantial decisions of the trust (each of the
foregoing being a “U.S. Person”).

     (d) The Purchaser understands and agrees not to transfer its interest in any Class E Note or
Class F Note in an amount less than the minimum denomination of such Note.

	 	 	 	 	 
	 	 	Very truly yours,
	 
	 	 	 	 
	 	 	 
	 	 	Print Name of Transferee
	 
	 	 	 	 
	

	 	By:	 	 
	

	 	 	 	 
	

	 	 	 	Responsible Officer

D - 2 - 3

 

ANNEX 1 TO EXHIBIT D–2

[FORM OF CERTIFICATION]

[Date]

CapitalSource Finance LLC,

as the Servicer

4445 Willard Avenue, 12th Floor

Chevy Chase, Maryland 20815

Attention: Controller

Wells Fargo Bank, National Association,

as the Indenture Trustee

Sixth and Marquette Avenue, MAC N9311–161

Minneapolis, Minnesota 55479

Attention: Corporate Trust Services/Asset Backed Administration

	 	 	 
	Re:

	 	CapitalSource Commercial Loan Trust Notes, Series 2005-1
	

	 	Class A-1, Class A-2, Class B, Class C, Class D, Class E and Class F Notes

Ladies and Gentlemen:

In connection with our purchase of the Notes, the undersigned certifies to each of the parties to
whom this letter is addressed that it is a qualified institutional buyer (as defined in Rule 144A
under the Securities Act of 1933, as amended (the “Act”)) as follows:

	1.  	It owns and/or invests on a discretionary basis eligible securities (excluding affiliate’s
securities, bank deposit notes and CD’s, loan participations, repurchase agreements,
securities owned but subject to a repurchase agreement and currency, interest rate and
commodity swaps), as described below:
	 
	   	Amount: $                                        ; and
	 
	2.  	The dollar amount set forth above is:

	 	a.  	greater than $100 million and the undersigned is one of the following entities:

	 	 	 	 	 	 	 	 	 
	

	 	 	(1	)	 	 ̈
	 	an insurance company as defined in Section 2(13) of the Act*; or
	 
	 	 	 	 	 	 	 	 
	

	 	 	(2	)	 	 ̈
	 	an investment company registered under the Investment Company
Act or any business development company as defined in Section 2(a)(48) of the

	* A purchase by an insurance company for one or
more of its separate accounts, as defined by section 2(a)(37) of the Investment
Company Act of 1940, which are neither registered nor required to be registered
thereunder, shall be deemed to be a purchase for the account of such insurance
company.

D - 2 - 1

 

	 	 	 	 	 	 	 	 	 
	

	 	 	 	 	 	 	 	Investment Company Act of 1940 or as defined in Section 202(a)(22) of the
Investment Advisers Act of 1940; or
	 
	 	 	 	 	 	 	 	 
	

	 	 	(3	)	 	 ̈
	 	a Small Business Investment Company licensed by the U.S. Small
Business Administration under Section 301(c) or (d) of the Small Business
Investment Act of 1958; or
	 
	 	 	 	 	 	 	 	 
	

	 	 	(4	)	 	 ̈
	 	a plan (i) established and maintained by a state, its political
subdivisions, or any agency or instrumentality of a state or its political
subdivisions, the laws of which permit the purchase of securities of this type, for
the benefit of its employees and (ii) the governing investment guidelines of which
permit the purchase of securities of this type; or
	 
	 	 	 	 	 	 	 	 
	

	 	 	(5	)	 	 ̈
	 	a corporation (other than a U.S. bank, savings and loan
association or equivalent foreign institution), partnership, Massachusetts or
similar statutory or business trust, or an organization described in Section
501(c)(3) of the Internal Revenue Code; or
	 
	 	 	 	 	 	 	 	 
	

	 	 	(6	)	 	 ̈
	 	a U.S. bank, savings and loan association or equivalent foreign
institution, which has an audited net worth of at least $25 million as demonstrated
in its latest annual financial statements as of a date not more than 16 months
preceding the date of sale in the case of a U.S. institution or 18 months in the
case of a foreign institution; or
	 
	 	 	 	 	 	 	 	 
	

	 	 	(7	)	 	 ̈
	 	an investment adviser registered under the Investment Advisers
Act; or

	 	 	 	 	 	 	 
	

	 	b.
	 	 ̈
	 	greater than $10 million, and the undersigned is a broker–dealer
registered with the SEC; or
	 
	 	 	 	 	 	 
	

	 	c.
	 	 ̈
	 	less than $10 million, and the undersigned is a broker–dealer
registered with the SEC and will only purchase Rule 144A securities in riskless
principal transactions (as defined in Rule 144A); or
	 
	 	 	 	 	 	 
	

	 	d.
	 	 ̈
	 	less than $100 million, and the undersigned is an investment company
registered under the Investment Company Act of 1940, which, together with one or more
registered investment companies having the same or an affiliated investment adviser,
owns at least $100 million of eligible securities; or
	 
	 	 	 	 	 	 
	

	 	e.
	 	 ̈
	 	less than $100 million, and the undersigned is an entity, all the
equity owners of which are qualified institutional buyers.

     The undersigned further certifies that it is purchasing Notes for its own account or for the
account of others that independently qualify as “Qualified Institutional Buyers” as defined in Rule
144A. It is aware that the sale of the Notes is being made in reliance on its continued compliance
with Rule 144A. It is aware that the transferor may rely on the exemption from the provisions of
Section 5 of the Act provided by Rule 144A. The undersigned understands that the Notes may be
resold, pledged or transferred pursuant to Rule 144A only to a person reasonably

D - 2 - 2

 

believed to be a Qualified Institutional Buyer that purchases for its own account or for the
account of a Qualified Institutional Buyer to whom notice is given that the resale, pledge or
transfer is being made in reliance in Rule 144A.

     The undersigned agrees that if at some time before the expiration of the holding period
described in Rule 144 it wishes to dispose of or exchange any of the Notes, it will not transfer or
exchange any of the Notes to a Qualified Institutional Buyer without first obtaining a letter in
the form hereof from the transferee and delivering such certificate to the addressees hereof.

     IN WITNESS WHEREOF, this document has been executed by the undersigned who is duly authorized
to do so on behalf of the undersigned Qualified Institutional Buyer on the ___day of
                    , ___.

	 	 	 
	

	 	Name of Institution
	

	 	Signature
	

	 	Name
	

	 	Title**

D - 2 - 3

 

EXHIBIT E

FORM OF TRANSFER CERTIFICATE FOR RULE 144A GLOBAL NOTE TO

REGULATION S GLOBAL NOTE DURING DISTRIBUTION COMPLIANCE PERIOD

(Pursuant to Section 4.02(l)(i) of the Indenture)

Wells Fargo Bank, National Association,

as the Indenture Trustee

Sixth and Marquette Avenue, MAC N9311–161

Minneapolis, Minnesota 55479

Attention: Corporate Trust Services/Asset Backed Administration

	 	 	 
	Re:

	 	CapitalSource Commercial Loan Trust Notes, Series 2005-1
	

	 	Class [A-1], [A-2], [B], [C] and [D]

Ladies and Gentlemen:

     Reference is hereby made to the Indenture, dated as of April 14, 2005 (as amended, modified,
waived, supplemented or restated from time to time, the “Agreement”), between CapitalSource
Commercial Loan Trust 2005-1, as the issuer (together with its successors and assigns in such
capacity, the “Issuer”), and Wells Fargo Bank, National Association, as the indenture
trustee (together with its successors and assigns in such capacity, the “Trustee”).
Capitalized terms used but not defined herein shall have the meanings given to them in the
Agreement.

     This letter relates to US $[                    ] aggregate current principal amount of Class ___Notes (the
“Notes”) which are held in the form of the Rule 144A Global Note (CUSIP No.                     ) with
the Depository in the name of [insert name of transferor] (the “Transferor”). The
Transferor has requested a transfer of such beneficial interest in the Notes for an interest in the
Regulation S Global Note (CUSIP No.                     ) to be held with [Euroclear] [Clearstream] (Common
Code No.                    ) through the Depository.

     In connection with such request and in respect of such Notes, the Transferor does hereby
certify that such transfer has been effected in accordance with the transfer restrictions set forth
in the Agreement and pursuant to and in accordance with Regulation S under the Securities Act of
1933, as amended (the “Securities Act”), and accordingly the Transferor does hereby certify
that:

	 	(1)  	the offer of the Notes was not made to a person in the United States,
	 
	 	(2)  	[at the time the buy order was originated, the transferee was outside the
United States or the Transferor and any person acting on its behalf reasonably believed
that the transferee was outside the United States] [the transaction was executed in, on
or through the facilities of a designated offshore securities market and neither the
Transferor nor any person acting on its behalf knows that the transaction was
pre–arranged with a buyer in the United States],

E - 1

 

	 	(3)  	the transferee is not a U.S. Person within the meaning of Rule 902(o) of
Regulation S nor a Person acting for the account or benefit of a U.S. Person,
	 
	 	(4)  	no directed selling efforts have been made in contravention of the requirements
of Rule 903(b) or Rule 904(b) of Regulation S, as applicable,
	 
	 	(5)  	the transaction is not part of a plan or scheme to evade the registration
requirements of the Securities Act, and
	 
	 	(6)  	upon completion of the transaction, the beneficial interest being transferred
as described above will be held with the Depository through [Euroclear] [Clearstream].

This certificate and the statements contained herein are made for your benefit and the benefit of
the Trustee, the Issuer and the Placement Agents of the offering of the Notes.

	 	 	 	 	 
	 	 	[Insert Name of Transferor]
	 
	 	 	 	 
	

	 	By:	 	 
	

	 	 	 	 
	

	 	Name:	 	 
	

	 	 	 	 
	

	 	Title:	 	 
	

	 	 	 	 

Dated:

E - 2

 

EXHIBIT F

FORM OF TRANSFER
CERTIFICATE FOR RULE 144A GLOBAL NOTE TO
REGULATION S GLOBAL NOTE AFTER
DISTRIBUTION COMPLIANCE PERIOD

(Pursuant to Section 4.02(l)(ii) of the Indenture)

Wells Fargo Bank, National
Association,

as the Indenture Trustee

Sixth and Marquette Avenue, MAC N9311–161

Minneapolis, Minnesota 55479

Attention: Corporate Trust Services/Asset Backed Administration

	 	 	 	 	 
	Re:

	 	CapitalSource Commercial Loan Trust Notes, Series 2005-1	 	 
	

	 	Class [A-1],
[A-2], [B], [C] and [D]	 	 

Ladies and Gentlemen:

Reference is hereby made to the Indenture, dated as of April 14, 2005 (as amended, modified,
waived, supplemented or restated from time to time, the “Agreement”), between CapitalSource
Commercial Loan Trust 2005-1, as the issuer (together with its successors and assigns in such
capacity, the “Issuer”), and Wells Fargo Bank, National Association, as the indenture
trustee (the “Trustee”). Capitalized terms used but not defined herein shall have the
meanings given to them in the Agreement.

This letter relates to US $[                    ] aggregate current principal amount of Class __ Notes (the
“Notes”) which are held in the form of the Rule 144A Global Note (CUSIP No.                     ) with
the Depository in the name of [insert name of transferor] (the “Transferor”). The
Transferor has requested a transfer of such beneficial interest in the Notes for an interest in the
Regulation S Global Note (Common Code No.                     ).

In connection with such request, and in respect of such Notes, the Transferor does hereby certify
that such transfer has been effected in accordance with the transfer restrictions set forth in the
Agreement and, (i) with respect to transfers made in reliance on Regulation S under the Securities
Act of 1933, as amended (the “Securities Act”), the Transferor does hereby certify that:

	 	(1)  	the offer of the Notes was not made to a person in the United States;
	 
	 	(2)  	[at the time the buy order was originated, the transferee was outside the
United States or the Transferor and any person acting on its behalf reasonably believed
that the transferee was outside the United States] [the transaction was executed in, on
or through the facilities of a designated offshore securities market and neither the
Transferor nor any person acting on its behalf knows that the transaction was
pre–arranged with a buyer in the United States];

F - 1

 

	 	(3)  	no directed selling efforts have been made in contravention of the requirements
of Rule 903(b) or Rule 904(b) of Regulation S, as applicable; and

	 	(4)  	the transaction is not part of a plan or scheme to evade the registration
requirements of the Securities Act,

or (ii) with respect to transfers made in reliance on Rule 144 under the Securities Act, the
Transferor does hereby certify that the Notes that are being transferred are not “restricted
securities” as defined in Rule 144 under the Securities Act.

This certificate and the statements contained herein are made for your benefit and the benefit of
the Trustee, the Issuer and the Placement Agents of the offering of the Notes.

	 	 	 	 	 
	 	 	[Insert Name of Transferor]
	 
	 	 	 	 
	

	 	By:	 	 
	

	 	 	 	 
	

	 	Name:	 	 
	

	 	 	 	 
	

	 	Title:	 	 

Dated:

F - 2

 

EXHIBIT G

FORM OF TRANSFER CERTIFICATE REGULATION S GLOBAL NOTE

TO RULE 144A GLOBAL NOTE DURING DISTRIBUTION COMPLIANCE PERIOD

(Pursuant to Section 4.02(l)(iii)(3)(i) of the Indenture)

Wells Fargo Bank, National Association,

as the Indenture Trustee

Sixth and Marquette Avenue, MAC N9311–161

Minneapolis, Minnesota 55479

Attention: Corporate Trust Services/Asset Backed Administration

	 	 	 	 	 
	Re:

	 	CapitalSource Commercial Loan Trust Notes, Series 2005-1	 	 
	

	 	Class [A-1],
[A-2], [B], [C] and [D]	 	 

Ladies and Gentlemen:

Reference is hereby made to the Indenture, dated as of April 14, 2005 (as amended, modified,
waived, supplemented or restated from time to time, the “Agreement”), between CapitalSource
Commercial Loan Trust 2005-1, as the issuer (together with its successors and assigns in such
capacity, the “Issuer”), and Wells Fargo Bank, National Association, as the indenture
trustee (together with its successors and assigns in such capacity, the “Trustee”). Capitalized
terms used but not defined herein shall have the meanings given to them in the Agreement.

This letter relates to US $[                    ] aggregate current principal amount of Class __ Notes (the
“Notes”) which are held in the form of the Regulation S Global Note (CUSIP No.                     )
with [Euroclear] [Clearstream] (Common Code No.                    ) through the Depository in the name of
[insert name of transferor] (the “Transferor”). The Transferor has requested a transfer of
such beneficial interest in the Notes for an interest in the Regulation 144A Global Note (CUSIP
No.                    ).

In connection with such request, and in respect of such Notes, the Transferor does hereby certify
that such Notes are being transferred in accordance with (i) the transfer restrictions set forth in
the Agreement and (ii) Rule 144A under the Securities Act to a transferee that the Transferor
reasonably believes is purchasing the Notes for its own account with respect to which the
transferee exercises sole investment discretion and the transferee and any such account is a
“qualified institutional buyer” within the meaning of Rule 144A, in each case in a transaction
meeting the requirements of Rule 144A and in accordance with any applicable securities laws of any
state of the United States or any jurisdiction.

G - 1

 

     This certificate and the statements contained herein are made for your benefit and the benefit
of the Trustee, the Issuer and the Placement Agents of the offering of the Notes.

	 	 	 	 	 
	 	 	[Insert Name of Transferor]
	 
	 	 	 	 
	

	 	By:	 	 
	

	 	 	 	 
	

	 	Name:	 	 
	

	 	 	 	 
	

	 	Title:	 	 
	

	 	 	 	 

Dated:

G - 2

 

EXHIBIT H

FORM OF TRANSFER CERTIFICATE FOR REGULATION S

GLOBAL NOTE DURING DISTRIBUTION COMPLIANCE PERIOD

(Pursuant to Section 4.02(l)(iv)(3) of the Indenture)

Wells Fargo Bank, National Association,

as the Indenture Trustee

Sixth and Marquette Avenue, MAC N9311–161

Minneapolis, Minnesota 55479

Attention: Corporate Trust Services/Asset Backed Administration

	 	 	 	 
	Re:

	 	CapitalSource Commercial Loan Trust Notes, Series 2005-1	 
	

	 	Class [A-1], [A-2], [B], [C] and [D]	 

Ladies and Gentlemen:

This certificate is delivered pursuant to Section 4.02 of the Indenture, dated as of April
14, 2005 (as amended, modified, waived, supplemented or restated from time to time, the
“Agreement”), between CapitalSource Commercial Loan Trust 2005-1, as the issuer (together
with its successors and assigns in such capacity, the “Issuer”), and Wells Fargo Bank,
National Association, as the indenture trustee (together with its successors and assigns in such
capacity, the “Trustee”), in connection with the transfer by the undersigned (the
“Transferor”) to                                          (the “Transferee”) of $                                        
current principal amount of Class ___ Notes, in fully registered form (each, an “Individual
Note”), or a beneficial interest of such aggregate current principal amount in the Regulation S
Global Note (the “Global Note”) maintained by The Depository Trust Company or its successor
as Depository under the Agreement (such transferred interest, in either form, being the
“Transferred Interest”).

     In connection with such transfer, the Transferor does hereby certify that such transfer has
been effected in accordance with the transfer restrictions set forth in the Agreement and the Notes
and (i) with respect to transfers made in accordance with Regulation S (“Regulation S”)
promulgated under the Securities Act of 1933, as amended (the “Securities Act”), the
Transferor does hereby certify that:

	 	(1)  	the offer of the Transferred Interest was not made to a person in the United
States;
	 
	 	(2)  	[at the time the buy order was originated, the Transferee was outside the
United States or the Transferor and any person acting on its behalf reasonably believed
that the Transferee was outside the United States] [the transaction was executed in, on
or through the facilities of a designated offshore securities market and neither the
undersigned nor any person acting on its behalf knows that the transaction was
pre–arranged with a buyer in the United States];

H - 1

 

	 	(3)  	the transferee is not a U.S. Person within the meaning of Rule 902(o) of
Regulation S nor a person acting for the account or benefit of a U.S. Person, and upon
completion of the transaction, the Transferred Interest will be held with the
Depository through [Euroclear] [Clearstream];
	 
	 	(4)  	no directed selling efforts have been made in contravention of the requirements
of Rule 903(b) or Rule 904(b) of Regulation S, as applicable; and
	 
	 	(5)  	the transaction is not part of a plan or scheme to evade the registration
requirements of the Securities Act.

or (ii) with respect to transfers made in reliance on Rule 144 under the Securities Act, the
Transferor does hereby certify that such Notes that are being transferred are not “restricted
securities” as defined in Rule 144 under the Securities Act.

This certificate and the statements contained herein are made for your benefit and the benefit of
the Trustee, the Issuer and the Placement Agents of the offering of the Notes.

	 	 	 	 	 
	 	 	[Insert Name of Transferor]
	 
	 	 	 	 
	

	 	By:	 	 
	

	 	 	 	 
	

	 	Name:	 	 
	

	 	 	 	 
	

	 	Title:	 	 
	

	 	 	 	 

Dated:

H - 2exv10w34

 

EXECUTION COPY

SALE AND SERVICING AGREEMENT

by and among

CAPITALSOURCE COMMERCIAL LOAN TRUST 2005-1,

as the
Issuer,

CAPITALSOURCE COMMERCIAL LOAN LLC, 2005-1,

as the Trust
Depositor,

CAPITALSOURCE FINANCE LLC,

as the Originator and
as the Servicer,

and

WELLS FARGO BANK, NATIONAL ASSOCIATION,

as the Indenture
Trustee and as the Backup Servicer.

Dated as of April 14, 2005

CapitalSource Commercial Loan Trust 2005-1 Asset Backed Notes, Series 2005-1

Class A-1, Class A-2, Class B, Class C, Class D, Class E and Class F Notes

 

 

TABLE OF CONTENTS

	 	 	 	 	 
	 	 	Page	 
	ARTICLE 1. DEFINITIONS
	 	 	2	 
	Section 1.01. Definitions
	 	 	2	 
	Section 1.02. Usage of Terms
	 	 	50	 
	Section 1.03. Section References
	 	 	50	 
	Section 1.04. Calculations
	 	 	51	 
	Section 1.05. Accounting Terms
	 	 	51	 
	ARTICLE 2. ESTABLISHMENT OF ISSUER; TRANSFER OF LOAN ASSETS
	 	 	51	 
	Section 2.01. Creation and Funding of Issuer; Transfer of Loan Assets
	 	 	51	 
	Section 2.02. Conditions to Transfer of Loan Assets to Issuer
	 	 	53	 
	Section 2.03. Acceptance by Owner Trustee
	 	 	54	 
	Section 2.04. Conveyance of Substitute Loans
	 	 	55	 
	Section 2.05. Release of Released Amounts
	 	 	58	 
	Section 2.06. Delivery of Documents in the Loan File; Recording of Assignments of Mortgage
	 	 	59	 
	Section 2.07. Optional Purchase by the Servicer of Certain Loans; Limitations on
Substitution and Repurchase
	 	 	60	 
	Section 2.08. Certification by Indenture Trustee; Possession of Loan Files
	 	 	60	 
	ARTICLE 3. REPRESENTATIONS AND WARRANTIES
	 	 	62	 
	Section 3.01. Representations and Warranties Regarding the Trust Depositor
	 	 	62	 
	Section 3.02. Representations and Warranties Regarding Each Loan and as to Certain
Loans in the Aggregate
	 	 	66	 
	Section 3.03. Representations and Warranties Regarding the Initial Loans in the Aggregate
	 	 	67	 
	Section 3.04. Representations and Warranties Regarding the Loan Files
	 	 	67	 
	Section 3.05. Representations and Warranties Regarding Concentrations of Initial Loans
	 	 	67	 
	Section 3.06. Representations and Warranties Regarding the Servicer
	 	 	67	 
	Section 3.07. Representations and Warranties of the Backup Servicer
	 	 	69	 
	ARTICLE 4. PERFECTION OF TRANSFER AND PROTECTION OF SECURITY INTERESTS
	 	 	70	 
	Section 4.01. Custody of Loans
	 	 	70	 
	Section 4.02. Filing
	 	 	70	 

-i-

 

TABLE OF CONTENTS

(continued)

	 	 	 	 	 
	 	 	Page	 
	Section 4.03. Changes in Name, Corporate Structure or Location
	 	 	70	 
	Section 4.04. Costs and Expenses
	 	 	71	 
	Section 4.05. Sale Treatment
	 	 	71	 
	Section 4.06. Separateness from Trust Depositor
	 	 	71	 
	ARTICLE 5. SERVICING OF LOANS
	 	 	71	 
	Section 5.01. Appointment and Acceptance
	 	 	71	 
	Section 5.02. Duties of the Servicer
	 	 	71	 
	Section 5.03. Liquidation of Loans
	 	 	78	 
	Section 5.04. Fidelity Bond
	 	 	79	 
	Section 5.05. Maintenance of Hazard Insurance
	 	 	79	 
	Section 5.06. Collection of Certain Loan Payments
	 	 	80	 
	Section 5.07. Access to Certain Documentation and Information Regarding the Loans
	 	 	81	 
	Section 5.08. Satisfaction of Mortgages and Collateral and Release of Loan Files
	 	 	81	 
	Section 5.09. Scheduled Payment Advances
	 	 	82	 
	Section 5.10. Title, Management and Disposition of Foreclosed Property
	 	 	83	 
	Section 5.11. Servicing Compensation
	 	 	83	 
	Section 5.12. Assignment; Resignation
	 	 	84	 
	Section 5.13. Merger or Consolidation of Servicer
	 	 	84	 
	Section 5.14. Limitation on Liability of the Servicer and Others
	 	 	84	 
	Section 5.15. The Backup Servicer
	 	 	85	 
	Section 5.16. Covenants of the Backup Servicer
	 	 	87	 
	ARTICLE 6. COVENANTS OF THE TRUST DEPOSITOR
	 	 	88	 
	Section 6.01. Legal Existence
	 	 	88	 
	Section 6.02. Loans Not to Be Evidenced by Promissory Notes
	 	 	88	 
	Section 6.03. Security Interests
	 	 	88	 
	Section 6.04. Delivery of Principal Collections and Interest Collections
	 	 	88	 
	Section 6.05. Regulatory Filings
	 	 	89	 
	Section 6.06. Compliance with Law
	 	 	89	 

-ii-

 

TABLE OF CONTENTS

(continued)

	 	 	 	 	 
	 	 	Page	 
	Section 6.07. Activities; Transfers of Notes or Certificates by Trust Depositor
	 	 	89	 
	Section 6.08. Indebtedness
	 	 	89	 
	Section 6.09. Guarantees
	 	 	90	 
	Section 6.10. Investments
	 	 	90	 
	Section 6.11. Merger; Sales
	 	 	90	 
	Section 6.12. Distributions
	 	 	90	 
	Section 6.13. Other Agreements
	 	 	90	 
	Section 6.14. Separate Legal Existence
	 	 	91	 
	Section 6.15. Location; Records
	 	 	91	 
	Section 6.16. Liability of Trust Depositor
	 	 	92	 
	Section 6.17. Bankruptcy Limitations
	 	 	92	 
	Section 6.18. Limitation on Liability of Trust Depositor and Others
	 	 	92	 
	Section 6.19. Insurance Policies
	 	 	92	 
	Section 6.20. Payments from Obligor Lock–Boxes and Obligor Lock–Box Accounts
	 	 	93	 
	ARTICLE 7. ESTABLISHMENT OF ACCOUNTS; DISTRIBUTIONS; RESERVE FUND
	 	 	93	 
	Section 7.01. Note Distribution Account, Reserve Fund and Lock–Boxes
	 	 	93	 
	Section 7.02. Reserve Fund Deposit
	 	 	94	 
	Section 7.03. Principal and Interest Account
	 	 	94	 
	Section 7.04. Securityholder Distributions
	 	 	97	 
	Section 7.05. Priority of Payments; Allocations and Distributions
	 	 	98	 
	Section 7.06. Determination of LIBOR
	 	 	104	 
	Section 7.07. Monthly Reconciliation
	 	 	105	 
	ARTICLE 8. SERVICER DEFAULT; SERVICER TRANSFER
	 	 	105	 
	Section 8.01. Servicer Default
	 	 	105	 
	Section 8.02. Servicer Transfer
	 	 	106	 
	Section 8.03. Appointment of Successor Servicer; Reconveyance; Successor Servicer to Act
	 	 	107	 
	Section 8.04. Notification to Securityholders and Hedge Counterparties
	 	 	109	 

-iii-

 

TABLE OF CONTENTS

(continued)

	 	 	 	 	 
	 	 	Page	 
	Section 8.05. Effect of Transfer
	 	 	109	 
	Section 8.06. Database File
	 	 	110	 
	Section 8.07. Waiver of Defaults
	 	 	110	 
	Section 8.08. Responsibilities of the Successor Servicer
	 	 	110	 
	Section 8.09. Rating Agency Condition for Servicer Transfer
	 	 	111	 
	Section 8.10. Appointment of Successor Backup Servicer; Successor Backup Servicer to Act
	 	 	111	 
	ARTICLE 9. REPORTS
	 	 	112	 
	Section 9.01. Monthly Reports
	 	 	112	 
	Section 9.02. Officer’s Certificate
	 	 	112	 
	Section 9.03. Other Data; Obligor Financial Information
	 	 	112	 
	Section 9.04. Annual Report of Accountants
	 	 	113	 
	Section 9.05. Annual Statement of Compliance from Servicer
	 	 	114	 
	Section 9.06. Reports of Foreclosure and Abandonment of Mortgaged Property
	 	 	114	 
	Section 9.07. Notices
	 	 	114	 
	Section 9.08. Indenture Trustee’s Right to Examine Servicer Records and Audit Operations
	 	 	115	 
	ARTICLE 10. TERMINATION
	 	 	115	 
	Section 10.01. Optional Repurchase of Offered Notes
	 	 	115	 
	Section 10.02. Termination
	 	 	115	 
	ARTICLE 11. REMEDIES UPON MISREPRESENTATION; REPURCHASE OPTION
	 	 	116	 
	Section 11.01. Repurchases of, or Substitution for, Loans for Breach of
Representations and Warranties
	 	 	116	 
	Section 11.02. Reassignment of Repurchased or Substituted Loans
	 	 	116	 
	ARTICLE 12. INDEMNITIES
	 	 	117	 
	Section 12.01. Indemnification by Servicer
	 	 	117	 
	Section 12.02. Indemnification by Trust Depositor
	 	 	117	 
	ARTICLE 13. MISCELLANEOUS
	 	 	118	 
	Section 13.01. Amendment
	 	 	118	 
	Section 13.02. Protection of Title to Issuer
	 	 	119	 

-iv-

 

TABLE OF CONTENTS

(continued)

	 	 	 	 	 
	 	 	Page	 
	Section 13.03. Governing Law
	 	 	119	 
	Section 13.04. Notices
	 	 	119	 
	Section 13.05. Severability of Provisions
	 	 	122	 
	Section 13.06. Third Party Beneficiaries
	 	 	122	 
	Section 13.07. Counterparts
	 	 	122	 
	Section 13.08. Headings
	 	 	122	 
	Section 13.09. No Bankruptcy Petition; Disclaimer
	 	 	122	 
	Section 13.10. Jurisdiction
	 	 	124	 
	Section 13.11. Tax Characterization
	 	 	124	 
	Section 13.12. Prohibited Transactions with Respect to the Issuer
	 	 	124	 
	Section 13.13. Limitation of Liability of Owner Trustee
	 	 	124	 
	Section 13.14. Allocation of Payments with Respect to Loans
	 	 	125	 
	Section 13.15. No Partnership
	 	 	126	 
	Section 13.16. Successors and Assigns
	 	 	126	 
	Section 13.17. Acts of Holders
	 	 	126	 
	Section 13.18. Duration of Agreement
	 	 	126	 
	Section 13.19. Limited Recourse
	 	 	126	 
	Section 13.20. Confidentiality
	 	 	126	 
	Section 13.21. Non-Confidentiality of Tax Treatment
	 	 	127	 

-v-

 

EXHIBITS, SCHEDULES AND APPENDIX

	 	 	 	 	 
	Exhibit A

	 	Form of Assignment
	 	A–1
	Exhibit B

	 	Form of Closing Certificate of Trust Depositor
	 	B–1
	Exhibit C

	 	Form of Closing Certificate of Servicer/Originator
	 	C–1
	Exhibit D

	 	Form of Liquidation Report
	 	D–1
	Exhibit E

	 	Form of Principal and Interest Account Letter Agreement
	 	E–1
	Exhibit F

	 	Form of Certificate Regarding Repurchased Loans
	 	F–1
	Exhibit G

	 	List of Loans
	 	G–1
	Exhibit H

	 	Form of Monthly Servicer Report
	 	H–1
	Exhibit I

	 	Form of Subsequent Transfer Agreement
	 	I–1
	Exhibit J

	 	Form of Subsequent Purchase Agreement
	 	J–1
	Exhibit K

	 	Credit and Collection Policy
	 	K–1
	Exhibit L–1

	 	Form of Initial Certification
	 	L–1
	Exhibit L–2

	 	Form of Final Certification
	 	L–2
	Exhibit M

	 	Form of Request For Release Of Documents
	 	M–1
	Exhibit N

	 	Form of Addition Notice
	 	N–1
	 
	 	 	 	 
	Schedule I

	 	Lock–Box Banks and Lock–Box Accounts
	 	Schedule–I
	Schedule II

	 	Obligor Lock–Box Banks and Obligor Lock–Box Accounts
	 	Schedule–II
	 
	 	 	 	 
	Appendix A

	 	Material Mortgage Loan Criteria
	 	Appendix A–1

-i-

 

SALE AND SERVICING AGREEMENT

     THIS SALE AND SERVICING AGREEMENT, dated as of April 14, 2005, is by and among:

	 	(1)  	CAPITALSOURCE COMMERCIAL LOAN TRUST 2005-1, a statutory trust created and
existing under the laws of the State of Delaware (together with its successors and
assigns, the “Issuer”);
	 
	 	(2)  	CAPITALSOURCE COMMERCIAL LOAN LLC, 2005-1, a Delaware limited liability
company, as the trust depositor (together with its successor and assigns, in such
capacity, the “Trust Depositor”);
	 
	 	(3)  	CAPITALSOURCE FINANCE LLC, a Delaware limited liability company (together with
its successors and assigns, “CapitalSource”), as the servicer (together with
its successor and assigns, in such capacity, the “Servicer”), and as the
originator (together with its successor and assigns, in such capacity, the
“Originator”); and
	 
	 	(4)  	WELLS FARGO BANK, NATIONAL ASSOCIATION (together with its successors and
assigns, “Wells Fargo”), not in its individual capacity but as the indenture
trustee (together with its successors and assigns, in such capacity, the “Indenture
Trustee”), and not in its individual capacity but as the backup servicer (together
with its successors and assigns, in such capacity, the “Backup Servicer”).

R E C I T A L S

     WHEREAS, in the regular course of its business, the Originator originates and/or otherwise
acquires Loans (as defined herein);

     WHEREAS, the Trust Depositor acquired the Initial Loans from the Originator and may acquire
from time to time thereafter certain Substitute Loans (such Initial Loans and Substitute Loans,
together with certain related property as more fully described herein, being the Loan Assets as
defined herein);

     WHEREAS, it was a condition to the Trust Depositor’s acquisition of the Initial Loans from the
Originator that the Originator make certain representations and warranties regarding the Loan
Assets for the benefit of the Trust Depositor as well as the Issuer;

     WHEREAS, on the Closing Date (as defined herein), the Trust Depositor will fund the Issuer by
selling, conveying and assigning all its right, title and interest in such Loan Assets and certain
other assets to the Issuer;

     WHEREAS, the Issuer is willing to purchase and accept assignment of the Loan Assets (as
defined herein) from the Trust Depositor pursuant to the terms hereof; and

 

 

     WHEREAS, the Servicer is willing to service the Loan Assets for the benefit and account of the
Issuer pursuant to the terms hereof.

     NOW, THEREFORE, based upon the above recitals, the mutual premises and agreements contained
herein, and other good and valuable consideration, the receipt and sufficiency of which are hereby
acknowledged, the parties hereto, intending to be legally bound, hereby agree as follows:

ARTICLE 1.

DEFINITIONS

     Section 1.01. Definitions.

     Whenever used in this Agreement, the following words and phrases, unless the context otherwise
requires, shall have the following meanings:

“1940 Act” means the Investment Company Act of 1940, as amended.

“Accelerated Amortization Event” means the occurrence of either of (i) the Aggregate
Outstanding Loan Balance shall be less than the Aggregate Outstanding Principal Balance of the
Notes for a period greater than 60 calendar days or (ii) any of the Offered Notes shall be
outstanding on any Remittance Date after February 20, 2014.

“Accreted Interest” means accrued interest on a Deferred Interest Loan that is added to the
principal amount of such Deferred Interest Loan instead of being paid as it accrues.

“Acquired Loan” means a Loan that is originated by a Person other than the Originator or an
Affiliate thereof and acquired by the Originator in a “true sale” transaction pursuant to a
standard loan acquisition agreement.

“Acquisition Funding Transaction” means the Loan Certificate and Servicing Agreement, dated
as of February 28, 2003, by and among CapitalSource Acquisition Funding Inc., the Originator, the
Servicer, Variable Funding Capital Corporation and Wells Fargo Bank, National Association, as
amended, modified, restated, waived or supplemented from time to time, and all documents executed
in connection therewith and all transactions contemplated thereby.

“Addition Notice” means, with respect to any transfer of Substitute Loans to the Issuer in
accordance with Section 2.04 (and the Trust Depositor’s corresponding prior purchase of
such Loans from the Originator), a notice in the form of Exhibit N, which shall be given at
least ten Business Days prior to the related Subsequent Transfer Date, identifying the Substitute
Loans to be transferred, the Outstanding Loan Balance of such Substitute Loans and the related
Substitution Event (with respect to an identified Loan or Loans then in the Loan Pool) to which
such Substitute Loan relates, with such notice to be signed both by the Trust Depositor and the
Originator.

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“Additional Servicing Fee” means an amount, in addition to the Servicing Fee, necessary to
induce a Successor Servicer to serve as Servicer hereunder, which amount shall not exceed $100,000
in the aggregate per Successor Servicer.

“Affiliate” of any specified Person means any other Person controlling or controlled by, or
under common control with, such specified Person. For the purposes of this definition, “control”
(including the terms “controlling”, “controlled by” and “under common control with”) when used with
respect to any specified Person means the possession, direct or indirect, of the power to vote 20%
or more of the voting securities of such Person or to direct or cause the direction of the
management and policies of such Person whether through the ownership of voting securities, by
contract or otherwise. Each of the Indenture Trustee and the Owner Trustee may conclusively
presume that a Person is not an Affiliate of another Person unless a Responsible Officer of such
trustee has actual knowledge to the contrary.

“Agented Loans” means, with respect to any Loan, (a) the Loan is originated by the
Originator in accordance with the Credit and Collection Policy as a part of a syndicated loan
transaction that has been fully consummated prior to such Loan becoming part of the Loan Pool, (b)
upon the sale of the Loan under the Transfer and Servicing Agreements to the Issuer, the Underlying
Notes (if any) representing such loan will be endorsed to and held by the Indenture Trustee on
behalf of the Securityholders and the Hedge Counterparties or, in the case of a Noteless Loan a
copy of the related Loan Register shall have been delivered to the Indenture Trustee, as
applicable, (c) the Issuer, as assignee of the Loan, will have all of the rights (but none of the
obligations) of the Originator with respect to such Loan and the Originator’s right, title and
interest in and to the Collateral, (d) the Loan is secured by an undivided interest in the
Collateral that also secures and is shared by, on a pro rata basis, all other holders of such
Obligor’s notes of equal priority and (e) the Originator (or a wholly owned subsidiary of the
Originator) is the collateral agent and payment agent for all noteholders of such Obligor.

“Aggregate Notional Amount” means, on any date, the aggregate notional amount in respect of
the payment obligations of the relevant Hedge Counterparty that is outstanding on that date under
all Hedge Transactions or any group thereof, as the context requires.

“Aggregate Outstanding Loan Balance” means, as of any date, the sum of the Outstanding Loan
Balance for each Loan owned by the Issuer.

“Aggregate Outstanding Principal Balance” means, as of any date of determination, the sum
of the Outstanding Principal Balances of each Class outstanding on such date.

“Agreement” means this Sale and Servicing Agreement, as amended, modified, waived,
supplemented or restated from time to time in accordance with the terms hereof.

“Amortizing Loan” means a Loan that, by its terms, provides for (or after a period of time
will provide for) a series of Scheduled Payment installments calculated to amortize the principal
balance of the Loan over its term so that, at the Loan’s maturity, no more than 25% of the maximum
outstanding loan balance remains unpaid, with the remaining balance due at maturity.

“Asset Based Revolver” means any Revolving Loan (other than a Loan to an SPE Obligor)
secured by accounts receivable and/or inventory.

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“Assigned Loan” means a Loan originated by a Person other than the Originator in which a
constant percentage interest has been assigned to the Originator by such Person in accordance with
the Credit and Collection Policy and (a) such transaction has been fully consummated prior to such
Loan becoming part of the Loan Pool, (b) the Originator is a party to the underlying loan
documents, (c) upon the sale of the Loan under the Transfer and Servicing Agreements to the Issuer,
any Underlying Notes will be endorsed to and held by the Indenture Trustee, (d) the Issuer, as
assignee of the Loan, will have all of the rights (but none of the obligations) of the Originator
with respect to such Loan and the Originator’s right, title and interest in and to the Collateral,
(e) the Loan is secured by an undivided interest in the Collateral that also secures and is shared
by, on a pro rata basis, all other holders of such Obligor’s indebtedness of equal priority, and
(f) the agent bank receives payment directly from the Obligor thereof on behalf of each lender that
has been assigned a percentage interest in such Loan.

“Assigned Parties” means the Noteholders and Hedge Counterparties as well as any other
holder of a loan to or debt obligation of such Obligor arising out of the same underlying loan
agreement, including, without limitation, the Originator, CapitalSource Commercial Loan Trust
2002-2, CapitalSource Commercial Loan Trust 2003-1, CapitalSource Commercial Loan Trust 2003-2,
CapitalSource Commercial Loan Trust 2004-1, CapitalSource Commercial Loan Trust 2004-2,
CapitalSource Funding Inc., CapitalSource Funding II Trust and CapitalSource Funding III Inc.

“Assignment” means each Assignment, substantially in the form of Exhibit A,
relating to an assignment, transfer and conveyance of Loans and the related Collateral by the Trust
Depositor to the Issuer.

“Assignment of Mortgage” means, with respect to each Loan that is a Material Mortgage Loan
or that is to an SPE Obligor that is secured by real property and improvements thereon, an
assignment of the related Mortgage, notice of transfer or equivalent instrument sufficient under
the laws of the jurisdiction wherein the related Mortgaged Property is located to reflect or record
the transfer of the Mortgage of the related Loan to the Indenture Trustee.

“Available Principal Distributable” means, as of any Remittance Date, an amount equal to
(i) the amount of funds remaining after distribution of all amounts payable under clauses
First through Tenth of Section 7.05(a) minus (ii) the Outstanding
Loan Balance of each Delinquent Loan.

“Backup Servicer” means the Person acting as Backup Servicer hereunder, its successors in
interest and any Successor Backup Servicer hereunder.

“Backup Servicer Termination Notice” shall have the meaning given to such term in Section
8.10(a).

“Backup Servicer Transfer” shall have the meaning given to such term in Section
8.10(b).

“Backup Servicing Fee” shall have the meaning given to such term in the fee letter, dated
as of the date hereof, among the Originator, the Trust Depositor, the Issuer and the Backup
Servicer.

“Balloon Loan” means a Loan that, by its terms, provides for (or after a period of time
will provide for) a series of Scheduled Payment installments calculated to partially amortize the
principal balance of the Loan over its term so that, at the Loan’s maturity, more than 25% (but

4

 

less than 100%) of the maximum outstanding loan balance remains unpaid, with such remaining balance
due at maturity.

“BIF” means the Bank Insurance Fund, or any successor thereto.

“Break-Even Default Rate” means, with respect to any class of Notes, the maximum cumulative
rate of defaults with respect to Loans in the Loan Pool that such class of Notes can withstand,
while subjected to the cash flow stresses employed by S&P in rating such class of Notes, and still
pay timely interest and ultimate principal to the Holders of such by the Legal Final Maturity Date
or, in the case of the Class A-1 Notes, by the Class A-1 Legal Final Maturity Date.

“Bullet Loan” means a Loan that, by its terms, provides for no Scheduled Payments of
principal prior to the Loan’s maturity, and, at maturity, the entire unpaid principal balance of
the Loan is due.

“Business Day” means any day other than (a) a Saturday or Sunday, or (b) a day on which
banking institutions in the cities of New York, New York and Minneapolis, Minnesota are authorized
or obligated, by law or executive order, to be closed; provided, that, if any
action is required of the Ireland Paying Agent, then, for purposes of determining when such Ireland
Paying Agent action is required Dublin, Ireland will be considered in determining “Business Day”.

“Call Period” means the period on and after the date on which the Outstanding Principal
Balance of the Class A Notes is less than or equal to 20% of the Outstanding Principal Balance of
the Class A Notes on the Closing Date; provided, that, so long as the Class A-1
Notes are outstanding, the Call Period shall not commence earlier than the Remittance Date
occurring in November, 2007.

“CapitalSource” shall have the meaning given to such term in the Preamble.

“CapitalSource LIBOR Rate” means the posted rate for 30, 60, 90 or 180 day, as applicable,
deposits in U.S. dollars appearing on Telerate Page 3750, as and when determined in accordance with
the applicable Required Loan Documents.

“CapitalSource Prime Rate” means the rate designated by CapitalSource from time to time as
its prime rate in the United States, such rate to change as and when such designated rate changes;
provided, however, the CapitalSource Prime Rate is not intended to be the lowest
rate of interest charged by CapitalSource in connection with extensions of credit to debtors.

“Certificate” means the CapitalSource Commercial Loan Trust 2005-1 Certificates
representing a beneficial equity interest in the Issuer and issued pursuant to the Trust Agreement.

“Certificate Account” shall have the meaning given to such term in Section 5.01 of the
Trust Agreement.

“Certificate Register” shall have the meaning given to such term in the Trust Agreement.

“Certificateholder” means the registered holder of a Certificate.

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“Charged–Off Loan” means a Loan in the Loan Pool with respect to which there has occurred
one or more of the following:

     (a) the occurrence of both (i) any portion of a payment of interest on or principal (excluding
payments of principal consisting of excess cash flow sweeps) of such Loan is not paid when due
(without giving effect to any grace period or any Scheduled Payment Advance made in respect of such
payment of interest or principal) or would be so delinquent but for any amendment or modification
made to such Loan resulting from the Obligor’s inability to pay such Loan in accordance with its
terms and (ii) within 120 days of when such delinquent payment was first due, all delinquencies
have not been cured;

     (b) an Insolvency Event has occurred with respect to the related Obligor;

     (c) the related Obligor has suffered any material adverse change that materially affects its
viability as a going concern;

     (d) the Servicer has determined, in its sole discretion, in accordance with the Credit and
Collection Policy, that all or a portion of such Loan is not collectible;

     (e) any portion of the proceeds used to make payments of principal of or interest on such Loan
have come from a new Loan or a new loan by the Originator or an entity controlled by the Originator
to the Obligor or any of its Affiliates; or

     (f) the related Obligor is rated “D” by S&P.

“Citigroup” means Citigroup Global Markets Inc.

“Class” means any of the group of Notes identified herein as, as applicable, the Class A-1
Notes, the Class A-2 Notes, the Class B Notes, the Class C Notes, the Class D Notes, the Class E
Notes or the Class F Note.

“Class A Notes” means, collectively, the Class A-1 Notes and the Class A-2 Notes.

“Class A Trigger Event” means an event which shall be deemed to occur if, as of any
Determination Date, the Aggregate Outstanding Loan Balance shall be less than the Outstanding
Principal Balance of the Class A Notes.

“Class A-1 Interest Amount” means, for each Interest Accrual Period, the product of (i) the
Note Interest Rate applicable to the Class A-1 Notes as of the first day of such Interest Accrual
Period, (ii) the Outstanding Principal Balance of the Class A-1 Notes as of the first day of such
Interest Accrual Period (after giving effect to all distributions made on such day) and (iii) a
fraction, the numerator of which is the number of days in such Interest Accrual Period and the
denominator of which is 360.

