Document:

EX-10.4

Exhibit 10.4

DEPOSITARY AGREEMENT

DEPOSITARY AGREEMENT (the “Agreement”) dated as of December 19, 2006 between ST.
ANDREW FUNDING TRUST (the “Issuer”), and DEUTSCHE BANK TRUST COMPANY AMERICAS, as
depositary (the “Depositary”).

The parties hereto agree as follows:

Section 1. Defined Terms; Coverage of Agreement. Unless otherwise defined herein,
capitalized terms used herein have the meanings assigned to such terms in the Definitions List,
attached as Schedule I to the Security Agreement, dated as of December 19, 2006, between ST. ANDREW
FUNDING TRUST, and DEUTSCHE BANK TRUST COMPANY AMERICAS, as Collateral Agent (the “Security
Agreement”). The Depositary shall have no responsibility or liability to any person for the
performance of any term of the Security Agreement; provided, that nothing in this sentence
shall be deemed to relieve the Depositary of any responsibilities or liabilities that the
Depositary may have under this Agreement.

The provisions of this Agreement will govern the issuance and payment of the Secured Liquidity
Notes and the Extended Notes to the extent such provisions are not covered in the Security
Agreement.

	 	 	 	Section 2. Establishment of Accounts; Proceeds of Secured Liquidity Notes.

(a) Prior to or contemporaneously with the execution and delivery by the Issuer of this
Agreement, and for the purposes of this Agreement and the Security Agreement, the Depositary shall
establish for the benefit of the Secured Liquidity Noteholders a segregated non-interest bearing
trust account designated the “Secured Liquidity Note Account.” The Collateral Agent has
opened a segregated non-interest bearing trust account, pursuant to Section 6.01 of the Security
Agreement (the “Collateral Account”), which shall be under the Collateral Agent’s exclusive
dominion and control. The Depositary shall have exclusive dominion and control and sole right of
deposit and withdrawal over the Secured Liquidity Note Account. The Depositary shall keep accurate
records of the date and amount of each deposit in the Secured Liquidity Note Account and each
disbursement from the Secured Liquidity Note Account for a period of three years following the date
of such deposit or disbursement. The Issuer hereby irrevocably acknowledges and agrees with the
Depositary that the Depositary shall have complete and absolute control over the Secured Liquidity
Note Account and any and all funds on deposit in, or otherwise to the credit of, the Secured
Liquidity Note Account and that the Issuer shall not have any legal, equitable or beneficial
interest in the Secured Liquidity Note Account. Amounts on deposit in the Secured Liquidity Note
Account shall be applied by the Depositary solely to pay matured and then maturing Secured
Liquidity Notes and any advances made by the Depositary in accordance herewith. The Depositary
agrees to give the Issuer, the Collateral Agent, each Swap Counterparty and each SLN Placement
Agent, as soon as practicable, written notice that the Secured Liquidity Note Account or any funds
on deposit in the Secured Liquidity Note Account have become subject to any writ, judgment, warrant
of attachment, execution or similar process to the actual knowledge of an officer of the Depositary
assigned to the Depositary’s corporate trust department.

(b) All proceeds of the sale of Secured Liquidity Notes authenticated and delivered by the
Depositary on any day shall be applied by the Depositary in the following order of priority: first,
pari passu (x) to the repayment of any advances made by the Depositary hereunder,
and (y) the Depositary shall deposit such proceeds in the Secured Liquidity Note Account only to
the extent necessary to pay matured and concurrently maturing Secured Liquidity Notes whether or
not presented to the Depositary for payment; and second, in the event that on any day proceeds are
received in excess of the amount required to pay Secured Liquidity Notes matured or maturing on
such day, such excess proceeds shall be transferred by the Depositary to the Collateral Agent for
disposition in accordance with the Security Agreement. It is understood that the Depositary may
(but shall not be required to) make such a deposit before the Depositary receives the proceeds of
the sale in immediately available funds, by creating an overdraft in the Secured Liquidity Note
Account. If the Depositary elects to make such a deposit, the overdraft must be repaid prior to
the end of the Business Day when made. If, for any reason, this repayment obligation is not so
satisfied, the overdraft shall be treated (i) as an advance by Deutsche Bank Trust Company
Americas, in its individual capacity and not as Depositary hereunder, and (ii), for all purposes of
this Agreement, the Interest Rate Swaps and the Security Agreement, as Secured Liquidity Notes due
and payable on the following Business Day. Interest shall accrue and be payable from, and
including, the date of the overdraft, until payment in full, at a rate equal to the “Prime Rate” as
announced by The Wall Street Journal on the day such advance was made, plus 2%.

(c) The Issuer and the Collateral Agent may from time to time, upon written notice to the
Depositary, transfer amounts from the Collateral Account to the Secured Liquidity Note Account in
accordance with the provisions of the Security Agreement, and the Depositary may from time to time
request that the Collateral Agent transfer amounts from the Collateral Account to the Secured
Liquidity Note Account in accordance with the provisions hereof. All amounts so transferred to the
Secured Liquidity Note Account may be used only to pay amounts due on Secured Liquidity Notes at
their Expected Maturities and any advances made by the Depositary hereunder.