“Class A-1 Legal Final Maturity Date” means March 22, 2010.

“Class A-1 Note Interest Rate” means the annual rate of interest payable with respect to
the Class A-1 Notes, which shall be equal to LIBOR plus 0.09% per annum.

6

 

“Class A-1 Noteholder” means each Person in whose name a Class A-1 Note is registered in
the Note Register.

“Class A-1 Notes” means CapitalSource Commercial Loan Trust 2005-1 Asset–Backed Notes,
Series 2005-1, Class A-1 Notes, issued pursuant to the Indenture.

“Class A-2 Interest Amount” means, for each Interest Accrual Period, the product of (i) the
Note Interest Rate applicable to the Class A-2 Notes as of the first day of such Interest Accrual
Period, (ii) the Outstanding Principal Balance of the Class A-2 Notes as of the first day of such
Interest Accrual Period (after giving effect to all distributions made on such day) and (iii) a
fraction, the numerator of which is the number of days in such Interest Accrual Period and the
denominator of which is 360.

“Class A-2 Note Interest Rate” means the annual rate of interest payable with respect to
the Class A-2 Notes, which shall be equal to LIBOR plus 0.19% per annum.

“Class A-2 Noteholder” means each Person in whose name a Class A-2 Note is registered in
the Note Register.

“Class A-2 Notes” means CapitalSource Commercial Loan Trust 2005-1 Asset–Backed Notes,
Series 2005-1, Class A-2 Notes, issued pursuant to the Indenture.

“Class B Accrued Payable” means, for any Remittance Date with respect to which the Class B
Interest Amount is calculated using clause (ii)(b) of the definition thereof, an amount
equal to the excess, if any, of (a) the amount that would have been calculated as the Class B
Interest Amount on such Remittance Date if the calculation was made using clause (ii)(a) of
the definition of Class B Interest Amount and not clause (ii)(b) of such definition over
(b) the amount calculated as the Class B Interest Amount on such Remittance Date, together with the
unpaid portion of any such excess from prior Remittance Dates (and interest accrued thereon at the
then applicable Class B Note Interest Rate).

“Class B Interest Amount” means, for each Interest Accrual Period, an amount equal to the
product of (i) the Class B Note Interest Rate as of the first day of such Interest Accrual Period,
(ii) the lesser of (a) the Outstanding Principal Balance of the Class B Notes as of the first day
of such Interest Accrual Period (after giving effect to all distributions made on such day) and (b)
the excess, if any, of (1) the Aggregate Outstanding Loan Balance as of the last day of the Due
Period immediately preceding the start of such Interest Accrual Period over (2) the Outstanding
Principal Balance of the Class A Notes as of the first day of such Interest Accrual Period (after
giving effect to all distributions made on such day) and (iii) a fraction, the numerator of which
is the number of days in such Interest Accrual Period and the denominator of which is 360.

“Class B Note Interest Rate” means the annual rate of interest payable with respect to the
Class B Notes, which shall be equal to LIBOR plus 0.28% per annum.

“Class B Noteholder” means each Person in whose name a Class B Note is registered in the
Note Register.

7

 

“Class B Notes” means CapitalSource Commercial Loan Trust 2005-1 Asset–Backed Notes, Series
2005-1, Class B Notes, issued pursuant to the Indenture.

“Class C Accrued Payable” means, for any Remittance Date with respect to which the Class C
Interest Amount is calculated using clause (ii)(b) of the definition thereof, an amount
equal to the excess, if any, of (a) the amount that would have been calculated as the Class C
Interest Amount on such Remittance Date if the calculation was made using clause (ii)(a) of
the definition of Class C Interest Amount and not clause (ii)(b) of such definition over
(b) the amount calculated as the Class C Interest Amount on such Remittance Date, together with the
unpaid portion of any such excess from prior Remittance Dates (and interest accrued thereon at the
then applicable Class C Note Interest Rate).

“Class C Interest Amount” means, for each Interest Accrual Period, an amount equal to the
product of (i) the Class C Note Interest Rate as of the first day of such Interest Accrual Period,
(ii) the lesser of (a) the Outstanding Principal Balance of the Class C Notes as of the first day
of such Interest Accrual Period (after giving effect to all distributions made on such day) and (b)
the excess, if any, of (1) the Aggregate Outstanding Loan Balance as of the last day of the Due
Period immediately preceding the start of such Interest Accrual Period over (2) the Outstanding
Principal Balance of the Class A Notes and the Class B Notes as of the first day of such Interest
Accrual Period (after giving effect to all distributions made on such day) and (iii) a fraction,
the numerator of which is the number of days in such Interest Accrual Period and the denominator of
which is 360.

“Class C Note Interest Rate” means the annual rate of interest payable with respect to the
Class C Notes, which shall be equal to LIBOR plus 0.70% per annum.

“Class C Noteholder” means each Person in whose name a Class C Note is registered in the
Note Register.

“Class C Notes” means CapitalSource Commercial Loan Trust 2005-1 Asset–Backed Notes, Series
2005-1, Class C Notes, issued pursuant to the Indenture.

“Class D Accrued Payable” means, if, for any Remittance Date, the Class D Interest Amount
is calculated using clause (ii)(b) of the definition thereof, the excess, if any, of (i)
the amount that would have been calculated as the Class D Interest Amount on such Remittance Date
if the calculation was made using clause (ii)(a) of the definition of Class D Interest
Amount and not clause (ii)(b) of such definition over (ii) the amount calculated as the
Class D Interest Amount on such Remittance Date, together with the unpaid portion of any such
excess from prior Remittance Dates (and interest accrued thereon at the then applicable Class D
Note Interest Rate).

“Class D Interest Amount” means, for each Interest Accrual Period, the product of (i) the
Class D Note Interest Rate as of the first day of such Interest Accrual Period, (ii) the lesser of
(a) the Outstanding Principal Balance of the Class D Notes as of the first day of such Interest
Accrual Period (after giving effect to all distributions made on such day) and (b) the excess, if
any, of (1) the Aggregate Outstanding Loan Balance as of the last day of the Due Period immediately
preceding the start of such Interest Accrual Period over (2) the Outstanding Principal Balance of
the Class A Notes, Class B Notes and Class C Notes as of the first day of such Interest Accrual

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Period (after giving effect to all distributions made on such day) and (iii) a fraction, the
numerator of which is the number of days in such Interest Accrual Period and the denominator of
which is 360.

“Class D Note Interest Rate” means the annual rate of interest payable with respect to the
Class D Notes, which shall be equal to LIBOR plus 1.25% per annum.

“Class D Noteholder” means each Person in whose name a Class D Note is registered in the
Note Register.

“Class D Notes” means CapitalSource Commercial Loan Trust 2005-1 Asset–Backed Notes, Series
2005-1, Class D Notes, issued pursuant to the Indenture.

“Class E Accrued Payable” means, if, for any Remittance Date, the Class E Interest Amount
is calculated using clause (ii)(b) of the definition thereof, the excess, if any, of (i)
the amount that would have been calculated as the Class E Interest Amount on such Remittance Date
if the calculation was made using clause (ii)(a) of the definition of Class E Interest
Amount and not clause (ii)(b) of such definition over (ii) the amount calculated as the
Class E Interest Amount on such Remittance Date, together with the unpaid portion of any such
excess from prior Remittance Dates (and interest accrued thereon at the then applicable Class E
Note Interest Rate).

“Class E Interest Amount” means, for each Interest Accrual Period, the product of (i) the
Class E Note Interest Rate as of the first day of such Interest Accrual Period, (ii) the lesser of
(a) the Outstanding Principal Balance of the Class E Notes as of the first day of such Interest
Accrual Period (after giving effect to all distributions made on such day) and (b) the excess, if
any, of (1) the Aggregate Outstanding Loan Balance as of the last day of the Due Period immediately
preceding the start of such Interest Accrual Period over (2) the Outstanding Principal Balance of
the Class A Notes, Class B Notes, Class C Notes and Class D Notes as of the first day of such
Interest Accrual Period (after giving effect to all distributions made on such day) and (iii) a
fraction, the numerator of which is the number of days in such Interest Accrual Period and the
denominator of which is 360.

“Class E Note Interest Rate” means the annual rate of interest payable with respect to the
Class E Notes, which shall be equal to LIBOR plus 3.15% per annum.

“Class E Noteholder” means each Person in whose name a Class E Note is registered in the
Note Register.

“Class E Notes” means CapitalSource Commercial Loan Trust 2005-1 Asset–Backed Notes, Series
2005-1, Class E Notes, issued pursuant to the Indenture.

“Class F Note” means the CapitalSource Commercial Loan Trust 2005-1 Asset–Backed Note,
Series 2005-1, Class F Note, issued pursuant to the Indenture.

“Class F Noteholder” means each Person in whose name a Class F Note is registered in the
Note Register.

“Closing Date” means April 14, 2005.

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“Code” means the Internal Revenue Code of 1986, as amended, or any successor legislation
thereto.

“Collateral” means the assets of an Obligor or others in which a security interest has been
granted by the Obligor or others to secure such Loan, including, but not limited to, real estate,
accounts receivable, inventory and other tangible and intangible assets of the related Obligor.

“Collections” means the aggregate of Interest Collections and Principal Collections.

“Commission” means the United States Securities and Exchange Commission.

“Computer Records” means the computer records generated by the Servicer that provide
information relating to the Loans and that were used by the Originator in selecting the Loans
conveyed to the Trust Depositor pursuant to Section 2.01 (and any Substitute Loans conveyed
to the Trust Depositor pursuant to Section 2.04).

“Contractual Obligation” means, with respect to any Person, any provision of any securities
issued by such Person or any indenture, mortgage, deed of trust, contract, undertaking, agreement,
instrument or other document to which such Person is a party or by which it or any of its property
is bound or is subject.

“Corporate Trust Office” means, with respect to the Indenture Trustee or Owner Trustee, as
applicable, the office of the Indenture Trustee or Owner Trustee at which at any particular time
its corporate trust business shall be principally administered, which offices at the date of the
execution of this Agreement are located at the addresses set forth in Section 1304(d).

“Credit and Collection Policy” means the written credit and collection policies and
procedures manual of the Originator and the Servicer in effect on the Closing Date and attached
hereto as Exhibit K, as amended or supplemented from time to time in accordance with
Section 5.02(m) of this Agreement; and with respect to any Successor Servicer, the written
collection policies and procedures of such Person at the time such Person becomes Successor
Servicer.

“Credit Support Party”: means, with respect to any Hedge Counterparty, any Person providing
credit support on behalf of such Hedge Counterparty.

“Curtailment” means, with respect to a Loan, any payment of principal received by the
Issuer during a Due Period as part of a payment allocable to a Loan that is in excess of the
principal portion of the Scheduled Payment due for such Due Period and which is not intended to
satisfy the Loan in full, nor is intended to cure a delinquency.

“Cut–Off Date” means either or both (as the context may require) of the Initial Cut–Off
Date and any Subsequent Cut–Off Date as applicable to the Loan or Loans in question.

“Deferred Interest Loan” means a Loan that requires the related Obligor to pay only a
portion of the accrued and unpaid interest on a current basis, with the remaining interest being
deferred and paid later, together with any unpaid interest thereon, in a lump sum, which amount
shall be treated as Interest Collections at the time it is received.

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“Delinquent Loan” means a Loan (that is not a Charged–Off Loan) in the Loan Pool as to
which there has occurred one or more of the following:

     (a) the occurrence of both (i) any portion of a payment of interest on or principal (excluding
payments of principal constituting excess cash flow sweeps) of such Loan is not paid in cash on a
current basis when due (without giving effect to any grace period or any Scheduled Payment Advance
made in respect of such payment of interest or principal) or would be so delinquent but for any
amendment, modification, waiver or variance made to such Loan resulting from the Obligor’s
inability to pay such Loan in accordance with its terms and (ii)(A) with respect to Asset Based
Revolvers, within one calendar day of when such delinquent payment was first due and (B) with
respect to all other Loans, within 60 calendar days of when such delinquent payment was first due,
all delinquencies have not been cured;

     (b) consistent with the Credit and Collection Policy such Loan would be classified as
delinquent by the Servicer or the Originator; or

     (c) the cash interest rate payable by the Obligor under such Loan has been reduced, and,
either before or immediately after giving effect to such reduction, the Weighted Average LIBOR
Spread Test is not satisfied;

provided, however, if any Loan to an Obligor is a Delinquent Loan, or if any Loan
from the Originator or any entity controlled by the Originator would be a Delinquent Loan if owned
by the Issuer, then all Loans to that Obligor shall be deemed to be Delinquent Loans;
provided, further, that such Loan or Loans shall cease to be deemed delinquent as
of the date that each Loan which caused any other Loan to be deemed delinquent in accordance with
the preceding proviso has become a performing Loan and maintained such status for a period of 12
consecutive months.

“Determination Date” means that day of each month that is the third Business Day prior to a
Remittance Date.

“DIP Loan” means a loan to an Obligor that is a “debtor-in-possession” as defined under the
Bankruptcy Code.

“Dollar” and “$” means lawful currency of the United States.

“Downgrade Event” means the reduction or withdrawal of the rating issued by any Rating
Agency on the Closing Date with respect to any outstanding class of Offered Notes.

“Due Period” means, with respect to the first Remittance Date, the period from and
including the Initial Cut–Off Date to but excluding the 11th day of the calendar month immediately
preceding the first Remittance Date; and thereafter, the period from and including the 11th day of
the previous calendar month to but excluding the 11th day of the month in which such Remittance
Date occurs.

“Election Rate Loan” means a Loan which by its terms permits the related Obligor to
periodically elect between Loan Rates based on the CapitalSource Prime Rate or the CapitalSource
LIBOR Rate.

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“Eligible Deposit Account” means either (a) a segregated account with a Qualified
Institution, or (b) a segregated trust account with the corporate trust department of a depository
institution organized under the laws of the United States or any one of the states thereof,
including the District of Columbia (or any domestic branch of a foreign bank), and acting as a
trustee for funds deposited in such account, so long as any of the securities of such depository
institution shall have a credit rating from in the case of Fitch of at least “F-1+”, in the case of
Moody’s a short–term credit rating of “P-1” and in the case of S&P a commercial paper short–term
debt rating of “A-1+” and a long–term unsecured debt rating of “AA-”.

“Eligible Loan” means, on and as of the related Transfer Date, a Loan as to which each of
the following is true:

     (a) the information with respect to each Loan set forth on the List of Loans delivered to the
Indenture Trustee is true and complete;

     (b) the Loan, together with the Collateral, has been originated or acquired by the Originator,
and immediately prior to the transfer and assignment contemplated by the Loan Sale Agreement, the
Originator held, and immediately prior to the transfer and assignment contemplated by the Sale and
Servicing Agreement, the Trust Depositor held, good and indefeasible title to, and was the sole
owner of, the Loans being transferred to the Trust Depositor and Issuer, respectively, subject to
no Liens except Liens which will be released simultaneously with such transfer and assignment and
Permitted Liens; and immediately upon the transfer and assignment contemplated by this Agreement,
the Issuer will hold good and indefeasible title to, and be the sole owner of, each Loan, subject
to no Liens except Liens in favor of the Indenture Trustee;

     (c) (i) the Loan, together with the Collections and Collateral related thereto, are free and
clear of any Liens except Permitted Liens, and (ii) all filings and other actions required to grant
to (A) the Indenture Trustee a first priority perfected security interest in the Originator’s, the
Trust Depositor’s and the Issuer’s interest in the Loan, the Collections and related Collateral
have been made or taken, and (B) in the case of Agented Loans and Assigned Loans, the collateral
agent, as agent for certain creditors of the related Obligor including the Issuer as owner of the
related Loan, a first priority perfected security interest in the Collateral (except for Permitted
Liens);

     (d) at the time such Loan is included in the Loan Pool, (i) the Loan is not (and since its
origination or, to the knowledge of the Originator or the Trust Depositor (as applicable) in the
case of Acquired Loans, since its acquisition, has never been) a Charged–Off Loan, (ii) the Loan is
not past due (and since its origination or, to the knowledge of the Originator or the Trust
Depositor (as applicable) in the case of Acquired Loans, since its acquisition, has never been more
than 30 days past due) after giving effect to any grace period set forth in the Credit and
Collection Policy in determining the number of days past due, with respect to payments of principal
or interest; provided, that, any Loan which would be rendered ineligible by this
clause (d) shall cease to be deemed ineligible by the operation of this clause (d)
as of the date such Loan has become a performing Loan and maintained such status for a period of 12
consecutive months;

12

 

     (e) the Loan is an “eligible asset” as defined in Rule 3a–7 under the 1940 Act;

     (f) the Loan constitutes an “account”, “chattel paper”, “instrument” or a “general intangible”
within the meaning of Article 9 of the UCC of all applicable jurisdictions;

     (g) the Loan is to an Eligible Obligor;

     (h) the Loan is denominated and payable only in United States dollars and does not permit the
currency in which or country in which such Loan is payable to be changed;

     (i) the Loan is evidenced by an Underlying Note or, in the case of a Noteless Loan, the
related Loan Register, security agreement or instrument and related loan documents that have been
duly authorized and properly executed, are in full force and effect and constitute the legal,
valid, binding and absolute and unconditional payment obligation of the related Obligor,
enforceable against such Obligor in accordance with their terms (subject to applicable bankruptcy,
insolvency, moratorium or other similar laws affecting the rights of creditors generally and to
general principles of equity, whether considered in a suit at law or in equity), and there are no
conditions precedent to the enforceability or validity of the Loan that have not been satisfied or
validly waived;

     (j) the Loan or any portion thereof does not contravene in any material respect any
Requirements of Law (including, without limitation, Requirements of Law relating to predatory or
abusive lending, usury, truth in lending, fair credit billing, fair credit reporting, equal credit
opportunity, fair debt collection practices, licensing and privacy);

     (k) the Loan, (i) satisfies all applicable requirements of and was originated or acquired,
underwritten, closed and serviced in all material respects in accordance with the Credit and
Collection Policy (including without limitation the execution by the Obligor of all documentation
required by the Credit and Collection Policy); (ii) does not contain a confidentiality provision
that restricts or purports to restrict the ability of the Indenture Trustee to exercise its rights
under the Transaction Documents, including, without limitation, its rights to review the Loan, the
Required Loan Documents and Loan File; (iii) was generated in the ordinary course of the
Originator’s business; (iv) arises pursuant to loan documentation with respect to which the
Originator has performed all obligations required to be performed by it thereunder; (v) has an
original term to maturity (A) in the case of Senior Loans and Senior B-Note Loans of not greater
than six years (other than in the case of Loans to five Obligors representing not more than 2.09%
of the Initial Aggregate Outstanding Loan Balance), or (B) in the case of Subordinated Loans of not
greater than seven years; (vi) is not subject to a guaranty by the Originator or any Affiliate
thereof; and (vii) is not a loan primarily for personal, family or household use;

     (l) the Loan is eligible to be sold, assigned or transferred to the Trust Depositor and
Issuer, respectively, and neither the sale, transfer or assignment of the Loan under the Transfer
and Servicing Agreements to the Trust Depositor and Issuer, respectively, nor the granting of a
security interest under the Indenture to the Indenture Trustee, violates, conflicts with or
contravenes any Requirements of Law or any contractual or other restriction, limitation or
encumbrance;

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     (m) the Loan (other than Loans in which the sole collateral is its accounts receivable)
requires the Obligor thereof to maintain adequate property damage and liability insurance with
respect to the real or personal property constituting the Collateral and the same has been at all
times covered by adequate physical damage and liability insurance policies issued by generally
acceptable carriers;

     (n) the Collateral, if any, (i) is located in the United States (other than with respect to
the Collateral securing two Loans representing not more than 1.45% of the Initial Aggregate
Outstanding Loan Balance and with respect to Collateral that is in addition to the primary
Collateral with respect to which the Loan is principally underwritten), (ii) has not been
foreclosed on, or repossessed from the current Obligor, by the Servicer, and (iii) has not suffered
any material loss or damage that has not been repaired or restored;

     (o) (i) the Loan contains a provision substantially to the effect that the Obligor’s payment
obligations are absolute and unconditional without any right of rescission, setoff, counterclaim or
defense for any reason against the Originator or any assignee, (ii) the Loan contains a clause that
has the effect of unconditionally and irrevocably obligating the Obligor to make periodic payments
(including taxes) notwithstanding any rights the Obligor may have against the assignor and
notwithstanding any damage to, defects in or destruction of the Collateral or any other event,
including obsolescence of any property or improvements, (iii) the Obligor has no right of
deduction, offset, netting, recoupment, counterclaim, defense or reservation of rights, and (iv)
the Issuer has no future funding obligation with respect to such Loan;

     (p) the Loan is not subject to any litigation, dispute, refund, claims of rescission, setoff,
netting, counterclaim or defense whatsoever, including but not limited to, claims by or against the
Obligor thereof or a payor to or account debtor of such Obligor, nor will the operation of any of
the terms of the Required Loan Documents, or the exercise of any right thereunder, render any of
the Required Loan Documents unenforceable in whole or in part;

     (q) the Loan requires the Obligor to maintain the Collateral in good condition and to bear all
the costs of operating and maintaining same, including taxes and insurance relating thereto;

     (r) the Loan provides (i) for periodic payments of interest and/or principal in cash, which
are due and payable on a monthly, quarterly, semi-annual or annual basis, and (ii) that the
Servicer (or, with respect to Agented Loans, Assigned Loans and Senior B-Note Loans, an agent
appointed pursuant to the Required Loan Documents or at least a majority of the lenders) may
accelerate all payments on the Loan if the Obligor is in default under the Loan and any applicable
cure period has expired (in the case of any Subordinated Loan or Senior B-Note Loan, subject to any
applicable intercreditor or subordination agreement);

     (s) the Loan provides for cash payments that fully amortize the Outstanding Loan Balance of
such Loan on or by its maturity and does not provide for such Outstanding Loan Balance to be
discounted pursuant to a prepayment in full;

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     (t) the Loan Rate for each Loan adjusts periodically to equal the then applicable Loan Rate
Index plus the margin set forth in the related Underlying Note or the related credit agreement
(other than with respect to 10 Loans which bear interest at a fixed rate);

     (u) the Loan shall not have been originated in, nor shall it be subject to the laws of, any
jurisdiction under which the sale, transfer and assignment of such Loan under the Transfer and
Servicing Agreements would be unlawful, void or voidable;

     (v) the Loan does not permit the Obligor to defer all or any portion of the current cash
interest due thereunder;

     (w) the Loan does not permit the payment obligation of the Obligor thereunder to be converted
or exchanged for equity capital of such Obligor;

     (x) neither the Loan nor any portion of the related Collateral constitutes Margin Stock;

     (y) the Loan is not a DIP Loan;

     (z) the Loan, together with the Required Loan Documents and Loan File related thereto, is
fully assignable and does not require the consent of or notice to the Obligor or contain any
enforceable restriction on the transfer or the assignment of the Loan other than a consent or
waiver of such restriction that has been obtained prior to the date on which the Loan was sold to
the Trust Depositor provided, however, that the Required Loan Documents may
restrict the transfer or assignment of the related Loan so long as such Loan is freely assignable
or transferable to a Qualified Transferee;

     (aa) the Obligor of such Loan is legally responsible for all taxes relating to the Collateral,
and all payments in respect of the Loan are required to be made free and clear of, and without
deduction or withholding for or on account of, any taxes, unless such withholding or deduction is
required by Requirements of Law in which case the Obligor thereof is required to make “gross-up”
payments that cover the full amount of any such withholding taxes on an after-tax basis;

     (bb) the Loan and the Collateral have not been sold, transferred, assigned or pledged by the
Originator, the Trust Depositor or the Issuer to any Person other than as contemplated by the
Transaction Documents;

     (cc) other than Participation Loans and Agented Loans, with respect to the Originator’s
obligation to fund and the actual funding of the Loan by the Originator, the Originator has not
assigned or granted participations to, in whole or in part, any Person other than to the Issuer or
to a special purpose entity created in connection with the Funding I Transaction, the Funding II
Transaction, the Funding III Transaction, the Acquisition Funding Transaction, a Prior Term
Transaction and any future or similar credit facility;

     (dd) no selection procedure adverse to the interests of the Noteholders or Hedge
Counterparties was utilized by the Originator or Trust Depositor in the selection of the Loan for
inclusion in the Loan Pool;

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     (ee) the Loan has not been compromised, adjusted, extended, satisfied, rescinded or set–off by
the Trust Depositor, the Originator or the Obligor with respect thereto, and no Loan is subject to
compromise, adjustment, extension, satisfaction, rescission, set–off, counterclaim, defense,
abatement, suspension, deferment, deductible, reduction or termination, whether arising out of
transactions concerning the Loan, or otherwise, by the Trust Depositor, the Originator or the
Obligor with respect thereto;

     (ff) the particular Loan is not one as to which the Originator or Trust Depositor has
knowledge that the Loan will not be paid in full;

     (gg) with respect to Subordinated Loans and Senior B-Note Loans to the same Obligor, multiple
Loans originated to the same Obligor (excluding any guarantor) contain standard
cross–collateralization and cross–default provisions;

     (hh) the Obligor of such Loan is not the subject of an Insolvency Event or Insolvency
Proceedings;

     (ii) the Loan does not represent capitalized interest or payment obligations relating, in each
case, to “put” rights;

     (jj) the Loan is not a Loan or extension of credit by the Originator or an entity controlled
by the Originator to the Obligor or any of its Affiliates for the purpose of making any past due
principal, interest or other payments due on such Loan;

     (kk) other than Subordinated Loans and unsecured Loans representing not more than 4.42% of the
Initial Aggregate Outstanding Loan Balance, the Loan is secured by a valid, perfected, first
priority (other than, solely in the case of a Senior B-Note Loan, with respect to other lenders on
the senior tranche related to such Loan) security interest in all assets that constitute the
Collateral for the Loan, subject to Permitted Liens;

     (ll) all material consents, licenses, approvals or authorizations of, or registrations or
declarations with, any Governmental Authority required to be obtained, effected or given in
connection with the making or performance of the Loan have been duly obtained, effected or given
and are in full force and effect;

     (mm) the Originator (i) has completed to its satisfaction, in accordance with the Credit and
Collection Policy, a due diligence audit and collateral assessment with respect to such Loan and
(ii) has done nothing to impair the rights of the Indenture Trustee, the Noteholders or the Hedge
Counterparties with respect to the Loan, the Collateral, the Scheduled Payments or any income or
proceeds therefrom;

     (nn) the Loan is a Senior Loan, Senior B-Note Loan, Subordinated Loan or unsecured Loan;

     (oo) no provision of the Required Loan Documents has been waived, modified, or altered in any
respect, except in accordance with the Credit and Collection Policy and by instruments duly
authorized and executed and contained in the Required Loan Documents and

16

 

recorded, if necessary, to protect the interests of the Noteholders and the Hedge
Counterparties and which has been delivered to the Indenture Trustee;

     (pp) the first priority Lien in all assets that constitute Collateral related to any Senior
Loan and Senior B-Note Loan is not subordinated to any other loan or financing to the related
Obligor;

     (qq) other than with respect to Fully Funded Term Loans, any funding obligation under such
Loan is subject to the Retained Interest;

     (rr) the face amount of the Loan is the dollar amount thereof shown on the books and records
of the Originator;

     (ss) with respect to Subordinated Loans, the Originator has entered into an intercreditor
agreement or subordination agreement (or such provisions are contained in the principal loan
documents for such Loan) with, or provisions for the benefit of, the senior lender, which agreement
or provisions are assignable to and have been assigned to the Trust Depositor and Issuer, and which
(other than with respect to five Loans representing not more than 1.35% of the Initial Aggregate
Outstanding Loan Balance) provide that any standstill of remedies by the Originator or its assignee
is limited (A) such that there shall be no standstill of remedies (x) until after a payment default
with respect to the senior obligation or the Originator’s or assignee’s receipt from the senior
lender of a notice of default or a payment default by the Obligor under the senior debt and (y)
unless a covenant default is also in effect, and (B) provided that the Subordinated Loan has not
been accelerated, to no longer than 180 days in duration in the aggregate in any given year;

     (tt) with respect to any Acquired Loan, such Loan has been re–underwritten by the Originator
and satisfies all of the Originator’s underwriting criteria;

     (uu) with respect to Agented Loans and Assigned Loans, the related Required Loan Documents (i)
shall include a note purchase agreement or similar agreement containing standard provisions
relating to the appointment and duties of a payment agent and a collateral agent and intercreditor
and (if applicable) subordination provisions, and (ii) are duly authorized, fully and properly
executed and are the valid, binding and unconditional payment obligation of the Obligor thereof;

     (vv) with respect to Agented Loans, the Originator (or a wholly owned subsidiary of the
Originator) has been appointed the collateral agent of the security and the paying agent for all
such notes prior to such Agented Loan or Loan becoming a part of the Loan Pool;

     (ww) with respect to Agented Loans and Assigned Loans, if the entity serving as the collateral
agent of the security for all syndicated notes of the Obligor has or will change from the time of
the origination of such notes, all appropriate assignments of the collateral agent’s rights in and
to the collateral on behalf of the noteholders have been executed and filed or recorded as
appropriate prior to such Agented Loan or Assigned Loan becoming a part of the Loan Pool;

     (xx) with respect to Agented Loans and Assigned Loans, all required notifications, if any,
have been given to the collateral agent, the paying agent and any other parties required by

17

 

the Required Loan Documents of, and all required consents, if any, have been obtained with
respect to, the Originator’s assignment of such Loan and the Originator’s right, title and interest
in the Collateral to the Trust Depositor and the Issuer and the Indenture Trustee’s security
interest therein on behalf of the Noteholders and the Hedge Counterparties;

     (yy) with respect to Agented Loans and Assigned Loans, the right to control the actions of and
replace the collateral agent and/or the paying agent of the syndicated underlying indebtedness is
to be exercised by at least a majority in interest of all holders of such underlying indebtedness;

     (zz) with respect to Agented Loans, Assigned Loans and any Loans which have more than one
holder of the underlying indebtedness, all syndicated underlying indebtedness of the Obligor of the
same priority is cross-defaulted, and all holders of such underlying indebtedness (i) have an
undivided interest in the collateral securing such underlying indebtedness, (ii) share in the
proceeds of the sale or other disposition of such collateral on a pro rata basis and (iii) may
transfer or assign their right, title and interest in the collateral;

     (aaa) no portion of the proceeds used to make payments of principal of or interest on such
Loan have come from a new Loan or a new loan by the Originator or an entity controlled by the
Originator;

     (bbb) all of the original or certified Required Loan Documents required to be delivered to the
Indenture Trustee (including all material documents related thereto) with respect to such Loan have
been or will be delivered to the Indenture Trustee on the Transfer Date or as otherwise provided in
this Agreement;

     (ccc) if such Loan is a Material Mortgage Loan, it satisfies the Material Mortgage Loan
Criteria set forth in Appendix A;

     (ddd) other than in the case of Noteless Loans, there is one or more originally signed
Underlying Notes in effect for each Loan, which in the aggregate evidence the portion of the Loan
being assigned to the Issuer and which Underlying Notes have been delivered to the Indenture
Trustee; provided, however, if the Originator funds such a Loan in multiple
installments, there may be one originally signed Underlying Note for each installment;

     (eee) there is no obligation on the part of the Originator or the Trust Depositor, as the case
may be, or any other party (except for any guarantor of a Loan), to make Scheduled Payments in
addition to those made by the Obligor;

     (fff) as of the related Transfer Date, there is no default, breach, violation or event of
acceleration existing under the related loan agreement or, as applicable, the Underlying Notes and
no event which, with the passage of time or with notice and the expiration of any grace or cure
period, would constitute a default, breach, violation or event of acceleration (except for such
defaults, breaches and violations that would not have a material adverse effect on the ability of
the Servicer to collect the entire principal and interest thereunder and would not have a material
adverse effect on the ability of the Servicer to realize the value of the Collateral securing the
related Loan);

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     (ggg) with respect to each Pooled Obligor Loan, as of the related Transfer Date, (i) the
collateral (including, but not limited to, the notes of the Underlying Debtors and assignments of
mortgage in each case where real property secures the Underlying Debtors’ notes) of the related
Underlying Debtors securing such Loan is held by a custodian under a custodial agreement, (ii) the
custodial agreement for such Loan provides that (A) the related custodian holds the collateral of
the Underlying Debtors pro rata on behalf of the Indenture Trustee, for the benefit of the
Noteholders and the Hedge Counterparties, and any other assignee and (B) the custodian will record
and file the assignments of mortgage in its name on behalf of the Indenture Trustee and any other
assignee upon the request of noteholders of such Obligor or SPE Obligor holding a controlling
interest and (iii) the Originator’s rights under the custodial agreement are fully assignable and
have been assigned to the Indenture Trustee; and

     (hhh) except with respect to the Loans to five Obligors representing not more than 1.35% of
the Initial Aggregate Outstanding Loan Balance, the Loan was not made in connection with (a) the
construction or development of unimproved land or (b) facilitating the trade-in or exchange of the
related Mortgaged Property.

“Eligible Loan Rating” means, with respect to a designated Obligor, a “Loan Rating 1,” a
“Loan Rating 2,” or a “Loan Rating 3” in accordance with the Credit and Collection Policy.

“Eligible Obligor” means, on any date of determination, any Obligor that (i) is a business
organization (and not a natural person) that, other than with respect to Loans to two Obligors
representing an aggregate of not more than 1.45% of the Initial Aggregate Outstanding Loan Balance,
is duly organized and validly existing under the laws of, and has its chief executive offices in,
the United States or any political subdivision thereof, and has a billing address within the United
States, (ii) is a legal operating entity or holding company (except with respect to a Loan to an
SPE Obligor), (iii) is not a Governmental Authority, (iv) is not an Affiliate (other than with
respect to an SPE Obligor) of the Originator, the Servicer, the Trust Depositor or the Issuer (v)
is not in the nuclear waste or natural resources industry (other than Obligors in the business of
wholesale purchasing and reselling of natural gas or electricity, the Loans to which have been
appropriately hedged), (vi) is not engaged in the business of conducting proprietary research on
new drug development, (vii) is not the subject of an Insolvency Proceeding, (viii) as of the
applicable Cut-Off Date, has an Eligible Loan Rating and (ix) is not an Obligor of a Charged-Off
Loan or Delinquent Loan; provided, that, an Obligor with respect to a Charged-Off
Loan or a Delinquent Loan shall cease to be disqualified under this clause (ix) as of the date that
each Loan which caused such Obligor to be so disqualified has become a performing Loan and
maintained such status for a period of 12 consecutive months.

“Eligible Repurchase Obligations” means repurchase obligations with respect to any security
that is a direct obligation of, or fully guaranteed by, the United States or any agency or
instrumentality thereof the obligations of which are backed by the full faith and credit of the
United States, in either case entered into with a depository institution or trust company (acting
as principal) described in clauses (c)(ii) and (c)(iv) of the definition of
Permitted Investments.

“Event of Default” shall have the meaning specified in Section 5.01 of the
Indenture.

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“Exchange Act” means the Securities Exchange Act of 1934, as amended or supplemented from
time to time.

“Excluded Amounts” means (a) any amount received by, on or with respect to any Loan in the
Loan Pool, which amount is attributable to the payment of any tax, fee or other charge imposed by
any Governmental Authority on such Loan, (b) any amount representing a reimbursement of insurance
premiums and (c) any amount with respect to any Loan retransferred or replaced with a Substitute
Loan under Section 11.01, to the extent such amount is attributable to a time after the
effective date of such replacement.

“FDIC” shall mean the Federal Deposit Insurance Corporation and any successor thereto.

“Fidelity Bond” shall have the meaning given to such term in Section 5.04.

“Finance Charges” means, with respect to any Loan, any interest or finance charges owing by
an Obligor pursuant to or with respect to such Loan.

“Fitch” means Fitch, Inc. or any successor thereto.

“Fixed Rate Loan” means a Loan, other than a Floating Rate Loan, where the Loan Rate
payable by the Obligor thereunder is expressed as a fixed rate of interest.

“Fixed Rate Permitted Excess Amount” means $250,000 in the aggregate.

“Floating LIBOR Rate Loan” means an Eligible Loan where the Loan Rate payable by the
Obligor thereof is based on the CapitalSource LIBOR Rate plus some specified percentage in addition
thereto, and the Loan provides that such Loan Rate will reset immediately upon any change in the
related CapitalSource LIBOR Rate; provided that Loans with respect to which the Loan Rate
payable thereunder is determined by reference to both the CapitalSource LIBOR Rate and the
CapitalSource Prime Rate shall be deemed to be Floating LIBOR Rate Loans under this Agreement.

“Floating Prime Rate Loan” means a Loan where the Loan Rate payable by the Obligor thereof
is based on the CapitalSource Prime Rate plus some specified percentage in addition thereto, and
the Loan provides that such Loan Rate will reset immediately upon any change in the related
CapitalSource Prime Rate and no Election Rate Loan shall be considered a Floating Prime Rate Loan.

“Floating Prime Rate Permitted Excess Amount” means $250,000 in the aggregate.

“Floating Rate Loan” means a Loan where the Loan Rate payable by the Obligor thereof is
based on the CapitalSource Prime Rate or CapitalSource LIBOR Rate plus some specified interest
percentage in addition thereto, and the Loan provides that such Loan Rate will reset immediately
upon any change in the related CapitalSource Prime Rate.

“Foreclosed Property” means Collateral acquired by the Issuer for the benefit of the
Securityholders and the Hedge Counterparties in foreclosure or by deed in lieu of foreclosure or by
other legal process.

20

 

“Foreclosed Property Disposition” means the final sale of a Foreclosed Property or of
Repossessed Collateral. The proceeds of any “Foreclosed Property Disposition” constitute part of
the definition of Liquidation Proceeds.

“Fully Funded Term Loan” means a Term Loan that is fully funded as of the Cut–Off Date.

“Funding I Transaction” means the transactions contemplated by the Fourth Amended and
Restated Loan Certificate and Servicing Agreement, dated as of May 28, 2004, among CapitalSource
Funding Inc., as the seller, the Originator, as the originator and the servicer, Variable Funding
Capital Corporation, Harris Nesbitt Corp., as administrative agent, each of the purchasers and
purchaser agents from time to time party thereto, and Wells Fargo Bank, National Association, as
amended, modified, restated, waived or supplemented from time to time, and all documents executed
in connection therewith and all transactions contemplated thereby.

“Funding II Transaction” means the Note Purchase Agreement, dated as of September 17, 2003,
among CapitalSource Funding II Trust, CS Funding II Depositor Inc., the Originator and Citigroup
Global Markets Realty Corp., as amended, modified, restated, waived or supplemented from time to
time, and all documents executed in connection therewith and all transactions contemplated thereby.

“Funding III Transaction” means the Sale and Servicing Agreement, dated as of April 20,
2004, by and among CapitalSource Funding III Inc., the Originator, the Servicer, Variable Funding
Capital Corporation, the other Commercial Paper Conduits from time to time party thereto, Wachovia
Capital Markets and Wells Fargo Bank, National Association, as amended, modified, restated, waived
or supplemented from time to time, and all documents executed in connection therewith and all
transactions contemplated thereby.

“Governmental Authority” means, with respect to any Person, any nation or government, any
state or other political subdivision thereof, any central bank (or similar monetary or regulatory
authority) thereof, any entity exercising executive, legislative, judicial, regulatory or
administrative functions of or pertaining to government and any court or arbitrator having
jurisdiction over such Person.

“Gross Interest Rate” means, with respect to any Loan, the sum of the Loan Rate with
respect to such Loan plus the rate of interest, if any, that the related Obligor may defer and pay
later, together with interest thereon.

“Healthcare Accounts Receivable Loan” means a Revolving Loan to an Obligor in the
healthcare industry (determined by the NAICS Code) secured primarily by the healthcare accounts
receivable of such Obligor.

“Hedge Agreement” means each agreement between the Issuer and a Hedge Counterparty that
governs one or more Hedge Transactions, which agreement shall consist of a “Master Agreement” in a
form published by the International Swaps and Derivatives Association, Inc., together with a
“Schedule” and “Credit Support Annex”, and each “Confirmation” thereunder confirming the specific
terms of each such Hedge Transaction.

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“Hedge Breakage Costs” means, for any Hedge Transaction, any amount (other than Net Trust
Hedge Payments) payable by the Issuer for the early termination of that Hedge Transaction or any
portion thereof.

“Hedge Breakage Receipts” means, for any Hedge Transaction, any amount (other than Net
Trust Hedge Receipts) payable to the Issuer for the early termination of that Hedge Transaction or
any portion thereof.

“Hedge Counterparty” means Wachovia Bank, National Association and any other Qualified
Hedge Counterparty that agrees that in the event that it or its Credit Support Provider fails to
maintain certain ratings as provided in the applicable Hedge Agreement, then the Hedge Counterparty
shall (i) transfer all of its rights and obligations under the Hedge Agreement to a Substitute
Hedge Counterparty as provided in the Hedge Agreement or (ii) post collateral, as applicable, as
provided in the Hedge Agreement.

“Hedge Counterparty Collateral Account” means the segregated account established by the
Trustee at the direction of the Issuer pursuant to Section 3.32 of the Indenture, in the name of
the Indenture Trustee and for the benefit of the Noteholders.

“Hedge Prime Rate” means a rate equal to “USD–PRIME–H.15” (as defined in the definitions
published by the International Swaps and Derivatives Association, Inc.), such rate to change as and
when such designated rate changes.

“Hedge Rate” means the rate of interest used to compute the amounts payable by the Issuer
to a Hedge Counterparty pursuant to a Hedge Transaction.

“Hedge Transaction” means each interest rate swap transaction between the Issuer and a
Hedge Counterparty that is governed by a Hedge Agreement.

“Highest Required Investment Category” means (a) with respect to ratings assigned by Fitch
(if such investment is rated by Fitch), “F-1+” for short-term instruments and “AAA” for long–term
instruments, (b) with respect to ratings assigned by Moody’s, “Aa2” or “P-1” for one-month
instruments, “Aa2” and “P-1” for three-month instruments, “Aa2” and “P-1” for six-month instruments
and “Aaa” and “P-1” for instruments with a term in excess of six-months, and (c) with respect to
rating assigned by S&P, “A-1+” for short–term instruments and “AAA” for long-term instruments.

“Holder” means (a) with respect to a Certificate, the Person in whose name such Certificate
is registered in the Certificate Register, and (b) with respect to a Note, the Person in whose name
such Note is registered in the Note Register.

“Indebtedness” means, with respect to any Person at any date, (a) all indebtedness of such
Person for borrowed money or for the deferred purchase price of property or services (other than
current liabilities incurred in the ordinary course of business and payable in accordance with
customary trade practices) or which is evidenced by a note, bond, debenture or similar instrument,
(b) all obligations of such Person under capital leases, (c) all obligations of such Person in
respect of acceptances issued or created for the account of such Person, and (d) all liabilities
secured by any

22

 

Lien on any property owned by such Person even though such Person has not assumed or otherwise
become liable for the payment thereof.

“Indenture” means the Indenture, dated as of April 14, 2005, between the Issuer and the
Indenture Trustee.

“Indenture Collateral” shall have the meaning given to such term in the “granting clause”
of the Indenture.

“Indenture Trustee” means the Person acting as Indenture Trustee under the Indenture, its
successors in interest and any successor trustee under the Indenture.

“Indenture Trustee Fee” shall have the meaning given to such term in the fee letter, dated
as of the date hereof, among the Originator, the Trust Depositor, the Issuer and the Indenture
Trustee.

“Independent” means, when used with respect to any specified Person, the Person (a) is in
fact independent of the Issuer, any other obligor on the Notes, the Trust Depositor and any
Affiliate of any of the foregoing Persons, (b) does not have any direct financial interest or any
material indirect financial interest in the Issuer, any such other obligor, the Trust Depositor or
any Affiliate of any of the foregoing Persons and (c) is not connected with the Issuer, any such
other obligor, the Trust Depositor or any Affiliate of any of the foregoing Persons as an officer,
employee, trustee, partner, director or person performing similar functions.

“Independent Accountants” shall have the meaning given to such term in Section
9.04.

“Individual Notes” shall have the meaning specified in the Indenture.

“Ineligible Loan” shall have the meaning given to such term in Section 11.01.

“Initial Aggregate Outstanding Loan Balance” means the Aggregate Outstanding Loan Balance
as of the Initial Cut–Off Date of the Loans transferred to the Issuer on the Closing Date.

“Initial Aggregate Outstanding Principal Balance” means, collectively, the sum of the
Initial Class A-1 Principal Balance, the Initial Class A-2 Principal Balance, the Initial Class B
Principal Balance, the Initial Class C Principal Balance, the Initial Class D Principal Balance,
the Initial Class E Principal Balance, and the Initial Class F Principal Balance, i.e.,
$1,250,000,000.

“Initial Class A-1 Principal Balance” means $425,000,000.

“Initial Class A-2 Principal Balance” means $468,750,000.

“Initial Class B Principal Balance” means $62,500,000.

“Initial Class C Principal Balance” means $103,125,000.

“Initial Class D Principal Balance” means $62,500,000.

“Initial Class E Principal Balance” means $71,875,000.

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“Initial Class F Principal Balance” means $56,250,000.

“Initial Cut–Off Date” means February 19, 2005; provided that with respect to one
Loan representing not more than 2.93% of the Initial Aggregate Outstanding Loan Balance, the
Initial Cut-Off Date shall be April 7, 2005.

“Initial Loans” means those Loans conveyed to the Issuer on the Closing Date and identified
on the initial List of Loans required to be delivered pursuant to Section 2.02(d).

“Initial Purchasers” means Citigroup, Wachovia Capital Markets, Harris Nesbitt, JPMorgan,
SG CIB and SunTrust.

“Insolvency Event” means, with respect to a specified Person, (a) the filing of a decree or
order for relief by a court having jurisdiction in the premises in respect of such Person or any
substantial part of its property in an involuntary case under any applicable Insolvency Law now or
hereafter in effect, or appointing a receiver, liquidator, assignee, custodian, trustee,
sequestrator or similar official for such Person or for any substantial part of its property, or
ordering the winding–up or liquidation of such Person’s affairs, and such decree or order shall
remain unstayed or undismissed and in effect for a period of 60 consecutive days; or (b) the
commencement by such Person of a voluntary case under any applicable Insolvency Law now or
hereafter in effect, or the consent by such Person to the entry of an order for relief in an
involuntary case under any such law, or the consent by such Person to the appointment of or taking
possession by a receiver, liquidator, assignee, custodian, trustee, sequestrator or similar
official for such Person or for any substantial part of its property, or the making by such Person
of any general assignment for the benefit of creditors, or the failure by such Person generally to
pay its debts as such debts become due, or the taking of action by such Person in furtherance of
any of the foregoing.

“Insolvency Laws” means the Bankruptcy Code of the United States and all other applicable
liquidation, conservatorship, bankruptcy, moratorium, rearrangement, receivership, insolvency,
reorganization, suspension of payments, or similar debtor relief laws from time to time in effect
affecting the rights of creditors generally.

“Insurance Policy” means, with respect to any Loan, an insurance policy covering physical
damage to or loss of the related Collateral, including, but not limited to, title, hazard, life,
accident and/or flood insurance policies.

“Insurance Proceeds” means, depending on the context, any amounts payable or any payments
made under any Insurance Policy covering a Loan, Collateral, Repossessed Collateral or Foreclosed
Property.

“Interest Accrual Period” means the period commencing on a Remittance Date and ending on
the day immediately preceding the next Remittance Date (or, with respect to the first Remittance
Date, the period commencing on the Closing Date and ending on the day before the first Remittance
Date).

“Interest Collection Account” means a sub–account of the Principal and Interest Account
established and maintained pursuant to Section 7.03(a).

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“Interest Collections” means the aggregate of:

     (a) amounts deposited into the Principal and Interest Account in respect of:

     (i) all payments received on or after the Closing Date on account of interest on the
Loans (including Finance Charges, fees and the deferred interest component of a Deferred
Interest Loan) and all late payment, default and waiver charges;

     (ii) Net Liquidation Proceeds;

     (iii) Insurance Proceeds (other than amounts to be applied to the restoration or repair
of the related Collateral, or released or to be released to the Obligor or others);

     (iv) Released Mortgaged Property Proceeds and any other proceeds from any other
Collateral securing the Loans (other than amounts released or to be released to the Obligor
or others);

     (v) Net Trust Hedge Receipts and Hedge Breakage Receipts; and

     (vi) the interest portion of any amounts received (x) in connection with the purchase
or repurchase of any Loan and the amount of any adjustment for substituted Loans and (y) any
Scheduled Payment Advances that the Servicer determines to make; plus

     (b) investment earnings on funds held in the Trust Accounts; minus

     (c) the amount of any losses incurred in connection with investments in Permitted Investments.

“Interest Shortfall” means, with respect to the Class A-1 Notes, the Class A-2 Notes, the
Class B Notes, the Class C Notes, the Class D Notes or the Class E Notes, as applicable, if the
amount by which the interest paid to such Class on a Remittance Date is less than the amount due to
such Class, the amount of shortfall will be carried forward and paid on the immediately following
Remittance Date for which funds exist, together with accrued interest on such amount at the then
applicable Note Interest Rate for such Class.

“Investment Earnings” means the investment earnings (net of losses and investment expenses)
on amounts on deposit in the Principal and Interest Account, the Note Distribution Account and the
Reserve Fund, to be credited to the Principal and Interest Account on the applicable Remittance
Date pursuant to Section 7.01 and Section 7.03.

“Irish Stock Exchange” means the Irish Stock Exchange and any successor securities exchange
thereto on which the Class A-1 Notes, the Class A-2 Notes, Class B Notes, Class C Notes and Class D
Notes may be listed for trading.

“Issuer” means the trust created by the Trust Agreement and funded pursuant to this
Agreement, consisting of the Loan Assets.

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“JPMorgan” means J.P. Morgan Securities Inc.

“Legal Final Maturity Date” means February 20, 2014.

“LIBOR” shall have the meaning given to such term in Section 7.06.

“LIBOR Determination Date” shall have the meaning given to such term in Section
7.06.

“LIBOR Spread” means, as of any date of determination:

     (a) in the case of any Floating LIBOR Rate Loan, the excess, if any, of the Gross Interest
Rate on such Loan over One-Month LIBOR as of such date;

     (b) in the case of any Floating Prime Rate Loan, the excess, if any, of the Gross Interest
Rate on such Loan over the weighted average Hedge Rate under all Hedge Transactions hedging the
Floating Prime Rate Loans as of such date;

     (c) in the case of any Fixed Rate Loan, the excess, if any, of the Gross Interest Rate on such
Loan over the weighted average Hedge Rate under all Hedge Transactions hedging the Fixed Rate Loans
as of such date;

provided that for purposes of determining the LIBOR Spread with respect to any Loan, (1) no
contingent payment of interest will be included in such calculation; and (2) any Gross Interest
Rate shall exclude any portion of the interest that is currently being deferred in violation of the
terms of the related loan documents.

“Lien” means any mortgage, deed of trust, pledge, hypothecation, assignment, deposit
arrangement, encumbrance, lien (statutory or other), preference, priority or other security
agreement or preferential arrangement of any kind or nature whatsoever, including, without
limitation, any conditional sale or other title retention agreement, and any financing lease having
substantially the same economic effect as any of the foregoing (including any UCC financing
statement or any similar instrument filed against a Person’s assets or properties).

“Liquidation Expenses” means, with respect to any Loan, the aggregate amount of all
out–of–pocket expenses reasonably incurred by the Servicer (including amounts paid to any
Subservicer) and any reasonably allocated costs of counsel (if any), in each case in accordance
with the Servicer’s customary procedures in connection with the repossession, refurbishing and
disposition of any Collateral securing such Loan upon or after the expiration or earlier
termination of such Loan and other out–of–pocket costs related to the liquidation of any such
Collateral, including the attempted collection of any amount owing pursuant to such Loan if it is a
Charged–Off Loan, and, if requested by the Indenture Trustee, the Servicer and Originator must
provide to the Indenture Trustee a breakdown of the Liquidation Expenses for any Loan along with
any supporting documentation therefor; provided, however, to the extent any such
“Liquidation Expenses” relate to any Loan with a Retained Interest, such expenses shall be
allocated pro rata to such Loan based on the Outstanding Loan Balance included in the Loan Pool and
the outstanding loan balance of the Retained Interest.

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“Liquidation Proceeds” means, cash, including Insurance Proceeds, proceeds of any
Foreclosed Property Disposition, revenues received by the Servicer or the Issuer with respect to
the conservation and disposition of a Foreclosed Property, and any other amounts received by the
Servicer or Issuer in connection with the liquidation of Charged–Off Loans, whether through
trustee’s sale, foreclosure sale or otherwise.

“Liquidation Report” shall have the meaning given to such term in Section 5.03(c).

“List of Loans” means the list identifying each Loan constituting part of the Loan Assets,
which list shall consist of the initial List of Loans reflecting the Initial Loans transferred to
the Issuer on the Closing Date, together with any Subsequent List of Loans amending the most
current List of Loans reflecting the Substitute Loans transferred to the Issuer on the related
Subsequent Transfer Date (together with a deletion from such list of the related Loan or Loans
identified on the corresponding Addition Notice with respect to which a Substitution Event has
occurred), and which list in each case (a) identifies by account number each Loan included in the
Loan Pool, and (b) sets forth as to each such Loan (i) the Outstanding Loan Balance as of the
Cut-Off Date, and (ii) the maturity date, and which list (as in effect on the Closing Date) is
attached to this Agreement as Exhibit G.

“Loan” means, to the extent transferred by the Trust Depositor to the Issuer, an individual
loan or portion thereof made or purchased by the Originator to an Obligor, including, as
applicable, Assigned Loans, Agented Loans and Participation Loans.

“Loan Assets” shall have the meaning given to such term in Section 2.01(b) (or
Section 2.04(b), in the case of Substitute Loans).

“Loan Checklist” means the list delivered by the Trust Depositor to the Indenture Trustee
pursuant Section 2.06 of this Agreement that identifies the items contained in the related
Loan File.

“Loan Files” means, with respect to any Loan and Collateral, each of the Required Loan
Documents and duly executed originals (to the extent required by the Credit and Collection Policy)
and copies of any other Records relating to such Loan and Collateral.

“Loan Pool” means, as of any date, the Initial Loans and the Substitute Loans (if any),
other than any such Loans that (a) have been reconveyed by the Issuer to the Trust Depositor, and
concurrently by the Trust Depositor to the Originator, pursuant to Section 11.02 hereof or
(b) have been paid (or prepaid) in full.

“Loan Rate” means, for each Loan in a Due Period, the current cash pay interest rate for
such Loan in such period, as specified in the related Required Loan Documents.

“Loan Rate Index” means (a) in the case of a Floating Prime Rate Loan, the CapitalSource
Prime Rate, (b) in the case of a Floating LIBOR Rate Loan, the CapitalSource LIBOR Rate and (c) in
the case of a Fixed Rate Loan, a fixed rate of interest.

“Loan Rating” means the “loan rating” determined with respect to a Loan in accordance with
the Credit and Collection Policy under the Originator’s loan risk rating system, which ranks loans

27

 

based on the Originator’s analysis of the credit quality of the loan, the structure of the loan or
the underlying collateral.

“Loan Register” means, with respect to each Noteless Loan, the register in which the agent
or collateral agent on such Loan will record, among other things, (i) the amount of such Loan, (ii)
the amount of any principal or interest due and payable or to become due and payable from the
Obligor thereunder, (iii) the amount of any sum in respect of such Loan received from the Obligor
and each lender’s share thereof, (iv) the date of origination of such Loan and (v) the maturity
date of such Loan.

“Loan Sale Agreement” means the Commercial Loan Sale Agreement, dated as of the date
hereof, between the Originator and the Trust Depositor, as such agreement may be amended, modified,
waived, supplemented or restated from time to time.

“Loan-to-Value or LTV” means, with respect to any Loan, as of any date of determination,
the percentage equivalent of a fraction (i) the numerator of which is equal to the maximum
availability (as provided in the applicable loan documentation) of such Loan as of the date of its
origination and (ii) the denominator of which is equal to the total discounted collateral value of
the Collateral securing such Loan.

“Lock-Box” means the post office box to which Collections are remitted for retrieval by the
Lock–Box Bank and deposited by such Lock–Box Bank into the Lock–Box Account, the details of which
are contained in Schedule I, as such schedule may be amended from time to time.

“Lock-Box Account” means the account maintained at Bank of America, N.A. in the name of
CapitalSource Funding Inc. for the purpose of receiving Collections, including but not limited to
Collections from the Obligor Lock–Boxes, the details of which are contained in Schedule I,
as such schedule may be amended from time to time.

“Lock-Box Agreement” means the Fourth Amended and Restated Three Party Agreement Relating
to Lockbox Services and Control (with Activation Upon Notice), dated as of November 25, 2003, among
Wells Fargo, as the indenture trustee, Bank of America, N.A., as the lockbox bank, Wachovia Capital
Markets, LLC, as the administrative agent thereof, CapitalSource Finance, as the originator, as the
original servicer and as the lockbox servicer, and CapitalSource Funding Inc., as the owner of the
account and as the owner of the lockbox, as amended, modified, waived, supplemented or restated
from time to time.

“Lock-Box Bank” means Bank of America, N.A.

“London Banking Day” means any day on which dealings in deposits in Dollars are transacted
in the London interbank market.

“Majority Noteholders” means (a) prior to the payment in full of the Offered Notes, the
Class A-1 Noteholders evidencing more than 50% of the aggregate Outstanding Principal Balance of
all Class A-1 Notes, the Class A-2 Noteholders evidencing more than 50% of the aggregate
Outstanding Principal Balance of all Class A-2 Notes, the Class B Noteholders evidencing more than
50% of the aggregate Outstanding Principal Balance of all Class B Notes, the Class C Noteholders
evidencing more than 50% of the aggregate Outstanding Principal Balance of all

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Class C Notes, the Class D Noteholders evidencing more than 50% of the aggregate Outstanding
Principal Balance of all Class D Notes and the Class E Noteholders evidencing more than 50% of the
aggregate Outstanding Principal Balance of all Class E Notes and (b) from and after the payment in
full of the Offered Notes, the Class F Noteholder evidencing more than 50% of the aggregate
Outstanding Principal Balance of the Class F Note.

“Margin Stock” means “Margin Stock” as defined under Regulation U issued by the Board of
Governors of the Federal Reserve System.

“Mariner Funding Transaction” means the Loan Agreement, dated as of December 13, 2004, by
and among CapitalSource Finance LLC, as borrower, Harris Nesbitt Financing, as lender and Bank of
Montreal, as agent, as amended, modified, restated, waived or supplemented from time to time, and
all documents executed in connection therewith and all transactions contemplated thereby.

“Material Adverse Effect” means, with respect to any event or circumstance, a material
adverse effect on (a) the business, financial condition, operations, performance or properties of
the Originator, the Trust Depositor, the Issuer or the Servicer, (b) the validity, enforceability
or collectibility of this Agreement or any other Transaction Document, or the validity,
enforceability or collectibility of the Loans generally or any material portion of the Loans, (c)
the rights and remedies of the Indenture Trustee on behalf of the Securityholders and the Hedge
Counterparties, (d) the ability of the Originator, the Trust Depositor, the Issuer, the Servicer,
the Backup Servicer or the Indenture Trustee to perform in all material respects their respective
obligations under this Agreement or any Transaction Document, or (e) the status, existence,
perfection, priority or enforceability of the Indenture Trustee’s security interest on behalf of
the Securityholders and the Hedge Counterparties.

“Material Modification” means:

     (i) a termination or release (including pursuant to prepayment), or an amendment,
modification or waiver, or equivalent similar undertaking or agreement, by the Servicer with
respect to a Loan which would not otherwise be permitted under the standards and criteria
set forth in Section 5.02(e); or

     (ii) a termination or release (including pursuant to prepayment), or an amendment,
modification or waiver, or equivalent similar undertaking or agreement, by the Servicer with
respect to a Loan which is entered into for reasons related to the inability of the
applicable Obligor to make payments of principal (excluding payments of principal consisting
of excess cash flow sweeps) or interest under such Loan, as determined in accordance with
the Credit and Collection Policy.

“Material Mortgage Loan” means any Loan for which the underlying Collateral consisting of
real property owned by the Obligor (a) represents 25% or more (measured by the book value of the
three most valuable parcels of real property as of the date of such Loan) of (i) the original
commitment for such Loan and (ii) the fair value of the underlying Obligor and Collateral as a
whole and (b) is material to the operations of the related business; provided,
however, that a

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Material Mortgage Loan shall not include certain parcels of real property which the Obligor is in
the process of disposing.

“Minimum Weighted Average LIBOR Spread” means 6.00%.

“Monthly Reconciliation Date” means the last day of each Due Period.

“Monthly Report” shall have the meaning given to such term in Section 9.01.

“Moody’s” means Moody’s Investors Service or any successor thereto.

“Moody’s Rating Condition” means, with respect to any action or series of related actions
or proposed transaction or series of proposed transactions, that Moody’s shall have notified the
Trust Depositor, the Owner Trustee and the Indenture Trustee in writing that such action or series
of related actions or the consummation of such proposed transaction or series of related
transactions will not result in a reduction or withdrawal of the rating issued by Moody’s on the
Closing Date with respect to any outstanding class of Notes as a result of such action or series of
related actions or the consummation of such proposed transaction or series of related transactions.

“Mortgage” means the mortgage, deed of trust or other instrument creating a Lien on a
Mortgaged Property.

“Mortgaged Property” means the underlying real property, if any, secured under a Material
Mortgage Loan, and any improvements thereon, which property satisfies either test in the definition
of Material Mortgage Loan.

“NAICS Code” means the North American Industry Classification System Codes by at least four
digits.

“Net Liquidation Proceeds” means Liquidation Proceeds relating to a Loan net of (a) any
Liquidation Expenses relating to such Loan reimbursed to the Servicer therefrom pursuant to terms
of this Agreement and (b) amounts required to be released to other creditors, including any other
costs, expenses and taxes, or the related Obligor or grantor pursuant to applicable law or the
governing Required Loan Documents.

“Net Trust Hedge Payments” means, with respect to each Remittance Date, the excess, if any,
of (a) the monthly payments by the Issuer to the Hedge Counterparties and any interest accrued
thereon over (b) the monthly payments by the Hedge Counterparties to the Issuer and any interest
accrued thereon.

“Net Trust Hedge Receipts” means, with respect to each Remittance Date, the excess, if any,
of (a) the monthly payments by the Hedge Counterparties to the Issuer and any interest accrued
thereon over (b) the monthly payments by the Issuer to the Hedge Counterparties and any interest
accrued thereon.

“New York Business Day” means any Business Day in the city of New York, New York.

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“Note” means any one of the notes of the Issuer of any Class executed and authenticated in
accordance with the Indenture.

“Note Distribution Account” means the interest bearing trust account so designated and
established and maintained pursuant to Section 7.01.

“Note Interest Rate” means, as the context requires, any of the Class A-1 Note Interest
Rate, the Class A-2 Note Interest Rate, the Class B Note Interest Rate, the Class C Note Interest
Rate, the Class D Note Interest Rate or the Class E Note Interest Rate.

“Note Register” shall have the meaning given to such term in Section 2.04 of the
Indenture.

“Noteholders” means each Person in whose name a Note is registered in the Note Register.

“Noteless Loan” means a Loan with respect to which (i) the related loan agreement does not
require the Obligor to execute and deliver an Underlying Note to evidence the indebtedness created
under such Loan and (ii) no Underlying Notes are outstanding with respect to the portion of the
Loan transferred to the Issuer.

“Obligor” means, with respect to any Loan, any Person or Persons obligated to make payments
pursuant to or with respect to such Loan, including any guarantor thereof, but excluding, in each
case, any such Person that is an obligor or guarantor that is in addition to the primary obligors
or guarantors with respect to the assets, cash flows or credit of which the related Loan is
principally underwritten.

“Obligor Lock–Box” means the post office box to which Collections are remitted with respect
to certain Revolving Loans for retrieval by an Obligor Lock–Box Bank and deposited by such Obligor
Lock–Box Bank into an Obligor Lock–Box Account, the details of which are contained in Schedule II,
as such schedule may be amended from time to time.

“Obligor Lock–Box Accounts” means the accounts maintained for the purpose of receiving
Collections on certain Revolving Loans and transferring such Collections to the Lock–Box, the
details of which are contained in Schedule II, as such schedule may be amended from time to
time.

“Obligor Lock–Box Bank” means any of the banks or other financial institutions holding one
or more Obligor Lock–Box Accounts.

“OCC” means the Office of the Comptroller of the Currency.

“Offered Notes” means the Class A-1 Notes, the Class A-2 Notes, the Class B Notes, the
Class C Notes, the Class D Notes and the Class E Notes.

“Offering Memorandum” means the Offering Memorandum, dated April 8, 2005 prepared in
connection with the offer and sale of the Offered Notes.

“Officer’s Certificate” means a certificate delivered to the Indenture Trustee signed by
the Chief Executive Officer, the President, an Executive Vice President, a Senior Vice President,
the

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Treasurer, the Secretary, or one of the Assistant Treasurers or Assistant Secretaries of the Trust
Depositor, the Servicer, or the Owner Trustee (or another Person) on behalf of the Issuer, as
required by this Agreement or any other Transaction Document.

“One–Month Index Maturity” shall have the meaning given to such term in Section
7.06.

“One–Month LIBOR” means LIBOR for the One-Month Index Maturity.

“Opinion of Counsel” means a written opinion of counsel, who may be outside counsel, or
internal counsel (except with respect to federal securities law, tax law, bankruptcy law or UCC
matters), for the Trust Depositor or the Servicer, from Patton Boggs LLP or other counsel
reasonably acceptable to the Owner Trustee or the Indenture Trustee, as the case may be;
provided, however, if the opinion of counsel concerns or relates to any Hedge
Counterparty, such counsel shall be (i) outside counsel and (ii) acceptable to each Hedge
Counterparty.

“Optional Repurchase” means a repurchase of the Notes pursuant to Section 10.01 of
the Indenture.

“Originator” shall have the meaning given to such term in the Preamble.

“Outstanding” shall have the meaning given to such term in the Indenture.

“Outstanding Loan Balance” of a Loan means the excess of (a) the principal amount of such
Loan, or portion thereof transferred to the Issuer, outstanding as of the Cut–Off Date over (b) all
Principal Collections received on such Loan, or portion thereof, transferred to the Issuer since
the Cut–Off Date; provided, that, for all purposes other than the determination of
the Transfer Deposit Amount: (i) any Loan charged–off pursuant to clauses (a), (b),
(c), (e) and (f) of the definition of Charged–Off Loan will be deemed to
have an Outstanding Loan Balance equal to zero; and (ii) all or the portion of any Loan charged–off
pursuant to clause (d) of the definition of Charged–Off Loan will be deemed to have an
Outstanding Loan Balance equal to zero; and provided, further, that, for any Deferred Interest
Loan, the Outstanding Loan Balance of such Deferred Interest Loan shall not include any Accreted
Interest with respect thereto.

“Outstanding Principal Balance” means, as of date of determination and with respect to any
class of Notes, the original principal amount of such class of Notes on the Closing Date, as
reduced by all amounts paid by the Issuer with respect to such principal amount up to such date.

“Overadvance” means an advance of funds by the Originator or any of its Affiliates to an
Obligor under a Loan in excess of the availability under the facility related to such Loan at the
time such advance is made.

“Owner Trustee” means the Person acting, not in its individual capacity, but solely as
Owner Trustee, under the Trust Agreement, its successors in interest and any successor owner
trustee under the Trust Agreement.

“Partially Funded Term Loan” means a Loan that is a closed–end multiple advance Loan that
has not been fully funded as of the Cut–Off Date.

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“Participation Loan” means a Loan to an Obligor, originated by the Originator and serviced
by the Servicer in the ordinary course of its business, in which a participation interest has been
granted to another Person in accordance with the Credit and Collection Policy and such transaction
has been fully consummated, pursuant to a standard participation agreement.

“Paying Agent” shall have the meaning given to such term in Section 3.03 of the
Indenture and Section 3.09 of the Trust Agreement.

“Permitted Investments” with respect to any Remittance Date means negotiable instruments or
securities or other investments maturing on or before such Remittance Date (a) which, except in the
case of demand or time deposits, investments in money market funds and Eligible Repurchase
Obligations, are represented by instruments in bearer or registered form or ownership of which is
represented by book entries by a Clearing Agency or by a Federal Reserve Bank in favor of
depository institutions eligible to have an account with such Federal Reserve Bank who hold such
investments on behalf of their customers, (b) that, as of any date of determination, mature by
their terms on or prior to the Remittance Date immediately following such date of determination,
and (c) that evidence:

     (i) direct obligations of, and obligations fully guaranteed as to full and timely
payment by, the United States (or by any agency thereof to the extent such obligations are
backed by the full faith and credit of the United States);

     (ii) demand deposits, time deposits or certificates of deposit of depository
institutions or trust companies incorporated under the laws of the United States or any
state thereof and subject to supervision and examination by federal or state banking or
depository institution authorities; provided, however, that at the time of
the Issuer’s investment or contractual commitment to invest therein, the commercial paper,
if any, and short-term unsecured debt obligations (other than such obligation whose rating
is based on the credit of a Person other than such institution or trust company) of such
depository institution or trust company shall have a credit rating from each Rating Agency
in the Highest Required Investment Category granted by such Rating Agency, which, in the
case of Fitch, shall be “F–1+”;

     (iii) commercial paper, or other short term obligations, having, at the time of the
Issuer’s investment or contractual commitment to invest therein, a rating in the Highest
Required Investment Category granted by each Rating Agency, which, in the case of Fitch,
shall be “F–1+”;

     (iv) demand deposits, time deposits or certificates of deposit that are fully insured
by the FDIC and either have a rating on their certificates of deposit or short–term deposits
from Moody’s and S&P of “P–1” and “A–1+”, respectively, and, if rated by Fitch, from Fitch
of “F–1+”;

     (v) notes that are payable on demand or bankers’ acceptances issued by any depository
institution or trust company referred to in clause (ii) above;

     (vi) investments in taxable money market funds or other regulated investment companies
having, at the time of the Issuer’s investment or contractual commitment to

33

 

invest therein, a rating of the Highest Required Investment Category from Moody’s, S&P
and Fitch (if rated by Fitch) or otherwise subject to satisfaction of the Rating Agency
Condition;

     (vii) time deposits (having maturities of not more than 90 days) by an entity the
commercial paper of which has, at the time of the Issuer’s investment or contractual
commitment to invest therein, a rating of the Highest Required Investment Category granted
by each Rating Agency;

     (viii) Eligible Repurchase Obligations with a rating acceptable to the Rating Agencies,
which, in the case of Fitch, shall be “F-1+” and in the case of S&P shall be “A-1+”; or

     (ix) any negotiable instruments or securities or other investments subject to
satisfaction of the Rating Agency Condition.

Permitted Investments shall not include any instrument, security or investment (x) which, if
purchased at a price (excluding accrued interest) in excess of 100% of par, is subject to
substantial non-credit risk as determined by the Servicer in its reasonable business judgment, or
(y) the S&P rating of which includes a “p”, “pi”, “q”, “r” or “t” subscript. The Indenture Trustee
may purchase or sell to itself or an Affiliate, as principal or agent, the Permitted Investments
described above.

“Permitted Liens” means

     (a) with respect to Loans in the Loan Pool: (i) Liens in favor of the Trust Depositor created
pursuant to the Loan Sale Agreement and transferred to the Issuer pursuant hereto, (ii) Liens in
favor of the Issuer created pursuant to this Agreement, and (iii) Liens in favor of the Indenture
Trustee created pursuant to the Indenture and/or this Agreement; and

     (b) with respect to the interest of the Originator, the Trust Depositor and the Issuer in the
related Collateral: (i) materialmen’s, warehousemen’s, mechanics’ and other Liens arising by
operation of law in the ordinary course of business for sums not due or sums that are being
contested in good faith, (ii) purchase money security interests in certain items of equipment,
(iii) Liens for state, municipal and other local taxes if such taxes shall not at the time be due
and payable or if the Trust Depositor shall currently be contesting the validity thereof in good
faith by appropriate proceedings, (iv) Liens in favor of the Trust Depositor created by the
Originator and transferred by the Trust Depositor to the Issuer pursuant to this Agreement, (v)
Liens in favor of the Issuer created pursuant to this Agreement, (vi) Liens in favor of the
Indenture Trustee created pursuant to the Indenture and/or this Agreement, (vii) Liens held by
senior lenders or lenders under Senior B-Note Loans with respect to any Subordinated Loans, (viii)
contractually subordinated liens in favor of junior lenders to the same Obligor, and (ix) with
respect to Agented Loans and Assigned Loans, Liens in favor of the collateral agent on behalf of
all noteholders of such Obligor.

“Person” means any individual, corporation, estate, partnership, business or statutory
trust, limited liability company, sole proprietorship, joint venture, association, joint stock
company,

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trust (including any beneficiary thereof), unincorporated organization or government or any agency
or political subdivision thereof or other entity.

“Pooled Obligor Loans” means Loans to Obligors that are in turn collateralized by loans to
multiple Underlying Debtors, including, without limitation, Underlying Debtors that are
individuals, consumers and small businesses.

“Prepaid Loan” means any Loan (other than a Charged–Off Loan) that was terminated or has
been prepaid in full prior to its scheduled expiration date.

“Prepaid Loan Amount” means, with respect to each Substitute Loan being transferred in
place of a Prepaid Loan, an amount equal to the lesser of (i) the amount deposited into the
Principal Collection Account with respect to such Prepaid Loan and (ii) the Outstanding Loan
Balance of the Prepaid Loan immediately prior to the date it was prepaid.

“Prepayments” means any and all (a) full prepayments, including prepayment premiums, on or
with respect to a Loan (including, with respect to any Loan and any Due Period, any Scheduled
Payment, Finance Charge or portion thereof that is due in a subsequent Due Period that the Servicer
has received and expressly permitted the related Obligor to make in advance of its scheduled due
date, and that will be applied to such Scheduled Payment on such due date), (b) Liquidation
Proceeds, and (c) Insurance Proceeds.

“Principal and Interest Account” means the interest bearing trust account so designated and
established and maintained pursuant to Section 7.03.

“Principal Collection Account” means a sub–account of the Principal and Interest Account
established and maintained pursuant to Section 7.03(a).

“Principal Collections” means amounts deposited into the Principal and Interest Account in
respect of payments received on or after the Cut–Off Date on account of principal on the Loans,
including:

     (a) the principal portion of:

    (i) any Scheduled Payments and Prepayments; and

    (ii) any amounts received (x) in connection with the purchase or repurchase of any Loan
and the amount of any adjustment for substituted Loans and (y) any Scheduled Payment
Advances that the Servicer determines to make;

     (b) Curtailments; and

     (c) amounts previously deposited in accordance with the procedures for the substitution of
Loans that have not been applied to purchase one or more Substitute Loans within 180 days of their
deposit into the Principal Collection Account.

“Principal Distributable Shortfall” means, on each Remittance Date, the amount, if any, by
which the Total Principal Distributable exceeds the Available Principal Distributable.

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“Prior Term Transactions” means the Rule 144A/Regulation S private placements of Notes
issued by (i) CapitalSource Commercial Loan Trust 2002-2 on or about October 30, 2002, (ii)
CapitalSource Commercial Loan Trust 2003-1 on or about April 17, 2003, (iii) CapitalSource
Commercial Loan Trust 2003-2 on or about November 25, 2003, (iv) CapitalSource Commercial Loan
Trust 2004-1 on or about June 22, 2004, and (v) CapitalSource Commercial Loan Trust 2004-2 on or
about October 28, 2004.

“Priority of Payments” means, collectively, the payments made on each Remittance Date in
accordance with Section 7.05(a) and Section 7.05(b).

“Public Securities” means the common stock of CapitalSource Inc., a Delaware corporation
and the ultimate parent of the Originator, and any subsequent securities issued by CapitalSource
Inc. in a transaction registered under the Securities Act.

“Purchase Agreement” means the Purchase Agreement, dated April 8, 2005 among the Initial
Purchasers, the Trust Depositor, the Issuer and CapitalSource, as such agreement may be amended,
modified, waived, supplemented or restated from time to time.

“Qualified Hedge Counterparty” means a party that is a recognized dealer in interest rate
swaps and interest rate caps, organized under the laws of the United States or a jurisdiction
located therein (or another jurisdiction reasonably acceptable to the Issuer and each Rating
Agency), that with respect to itself or its Credit Support Provider: (a) at the time it becomes a
Hedge Counterparty has a short–term rating of at least “A-1” or a long-term senior unsecured debt
rating of at least “A+” if such Person does not have a short-term rating by S&P (for so long as any
of the Offered Notes are deemed Outstanding hereunder and are rated by S&P), and at least “F-1” by
Fitch (for so long as any of the Offered Notes are deemed Outstanding hereunder and are rated by
Fitch) and either a long–term senior unsecured debt rating of at least “Aa3” by Moody’s (if such
Person does not have at least a “P-1” short–term debt rating by Moody’s) or a long–term senior
unsecured debt rating of at least “A1” by Moody’s and not subject to the qualification that the
party has been placed on credit watch with negative implications (only if the short–term debt of
such Person is rated at least “P-1” by Moody’s and not subject to the qualification that the party
has been placed on credit watch with negative implications) (for so long as any of the Offered
Notes are deemed Outstanding hereunder and are rated by Moody’s) and thereafter maintains long-term
senior unsecured debt rating of at least “BBB-” from S&P (for so long as any of the Offered Notes
are deemed Outstanding hereunder and are rated by S&P), and a short-term debt rating of at least
“F–2” by Fitch (for so long as any of the Offered Notes are deemed Outstanding hereunder and are
rated by Fitch) and either a long-term senior unsecured debt rating of at least “A1” by Moody’s (if
such Person does not have at least a “P-1” short–term debt rating by Moody’s) or a long–term senior
unsecured debt rating of at least “A2” by Moody’s (only if the short–term debt of such Person is
rated at least “P-1” by Moody’s) (for so long as any of the Offered Notes are deemed Outstanding
hereunder and are rated by Moody’s); provided, that, should a Rating Agency effect
an overall downward adjustment of its short-term or long-term debt ratings, then the rating
required of that Rating Agency under this clause (a) for a party to constitute a Qualified Hedge
Counterparty shall be downwardly adjusted accordingly; provided further, that any
adjustment to a rating shall be subject to the prior written consent of the applicable Rating
Agency (b) legally and effectively accepts the rights and obligations under the applicable Hedge
Agreement, or, as the case may be, alternate credit

36

 

support arrangements pursuant to a written agreement reasonably acceptable to the Issuer and (c) in
connection with a Substitute Hedge Counterparty, otherwise satisfies the Rating Agency Condition.

“Qualified Institution” means (a) the corporate trust department of the Indenture Trustee
or the corporate trust department of Wachovia Bank, National Association, or (b) a depository
institution organized under the laws of the United States or any one of the states thereof or the
District of Columbia (or any domestic branch of a foreign bank), (i)(A) that has either (1) a
long-term unsecured debt rating acceptable to the Rating Agencies, which, in the case of S&P, shall
be “AA-”, in the case of Fitch, shall be “AAA” and in the case of Moody’s, shall be “Aa3,” or (2) a
short–term unsecured debt rating or certificate of deposit rating acceptable to the Rating
Agencies, which, in the case of S&P, shall be “A-1+”, in the case of Fitch, shall be “F-1+”, and in
the case of Moody’s, shall be “P-1,” (B) the parent corporation, if such parent corporation
guarantees the obligations of the depository institution, of which has either (1) a long–term
unsecured debt rating acceptable to the Rating Agencies, which, in the case of S&P, shall be “AA-”,
in the case of Fitch, shall be “AAA” and in the case of Moody’s, shall be “Aa3” or (2) a short–term
unsecured debt rating or certificate of deposit rating acceptable to the Rating Agencies, which, in
the case of S&P, shall be “A-1+”, in the case of Fitch, shall be “F-1+” and in the case of Moody’s,
shall be “A-1,” or (C) otherwise satisfies the Rating Agency Condition, and (ii) whose deposits are
insured by the FDIC and satisfies the Rating Agency Condition.

“Qualified Transferee” means:

     (a) the Trust Depositor, the Trust, the Indenture Trustee and any Affiliate thereof; or

     (b) any other Person which:

          (i) has at least $50,000,000 in capital/statutory surplus or shareholders’ equity
(except with respect to a pension advisory firm or similar fiduciary); and

          (ii) is one of the following:

               (A) an insurance company, bank, savings and loan association, investment bank,
trust company, commercial credit corporation, pension plan, pension fund, pension
fund advisory firm, mutual fund, real estate investment trust, governmental entity
or plan;

               (B) an investment company, money management firm or a “qualified institutional
buyer” within the meaning of Rule 144A under the Securities Act, or an
“institutional accredited investor” within the meaning of Regulation D who is a
Qualified Purchaser for purposes of Section 3(c)(7) of the 1940 Act;

               (C) the trustee, collateral agent or administrative agent in connection with
(x) a securitization of the subject Loan through the creation of collateralized debt
or loan obligations or (y) an asset-backed commercial paper funded transaction
funded by a commercial paper conduit whose commercial paper notes are rated at least
“A-1” by S&P or at least “P-1” by Moody’s, or (z) a repurchase transaction funded by
a an entity which would otherwise be a Qualified

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Transferee so long as the “equity interest” (other than any nominal or de
minimis equity interest) in the special purpose entity that issues notes or
certificates in connection with any such collateralized debt or loan obligation,
asset-backed commercial paper funded transaction or repurchase transaction is owned
by one or more entities that are Qualified Transferees under subclauses (A) or (B)
above; or

               (D) any entity Controlled (as defined below) by any of the entities described
in subclauses (i) or (ii) above.

For purposes of this definition only, “Control” means the ownership, directly or indirectly, in the
aggregate of more than fifty percent (50%) of the beneficial ownership interests of an entity and
the possession, directly or indirectly, of the power to direct or cause the direction of the
management or policies of an entity, whether through the ability to exercise voting power, by
contract or otherwise, and “Controlled” has the meaning correlative thereto.

“Rating Agency” means each of S&P, Moody’s and Fitch, so long as such Persons maintain a
rating on any of the Offered Notes; and if any of S&P, Moody’s or Fitch no longer maintains a
rating on any of the Offered Notes, such other nationally recognized statistical rating
organization, if any, selected by the Trust Depositor.

“Rating Agency Condition” means, with respect to any action or series of related actions or
proposed transaction or series of related proposed transactions, that each applicable Rating Agency
shall have notified the Trust Depositor, the Owner Trustee and the Indenture Trustee in writing
that such action or series of related actions or the consummation of such proposed transaction or
series of related transactions will not result in a Ratings Effect.

“Ratings Effect” means, with respect to any action or series of related actions or proposed
transaction or series of related proposed transactions, a reduction or withdrawal of any rating
issued by a Rating Agency on the Closing Date with respect to any outstanding Class of Notes as a
result of such action or series of related actions or the consummation of such proposed transaction
or series of related transactions.

“Record Date” means, for book–entry Notes, the calendar day immediately preceding the
applicable Remittance Date or Repurchase Date, and for the Individual Notes, the last Business Day
of the immediately preceding calendar month.

“Records” means all Loan and other documents, books, records and other information
(including without limitation, computer programs, tapes, disks, punch cards, data processing
software and related property and rights) executed in connection with the origination or
acquisition of the Loans or maintained with respect to the Loans and the related Obligors that the
Originator or the Servicer have generated, in which the Originator, the Trust Depositor, the
Issuer, the Indenture Trustee or the Servicer have acquired an interest pursuant to the Transfer
and Servicing Agreements or in which the Originator, the Trust Depositor, the Issuer, the Indenture
Trustee or the Servicer have otherwise obtained an interest.

“Repurchase Date” means in the case of an Optional Repurchase, the Remittance Date
specified by the Issuer pursuant to Section 10.01 of the Indenture.

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“Repurchase Price” means, in the case of an Optional Repurchase, an amount equal to the
then outstanding principal amount of each class of Offered Notes to be repurchased plus accrued and
unpaid interest thereon to but excluding the Repurchase Date plus all other amounts accrued and
unpaid with respect thereto, together with all amounts then owing to each Hedge Counterparty,
including Hedge Breakage Costs, plus, without duplication, all amounts payable to each Hedge
Counterparty upon termination of all Hedge Transactions in connection with a Repurchase of the
Notes, including Hedge Breakage Costs.

“Reducing Revolving Loans” means a Loan that is a revolving line of credit with a
commitment that reduces over the life of the Loan.

“Reference Banks” means leading banks selected by the Indenture Trustee and engaged in
transactions in Eurodollar deposits in the international Eurocurrency market.

“Released Amounts” means, with respect to any payment or collection received with respect
to any Loan on any Business Day (whether such payment or collection is received by the Servicer,
the Owner Trustee or the Trust Depositor), an amount equal to that portion of such payment or
collection on any Retained Interest released from the Loan Assets pursuant to Section 2.05.

“Released Mortgage Property Proceeds” means, as to any Loan secured by a Mortgaged
Property, the proceeds received by the Servicer in connection with (a) a taking of an entire
Mortgaged Property by exercise of the power of eminent domain or condemnation or (b) any release of
part of the Mortgaged Property from the Lien of the related Mortgage, whether by partial
condemnation, sale or otherwise, which is not released to the Obligor, the grantor or another
creditor in accordance with the Requirements of Law, the governing documents, the Credit and
Collection Policy and this Agreement.

“Remittance Date” means the 20th day of each month, commencing April 20, 2005 or, if such
20th day is not a Business Day, on the next succeeding Business Day.

“Repossessed Collateral” means items of Collateral taken in the name of the Issuer as a
result of legal action enforcing the Lien on the Collateral resulting from a default on the related
Loan.

“Representative Amount” means an amount that is representative for a single transaction in
the relevant market at the relevant time.

“Required Loan Documents” means, with respect to:

     (a) all Loans in the aggregate:

          (i) a blanket assignment of all of the Originator’s and Trust Depositor’s right, title
and interest in and to all Collateral securing the Loans at any time transferred to the
Issuer including without limitation, all rights under applicable guarantees and Insurance
Policies, such assignment shall be in the name of “Wells Fargo Bank, National Association,
its successors and assigns, as Indenture Trustee under the Indenture, dated as of April 14,
2005 relating to CapitalSource Commercial Loan Trust 2005-1”;

39

 

          (ii) irrevocable powers of attorney of the Originator, the Trust Depositor and the
Issuer to the Indenture Trustee to execute, deliver, file or record and otherwise deal with
the Collateral for the Loans at any time transferred to the Issuer. The powers of attorney
will be delegable by the Indenture Trustee to the Servicer and any Successor Servicer and
will permit the Indenture Trustee or its delegate to prepare, execute and file or record UCC
financing statements and notices to insurers;

          (iii) blanket UCC–1 financing statements identifying by type all Collateral for the
Loans to be transferred to the Issuer as Collateral under the Indenture and naming the
Issuer and the Indenture Trustee, as assignee of the Issuer, as “Secured Party” and the
Trust Depositor as the “Debtor”;

     (b) for each Loan:

          (i) with the exception of Noteless Loans, the original Underlying Note, endorsed by
means of an allonge as follows: “Pay to the order of Wells Fargo Bank, National
Association, and its successors and assigns, not in its individual capacity but solely as
Indenture Trustee under that certain Indenture, dated as of April 14, 2005 relating to
CapitalSource Commercial Loan Trust 2005-1, without recourse” and signed, by facsimile or
manual signature, in the name of the Trust Depositor by a Responsible Officer, with all
prior and intervening endorsements showing a complete chain of endorsement from the
Originator to the Trust Depositor and from the Trust Depositor to the Issuer;

          (ii) in the case of Noteless Loans, a copy of the Loan Register, certified by a
Responsible Officer of the Originator;

          (iii) a copy of the related loan agreement (which may be included in the Underlying
Note if so indicated in the Loan Checklist), together with a copy of all amendments and
modifications thereto;

          (iv) a copy of any related security agreement signed by the primary Obligor;

          (v) a copy of the Loan Checklist;

          (vi) a copy of any related guarantees then executed in connection with such Loan;

          (vii) a copy of any UCC financing statements filed securing any related Collateral
naming the Originator, or, with respect to Assigned Loans, Participation Loans or Agented
Loans, the collateral agent named thereunder, as “Secured Party”;

          (viii) for Assigned Loans, a copy of the assignment agreement;

          (ix) if the Originator is the only lender under the credit facility, if the Originator
is the collateral agent for a syndicate of lenders under the credit facility, or if the
Originator has not previously delivered such stock certificate to Wells Fargo in connection
with the Funding I Transaction, the Funding II Transaction, the Funding III

40

 

Transaction, the Acquisition Funding Transaction or any Prior Term Transaction, and the
Loan Checklist indicates that the Collateral includes a pledge of stock, the original stock
certificate serving as Collateral for such Loan, along with an executed stock power executed
in blank;

          (x) if the Originator is the only lender under the credit facility, if the Originator
is the collateral agent for a syndicate of lenders under the credit facility, or if the
Originator has not previously delivered such items to Wells Fargo in connection with the
Funding I Transaction, the Funding II Transaction, the Funding III Transaction, the
Acquisition Funding Transaction, or such Prior Term Transaction, all other items listed in
the related Loan Checklist that have not previously been delivered, or a certificate from a
Responsible Officer of the Trust Depositor that such delivery has been waived consistent
with the prudent lending practices and the Credit and Collection Policy of the Originator
and such waiver shall not have a material adverse effect on the Noteholders or Hedge
Counterparties; and

     (c) for each Loan identified by the Trust Depositor as a Material Mortgage Loan, each of the
following documents (except for Material Mortgaged Loans where the Originator or one of its
Affiliates is a co–lender but not the agent):

          (i) either (A) the original Mortgage, with evidence of recording thereon, (B) a copy of
the Mortgage certified as a true copy by a Responsible Officer of the Originator where the
original has been transmitted for recording until such time as the original is returned by
the public recording office or duly licensed title or escrow officer or (C) a copy of the
Mortgage certified by the public recording office in those instances where the original
recorded Mortgage has been lost;

          (ii) the original Assignment of Mortgage from the Originator endorsed as follows:
“Wells Fargo Bank, National Association, its successors and assigns, as Indenture Trustee
under the Indenture, dated as of April 14, 2005, as for the pro rata benefit of the Assigned
Parties”;

          (iii) either (A) originals of all intervening assignments, if any, showing a complete
chain of title from the originator of the Loan (where such originator was not the Originator
or one of its Affiliates) to the Originator or one of its Affiliates, including warehousing
assignments, with evidence of recording thereon if such assignments were recorded, (B)
copies of any assignments certified as true copies by a Responsible Officer of the
Originator where the originals have been submitted for recording until such time as the
originals are returned by the public recording officer, or (C) copies of any assignments
certified by the public recording office in any instances where the original recorded
assignments have been lost; and

          (iv) either (A) a copy of all title insurance policies or a marked title commitment
relating to the title insurance policies for the Mortgaged Property to the extent the
Originator obtained such policies or (B) copies of any title insurance policies or other
evidence of Lien position, including but not limited to policy insurance record of title
policies, limited liability reports and lot book reports, to the extent the Originator

41

 

obtains such policies or other evidence of Lien position, certified as true by the
Originator.

“Required Reserve Amount” means, with respect to each Remittance Date, an amount equal to
the sum of (a) three times the sum of the Class A-1 Interest Amount, the Class A-2 Interest Amount,
the Class B Interest Amount, the Class C Interest Amount, the Class D Interest Amount and the Class
E Interest Amount due on the next Remittance Date plus (b) the Outstanding Loan Balance of
each Delinquent Loan.

“Requirements of Law” for any Person means the certificate of incorporation or articles of
association and by–laws or other organizational or governing documents of such Person, and any law,
treaty, rule or regulation, or order or determination of an arbitrator or Governmental Authority,
in each case applicable to or binding upon such Person or to which such Person is subject, whether
Federal, state or local (including, without limitation, usury laws, the Federal Truth in Lending
Act and Regulation Z and Regulation B of the Board of Governors of the Federal Reserve System).