(d) Prior to or contemporaneously with the execution and delivery by the Issuer of this
Agreement, and for the purposes of this Agreement and the Security Agreement, the Depositary shall
establish for the benefit of the Extended Noteholders a segregated non-interest bearing trust
account designated the “Extended Notes Distribution Account.” The Depositary shall have
exclusive dominion and control and sole right of deposit and withdrawal over the Extended Notes
Distribution Account. The Depositary shall keep accurate records of the date and amount of each
deposit in the Extended Notes Distribution Account and each disbursement from the Extended Notes
Distribution Account for a period of three years following the date of such deposit or
disbursement. The Issuer hereby irrevocably acknowledges and agrees with the Depositary that the
Depositary shall have complete and absolute control over the Extended Notes Distribution Account
and any and all funds on deposit in, or otherwise to the credit of, the Extended Notes Distribution
Account and that the Issuer shall not have any legal, equitable or beneficial interest in the
Extended Notes Distribution Account. Amounts on deposit in the Extended Notes Distribution Account
shall be applied by the Depositary solely to pay interest and principal amounts due on Extended
Notes. The Depositary agrees to give the Issuer, the Collateral Agent, each Swap Counterparty and
each SLN Placement Agent, as soon as practicable, written notice that the Extended Notes
Distribution Account or any funds on deposit in the Extended Notes Distribution Account have become
subject to any writ, judgment, warrant of attachment, execution or similar process to the actual
knowledge of an officer of the Depositary assigned to the Depositary’s corporate trust department.

(e) The Issuer and the Collateral Agent may from time to time, upon written notice to the
Depositary, transfer amounts from the Collateral Account to the Extended Notes Distribution Account
in accordance with the provisions of the Security Agreement, and the Depositary may from time to
time request that the Collateral Agent transfer amounts from the Collateral Account to the Extended
Notes Distribution Account in accordance with the provisions hereof. All amounts so transferred to
the Extended Notes Distribution Account may be used only to pay interest and principal amounts due
on Extended Notes.

	 	 	 	Section 3. Notes Delivered for Safekeeping.

(a) During the period that this Agreement is in effect, Secured Liquidity Notes may be issued
in registered form and may be represented by either (i) a global security of the Issuer, in
substantially the form attached hereto as Exhibit A (a “Master Secured Liquidity
Note”), delivered to the Depositary as custodian and agent for The Depository Trust Company
(“DTC”) and recorded in the book-entry system maintained by DTC (the beneficial interest in
a Master Secured Liquidity Note, as evidenced by an entry in the DTC book-entry system, is referred
to herein as a “Book-Entry Secured Liquidity Note”), or (ii) a promissory note of the
Issuer evidenced by a certificate issued in definitive form substantially in the form attached
hereto as Exhibit B (a “Certificated Secured Liquidity Note”, and collectively with
the Book-Entry Secured Liquidity Notes, the “Secured Liquidity Notes”) delivered to the
purchaser thereof.

(b) On the date of execution and delivery of this Agreement, or at such time thereafter as the
Issuer shall use the DTC book-entry system for Book-Entry Secured Liquidity Notes, the Issuer will
deliver to the Depositary an executed Master Secured Liquidity Note evidencing the aggregate face
amount of Book-Entry Secured Liquidity Notes to be issued via DTC’s book-entry system, which Master
Secured Liquidity Note shall be registered in the name of DTC’s nominee and shall be held by the
Depositary as custodian and agent on DTC’s behalf.

(c) The Secured Liquidity Notes shall be signed manually on behalf of the Issuer by an
authorized officer of the Administrator whose name and signature appear on any Issuer Incumbency
Certificate (as hereinafter defined) pursuant to Section 3(d) hereof, or signed in
facsimile by one of such persons but shall not otherwise be completed. Each Secured Liquidity
Note, or group of Secured Liquidity Notes at one time, delivered to the Depositary, shall be
accompanied by a letter from the Issuer to the Depositary identifying the Secured Liquidity Note or
Secured Liquidity Notes transmitted therewith, and the Depositary shall acknowledge receipt of such
Secured Liquidity Note or Secured Liquidity Notes in such form of written receipt deemed
appropriate by the Depositary at the time of delivery. The Issuer agrees to deliver and maintain
with the Depositary at all times an adequate supply of Certificated Secured Liquidity Notes for the
Depositary to issue Certificated Secured Liquidity Notes in the quantities requested, to be held in
safekeeping by the Depositary’s corporate trust office for the account of the Issuer, pending the
issuances of such Secured Liquidity Notes as provided in Section 4 hereof. The
Certificated Secured Liquidity Notes delivered to the Depositary will be incomplete as to face
amount or, in the case of interest bearing Secured Liquidity Notes, the face amount and interest
amount thereon, date of issue, Expected Maturity and Final Maturity. They will be numbered
consecutively and may bear other appropriate identification.

(d) With the delivery of this Agreement, the Issuer is furnishing to the Depositary, and from
time to time hereafter may furnish to the Depositary, a certificate (hereinafter called an
“Issuer Incumbency Certificate”) of the Administrator with respect to any authorized
officer of the Administrator whose signature appears or will appear on the Secured Liquidity Notes,
certifying the incumbency and specimen signatures of other authorized officers and of authorized
agents (such other officers and agents being hereinafter called “Issuer Agents”) of the
Issuer authorized to act, and to give instructions and notices, on behalf of the Issuer hereunder.
Until the Depositary’s receipt of a subsequent Issuer Incumbency Certificate, the Depositary shall
be entitled to conclusively rely on the last Issuer Incumbency Certificate delivered to the
Depositary for purposes of determining the authorized signatories of Secured Liquidity Notes and
Issuer Agents. In case any person authorized herein to sign Secured Liquidity Notes who shall have
signed any of the Secured Liquidity Notes shall cease to be a Issuer Agent before the Secured
Liquidity Note so signed shall be issued by the Depositary (or in case such Secured Liquidity Notes
shall bear facsimile signature of such person), such Secured Liquidity Notes nevertheless may be
issued as though the person who signed such Secured Liquidity Notes had not ceased to be an Issuer
Agent. The Depositary shall have no responsibility to determine by whom or by what means a
facsimile signature may have been affixed on Secured Liquidity Notes or to determine whether any
facsimile or manual signature is genuine, if such facsimile or manual signature resembles the
specimen signature(s) filed with it in the most recent Issuer Incumbency Certificate.