“Reserve Fund” means the interest bearing trust account so designated and established and
maintained pursuant to Section 7.01.

“Reserve Fund Initial Balance” means an amount equal to $10,107,734.38 (i.e., the product
of (a) the sum of the Outstanding Principal Balance of the Offered Notes as of the Closing Date,
(b) the weighted average Note Interest Rate applicable to each Class of Offered Notes as of the
first day of the initial Interest Accrual Period (weighted by the Outstanding Principal Balance of
each Class of Offered Notes) and (c) 0.25).

“Responsible Officer” means, when used with respect to the Owner Trustee or the Indenture
Trustee, any officer assigned to the Corporate Trust Office, including any Chief Executive Officer,
President, Executive Vice President, Vice President, Assistant Vice President, Secretary, any
Assistant Secretary, any trust officer or any other officer of the Owner Trustee or the Indenture
Trustee customarily performing functions similar to those performed by any of the above designated
officers and also, with respect to a particular matter, any other officer to whom such matter is
referred because of such officer’s knowledge of and familiarity with the particular subject. When
used with respect to the Trust Depositor, the Issuer, the Originator or the Servicer, any Chief
Executive Officer, the President, an Executive Vice President, a Senior Vice President, the
Treasurer, the Secretary or any Assistant Secretary or Assistant Treasurer.

“Retained Interest” means, for each Loan, the following interests, rights and obligations
in such Loan and under the related loan documents, which are being retained by the Originator: (a)
all of the obligations, if any, to provide additional funding with respect to such Loan, (b) all of
the rights and obligations, if any, of the agent(s) under the documentation evidencing such Loan,
(c) the applicable portion of the interests, rights and obligations under the documentation
evidencing such Loan that relate to such portion(s) of the indebtedness that is owned by another
lender or is being retained by the Originator, (d) any unused commitment fees associated with the
additional funding obligations that are not being transferred in accordance with clause (a)
above, (e) any agency or similar fees associated with the rights and obligations of the agent that
are not being transferred in accordance with clause (b) above, (f) any advisory,
consulting, audit, in–house

42

 

legal expenses or similar fees and/or expenses due from the Obligor associated with services
provided by the agent that are not being transferred in accordance with clause (b) above,
and (g) any and all warrants and equity instruments issued in the name of the Originator or its
Affiliates in connection with or relating to any Loan.

“Revolving Loan” means a Loan that is a line of credit arising from an extension of credit
by the Originator to an Obligor with a commitment that is fixed pursuant to the terms of the
related Required Loan Documents.

“S&P” means Standard and Poor’s Inc., a division of The McGraw Hill Companies or any
successor thereto.

“S&P CDO Evaluator” means the dynamic, analytical computer program in the form provided by
S&P to the Servicer as of the Closing Date for the purpose of estimating the default risk of Loans.

“S&P Rating Condition” means, with respect to any action or series of related actions or
proposed transaction or series of proposed transactions, that S&P shall have notified the Trust
Depositor, the Owner Trustee and the Indenture Trustee in writing that such action or series of
related actions or the consummation of such proposed transaction or series of related transactions
will not result in a reduction or withdrawal of the rating issued by S&P on the Closing Date with
respect to any outstanding class of Notes as a result of such action or series of related actions
or the consummation of such proposed transaction or series of related transactions.

“SAIF” means the Savings Association Insurance Fund, or any successor thereto.

“Scheduled Payment” means, with respect to any Loan, the payment of principal and/or
interest scheduled to be made by the related Obligor under the terms of such Loan after the related
Cut–Off Date, excluding any payments of principal constituting excess cash flow sweeps, as adjusted
pursuant to the terms of the related Underlying Note or Required Loan Documents, and any such
payment received after the related Cut–Off Date.

“Scheduled Payment Advance” means, with respect to any Remittance Date, the amounts, if
any, deposited by the Servicer in the Principal and Interest Account for such Remittance Date in
respect of Scheduled Payments (or portions thereof) pursuant to Section 5.09.

“Securities” means the Notes and the Certificate, or any of them.

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

“Securityholders” means the Holders of the Notes or the Certificate.

“Senior B-Note Loan” means any multilender Loan that (a) is secured by a first priority
Lien on all the Obligor’s assets constituting Collateral for the Loan, (b) has a Loan-to-Value of
less than or equal to 90%, and (c) that contains provisions which, upon the occurrence of an event
of default under the Underlying Loan Documents or in the case of any liquidation or foreclosure on
the related Collateral, the Issuer’s portion of such Loan would be paid only after the other lender
party to such Loan (whose right to payment is contractually senior to the Issuer) is paid in full.

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“Senior Loan” means any Loan that (a) is secured by a first priority Lien on all of the
Obligor’s assets constituting Collateral for the Loan, (b) has a Loan–to–Value of less than or
equal to 90%, and (c) provides that the Payment Obligation of the related Obligor on such Loan is
either senior to, or pari passu with, all other loans or financings to such Obligor.

“Sequential Pay Event” means, with respect to any Remittance Date, that one or more of the
following has occurred;

     (a) as of the related Determination Date, the Outstanding Loan Balance of Loans which have
become Charged-Off Loans represent 8.0% or more of the Initial Aggregate Outstanding Loan Balance;

     (b) any of the Class B Interest Amount, the Class C Interest Amount, the Class D Interest
Amount or the Class E Interest Amount is calculated using clause (ii)(b) of the definition thereof;

     (c) an Event of Default;

     (d) a Servicer Default;

     (e) an Accelerated Amortization Event;

     (f) the Aggregate Outstanding Loan Balance is less than 45% of the Initial Aggregate
Outstanding Loan Balance; or

     (g) a Downgrade Event.

“Servicer” means initially CapitalSource, or its successor, until any Servicer Transfer
hereunder or the resignation or permitted assignment by the Servicer and, thereafter, means the
Successor Servicer appointed pursuant to ARTICLE 8 with respect to the duties and
obligations required of the Servicer under this Agreement.

“Servicer Default” shall have the meaning specified in Section 8.01.

“Servicer Employees” shall have the meaning specified in Section 5.04.

“Servicer Transfer” shall have the meaning specified in Section 8.02(b).

“Servicing Advances” means, all reasonable and customary “out–of–pocket” costs and expenses
incurred in the performance by the Servicer of its servicing obligations, including, but not
limited to, the cost of (a) the preservation, restoration and protection of the Collateral, (b) any
enforcement or judicial proceedings, including foreclosures, (c) the management and liquidation of
the Foreclosed Property or Repossessed Collateral, (d) compliance with the obligations under this
Agreement, which “Servicing Advances” are reimbursable to the Servicer to the extent provided in
Section 5.10(d) of this Agreement, and (e) in connection with the liquidation of a Loan,
for all of which costs and expenses the Servicer is entitled to reimbursement thereon up to a
maximum rate per annum equal to the related Loan Rate.

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“Servicing Fee” shall have the meaning given to such term in Section 5.11.

“Servicing Fee Percentage” means 1.25% per annum for Asset Based Revolvers and 1.0% per
annum for all other Loans.

“Servicing Officer” means any officer of the Servicer involved in, or responsible for,
the administration and servicing of Loans whose name appears on a list of servicing officers
appearing in an Officer’s Certificate furnished to the Indenture Trustee by the Servicer, as the
same may be amended from time to time.

“SG CIB” means SG Americas Securities, LLC.

“Solvent” means, as to any Person at any time, that (a) the fair value of the property of
such Person is greater than the amount of such Person’s liabilities (including disputed, contingent
and unliquidated liabilities) as such value is established and liabilities evaluated for purposes
of Section 101(32) of the Bankruptcy Code; (b) such Person is able to realize upon its property and
pay its debts and other liabilities (including disputed, contingent and unliquidated liabilities)
as they mature in the normal course of business; (c) such Person does not intend to, and does not
believe that it will, incur debts or liabilities beyond such Person’s ability to pay as such debts
and liabilities mature; and (d) such Person is not engaged in business or a transaction, and is not
about to engage in a business or a transaction, for which such Person’s property would constitute
unreasonably small capital.

“SPE Obligor” means an Obligor that (a) is organized as a special purpose entity and is not
an operating company and (b) has as its primary assets loans to, and a security interest in the
assets of, Underlying Debtors.

“Specified Amendment” means, with respect to any Loan, any waiver, modification, amendment
or variance of such Loan which does not constitute a Material Modification of the type specified in
clause (ii) of the definition thereof and which effects:

     (a) any waiver, modification amendment or variance of any term of such Loan in a manner that
would:

     (i) modify the amortization schedule with respect to such Loan to reduce the dollar
amount of any Scheduled Payment by more than 20%, or to postpone by more than two payment
periods or eliminate a Scheduled Payment with respect thereto; provided that any
such modification, postponement or elimination shall not cause the weighted average life of
the applicable Loan to increase by more than 10%; or

     (ii) reduce or increase the cash interest rate payable by the Obligor thereunder by
more than 100 basis points (excluding any increase in an interest rate arising by operation
of a default or penalty interest clause under a Loan); or

     (iii) reduce the principal amount thereof; or

     (iv) extend the stated maturity date of such Loan by more than 24 months;
provided that, any such extension shall be deemed not to have been made until the

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business day following the original stated maturity date of such Loan, except that the
Servicer shall provide notice and a summary of such extension to the Rating Agencies in
accordance with the second sentence of Section 5.02(e)(ii) as though a Specified
Amendment had occurred as of the date such extension is entered into; or

     (v) release any party from its obligations under such Loan, if such release would have
a material adverse effect on the Loan; or

     (vi) release, or permit the sharing of, the collateral included in the borrowing base
under an Asset Based Revolver such that the advance rate for such Loan would exceed 90%
based upon the remaining collateral; or

     (vii) increase the advance rate under an Asset Based Revolver to more than 90%; or

     (b) the making of an Overadvance not scheduled to be repaid within one year of being made to
the Obligor with respect to an Asset Based Revolver, where such overadvance results in an advance
rate in excess of 90% for such Loan;

     provided that any waiver or forgiveness by the Servicer of any amount described in
Section 5.11(b) shall not constitute a Specified Amendment.

“Statutory Trust Statute” means Chapter 38 of Title 12 of the Delaware Code, 12 Del.
C. §§ 3801 et seq., as the same may be amended from time to time.

“Subordinated Loan” means any Loan other than a Senior Loan, a Senior B-Note Loan or an
unsecured Loan.

“Subsequent Cut–Off Date” means the date specified as such for Substitute Loans in the
related Subsequent Transfer Agreement.

“Subsequent List of Loans” means a list, in the form of the initial List of Loans delivered
on the Closing Date, but listing each Substitute Loan transferred to the Issuer pursuant to the
related Subsequent Transfer Agreement.

“Subsequent Purchase Agreement” means, with respect to any Substitute Loans, the agreement
between the Originator and the Trust Depositor pursuant to which the Originator will transfer the
Substitute Loans to the Trust Depositor, the form of which is attached to hereto as Exhibit
J.

“Subsequent Transfer Agreement” means the agreement described in Section 2.04(d)(v)
hereof, the form of which is attached hereto as Exhibit I.

“Subsequent Transfer Date” means any date on which Substitute Loans are transferred to the
Issuer.

“Subservicer” means any direct or indirect wholly owned subsidiary of CapitalSource that
CapitalSource has identified as a subservicer or additional collateral agent or any other Person
with whom the Servicer has entered into a Subservicing Agreement and who satisfies the

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requirements set forth in Section 5.02(a) of this Agreement in respect of the qualification
of a Subservicer.

“Subservicing Agreement” means any agreement between the Servicer and any Subservicer
relating to subservicing and/or administration of certain Loans as provided in this Agreement, a
copy of which shall be delivered, along with any modifications thereto, to the Indenture Trustee.

“Substitute Hedge Counterparty” means any substitute or replacement Hedge Counterparty
under a Hedge Agreement.

“Substitute Loan” means one or more Eligible Loans (a) transferred to the Issuer under and
in accordance with Section 2.04 and identified in the related Addition Notice, and (b) that
become part of the Loan Pool.

“Substitute Loan Qualification Conditions” means, with respect to any Substitute Loans
being transferred to the Issuer pursuant to Section 2.04, the accuracy of each of the
following statements as of the related Cut–Off Date for each such Loan:

     (a) (i) if the Loan Rate of such Substitute Loan is determined by reference to the same Loan
Rate Index as the Loan being replaced, the Loan Rate of such Substitute Loan equals or exceeds the
Loan Rate of the Loan being replaced, or (ii) if the Loan Rate of each Substitute Loan is not
determined by reference to the same Loan Rate Index as the Loan being replaced, the Weighted
Average LIBOR Spread Test is satisfied; provided that if the Weighted Average LIBOR Spread Test is
not satisfied prior to giving effect to the inclusion of any Substitute Loans under the
circumstances described in this clause (ii), the Weighted Average LIBOR Spread Test shall
be deemed satisfied if the Weighted Average LIBOR Spread is maintained or improved by the inclusion
of such Substitute Loan(s);

     (b) the sum of the Outstanding Loan Balances of such Substitute Loans is equal to or greater
than that of the Loan being replaced, or the remaining balance of any deposit made by the Servicer
in connection with the substitution shall be released in accordance with Section 2.04;

     (c) the date of the final Scheduled Payment on any Substitute Loan is not later than the date
that is 36 months prior to the Legal Final Maturity Date;

     (d) either: (i) the Eligible Loan Rating of each Substitute Loan is equal to or better than
the Eligible Loan Rating of the Loan being replaced at the time of its replacement; or (ii) if the
Loan Rating of each Substitute Loan is worse than the Eligible Loan Rating of the Loan being
replaced at the time of its replacement, then after giving effect to such substitution, the
weighted average Eligible Loan Rating of the Loan Pool is equal to or better than the weighted
average Eligible Loan Rating of the Loan Pool as of the Initial Cut-Off Date;

     (e) • either: (i) the estimated Moody’s rating and estimated S&P rating of each Substitute
Loan is equal to or better than the estimated Moody’s rating and the estimated S&P rating, as
applicable, of the Loan being replaced at the time of its replacement; (ii) if the estimated S&P
rating of such Substitute Loan is equal to or better than the estimated S&P rating of the Loan
being replaced but the estimated Moody’s rating of any Substitute Loan is worse than the estimated
Moody’s rating of the Loan being replaced, in each case at the time of its

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replacement, then after giving effect to such substitution, the weighted average estimated
Moody’s rating of the Loans in the Loan Pool shall be equal to or better than the weighted average
estimated Moody’s rating of the Loans in the Loan Pool as of the Cut-Off Date; (iii) if the
estimated Moody’s rating of such Substitute Loan is equal to or better than the estimated Moody’s
rating of the Loan being replaced but the estimated S&P rating of any Substitute Loan is worse than
the estimated S&P rating of the Loan being replaced, in each case at the time of its replacement,
then after giving effect to such substitution, the Break-Even Default Rate with respect to the
Class A Notes and the Class B Notes determined using the S&P CDO Evaluator shall not be lower than
the Break-Even Default Rate with respect to the Class A Notes and the Class B Notes determined
using the S&P CDO Evaluator as of the Cut-Off Date; or (iv) if the estimated Moody’s rating and
estimated S&P rating of any Substitute Loan is worse than the estimated Moody’s rating and the
estimated S&P rating, as applicable, of the Loan being replaced at the time of its replacement,
then after giving effect to such substitution, the weighted average estimated Moody’s rating of the
Loans in the Loan Pool shall be equal to or better than the weighted average estimated Moody’s
rating of the Loans in the Loan Pool as of the Cut-Off Date and the Break-Even Default Rate with
respect to the Class A Notes and the Class B Notes determined using the S&P CDO Evaluator shall not
be lower than the Break-Even Default Rate with respect to the Class A Notes and the Class B Notes
determined using the S&P CDO Evaluator as of the Cut-Off Date;

     (f) after giving effect to such substitution, there will be no material adverse change in the
Loan Pool;

     (g) the weighted average life of each Substitute Loan is no greater than 110% of the Loan
being replaced;

     (h) the frequency of payment of each Substitute Loan is at least as frequent as the Loan being
replaced;

     (i) the type of Collateral securing each Substitute Loan is similar to the type of Collateral
securing the Loan being replaced, and the lien position of such Substitute Loan with respect to the
related Collateral securing each Substitute Loan is not less senior than the lien position of the
Loan being replaced with respect to the Collateral securing such replaced Loan; and

     (j) each Substitute Loan was originated under credit criteria and policies that are the same
in all material respects as the credit criteria and policies under which the Loan being replaced
was originated.

“Substitution Event” shall have occurred if a Loan then held by the Issuer and identified
in the related Addition Notice is one of (a) a Prepaid Loan, (b) a Charged–Off Loan, (c) a Loan
that has a covenant default, (d) a Delinquent Loan (other than a Loan which has been deemed to be a
Delinquent Loan in accordance with Section 5.02(e)(iii)), (e) a Loan that becomes subject
to a Material Modification, (f) a Loan that becomes subject to a Specified Amendment or (g) the
subject of a breach of a representation or warranty under this Agreement or other provision, which
breach or other provision, in the absence of a substitution of a Substitute Loan for such Loan
pursuant to Section 2.04, would require the payment of a Transfer Deposit Amount to the

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Issuer in respect of such Loan pursuant to Section 11.01; provided, that,
the occurrence of a Substitution Event under clauses (a)-(d) above or clause (e)
above in the event of a Material Modification contemplated by clause (ii) of the definition of such
term shall be subject to the limits set forth in Section 2.07.

“Substitution Period” shall have the meaning given to such term in Section
2.04(a)(ii)(C).

“Successor Backup Servicer” shall have the meaning given to such term in Section
8.10(a).

“Successor Servicer” shall have the meaning given to such term in Section 8.02(b).

“SunTrust” means SunTrust Capital Markets, Inc.

“Tape” shall have the meaning given to such term in Section 5.15(b)(ii).

“Telerate Page 3750” means the display page currently so designated on the Moneyline
Telerate Service or such other page as may be nominated as the information vendor (or such other
page as may replace that page on that service for the purpose of displaying comparable rates or
prices).

“Termination Notice” shall have the meaning given to such term in Section 8.02(a).

“Term Loan” means a loan that is a closed-end extension of credit by the Originator to an
Obligor which may be fully funded or partially funded at the closing thereof, and which provides
for full amortization of the principal thereof prior to or upon maturity.

“Total Principal Distributable” means, as of any date of determination, the excess, if any,
of the Aggregate Outstanding Principal Balance over the Aggregate Outstanding Loan Balance.

“Traditional Revolving Loans” means a Loan that is a revolving line of credit with a
commitment that does not vary over the life of the Loan.

“Transaction Documents” means this Agreement, the Indenture, the Trust Agreement, the Loan
Sale Agreement, the Purchase Agreement, any Subsequent Transfer Agreement, any Subsequent Purchase
Agreement, any Hedge Agreement, and any documents or agreements executed in connection with the
forgoing, as the forgoing documents and agreements are amended, modified, restated, replaced,
substituted, waived, supplemented or extended from time to time.

“Transfer and Servicing Agreements” means collectively this Agreement and the Loan Sale
Agreement.

“Transfer Date” means each date on which the Trust Depositor transfers Loans, or portions
thereof, to the Issuer.

“Transfer Deposit Amount” means, with respect to each Ineligible Loan or Loan that is to be
purchased pursuant to Section 2.07, on any date of determination, the sum of the
Outstanding Loan Balance of such Loan, together with accrued interest thereon through such date of
determination at the Loan Rate provided for thereunder, and any outstanding Scheduled Payment
Advances thereon that have not been waived by the Servicer entitled thereto.

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“Trust Account Property” means the Trust Accounts, all amounts and investments held from
time to time in any Trust Account (whether in the form of deposit accounts, physical property,
book–entry securities, uncertificated securities or otherwise) including, without limitation, the
Reserve Fund Initial Balance, and all proceeds of the foregoing.

“Trust Accounts” means, collectively, the Principal and Interest Account (including the
Principal Collection Account and Interest Collection Account), the Reserve Fund, the Note
Distribution Account and the Certificate Account, the Hedge Counterparty Collateral Account (if
applicable), or any of them.

“Trust Agreement” means the Trust Agreement, dated on or about March 29, 2005, between the
Trust Depositor and the Owner Trustee, as such agreement may be amended, modified, waived,
supplemented or restated from time to time.

“Trust Depositor” shall have the meaning given to such term in the Preamble.

“Trust Estate” shall have the meaning given to such term in the Trust Agreement.

“Trustees” means the Owner Trustee and the Indenture Trustee, or any of them individually
as the context may require.

“UCC” means the Uniform Commercial Code, as amended from time to time, as in effect in any
specified jurisdiction.

“Underlying Custodial Agreement” means, with respect to each Loan to an SPE Obligor, that
certain custodial agreement entered into among the Originator and a collateral custodian under
which such collateral custodian agrees to hold certain underlying loan documents or other
collateral of the Pooled Debtors with respect to such Loan for the benefit of the Originator and
its assignees.

“Underlying Custodian” means the party acting as collateral custodian under a Custodial
Agreement.

“Underlying Debtors” means each of the underlying obligors who are obligated as debtors on
a Loan from an SPE Obligor.

“Underlying Note” means the one or more promissory notes executed by an Obligor evidencing
a Loan.

“United States” means the United States of America.

“Unreimbursed Scheduled Payment Advances” means, at any time, the amount of all previous
Scheduled Payment Advances (or portions thereof) as to which the Servicer has not been reimbursed
as of such time pursuant to Section 7.03 or Section 7.05, the Servicer has
determined in its sole discretion that the same are Uncollectible Scheduled Payment Advances, and
with respect to which the Servicer has given a written certification to such effect to each
Trustee.

“USD–LIBOR–Reference Banks” shall have the meaning given to such term in Section
7.06(a).

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“Warehouse Facilities” means the Funding I Transaction, the Funding II Transaction, the
Funding III Transaction and the Mariner Funding Transaction.

“Weighted Average LIBOR Spread” means, as of any Determination Date, a fraction (expressed
as a percentage and rounded up to the next 0.001%), (a) the numerator of which is the sum of the
products determined by multiplying the Outstanding Loan Balance of each Loan (excluding Charged-Off
Loans and Delinquent Loans) owned by the Issuer as of such Determination Date by the LIBOR Spread
with respect to such Loan, and (b) the denominator of which is the sum of the Outstanding Loan
Balances of all Loans (excluding all Charged-Off Loans and Delinquent Loans) owned by the Issuer as
of such Determination Date.

“Weighted Average LIBOR Spread Test” means a test that will be satisfied if the Weighted
Average LIBOR Spread exceeds the Minimum Weighted Average LIBOR Spread.

     Section 1.02. Usage of Terms.

     With respect to all terms in this Agreement, the singular includes the plural and the plural
the singular; words importing any gender include the other genders; references to “writing” include
printing, typing, lithography and other means of reproducing words in a visible form; references to
agreements and other contractual instruments include all amendments, modifications and supplements
thereto or any changes therein entered into in accordance with their respective terms and not
prohibited by this Agreement; references to Persons include their permitted successors and assigns;
and the term “including” means “including without limitation.”

     Section 1.03. Section References.

     All Section references (including references to the Preamble), unless otherwise
indicated, shall be to Sections (and the Preamble) in this Agreement.

     Section 1.04. Calculations.

     Except as otherwise provided herein, all interest rate and basis point calculations hereunder
will be made on the basis of a 360 day year and the actual days elapsed in the relevant period and
will be carried out to at least three decimal places.

     Section 1.05. Accounting Terms.

     All accounting terms used but not specifically defined herein shall be construed in accordance
with generally accepted accounting principles in the United States.

ARTICLE 2.

ESTABLISHMENT OF ISSUER; TRANSFER OF LOAN ASSETS

     Section 2.01. Creation and Funding of Issuer; Transfer of Loan Assets.

     (a) The Issuer shall be created pursuant to the terms and conditions of the Trust Agreement,
upon the execution and delivery of the Trust Agreement and the filing by the Owner

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Trustee of an appropriately completed Certificate of Trust (as defined in the Trust Agreement)
under the Statutory Trust Statute. The Trust Depositor, as settlor of the Issuer, shall fund and
convey assets to the Issuer pursuant to the terms and provisions hereof. The Issuer shall be
administered pursuant to the provisions of this Agreement and the Trust Agreement for the benefit
of the Securityholders and the Hedge Counterparties. The Owner Trustee is hereby specifically
recognized by the parties hereto as empowered to conduct business dealings on behalf of the Issuer
in accordance with the terms hereof and of the Trust Agreement. The Servicer is hereby
specifically recognized by the parties hereto as empowered to act on behalf of the Issuer and the
Owner Trustee in accordance with Section 5.02(e) and Section 5.02(h).

     (b) Subject to and upon the terms and conditions set forth herein, the Trust Depositor hereby
sells, transfers, assigns, sets over and otherwise conveys to the Issuer, for a purchase price
consisting of $1,133,190,412.50 in cash (less placement expenses and certain other expenses
associated with the initial offer and sale of the Notes the proceeds of which represent the
consideration paid by the Issuer herein), $51,875,000 in aggregate principal amount of the Class E
Notes, the Class F Note and the Certificate, all the right, title and interest of the Trust
Depositor in and to the following, including but not limited to, all accounts, cash and currency,
chattel paper, electronic chattel paper, tangible chattel paper, copyrights, copyright licenses,
equipment, fixtures, general intangibles, instruments, commercial tort claims, deposit accounts,
inventory, investment property, letter of credit rights, software, supporting obligations,
accessions, and other property consisting of, arising out of, or related to the following (the
Trust Depositor’s interest in items (i)–(vi) below, being collectively referred to herein as the
“Loan Assets” but in each case shall exclude any Retained Interest):

     (i) the Initial Loans, all payments paid in respect thereof and all monies due, to
become due or paid in respect thereof accruing on and after the Initial Cut–Off Date and all
Liquidation Proceeds and recoveries thereon, in each case as they arise after the Initial
Cut–Off Date, but not including the Retained Interest or Interest Collections received prior
to February 19, 2005;

     (ii) all security interests and Liens and Collateral subject thereto from time to time
purporting to secure payment by Obligors under such Loans;

     (iii) all guaranties, indemnities and warranties, and other agreements or arrangements
of whatever character from time to time supporting or securing payment of such Loans;

     (iv) the Trust Accounts, each Obligor Lock–Box, each Obligor Lock–Box Account, the
Lock–Box, the Lock–Box Account, and together with all cash and investments in each of the
foregoing;

     (v) all collections and records (including computer records) with respect to the
foregoing;

     (vi) all documents relating to the Loan Files; and

     (vii) all income, payments, proceeds and other benefits of any and all of the
foregoing.

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To the extent the purchase price paid to the Trust Depositor for any Loan is less than the fair
market value of such Loan, the difference between such fair market value and the purchase price
shall be deemed to be a capital contribution made by the Trust Depositor to the Issuer on the
relevant Transfer Date.

     (c) The Originator and the Trust Depositor acknowledge that the representations and warranties
of the Trust Depositor in Section 3.01(a) through Section 3.01(e) will run to and
be for the benefit of the Issuer, the Trustees and the Hedge Counterparties, and the Issuer and the
Trustees may enforce, directly without joinder of Trust Depositor, the repurchase obligations of
the Originator with respect to breaches of such representations and warranties as set forth herein
and in Section 11.01.

     (d) The sale, transfer, assignment, set-over and conveyance of the Loan Assets by the Trust
Depositor to the Issuer pursuant to this Agreement does not constitute and is not intended to
result in a creation or an assumption by the Trust Depositor or the Issuer of any obligation of the
Originator in connection with the Loan Assets, or any agreement or instrument relating thereto,
including, without limitation, any obligation to any Obligor, if any, not financed by the
Originator, or (i) any taxes, fees, or other charges imposed by any Governmental Authority and (ii)
any insurance premiums that remain owing with respect to any Loan at the time such Loan is sold
hereunder. The Trust Depositor also hereby assigns to the Issuer all of the Trust Depositor’s
right, title and interest (but none of its obligations) under the Loan Sale Agreement, including
but not limited to the Trust Depositor’s right to exercise the remedies created by the Loan Sale
Agreement.

     (e) The Originator, Trust Depositor and Issuer intend and agree that (i) the transfer of the
Loan Assets to the Trust Depositor and the transfer of the Loan Assets to the Issuer are intended
to be a sale, conveyance and transfer of ownership of the Loan Assets, as the case may be, rather
than the mere granting of a security interest to secure a borrowing and (ii) such Loan Assets shall
not be part of the Originator’s or the Trust Depositor’s estate in the event of a filing of a
bankruptcy petition or other action by or against such Person under any Insolvency Law. In the
event, however, that notwithstanding such intent and agreement, such transfers are deemed to be of
a mere security interest to secure indebtedness, the Originator shall be deemed to have granted the
Trust Depositor and the Trust Depositor shall be deemed to have granted the Issuer, as the case may
be, a perfected first priority security interest in such Loan Assets respectively and this
Agreement shall constitute a security agreement under Requirements of Law, securing the repayment
of the purchase price paid hereunder, the obligations and/or interests represented by the
Securities and the obligations of the Issuer under the Hedge Transactions and the Hedge Agreements,
in the order and priorities, and subject to the other terms and conditions of, this Agreement, the
Indenture, the Trust Agreement and the Hedge Agreements, together with such other obligations or
interests as may arise hereunder and thereunder in favor of the parties hereto and thereto.

     (f) If any such transfer of the Loan Assets is deemed to be the mere granting of a security
interest to secure a borrowing, the Trust Depositor may, to secure the Trust Depositor’s own
borrowing under this Agreement (to the extent that the transfer of the Loan Assets thereunder is
deemed to be a mere granting of a security interest to secure a borrowing) repledge and reassign
(1) all or a portion of the Loan Assets pledged to Trust Depositor by the Originator

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and with respect to which the Trust Depositor has not released its security interest at the
time of such pledge and assignment, and (2) all proceeds thereof. Such repledge and reassignment
may be made by Trust Depositor with or without a repledge and reassignment by Trust Depositor of
its rights under any agreement with the Originator, and without further notice to or acknowledgment
from the Originator. The Originator waives, to the extent permitted by applicable law, all claims,
causes of action and remedies, whether legal or equitable (including any right of setoff), against
Trust Depositor or any assignee of Trust Depositor relating to such action by Trust Depositor in
connection with the transactions contemplated by this Agreement.

     Section 2.02. Conditions to Transfer of Loan Assets to Issuer.

     On or before the Closing Date, the Originator or the Trust Depositor, as applicable, shall
deliver or cause to be delivered to the Owner Trustee and Indenture Trustee each of the documents,
certificates and other items as follows:

     (a) a certificate of an officer of the Originator substantially in the form of Exhibit
C hereto;

     (b) copies of resolutions of the Manager of the Originator, the Servicer and the member of the
Trust Depositor or of the Executive Committee of the Board of Directors of the Originator, the
Servicer and the member of the Trust Depositor approving the execution, delivery and performance of
this Agreement and the transactions contemplated hereunder, certified in each case by the Secretary
or an Assistant Secretary of the Originator, the Servicer and member of the Trust Depositor;

     (c) officially certified evidence dated within 30 days of the Closing Date of due formation
and good standing of the Originator under the laws of the State of Delaware;

     (d) the initial List of Loans, certified by an officer of the Trust Depositor, together with
an Assignment substantially in the form of Exhibit A (along with the delivery of any
instruments and Loan Files as required under Section 2.06);

     (e) a certificate of an officer of the Trust Depositor substantially in the form of
Exhibit B hereto;

     (f) a letter from Ernst & Young LLP or another nationally recognized accounting firm,
addressed to the Originator and the Trust Depositor (with a copy to Moody’s, Fitch and S&P),
stating that such firm has reviewed a sample of the Initial Loans and performed specific procedures
for such sample with respect to certain loan terms and that identifies those Initial Loans that do
not conform;

     (g) officially certified, evidence dated within 30 days of the Closing Date of due
organization and good standing of the Trust Depositor under the laws of the State of Delaware;

     (h) evidence of proper filing with appropriate offices in the State of Delaware of UCC
financing statements listing the Originator, as debtor, naming the Trust Depositor as secured party
(and the Indenture Trustee as assignee) and identifying the Loan Assets as collateral; and evidence
of proper filing with appropriate officer in the State of Delaware of UCC

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financing statements executed by the Trust Depositor, as debtor, naming the Issuer as secured
party (and the Indenture Trustee as assignee) and identifying the Loan Assets as collateral; and
evidence of proper filing with appropriate officers in the State of Delaware of UCC financing
statements executed by the Issuer and naming the Indenture Trustee as secured party and identifying
the Indenture Collateral, as collateral;

     (i) an Officer’s Certificate listing the Servicer’s Servicing Officers;

     (j) evidence of deposit in the Principal and Interest Account of all funds received with
respect to the Initial Loans on and after the Initial Cut–Off Date to the date two days preceding
the Closing Date, together with an Officer’s Certificate from the Servicer to the effect that such
amount is correct;

     (k) evidence of deposit in the Reserve Fund of the Reserve Fund Initial Balance by the Issuer;
and

     (l) a fully executed copy of the Transaction Documents.

     Section 2.03. Acceptance by Owner Trustee.

     On the Closing Date, if the conditions set forth in Section 2.02 have been satisfied,
the Issuer shall issue to, or upon the order of, the Trust Depositor the Certificate representing
ownership of a beneficial interest in 100% of the Issuer and the Issuer shall issue, and the
Indenture Trustee shall authenticate, to, or upon the order of, the Trust Depositor the Notes
secured by the Indenture Collateral. The Owner Trustee hereby acknowledges its acceptance, on
behalf of the Issuer, of the Loan Assets, and declares that it shall maintain such right, title and
interest in accordance with the terms of this Agreement and the Trust Agreement upon the trust
herein and therein set forth.

     Section 2.04. Conveyance of Substitute Loans.

     (a) (i) Subject to Sections 2.01(d) and (e) and, as applicable, the satisfaction of
the conditions set forth in Section 2.04(c), the Originator may, at its option (but shall
not be obligated to) either:

     (A) contemporaneously convey to the Trust Depositor one or more Loans as
described in Section 2.04(b); or

     (B) deposit to the Principal Collection Account an amount sufficient to
purchase the Loan as to which a Substitution Event has occurred and then, prior to
the expiry of the Substitution Period, convey to the Trust Depositor one or more
Loans as described in Section 2.04(b) in exchange for the funds so deposited
or a portion thereof.

     (ii) Any substitution pursuant to this Section 2.04 shall be initiated by
delivery of written notice (a “Notice of Substitution”) to the Indenture Trustee
that the Servicer intends to substitute a Loan pursuant to this Section 2.04 and
shall be completed prior to the earliest of:

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     (A) the expiration of 180 days after delivery of such notice;

     (B) delivery of written notice to the Indenture Trustee from the Servicer
stating that it does not intend to use any remaining deposit to purchase Substitute
Loans; or

     (C) in the case of a Loan which has become subject to a Material Modification,
the effective date set forth in such Material Modification (such period described in
clause (ii)(A), (B) or (C), as applicable, being the
“Substitution Period”).

     (iii) Each Notice of Substitution shall specify the Loan to be substituted, the reasons
for such substitution and the amount sufficient to purchase the Loan, which shall be
determined in compliance with Section 2.07. On the last day of any Substitution
Period, any amounts previously deposited in accordance with clause (a)(i)(B) above which
relate to such Substitution Period that have not been applied to purchase one or more
Substitute Loans shall be deemed to constitute Principal Collections and shall be
transferred on the next Remittance Date to the Note Distribution Account and distributed to
the Securityholders in accordance with the priority of payments set forth in Section
7.05 (a) or (b), as applicable and prior to the expiration of the related
Substitution Period any such amounts shall not be deemed to be Principal Collections and
shall remain in the Principal Collection Account.

     (b) With respect to any Substitute Loans to be conveyed to the Trust Depositor by the Issuer
as described in Section 2.04(a), the Originator shall sell, transfer, assign, set over and
otherwise convey to the Trust Depositor (by delivery of an executed Subsequent Purchase Agreement
substantially in the form attached as Exhibit J hereto), without recourse other than as
expressly provided herein and therein (and the Trust Depositor shall be required to purchase
through cash payment or by exchange of one or more related Loans released by the Issuer to the
Trust Depositor on the Subsequent Transfer Date), all the right, title and interest of the
Originator in and to the following, including but not limited to, all accounts, cash and currency,
chattel paper, electronic chattel paper, tangible chattel paper, copyrights, copyright licenses,
equipment, fixtures, general intangibles, instruments, commercial tort claims, deposit accounts,
inventory, investment property, letter of credit rights, software, supporting obligations,
accessions, and other property consisting of, arising out of, or related to the following (other
than the Retained Interest) (the Originator’s interest in property in clauses (i)-(vii)
below, upon such transfer, becoming part of the “Loan Assets”):

     (i) the Substitute Loans listed in the related Addition Notice, all payments paid in
respect thereof and all monies due, to become due or paid in respect thereof accruing on and
after the related Subsequent Cut–Off Dates and all Liquidation Proceeds and recoveries
thereon, in each case as they arise after the related Subsequent Cut–Off Dates, but not
including the Retained Interest or Interest Collections received prior to the Subsequent
Cut–Off Date;

     (ii) all security interests and Liens and Collateral subject thereto from time to time
purporting to secure payment by Obligors under such Loans;

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     (iii) all guaranties, indemnities and warranties, and other agreements or arrangements
of whatever character from time to time supporting or securing payment of such Loans;

     (iv) the Trust Accounts, each Obligor Lock–Box, each Obligor Lock–Box Account, the
Lock–Box, the Lock–Box Account, and together with all cash and investments in each of the
foregoing;

     (v) all collections and records (including computer records) with respect to the
foregoing;

     (vi) all documents relating to the Loan Files; and

     (vii) all income, payments, proceeds and other benefits of any and all of the
foregoing.

To the extent the purchase price paid to the Originator for any Substitute Loan is less than the
fair market value of such Substitute Loan, the difference between such fair market value and the
purchase price shall be deemed to be a capital contribution made by the Originator to the Trust
Depositor on the relevant Transfer Date.

     (c) Subject to Section 2.01(d) and Section 2.01(e) and the conditions set
forth in Section 2.04(d), the Trust Depositor shall sell, transfer, assign, set over and
otherwise convey to the Issuer, without recourse other than as expressly provided herein and
therein, (i) all the right, title and interest of the Trust Depositor in and to the Substitute
Loans purchased pursuant to Sections 2.04(a) and (b), and (ii) all other rights and
property interests consisting of Loan Assets related to such Substitute Loans (the property in
clauses (i) and (ii) above, upon such transfer, becoming part of the “Loan
Assets”).

     (d) The Originator shall transfer to the Trust Depositor and the Trust Depositor shall
transfer to the Issuer the Substitute Loans and the other property and rights related thereto
described in Section 2.04(b) only upon the satisfaction of each of the following conditions
on or prior to the related Subsequent Transfer Date (and the delivery of a related Addition Notice
by the Trust Depositor shall be deemed a representation and warranty by the Trust Depositor and of
the Originator that such conditions have been or will be, as of the related Subsequent Transfer
Date, satisfied):

     (i) the Trust Depositor shall have provided the Owner Trustee and the Indenture Trustee
with a timely Addition Notice complying with the definition thereof contained herein (a copy
of which shall be provided to S&P promptly after it is delivered to the Owner Trustee),
which Addition Notice shall in any event be no later than ten Business Days prior to the
date of addition;

     (ii) there shall have occurred, with respect to each such Substitute Loan, a
corresponding Substitution Event with respect to one or more Loans then in the Loan Pool;

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     (iii) the Substitute Loan being conveyed to the Issuer satisfy the Substitute Loan
Qualification Conditions (and on the date of such substitution, the Servicer shall deliver
to the Indenture Trustee a certificate stating that such Loan satisfies each of the
Substitute Loan Qualification Conditions); provided, that, notwithstanding
that a Substitute Loan shall otherwise satisfy clause (e) of the definition of Substitute
Loan Qualification Condition, a Substitute Loan which at the time of delivery of the related
Addition Notice has a Moody’s rating lower than “B3” shall not become part of the Loan Pool
on the proposed Subsequent Transfer Date;

     (iv) the Originator shall have delivered to the Trust Depositor a duly executed written
assignment in substantially the form of Exhibit J hereto (the “Subsequent
Purchase Agreement”), which shall include a Subsequent List of Loans listing the
Substitute Loan;

     (v) the Trust Depositor shall have delivered to the Issuer a duly executed written
assignment (including an acceptance by the Owner Trustee) in substantially the form of
Exhibit I hereto (the “Subsequent Transfer Agreement”), which shall include
a Subsequent List of Loans listing the Substitute Loan;

     (vi) the Trust Depositor shall have deposited or caused to be deposited in the
Principal and Interest Account all Collections received with respect to the Substitute Loan
on and after the related Subsequent Cut–Off Date;

     (vii) each of the representations and warranties made by the Trust Depositor pursuant
to Sections 3.02, 3.03(i), (ii) and (iv), 3.04, and
3.05 applicable to the Substitute Loan (including without limitation that each such
Substitute Loan is an Eligible Loan) shall be true and correct as of the related Subsequent
Transfer Date; provided, however, that, (A) with respect to the
representation and warranty made by the Trust Depositor in Section 3.05(a), such
representation and warranty shall only apply to a Loan that is being substituted for a Loan
that is not an Eligible Loan and (B) with respect to the representations and warranties made
by the Trust Depositor in Sections 3.03(iv) and 3.05, such representations
and warranties shall be determined based upon the Outstanding Loan Balances of the
Substitute Loan as of the applicable Subsequent Transfer Date over the Initial Aggregate
Outstanding Loan Balance;

     (viii) the Originator shall bear all incidental transactions costs incurred in
connection with a substitution effected pursuant to this Agreement and shall, at its own
expense, on or prior to the Subsequent Transfer Date, indicate in its Computer Records that
ownership of the Substitute Loan identified on the Subsequent List of Loans in the
Subsequent Transfer Agreement has been sold to the Issuer through the Trust Depositor
pursuant to this Agreement; and

     (ix) prior to such substitution the Originator shall provide written notice to each
Rating Agency and shall have received written confirmation from Moody’s and S&P (which shall
respond to the Originator within 15 Business Days after receiving written notice from the
Originator of its intention to substitute a Loan) that the proposed substitution will not
result in a reduction or withdrawal of any rating on any outstanding

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Class of Offered Notes; provided, however, that any failure by either
of Moody’s and S&P to respond to the Originator shall be deemed a non–approval by Moody’s
and/or S&P, as applicable. In the case of Fitch, only notice to, not confirmation from,
Fitch shall be required in connection with a proposed substitution, provided,
however, that Fitch shall be entitled to receive from the Originator financial
statements, credit committee papers and such other information relating to such Substitute
Loan as is reasonably requested by Fitch in connection with the proposed substitution of a
Loan.

     (e) Notwithstanding anything in this Section 2.04 to the contrary, in connection with
any substitution to be effected pursuant to this Section 2.04, the number of Loans being
replaced in connection with such substitution must be less than or equal to the number of
Substitute Loans added to the Loan Pool.

     (f) The Servicer, the Issuer and the Indenture Trustee shall execute and deliver such
instruments, consents or other documents and perform all acts reasonably requested by the Servicer
in order to effect the transfer and release of any of the Issuer’s interests in the Loans that are
being substituted.

     Section 2.05. Release of Released Amounts.

     (a) The parties hereto acknowledge and agree that the Issuer has no interest in the Retained
Interest and Released Amounts. The Indenture Trustee hereby agrees to release to the Issuer from
the Loan Assets, and the Issuer hereby agrees to release to the Trust Depositor, an amount equal to
the Released Amounts immediately upon identification thereof and upon receipt of an Officer’s
Certificate of the Servicer, which release shall be automatic and shall require no further act by
the Indenture Trustee or the Issuer; provided, that, the Indenture Trustee and
Owner Trustee shall execute and deliver such instruments of release and assignment or other
documents, or otherwise confirm the foregoing release, as may reasonably be requested by the Trust
Depositor in writing. Such Released Amounts shall not constitute and shall not be included in the
Loan Assets.

     (b) Immediately upon the release to the Trust Depositor by the Indenture Trustee of the
Released Amounts, the Trust Depositor hereby irrevocably agrees to release to the Originator such
Released Amounts, which release shall be automatic and shall require no further act by the Trust
Depositor; provided, that, the Trust Depositor shall execute and deliver such
instruments of release and assignment, or otherwise confirming the foregoing release of any
Released Amounts, as may be reasonably requested by the Originator.

     Section 2.06. Delivery of Documents in the Loan File; Recording of Assignments of Mortgage.

     (a) Subject to the delivery requirements set forth in Section 2.06(b), the Issuer
hereby authorizes and directs the Originator and the Trust Depositor to deliver possession of all
the Loan Files to the Indenture Trustee (with copies to be held by the Servicer) on behalf of and
for the account of the Securityholders and the Hedge Counterparties. The Originator and the Trust
Depositor shall also identify on the List of Loans (including any deemed amendment thereof

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associated with any Substitute Loans), whether by attached schedule or marking or other
effective identifying designation, all Loans that are or are evidenced by such instruments.

     (b) With respect to each Loan in the Loan Pool on or before the related Transfer Date, the
Trust Depositor will deliver or cause to be delivered to the Indenture Trustee, to the extent not
previously delivered, each of the documents in the Loan File with respect to such Loan, except that
(i) the original recorded Mortgage, in those instances where a copy thereof certified by a
Responsible Officer of the Originator was delivered to the Indenture Trustee, will be delivered or
caused to be delivered within ten Business Days after receipt thereof, and in any event within one
year after the related Transfer Date, and (ii) any intervening Assignments of Mortgage, in those
instances where copies thereof certified by the Originator were delivered to the Indenture Trustee,
will be delivered or caused to be delivered within ten Business Days after the receipt thereof, and
in any event, within one year of the related Transfer Date. Notwithstanding the foregoing in
clauses (i) and (ii) of this Section 2.06(b), in those instances where the
public recording office retains the original Mortgage or the intervening Assignments of the
Mortgage after it has been recorded, the Trust Depositor shall be deemed to have satisfied its
obligations hereunder upon delivery to the Indenture Trustee of a copy of such Mortgage or
Assignments of Mortgage certified by the public recording office to be a true copy of the recorded
original thereof.

     (c) Prior to the occurrence of an Event of Default or a Servicer Default, the Indenture
Trustee shall not record the Assignments of Mortgage delivered pursuant to Section 2.06(b).
Upon the occurrence of an Event of Default or a Servicer Default, the Indenture Trustee shall
cause to be recorded in the appropriate offices each Assignment of Mortgage delivered to it. Each
such recording shall be at the expense of the Servicer; provided, however, to the
extent the Servicer does not pay such expense then the Indenture Trustee shall be reimbursed
pursuant to the provisions of Section 7.05.

     Section 2.07. Optional Purchase by the Servicer of Certain Loans; Limitations on Substitution and Repurchase.

     (a) Subject to the limitations set forth in Section 2.07(b), the Servicer shall have
the right, but not the obligation, to purchase any (i) Prepaid Loan, (ii) Charged–Off Loan, (iii)
Delinquent Loan, (iv) Loan that has a material covenant default, (v) Loan which has become subject
to a Material Modification of the type specified in clause (ii) of the definition thereof,
or (vi) Loan that has become subject to a Specified Amendment. In the event of such a purchase,
the Servicer shall deposit in the Principal and Interest Account, on the next succeeding
Determination Date, an amount equal to the Transfer Deposit Amount for such Loan (or applicable
portion thereof) as of the date of such purchase. The Servicer, the Issuer and the Indenture
Trustee shall execute and deliver such instruments, consents or other documents and perform all
acts reasonably requested by the Servicer in order to effect the transfer and release of any of the
Issuer’s interests in the Loans that are being purchased.

     (b) In no event may the initial aggregate Outstanding Loan Balance of (i) Prepaid Loans, (ii)
Charged–Off Loans, (iii) Delinquent Loans, (iv) Loans that have a material covenant default, and
(v) Loans which have become subject to a Material Modification of the type specified in clause
(ii) of the definition thereof (without regard to whether such Material

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Modification may otherwise constitute a Material Modification of a type specified in
clause (i) of the definition thereof), purchased pursuant to Section 2.07(a) or
substituted pursuant to Section 2.04, exceed an amount equal to 20% of the Initial
Aggregate Outstanding Loan Balance.

     Section 2.08. Certification by Indenture Trustee; Possession of Loan Files.

     (a) On or prior to the applicable Transfer Date, the Indenture Trustee shall review the
portion of the Loan File required to be delivered pursuant to Section 2.06(b) on the
applicable Transfer Date and shall deliver to the Originator, the Trust Depositor, each Hedge
Counterparty and the Servicer a certification in the form attached hereto as Exhibit L–1 on
or prior to such Transfer Date. Within two Business Days after the Indenture Trustee receives the
portion of the Loan File permitted to be delivered after the applicable Transfer Date pursuant to
Section 2.06(b), the Indenture Trustee shall deliver to the Originator, the Trust
Depositor, each Hedge Counterparty and the Servicer a certification in the form attached hereto as
Exhibit L–1. Within 360 days after each Transfer Date (or, with respect to any Substitute
Loan, within 360 days after the assignment thereof), the Indenture Trustee shall deliver to the
Originator, the Servicer, the Trust Depositor, each Hedge Counterparty and any Noteholder who
requests a copy from the Indenture Trustee a final certification in the form attached hereto as
Exhibit L–2 evidencing the completeness of the Loan Files with respect to the Loans being
transferred on such Transfer Date.

     (b) If the Indenture Trustee during the process of reviewing the Loan Files finds any document
constituting a part of a Loan File which is not properly executed, has not been received, is
unrelated to a Loan identified in the List of Loans, or does not conform in a material respect to
the requirements of the definition of Loan File, or the description thereof as set forth in the
List of Loans, the Indenture Trustee shall promptly so notify the Originator, the Trust Depositor
and the Servicer. In performing any such review, the Indenture Trustee may conclusively rely on
the Originator as to the purported genuineness of any such document and any signature thereon. It
is understood that the scope of the Indenture Trustee’s review of the Loan Files is limited solely
to confirming that the documents listed in the definition of Loan File have been executed and
received and relate to the Loans identified in the List of Loans; provided,
however, with respect to the UCC financing statements referenced in clause (a)(iii)
of the definition of Required Loan Documents, the Indenture Trustee’s sole responsibility will be
to confirm that the Loan File contains UCC financing statements and not to make determinations
about the materiality of such UCC financing statements. The Originator agrees to use reasonable
efforts to remedy a material defect in a document constituting part of a Loan File of which it is
so notified by the Indenture Trustee. If, however, within 30 days after the Indenture Trustee’s
notice to it respecting such material defect the Originator has not remedied the defect and such
defect materially and adversely affects the value of the related Loan, such Loan will be treated as
an “Ineligible Loan” and the Originator will (i) substitute in lieu of such Loan a Substitute Loan
in the manner and subject to the conditions set forth in Section 11.01 or (ii) repurchase
such Loan at a purchase price equal to the Transfer Deposit Amount, which purchase price shall be
deposited in the Principal and Interest Account within such 30 day period.

     (c) Release of Entire Loan File Upon Substitution or Repurchase. Subject to
Section 5.08(a), upon receipt by the Indenture Trustee of a certification of a Servicing
Officer of the Servicer of such substitution or of such purchase and the deposit of the amounts
described in

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Section 2.07 or Section 2.08(b) in the Principal and Interest Account (which
certification shall be in the form of Exhibit M hereto), the Indenture Trustee shall
release to the Servicer for release to the Originator the related Loan File and the Indenture
Trustee and the Issuer shall execute, without recourse, and deliver such instruments of transfer
necessary to transfer all right, title and interest in such Loan to the Originator free and clear
of any Liens created by the Transaction Documents. All costs of any such transfer shall be borne
by the Originator.

     (d) Partial Release of Loan File and/or Collateral. Subject to Section
5.08(b), if in connection with taking any action in connection with a Loan (including, without
limitation, the amendment to documents in the Loan File and/or a revision to Collateral) the
Servicer requires any item constituting part of the Loan File, or the release from the Lien of the
related Loan of all or part of any Collateral, the Servicer shall deliver to the Indenture Trustee
a certificate to such effect in the form attached as Exhibit M hereto. Subject to
Section 5.08(d), upon receipt of such certification, the Indenture Trustee shall deliver to
the Servicer within two 2 Business Days of such request (if such request was received by 2:00 p.m.,
central time), the requested documentation, and the Indenture Trustee shall execute, without
recourse, and deliver such instruments of transfer necessary to release all or the requested part
of the Collateral from the Lien of the related Loan and/or the Lien under the Transaction
Documents.

     (e) Annual Certification. On the Remittance Date in April of each year, commencing
April 20, 2006, the Indenture Trustee shall deliver to the Originator, the Trust Depositor, each
Hedge Counterparty and the Servicer a certification detailing all transactions with respect to the
Loans for which the Indenture Trustee holds the Loan Files pursuant to this Agreement during the
prior calendar year. Such certification shall list all Loan Files which were released by or
returned to the Indenture Trustee during the prior calendar year, the date of such release or
return and the reason for such release or return.

ARTICLE 3.

REPRESENTATIONS AND WARRANTIES

     The Trust Depositor makes, and upon execution of each Subsequent Purchase Agreement is deemed
to make, the following representations and warranties in Section 3.01 through Section
3.05, on which the Issuer will rely in purchasing the Loan Assets on the Closing Date (and on
any Subsequent Transfer Date), and on which the Securityholders and the Hedge Counterparties will
rely.

     Such representations and warranties are given as of the execution and delivery of this
Agreement and as of the Closing Date (or Subsequent Transfer Date, as applicable), but shall
survive the sale, transfer and assignment of the Loan Assets to the Issuer. The repurchase
obligation or substitution obligation of the Trust Depositor set forth in Section 11.01
constitutes the sole remedy available for a breach of a representation or warranty of the Trust
Depositor set forth in Section 3.01 through Section 3.05 of this Agreement. Except
as otherwise provided in Section 2.04(d)(vii), the Trust Depositor shall not be deemed to
be remaking any of the representations set forth in Section 3.03 on a Subsequent Transfer
Date with respect to the Substitute Loans, as such representations relate solely to the composition
of the Initial Loans conveyed on the Closing Date.

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     Section 3.01. Representations and Warranties Regarding the Trust Depositor.

     By its execution of this Agreement and each Subsequent Transfer Agreement, the Trust Depositor
represents and warrants to the Issuer, the Indenture Trustee, the Securityholders and the Hedge
Counterparties that:

     (a) Organization and Good Standing. The Trust Depositor is a limited liability
company duly organized, validly existing and in good standing under the laws of Delaware and has
the power to own its assets and to transact the business in which it is currently engaged. The
Trust Depositor is duly qualified to do business as a foreign entity and is in good standing in
each jurisdiction in which the character of the business transacted by it or properties owned or
leased by it requires such qualification and in which the failure so to qualify would have a
material adverse effect on the business, properties, assets, or condition (financial or otherwise)
of the Trust Depositor or the Issuer.

     (b) Authorization; Valid Sale; Binding Obligations. The Trust Depositor has the power
and authority to make, execute, deliver and perform this Agreement and the other Transaction
Documents to which it is a party and all of the transactions contemplated under this Agreement and
the other Transaction Documents to which it is a party, and to create the Issuer and cause it to
make, execute, deliver and perform its obligations under this Agreement and the other Transaction
Documents to which it is a party and has taken all necessary limited liability company action to
authorize the execution, delivery and performance of this Agreement and the other Transaction
Documents to which it is a party and to cause the Issuer to be created. This Agreement and each
Subsequent Transfer Agreement, if any, shall effect a valid sale, transfer and assignment of or
grant a security interest in the Loan Assets from the Trust Depositor to the Issuer, enforceable
against the Trust Depositor and creditors of and purchasers from the Trust Depositor. This
Agreement and the other Transaction Documents to which the Trust Depositor is a party constitute
the legal, valid and binding obligation of the Trust Depositor enforceable in accordance with their
terms, except as enforcement of such terms may be limited by applicable Insolvency Laws and general
principles of equity, whether considered in a suit at law or in equity.

     (c) No Consent Required. The Trust Depositor is not required to obtain the consent of
any other party (other than those that it has already obtained) or any consent, license, approval
or authorization from, or registration or declaration with, any Governmental Authority (other than
those that it has already obtained) in connection with the execution, delivery, performance,
validity or enforceability of this Agreement or the other Transaction Documents to which it is a
party.

     (d) No Violations. The execution, delivery and performance of this Agreement and the
other Transaction Documents to which it is a party by the Trust Depositor, and the consummation of
the transactions contemplated hereby and thereby, will not violate any Requirement of Law
applicable to the Trust Depositor, or conflict with, result in a default under or constitute a
breach of the Trust Depositor’s organizational documents or Contractual Obligations to which the
Trust Depositor is a party or by which the Trust Depositor or any of the Trust Depositor’s
properties may be bound, or result in the creation or imposition of any Lien of

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any kind upon any of its properties pursuant to the terms of any such Contractual Obligations,
other than as contemplated by the Transaction Documents.

     (e) Litigation. No litigation or administrative proceeding of or before any court,
tribunal or governmental body is currently pending, or to the knowledge of the Trust Depositor
threatened, against the Trust Depositor or any of its properties or with respect to this Agreement,
the other Transaction Documents to which it is a party or the Securities (i) that, if adversely
determined, would in the reasonable judgment of the Trust Depositor be expected to have a material
adverse effect on the business, properties, assets or condition (financial or otherwise) of the
Trust Depositor or the Issuer or the transactions contemplated by this Agreement or the other
Transaction Documents to which the Trust Depositor is a party or (ii) seeking to adversely affect
the federal income tax or other federal, state or local tax attributes of the Certificate or Notes.

     (f) Solvency. The Trust Depositor, at the time of and after giving effect to each
conveyance of Loan Assets hereunder, is Solvent on and as of the date thereof.

     (g) Taxes. The Trust Depositor has filed or caused to be filed all tax returns which,
to its knowledge, are required to be filed and has put all taxes shown to be due and payable on
such returns or on any assessments made against it or any of its property and all other taxes, fees
or other charges imposed on it or any of its property by any Governmental Authority (other than any
amount of tax due, the validity of which is currently being contested in good faith by appropriate
proceedings and with respect to which reserves in accordance with generally accepted accounting
principles have been provided on the books of the Trust Depositor); no tax Lien has been filed and,
to the Trust Depositor’s knowledge, no claim is being asserted, with respect to any such tax, fee
or other charge.

     (h) Place of Business; No Changes. The Trust Depositor’s location (within the meaning
of Article 9 of the UCC) is as set forth in Section 13.04. The Trust Depositor has not
changed its name, whether by amendment of its certificate of formation, by reorganization or
otherwise, and has not changed its location within the 4-months preceding the Closing Date.

     (i) Not an Investment Company. The Trust Depositor is not and, after giving effect to
the transactions contemplated by the Transaction Documents, will not be required to be registered
as an “investment company” under the 1940 Act.

     (j) Sale Treatment. Other than for tax and accounting purposes, the Trust Depositor
has treated the transfer of Loan Assets to the Trust Depositor for all purposes as a sale and
purchase on all of its relevant books and records and other applicable documents.

     (k) Security Interest.

     (i) This Agreement creates a valid and continuing security interest (as defined in the
applicable UCC) in the Loan Assets in favor of the Issuer, which security interest is prior
to all other Liens (except for Permitted Liens), and is enforceable as such against
creditors of and purchasers from the Trust Depositor;

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     (ii) the Loans, along with the related Loan Files, constitute either a “general
intangible,” an “instrument,” an “account,” “investment property,” or “chattel paper,”
within the meaning of the applicable UCC;

     (iii) the Issuer owns and has good and marketable title to the Loan Assets free and
clear of any Lien (other than Permitted Liens), claim or encumbrance of any Person;

     (iv) the Trust Depositor has received all consents and approvals required by the terms
of the Loan Assets to the sale of the Loan Assets hereunder to the Issuer;

     (v) the Trust Depositor has caused the filing of all appropriate financing statements
in the proper filing office in the appropriate jurisdictions under applicable law in order
to perfect the security interest in such Loan Assets granted to the Issuer under this
Agreement;

     (vi) other than the security interest granted to the Issuer pursuant to this Agreement,
the Trust Depositor has not pledged, assigned, sold, granted a security interest in or
otherwise conveyed any of such Loan Assets. The Trust Depositor has not authorized the
filing of and is not aware of any financing statements against the Trust Depositor that
include a description of collateral covering such Loan Assets other than any financing
statement (A) relating to the security interest granted to the Trust Depositor under the
Loan Sale Agreement, or (B) that has been terminated. The Trust Depositor is not aware of
the filing of any judgment or tax Lien filings against the Trust Depositor;

     (vii) all original executed copies of each Underlying Note (if any) that constitute or
evidence the Loan Assets have been delivered to the Indenture Trustee, and in the case of
Noteless Loans, a copy of each related Note Register, certified by a Responsible Officer of
the Originator, has been delivered to the Indenture Trustee;

     (viii) the Trust Depositor has received a written acknowledgment from the Indenture
Trustee that the Indenture Trustee or its bailee is holding any Underlying Notes that
constitute or evidence any Loan Assets solely on behalf of and for the benefit of the
Securityholders and the Hedge Counterparties; and

     (ix) none of the Underlying Notes that constitute or evidence any Loan Assets has any
marks or notations indicating that they have been pledged, assigned or otherwise conveyed to
any Person other than the Issuer.

     (l) Value Given. The cash payments received by the Trust Depositor in respect of the
purchase price of each Loan sold hereunder constitutes the face value of such Loan and the
reasonably equivalent value in consideration for the transfer to the Issuer of such Loan under this
Agreement, such transfer was not made for or on account of an antecedent debt owed by the
Originator to the Trust Depositor, and such transfer was not and is not voidable or subject to
avoidance under any Insolvency Law.

     (m) Investment Company. The Issuer is not and, after giving effect to the
transactions contemplated by the Transaction Documents, will not be required to be registered as an
“investment company” within the meaning of the 1940 Act.

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     (n) No Defaults. The Trust Depositor is not in default with respect to any order or
decree of any court or any order, regulation or demand of any federal, state, municipal or
governmental agency, which default might have consequences that would materially and adversely
affect the condition (financial or otherwise) or operations of the Trust Depositor or its
respective properties or might have consequences that would materially and adversely affect its
performance hereunder.

     (o) Bulk Transfer Laws. The transfer, assignment and conveyance of the Loans by the
Trust Depositor pursuant to this Agreement are not subject to the bulk transfer laws or any similar
statutory provisions in effect in any applicable jurisdiction.

     (p) Origination and Collection Practices. The origination and collection practices
used with respect to each Loan have been in all material respects legal, proper and prudent and
comply with the Credit and Collection Policy.

     (q) Adequacy of Consideration. The Trust Depositor will receive fair consideration
and reasonably equivalent value in exchange for the sale of the Loans.

     (r) Lack of Intent to Hinder, Delay or Defraud. Neither the Trust Depositor nor any
of its Affiliates sold, or will sell, any interest in any Loan with any intent to hinder, delay or
defraud any of their respective creditors.

     (s) Nonconsolidation. The Trust Depositor conducts its affairs such that the Issuer
would not be substantively consolidated in the estate of the Trust Depositor and their respective
separate existences would not be disregarded in the event of the Trust Depositor’s bankruptcy.

     (t) Accuracy of Information. All written factual information heretofore furnished by
the Trust Depositor for purposes of or in connection with this Agreement or the other Transaction
Documents to which Trust Depositor is a party, or any transaction contemplated hereby or thereby
is, and all such written factual information hereafter furnished by the Trust Depositor to any such
party will be, true and accurate in every material respect, on the date such information is stated
or certified.

The representations and warranties set forth in Section 3.01(k) may not be waived by any
Person and shall survive the termination of this Agreement. The Trust Depositor and Issuer (i)
shall not, without satisfaction of the S&P Rating Condition with respect thereto, waive any breach
of the representations and warranties in Section 3.01(k), and (ii) shall provide S&P with
prompt written notice of any breach of the representations and warranties set out in Section
3.01(k).

     Section 3.02. Representations and Warranties Regarding Each Loan and as to Certain Loans in the Aggregate.

     The Trust Depositor represents and warrants (x) with respect to Section 3.02(a),
Section 3.02(b), Section 3.02(d) and Section 3.02(e) as to each Loan as of
the execution and delivery of this Agreement and on the Closing Date, and as of each Subsequent
Transfer Date with respect to each Substitute Loan, and (y) with respect to Section
3.02(c), as to the Loan Pool in the aggregate as of the Initial Cut–Off Date, and as of each
Subsequent Transfer Date with respect to

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Substitute Loans (after giving effect to the addition of such Substitute Loans to the Loan
Pool), that:

     (a) List of Loans. The information set forth in the List of Loans attached hereto as
Exhibit G (as the same may be amended or deemed amended in respect of a conveyance of
Substitute Loans on a Subsequent Transfer Date) is true, complete and correct as of the applicable
Cut–Off Date.

     (b) Eligible Loan. Such Loan satisfies the criteria for the definition of Eligible
Loan set forth in this Agreement as of the date of its conveyance hereunder.

     (c) Loans Secured by Real Property. Less than 40% of the Aggregate Outstanding Loan
Balance of the Loan Pool as of the Initial Cut–Off Date consists of Loans principally secured by
real property, and the Trust Depositor will not effectuate the transfer of a Substitute Loan if
such transfer would cause more than 40% of the Aggregate Outstanding Loan Balance of the Loan Pool
as of any Subsequent Transfer Date to consist of Loans principally secured by real property.

     (d) Underlying Custodial Agreements. With respect to each Pooled Obligor Loan, the
underlying loan documents and other collateral pledged by the Underlying Debtors is held by an
Underlying Custodian for the benefit of the Originator and its assignees. The Originator’s rights
under each such Underlying Custodial Agreement are fully assignable and have been assigned by it to
the Trust Depositor, and assigned by the Trust Depositor to the Issuer in connection with the
transfer of the Loan Assets.

     Section 3.03. Representations and Warranties Regarding the Initial Loans in the Aggregate.

     The Trust Depositor represents and warrants, on the Closing Date, that as of the Initial
Cut–Off Date, the Initial Loans have the following additional characteristics: (i) no Loan has a
remaining maturity of more than 71 months; (ii) the date of the final Scheduled Payment on the Loan
with the latest maturity is not later than January 28, 2011; (iii) no Loan was originated after the
Initial Cut–Off Date; and (iv) none of the Initial Loans provide for Scheduled Payments of interest
due on a basis other than monthly, quarterly, semi–annually or annually.

     Section 3.04. Representations and Warranties Regarding the Loan Files.

     The Trust Depositor represents and warrants on the Closing Date with respect to the Initial
Loans (or as of the Subsequent Transfer Date, with respect to Substitute Loans), that (i) to the
extent any such Loans were pledged under the Funding I Transaction, the Funding II Transaction, the
Funding III Transaction, the Acquisition Funding Transaction or any Prior Term Transaction,
immediately prior to such date (as applicable), the Originator and/or a collateral custodian under
the Funding I Transaction, the Funding II Transaction, the Funding III Transaction, the Acquisition
Funding Transaction or such Prior Term Transaction had possession of each original Underlying Note
(except in the case of Noteless Loans) and the related complete Loan File, and there were no other
custodial agreements relating to the same in effect and (ii) except as otherwise provided in
Section 2.06, the complete Loan File for each Loan is in the possession of the Indenture
Trustee.

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     Section 3.05. Representations and Warranties Regarding Concentrations of Initial Loans.

     The Trust Depositor represents and warrants on the Closing Date, as to the composition of the
Initial Loans in the Loan Pool as of the Initial Cut–Off Date, that:

     (a) the sum of the Outstanding Loan Balances of Obligors that are in the same industry (by
NAICS Code) shall not exceed 18.93% of the Initial Aggregate Outstanding Loan Balance; and

     (b) the sum of the Outstanding Loan Balances of Obligors that have their primary business in
the same State of the United States shall not exceed 9.61% of the Initial Aggregate Outstanding
Loan Balance.

     Section 3.06. Representations and Warranties Regarding the Servicer.

     The Servicer represents and warrants to the Owner Trustee, the Indenture Trustee, the
Securityholders and the Hedge Counterparties that:

     (a) Organization and Good Standing. The Servicer is a limited liability company duly
organized, validly existing and in good standing under the laws of the jurisdiction of its
organization and has the limited liability company power to own its assets and to transact the
business in which it is currently engaged. The Servicer is duly qualified to do business as a
foreign limited liability company and is in good standing in each jurisdiction in which the
character of the business transacted by it or properties owned or leased by it requires such
qualification and in which the failure so to qualify would have a material adverse effect on the
business, properties, assets, or condition (financial or otherwise) of the Servicer or the Issuer.
The Servicer is properly licensed in each jurisdiction to the extent required by the laws of such
jurisdiction to service the Loans in accordance with the terms hereof and in which the failure to
so qualify would have a material adverse effect on the business, properties, assets, or condition
(financial or otherwise) of the Servicer or Issuer.

     (b) Authorization; Binding Obligations. The Servicer has the power and authority to
make, execute, deliver and perform this Agreement and the other Transaction Documents to which the
Servicer is a party and all of the transactions contemplated under this Agreement and the other
Transaction Documents to which the Servicer is a party, and has taken all necessary corporate
action to authorize the execution, delivery and performance of this Agreement and the other
Transaction Documents to which the Servicer is a party. This Agreement and the other Transaction
Documents to which the Servicer is a party constitute the legal, valid and binding obligation of
the Servicer enforceable in accordance with their terms, except as enforcement of such terms may be
limited by Insolvency Laws and general principles of equity, whether considered in a suit at law or
in equity.

     (c) No Consent Required. The Servicer is not required to obtain the consent of any
other party (other than those that it has already obtained) or any consent, license, approval or
authorization from, or registration or declaration with, any Governmental Authority (other than
those that it has already obtained) in connection with the execution, delivery, performance,

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validity or enforceability of this Agreement and the other Transaction Documents to which the
Servicer is a party.

     (d) No Violations. The execution, delivery and performance of this Agreement and the
other Transaction Documents to which the Servicer is a party by the Servicer will not violate any
Requirements of Law applicable to the Servicer, or conflict with, result in a default under or
constitute a breach of the Servicer’s organizational documents or any Contractual Obligations to
which the Servicer is a party or by which the Servicer or any of the Servicer’s properties may be
bound, or result in the creation of or imposition of any Lien of any kind upon any of its
properties pursuant to the terms of any such Contractual Obligations, other than as contemplated by
the Transaction Documents.

     (e) Litigation. No litigation or administrative proceeding of or before any court,
tribunal or governmental body is currently pending, or to the knowledge of the Servicer threatened,
against the Servicer or any of its properties or with respect to this Agreement, or any other
Transaction Document to which the Servicer is a party that, if adversely determined, would in the
reasonable judgment of the Servicer be expected to have a material adverse effect on the business,
properties, assets or condition (financial or otherwise) of the Servicer or the Issuer or the
transactions contemplated by this Agreement or any other Transaction Document to which the Servicer
is a party.

     (f) Reports. All reports, certificates and other written information furnished by the
Servicer with respect to the Loans are correct in all material respects.

     Section 3.07. Representations and Warranties of the Backup Servicer.

     The Backup Servicer hereby represents and warrants to the Owner Trustee, the Indenture
Trustee, the Securityholders and the Hedge Counterparties, as follows:

     (a) Organization. It is a national banking association duly organized, validly
existing and in good standing under the federal laws of the United States with all requisite power
and authority to own its properties and to conduct its business as presently conducted and to enter
into and perform its obligations pursuant to this Agreement.

     (b) Good Standing. The Backup Servicer is duly qualified to do business as a national
banking association and is in good standing, and has obtained all necessary licenses and approvals,
in all jurisdictions in which the ownership or lease of its property and the conduct of its
business requires such qualification, licenses or approvals, except where the failure to so qualify
or have such licenses or approvals has not had, and would not be reasonably expected to have, a
material adverse effect on the interests of the Securityholders or the Hedge Counterparties.

     (c) Authorization. It has the power and authority to execute and deliver this
Agreement and to carry out its terms. It has duly authorized the execution, delivery and
performance of this Agreement by all requisite action.

     (d) No Violations. The consummation of the transactions contemplated by, and the
fulfillment of the terms of, this Agreement by it will not violate any Requirements of Law or

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conflict with, result in any breach of any of the terms or provisions of, or constitute a
default under, its organizational documents or any Contractual Obligations by which it or any of
its property is bound or result in the creation or imposition of any Lien upon any of its
properties pursuant to the terms of any Contractual Obligations.

     (e) No Consent Required. No consent, approval, authorization, order, registration,
filing, qualification, license or permit of or with any Governmental Authority having jurisdiction
over it or any of its respective properties is required to be obtained in order for it to enter
into this Agreement or perform its obligations hereunder.

     (f) Binding Obligation. This Agreement constitutes its legal, valid and binding
obligation, enforceable in accordance with its terms, except as such enforceability may be limited
by applicable Insolvency Laws and general principles of equity (whether considered in a suit at law
or in equity).

     (g) Litigation. There are no proceedings or investigations pending or, to the best of
its knowledge, threatened, against it before any Governmental Authority (i) asserting the
invalidity of this Agreement, (ii) seeking to prevent the consummation of any of the transactions
contemplated by this Agreement or (iii) seeking any determination or ruling that might (in its
reasonable judgment) have a material adverse effect on the interests of the Securityholders or the
Hedge Counterparties.

ARTICLE 4.

PERFECTION OF TRANSFER AND

PROTECTION OF SECURITY INTERESTS

     Section 4.01. Custody of Loans.

     The contents of each Loan File shall be held in the custody of the Indenture Trustee under the
Indenture for the benefit of, and as agent for, the Securityholders and the Hedge Counterparties.

     Section 4.02. Filing.

     On or prior to the Closing Date, the Originator, Trust Depositor and Servicer shall cause the
UCC financing statement(s) referred to in Section 2.02(h) hereof to be filed, and from time
to time the Servicer shall take and cause to be taken such actions and execute such documents as
are necessary or desirable or as the Owner Trustee or Indenture Trustee (acting at the direction of
the Majority Noteholders or any Hedge Counterparty) may reasonably request to perfect and protect
the Indenture Trustee’s first priority perfected security interest in the Loan Assets against all
other Persons, including, without limitation, the filing of financing statements, amendments
thereto and continuation statements, the execution of transfer instruments and the making of
notations on or taking possession of all records or documents of title. Notwithstanding the
obligations of the Originator, Trust Depositor and Servicer set forth in the preceding sentence,
the Originator, Trust Depositor and Servicer hereby authorize the Owner Trustee to prepare and
file, at the expense of the Servicer, UCC financing statements (including but not limited to
renewal, continuation or in lieu statements) and amendments or supplements thereto or other

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instruments as the Owner Trustee may from time to time deem necessary or appropriate in order
to perfect and maintain the security interest granted hereunder in accordance with the UCC.

     Section 4.03. Changes in Name, Corporate Structure or Location.

     (a) During the term of this Agreement, none of the Originator, the Servicer, the Trust
Depositor or the Issuer shall change its name, identity, existence, state of formation or location
without first giving at least 30 days’ prior written notice to the Owner Trustee, the Indenture
Trustee and each Hedge Counterparty.

     (b) If any change in either the Servicer’s, the Originator’s or the Trust Depositor’s name,
identity, structure, existence, state of formation, location or other action would make any
financing or continuation statement or notice of ownership interest or Lien relating to any Loan
Asset seriously misleading within the meaning of applicable provisions of the UCC or any title
statute, the Servicer, no later than five Business Days after the effective date of such change,
shall file such amendments as may be required to preserve and protect the Indenture Trustee’s
security interest in the Loan Assets and the proceeds thereof. Promptly after taking any of the
foregoing actions, the Servicer shall deliver to the Owner Trustee and the Indenture Trustee an
Opinion of Counsel reasonably acceptable to the Owner Trustee and the Indenture Trustee stating
that, in the opinion of such counsel, all financing statements or amendments necessary to preserve
and protect the Indenture Trustee’s security interest in the Loan Assets have been filed, and
reciting the details of such filing.

     Section 4.04. Costs and Expenses.

     The Servicer agrees to pay all reasonable costs and disbursements in connection with the
perfection and the maintenance of perfection, as against all third parties, of the Trustees’ and
Issuer’s right, title and interest in and to the Loan Assets (including, without limitation, the
security interest in the Collateral related thereto and the security interests provided for in the
Indenture); provided, however, to the extent permitted by the Required Loan
Documents, the Servicer may seek reimbursement for such costs and disbursements from the related
Obligors.

     Section 4.05. Sale Treatment.

     Other than for tax and accounting purposes, the Trust Depositor shall treat the transfer of
Loan Assets made hereunder for all purposes as a sale and purchase on all of its relevant books and
records.

     Section 4.06. Separateness from Trust Depositor.

     The Originator agrees to take or refrain from taking or engaging in with respect to the Trust
Depositor each of the actions or activities specified in the “substantive consolidation” opinion of
Patton Boggs LLP (including any certificates of the Originator attached thereto) delivered on the
Closing Date, upon which the conclusions therein are based.

ARTICLE 5.

SERVICING OF LOANS

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     Section 5.01. Appointment and Acceptance.

     CapitalSource is hereby appointed as Servicer pursuant to this Agreement. CapitalSource
accepts the appointment and agrees to act as the Servicer pursuant to this Agreement.

     Section 5.02. Duties of the Servicer.

     (a) The Servicer, as an independent contract servicer, shall service and administer the Loans
and shall have full power and authority, acting alone, to do any and all things in connection with
such servicing and administration which the Servicer may deem necessary or desirable and consistent
with the terms of this Agreement and the Credit and Collection Policy. The Servicer may enter into
Subservicing Agreements for any servicing and administration of Loans with any entity provided the
Rating Agency Condition is satisfied. The Servicer shall be entitled to terminate any Subservicing
Agreement in accordance with the terms and conditions of such Subservicing Agreement and to either
itself directly service the related Loans or enter into a Subservicing Agreement with a successor
Subservicer which qualifies hereunder.

     (b) Notwithstanding any Subservicing Agreement, any of the provisions of this Agreement
relating to agreements or arrangements between the Servicer and a Subservicer or reference to
actions taken through a Subservicer or otherwise, so long as this Agreement shall remain effective,
the Servicer shall remain obligated and primarily liable to the Indenture Trustee, for itself and
on behalf of the Securityholders and the Hedge Counterparties, for the servicing and administering
of the Loans in accordance with the provisions of this Agreement and the Credit and Collection
Policy, without diminution of such obligation or liability by virtue of such Subservicing
Agreements or arrangements or by virtue of indemnification from the Subservicer and to the same
extent and under the same terms and conditions as if the Servicer alone were servicing and
administering the Loans. For purposes of this Agreement, the Servicer shall be deemed to have
received payments on Loans when any Subservicer has received such payments. The Servicer shall be
entitled to enter into any agreement with a Subservicer for indemnification of the Servicer by such
Subservicer, and nothing contained in this Agreement shall be deemed to limit or modify such
indemnification.

     (c) Any Subservicing Agreement that may be entered into and any transactions or services
relating to the Loans involving a Subservicer in its capacity as such and not as an originator
shall be deemed to be between the Subservicer and the Servicer alone, and the Indenture Trustee,
the Securityholders and the Hedge Counterparties shall not be deemed parties thereto and shall have
no claims, rights, obligations, duties or liabilities with respect to the Subservicer except as set
forth in Section 5.02(d). Notwithstanding the foregoing, the Servicer shall (i) at its
expense and without reimbursement, deliver to the Indenture Trustee a copy of each Subservicing
Agreement and (ii) provide notice of the termination of any Subservicer within a reasonable time
after such Subservicer’s termination to the Indenture Trustee.

     (d) In the event the Servicer shall for any reason no longer be the Servicer, the Servicer at
its expense and without right of reimbursement therefor, shall, upon request of the Indenture
Trustee, deliver to the Successor Servicer all documents and records (including computer tapes and
diskettes) relating to each Subservicing Agreement and the Loans then being serviced hereunder and
an accounting of amounts collected and held by it hereunder and

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otherwise use its best efforts to effect the orderly and efficient transfer of the
Subservicing Agreements to the assuming party.

     (e) Modifications and Waivers Relating to Loans.

     (i) So long as it is consistent with the Credit and Collection Policy, the Servicer may
waive, modify or vary any term of any Loan if in the Servicer’s determination such waiver,
modification or variance will not be materially adverse to the interests of the Noteholders
or the Hedge Counterparties; provided, however, the Servicer may not:

     (A) amend, waive, modify or vary any Loan in any manner that would extend the
stated maturity date of such Loan beyond February 20, 2014; or

     (B) enter into any amendment, waiver, modification or variance with respect to
any loan for the purpose or with the intention of causing a Substitution Event to
occur with respect to such Loan solely in order to render such loan eligible for
repurchase or substitution hereunder or to otherwise make such Loan eligible for
repurchase pursuant to Section 2.07.

If any Loan is amended, modified, waived or varied due to an Obligor’s inability to pay
principal (excluding payments of principal consisting of excess cash flow sweeps) or
interest, then the Loan shall be treated as a Delinquent Loan as of the date that is one day
in case of Asset Based Revolvers or 60 days in the case of all other Loans after such
delinquent payment was first due if all delinquencies have not been cured within that one
day or 60 day period, as applicable.

     (ii) Except as expressly set forth in Section 5.02(e)(i), the Servicer may
execute any amendments, waivers, modifications or variances related to such Loan and any
documents related thereto on behalf of the Issuer. The Servicer will provide each Rating
Agency with a written summary of any such amendment, waiver, modification or variance
promptly after its execution and, promptly upon request by any Rating Agency, a copy of any
such waiver, modification or variance. Such summary shall set forth a brief description of
the reasons for, and the effect of, such waiver, modification or variance, and shall
indicate whether such waiver, modification or variance constitutes a Specified Amendment.

     (iii) With respect to each of the modifications described in clause (a)(i),
(a)(ii), (a)(iv)-(vii) and clause (b) of the definition of Specified
Amendment, the Servicer may elect to submit the modified (or overadvanced, as applicable)
Loan to S&P to be re-rated. If the Servicer does not elect to have such Loan re-rated by
S&P, then such Loan shall be deemed to be a Delinquent Loan as of the date that is 60 days
after the effective date of the relevant Specified Amendment; provided that such
Loan shall cease to be deemed a Delinquent Loan as of such later date as it may be submitted
to S&P for re-rating. Any Loan which is subject to a modification described in clause
(a)(iii) of the definition of Specified Amendment will be deemed to be a Delinquent Loan
upon the effectiveness of such Specified Amendment. If the Servicer elects to have such
Loan re-rated by S&P,

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then at any time during such process, including up to 90 days after Servicer receives
the revised rating of the Loan, the Servicer may repurchase such Loan. The provisions of
this Section 5.02(e)(iii) shall not apply to modifications, amendments or variances
that do not constitute Specified Amendments.

     (iv) No costs incurred by the Servicer or any Subservicer in respect of Servicing
Advances shall for the purposes of distributions to Noteholders or Hedge Counterparties be
added to the amount owing under the related Loan. Any fees and costs imposed in connection
therewith may be retained by the Servicer. Without limiting the generality of the
foregoing, so long as it is consistent with the Credit and Collection Policy, the Servicer
shall continue, and is hereby authorized and empowered to execute and deliver on behalf of
the Indenture Trustee, the Owner Trustee, each Securityholder and each Hedge Counterparty,
all instruments of amendment, waiver, satisfaction or cancellation, or of partial or full
release, discharge and all other comparable instruments, with respect to the Loans and with
respect to any Collateral. Such authority shall include, but not be limited to, the
authority to substitute or release items of Collateral consistent with the Credit and
Collection Policy and sell participations or assignments in Loans previously transferred to
the Issuer. In connection with any such sale, the Servicer shall deposit in the Principal
and Interest Account, pursuant to Section 7.03(b), all proceeds received upon such
sale. If reasonably required by the Servicer, the Indenture Trustee, on behalf of the
Issuer, shall furnish the Servicer, within five Business Days of receipt of the Servicer’s
request, with any powers of attorney and other documents necessary or appropriate to enable
the Servicer to carry out its servicing and administrative duties under this Agreement. Any
such request to the Indenture Trustee, on behalf of the Issuer, shall be accompanied by a
certification in the form of Exhibit L attached hereto signed by a Servicing
Officer. In connection with any substitution of Collateral, the Servicer shall deliver to
the Indenture Trustee the items, and within the time frame, set forth in Section
2.06, assuming that the date of substitution is the relevant “Transfer Date.”

     (f) The Servicer, in servicing and administering the Loans, shall act in good faith, exercise
commercially reasonable judgment and reasonable care, consistent with the Credit and Collection
Policy, employ or cause to be employed procedures (including collection, foreclosure, Foreclosed
Property and Repossessed Collateral management procedures), prudent lending standards and exercise
a degree of skill and attention not less than that which it customarily employs and exercises in
servicing and administering loans for its own account and in a manner consistent with those
policies and procedures as are customarily used by reasonable and prudent servicers of national
repute in connection with servicing of assets of the nature and of the character of the Loans,
giving due consideration to the Noteholders’ and Hedge Counterparties’ reliance on the Servicer.
The Servicer shall not permit an Obligor of a Revolving Loan to receive an Overadvance thereunder
for the purpose of making payments of principal or interest (in whole or in part) due with respect
to a Term Loan, where any portion of such Revolving Loan or Term Loan, as applicable, shall
constitute a part of the Loan Assets hereunder or an asset of any Prior Term Transaction.

     (g) Hedge Covenants.

     (i) So long as any of the Notes are outstanding, if on any date either:

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     (A) the then current Aggregate Notional Amount of all Hedge Transactions
hedging the Fixed Rate Loans exceeds the then Outstanding Loan Balance of the Fixed
Rate Loans for the corresponding Due Period by more than the Fixed Rate Permitted
Excess Amount; or

     (B) the Aggregate Notional Amount for any future calculation period of all
Hedge Transactions hedging the Fixed Rate Loans exceeds the projected Outstanding
Loan Balance of the Fixed Rate Loans for the corresponding Due Period by more than
the Fixed Rate Permitted Excess Amount;

then, not later than 1:00 p.m. (New York City time) on the Determination Date preceding the next
Remittance Date, the Servicer will notify the Indenture Trustee, the Hedge Counterparties and the
Rating Agencies of such event and, with effect on such next Remittance Date, one or more of the
Hedge Transactions hedging the Fixed Rate Loans will be reduced or amended in accordance with the
terms of the applicable Hedge Agreements so that the Aggregate Notional Amount for each calculation
period of the Hedge Transactions hedging the Fixed Rate Loans will not exceed the Outstanding Loan
Balance of the Fixed Rate Loans at the end of the corresponding Due Period or as projected to be
outstanding at the end of the corresponding Due Period.

     (ii) So long as any of the Notes are outstanding, if on any date either:

     (A) the then current Aggregate Notional Amount of all Hedge Transactions
hedging the Floating Prime Rate Loans exceeds the then Outstanding Loan Balance of
the Floating Prime Rate Loans for the corresponding Due Period by more than the
Floating Prime Rate Permitted Excess Amount; or

     (B) the Aggregate Notional Amount for any future calculation period of all
Hedge Transactions hedging the Floating Prime Rate Loans exceeds the projected
Outstanding Loan Balance of the Floating Prime Rate Loans for the corresponding Due
Period by more than the Floating Prime Rate Permitted Excess Amount;

then, not later than 1:00 p.m. (New York City time) on the Determination Date preceding the next
Remittance Date, the Servicer will notify the Indenture Trustee, the Hedge Counterparties and the
Rating Agencies of such event and, with effect on such next Remittance Date, one or more of the
Hedge Transactions hedging the Floating Prime Rate Loans will be reduced or amended in accordance
with the terms of the applicable Hedge Agreements so that the Aggregate Notional Amount of the
Hedge Transactions hedging the Floating Prime Rate Loans will not exceed the Outstanding Loan
Balance of the Floating Prime Rate Loans at the end of the corresponding Due Period or as projected
to be outstanding at the end of the corresponding Due Period.

     (iii) So long as any of the Notes are outstanding, if on any date either:

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     (A) the then current Aggregate Notional Amount of all Hedge Transactions under
all Hedge Agreements then in effect exceeds the then Aggregate Outstanding Principal
Balance; or

     (B) the Aggregate Notional Amount of all Hedge Transactions for any future
calculation period under all Hedge Agreements then in effect exceeds the projected
Aggregate Outstanding Principal Balance for the corresponding Interest Accrual
Period;

then, not later than 1:00 p.m. (New York City time) on the Determination Date preceding the next
Remittance Date, the Servicer will notify the Indenture Trustee, the Hedge Counterparties and the
Rating Agencies of such event and, with effect on such next Remittance Date, one or more of the
Hedge Transactions will be reduced or amended in accordance with the terms of the applicable Hedge
Agreements so that the Aggregate Notional Amount of the Hedge Transactions for any future
calculation period will not exceed the Aggregate Outstanding Principal Balance of the Notes for the
corresponding Interest Accrual Period.

     (h) In accordance with the power set forth in Section 2.01(a), the Servicer shall
perform the duties of the Issuer and the Owner Trustee under the Transaction Documents. In
furtherance of the foregoing, the Servicer shall consult with the Owner Trustee as the Servicer
deems appropriate regarding the duties of the Issuer and the Owner Trustee under the Transaction
Documents. The Servicer shall monitor the performance of the Issuer and the Owner Trustee and
shall advise the Owner Trustee when action is necessary to comply with the Issuer’s or the Owner
Trustee’s duties under the Transaction Documents. The Servicer shall prepare for execution by the
Owner Trustee or the Issuer or shall cause the preparation by other appropriate Persons of all such
documents, reports, filings, instruments, certificates and opinions as it shall be the duty of the
Issuer or the Owner Trustee to prepare, file or deliver pursuant to the Transaction Documents.

     (i) In addition to the duties of the Servicer set forth in this Agreement or any of the
Transaction Documents, the Servicer shall perform such calculations and shall prepare for execution
by the Issuer or the Owner Trustee or shall cause the preparation by other appropriate Persons of
all such documents, reports, filings, instruments, certificates and opinions as it shall be the
duty of the Issuer to prepare, file or deliver pursuant to state and federal tax and securities
laws. In accordance with the directions of the Issuer or the Owner Trustee, the Servicer shall
administer, perform or supervise the performance of such other activities in connection with the
Issuer as are not covered by any of the foregoing provisions and as are expressly requested by the
Issuer or the Owner Trustee and are reasonably within the capability of the Servicer.

     (j) Notwithstanding anything in this Agreement or any of the Transaction Documents to the
contrary, the Servicer shall be responsible for promptly (upon knowledge thereof) notifying the
Owner Trustee and the Paying Agent in the event that any withholding tax is imposed on the Issuer’s
payments (or allocations of income) to a Securityholder. Any such notice shall be in writing and
specify the amount of any withholding tax required to be withheld by the Owner Trustee or the
Paying Agent pursuant to such provision.

     (k) All tax returns will be signed by the Servicer on behalf of the Issuer.

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     (l) The Servicer shall maintain appropriate books of account and records relating to services
performed under this Agreement, which books of account and records shall be reasonably accessible
for inspection by the Owner Trustee and each Hedge Counterparty at any time during normal business
hours.

     (m) Without the prior written consent of the Majority Noteholders and the Hedge Counterparties
and subject to the satisfaction of the S&P Rating Condition and the Moody’s Rating Condition, the
Servicer shall not agree or consent to, or otherwise permit to occur, any amendment, modification,
change, supplement or rescission of or to the Credit and Collection Policy, in whole or in part, in
any manner that could have a material adverse effect on the Loans.