(e) The Depositary hereby certifies that any Managing Director, Director, Senior Vice
President, Vice President, Assistant Vice President, Associate or Trust Officer is authorized to
authenticate and deliver Secured Liquidity Notes and give receipts therefor (an “Authenticating
Representative”). Each person who is an Authenticating Representative authorized to otherwise
act on behalf of the Depositary and to give and receive notices on its behalf is hereby designated
a “Designated Representative”.

(f) The Collateral Agent hereby certifies that any Managing Director, Director, Vice
President, Assistant Vice President, Associate or Trust Officer is authorized to give notices,
requests, instructions, and demands to the Depositary and take other action on behalf of the
Collateral Agent pursuant to this Agreement (the “Authorized Agent Officers”).

(g) Prior to the time the Issuer shall use the DTC book-entry system for Book-Entry Secured
Liquidity Notes, the Depositary shall prepare for execution by the Issuer and the Depositary the
current form of Letter of Representations (the “Letter”) of DTC. The Issuer shall provide
to the Depositary for submission with the Letter a copy of the private placement memorandum for the
Issuer’s Secured Liquidity Note program under which Secured Liquidity Notes will be issued by the
Depositary under the terms of this Agreement. The Depositary shall deliver the Letter to DTC’s
legal department and shall return to the Issuer a copy of the Letter after it has been received and
accepted by DTC. The Depositary has entered into a customary agreement (the “Certificate
Agreement”) with DTC, in a form acceptable to the Depositary and the Issuer, providing for the
Depositary to act as custodian of the Master Secured Liquidity Note for DTC. References in this
Agreement to “holders” of the Secured Liquidity Notes shall, in the context of Book-Entry Secured
Liquidity Notes, refer to the beneficial owners of such Book-Entry Secured Liquidity Notes, except
that in the case of payment of Book-Entry Secured Liquidity Notes by the Depositary, the term
“holder” shall be deemed to refer to Cede & Co., the nominee of DTC.

(h) Prior to or concurrently with the execution of this Agreement, the Issuer shall deliver to
the Depositary an opinion of counsel to the Issuer in form and substance reasonably satisfactory to
the Depositary.

	 	 	 	Section 4. Issuance of Secured Liquidity Notes; Instructions.

(a) From time to time before 1:00 p.m. (New York City time) (or such later time as the
Depositary may agree to), on any day on which Secured Liquidity Notes are to be issued, an Issuer
Agent shall give instructions to a Designated Representative by email, by telephone (confirmed by
facsimile transmission), by facsimile transmission, electronically or in writing. All such
instructions given by telephone shall be given by an Issuer Agent and shall be confirmed in
writing, electronically or by facsimile within 24 hours of the time received by the Depositary
(according to the Depositary’s written records). Upon receipt of such instructions, the Designated
Representative or Authenticating Representative shall:

(1) in the case of Certificated Secured Liquidity Notes,

(A) withdraw the necessary Certificated Secured Liquidity Notes from safekeeping, in
accordance with such instructions, and date each such Certificated Secured Liquidity Note
the date of issuance thereof (which shall be a Business Day) and insert the Expected
Maturity and Final Maturity thereof, and, in words and figures, with respect to each
Certificated Secured Liquidity Note, insert the face amount (if issued on a discount basis)
or the principal amount and interest rate (if issued on an interest-bearing basis) of
$250,000 or an integral multiple of $1,000 in excess of $250,000;

(B) authenticate each such Certificated Secured Liquidity Note by countersigning in the
appropriate space provided thereon;

(C) make such Certificated Secured Liquidity Note payable to bearer in the space
provided and insert the place of payment; and

(D) deliver each such Certificated Secured Liquidity Note to the customer or each SLN
Placement Agent (designated in the above notice from the Issuer), or the consignee, if any,
designated by such customer or each SLN Placement Agent (as the case may be) for the account
of the customer or each SLN Placement Agent (as the case may be), against payment as
provided in Section 5 hereof of the net sales price therefor indicated in such
instructions; provided, that the Depositary shall not be required to deliver
Certificated Secured Liquidity Notes outside of the Borough of Manhattan in New York City.
It is understood that each delivery of Secured Liquidity Notes of the Issuer hereunder shall
be subject to the rules of the New York Clearing House in effect at the time of such
delivery; and

(2) in the case of Book-Entry Secured Liquidity Notes, enter an issuance instruction in DTC’s
book-entry commercial paper program in accordance with the instructions from the Issuer Agent,
which instructions shall (A) identify, without limitation, (i) the face amount of Book-Entry
Secured Liquidity Notes to be issued and (ii) the date of issue, the Expected Maturity and Final
Maturity, and the interest amount, if applicable, and (B) require the Depositary to issue a
delivery order to DTC to debit the relevant SLN Placement Agent’s account with DTC against credit
to the Depositary’s account with DTC of the net sales price therefor.

It is understood that all telephonic instructions may be electronically voice-recorded by the
Depositary, and the Issuer and the Issuer Agent hereby consent, subject to applicable law, to such
recording. In the event that a discrepancy exists between the telephone instructions and the
written confirmation, the telephone instructions will be deemed to be the controlling and proper
instructions unless the Depositary agrees in writing otherwise.