     (n) For so long as any of the Notes are outstanding and are “restricted securities” within the
meaning of Rule 144(a)(3) of the Securities Act, (i) the Servicer will provide or cause to be
provided to any holder of such Notes and any prospective purchaser thereof designated by such
holder, upon the request of such a holder or prospective purchaser, the information required to be
provided to such holder or prospective purchaser by Rule 144A(d)(4) under the Securities Act; and
(ii) the Servicer shall update such information from time to time in order to prevent such
information from becoming false and misleading and will take such other actions as are necessary to
ensure that the safe harbor exemption from the registration requirements of the Securities Act
under Rule 144A is and will be available for resales of such Notes conducted in accordance with
Rule 144A.

     (o) The Servicer will keep in full force and effect its existence, rights and franchise as a
Delaware limited liability company, and the Servicer shall obtain and preserve its qualification to
do business as a foreign limited liability company in each jurisdiction in which such qualification
is or shall be necessary to protect the validity and enforceability of this Agreement and of any of
the Loans and to perform its duties under this Agreement.

     (p) The Servicer shall be obligated to make the Servicing Advances (but not Scheduled Payment
Advances) incurred in the performance of its servicing duties hereunder. The Servicer shall be
entitled to reimbursement for such Servicing Advances from the Collections received from the Loan
to which such Servicing Advances relate pursuant to Section 5.10(d) and Section
7.03(h). Notwithstanding anything contained herein to the contrary, in no event shall the
application of Servicing Advances or Scheduled Payment Advances prevent a Loan from being or
becoming a Delinquent Loan or Charged–Off Loan, as applicable.

     (q) The Servicer shall not be responsible for any taxes on the Issuer or any Servicing Fees to
any Successor Servicer.

     (r) All payments (other than Prepayments) received on Loans will be applied by the Servicer to
amounts due by the Obligor starting with the most recent Scheduled Payment.

     (s) The Servicer shall be responsible for any tax reporting, disclosure, record keeping or
list maintenance requirements of the Issuer under Internal Revenue Code Sections 6011(a), 6111(d)
or 6112, including, but not limited to, the preparation of IRS Form 8886 pursuant to Federal Income
Tax Regulations Section 1.6011-4(d) or any successor provision and any

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required list maintenance under Federal Income Tax Regulations Section 301.6112-1 or any
successor provision.

     (t) The Servicer shall notify the Backup Servicer of any material modification to its
servicing system.

     (u) The initial Servicer shall provide to S&P financial statements for each Obligor of a Loan
included in the Loan Pool, within 13 months after the Closing Date and every thirteen months
thereafter, until such time as the related Loan has been paid in full or is no longer part of the
Loan Pool. Any failure by the initial Servicer to provide financial statements with respect to any
Obligor at such times shall result in each Loan to the applicable Obligor being deemed to have an
S&P rating of CCC-.

     (v) The initial Servicer shall provide to Moody’s annual financial statements for each Obligor
of a Loan included in the Loan Pool as promptly as reasonably practicable after such financial
statements are delivered to the Servicer after the end of each Obligor’s fiscal year, until such
time as the related Loan has been paid in full or is no longer part of the Loan Pool.

     Section 5.03. Liquidation of Loans.

     (a) In the event that any payment due under any Loan and not postponed pursuant to Section
5.02 is not paid when the same becomes due and payable, or in the event the Obligor fails to
perform any other covenant or obligation under the Loan, the Servicer in accordance with the Credit
and Collection Policy shall take such action as shall maximize the amount of recovery thereon and
it shall deem to be in the best interests of the Noteholders and the Hedge Counterparties. The
Servicer, consistent with its Credit and Collection Policy, may accelerate all payments due
thereunder to the extent permitted by the Required Loan Documents and foreclose upon at a public or
private sale or otherwise comparably effect the ownership of Collateral relating to defaulted Loans
for which the related Loan is still outstanding and as to which no satisfactory arrangements can be
made for collection of delinquent payments in accordance with the provisions of Section
5.10 and shall act as sales and processing agent for the Collateral that is repossessed. In
connection with such foreclosure or other conversion and any other liquidation action or
enforcement of remedies, the Servicer shall exercise collection and foreclosure procedures with the
same degree of care and skill in its exercise or use as it would exercise with respect to its own
affairs, in accordance with prudent servicing standards, and in accordance with the Credit and
Collection Policy. Without limiting the generality of the foregoing, the Servicer may not sell any
such Collateral without first using commercially reasonable efforts to obtain bids to purchase such
Collateral from at least three Persons (other than the Servicer or any of its Affiliates). The
Servicer may sell the Collateral to the highest bidder (if any bids are received) or the Servicer
or an Affiliate may purchase the Collateral for a price equal to the highest bid, but in no event
may the Servicer sell any Collateral for less than the then fair market value of the Collateral.
If no bids are received and the Servicer has used commercially reasonable efforts to obtain such
bids, the Servicer or an Affiliate may purchase the Collateral for a price equal to the then fair
market value of such Collateral. Any such sale of the Collateral is to be evidenced by a
certificate of a Responsible Officer of the Servicer delivered to the Indenture Trustee setting
forth the Loan, the Collateral, the sale price of the Collateral and certifying that such sale
price is the fair market value of such Collateral. In any case in which any such Collateral has
suffered

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damage, the Servicer will not expend funds in connection with any repair or toward the
repossession of such Collateral unless it reasonably determines that such repair and/or
repossession will increase the Liquidation Proceeds by an amount greater than the amount of such
expenses.

     (b) Prior to undertaking foreclosure of any Loan secured by real property and any improvements
thereon including any Mortgaged Property of a Material Mortgage Loan, the Servicer must investigate
environmental conditions, including, in accordance with the Credit and Collection Policy, the
performance of a Phase I and/or Phase II environmental site assessment, to ascertain the actual or
potential presence of any hazardous material on or under such property. For purposes of this
Agreement, the term hazardous material includes (1) any hazardous substance, as defined by the
Comprehensive Environmental Response, Compensation and Liability Act of 1980, as amended by the
Superfund Amendments and Reauthorization Act of 1986, 42 U.S.C. 9601–9675, and (2) petroleum (as
that term is defined at 42 U.S.C. §6991) including any derivative, fraction, by–product,
constituent or breakdown product thereof, or additive thereto. In the event that the environmental
investigation determines the existence of any hazardous material on or under the real property in
excess of minimum action levels established by relevant regulatory agencies, title to such property
shall not be taken without satisfaction of the Rating Agency Condition.

     (c) After a Loan has been liquidated, the Servicer shall promptly prepare and forward to the
Indenture Trustee and upon request, any Securityholder or Hedge Counterparty, a report (the
“Liquidation Report”), in the form attached hereto as Exhibit D, detailing the
Liquidation Proceeds received from such Loan, the Liquidation Expenses incurred with respect
thereto, and any loss incurred in connection therewith.

     Section 5.04. Fidelity Bond.

     The Servicer shall at all times maintain with a responsible company, and at its own expense, a
blanket fidelity bond (the “Fidelity Bond”) in a minimum aggregate amount equal to
$2,000,000, and a maximum deductible of $50,000, with coverage on all employees acting in any
capacity requiring such persons to handle funds, money, documents or papers relating to the Loans
or the Collateral (“Servicer Employees”). The Fidelity Bond shall provide coverage to the
Indenture Trustee, the Owner Trustee, the Hedge Counterparties and the Securityholders, their
respective officers and employees, against losses resulting from forgery, theft, embezzlement or
fraud by such Servicer Employees. The Fidelity Bond shall not relieve the Servicer from its duties
or indemnity obligations as set forth in this Sale and Servicing Agreement. Upon the request of
the Indenture Trustee, the Owner Trustee, any Securityholder or any Hedge Counterparty, the
Servicer shall cause to be delivered to the Indenture Trustee, the Owner Trustee, such
Securityholder or such Hedge Counterparty a certified true copy of such Fidelity Bond.

     Section 5.05. Maintenance of Hazard Insurance.

     (a) The Servicer will use its reasonable best efforts to ensure that each Obligor maintains an
Insurance Policy with respect to any tangible, personal property Collateral (other than accounts
receivable) in an amount at least equal to the sum of the Outstanding Loan Balance

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of the related Eligible Loan and shall ensure that each such Insurance Policy names the
Servicer as loss payee and as an insured thereunder and all of the Originator’s right, title and
interest therein is fully assigned to the Indenture Trustee. Additionally, other than with respect
to unsecured Loans and Loans in which the sole collateral is the related Obligor’s accounts
receivable, the Servicer will require that each Obligor maintain property damage liability
insurance during the term of each Loan in amounts and against risks customarily insured against by
the Obligor on property owned by it. If an Obligor fails to maintain property damage insurance,
the Servicer may in its discretion purchase and maintain such insurance on behalf of, and at the
expense of, the Obligor. In connection with its activities as Servicer, the Servicer agrees to
present, on behalf of the Indenture Trustee, the Securityholders and the Hedge Counterparties,
claims to the insurer under each Insurance Policy and any such liability policy, and to settle,
adjust and compromise such claims, in each case, consistent with the terms of each Loan. The
Servicer’s Insurance Policies with respect to the Collateral will insure against liability for
physical damage relating to such Collateral in accordance with the requirements of the Credit and
Collection Policy. The Servicer hereby disclaims any and all right, title and interest in and to
any Insurance Policy and Insurance Proceeds with respect to any Collateral, including any Insurance
Policy with respect to which it is named as loss payee and as an insured, and agrees that it has no
equitable, beneficial or other interest in the Insurance Polices and Insurance Proceeds other than
being named as loss payee and as an insured. The Servicer acknowledges that with respect to the
Insurance Policies and Insurance Proceeds thereof that it is acting solely in the capacity as agent
for the Indenture Trustee.

     (b) Notwithstanding Section 5.05(a), in the case of each Material Mortgage Loan, the
Servicer shall comply with the Credit and Collection Policy concerning the issuance and maintenance
of fire and hazard insurance with extended coverage customary in the area where the Mortgaged
Property is located. If at origination of a Loan, to the best of the Servicer’s knowledge after
reasonable investigation, the related Mortgaged Property is in an area identified in the Federal
Register by the Flood Emergency Management Agency as having special flood hazards (and such flood
insurance has been made available) consistent with the Credit and Collection Policy, the Servicer
will require the related Obligor or other creditors to purchase a flood insurance policy covering
each piece of property that is material with a generally acceptable insurance carrier, in an amount
representing coverage not less than the least of (i) the full insurable value of the Mortgaged
Property that is material, or (ii) the maximum amount of insurance available under the National
Flood Insurance Act of 1968, as amended. The Servicer shall also maintain, to the extent such
insurance is available, and required by the Credit and Collection Policy, on Foreclosed Property
constituting real property that is material, fire and hazard insurance in the amounts described
above and liability insurance.

     (c) Any amounts collected by the Servicer under any such Insurance Policies (other than
amounts to be applied to the restoration or repair of the Collateral, or to be released to the
Obligor or other creditors in accordance with Requirements of Law or the governing documents) shall
be deposited in the Principal and Interest Account, subject to withdrawal pursuant to Section
7.03(h). It is understood and agreed that no earthquake or other additional insurance need be
required by the Servicer of any Obligor or other creditors or maintained on Foreclosed Property,
other than pursuant to such Requirements of Law and regulations as shall at any time be in force
and as shall require such additional insurance. All policies required hereunder (unless

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the Seller is a non–agent co–lender with respect to such Loan) shall be endorsed with standard
mortgagee clauses with losses payable to the Servicer or its Affiliates.

     Section 5.06. Collection of Certain Loan Payments.

     (a) The Servicer shall make reasonable efforts, consistent with the Credit and Collection
Policy, to collect all payments required under the terms and provisions of the Loans. Consistent
with the foregoing and the Credit and Collection Policy, the Servicer may in its discretion waive
or permit to be waived any fee or charge which the Servicer would be entitled to retain hereunder
as servicing compensation and extend the due date for payments due on a Loan as provided in
Section 5.02(e).

     (b) The Servicer agrees not to make, or permit to be made, any change, in the direction of, or
instructions with respect to, any payments to be made by an Obligor Lock–Box Bank from any Obligor
Lock–Box or any Obligor Lock–Box Account in any manner that would diminish, impair, delay or
otherwise adversely effect the timing or receipt of such payments by the Lock–Box Bank without the
prior written consent of the Indenture Trustee and with the consent of the Majority Noteholders and
the Hedge Counterparties. The Servicer further agrees to provide the Indenture Trustee promptly,
but in no case later than one Business Day after the Servicer’s receipt, any notice it receives
that an Obligor is changing the direction of or instructions with respect to any payments from any
Obligor Lock–Box or any Obligor Lock–Box Account.

     Section 5.07. Access to Certain Documentation and Information Regarding the Loans.

     The Servicer shall provide to the Owner Trustee, the Indenture Trustee, the FDIC, the OCC, the
Federal Reserve, the Office of Thrift Supervision and the supervisory agents and examiners of the
foregoing, access to the documentation regarding the Loans required by applicable local, state and
federal regulations, such access being afforded without charge but only upon reasonable request and
during normal business hours at the offices of the Servicer designated by it and in a manner that
does not unreasonably interfere with the Servicer’s normal operations or customer or employee
relations. The Indenture Trustee and the Owner Trustee shall and shall cause their representatives
to hold in confidence all such information except to the extent disclosure may be required by law
(and all reasonable applications for confidential treatment are unavailing) and except to the
extent that the Indenture Trustee and the Owner Trustee may reasonably determine that such
disclosure is consistent with their obligations hereunder.

     Section 5.08. Satisfaction of Mortgages and Collateral and Release of Loan Files.

     (a) Upon the payment in full of any Loan, the receipt by the Servicer of a notification that
payment in full will be escrowed in a manner customary for such purposes or the deposit into the
Principal and Interest Account of the purchase price of any Loan acquired by the Trust Depositor,
the Servicer or another Person pursuant to this Agreement, or any other Transaction Document, the
Servicer will immediately notify the Indenture Trustee by a certification in the form of
Exhibit M attached hereto (which certification shall include a statement to the effect that

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all amounts received or to be received in connection with such payment which are required to
be deposited in the Principal and Interest Account pursuant to Section 7.03(b) have been or
will be so deposited) of a Servicing Officer and shall request delivery to it of the Loan File.
Upon receipt of such certification and request, the Indenture Trustee shall in accordance with
Section 2.08(c) release, within two Business Days (if such request was received by 2:00
p.m. central time), the related Loan File to the Servicer. Expenses incurred in connection with
any instrument of satisfaction or deed of reconveyance shall be payable by the Servicer and shall
not be chargeable to the Principal and Interest Account or the Note Distribution Account;
provided that the Servicer may collect and retain such expenses from the underlying
Obligor.

     (b) From time to time and as appropriate for the servicing or foreclosure of any Loan, the
Indenture Trustee shall, upon request of the Servicer and delivery to the Indenture Trustee of a
certification in the form of Exhibit M attached hereto signed by a Servicing Officer,
release the related Loan File to the Servicer within two Business Days (if such request was
received by 2:00 p.m. central time), and the Indenture Trustee shall execute such documents as
shall be necessary to the prosecution of any such proceedings. The Servicer shall return the Loan
File to the Indenture Trustee when the need therefor by the Servicer no longer exists, unless the
Loan has been liquidated and the Net Liquidation Proceeds relating to the Loan have been deposited
in the Principal and Interest Account and remitted to the Indenture Trustee for deposit in the Note
Distribution Account or the Loan File or such document has been delivered to an attorney, or to a
public trustee or other public official as required by law, for purposes of initiating or pursuing
legal action or other proceedings for the foreclosure or repossession of Collateral either
judicially or non–judicially, and the Servicer has delivered to the Indenture Trustee a certificate
of a Servicing Officer certifying as to the name and address of the Person to whom such Loan File
or such document was delivered and the purpose or purposes of such delivery. Upon receipt of a
certificate of a Servicing Officer stating that such Loan was liquidated, the servicing receipt
relating to such Loan shall be released by the Indenture Trustee to the Servicer.

     (c) The Indenture Trustee shall execute and deliver to the Servicer any court pleadings,
requests for trustee’s sale or other documents provided to it necessary to the foreclosure or
trustee’s sale in respect of Collateral or to any legal action brought to obtain judgment against
any Obligor on the related loan agreement (including any Underlying Note or other agreement
securing Collateral) or to obtain a deficiency judgment, or to enforce any other remedies or rights
provided by the related loan agreement (including any Underlying Note or other agreement securing
Collateral) or otherwise available at law or in equity. Together with such documents or pleadings,
the Servicer shall deliver to the Indenture Trustee a certificate of a Servicing Officer requesting
that such pleadings or documents be executed by the Indenture Trustee and certifying as to the
reason such documents or pleadings are required and that the execution and delivery thereof by the
Indenture Trustee will not invalidate or otherwise adversely affect the Lien of the agreement
securing Collateral, except for the termination of such a Lien upon completion of the foreclosure
or trustee’s sale. The Indenture Trustee shall, upon receipt of a written request from a Servicing
Officer, execute any document provided to the Indenture Trustee by the Servicer or take any other
action requested in such request, that is, in the opinion of the Servicer as evidenced by such
request, required or appropriate by any state or other jurisdiction to discharge the Lien securing
Collateral upon the satisfaction thereof and the Indenture Trustee will sign and post, but will not
guarantee receipt of, any such documents to the Servicer, or such other party as the Servicer may
direct, within five Business Days of the

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Indenture Trustee’s receipt of such certificate or documents. Such certificate or documents
shall establish to the Indenture Trustee’s satisfaction that the related Loan has been paid in full
by or on behalf of the Obligor (or subject to a deficiency claim against such Obligor) and that
such payment has been deposited in the Principal and Interest Account.

     (d) Notwithstanding anything contained in this Section 5.08 to the contrary, in no
event may the Servicer possess in excess of 15 Loan Files (excluding Loan Files for Loans which
have been paid in full or repurchased) at any given time.

     Section 5.09. Scheduled Payment Advances.

     For each Due Period, if the Servicer determines that any Scheduled Payment (or portion
thereof) that was due and payable pursuant to a Loan in the Loan Pool during such Due Period was
not received prior to the end of such Due Period or has been received in an Obligor Lock–Box
Account but has not yet been transferred to the Lock–Box Account, the Servicer has the right to
elect, but is not obligated, to make a Scheduled Payment Advance in an amount up to the amount of
such delinquent Scheduled Payment (or portion thereof) if the Servicer believes in good faith that
the advance will be reimbursed or subsequently paid by the related Obligor. The Servicer will
deposit any Scheduled Payment Advances into the Principal and Interest Account on or prior to 11:00
a.m. (New York City time) on the related Determination Date, in immediately available funds. The
Servicer will be entitled to be reimbursed for Scheduled Payment Advances pursuant to Section
7.03, Section 7.05(a) and Section 7.05(b).

     Section 5.10. Title, Management and Disposition of Foreclosed Property.

     (a) In the event that title to Collateral is acquired in foreclosure or by deed in lieu of
foreclosure or by other legal process, the deed or certificate of sale, or the Repossessed
Collateral, shall be taken in the name of the Issuer for the benefit of the Securityholders and the
Hedge Counterparties.

     (b) The Servicer, subject to the provisions of this ARTICLE 5, shall manage, conserve,
protect and operate each Foreclosed Property or other Repossessed Collateral for the
Securityholders and the Hedge Counterparties solely for the purpose of its prudent and prompt
disposition and sale. The Servicer shall, either itself or through an agent selected by the
Servicer, manage, conserve, protect and operate the Foreclosed Property or other Repossessed
Collateral in the same manner that it manages, conserves, protects and operates other foreclosed or
repossessed property for its own account, and in a similar manner to that of similar property in
the same locality as the Foreclosed Property or other Repossessed Collateral is managed. The
Servicer shall attempt to sell the same (and may temporarily rent the same) on such terms and
conditions as the Servicer deems to be in the best interest of the Securityholders and the Hedge
Counterparties.

     (c) The Servicer shall cause to be deposited in the Principal and Interest Account, no later
than two Business Days after the receipt thereof, all revenues received with respect to the
conservation and disposition of the related Foreclosed Property or other Repossessed Collateral net
of Servicing Advances.

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     (d) The Servicer shall, subject to Section 5.02(p) and Section 7.03, reimburse
itself for any related unreimbursed Servicing Advances and unpaid Servicing Fees, and the Servicer
shall deposit in the Principal and Interest Account the net cash proceeds of the sale of any
Foreclosed Property or other Repossessed Collateral to be distributed to the Securityholders and
the Hedge Counterparties in accordance with Section 7.05 hereof.

     Section 5.11. Servicing Compensation.

     (a) As compensation for its servicing activities hereunder and reimbursement for its expenses,
the Servicer shall be entitled to receive a servicing fee for each month (or portion thereof),
calculated and payable monthly in arrears on each Remittance Date prior to the termination of the
Issuer (with respect to each Due Period, the “Servicing Fee”) equal to the sum of the
product of: (i) the applicable Servicing Fee Percentage, (ii) the Outstanding Loan Balance of the
Asset Based Revolvers and the Outstanding Loan Balance of all other Loans, as applicable, as of the
first day of the applicable Due Period (or, with respect to the first Due Period, as of the Closing
Date) and (iii) a fraction, the numerator of which is equal to the number of days in the applicable
Due Period (or, with respect to the first Due Period, the number of days from the Closing Date to
the end of the first Due Period) and the denominator of which is 360. The Servicing Fee is payable
out of Collections pursuant to Section 7.05(a) and Section 7.05(b). If the
Servicer is replaced, the Originator shall be responsible for the payment of any fee payable to a
Successor Servicer in excess of the Servicer Fee to the extent such fee is not paid pursuant to
Section 7.05(a) and Section 7.05(b).

     (b) In addition to the Servicing Fee, the Servicer shall be entitled to retain for itself as
additional servicing compensation assumption and other administrative fees paid or payable in
connection with any Loan.

     Section 5.12. Assignment; Resignation.

     The Servicer shall not assign its rights and duties under this Agreement (other than in
connection with a subservicing arrangement) nor resign from the obligations and duties hereby
imposed on it as Servicer except (a) by mutual consent of the Servicer, the Indenture Trustee, the
Majority Noteholders and the Hedge Counterparties, (b) in connection with a merger, conversion or
consolidation permitted pursuant to Section 5.13 (in which case the Person resulting from
the merger, conversion or consolidation shall be the successor of the Servicer), (c) in connection
with an assignment permitted pursuant to Section 5.13 (in which case the Assignee shall be
the successor of the Servicer), or (d) upon the Servicer’s determination that its duties hereunder
are no longer permissible under Requirements of Law or administrative determination and such
incapacity cannot be cured by the Servicer. Any such determination permitting the resignation of
the Servicer shall be evidenced by a written Opinion of Counsel (who may be counsel for the
Servicer) to such effect delivered to the Indenture Trustee, which Opinion of Counsel shall be in
form and substance reasonably acceptable to the Indenture Trustee. No such resignation shall
become effective until a successor has assumed the Servicer’s responsibilities and obligations
hereunder in accordance with Section 8.03.

     Section 5.13. Merger or Consolidation of Servicer.

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     (a) Any Person into which the Servicer may be merged or consolidated, or any Person resulting
from such merger, conversion or consolidation to which the Servicer is a party, or any Person
succeeding to substantially all of the business of the Servicer, and who shall be an established
commercial loan servicing institution that on a consolidated basis has a net worth of at least
$50,000,000, shall be the Successor Servicer hereunder without execution or filing of any paper or
any further act on the part of any of the parties hereto, notwithstanding anything herein to the
contrary; provided, however, no such merger, conversion or consolidation of the
Servicer or transfer of all or substantially all or the Servicer assets or business shall be
permitted hereunder unless the Rating Agency Condition is satisfied with respect thereto.

     (b) Upon the occurrence of a change-in-control (including any merger or consolidation of the
Originator or transfer of substantially all of its assets and its business), the Servicer shall (i)
provide the Trust Depositor, the Indenture Trustee, the Hedge Counterparties and the Rating
Agencies with notice of such change-in-control within 30 days after completion of the same, and
(ii) satisfy the Rating Agency Condition after completion of the same.

     Section 5.14. Limitation on Liability of the Servicer and Others.

     The Servicer and any director, officer, employee or agent of the Servicer may rely on any
document of any kind which it in good faith reasonably believes to be genuine and to have been
adopted or signed by the proper authorities or persons respecting any matters arising hereunder.
Subject to the terms of Section 12.01 herein, the Servicer shall have no obligation to
appear with respect to, prosecute or defend any legal action which is not incidental to the
Servicer’s duty to service the Loans in accordance with this Agreement. The Servicer shall not be
responsible for the payment of any taxes imposed on or with respect to the Issuer or for the fees
of any Successor Servicer.

     Section 5.15. The Backup Servicer.

     (a) The Issuer, the Indenture Trustee and the Trust Depositor hereby appoint Wells Fargo Bank,
National Association to act as Backup Servicer in accordance with the terms of this Agreement.
Wells Fargo Bank, National Association hereby accepts such appointment and agrees to perform the
duties and responsibilities with respect thereto set forth herein.

     (b) The Backup Servicer shall perform the following duties and obligations:

     (i) On or before the Closing Date, the Backup Servicer shall accept from the Servicer
delivery of the information required to be set forth in the Monthly Reports in hard copy and
in an agreed upon electronic format.

     (ii) Not later than 12:00 noon New York time four Business Days after the end of the
related Due Period, the Servicer shall provide to the Backup Servicer and the Backup
Servicer shall accept delivery of tape in an agreed upon electronic format (the
“Tape”) from the Servicer, which shall include but not be limited to the following
information: (A) for each Loan, (1) Loan number, (2) Loan category (i.e., asset based
financed, healthcare secured, senior cash flow, subordinate cash flow or real estate) (3)
state of Obligor’s primary business, (4) NAICS Code, (5) type of Loan (i.e., Partially
Funded Term Loan, Fully Funded Term Loan, Reducing Revolving Loan or Traditional

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Revolving Loan), (6) type of security interest (i.e., senior or subordinated), (7) term
payment type (i.e., Amortizing Loans, Balloon Loans or Bullet Loans), (8) origination date,
(9) maturity date, (10) benchmark for Loan Rate, (11) margin, (12) frequency of Scheduled
Payments, (13) controlling interest (i.e., whether the Loan is syndicated and whether the
Issuer holds a majority of the outstanding indebtedness under such syndicated Loan), (14)
the collection status, (15) the Loan status, and (16) the Outstanding Loan Balance and (B)
the Aggregate Outstanding Loan Balance. With respect to its duties pursuant to this
Section 5.15(b)(ii), the Backup Servicer shall have no duty to confirm that the Tape
contains the foregoing information.

     (iii) Prior to the Remittance Date, the Backup Servicer shall review the Monthly Report
to ensure that it is complete on its face and that the following items in such Monthly
Report have been accurately calculated, if applicable, and reported: (A) the Aggregate
Outstanding Loan Balance, (B) the Backup Servicing Fee, (C) the Loans that are more than one
day delinquent in the case of Asset Based Revolvers and more than 60 days delinquent in the
case of all other Loans (other than Charged–Off Loans), (D) the Charged–Off Loans, and (E)
the Priority of Payments. The Backup Servicer shall notify the Indenture Trustee, each
Hedge Counterparty, the Initial Purchasers and the Servicer of any discrepancies with the
Monthly Report based on such review not later than the Business Day preceding such
Remittance Date.

     (iv) If the Servicer disagrees with the report provided under paragraph (iii)
above by the Backup Servicer or if the Servicer or any subservicer has not reconciled such
discrepancy, the Backup Servicer agrees to confer with the Servicer to resolve such
disagreement on or prior to the next succeeding Determination Date and shall settle such
discrepancy with the Servicer if possible, and notify the Indenture Trustee, each Hedge
Counterparty, the Initial Purchasers and the Rating Agencies of the resolution thereof. The
Servicer hereby agrees to cooperate at its own expense with the Backup Servicer in
reconciling any discrepancies herein. If within 20 days after the delivery of the report
provided under paragraph (iii) above by the Backup Servicer, such discrepancy is not
resolved, the Backup Servicer shall promptly notify the Servicer, Indenture Trustee, each
Hedge Counterparty, the Initial Purchasers and the Rating Agencies of the continued
existence of such discrepancy. Following receipt of such notice by the Indenture Trustee,
each Hedge Counterparty, the Initial Purchasers and the Rating Agencies, the Servicer shall
deliver to the Indenture Trustee, each Hedge Counterparty, the Initial Purchasers, the
Backup Servicer and the Rating Agencies no later than the related Remittance Date a
certificate describing the nature and amount of such discrepancies and the actions the
Servicer proposes to take with respect thereto.

     With respect to the foregoing, the Backup Servicer, in the performance of its duties and
obligations hereunder, is entitled to rely conclusively, and shall be fully protected in so
relying, on the contents of each Tape, including, but not limited to, the completeness and accuracy
thereof, provided by the Servicer.

     (c) After the termination or resignation by the Servicer in accordance with this Agreement,
all authority, power, rights and responsibilities of the Servicer, under this Agreement, whether
with respect to the Loans or otherwise, shall pass to and be vested in the

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Successor Servicer or the Backup Servicer, as applicable in accordance with Section
8.03 and such applicable party shall be deemed the Successor Servicer, subject to and in
accordance with the provisions of Section 8.03, as long as such named Successor Servicer is
not prohibited by any Requirements of Law from fulfilling the same, as evidenced by an Opinion of
Counsel; provided, however, if Wells Fargo as Backup Servicer becomes the Successor
Servicer, it will not make any Scheduled Payment Advances.

     (d) Any Person (i) into which the Backup Servicer may be merged or consolidated, (ii) that may
result from any merger or consolidation to which the Backup Servicer shall be a party, or (iii)
that may succeed to the properties and assets of the Backup Servicer substantially as a whole,
which Person in any of the foregoing cases executes an agreement of assumption to perform every
obligation of the Backup Servicer hereunder, shall be the successor to the Backup Servicer under
this Agreement without further act on the part of any of the parties to this Agreement.

     (e) As compensation for its backup servicing activities hereunder, the Backup Servicer shall
be entitled to receive the Backup Servicing Fee from the Servicer. The Backup Servicing Fee shall
be calculated and payable monthly in arrears on each Remittance Date. The Backup Servicer’s
entitlement to receive the Backup Servicing Fee (other than due and unpaid Backup Servicer Fees
owed through such date) shall cease on the earliest to occur of: (i) it becoming the Successor
Servicer, (ii) its removal as Backup Servicer, or (iii) the termination of this Agreement.

     (f) The Backup Servicer may be removed with or without cause by the Majority Noteholders by
notice given in writing to the Backup Servicer. In the event of any such removal, a replacement
Backup Servicer may be appointed by Majority Noteholders.

     (g) The Backup Servicer undertakes to perform only such duties and obligations as are
specifically set forth in this Agreement, it being expressly understood by all parties hereto that
there are no implied duties or obligations of the Backup Servicer hereunder. Without limiting the
generality of the foregoing, the Backup Servicer, except as expressly set forth herein, shall have
no obligation to supervise, verify, monitor or administer the performance of the Servicer. The
Backup Servicer may act through its agents, attorneys and custodians in performing any of its
duties and obligations under this Agreement, it being understood by the parties hereto that the
Backup Servicer will be responsible for any misconduct or negligence on the part of such agents,
attorneys or custodians acting for and on behalf of the Backup Servicer. Neither the Backup
Servicer nor any of its officers, directors, employees or agents shall be liable, directly or
indirectly, for any damages or expenses arising out of the services performed under this Agreement
other than damages or expenses that result from the negligence or willful misconduct of it or them
or the failure to perform materially in accordance with this Agreement.

     (h) Limitation on Liability. The Backup Servicer shall not be liable for any
obligation of the Servicer contained in this Agreement or for any errors of the Servicer contained
in any Tape, certificate or other data or document delivered to the Backup Servicer hereunder or on
which the Backup Servicer must rely in order to perform its obligations hereunder, and the parties
hereto each agree to look only to the Servicer to perform such obligations. The Backup Servicer
shall have no responsibility and shall not be in default hereunder or incur any liability

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for any failure, error, malfunction or any delay in carrying out any of its respective duties
under this Agreement if such failure or delay results from the Backup Servicer acting in accordance
with information prepared or supplied by a Person other than the Backup Servicer or the failure of
any such other Person to prepare or provide such information. The Backup Servicer shall have no
responsibility, shall not be in default and shall incur no liability for (i) any act or failure to
act of any third party, including the Servicer (other than any agent, attorney or custodian acting
on behalf of the Backup Servicer), (ii) any inaccuracy or omission in a notice or communication
received by the Backup Servicer from any third party (other than any agent, attorney or custodian
acting on behalf of the Backup Servicer), (iii) the invalidity or unenforceability of any Loan
under Requirements of Law, (iv) the breach or inaccuracy of any representation or warranty made
with respect to any Loan, or (v) the acts or omissions of any Successor Backup Servicer.

     Section 5.16. Covenants of the Backup Servicer.

     The Backup Servicer hereby covenants that:

     (a) The Backup Servicer will comply in all material respects with all Requirements of Law.

     (b) The Backup Servicer will preserve and maintain its existence, rights, franchises and
privileges as a national banking association in good standing under the federal laws of the United
States.

     (c) The Backup Servicer shall perform in all material respects all of its obligations and
duties under this Agreement.

ARTICLE 6.

COVENANTS OF THE TRUST DEPOSITOR

     Section 6.01. Legal Existence.

     During the term of this Agreement, the Trust Depositor will keep in full force and effect its
existence, rights and franchises as a limited liability company under the laws of the jurisdiction
of its organization and will obtain and preserve its qualification to do business in each
jurisdiction in which such qualification is or shall be necessary to protect the validity and
enforceability of this Agreement, the other Transaction Documents and each other instrument or
agreement necessary or appropriate to the proper administration of this Agreement and the
transactions contemplated hereby. In addition, all transactions and dealings between the Trust
Depositor and its Affiliates will be conducted on an arm’s–length basis.

     Section 6.02. Loans Not to Be Evidenced by Promissory Notes.

     The Trust Depositor will take no action to cause any Loan not originally evidenced by an
Underlying Note to be evidenced by an instrument (as defined in the UCC), except in connection with
the enforcement or collection of such Loan.

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     Section 6.03. Security Interests.

     The Trust Depositor will not sell, pledge, assign or transfer to any other Person, or grant,
create, incur, assume or suffer to exist any Lien on any Loan in the Loan Pool or its interest in
any related Collateral, whether now existing or hereafter transferred to the Issuer, or any
interest therein. The Trust Depositor will immediately notify the Owner Trustee, each Hedge
Counterparty and the Indenture Trustee of the existence of any Lien on any Loan in the Loan Pool or
its interest in any related Collateral; and the Trust Depositor shall defend the right, title and
interest of the Issuer in, to and under the Loans in the Loan Pool and its interest in any related
Collateral, against all claims of third parties; provided, however, that nothing in
this Section 6.03 shall prevent or be deemed to prohibit the Trust Depositor from suffering
to exist Permitted Liens upon any of the Loans in the Loan Pool or its interest in any related
Collateral.

     Section 6.04. Delivery of Principal Collections and Interest Collections.

     The Trust Depositor agrees to pay to the Servicer promptly (but in no event later than two
Business Days after receipt) all Collections received by the Trust Depositor in respect of the
Loans, for application in accordance with Section 7.05 hereof.

     Section 6.05. Regulatory Filings.

     The Trust Depositor shall make any filings, reports, notices, applications and registrations
with, and seek any consents or authorizations from, the Commission and any state securities
authority on behalf of the Issuer as may be necessary or that the Trust Depositor deems advisable
to comply with any federal or state securities or reporting requirements laws.

     Section 6.06. Compliance with Law.

     The Trust Depositor hereby agrees to comply in all material respects with all Requirements of
Law applicable to the Trust Depositor except where the failure to do so would not have a material
adverse effect on the Securityholders or the Hedge Counterparties.

     Section 6.07. Activities; Transfers of Notes or Certificates by Trust Depositor.

     Except as contemplated by this Agreement or the other Transaction Documents, the Trust
Depositor shall not engage in any business or activity of any kind, or enter into any transaction
or indenture, mortgage, instrument, agreement, contract, lease or other undertaking, which is not
directly related to the transactions contemplated and authorized by this Agreement or the other
Transaction Documents; provided, however, that the Trust Depositor may purchase and
sell (or grant Liens in respect of) assets similar to the Loan Assets to other Persons in
securitization or other non–recourse financing transactions involving the Originator or any of its
Affiliates on terms and conditions (with respect to liabilities and restrictions on its activities,
as well as restrictions on its interactions with the Originator or its Affiliates, relevant to the
“bankruptcy remoteness” or “substantive consolidation” analysis relating to the Trust Depositor)
substantially similar to the terms and conditions applicable to the Trust Depositor under the
Transaction Documents so long as the Securityholders and the Hedge Counterparties are not
materially adversely affected thereby and the Rating Agency Condition is satisfied.
Notwithstanding anything to the contrary contained herein, the Trust Depositor may assign,
transfer, convey or

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finance all or any portion of any Class of Notes or Certificates owned by it provided such
assignment, transfer, conveyance or financing is done in accordance with the terms of Section 4.02
of the Indenture.

     Section 6.08. Indebtedness.

     The Trust Depositor shall not create, incur, assume or suffer to exist any Indebtedness or
other liability whatsoever, except (a) obligations incurred under this Agreement or the other
Transaction Documents or to the Originator, (b) liabilities incident to the maintenance of its
limited liability company existence in good standing or (c) liabilities necessarily incurred to
facilitate transactions permitted by Section 6.07.

     Section 6.09. Guarantees.

     The Trust Depositor shall not become or remain liable, directly or contingently, in connection
with any Indebtedness or other liability of any other Person, whether by guarantee, endorsement
(other than endorsements of negotiable instruments for deposit or collection in the ordinary course
of business), agreement to purchase or repurchase, agreement to supply or advance funds, or
otherwise except in connection with the transactions permitted by Section 6.07.

     Section 6.10. Investments.

     The Trust Depositor shall not make or suffer to exist any loans or advances to, or extend any
credit to, or make any investments (by way of transfer of property, contributions to capital,
purchase of stock or securities or evidences of indebtedness, acquisition of the business or
assets, or otherwise) in, any Person except for (a) purchases of Loans from the Originator, (b) for
investments in Permitted Investments in accordance with the terms of this Agreement, (c) as may be
necessary to facilitate transactions permitted by Section 6.07 or (d) the receipt of
$51,875,000 in aggregate principal amount of the Class E Notes, the Class F Note and the
Certificate as consideration for the transfer of the Loan Assets to the Issuer. Without limiting
the generality of the foregoing, the Trust Depositor shall not (i) provide credit to any
Securityholder for the purpose of enabling such Securityholder to purchase any Securities or (ii)
lend any money to the Issuer.

     Section 6.11. Merger; Sales.

     The Trust Depositor shall not enter into any transaction of merger or consolidation, or
liquidate or dissolve itself (or suffer any liquidation or dissolution) or acquire or be acquired
by any Person, or convey, sell, lease or otherwise dispose of all or substantially all of its
property or business, except as provided for in this Agreement.

     Section 6.12. Distributions.

     The Trust Depositor shall not declare or pay, directly or indirectly, any dividend or make any
other distribution (whether in cash or other property) with respect to the profits, assets or
capital of the Trust Depositor or any Person’s interest therein, or purchase, redeem or otherwise
acquire for value any of its members’ interests now or hereafter outstanding, except that, so long

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as no Event of Default has occurred and is continuing and no Event of Default would occur as a
result thereof or after giving effect thereto and the Trust Depositor would continue to be Solvent
as a result thereof and after giving effect thereto, the Trust Depositor may declare and pay
distributions to its members.

     Section 6.13. Other Agreements.

     Except as provided in this Agreement or the other Transaction Documents, the Trust Depositor
shall not become a party to, or permit any of its properties to be bound by, any indenture,
mortgage, instrument, contract, agreement, lease or other undertaking, except this Agreement and
the other Transaction Documents to which it is a party and any agreement relating to another
transaction permitted by Section 6.07; nor shall it amend or modify the provisions of its
organizational documents or issue any power of attorney except to the Owner Trustee, the Indenture
Trustee or the Servicer in accordance with the Transaction Documents or in connection with another
transaction permitted by Section 6.07.

     Section 6.14. Separate Legal Existence.

     The Trust Depositor shall:

     (a) Maintain its own deposit account or accounts, separate from those of any Affiliate, with
commercial banking institutions. The funds of the Trust Depositor will not be diverted to any
other Person or for other than authorized uses of the Trust Depositor.

     (b) Ensure that, to the extent that it shares the same officers or other employees as any of
its members or Affiliates, the salaries of and the expenses related to providing benefits to such
officers and other employees shall be fairly allocated among such entities, and each such entity
shall bear its fair share of the salary and benefit costs associated with all such common officers
and employees.

     (c) Ensure that, to the extent that it jointly contracts with any of its members or Affiliates
to do business with vendors or service providers or to share overhead expenses, the costs incurred
in so doing shall be allocated fairly among such entities, and each such entity shall bear its fair
share of such costs. To the extent that the Trust Depositor contracts or does business with
vendors or service providers when the goods and services provided are partially for the benefit of
any other Person, the costs incurred in so doing shall be fairly allocated to or among such
entities for whose benefit the goods and services are provided, and each such entity shall bear its
fair share of such costs. All material transactions between Trust Depositor and any of its
Affiliates shall be only on an arm’s length basis.

     (d) To the extent that the Trust Depositor and any of its members or Affiliates have offices
in the same location, there shall be a fair and appropriate allocation of overhead costs among
them, and each such entity shall bear its fair share of such expenses.

     (e) Conduct its affairs strictly in accordance with its organizational documents and observe
all necessary, appropriate and customary limited liability company formalities, including, but not
limited to, holding all regular and special board of director meetings appropriate to authorize all
limited liability company action, keeping separate and accurate

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minutes of its meetings, passing all resolutions or consents necessary to authorize actions
taken or to be taken, and maintaining accurate and separate books, records and accounts, including,
but not limited to, payroll and intercompany transaction accounts.

     (f) Take or refrain from taking, as applicable, each of the activities specified in the
“substantive consolidation” opinion of Patton Boggs LLP, delivered on the Closing Date, upon which
the conclusions expressed therein are based.

     Section 6.15. Location; Records.

     The Trust Depositor shall (a) not move its location outside the State of Maryland or its
jurisdiction of formation outside of the State of Delaware without 30 days’ prior written notice to
the Owner Trustee and the Indenture Trustee and (b) will promptly take all actions (if any)
required (including, but not limited to, all filings and other acts necessary or advisable under
the UCC of each relevant jurisdiction) in order to continue the first priority perfected security
interest of the Indenture Trustee in all Loans.

     Section 6.16. Liability of Trust Depositor.

     The Trust Depositor shall be liable in accordance herewith only to the extent of the
obligations specifically undertaken by the Trust Depositor under this Agreement.

     Section 6.17. Bankruptcy Limitations.

     The Trust Depositor shall not, without the affirmative vote of a majority of the managers of
the Trust Depositor (which must include the affirmative vote of at least two (2) duly appointed
Independent managers) (a) dissolve or liquidate, in whole or in part, or institute proceedings to
be adjudicated bankrupt or insolvent, (b) consent to the institution of bankruptcy or insolvency
proceedings against it, (c) file a petition seeking or consent to reorganization or relief under
any applicable federal or state law relating to bankruptcy, (d) consent to the appointment of a
receiver, liquidator, assignee, trustee, sequestrator (or other similar official) of the limited
liability company or a substantial part of its property, (e) make a general assignment for the
benefit of creditors, (f) admit in writing its inability to pay its debts generally as they become
due, or (g) take any limited liability company action in furtherance of the actions set forth in
clauses (a) through (f) above; provided, however, that no manager
may be required by any member of the Trust Depositor to consent to the institution of bankruptcy or
insolvency proceedings against the Trust Depositor so long as it is Solvent.

     Section 6.18. Limitation on Liability of Trust Depositor and Others.

     The Trust Depositor and any director or officer or employee or agent of the Trust Depositor
may rely in good faith on any document of any kind, prima facie properly executed and submitted by
any Person respecting any matters arising hereunder. The Trust Depositor and any director or
officer or employee or agent of the Trust Depositor shall be reimbursed by the Indenture Trustee
for any liability or expense incurred by reason of the Indenture Trustee’s willful misfeasance, bad
faith or gross negligence (except errors in judgment) in the performance of its duties hereunder,
or by reason of the Indenture Trustee’s material breach of the obligations and duties under this
Agreement or the Transaction Documents. The Trust Depositor shall not

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be under any obligation to appear in, prosecute or defend any legal action that shall not be
incidental to its obligations under this Agreement, and that in its opinion may involve it in any
expense or liability.

     Section 6.19. Insurance Policies.

     Upon and after an Event of Default or Servicer Default, at the request of the Indenture
Trustee, the Trust Depositor will cause to be performed any and all acts reasonably required to be
performed to preserve the rights and remedies of the Indenture Trustee and the Owner Trustee in any
insurance policies applicable to the Loans including, without limitation, in each case, any
necessary notifications of insurers, assignments of policies or interests therein, and
establishments of co–insured, joint loss payee and mortgagee rights in favor of the Indenture
Trustee or the Trust Depositor, respectively.

     Section 6.20. Payments from Obligor Lock–Boxes and Obligor Lock–Box Accounts.

     The Trust Depositor agrees not to make, or permit to be made, any change in the direction of,
or instructions with respect to, any payments to be made by an Obligor Lock–Box Bank from any
Obligor Lock–Box or any Obligor Lock–Box Account in any manner that would diminish, impair, delay
or otherwise adversely effect the timing or receipt of such payments by the Lock–Box Bank or to
change the name in which an Obligor Lock–Box or Obligor Lock–Box Account is maintained without the
prior written consent of the Indenture Trustee and with the consent of the Majority Noteholders and
the Hedge Counterparties. The Trust Depositor further agrees to provide the Indenture Trustee
promptly, but in no case later than one Business Day after the Trust Depositor’s receipt, any
notice it receives that an Obligor is changing the direction of or instructions with respect to any
payments from any Obligor Lock–Box or any Obligor Lock–Box Account or the name in which any Obligor
Lock–Box or Obligor Lock–Box Account is maintained.

ARTICLE 7.

ESTABLISHMENT OF ACCOUNTS;

DISTRIBUTIONS; RESERVE FUND

     Section 7.01. Note Distribution Account, Reserve Fund and Lock–Boxes.

     (a) On or before the Closing Date, the Servicer shall establish the Note Distribution Account
and the Reserve Fund with and in the name of the Indenture Trustee for the benefit of the
Securityholders and the Hedge Counterparties. The Servicer and Indenture Trustee are hereby
required to ensure that each of the Note Distribution Account and Reserve Fund is established and
maintained as an Eligible Deposit Account with a Qualified Institution. If any institution with
which any of the accounts established pursuant to this Section 7.01(a) are established
ceases to be a Qualified Institution, the Servicer, or if the Servicer fails to do so, the
Indenture Trustee (as the case may be) shall within ten Business Days establish a replacement
account at a Qualified Institution after notice of such event. In no event shall the Indenture
Trustee be responsible for monitoring whether such Eligible Institution shall remain a Qualified

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Institution. Each Qualified Institution maintaining an Eligible Deposit Account shall agree
in writing to comply with all instructions originated by the Indenture Trustee or, with respect to
the Principal and Interest Account only, the Servicer directing disposition of the funds in the
Eligible Deposit Account without the further consent of the Trust Depositor.

     (b) If the Servicer so directs (or, if the Servicer does not so direct, the Trust Depositor
has the right to direct), in writing, the Indenture Trustee shall accept such directions as
directions of the Issuer and shall invest the amounts in the Note Distribution Account and the
Reserve Fund in Permitted Investments of the type specified in such written direction that mature
or are withdrawable not later than the next succeeding Determination Date, except for investments
in Section (vi) of the definition of Permitted Investments. Once such funds are invested,
the Indenture Trustee shall not change the investment of such funds other than in connection with
the withdrawal or liquidation of such investments and the transfer of such funds as provided herein
on or prior to the next succeeding Determination Date. Funds in the Note Distribution Account and
Reserve Fund not so invested must be insured to the extent and the amount permitted by law by BIF
or SAIF of the FDIC. Subject to the restrictions herein, the Servicer or Indenture Trustee may
purchase a Permitted Investment from itself or an Affiliate with respect to investment of funds in
the Trust Accounts. Subject to the other provisions hereof, the Servicer in the case of the
Principal and Interest Account and the Indenture Trustee in the case of all other Trust Accounts
shall have sole control over each such investment and the income thereon, and any certificate or
other instrument evidencing any such investment, if any, shall be delivered directly to the
Servicer or its agent or the Indenture Trustee or its agent, as applicable, together with each
document of transfer, if any, necessary to transfer title to such investment to the Servicer or
Indenture Trustee, as applicable, in a manner which complies with this Section 7.01. All
Investment Earnings on investments of funds in the Trust Accounts shall be deposited in the
Interest Collection Account pursuant to Section 7.01 and distributed on the next Remittance
Date pursuant to Section 7.05. The Trust Depositor and the Issuer agree and acknowledge
that the Servicer and Indenture Trustee are to have “control” (within the meaning of the UCC) of
collateral comprised of “Investment Property” (within the meaning of the UCC) for all purposes of
this Agreement. In the absence of timely written direction from the Servicer or the Trust
Depositor, the Indenture Trustee shall invest amounts in the Note Distribution Account and Reserve
Fund Account in Permitted Investments of the type specified in clause (vi) of the
definition of Permitted Investments herein.

     (c) The Servicer and the Originator have established, or caused to be established, and will
maintain, or caused to be maintained, various Obligor Lock–Boxes and Obligor Lock–Box Accounts, for
the deposit of the amounts representing payments sent by Obligors with respect to certain Revolving
Loans. The Servicer and the Originator have established, or caused to be established, and will
maintain, or caused to be maintained, the Lock–Box and the Lock–Box Account, for the deposit of the
amounts representing payments sent by Obligors and Obligor Lock–Box Banks, as applicable, with
respect to Loans pledged to the Indenture Trustee as well as with respect to loans not pledged to
the Indenture Trustee. The Servicer, as agent for the Issuer, and the Originator will cause each
Obligor Lock–Box Bank to deposit within two Business Days of receipt all Collections that have been
sent to such Obligor Lock–Box Bank into the Lock Box Account, and within two Business Days of the
deposit into the Lock–Box or the Lock Box Account, the Servicer and the Originator will cause the
Lock–Box Bank to cause the amounts in the Lock Box Account to be deposited into the Principal and
Interest Account.

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     Section 7.02. Reserve Fund Deposit.

     On the Closing Date, the Owner Trustee, on behalf of the Issuer, shall deposit the Reserve
Fund Initial Balance into the Reserve Fund from the net proceeds of the sale of the Securities.

     Section 7.03. Principal and Interest Account.

     (a) The Servicer shall cause to be established and maintained one or more Principal and
Interest Accounts (including for each such account two subaccounts, one designated as the Interest
Collection Account and the other designated as the Principal Collection Account), in one or more
Eligible Deposit Accounts, in the form of time deposit or demand accounts, which may be
interest–bearing or such accounts may be trust accounts wherein the moneys therein are invested in
Permitted Investments, titled “CapitalSource Finance LLC, as Servicer, in trust for the Hedge
Counterparties and the registered holders of CapitalSource Commercial Loan Trust Notes, Series
2005-1 Class A-1, Class A-2, Class B, Class C, Class D, Class E and Class F Notes.” All funds in
such Principal and Interest Accounts not so invested shall be insured to the extent and the amount
permitted by the BIF or SAIF of the FDIC to the maximum extent provided by law. The creation of
any Principal and Interest Account shall be evidenced by a letter agreement in the form of
Exhibit E hereto. A copy of such letter agreement shall be furnished to the Indenture
Trustee, the Owner Trustee and, upon request, any Securityholder or Hedge Counterparty. The
Servicer may, upon written notice to the Indenture Trustee, transfer any Principal and Interest
Account to a different Eligible Deposit Account.

     (b) The Servicer and each Subservicer shall deposit without duplication (within two Business
Days of receipt thereof) in the applicable Principal and Interest Account and retain therein the
following amounts received by the Servicer (and shall segregate and deposit Interest Collections
into the Interest Collections Account and Principal Collections into the Principal Collection
Account):

     (i) all Principal Collections accruing and received on or after the applicable Cut–Off
Date;

     (ii) all Interest Collections accruing and received on or after the applicable Cut–Off
Date (net of the Servicing Fee with respect to each Loan and other servicing compensation
payable to the Servicer as permitted herein) and all origination and commitment fees;

     (iii) all Net Liquidation Proceeds (other than Insurance Proceeds covered under
clause (iv) below);

     (iv) all Insurance Proceeds (other than amounts to be applied to restoration or repair
of any related Collateral or amounts in excess of the Outstanding Loan Balance of the
related Loan to be released to the Obligor in accordance with the Credit and Collection
Policy);

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     (v) all Released Mortgaged Property Proceeds and any other proceeds from any other
Collateral securing the Loans (other than amounts released to the Obligor in accordance with
the Credit and Collection Policy);

     (vi) any amounts paid in connection with the purchase or repurchase of any Loan;

     (vii) any amount required to be deposited in the Principal and Interest Account
pursuant to Section 5.10 or Section 7.03; and

     (viii) the amount of any gains and interest incurred in connection with investments in
Permitted Investments.

     (c) The Servicer shall have no obligation to deposit into the Principal and Interest Account
any Retained Interest or Released Amounts.

     (d) Not later than the close of business on each Determination Date immediately preceding a
Remittance Date, the Servicer will remit to the Principal and Interest Account any Scheduled
Payment Advance that the Servicer determines to make.

     (e) Notwithstanding Section 7.03(b), if (i) the Servicer makes a deposit into the
Principal and Interest Account in respect of a Collection of a Loan in the Loan Pool and such
Collection was received by the Servicer in the form of a check that is not honored for any reason,
or (ii) the Servicer makes a mistake with respect to the amount of any Collection and deposits an
amount that is less than or more than the actual amount of such Collection, the Servicer shall
appropriately adjust the amount subsequently deposited into the Principal and Interest Account to
reflect such dishonored check or mistake. Any Scheduled Payment in respect of which a dishonored
check is received shall be deemed not to have been paid.

     (f) The foregoing requirements for deposit in the Principal and Interest Accounts shall be
exclusive, it being understood and agreed that, without limiting the generality of the foregoing,
payments with respect to the Servicing Fee, together with the Liquidation Expenses, may not be
deposited by the Servicer in the Principal and Interest Account.

     (g) So long as no Servicer Default shall have occurred and be continuing, and consistent with
any requirements of the Code, the Principal and Interest Accounts shall either be maintained with
an Eligible Deposit Account as an interest–bearing account meeting the requirements set forth in
Section 7.03(a), or the funds held therein may be invested by the Servicer (to the extent
practicable) in Permitted Investments, as directed in writing by the Servicer, and, in each case,
with a stated maturity (giving effect to any applicable grace period) no later than the fourth
Business Day immediately preceding the Remittance Date next following the Due Period in which the
date of investment occurs; provided, however, that Permitted Investments shall not
include any interest-only security, any security purchased at a price in excess of 100% of par or
any security whose repayment is subject to substantial non-credit related risk as determined by the
Servicer. All Permitted Investments must be held by or registered in the name of “CapitalSource,
as Servicer, in trust for the Hedge Counterparties and the registered holders of CapitalSource
Commercial Loan Trust Notes, Series 2005-1.” Any Investment Interest Earnings on funds held in the
Principal and Interest Account shall be deemed

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part of the Interest Collection Account and shall be deposited therein pursuant to Section
7.03 and distributed on the next Remittance Date pursuant to Section 7.05. The amount
of any losses incurred in connection with the investment of funds in the Principal and Interest
Account in Permitted Investments shall be deposited in the Principal and Interest Account by the
Servicer from its own funds immediately as realized without reimbursement therefor.

     (h) The Servicer may (and, for the purposes of clause (ii) below, shall), at any time
upon one Business Day’s notice to the Indenture Trustee, make withdrawals from the Principal and
Interest Account for the following purposes:

     (i) to remit to the Trust Depositor, in connection with the transfer of a Substitute
Loan to the Issuer in place of a Prepaid Loan, an amount equal to the Prepaid Loan Amount;

     (ii) to remit to the Indenture Trustee on each Determination Date immediately preceding
a Remittance Date, for deposit in the Note Distribution Account, the Interest Collections
and Principal Collections received during the immediately preceding Due Period less any
amounts remitted to the Trust Depositor pursuant to clause (i) above prior to such
Determination Date;

     (iii) prior to a Servicer Default, and subject to Section 5.02(p), to reimburse
itself for any unreimbursed Servicing Advances to the extent deposited in the Principal and
Interest Account (and not netted from Scheduled Payments received from the related Loans);

     (iv) to withdraw any amount received from an Obligor that is recoverable and sought to
be recovered as a voidable preference by a trustee in bankruptcy pursuant to the United
States Bankruptcy Code in accordance with a final, nonappealable order of a court having
competent jurisdiction;

     (v) to make investments in Permitted Investments;

     (vi) to withdraw any funds deposited in the Principal and Interest Account that were
not required or permitted to be deposited therein or were deposited therein in error;

     (vii) prior to a Servicer Default, to pay itself certain additional servicing
compensation as permitted under Section 5.11(b) of the Agreement;

     (viii) prior to (A) a payment default on the related Loan (and in the case of Asset
Based Revolvers, a payment default shall mean any failure to make a payment on the date such
payment is due and such failure continues for more than one calendar day), (B) a Servicer
Default, (C) an Event of Default, or (D) an Accelerated Amortization Event, with respect to
Revolving Loans secured by Collateral only, to advance to an Obligor in a given Due Period
prior to the Monthly Reconciliation Date an amount not to exceed the Principal Collections
received from such Obligor during that Due Period;

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     (ix) to purchase substitute Loans as contemplated by Section 2.04(a) to the
extent funds have been deposited by the Originator for such purpose pursuant to Section
2.04(a)(i)(B); and

     (x) to clear and terminate the Principal and Interest Account upon the termination of
this Agreement.

     Section 7.04. Securityholder Distributions.

     (a) Each Securityholder as of the related Record Date shall be paid on the next succeeding
Remittance Date by check mailed to such Securityholder at the address for such Securityholder
appearing on the Note Register or Certificate Register or by wire transfer if such Securityholder
provides written instructions to the Indenture Trustee, or Owner Trustee, respectively, at least
(10) ten days prior to such Remittance Date, which instructions may be in the form of a standing
order.

     (b) The Indenture Trustee shall serve as the Paying Agent hereunder and shall make the
payments to the Securityholder required hereunder. The Indenture Trustee hereby agrees that all
amounts held by it for payment hereunder will be held in trust for the benefit of the
Securityholder.

     Section 7.05. Priority of Payments; Allocations and Distributions.

     (a) On each Determination Date prior to the occurrence of an Event of Default, a Servicer
Default or an Accelerated Amortization Event, (i) the Indenture Trustee shall deposit into the Note
Distribution Account all funds on deposit in the Reserve Fund and (ii) the Servicer shall instruct
the Indenture Trustee in writing to withdraw, and on the related Remittance Date the Indenture
Trustee shall withdraw from the Note Distribution Account (A) the Collections and (B) all amounts
deposited therein from the Reserve Fund to make the following payments. The payments listed below
will be made only to the extent there are sufficient amounts available on the Remittance Date.
Payments will be made in the order of priority listed below. With respect to pro rata payments of
principal as described herein, payments shall be made pro rata based on the respective original
principal amounts of the Class of Notes with respect to which such payments are made. If on any
Remittance Date the Outstanding Principal Balance of any Class of Notes has been reduced to zero,
any pro rata payments of principal on such date shall be distributed pro rata to the Classes of
Notes which then remain outstanding based on the respective original principal amounts of such
classes of Notes.

     First, pro rata, based on the amounts owed to such Persons under this clause
First, to the Hedge Counterparties, any Net Trust Hedge Payments for the current and any
prior Remittance Dates owing to the Hedge Counterparties under Hedge Agreements (other than Hedge
Breakage Costs), together with interest accrued thereon;

     Second, pro rata, based on the amounts owed under this clause Second, any
amounts due and not paid by the Originator in respect of listing the Listed Notes on the Irish
Stock Exchange and any amounts owed to the Indenture Trustee, the Backup Servicer and the Owner
Trustee under the Transaction Documents for fees and expenses, other than for fees, expenses and
other

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amounts related to indemnification; provided, however, that in no event shall
the amounts payable pursuant to this clause Second:

     (i) to the Indenture Trustee and the Backup Servicer, in the aggregate, exceed $5,000
for any 12-month period (excluding amounts paid as part of the monthly fees to be paid to
the Indenture Trustee and the Backup Servicer);

     (ii) to the Owner Trustee, exceed $5,000 for any 12-month period (excluding amounts
paid as part of its fee);

     (iii) if a Successor Servicer is being appointed, to the Indenture Trustee for costs
and expenses associated with that appointment, exceed $100,000 in the aggregate for any
given servicing transfer; and

     (iv) in payment of amounts due in respect of listing the Listed Notes on the Irish
Stock Exchange, exceed $2,000 for any 12-month period;

     Third, to the Servicer, from Collections received from the specific Loans for which
such Scheduled Payment Advances were made, reimbursement for the amount of such Scheduled Payment
Advances relating to such Loans;

     Fourth, first, to S&P, an amount equal to any fees due to S&P and second, to the
Servicer, an amount equal to the Servicing Fee minus amounts paid to S&P pursuant to this clause
Fourth;

     Fifth, to the Holders of the Class A-1 Notes and the Holders of the Class A-2 Notes,
pro rata based on the amounts payable to the Class A-1 Noteholders and the Class A-2 Noteholders,
the sum of (i) the Class A-1 Interest Amount and the Class A-2 Interest Amount and (ii) any related
unpaid Class A-1 Interest Shortfall with respect to prior Remittance Dates and any related unpaid
Class A-2 Interest Shortfall with respect to prior Remittance Dates, together with interest on any
Class A-1 Interest Shortfall at the Note Interest Rate then applicable to the Class A-1 Notes and
interest on any Class A-2 Interest Shortfall at the Note Interest Rate then applicable to the Class
A-2 Notes;

     Sixth, to the Holders of the Class B Notes, the Class B Interest Amount for the
related Interest Accrual Period and any related unpaid Class B Interest Shortfall with respect to
prior Remittance Dates, together with interest on any Class B Interest Shortfall at the Note
Interest Rate then applicable to the Class B Notes;

     Seventh, to the Holders of the Class C Notes, the Class C Interest Amount for the
related Interest Accrual Period and any related unpaid Class C Interest Shortfall with respect to
prior Remittance Dates, together with interest on any Class C Interest Shortfall at the Note
Interest Rate then applicable to the Class C Notes;

     Eighth, to the Holders of the Class D Notes, the Class D Interest Amount for the
related Interest Accrual Period and any related unpaid Class D Interest Shortfall with respect to
prior Remittance Dates, together with interest on any Class D Interest Shortfall at the Note
Interest Rate then applicable to the Class D Notes;

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     Ninth, to the Holders of the Class E Notes, the Class E Interest Amount for the
related Interest Accrual Period and any related unpaid Class E Interest Shortfall with respect to
prior Remittance Dates, together with interest on any Class E Interest Shortfall at the Note
Interest Rate then applicable to the Class E Notes;

     Tenth, to the Reserve Fund, an amount, if any, which when so deposited causes the
balance of the Reserve Fund to equal (i) three times the sum of the Class A-1 Interest Amount, the
Class A-2 Interest Amount, the Class B Interest Amount, the Class C Interest Amount, the Class D
Interest Amount and the Class E Interest Amount due on the current Remittance Date;

     Eleventh, (i) on each Remittance Date prior to the occurrence of any Sequential Pay
Event, to the Holders of the Notes as follows:

	 	(a)  	if on such Remittance Date no Principal Distributable Shortfall
exists, to the Holders of the Class A Notes, the Class B Notes, the Class C
Notes, the Class D Notes, the Class E Notes and the Class F Note, pro rata, in
an amount up to the Total Principal Distributable; provided,
that, the amount distributed in respect of the Class A Notes hereunder
shall be paid to the Class A-1 Notes and the Class A-2 Notes (x) sequentially
to the Class A-1 Notes and then to the Class A-2 Notes at all times prior to
the occurrence of a Class A Trigger Event and (y) pro rata between the Class
A-1 Notes and the Class A-2 Notes at all times on and after the date on which a
Class A Trigger Event shall have occurred and be continuing; and
	 
	 	(b)  	if on such Remittance Date a Principal Distributable Shortfall
exists, first, to the Holders of the Class A Notes, the Class B Notes, the
Class C Notes, the Class D Notes and the Class E Notes, pro rata in an amount
up to the Total Principal Distributable until each such class of Offered Notes
is paid in full, and second to the Class F Note in an amount up to the Total
Principal Distributable until the Class F Note is paid in full;

     (ii) on each Remittance Date on and after the occurrence of a Sequential Pay Event
(other than an Event of Default, a Servicer Default or an Accelerated Amortization Event),
unless, solely in the case of a Sequential Pay Event of the type specified in clause (f) of
the definition thereof, the Rating Agency Condition shall have been satisfied with respect
to the payment of principal of the Notes being made in accordance with subclause (i)(a) of
this clause Eleventh, sequentially to the holders of Notes as follows:

	 	(a)  	to the Holders of the Class A Notes until paid in full, in an
amount up to the Total Principal Distributable; provided, that,
the amount distributed in respect of the Class A Notes hereunder shall be paid
to the Class A-1 Notes and the Class A-2 Notes (i) sequentially to the Class
A-1 Notes until paid in full and then to the Class A-2 Notes until paid in full
at all times prior to the occurrence of a Class A Trigger Event and (ii) pro
rata between the Class A-1 Notes and the Class A-2 Notes at all times on and
after the date on which a Class A Trigger Event shall have occurred and be
continuing;

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	 	(b)  	to the Holders of the Class B Notes, the Class B Accrued
Payable, if any;
	 
	 	(c)  	to the Holders of the Class B Notes until paid in full, in an
amount up to the remaining Total Principal Distributable after payments to the
Class A Notes under this clause Eleventh;
	 
	 	(d)  	to the Holders of the Class C Notes, the Class C Accrued
Payable, if any;
	 
	 	(e)  	to the Holders of the Class C Notes until paid in full, in an
amount up to the remaining Total Principal Distributable after payments to the
Class A Notes and the Class B Notes under this clause Eleventh;
	 
	 	(f)  	to the Holders of the Class D Notes, the Class D Accrued
Payable, if any;
	 
	 	(g)  	to the Holders of the Class D Notes until paid in full, in an
amount up to the remaining Total Principal Distributable after payments to the
Class A Notes, the Class B Notes and the Class C Notes under this clause
Eleventh;
	 
	 	(h)  	to the Holders of the Class E Notes, the Class E Accrued
Payable, if any; and
	 
	 	(i)  	to the Holders of the Class E Notes until paid in full, in an
amount up to the remaining Total Principal Distributable after payments to the
Class A Notes, the Class B Notes, the Class C Notes and the Class D Notes under
this clause Eleventh;

     Twelfth, to the Reserve Fund, an amount, if any, which when so deposited causes the
balance of the Reserve Fund to equal the Required Reserve Amount;

     Thirteenth, to the extent not paid pursuant to clause Second above, any
amounts due in respect of listing the Listed Notes on the Irish Stock Exchange;

     Fourteenth, to the Servicer, to the extent not reimbursed pursuant to clause
Third above, reimbursement for the amount of any Scheduled Payment Advances relating to the
Loans;

     Fifteenth, pro rata, based on the amounts owed to such Persons under this clause
Fifteenth, to the Hedge Counterparties, any unpaid Hedge Breakage Costs, together with
interest accrued thereon;

     Sixteenth, pro rata, based on the amounts owed to such Persons under this clause
Sixteenth, to the Indenture Trustee, the Backup Servicer and the Owner Trustee, to the
extent not paid pursuant to clause Second due to the limitations set forth therein, and to
the Hedge Counterparties, amounts owed to such parties for fees and expenses and other amounts,
including
such amounts related to indemnification, and, to a Successor Servicer, any Additional
Servicing Fee payable to such Successor Servicer;

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     Seventeenth, to the Holder of the Class F Note until paid in full, in an amount up to
the remaining Total Principal Distributable after payments to the Class A Notes, the Class B Notes,
the Class C Notes, the Class D Notes and the Class E Notes under clause Eleventh; and

     Eighteenth, to the Owner Trustee for payment to the Certificateholder, in an amount
equal to any excess remaining after application of amounts under clause Seventeenth.

     (b) On each Determination Date on and after the occurrence of an Event of Default, a Servicer
Default or an Accelerated Amortization Event, the Servicer shall instruct the Indenture Trustee in
writing to withdraw, and on the Remittance Date the Indenture Trustee will follow the instructions
to withdraw, the Collections and all other funds available for distributions on deposit in the Note
Distribution Account, to the extent there are sufficient funds, to make the following payments, in
the order of priority listed below.

     First, pro rata, based on the amounts owed to such Persons under this clause
First, to the Hedge Counterparties, any Net Trust Hedge Payments for the current and any
prior Remittance Dates owing to the Hedge Counterparties under Hedge Agreements (other than Hedge
Breakage Costs), together with interest accrued thereon; provided, however, that on
each Remittance Date on and after the occurrence of an Event of Default, Hedge Breakage Costs in an
aggregate amount not to exceed $500,000 shall be payable under this clause First;

     Second, pro rata, based on the amounts owed under this clause Second, any
amounts due and not paid by the Originator in respect of listing the Listed Notes on the Irish
Stock Exchange and any amounts owed to the Indenture Trustee, the Backup Servicer and the Owner
Trustee under the Transaction Documents for fees and expenses, other than for fees, expenses and
other amounts related to indemnification; provided, however, that in no event shall
the amounts payable pursuant to this clause Second;

     (i) to the Indenture Trustee and the Backup Servicer, in the aggregate, exceed $5,000
for any 12-month period (excluding amounts paid as part of the monthly fees to be paid to
the Indenture Trustee and the Backup Servicer);

     (ii) to the Owner Trustee, exceed $5,000 for any 12-month period (excluding amounts
paid as part of its fee);

     (iii) if a Successor Servicer is being appointed, to the Indenture Trustee for costs
and expenses associated with that appointment, exceed $100,000 in the aggregate for any
given servicing transfer; and

     (iv) in payment of amounts due in respect of listing the Listed Notes on the Irish
Stock Exchange, exceed $2,000 in any 12-month period;

     Third, to the Servicer, from Collections received from the specific Loans for which
such Scheduled Payment Advances were made, reimbursement for the amount of such Scheduled Payment
Advances relating to such Loans;

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     Fourth, first, to S&P, an amount equal to any fees due to S&P and second, to the
Servicer, an amount equal to the Servicing Fee minus amounts paid to S&P pursuant to this Clause
Fourth;

     Fifth, to the Holders of the Class A-1 Notes, and the Holders of the Class A-2 Notes,
pro rata based on the amounts payable to the Class A-1 Noteholders and the Class A-2 Noteholders,
the sum of (i) the Class A-1 Interest Amount and the Class A-2 Interest Amount and (ii) any related
unpaid Class A-1 Interest Shortfall with respect to prior Remittance Dates and any related unpaid
Class A-2 Interest Shortfall with respect to prior Remittance Dates, together with interest on any
Class A-1 Interest Shortfall at the Note Interest Rate then applicable to the Class A-1 Notes and
interest on any Class A-2 Interest Shortfall at the Note Interest Rate then applicable to the Class
A-2 Notes;

     Sixth, to the Holders of the Class B Notes, the Class B Interest Amount for the
related Interest Accrual Period any related unpaid Class B Interest Shortfall with respect to prior
Remittance Dates, together with interest on any Class B Interest Shortfall at the Note Interest
Rate then applicable to the Class B Notes;

     Seventh, to the Holders of the Class C Notes, the Class C Interest Amount for the
related Interest Accrual Period and any related unpaid Class C Interest Shortfall with respect to
prior Remittance Dates, together with interest on any Class C Interest Shortfall at the Note
Interest Rate then applicable to the Class C Notes;

     Eighth, to the Holders of the Class D Notes, the Class D Interest Amount for the
related Interest Accrual Period and any related unpaid Class D Interest Shortfall with respect to
prior Remittance Dates, together with interest on any Class D Interest Shortfall at the Note
Interest Rate then applicable to the Class D Notes;

     Ninth, to the Holders of the Class E Notes, the Class E Interest Amount for the
related Interest Accrual Period and any related unpaid Class E Interest Shortfall with respect to
prior Remittance Dates, together with interest on any Class E Interest Shortfall at the Note
Interest Rate then applicable to the Class E Notes;

     Tenth, sequentially to the Holders of the Notes as follows:

	 	(a)  	to the Holders of the Class A Notes until the Outstanding
Principal Balance of the Class A Notes is reduced to zero; provided,
that, the amount distributed in respect of the Class A Notes hereunder
shall be paid to the Class A-1 Notes and the Class A-2 Notes (i) sequentially
to the Class A-1 Notes until paid in full and then to the Class A-2 Notes until
paid in full at all times prior to the occurrence of a Class A Trigger Event
and (ii) pro rata between the Class A-1 Notes and the Class A-2 Notes at all
times on and after the date on which a Class A Trigger Event shall have
occurred and be continuing;

	 	(b)  	to the Holders of the Class B Notes, the Class B Accrued
Payable, if any;

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	 	(c)  	to the Holders of the Class B Notes until the Outstanding
Principal Balance of the Class B Notes is reduced to zero;
	 
	 	(d)  	to the Holders of the Class C Notes, the Class C Accrued
Payable, if any;
	 
	 	(e)  	to the Holders of the Class C Notes until the Outstanding
Principal Balance of the Class C Notes is reduced to zero;
	 
	 	(f)  	to the Holders of the Class D Notes, the Class D Accrued
Payable, if any; and
	 
	 	(g)  	to the Holders of the Class D Notes until the Outstanding
Principal Balance of the Class D Notes is reduced to zero;
	 
	 	(h)  	to the Holders of the Class E Notes, the Class E Accrued
Payable, if any; and
	 
	 	(i)  	to the Holders of the Class E Notes until the Outstanding
Principal Balance of the Class E Notes is reduced to zero;

     Eleventh, to the Servicer, to the extent not reimbursed pursuant to clause
Third above, reimbursement for the amount of any Scheduled Payment Advances relating to the
Loans;

     Twelfth, pro rata, based on the amounts owed to such Persons under this clause
Twelfth, to the Hedge Counterparties, any unpaid Hedge Breakage Costs, together with
interest accrued thereon;

     Thirteenth, pro rata, based on the amounts owed to such Persons under this clause
Thirteenth, to the Indenture Trustee, the Backup Servicer and the Owner Trustee, to the
extent not paid pursuant to clause Second due to the limitations set forth therein, and to
the Hedge Counterparties, amounts owed to such parties for fees and expenses and other amounts,
including such amounts related to indemnification, and, to a Successor Servicer for any Additional
Servicing Fee payable to such Successor Servicer;

     Fourteenth, to the extent not paid previously pursuant to clause Second above,
any amounts due in respect of listing the Listed Notes on the Irish Stock Exchange;

     Fifteenth, to the Holder of the Class F Note until the Outstanding Principal Balance
of the Class F Note is reduced to zero; and

     Sixteenth, to the Owner Trustee for payment to the Certificateholder, any remaining
Collections.

     Prior to the Class A-1 Legal Final Maturity Date, in the case of the Class A-1 Notes, and the
Legal Final Maturity Date, in the case of the Class A-2 Notes, the Class B Notes, the Class C
Notes, the Class D Notes and the Class E Notes, amounts to be applied in reduction of the
Outstanding Principal Balance of any Note will not be due and payable, although the failure of

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the Trust Depositor or Servicer to remit any amounts available for payment on the Notes will,
after the applicable grace period, constitute an Event of Default under the Indenture.

     Section 7.06. Determination of LIBOR.

     (a) The Indenture Trustee will determine the interest rate for each Interest Accrual Period by
determining the London interbank offered rate (“LIBOR”) for deposits in U.S. Dollars for a
period of one month (the “One–Month Index Maturity”) which appears on Telerate Page 3750 as
of 11:00 a.m., London time, on the day that is two London Banking Days preceding that Interest
Accrual Period (“LIBOR Determination Date”). If such rate does not appear on Telerate Page
3750 on the related LIBOR Determination Date, the rate for that Interest Accrual Period will be
determined as if the parties had specified “USD–LIBOR–Reference Banks” as the applicable rate.
“USD–LIBOR–Reference Banks” means that the interest rate for an Interest Accrual Period will be
determined on the basis of the rates at which deposits in U.S. Dollars are offered by the Reference
Banks at approximately 11:00 a.m., London time, on the related LIBOR Determination Date to prime
banks in the London interbank market for the One–Month Index Maturity commencing on the beginning
of that Interest Accrual Period and in a Representative Amount. The Indenture Trustee will request
the principal London office of each of the Reference Banks to provide a quotation of its rate. If
at least two such quotations are provided, the rate for that Interest Accrual Period will be the
arithmetic mean of the quotations. If fewer than two quotations are provided as requested, the
rate for that Interest Accrual Period will be the arithmetic mean of the rates quoted by major
banks in New York City, selected by the Indenture Trustee, at 11:00 a.m. New York City time, on the
beginning of that Interest Accrual Period for loans in U.S. Dollars to leading European banks for
the One–Month Index Maturity commencing at the beginning of that Interest Accrual Period and in a
Representative Amount.

     (b) The establishment of LIBOR on the applicable London Banking Day by the Indenture Trustee
and the Indenture Trustee’s subsequent calculation of the rates of interest applicable to the Notes
for the related Remittance Date shall, in the absence of manifest error, be final and binding.
Each such rate of interest may be obtained by telephoning the Indenture Trustee at (612) 667–8058.

     Section 7.07. Monthly Reconciliation.

     (a) Except as set forth in Section 7.07(b), on each Business Day during each Due
Period that Principal Collections are received in the Principal Collection Account with respect to
any Loan in the Loan Pool, the Servicer will determine the Outstanding Loan Balance and the
principal amount of the portion of such Loan not owned by the Issuer (if any) with respect to such
Loan.

     (b) Prior to (i) a payment default on the related Loan (and in the case of Asset Based
Revolvers, a payment default shall mean any failure to make a payment on the date such payment is
due and such failure continues for more than one calendar day), (ii) a Servicer Default, (iii) an
Event of Default or (iv) an Accelerated Amortization Event, on each Monthly Reconciliation Date,
the Servicer will determine the Outstanding Loan Balance and principal amount of the portion of
such Loan owned by the Originator, its Affiliate special purpose entities under the Warehouse
Facilities and any co-lenders under the related facility (if any) with respect

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to each Revolving Loan secured by Collateral (but specifically excluding any Revolving Loan
that is not secured by any Collateral) in the Loan Pool, and on and as of such date will determine
the net effect of the Principal Collections received from, and payments from the Principal
Collection Account representing new advances made to, the related Obligor during such Due Period.
Notwithstanding the foregoing, the Servicer will maintain the underlying data of all Principal
Collections received and payments or advances made with respect to any Revolving Loan secured by
Collateral from the Principal Collection Account on each day during each Due Period, and shall make
such underlying data available pursuant to and in accordance with the provisions of Section
9.03.

ARTICLE 8.

SERVICER DEFAULT; SERVICER TRANSFER

     Section 8.01. Servicer Default.

“Servicer Default” means the occurrence of any of the following:

     (a) any failure by the Servicer to remit when due any payment required to be made under the
terms of this Agreement or the other Transaction Documents, it being understood that the Servicer
shall not be responsible for the failure of either the Owner Trustee or the Indenture Trustee to
remit funds that were received by the Owner Trustee or the Indenture Trustee from the Servicer in
accordance with this Agreement or the other Transaction Documents; or

     (b) failure by the Servicer duly to observe or perform, in any material respect, any other
covenants, obligations or agreements of the Servicer set forth in this Agreement or the other
Transaction Documents, or any representation or warranty of the Servicer made in this Agreement or
the other Transaction Documents or in any certificate or other writing delivered thereto or in
connection therewith proves to have been incorrect when made, which failure or breach has a
material adverse effect on the rights of the Noteholders or the Hedge Counterparties and continues
unremedied for a period of 30 days (if such failure or breach can be cured) after the first to
occur of (i) the date on which written notice of such failure requiring the same to be remedied
shall have been given to a Responsible Officer of the Servicer by the Indenture Trustee, or a
Responsible Officer of the Servicer and the Indenture Trustee by any Securityholder or Hedge
Counterparty, and (ii) the date on which a Responsible Officer of the Servicer receives actual
knowledge of such failure or breach; or

     (c) a decree or order of a court or agency or supervisory authority having jurisdiction for
the appointment of a conservator or receiver or liquidator in any Insolvency Proceedings, or for
the winding–up or liquidation of its affairs, shall have been entered against the Servicer and such
decree or order shall have remained in force, undischarged or unstayed for a period of thirty (30)
days; or

     (d) the Servicer shall consent to the appointment of a conservator or receiver or liquidator
in any Insolvency Proceedings of or relating to the Servicer or of or relating to all or
substantially all of the Servicer’s property; or

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     (e) the Servicer shall admit in writing its inability to pay its debts as they become due,
file a petition to take advantage of any applicable Insolvency Laws, make an assignment for the
benefit of its creditors, or voluntarily suspend payment of its obligations; or

     (f) without the consent of the Majority Noteholders or the Hedge Counterparties, the Servicer
agrees or consents to, or otherwise permits to occur, any amendment, modification, change,
supplement or rescission of or to the Servicer or the Credit and Collection Policy, in whole or in
part, in any manner that would have a material adverse effect on the Loans; or

     (g) failure by the Servicer to observe or perform the Credit and Collection Policy regarding
the servicing of the Loans in any manner that would have a material adverse effect on the Loans.

     Section 8.02. Servicer Transfer.

     (a) If a Servicer Default has occurred and is continuing, the Majority Noteholders may, by
written notice (a “Termination Notice”) delivered to the parties hereto and each of the
Hedge Counterparties, terminate all (but not less than all) of the Servicer’s management,
administrative, servicing, custodial and collection functions; provided, however,
no Termination Notice shall be required with respect to any Servicer Default described under
Section 8.01(c), Section 8.01(d) and Section 8.01(e).

     (b) Upon delivery of the notice required by Section 8.02(a) (or, if later, on a date
designated therein), and on the date that a Successor Servicer shall have been appointed pursuant
to Section 8.03 (such appointment being herein called a “Servicer Transfer”), all
rights, benefits, fees, indemnities, authority and power of the Servicer under this Agreement,
whether with respect to the Loans, the Loan Files or otherwise, shall pass to and be vested in such
successor (the “Successor Servicer”) pursuant to and under this Section 8.02; and,
without limitation, the Successor Servicer is authorized and empowered to execute and deliver on
behalf of the Servicer, as attorney–in–fact or otherwise, any and all documents and other
instruments, and to do any and all acts or things necessary or appropriate to effect the purposes
of such notice of termination. The Servicer agrees to cooperate with the Successor Servicer in
effecting the termination of the responsibilities and rights of the Servicer hereunder, including,
without limitation, the transfer to the Successor Servicer for administration by it of all cash
amounts which shall at the time be held by the Servicer for deposit, or have been deposited by the
Servicer, in the Principal and Interest Account, or for its own account in connection with its
services hereafter or thereafter received with respect to the Loans. The Servicer shall transfer
to the Successor Servicer (i) all records held by the Servicer relating to the Loans in such
electronic form as the Successor Servicer may reasonably request and (ii) any Loan Files in the
Servicer’s possession. In addition, the Servicer shall permit access to its premises (including
all computer records and programs) to the Successor Servicer or its designee, and shall pay the
reasonable transition expenses of the Successor Servicer. Upon a Servicer Transfer, the Successor
Servicer shall also be entitled to receive the Servicing Fee for performing the obligations of the
Servicer. Any indemnities provided in this Agreement or the other Transaction Documents in favor
of the Servicer and any fees, costs, expenses, Servicing Advances or Scheduled Payment Advances
which have accrued and/or are unpaid to the Servicer shall survive the resignation or termination
of the Servicer.

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     Section 8.03. Appointment of Successor Servicer; Reconveyance; Successor Servicer to
Act.

     (a) Upon delivery of the notice required by Section 8.02(a) (or, if later, on a date
designated therein), the Servicer shall continue to perform all servicing functions under this
Agreement until the date specified in the Termination Notice or, if no such date is specified,
until a date mutually agreed by the Servicer and the Indenture Trustee. The Indenture Trustee
shall as promptly as possible after the giving of or receipt of a Termination Notice, appoint a
Successor Servicer, which shall be the Backup Servicer, in accordance with Section 5.15(c),
and named Successor Servicer shall accept its appointment by a written assumption in a form
acceptable to the Indenture Trustee and Owner Trustee; provided, that, no
appointment of a Successor Servicer or acceptance and assumption by a proposed Successor Servicer
shall be effective without the prior satisfaction of the Rating Agency Condition. If within 60
days of delivery of a Termination Notice a Successor Servicer is not appointed and the Servicer
shall have yet to cure the Servicer Default, then the Indenture Trustee shall offer the Trust
Depositor, and the Trust Depositor shall offer the Originator, the right to accept retransfer of
all the Loan Assets, and such parties may accept retransfer of such Loan Assets in consideration of
the Trust Depositor’s delivery to the Principal and Interest Account on or prior to the next
upcoming Remittance Date of a sum equal to the Aggregate Outstanding Principal Balance of all
Securities (other than the Certificates) then outstanding, together with accrued and unpaid
interest thereon through such date of deposit and all other amounts due and owing to any Person
under the Transaction Documents, including amounts owing to each Hedge Counterparty, including
Hedge Breakage Costs, it being a condition precedent to such retransfer that all Hedge Transactions
then outstanding under any Hedge Agreements then in effect shall be terminated and all amounts
payable to the Hedge Counterparties, including Hedge Breakage Costs, upon such termination shall be
paid in full; provided, that, the Indenture Trustee, if so directed by the Majority
Noteholders in writing, need not accept and effect such reconveyance in the absence of evidence
(which may include valuations of an investment bank or similar entity) reasonably acceptable to
such Indenture Trustee or Majority Noteholders that such retransfer would not constitute a
fraudulent conveyance of the Trust Depositor or the Originator.

     (b) The Backup Servicer may, in its discretion, or shall, if it is unable to so act or if the
Majority Noteholders request in writing to the Backup Servicer, appoint, or petition a court of
competent jurisdiction to appoint, any established servicing institution having a net worth of not
less than $50,000,000 as the Successor Servicer in the assumption of all or any part of the
responsibilities, duties or liabilities of the Servicer.

     (c) As compensation, any Successor Servicer (including, without limitation, the Backup
Servicer) so appointed shall be entitled to receive the Servicing Fee, together with any other
servicing compensation in the form of assumption fees, late payment charges or otherwise as
provided herein that accrued prior thereto; including, without limitation, all reasonable costs
(including reasonable attorneys’ fees) incurred in connection with transferring the servicing
obligations under the Agreement and amending the Agreement to reflect such transfer.

     (d) In the event the Backup Servicer is required to solicit bids, the Backup Servicer shall
solicit, by public announcement, bids from banks and mortgage servicing institutions meeting the
qualifications set forth above. Such public announcement shall specify that the

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Successor Servicer shall be entitled to the full amount of the Servicing Fee as servicing
compensation, together with the other servicing compensation in the form of assumption fees, late
payment charges or otherwise that accrued prior thereto. Within 30 days after any such public
announcement, the Backup Servicer shall negotiate and effect the sale, transfer and assignment of
the servicing rights and responsibilities hereunder to the qualified party submitting the highest
qualifying bid. The Backup Servicer shall deduct from any sum received by the Backup Servicer from
the successor to the Servicer in respect of such sale, transfer and assignment all costs and
expenses of any public announcement and of any sale, transfer and assignment of the servicing
rights and responsibilities hereunder and the amount of any unreimbursed Servicing Advances. After
such deductions, the remainder of such sum shall be paid by the Backup Servicer to the Servicer at
the time of such sale, transfer and assignment to the Servicer’s successor. The Backup Servicer
and such successor shall take such action, consistent with the Agreement, as shall be necessary to
effectuate any such succession. Neither the Backup Servicer nor any other Successor Servicer shall
be held liable by reason of any failure to make, or any delay in making, any distribution hereunder
or any portion thereof caused by (i) the failure of the Servicer to deliver, or any delay in
delivering, cash, documents or records to it, or (ii) restrictions imposed by any regulatory
authority having jurisdiction over the Servicer hereunder. No appointment of a successor to the
Servicer shall be effective until written notice of such proposed appointment shall have been
provided by the Indenture Trustee to each Securityholder and each Hedge Counterparty and the Backup
Servicer shall have consented thereto. The Backup Servicer shall not resign as Servicer until a
Successor Servicer has been appointed and accepted such appointment.

     (e) On or after a Servicer Transfer, the Successor Servicer shall be the successor in all
respects to the Servicer in its capacity as servicer under this Agreement and the transactions set
forth or provided for herein and shall be subject to all the responsibilities, duties and
liabilities relating thereto placed on the Servicer by the terms and provisions hereof, and the
terminated Servicer shall be relieved of such responsibilities, duties and liabilities arising
after such Servicer Transfer; provided, however, that (i) the Successor Servicer
will not assume any obligations of the Servicer described in Section 8.02 and (ii) the
Successor Servicer shall not be liable for any acts or omissions of the Servicer occurring prior to
such Servicer Transfer or for any breach by the Servicer of any of its representations and
warranties contained herein or in any related document or agreement. Notwithstanding anything else
herein to the contrary, in no event shall the Indenture Trustee or the Backup Servicer be liable
for any Servicing Fee or for any differential in the amount of the servicing fee paid hereunder and
the amount necessary to induce any Successor Servicer to act as Successor Servicer under this
Agreement and the transactions set forth or provided for herein, including any Additional Servicing
Fee. The Owner Trustee, Securityholders and the Indenture Trustee and such successor shall take
such action, consistent with this Agreement, as shall be necessary to effectuate any such
succession. To the extent the terminated Servicer has made Servicing Advances, it shall be
entitled to reimbursement of the same notwithstanding its termination hereunder, to the same extent
as if it had continued to service the Loans hereunder.

     Section 8.04. Notification to Securityholders and Hedge Counterparties.

     (a) Promptly following the occurrence of any Servicer Default, the Servicer shall give written
notice thereof to the Trustees, the Trust Depositor and each Rating Agency at the

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addresses described in Section 13.04 hereof, to the Noteholders and Certificateholder
at their respective addresses appearing on the Note Register and the Certificate Register,
respectively, and to each Hedge Counterparty at the address set forth in the register kept by the
Issuer, as provided under the Indenture.

     (b) Within 10 days following any termination of the Servicer or appointment of a Successor
Servicer pursuant to this ARTICLE 8, the Indenture Trustee shall give written notice
thereof to each Rating Agency and the Trust Depositor at the addresses described in Section
13.04 hereof, to the Noteholders and Certificateholder at their respective addresses appearing
on the Note Register and the Certificate Register, respectively, and to each Hedge Counterparty at
the address set forth for such party in the register kept by the Issuer, as provided under the
Indenture.

     Section 8.05. Effect of Transfer.

     (a) After a Servicer Transfer, the terminated Servicer shall have no further obligations with
respect to the management, administration, servicing, custody or collection of the Loans and the
Successor Servicer appointed pursuant to Section 8.03 shall have all of such obligations,
except that the terminated Servicer will transmit or cause to be transmitted directly to the
Successor Servicer for its own account, promptly on receipt and in the same form in which received,
any amounts (properly endorsed where required for the Successor Servicer to collect them) received
as payments upon or otherwise in connection with the Loans.

     (b) A Servicer Transfer shall not affect the rights and duties of the parties hereunder
(including but not limited to the indemnities of the Servicer) other than those relating to the
management, administration, servicing, custody or collection of the Loans.

     Section 8.06. Database File.

     Upon reasonable request by the Indenture Trustee or the Backup Servicer, the Servicer will
provide the Successor Servicer with a magnetic tape or Microsoft Excel or similar spreadsheet file
containing the database file for each Loan (a) as of the Cut–Off Date, (b) the Subsequent Cut–Off
Dates, (c) thereafter, as of the last day of the preceding Due Period on the Determination Date
prior to a Servicer Default and (d) on and as of the Business Day before the actual commencement of
servicing functions by the Successor Servicer following the occurrence of a Servicer Default.