(b) With respect to any issuance of Secured Liquidity Notes by the Depositary pursuant to
subsection (a) hereof:

(i) The Depositary shall incur no liability to the Issuer or the Collateral
Agent in acting in accordance with instructions if the Designated Representative
receiving such instructions believes in good faith that such instructions were given
by an Issuer Agent or Authorized Agent Officer, whichever is appropriate.

(ii) The Issuer Agent shall prior to the time of issuance of any Secured
Liquidity Note provide the Depositary with written notice of the name, address and
taxpayer identification number of any registered payee on such Secured Liquidity
Note.

(c) Notwithstanding any instructions received by the Depository, if the Depositary shall
receive prior to 1:00 p.m. (New York City time) on the date of delivery of the relevant Secured
Liquidity Notes, written instructions (which may be by the System or by facsimile) or telephonic
instructions (confirmed promptly thereafter in writing (which may be by the System or by
facsimile)) (which instructions shall specify that one or more of the events described in clauses
(i) and (ii) of Section 4.02(a) of the Security Agreement has occurred) in accordance with
Section 15 hereof from an Authorized Agent Officer not to authenticate or deliver
Certificated Secured Liquidity Notes or enter instructions with DTC with respect to Book-Entry
Secured Liquidity Notes, which instructions may be specific with respect to a particular Secured
Liquidity Note or may be general and applicable to all Secured Liquidity Notes issued or delivered
after receipt of such instructions until revoked or superseded by further instructions from an
Authorized Agent Officer, then, the Depositary shall not issue or deliver Secured Liquidity Notes.

(d) The Depositary shall not issue or deliver any Secured Liquidity Note unless it shall have
received a completed and executed certificate from the Issuer in the form of Exhibit C
hereto.

(e) Whenever any payment shall be due hereunder on a day which is not a business day for the
Depositary, then such payment shall be made on the next succeeding business day for the Depositary.

(f) Each delivery of Secured Liquidity Notes shall be subject to the rules of the New York
Clearing House in effect at the time of the delivery. Each delivery of Book-Entry Secured
Liquidity Notes shall be subject to the Letter and the Certificate Agreement.

(g) The Depositary shall not issue or deliver any (i) Certificated Secured Liquidity Note in
exchange for any other Certificated Secured Liquidity Note, (ii) Certificated Secured Liquidity
Note in exchange for a beneficial interest in a Book-Entry Secured Liquidity Note, or (iii)
beneficial interest in a Book-Entry Secured Liquidity Note in exchange for a Certificated Secured
Liquidity Note, unless, in any such case, the Depositary shall have received prior written notice
from an Issuer Agent that such exchange complies with the transfer restrictions applicable to such
Secured Liquidity Note.

(h) The Depositary shall provide the Issuer or, if applicable, each SLN Placement Agent, with
access to its short-term note issuance system or other electronic means (collectively, the
“System”) in order that the Depositary may receive electronic instructions for the issuance
of Notes and information from the Depositary as to the issued Secured Liquidity Notes may be
delivered to the Issuer and its agents. The Issuer acknowledges that the time-sharing services
utilized in connection with the System are furnished by the Financial Sciences Corporation
(“FSC”). FSC has granted permission to the Depositary to allow the Depositary’s customers
to use such time-sharing services and, in consideration for such permission, it is understood and
agreed that if the Issuer elects to use the System, such time-sharing services will be supplied to
the Issuer “as is” without warranty by FSC or the Depositary. The Issuer hereby waives any claims
it may have against FSC or the Depositary arising out of or in connection with the use of such
time-sharing services. Electronic instructions must be transmitted in accordance with the
procedures furnished by the Depositary to the Issuer or each SLN Placement Agent in connection with
the System. These transmissions shall be the equivalent to the giving of a duly authorized written
and signed instruction which the Depositary may act upon without liability. In the event that the
System is inoperable at any time, an Issuer Agent may deliver written, telephone or facsimile
instructions to the Depositary, which instructions shall be verified in accordance with any
security procedures agreed upon by the parties. The Depositary shall incur no liability to the
Issuer in acting upon instructions believed by the Depositary in good faith to have been given by
an Issuer Agent.

	 	 	 	Section 5. Delivery of Secured Liquidity Notes; Deposit of Proceeds; Outstanding
Secured Liquidity Notes.

(a) No Secured Liquidity Note shall be delivered by the Depositary except against payment
therefor as herein provided. The parties understand that when the Depositary is instructed to
deliver Secured Liquidity Notes, the delivery thereof and the receipt of payment therefor may not
necessarily be simultaneous. If the delivery of the Secured Liquidity Note and the receipt of
payment therefor are not completed simultaneously, the Depositary shall have no responsibility or
liability for the credit risks involved in the Depositary’s delivery of such Secured Liquidity Note
to those persons designated by the Issuer or the SLN Placement Agents or for the failure of such
persons to effectuate payment therefor or to return the Secured Liquidity Note as herein
contemplated. The Depositary is hereby authorized to (i) in the case of Certificated Secured
Liquidity Notes, follow the prevailing custom in the commercial paper market, which is currently
that the Depositary receives a receipt, in customary form, for each delivery of Secured Liquidity
Notes and, before the close of business on the day of delivery, the Depositary receives the
purchase price of such Secured Liquidity Notes in immediately available funds, and (ii) in the case
of Book-Entry Secured Liquidity Notes, receives payment from the purchaser in immediately available
funds. A Secured Liquidity Note shall be deemed delivered against payment for purposes of this
Section 5 if the net sales price of such Secured Liquidity Note is received by the
Depositary in immediately available funds at or before the close of business on the day of the
Depositary’s delivery of such Secured Liquidity Note or as otherwise provided in the preceding
sentence. If delivery is made against receipt for payment as aforesaid, the Issuer shall bear the
risk that the purchaser fails either to (i) remit the proceeds of sale therefor or (ii) return such
Secured Liquidity Notes to the Depositary.