     Section 8.07. Waiver of Defaults.

     The Majority Noteholders may, on behalf of all the Securityholders, and subject to satisfying
the Rating Agency Condition, waive any events permitting removal of the Servicer pursuant to this
ARTICLE 8; provided, however, that the Majority Noteholders may not waive a
default in making a required distribution to the Hedge Counterparties without the consent of the
Hedge Counterparties or on a Note without the consent of each holder of such Note. Upon any waiver
or cure of a past default, such default shall cease to exist, and any Servicer Default or Event of
Default arising therefrom shall be deemed to have been remedied for every purpose of this
Agreement. No such waiver or cure shall extend to any subsequent or other default or

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impair any right consequent thereto except to the extent expressly so waived. No such waivers
shall affect any Hedge Transaction that has been terminated in accordance with its terms.

     Section 8.08. Responsibilities of the Successor Servicer.

     (a) The Successor Servicer will not be responsible for delays attributable to the Servicer’s
failure to deliver information, defects in the information supplied by the Servicer or other
circumstances beyond the control of the Successor Servicer.

     (b) The Successor Servicer will make arrangements with the Servicer for the prompt and safe
transfer of, and the Servicer shall provide to the Successor Servicer, all necessary servicing
files and records, including (as deemed necessary by the Successor Servicer at such time): (i)
microfiche loan documentation, (ii) servicing system tapes, (iii) Loan payment history, (iv)
collections history and (v) the trial balances, as of the close of business on the day immediately
preceding conversion to the Successor Servicer, reflecting all applicable Loan information. The
current Servicer shall be obligated to pay the costs associated with the transfer of the servicing
files and records to the Successor Servicer.

     (c) The Successor Servicer shall have no responsibility and shall not be in default hereunder
nor incur any liability for any failure, error, malfunction or any delay in carrying out any of its
duties under this Agreement if any such failure or delay results from the Successor Servicer acting
in accordance with information prepared or supplied by a Person other than the Successor Servicer
or the failure of any such Person to prepare or provide such information. The Successor Servicer
shall have no responsibility, shall not be in default and shall incur no liability (i) for any act
or failure to act by any third party, including the Servicer, the Trust Depositor or the Trustees
or for any inaccuracy or omission in a notice or communication received by the Successor Servicer
from any third party or (ii) which is due to or results from the invalidity, unenforceability of
any Loan with applicable law or the breach or the inaccuracy of any representation or warranty made
with respect to any Loan.

     (d) If the Indenture Trustee or any other Successor Servicer assumes the role of Successor
Servicer hereunder, such Successor Servicer shall be entitled to the benefits of (and subject to
the provisions of) Section 5.02 concerning delegation of duties to subservicers.

     Section 8.09. Rating Agency Condition for Servicer Transfer.

     Notwithstanding the foregoing provisions relating to a Servicer Transfer, no Servicer Transfer
shall be effective hereunder unless prior written notice thereof shall have been given to the
Rating Agencies, and the Rating Agency Condition shall have been satisfied with respect thereto.

     Section 8.10. Appointment of Successor Backup Servicer; Successor Backup Servicer to
Act.

     (a) The Backup Servicer may be removed, with or without cause, by the Majority Noteholders or
the Indenture Trustee, by notice given in writing to the Backup Servicer (the “Backup Servicer
Termination Notice”), a copy of which shall be provided to S&P promptly after it is delivered
to the Backup Servicer. The Backup Servicer shall continue to perform all

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backup servicing functions under this Agreement until the date specified in the Backup
Servicer Termination Notice or, if no such date is specified, until a date mutually agreed by the
Backup Servicer and the Indenture Trustee. The Indenture Trustee shall as promptly as possible
after the giving of a Backup Servicer Termination Notice, to appoint a Successor Backup Servicer
(the “Successor Backup Servicer”) and such Successor Backup Servicer shall accept its
appointment by a written assumption in a form acceptable to the Indenture Trustee and Owner
Trustee.

     (b) In the event that a Successor Backup Servicer has not been appointed and has not accepted
its appointment at the time when the then Backup Servicer has ceased to act as Backup Servicer, the
Indenture Trustee shall petition a court of competent jurisdiction to appoint any established
financial institution having a net worth of at least $50,000,000 and whose regular business
includes the backup servicing of loans similar to the Loans as the Successor Backup Servicer
hereunder and the Successor Backup Servicer shall be the successor in all respects to the Backup
Servicer in its capacity as Backup Servicer under this Agreement and the transactions set forth or
provided for herein and shall be subject to all the responsibilities, duties and liabilities
relating thereto placed on the Backup Servicer by the terms and provisions hereof, and the
terminated Backup Servicer shall be relieved of such responsibilities, duties and liabilities
arising after such backup servicer transfer (the “Backup Servicer Transfer”);
provided, however, that the Successor Backup Servicer shall not be liable for any
acts or omissions of the Backup Servicer occurring prior to such Backup Servicer Transfer or for
any breach by the Backup Servicer of any of its representations and warranties contained herein or
in any related document or agreement. As compensation therefor, the Successor Backup Servicer
shall be entitled to receive reasonable compensation equal to the monthly Backup Servicing Fee.
Notwithstanding anything else herein to the contrary, in no event shall the Indenture Trustee or
the Servicer be liable for any Backup Servicing Fee or for any differential in the amount of the
backup servicing fee paid hereunder and the amount necessary to induce any Successor Backup
Servicer to act as Backup Servicer under this Agreement and the transactions set forth or provided
for herein. The Owner Trustee, Securityholders and the Indenture Trustee and such successor shall
take such action, consistent with this Agreement, as shall be necessary to effectuate any such
succession.

ARTICLE 9.

REPORTS

     Section 9.01. Monthly Reports.

     With respect to each Remittance Date and the related Due Period, the Servicer will provide to
each Trustee, the Backup Servicer, each Rating Agency, each Hedge Counterparty and Citigroup, on
the related Determination Date, a monthly statement (a “Monthly Report”) substantially in
the form of Exhibit H hereto with respect to the preceding Due Period.

     Section 9.02. Officer’s Certificate.

     Each Monthly Report delivered pursuant to Section 9.01 shall be accompanied by a
certificate of a Responsible Officer of the Servicer certifying the accuracy of the Monthly Report
and that no Servicer Default or event that with notice or lapse of time or both would become a

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Servicer Default has occurred, or if such event has occurred and is continuing, specifying the
event and its status.

     Section 9.03. Other Data; Obligor Financial Information.

     (a) The Servicer shall, upon the request of any Trustees, any Hedge Counterparty, the Backup
Servicer, or any Rating Agency, furnish such Trustee, Hedge Counterparty, Rating Agency or the
Backup Servicer, as the case may be, such underlying data used to generate a Monthly Report as may
be reasonably requested.

     (b) The Servicer will forward to the Indenture Trustee, the Owner Trustee, each Hedge
Counterparty, each Rating Agency and Citigroup (a) within 60 days after each calendar quarter
(except the fourth calendar quarter), commencing with the quarter beginning April 1, 2005, the
unaudited quarterly financial statements of the Servicer and (b) within 90 days after each fiscal
year of the Servicer, commencing with the fiscal year ending December 31, 2005, the audited annual
financial statements of the Servicer, together with the related report of the independent
accountants to the Servicer. On the Remittance Date following the receipt of each such financial
statements and report, the Indenture Trustee will forward to each Noteholder of record a copy of
such financial statements and report.

     (c) The Servicer will forward to Moody’s and S&P within 30 days after receipt by the Servicer,
copies of all financial statements of Obligors then received by the Servicer with respect to the
prior fiscal year of each Obligor.

     (d) The Servicer will forward to Moody’s and S&P promptly upon request any additional
financial information as Moody’s and S&P shall reasonably request with respect to an obligor as to
which any Scheduled Payment is past due for at least 10 days.

     (e) The Servicer will forward to Moody’s and S&P promptly upon any Loan becoming a Delinquent
Loan, and without any request therefor by Moody’s and S&P, updated financial information with
respect to the related Obligor.

     (f) The Servicer will provide to the Rating Agencies such financial information, documents and
other materials as the Rating Agencies shall reasonably request in connection with any annual
review and/or re-grading of the Loans in the Loan Pool and the related Obligors which the Rating
Agencies may undertake.

     Section 9.04. Annual Report of Accountants.

     The Servicer shall cause a firm of nationally recognized independent certified public
accountants (the “Independent Accountants”), who may also render other services to the
Servicer or its Affiliates, to deliver to the Indenture Trustee, the Owner Trustee, each Hedge
Counterparty, the Backup Servicer and each Rating Agency, on or before March 31 of each year,
beginning on March 31, 2006, a report addressed to the Board of Managers of the Servicer, the
Indenture Trustee and the Owner Trustee indicating that (a) with respect to the 12-months ended the
immediately preceding December 31, to the effect that such Independent Accountants have audited the
financial statements of the Servicer, that as part of that audit, nothing came to the attention of
such Independent Accountants that causes them to believe that the Servicer was not

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in compliance with any of the terms, covenants, provisions or conditions of the relevant
sections of this Agreement, insofar as they relate to accounting matters, except for such
exceptions as such Independent Accountants shall believe to be immaterial and such other exceptions
as shall be set forth in such report, (b) in connection with the Independent Accountants’ audit of
the Servicer, there were no exceptions or errors in records related to Loans serviced by the
Servicer, except for such exceptions as such Independent Accountants shall believe to be immaterial
and such other exceptions as shall be set forth in such report, (c) the payment testing for Asset
Based Revolvers has been reviewed and such testing is in compliance with the terms of the related
Required Loan Documents and (d) the Independent Accountants have performed certain procedures as
agreed by the Servicer, the Indenture Trustee and the Owner Trustee, whereby the Independent
Accountants will obtain the Monthly Report for 4-months with respect to the 12 months ended the
immediately preceding December 31 and, for each Monthly Report, the Independent Accountants will
agree all amounts in the Monthly Report to the Servicer’s computer, accounting and other reports,
which will include in such report any amounts which were not in agreement. In the event such firm
of Independent Accountants requires the Indenture Trustee to agree to the procedures performed by
such firm of Independent Accountants, the Servicer shall direct the Indenture Trustee in writing to
so agree; it being understood and agreed that the Indenture Trustee will deliver such letter of
agreement in conclusive reliance upon the direction of the Servicer, and the Indenture Trustee will
not make any independent inquiry or investigation as to, and shall have no obligation or liability
in respect of, the sufficiency, validity or correctness of such procedures. The Independent
Accountants’ report shall also indicate that the firm is independent of the Servicer within the
meaning of the Code of Professional Ethics of the American Institute of Certified Public
Accountants.

     Section 9.05. Annual Statement of Compliance from Servicer.

     The Servicer will deliver to the Trustees and each Hedge Counterparty within 90 days of the
end of each fiscal year commencing with the year ending December 31, 2005, an Officer’s Certificate
stating that (a) the Servicer has fully complied in all material respects with certain provisions
of the Agreement relating to servicing of the Loans and payments on the Notes, (b) a review of the
activities of the Servicer during the prior calendar year and of its performance under this
Agreement was made under the supervision of the officer signing such certificate and (c) to the
best of such officer’s knowledge, based on such review, the Servicer has fully performed or caused
to be performed in all material respects all its obligations under this Agreement for such year,
or, if there has been a default in the fulfillment in all material respects any of its obligations,
specifying each such default known to such officer and the nature and status thereof and the steps
being taken or necessary to be taken to remedy such event. A copy of such certificate may be
obtained by any Securityholder by a request in writing to the Indenture Trustee, with respect to
any Noteholder, or the Owner Trustee, with respect to any Certificateholder.

     Section 9.06. Reports of Foreclosure and Abandonment of Mortgaged Property.

     Each year the Servicer shall make the reports of foreclosures and abandonment of any Mortgaged
Property as and to the extent required by § 6050J of the Code. Promptly after filing any such
report with the Code, the Servicer shall provide the Indenture Trustee with an Officer’s
Certificate certifying that such report has been filed.

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     Section 9.07. Notices.

     (a) The Servicer shall furnish to the Indenture Trustee and each Hedge Counterparty (i)
promptly, copies of any material and adverse notices (including, without limitation, notices of
defaults, breaches, potential defaults or potential breaches) given to or received from its other
lenders and (ii) immediately, notice of the occurrence of any Event of Default or Servicer Default
or of any situation which the Servicer reasonably expects to develop into an Event of Default or
Servicer Default.

     (b) The Servicer also agrees to make available on a reasonable basis to any Noteholder or
Hedge Counterparty a knowledgeable financial or accounting officer for the purpose of answering
reasonable questions respecting recent developments affecting the Servicer or the financial
statements of the Servicer and to permit any Noteholder or Hedge Counterparty upon reasonable
advance notice and subject to reasonable confidentiality restrictions to inspect the Servicer’s
servicing facilities during normal business hours and in a manner that does not unreasonably
interfere with the Servicer’s normal operations or customer or employee relations for the purpose
of satisfying such Noteholder or Hedge Counterparty that the Servicer has the ability to service
the Loans in accordance with this Agreement.

     Section 9.08. Indenture Trustee’s Right to Examine Servicer Records and Audit
Operations.

     The Indenture Trustee and each Hedge Counterparty shall have the right upon reasonable prior
notice, during normal business hours, in a manner that does not unreasonably interfere with the
Servicer’s normal operations or customer or employee relations, and as often as reasonably
required, to examine and audit any and all of the books, records or other information of the
Servicer, whether held by the Servicer or by another on behalf of the Servicer, which may be
relevant to the performance or observance by the Servicer of the terms, covenants or conditions of
this Agreement. No amounts payable in respect of the foregoing shall be paid from the Loan Assets.

ARTICLE 10.

TERMINATION

     Section 10.01. Optional Repurchase of Offered Notes.

     (a) At any time during the Call Period, the Issuer shall have the option to repurchase for the
Repurchase Price the Offered Notes then outstanding, at the direction of the Holder of the Class F
Note, on any Remittance Date after the date on which the Holder of the Class F Note provides notice
of its election to cause the repurchase of the Notes pursuant to the Indenture and the other
Transaction Documents. To exercise such option, the Holder of the Class F Note or the Issuer shall
cause the Issuer to deposit in the Note Distribution Account, on or prior to the Remittance Date
upon which such Repurchase is to occur, an amount equal to the Repurchase Price and such repurchase
shall otherwise comply with the requirements of Section 10.01 of the Indenture.

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     (b) Notice of any repurchase pursuant to Section 10.01(a) shall be given by the Holder
of the Class F Note to the Issuer, the Indenture Trustee and the Rating Agencies.

     (c) Following the satisfaction and discharge of the Indenture, the payment in full of the
principal of and interest on the Notes, the termination of all Hedge Transactions then outstanding
under all Hedge Agreements then in effect and the payment in full of all amounts, including Hedge
Breakage Costs, payable to such Hedge Counterparties upon such terminations, the Certificateholders
will succeed to the rights of the Noteholders hereunder and the Owner Trustee will succeed to the
rights of the Indenture Trustee pursuant to this Agreement.

     Section 10.02. Termination.

     (a) This Agreement shall terminate upon notice to the Indenture Trustee of the earlier of the
following events: (i) the final payment on or the disposition or other liquidation by the Issuer
of the last Loan (including, without limitation, in connection with a purchase by the Servicer of
all outstanding Loan Assets pursuant to Section 10.01) or the disposition of all property
acquired upon foreclosure or deed in lieu of foreclosure of any Loan and the remittance of all
funds due thereunder, or (ii) mutual written consent of the Servicer, the Trust Depositor,
Indenture Trustee, the Originator, all Securityholders and all Hedge Counterparties.

     (b) Notice of any termination, specifying the Remittance Date upon which the Issuer will
terminate and that the Noteholders shall surrender their Notes to the Indenture Trustee for payment
of the final distribution and cancellation shall be given promptly by the Servicer by letter to all
Noteholders mailed during the month of such final distribution before the Determination Date in
such month, specifying (i) the Remittance Date upon which final payment of the Notes (or Repurchase
Price, as applicable) will be made upon presentation and surrender of Notes at the office of the
Indenture Trustee therein designated, (ii) the amount of any such final payment and (iii) that the
Record Date otherwise applicable to such Remittance Date is not applicable, payments being made
only upon presentation and surrender of the Notes at the office of the Indenture Trustee therein
specified. The Servicer shall give such notice to the Indenture Trustee and the Hedge
Counterparties at the time such notice is given to Noteholders.

ARTICLE 11.

REMEDIES UPON MISREPRESENTATION;

REPURCHASE OPTION

     Section 11.01. Repurchases of, or Substitution for, Loans for Breach of Representations
and Warranties.

     Upon a discovery by a Responsible Officer of the Servicer or any subservicer, a Responsible
Officer of the Owner Trustee or the Indenture Trustee of a breach of a representation or warranty
as set forth in Section 3.01, Section 3.02, Section 3.03, Section
3.04 or Section 3.05 or as made or deemed made in any Addition Notice or any Subsequent
Purchase Agreement relating to Substitute Loans that materially and adversely affects the value of
the Loans or the interests of the Securityholders or the Hedge Counterparties therein or which
materially and adversely affects the interests of the Securityholders or the Hedge Counterparties

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in the related Loan in the case of a representation or warranty relating to a particular Loan
(notwithstanding that such representation or warranty was made to the Originator’s or the Trust
Depositor’s best knowledge) (an “Ineligible Loan”), the party discovering the breach shall
give prompt written notice to the other parties and to each Hedge Counterparty; provided,
that, the Indenture Trustee shall have no duty or obligation to inquire or to investigate
the breach of any of such representations or warranties. Within 30 days of the earlier of its
discovery or its receipt of notice of any breach of a representation or warranty, the Originator or
Trust Depositor shall (a) promptly cure such breach in all material respects, (b) repurchase each
such Ineligible Loan by depositing in the Principal and Interest Account, within such 30 day
period, an amount equal to the Transfer Deposit Amount, or (c) remove such Loan from the Issuer and
effect a substitution for such affected Loan with a Substitute Loan in accordance with the
substitution requirements set forth in Section 2.04, not later than the date a repurchase
of such affected Loan would be required hereunder; provided, however, that with
respect to a breach of a representation or warranty relating to the Loans in the aggregate and not
to any particular Loan, the Originator may select Loans (without adverse selection) to repurchase
(or substitute for) such that had such Loans not been included as part of the Loan Assets (and, in
the case of a substitution, had such Substitute Loan been included as part of the Loan Assets
instead of the selected Loan) there would have been no breach of such representation or warranty.

     Section 11.02. Reassignment of Repurchased or Substituted Loans.

     Upon receipt by the Indenture Trustee for deposit in the Principal and Interest Account of the
amounts described in Section 11.01 (or upon the Subsequent Transfer Date related to a
Substitute Loan described in Section 11.01), and upon receipt of an Officer’s Certificate
of the Servicer in the form attached hereto as Exhibit F, the Indenture Trustee shall
assign to the Trust Depositor and the Trust Depositor shall assign to the Originator all of the
Issuer’s (or Trust Depositor’s, as applicable) right, title and interest in the repurchased or
substituted Loan and related Loan Assets without recourse, representation or warranty. Such
reassigned Loan shall no longer thereafter be included in any calculations of Outstanding Loan
Balances required to be made hereunder or otherwise be deemed a part of the Issuer.

ARTICLE 12.

INDEMNITIES

     Section 12.01. Indemnification by Servicer.

     The Servicer agrees to indemnify, defend and hold the Indenture Trustee (as such and in its
individual capacity), the Owner Trustee (as such and in its individual capacity), the Backup
Servicer, the Hedge Counterparties (as such and in their individual capacities) and each
Securityholder harmless from and against any and all claims, losses, penalties, fines, forfeitures,
reasonable legal fees and related costs, judgments, and any other reasonable costs, fees and
expenses that such Person may sustain as a result of the Servicer’s fraud or the failure of the
Servicer to perform its duties and service the Loans in compliance in all material respects with
the terms of this Agreement, except to the extent arising from the gross negligence, willful
misconduct or fraud by the Person claiming indemnification. The Servicer shall immediately notify
the Indenture Trustee and the Owner Trustee if a claim is made by any party with respect

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to this Agreement, and the Servicer shall assume (with the consent of the indemnified party)
the defense and any settlement of any such claim and pay all expenses in connection therewith,
including reasonable counsel fees, and promptly pay, discharge and satisfy any judgment or decree
which may be entered against the indemnified party in respect of such claim.

     Section 12.02. Indemnification by Trust Depositor.

     The Trust Depositor agrees to indemnify, defend, and hold the Indenture Trustee (as such and
in its individual capacity), the Owner Trustee (as such and in its individual capacity), the Hedge
Counterparties (as such and in their individual capacities) and each Securityholder harmless from
and against any and all claims, losses, penalties, fines, forfeitures, reasonable legal fees and
related costs, judgments, and any other reasonable costs, fees and expenses that such Person may
sustain as a result of the Trust Depositor’s fraud or the failure of the Trust Depositor to perform
its duties in compliance with the terms of this Agreement and in the best interests of the
Securityholders and Hedge Counterparties, except to the extent arising from the gross negligence,
willful misconduct or fraud by the Person claiming indemnification. The Trust Depositor shall
immediately notify the Indenture Trustee and the Owner Trustee if a claim is made by a third party
with respect to this Agreement, and the Trust Depositor shall assume (with the consent of the
indemnified party) the defense and any settlement of any such claim and pay all expenses in
connection therewith, including reasonable counsel fees, and promptly pay, discharge and satisfy
any judgment or decree which may be entered against the indemnified party in respect of such claim.

ARTICLE 13.

MISCELLANEOUS

     Section 13.01. Amendment.

     (a) This Agreement may be amended from time to time by the parties hereto by written
agreement, with the prior written consent of the Indenture Trustee but without notice to or consent
of the Securityholders or Hedge Counterparties, to cure any ambiguity, to correct or supplement any
provisions herein, to comply with any changes in the Code, or to make any other provisions with
respect to matters or questions arising under this Agreement which shall not be inconsistent with
the provisions of this Agreement; provided, however, that such action shall not, as
evidenced by an Opinion of Counsel delivered to the Indenture Trustee, adversely affect the
interests of any Securityholders or Hedge Counterparties; further, provided,
that, no such amendment shall amend, modify or vary any provision of Section
5.02(g) or reduce in any manner the amount of, or delay the timing of, any amounts received on
Loans which are required to be distributed to the Hedge Counterparties without the consent of the
Hedge Counterparties or on any Note or Certificate without the consent of the Holder of such Note
or Certificate, or change the rights or obligations of any other party hereto without the consent
of such party.

     (b) This Agreement may be amended from time to time by the parties hereto by written
agreement, with the prior written consent of the Indenture Trustee and with the consent of the
Majority Noteholders and each Hedge Counterparty, for the purpose of adding any provisions to or
changing in any manner or eliminating any of the provisions of this Agreement

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or of modifying in any manner the rights of the Holders of the Notes or Certificates;
provided, however, that (i) no such amendment shall reduce in any manner the amount
of, or delay the timing of, any amounts which are required to be distributed on any Note or
Certificate without the consent of the Holder of such Note or Certificate or reduce the percentage
of Holders of any Note or Certificate which are required to consent to any such amendment without
the consent of the Holders of 100% of the Notes affected thereby, (ii) no amendment affecting only
one Class shall require the approval of the Holders of any other Class and (iii) (A) the consent of
each Hedge Counterparty shall be required for any amendment, modification or variance to
Section 5.02(g) and (B) as to all other amendments, the consent of each Hedge Counterparty
shall be required unless the Issuer obtains an Opinion of Counsel stating that such amendment does
not adversely affect in any material respect the interests of the Hedge Counterparties.

     (c) Prior to the execution of any such amendment or consent, the Indenture Trustee shall
furnish written notification of the substance of such amendment or consent, together with a copy
thereof, to each Rating Agency. Prior to the execution of any amendment pursuant to Section
13.01, the Issuer shall obtain written confirmation from Moody’s and S&P that entry into such
amendment satisfies the Moody’s Rating Condition and the S&P Rating Condition.

     (d) Promptly after the execution of any such amendment or consent, the Owner Trustee and the
Indenture Trustee, as the case may be, shall furnish written notification of the substance of such
amendment or consent to each Securityholder and each Hedge Counterparty. It shall not be necessary
for the consent of the Securityholders and the Hedge Counterparties pursuant to Section
13.01(b) to approve the particular form of any proposed amendment or consent, but it shall be
sufficient if such consent shall approve the substance thereof. The manner of obtaining such
consents and of evidencing the authorization by the Securityholders and the Hedge Counterparties of
the execution thereof shall be subject to such reasonable requirements as the Owner Trustee or the
Indenture Trustee may prescribe.

     (e) Prior to the execution of any amendment to this Agreement, the Owner Trustee and the
Indenture Trustee shall be entitled to receive and conclusively rely upon an Opinion of Counsel
stating that the execution of such amendment is authorized and permitted by this Agreement. Such
Trustee may, but shall not be obligated to, enter into any such amendment that affects such
Trustee’s own rights, duties, indemnities or immunities under this Agreement or otherwise.

     Section 13.02. Protection of Title to Issuer.

     The Servicer shall execute and file such financing statements and cause to be executed and
filed such continuation statements, all in such manner and in such places as may be required by law
fully to preserve, maintain and protect the interest of the Issuer, the Securityholders, the Hedge
Counterparties, the Indenture Trustee and the Owner Trustee in the Loans and in the proceeds
thereof. The Servicer shall deliver (or cause to be delivered) to the Owner Trustee and the
Indenture Trustee file–stamped copies of, or filing receipts for, any document filed as provided
above, as soon as available following such filing.

     Section 13.03. Governing Law.

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     (a) THIS AGREEMENT SHALL BE CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK AND
THE OBLIGATIONS, RIGHTS, AND REMEDIES OF THE PARTIES UNDER THE AGREEMENT SHALL BE DETERMINED IN
ACCORDANCE WITH SUCH LAWS.

     (b) EACH PARTY HERETO HEREBY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY
RIGHT IT MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY LITIGATION DIRECTLY OR INDIRECTLY ARISING
OUT OF, UNDER OR IN CONNECTION WITH THIS AGREEMENT. EACH PARTY HERETO (I) CERTIFIES THAT NO
REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT
SUCH OTHER PARTY WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER AND
(II) ACKNOWLEDGES THAT IT AND THE OTHER PARTIES HERETO HAVE BEEN INDUCED TO ENTER INTO THIS
AGREEMENT BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION
13.03(b).

     Section 13.04. Notices.

     All notices, demands, certificates, requests and communications hereunder (“notices”) shall be
in writing and shall be effective (a) upon receipt when sent through the U.S. mails, registered or
certified mail, return receipt requested, postage prepaid, with such receipt to be effective the
date of delivery indicated on the return receipt, or (b) one Business Day after delivery to an
overnight courier, or (c) on the date personally delivered to an Responsible Officer of the party
to which sent, or (d) on the date transmitted by legible telecopier transmission with a
confirmation of receipt, in all cases addressed to the recipient as follows:

	 	(i)  	if to the Servicer or the Originator:
	 
	 	   	CapitalSource Finance LLC

4445 Willard Avenue

12th Floor

Chevy Chase, Maryland 20815

Attention: Treasurer

Facsimile No.: (301) 841–2375
	 
	 	(ii)  	if to the Trust Depositor:
	 
	 	   	CapitalSource Commercial Loan LLC, 2005-1

4445 Willard Avenue

12th Floor

Chevy Chase, Maryland 20815

Attention: Treasurer

Facsimile No.: (301) 841–2375
	 
	 	(iii)  	if to the Indenture Trustee:
	 
	 	   	Wells Fargo Bank, National Association

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	 	   	Sixth Street and Marquette Avenue

MAC N9311–161

Minneapolis, Minnesota 55479

Attention: Corporate Trust Services/Asset Backed Administration

Facsimile No.: (612) 667–3464
	 
	 	(iv)  	if to the Owner Trustee:
	 
	 	   	Wilmington Trust Company

1100 North Market Street

Wilmington, Delaware 19801

Attention: Corporate Trust Administration

Facsimile No.: (302) 427–4749
	 
	 	   	with a copy to:
	 
	 	   	the Originator and the Servicer as provided in clause (i) above
	 
	 	(v)  	if to the Issuer:
	 
	 	   	CapitalSource Commercial Loan Trust 2005-1

c/o Wilmington Trust Company

1100 North Market Street

Wilmington, Delaware 19801

Attention: Corporate Trust Administration

Facsimile No.: (302) 427–4749
	 
	 	   	with a copy to:
	 
	 	   	the Originator and the Servicer as provided in clause (i) above
	 
	 	(vi)  	if to S&P:
	 
	 	   	Standard and Poor’s Inc.

55 Water Street

41st Floor

New York, New York 10041

Attention: Surveillance: Asset–Backed Services

Facsimile No.: (212) 438–2662

Email: cdo_surveillance@sandp.com (all Monthly Reports)
	 
	 	(vii)  	if to Moody’s:
	 
	 	   	Moody’s Investors Service

99 Church Street

New York, New York 10007

Attention: CDO Monitoring Department

Facsimile No.: (212) 553–0344

121

 

	 	   	Email: cdomonitoring@moodys.com
	 
	 	(viii)  	if to Fitch:
	 
	 	   	Fitch, Inc.

One State Street Plaza

New York, New York 10004

Attention: CDO Surveillance

Facsimile No.: (212) 514–6501
	 
	 	(ix)  	if to the Initial Purchasers:
	 
	 	   	Citigroup Global Markets Inc.

390 Greenwich Street

New York, NY 10013

Attention: Asset-Backed Finance

Facsimile No.: (212) 723-8591;
	 
	 	   	Wachovia Capital Markets, LLC

One Wachovia Center, Mail Code: NC0602

301 South College Street

Charlotte, North Carolina 28288–0610

Attention: Asset Securitization Division

Facsimile No.: (704) 383–4012; and
	 
	 	   	Harris Nesbitt Corp.

115 S. LaSalle Street, #13W

Chicago Illinois 60603

Attention: U.S. Securitization Group

Facsimile No.: (312) 293-4908
	 
	 	(x)  	if to the Hedge Counterparties:

     At the address set forth for such party in the applicable Hedge Agreement.

     Each party hereto may, by notice given in accordance herewith to each of the other parties
hereto, designate any further or different address to which subsequent notices shall be sent.

     Section 13.05. Severability of Provisions.

     If one or more of the covenants, agreements, provisions or terms of this Agreement shall be
for any reason whatsoever held invalid, then such covenants, agreements, provisions or terms shall
be deemed severable from the remaining covenants, agreements, provisions or terms of this Agreement
and shall in no way affect the validity or enforceability of the other provisions of this
Agreement, the Notes or Certificates or the rights of the Securityholders or the Hedge
Counterparties, and any such prohibition, invalidity or unenforceability in any jurisdiction shall

122

 

not invalidate or render unenforceable such covenants, agreements, provisions or terms in any
other jurisdiction.

     Section 13.06. Third Party Beneficiaries.

     Except as otherwise specifically provided herein, the parties hereto hereby manifest their
intent that no third party (other than the Owner Trustee and the Hedge Counterparties) shall be
deemed a third party beneficiary of this Agreement, and specifically that the Obligors are not
third party beneficiaries of this Agreement.

     Section 13.07. Counterparts.

     This Agreement may be executed by facsimile signature and in several counterparts, each of
which shall be an original and all of which shall together constitute but one and the same
instrument.

     Section 13.08. Headings.

     The headings of the various Articles and Sections herein are for convenience of reference only
and shall not define or limit any of the terms or provisions hereof.

     Section 13.09. No Bankruptcy Petition; Disclaimer.

     (a) Each of the Originator, the Indenture Trustee, the Servicer, the Issuer acting through the
Owner Trustee and each Holder (by acceptance of the applicable Securities) covenants and agrees
that, prior to the date that is one year and one day (or, if longer, the then applicable preference
period and one day) after the payment in full of all amounts owing in respect of all outstanding
Classes of Notes rated by any Rating Agency, it will not institute against the Trust Depositor or
the Issuer, or join any other Person in instituting against the Trust Depositor or the Issuer, any
bankruptcy, reorganization, arrangement, insolvency or liquidation proceedings or other similar
proceedings under the laws of the United States or any state of the United States;
provided, however, that nothing herein shall prohibit the Indenture Trustee from
filing proofs of claim or otherwise participating in any such proceedings instituted by any other
Person. This Section 13.09 will survive the termination of this Agreement.

     (b) The Issuer acknowledges and agrees that the Certificates represent a beneficial interest
in the Issuer and Loan Assets only and the Securities do not represent an interest in any assets
(other than the Loan Assets) of the Trust Depositor (including by virtue of any deficiency claim in
respect of obligations not paid or otherwise satisfied from the Loan Assets and proceeds thereof).
In furtherance of and not in derogation of the foregoing, to the extent that the Trust Depositor
enters into other transactions as contemplated in Section 6.07, the Issuer acknowledges and
agrees that it shall have no right, title or interest in or to any assets (or interests therein),
other than the Loan Assets, conveyed or purported to be conveyed (whether by way of a sale, capital
contribution or by the granting of a Lien) by the Trust Depositor to any Person other than the
Issuer (the “Other Assets”).

     (c) To the extent that notwithstanding the agreements contained in this Section 13.09,
the Issuer, any Securityholder or any Hedge Counterparty, either (i) asserts an interest in or
claim

123

 

to, or benefit from any Other Assets, whether asserted against or through the Trust Depositor
or any other Person owned by the Trust Depositor, or (ii) is deemed to have any interest, claim or
benefit in or from any Other Assets, whether by operation of law, legal process, pursuant to
applicable provisions of Insolvency Laws or otherwise (including without limitation pursuant to
Section 1111(b) of the federal Bankruptcy Code, as amended) and whether deemed asserted against or
through the Trust Depositor or any other Person owned by the Trust Depositor, then the Issuer, each
Securityholder by accepting a Note or Certificate and each Hedge Counterparty further acknowledges
and agrees that any such interest, claim or benefit in or from the Other Assets is and shall be
expressly subordinated to the indefeasible payment in full of all obligations and liabilities of
the Trust Depositor that, under the terms of the documents relating to the securitization of the
Other Assets, are entitled to be paid from, entitled to the benefits of, or otherwise secured by
such Other Assets (whether or not any such entitlement or security interest is legally perfected or
otherwise entitled to a priority of distribution under applicable law, including Insolvency Laws,
and whether asserted against the Trust Depositor or any other Person owned by the Trust Depositor)
including, without limitation, the payment of post–petition interest on such other obligations and
liabilities. This subordination agreement shall be deemed a subordination agreement within the
meaning of Section 510(a) of the Bankruptcy Code. Each of the Issuer, the Hedge Counterparties and
the Securityholders is deemed to have acknowledged and agreed that no adequate remedy at law exists
for a breach of this Section 13.09 and that the terms and provisions of this Section
13.09 may be enforced by an action for specific performance.

     (d) The provisions of this Section 13.09 shall be for the third party benefit of those
entitled to rely thereon, including the Securityholders and the Hedge Counterparties, and shall
survive the termination of this Agreement.

     Section 13.10. Jurisdiction.

     Any legal action or proceeding with respect to this Agreement may be brought in the courts of
the United States for the Southern District of New York, and by execution and delivery of this
Agreement, each party hereto consents, for itself and in respect of its property, to the
non–exclusive jurisdiction of those courts. Each such party irrevocably waives any objection,
including any objection to the laying of venue or based on the grounds of forum non conveniens,
which it may now or hereafter have to the bringing of any action or proceeding in such jurisdiction
in respect of this Agreement or any document related hereto.

     Section 13.11. Tax Characterization.

     Notwithstanding the provisions of Section 2.01 and Section 2.04 hereof, the
Trust Depositor and Owner Trustee agree that, pursuant to Treasury Regulations Section
301.7701–3(b)(1) and for federal income tax purposes, in the event that the Certificates and the
Class F Notes are owned by more than one Holder, the Issuer will be treated as a partnership the
partners of which are the Certificateholders and the Holders of the Class F Notes, and in the event
that the Certificates the Class F Notes are owned by a single Holder, the Issuer will be treated as
a division of such Holder.

     Section 13.12. Prohibited Transactions with Respect to the Issuer.

124

 

     The Originator shall not:

     (a) Provide credit to any Noteholder or Certificateholder for the purpose of enabling such
Noteholder or Certificateholder to purchase Notes or Certificates, respectively;

     (b) Purchase any Notes or Certificates in an agency or trustee capacity; or

     (c) Except in its capacity as Servicer as provided in this Agreement, lend any money to the
Issuer.

     Section 13.13. Limitation of Liability of Owner Trustee.

     Wilmington Trust Company acts on behalf of the Issuer solely as Owner Trustee hereunder and
not in its individual capacity, and all Persons having any claim against the Issuer by reason of
the transactions contemplated by this Agreement or any other Transaction Document shall look only
to the Trust Estate under the Trust Agreement for payment or satisfaction thereof. The Owner
Trustee makes no representations as to the validity or sufficiency of this Agreement, any other
Transaction Document or the Notes, or of any Loan or related documents. The Owner Trustee shall at
no time have any responsibility or liability for or with respect to the legality, validity and
enforceability of any Loan, or the perfection and priority of any security interest created by any
Loan in any Collateral or the maintenance of any such perfection and priority, or for or with
respect to the sufficiency of the Trust Estate under the Trust Agreement or its ability to generate
the payments to be distributed to the Certificateholder under the Trust Agreement or the
Noteholders under the Indenture, including, without limitation, the existence, condition and
ownership of any Collateral; the existence and enforceability of any insurance thereon; the
existence and contents of any Loan on any computer or other record thereof; the validity of the
assignment of any Loan to the Issuer or of any intervening assignment; the completeness of any
Loan; the performance or enforcement of any Loan; the compliance by the Issuer, the Trust Depositor
or the Servicer with any covenant, agreement or other obligation or any warranty or representation
made under any Transaction Document or in any related document or the accuracy of any such warranty
or representation; or any action of the Indenture Trustee or the Servicer or any subservicer taken
in the name of the Owner Trustee or the Issuer.

     Section 13.14. Allocation of Payments with Respect to Loans.

     (a) With respect to any Partially Funded Term Loans and any Revolving Loans, the Issuer will
own only the principal portion of such Loans outstanding as of the applicable Cut–Off Date.
Principal Collections received by the Servicer on any Revolving Loans (other than Loans to SPE
Obligors) will be allocated first to the portion of such Loan owned by the Originator, its
Affiliate special purpose entities under the Warehouse Facilities and any co-lenders under the
facility, until the principal amount of such portion is reduced to zero, and then to the portion
owned by the Issuer; provided, however, if (i) a payment default occurs with
respect to any of the related Loans (and in the case of Asset Based Revolvers, a payment default
shall mean any failure to make a payment on the date such payment is due and such failure continues
for more than one calendar day), (ii) the Originator has determined in its sole discretion that an
Obligor’s credit has deteriorated or the Originator has determined in its sole discretion to reduce
its

125

 

commitment to an Obligor, (iii) an Event of Default occurs, (iv) a Servicer Default occurs, or
(v) an Accelerated Amortization Event occurs, then Principal Collections received on (A) the
applicable Loan (in the case of clause (i) or (ii) above) or (B) all the Revolving
Loans (in the case of clauses (iii), (iv) and (v) above) will be allocated between
the portion owned by the Originator, its Affiliate special purpose entities under the Warehouse
Facilities (or any similar facilities entered into after the date hereof) and any co-lenders under
the facility, portions owned by the Issuer in a Prior Term Transaction (or any similar future
transactions entered into after the date hereof) and the portion owned by the Issuer pro rata based
upon the outstanding principal amount of each such portion. So long as there is no (1) payment
default on the related Loans (and in the case of Asset Based Revolvers, a payment default shall
mean any failure to make a payment on the date such payment is due and such failure continues for
more than one calendar day), (2) Servicer Default, (3) Event of Default, or (4) Accelerated
Amortization Event, the Servicer will determine the Outstanding Loan Balance, the Retained Interest
(if any) and the Principal Collections received with respect to any Revolving Loan secured by
Collateral on each Monthly Reconciliation Date, and all other Loans (including Revolving Loans not
secured by any Collateral) and in all other cases on each Business Day, pursuant to Section
7.07.

     (b) With respect to any Revolving Loan (other than Loans to SPE Obligors), Interest
Collections received by the Servicer on those Loans will be allocated between the portion not owned
by the Issuer and the portion owned by the Issuer on a pro rata basis according to the outstanding
principal amount of each such portion.

     (c) With respect to any Fully Funded Term Loans, Partially Funded Term Loans and Loans to SPE
Obligors, Collections received by the Servicer will be allocated between the portion not owned by
the Issuer (if any) and the portion owned by the Issuer on a pro rata basis according to the
outstanding principal amount of such portion.

     Section 13.15. No Partnership.

     Nothing herein contained shall be deemed or construed to create a co–partnership or joint
venture between the parties hereto, and the services of the Servicer shall be rendered as an
independent contractor and not as agent for the Securityholders or the Hedge Counterparties.

     Section 13.16. Successors and Assigns.

     This Agreement shall inure to the benefit of and be binding upon the parties hereto and their
respective successors and permitted assigns.

     Section 13.17. Acts of Holders.

     Except as otherwise specifically provided herein, whenever Holder action, consent or approval
is required under this Agreement, such action, consent or approval shall be deemed to have been
taken or given on behalf of, and shall be binding upon, all Holders if the Majority Noteholders
agree to take such action or give such consent or approval.

     Section 13.18. Duration of Agreement.

126

 

     This Agreement shall continue in existence and effect until terminated as herein provided.

     Section 13.19. Limited Recourse.

     The obligations of the Trust Depositor, the Originator, the Issuer and the Servicer under this
Agreement are solely the obligations of the Trust Depositor, the Originator, the Issuer and the
Servicer. No recourse shall be had for the payment of any amount owing by the Trust Depositor, the
Originator, the Issuer or the Servicer under this Agreement or for the payment by the Trust
Depositor, the Originator, the Issuer or the Servicer of any fee in respect hereof or any other
obligation or claim of or against the Trust Depositor, the Originator, the Issuer or the Servicer
arising out of or based upon this Agreement, against any employee, officer, director, Affiliate,
shareholder, partner or member of the Trust Depositor, the Originator, the Issuer or the Servicer
or against the employee, officer, director, shareholder, partner or member or any Affiliate of such
Person. The provisions of this Section 13.19 shall survive termination of this Agreement.

     Section 13.20. Confidentiality.

     Each of the Issuer, the Trust Depositor, the Servicer (if other than CapitalSource), the
Indenture Trustee and the Backup Servicer shall maintain and shall cause each of its employees,
officers, agents and Affiliates to maintain the confidentiality of material non-public information
concerning CapitalSource Inc. and its Public Securities or about the Obligors (to the extent
CapitalSource Inc. has advised such Person or such Person has actual knowledge that the Loan
Documents prohibit disclosure of such information with respect to the Obligors) obtained by it or
them in connection with the structuring, negotiating, execution and performance of the transactions
contemplated by the Transaction Documents, except that each such party and its employees, officers,
agents and Affiliates may disclose such information to other parties to the Transaction Documents
and to its external accountants, attorneys, any potential subservicers and the agents of such
Persons provided such Persons expressly agree to maintain the confidentiality of such information,
and as required by an applicable law or order of any judicial or administrative proceeding.

     Section 13.21. Non-Confidentiality of Tax Treatment.

     All parties hereto agree that each of them and each of their employees, representatives, and
other agents may disclose to any and all persons, without limitation of any kind, the tax treatment
and tax structure of the transaction and all materials of any kind (including opinions or other tax
analyses) that are provided to any of them relating to such tax treatment and tax structure. “Tax
treatment” and “tax structure” shall have the same meaning as such terms have for purposes of
Treasury Regulation Section 1.6011-4.

[Remainder of Page Intentionally Left Blank]

127

 

     IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed by their
respective officers as of the day and year first above written.

	 	 	 	 	 	 	 	 	 
	 	 	CAPITALSOURCE COMMERCIAL LOAN
 TRUST 2005-1, as the Issuer
	 
	 	 	 	 	 	 	 	 
	

	 	By:
	 	 	 	 	 	WILMINGTON TRUST COMPANY, not in its individual
capacity, but solely as Owner Trustee on behalf
of the Issuer
	 
	 	 	 	 	 	 	 	 
	

	 	By:
	 	 	 	 	 	/s/ JANEL R. HAVRILLA
	 	 	 	 	 
	 	 	Name:	 	 	 	Janel R. Havrilla
	

	 	Title:
	 	
	 	 	 	Financial Services Officer
	 
	 	 	 	 	 	 	 	 
	 	 	CAPITALSOURCE COMMERCIAL LOAN
 LLC, 2005-1, as the Trust Depositor
	 
	 	 	 	 	 	 	 	 
	

	 	By:
	 	 	 	 	 	/s/ THOMAS FINK
	 	 	 	 	 
	 	 	Name:	 	 	 	Thomas Fink
	 	 	Title:	 	 	 	CFO
	 
	 	 	 	 	 	 	 	 
	 	 	CAPITALSOURCE FINANCE LLC, as the
 Originator and as the Servicer
	 
	 	 	 	 	 	 	 	 
	

	 	By:
	 	 	 	 	 	/s/ THOMAS FINK
	 	 	 	 	 
	 	 	Name:	 	 	 	Thomas Fink
	 	 	Title:	 	 	 	CFO

[Signatures Continued on the Following Page]

CapitalSource Commercial Loan Trust 2005-1

Sale and Servicing Agreement

 

 

     IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed by
their respective officers as of the day and year first above written.

	 	 	 	 	 	 	 	 	 
	 	 	WELLS FARGO BANK, NATIONAL 
ASSOCIATION, not in its
individual capacity but
 as the Indenture Trustee and
as the Backup Servicer
	 
	 	 	 	 	 	 	 	 
	

	 	By:
	 	 	 	 	 	/s/ JOE NARDI
	 	 	 	 	 
	 	 	Name:	 	 	 	Joe Nardi
	 	 	Title:	 	 	 	Vice President

CapitalSource Commercial Loan Trust 2005-1

Sale and Servicing Agreement

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