(b) Promptly after the opening of business of each Business Day, unless no sale or issuance or
payment of any Secured Liquidity Note occurred on the preceding Business Day, the Depositary shall
furnish the Collateral Agent and the Issuer with a written statement (or comparable electronic
information on the System) showing the aggregate face amount, principal amount and interest, if
applicable, of all Secured Liquidity Notes outstanding at the close of such preceding Business Day,
which statement shall include the serial numbers, issue dates, Expected Maturities, Final
Maturities, face amount and interest of the Secured Liquidity Notes issued that day.

	 	 	 	Section 6. Payment of Secured Liquidity Notes at Expected Maturity; Cancellation
of Secured Liquidity Notes.

(a) Except as set forth in paragraph (b) below, each Secured Liquidity Note that is
not converted into an Extended Note presented to the Depositary for payment on or after its
Expected Maturity or its redemption date (if such Secured Liquidity Note is redeemed prior to its
Expected Maturity in accordance with Section 7.02 of the Security Agreement) shall be paid the same
day from amounts on deposit in the Secured Liquidity Note Account, unless such presentation occurs
after 2:30 p.m. (New York City time), in which case the Depositary shall pay such Secured Liquidity
Note on the next succeeding Business Day. Amounts on deposit in respect of matured Secured
Liquidity Notes which have not been presented for payment and which have not been converted into
Extended Notes shall be held in the Secured Liquidity Note Account and shall be used solely to pay
any such Secured Liquidity Notes as and when they are presented for payment.

(b) As promptly as may be practicable on the Expected Maturity of any Secured Liquidity Notes,
but in no case later than 12 noon (New York City time), the Depositary shall withdraw sufficient
funds, if any, then on deposit in the Secured Liquidity Note Account to pay such Secured Liquidity
Notes. If at such time the funds on deposit in the Secured Liquidity Note Account available
pursuant to the foregoing provisions of this Section 6(b) for the payment of matured or
maturing Secured Liquidity Notes after giving effect to transfers to the Secured Liquidity Note
Account from funds made available by or on behalf of the Issuer and from the anticipated net
proceeds of Secured Liquidity Notes to be issued that day, are insufficient to pay such matured or
maturing Secured Liquidity Notes in full, the Depositary shall prior to 12:15 p.m. (New York City
time) on such day request the Collateral Agent to transfer (which may be by wire) by 2:30 p.m. (New
York City time) on such day funds to satisfy such deficiency from the Collateral Account to the
Secured Liquidity Note Account. The Collateral Agent shall notify the Depositary prior to 12:30
p.m. (New York City time) on such day of the amount of funds available to satisfy such deficiency.

(c) On any day that is an Expected Maturity of a Secured Liquidity Note that will be converted
into an Extended Note, the Issuer shall deliver written notice (“Notice of Extension”) to
the Depositary that such Secured Liquidity Note will not be paid on its Expected Maturity and that
such Secured Liquidity Note shall be converted into an Extended Note. Such Notice of Extension
must include all of the information required to be delivered to DTC in accordance with the Letter,
including addenda thereto. Such Notice of Extension must be delivered such that it is actually
received in writing by the Depositary and confirmed to the Depositary by telephone, by or before 12
noon (New York City time) on the Expected Maturity of such Secured Liquidity Note. If the Issuer
does not intend to issue a Notice of Extension as provided in the preceding sentence, the Issuer
shall, by or before 12 noon (New York City time) on such Expected Maturity, give to the Depositary
firm notice of its intention to pay such Secured Liquidity Note in full on its Expected Maturity
(which notice shall be deemed to have been given if the SLN Placement Agents give to the Depository
notice of placement of Secured Liquidity Notes on such date sufficient to pay all Secured Liquidity
Notes with an Expected Maturity on such date).

(d) If the Depositary actually receives Notice of Extension by 12 noon (New York City time),
then the Depositary shall notify DTC by 12:30 p.m. (New York City time) of such insufficiency in
accordance with the Letter and request that the maturity of all such Secured Liquidity Notes be
extended in accordance with the terms of the Security Agreement and that all such Secured Liquidity
Notes be converted into Extended Notes in accordance with the terms of the Security Agreement.
Upon the conversion of such Secured Liquidity Notes, the amount on deposit in the Secured Liquidity
Note Account in respect of such converted Secured Liquidity Notes shall be transferred to the
Collateral Account by the Depositary, and the Depositary shall not apply any amount on deposit in
the Secured Liquidity Note Account to the payment of such converted Secured Liquidity Notes.

If any Secured Liquidity Notes of a Class shall not be presented for payment on the Expected
Maturity or redemption date (if such Secured Liquidity Notes are redeemed prior to their Expected
Maturity in accordance with Section 7.02 of the Security Agreement) thereof and such Secured
Liquidity Notes are not converted into Extended Notes and collected funds are on deposit in the
Secured Liquidity Note Account for payment of all or any part thereof, the Depositary shall hold
such funds, until presentation of such Secured Liquidity Notes, for the benefit of the holder of
such Secured Liquidity Notes and such Secured Liquidity Notes shall, as between the Issuer and such
holder, be deemed paid to the extent of such funds. If any Secured Liquidity Notes of a Class are
not presented for payment within six months from their Expected Maturity or redemption date (if
such Secured Liquidity Notes are redeemed prior to their Expected Maturity in accordance with
Section 7.02 of the Security Agreement) and such Secured Liquidity Notes are not converted into
Extended Notes, the Depositary shall pay the collected funds on deposit in the Secured Liquidity
Note Account in respect of such Secured Liquidity Notes to the Issuer upon written direction, which
shall thereafter be solely responsible in respect of such Secured Liquidity Notes.

(e) The Depositary shall cancel and destroy on behalf of the Issuer any Secured Liquidity Note
which has been paid in full, and shall deliver a certificate of destruction thereof to the Issuer.

	 	 	 	Section 7. Notice of Conversion; Payments of Interest on, and Principal of,
Extended Notes.

(a) Upon any conversion of a Class of Secured Liquidity Notes to a Class of Extended Notes
pursuant to Section 4.04 of the Security Agreement, the Depositary shall notify all holders of such
Class of Secured Liquidity Notes by facsimile, telex or cable followed by mailed written notice,
through the Clearing Agency, of such conversion to a Class of Extended Notes. The initial
aggregate principal amount of each Class of Extended Notes deemed issued upon conversion of the
related Class of Secured Liquidity Notes shall be equal to the aggregate face amount of such Class
of Secured Liquidity Notes (or, in the case of Secured Liquidity Notes issued on an interest
bearing basis, the aggregate principal and accrued interest of such Class of Secured Liquidity
Notes). The Issuer shall provide written notice to each of the Rating Agencies and the SLN
Placement Agents of any conversion of a Class of Secured Liquidity Notes to a Class of Extended
Notes.

(b) On each Distribution Date, the Depositary, in accordance with the written direction of the
Collateral Agent, shall pay to the holders of the Extended Notes from the Extended Notes
Distribution Account the amount deposited in the Extended Notes Distribution Account by the
Collateral Agent for the payment of interest pursuant to Section 4.07 of the Security Agreement.

(c) With respect to each Class of Extended Notes, on the applicable principal payment date,
the Depositary, in accordance with the written direction of the Collateral Agent, shall pay
pro rata to each Extended Noteholder of such Class from the Extended Notes
Distribution Account the amount deposited therein pursuant to Section 4.08 of the Security
Agreement for distribution on such date to such class of Extended Notes. On the applicable Final
Maturity of each Class of Extended Notes, the Depositary shall pay pro rata to each
Extended Noteholder of such Class from the Extended Notes Distribution Account the amount deposited
therein pursuant to Section 4.08 of the Security Agreement for such Class of Extended Notes. The
remaining entire principal amount (plus accrued interest thereon) of all Extended Notes of a Class
shall be due and payable on the applicable Final Maturity.

	 	 	 	Section 8. Inspection of Documents by Secured Liquidity Note Holders; Delivery
of Security Agreement and Amendment to the Security Agreement.

(a) The Depositary shall keep (to the extent received from the Issuer) a fully executed or
conformed copy of this Agreement (together with all amendments, modifications, supplements, waivers
and consents made or given with respect thereto) on file at the Depositary’s corporate trust office
upon prior written notice. The Depositary shall permit, during its normal business hours,
reasonable inspection (and limited copying) to be made of this Agreement by the holder of any
Secured Liquidity Note or by any officer, employee or agent of such holder and at their expense;
provided, that the person purporting to be such holder establishes to the Depositary’s
satisfaction that such person is in fact such holder of such Secured Liquidity Note and, in cases
where inspection is sought to be made by a person purporting to be an officer, employee or agent of
such holder, that such person submits evidence satisfactory to the Depositary of his or her
authority to make such inspection on behalf of the holder of such Secured Liquidity Note. The
Depositary shall be entitled to reimbursement for any expenses incurred in complying with this
Section 8.

(b) The Issuer shall deliver to the Depositary and to each SLN Placement Agent of the Secured
Liquidity Notes a fully executed or conformed copy of the Security Agreement and shall promptly
advise the Depositary and each such SLN Placement Agent of any amendment, modification, waiver or
consent made or given with respect to the Security Agreement and, promptly after the effectiveness
thereof, shall furnish the Depositary and each such dealer with a fully executed or conformed copy
of such amendment, modification, waiver or consent; provided, that the Issuer shall not
enter into any amendment to the Security Agreement or any Program Document which affects the
Depositary without the Depositary’s prior written consent; provided further, that no
amendment to the Security Agreement shall be effective as to the Depositary until the Depositary
shall have received a copy of such amendment.

	 	 	 	Section 9. Fees; Payment of Expenses and Taxes; Indemnity.

(a) For the services rendered hereunder by the Depositary, the Issuer agrees to pay to the
Depositary its fees as shall be agreed to in writing from time to time.

(b) The Issuer agrees to pay all reasonable out-of-pocket expenses incurred by the Depositary
(including but not limited to the reasonable fees and out-of-pocket expenses of counsel to the
Depositary) in connection with the preparation and performance of this Agreement and the issuance
and payment of the Secured Liquidity Notes, or in connection with any modification or amendment to,
any waiver or consent under or in respect of, and the enforcement of, this Agreement and the
Secured Liquidity Notes. The Issuer also agrees to pay all fees, taxes and expenses in connection
with recording or filing, and all stamp and other taxes, fees and excises, if any, including any
interest and penalties which may be or are determined to be payable in connection with the issue
and/or sale of the Secured Liquidity Notes.

(c) The Issuer agrees to indemnify the Depositary and hold the Depositary, its directors,
officers, employees and agents harmless from and against any and all liabilities (including
liability for penalties), actions, suits, judgments, demands, losses, damages, costs and expenses
of any kind, including, without limitation, interest and reasonable fees and disbursements of
counsel, which may be incurred by the Depositary in connection with or relating to or arising out
of the exercise of the Depositary’s rights or the performance of its duties under this Agreement;
provided, that the Depositary shall not have the right to be indemnified hereunder for its
own gross negligence, fraud, bad faith or willful misconduct as determined by a court of competent
jurisdiction. In no event shall the Depositary be liable for special, indirect or consequential
loss or damage of any kind whatsoever (including, but not limited to, lost profits). The foregoing
indemnity includes, but is not limited to, any action taken or omitted to be taken by the
Depositary upon telephone or electronically transmitted instructions (if, and to the extent
authorized herein) received by the Depositary from, or believed by the Depositary reasonably and in
good faith to have been given by, the proper person or persons as provided in this Agreement. The
provisions of this subsection (c) shall survive the termination of this Agreement and the
resignation or removal of the Depositary.

(d) Neither the Depositary nor any of its officers, employees or agents shall be liable to the
Issuer or the Collateral Agent for any action taken or omitted to be taken by the Depositary or any
of them hereunder except for gross negligence, fraud, bad faith or willful misconduct.

(e) Amounts payable to the Depositary under this Section 9 shall be paid, subject to
Section 9(f), as follows: (i) if the Depositary provides the Issuer with notice of such
amount on or before the last Business Day of the calendar month in which such amount arose, the
Issuer shall pay such amount on the Payment Date occurring in the immediately succeeding calendar
month in accordance with Section 2.01, Section 6.03 or Section 6.06 of the Security Agreement, as
applicable, or (ii) if the Depositary provides the Issuer with notice of such amount after the last
Business Day of the calendar month in which such amount arose, the Issuer shall pay such amount on
the Payment Date occurring in the next succeeding calendar month after the month in which such
notice was given in accordance with Section 2.01, Section 6.03 or Section 6.06 of the Security
Agreement, as applicable.

(f) Notwithstanding anything to the contrary contained herein, the obligations of the Issuer
under this Agreement are solely the obligations of the Issuer and shall be payable in accordance
with Section 2.01, Section 6.03 or Section 6.06 of the Security Agreement, as applicable, at such
time as funds are actually received by, or are available to, the Issuer. To the extent funds are
not available to pay such obligations, the claims relating thereto shall continue to accrue and
shall be payable in accordance with the terms of the Security Agreement.

	 	 	 	Section 10. Additional Representations and Warranties of the Issuer;
Representations and Warranties of the Depositary.

(a) The Issuer, in addition to any other representations and warranties contained herein,
hereby represents and warrants to the Depositary that its entry into this Agreement, and the
appointment by the Issuer of the Depositary, have been duly authorized by all necessary statutory
trust action on the part of the Issuer and, except as would not have a material adverse effect on
the business or financial condition of the Issuer or its ability to perform its obligations under
the Program Documents, will not violate, breach or contravene (i) the certificate of trust or the
trust agreement or organizational documents of the Issuer, or (ii) any law, rule, regulation, order
or contract or agreement binding upon the Issuer or its property.

(b) The Issuer hereby represents and warrants (which shall be a continuing representation and
warranty) to the Depositary that all Secured Liquidity Notes delivered or which are hereafter
delivered to the Depositary pursuant to this Agreement have been duly authorized and executed by
the Issuer.

(c) Any instructions given to the Depositary by an Issuer Agent to issue, authenticate and
deliver a Secured Liquidity Note shall constitute a representation and warranty by the Issuer that
such instructions are in conformity with the terms hereof and of the Security Agreement.

(d) The Depositary represents and warrants, which representations and warranties shall be
continuing, that entry into this Agreement has been duly authorized by all necessary corporate
action on the part of the Depositary and that this Agreement is the valid and binding obligation of
the Depositary.

	 	 	 	Section 11. Term and Termination.

(a) The term of this Agreement (except for the provisions of Sections 9, 11,
22 and 25, which shall survive indefinitely) shall extend from the date hereof and
shall end when no Secured Liquidity Notes or Extended Notes are outstanding, as advised to the
Depositary in writing by the Issuer and confirmed by the Collateral Agent. Upon any termination of
this Agreement, the Depositary’s authority to authenticate and deliver Secured Liquidity Notes
shall immediately terminate.

(b) As soon as practicable on or after the date of termination of this Agreement, the
Depositary shall redeliver to the Issuer all Secured Liquidity Notes then held by the Depositary
hereunder for the Issuer’s account for safekeeping, against receipt by the Issuer, and shall
deposit in the Collateral Account (except for moneys provided by the Issuer for payees of
outstanding Secured Liquidity Notes or Extended Notes) all amounts, if any, then on deposit in, or
otherwise to the credit of, the Secured Liquidity Note Account and/or the Extended Notes
Distribution Account.

	 	 	 	Section 12. Concerning the Depositary.

(a) In actions undertaken by the Depositary in debiting the Secured Liquidity Note Account to
make payment to the holders of Secured Liquidity Notes or the Extended Notes Distribution Account
to make payment to the holders of Extended Notes, the Depositary shall not be acting as an agent of
the Issuer, but shall be acting on behalf of the holders of the Secured Liquidity Notes or the
Extended Notes, as applicable, and the Depositary shall hold any funds received in respect of such
drawings in trust for such holders.

(b) The Depositary undertakes to perform such duties and only such duties as are specifically
set forth in this Agreement and no implied covenants or obligations shall be read into this
Agreement against the Depositary. Nothing herein shall be interpreted to require the Depositary to
risk or expend its own funds.

(c) The Depositary may conclusively rely, as to the truth of the statements and correctness of
the opinions expressed therein, upon certificates or opinions furnished to the Depositary by or on
behalf of any party hereto.

(d) The Depositary shall not be liable for any error in judgment made in good faith by a
responsible officer, unless the Depositary was grossly negligent in ascertaining the pertinent
facts or in making such judgment based on available facts. No provision of this Agreement shall
require the Depositary to expend or risk its own funds or otherwise incur any financial liability
in the performance of any of its duties hereunder, or in the exercise of any of its rights or
powers. The foregoing sentence shall not apply to the ordinary out-of-pocket expenses referred to
in the first sentence of Section 9(b) which are incurred by the Depositary in the normal
administration of this Agreement and which are to be reimbursed as provided in Section 9(e)
or to ordinary internal overhead expenses which are incurred by the Depositary in the normal
administration of this Agreement.

(e) The Depositary may conclusively rely and shall be fully protected in acting or refraining
from acting upon any resolution, certificate, statement, instrument, opinion, report, notice,
request, direction, consent, order, Secured Liquidity Note, Extended Note or other paper or
document reasonably believed by it to be genuine and to have been given, signed or presented by the
proper party or parties. The Depositary shall not be bound to make any investigation into the
facts or matters stated in any such resolution, certificate, statement, instrument, opinion,
report, notice, request, direction, consent, order, Secured Liquidity Note, Extended Note or other
paper or document furnished to the Depositary unless the Designated Representative receiving such
paper or document has actual knowledge of the falsehood of such facts or matters.

(f) Any request or direction of the Issuer or the Collateral Agent mentioned herein shall be
sufficiently evidenced by a written or oral communication (confirmed in writing) from an Issuer
Agent or an Authorized Agent Officer, respectively.

(g) Whenever in the administration of this Agreement the Depositary shall deem it desirable
that a matter be proved or established prior to taking, suffering or omitting any action hereunder,
the Depositary (unless other evidence be herein specifically prescribed) may, in the absence of
gross negligence, fraud, bad faith or willful misconduct on its part, rely upon a certificate of an
Issuer Agent or any certificate of an Authorized Agent Officer and such certificate shall be full
warranty to the Depositary for any action taken, suffered or omitted by it under the provisions of
this Agreement.

(h) The Depositary may consult with counsel, and the advice of such counsel or any opinion of
counsel as to matters of law shall be full and complete authorization and protection to such extent
in respect of any action taken, suffered or omitted by it hereunder in good faith and in reliance
thereon.

(i) The Depositary may execute any of the trusts or powers hereunder or perform any duties
hereunder either directly or by or through agents, nominees, custodians or attorneys and shall have
no liability for any misconduct or negligence on the part of any agent, nominee, custodian or
attorney appointed by it with due care hereunder (other than with respect to any employee of the
Depositary, the Depositary’s responsibility for which shall be governed by the other provisions of
this Agreement).

(j) The recitals contained in the Secured Liquidity Notes, except the Depositary’s
countersignature, shall be taken as the statements of the Issuer and the Depositary assumes no
responsibility for their correctness. The Depositary makes no representations as to the validity
or sufficiency of this Agreement or of the Secured Liquidity Notes or Extended Notes. The
Depositary shall not be accountable for the use or application by the Issuer of Secured Liquidity
Notes or Extended Notes or the proceeds thereof.

(k) The Depositary or any agent in its individual or in any other capacity may become the
owner or pledgee of Secured Liquidity Notes or Extended Notes and may otherwise deal with the
Issuer with the same rights it would have if it were not the Depositary or such agent.

(l) Money held by the Depositary in trust hereunder need not be segregated from other funds
except to the extent required by law or the specific provisions hereof. The Depositary shall be
under no liability for interest on any money received by it hereunder.

(m) The Depositary shall not be responsible for the recording, re-recording, filing or
re-filing of this Agreement, or any amendment hereto or any financing statement or continuation
statement.

(n) Nothing in this Section 12 shall exonerate the Depositary from liability to the
Collateral Agent for the Depositary’s gross negligence, fraud, bad faith or willful misconduct as
provided in Section 9(d) hereof.

Section 13. Resignation or Removal of Depositary. Subject to the further provisions
of this Section 13, the Depositary may resign at any time as Depositary hereunder by
delivery to the Issuer and the Collateral Agent of written notice of resignation, and may be
removed by the Issuer (with the consent of the Collateral Agent) as such Depositary at any time,
with or without cause, by written notice of removal delivered to the Depositary and the Collateral
Agent and upon any such resignation or removal the Issuer may, without other formality than
appointment and designation in writing, appoint a successor Depositary hereunder approved by the
Collateral Agent. Any such appointment of a successor Depositary delivered by the Issuer pursuant
to this Section 13 shall be effective only if accompanied by (i) the written consent of the
Collateral Agent concurring with such action and (ii) the written confirmation of each of the
Rating Agencies that such appointment will not result in a reduction or withdrawal of its then
current rating, if any, of the Secured Liquidity Notes or Extended Notes. Upon acceptance by a
qualified successor Depositary of its appointment hereunder, the Depositary shall deliver to such
successor all Secured Liquidity Notes then held by it hereunder for safekeeping, against written
receipt therefor by such successor, and shall transmit to its successor for deposit in the Secured
Liquidity Note Account and Extended Notes Distribution Account established by such successor, all
funds, if any are then on deposit in, or otherwise to the credit of, (i) the Secured Liquidity Note
Account, in excess of that amount which is equal to the face amount of all outstanding Secured
Liquidity Notes theretofore issued by it hereunder and (ii) the Extended Notes Distribution
Account, and the Depositary is authorized to and shall pay such Secured Liquidity Notes when
presented with such retained funds as if it had not resigned or been removed hereunder. Anything
herein to the contrary notwithstanding, the resignation or removal of the Depositary shall not
become effective until a successor Depositary has been appointed by the Issuer and such successor
has accepted its appointment hereunder and a new Secured Liquidity Note Account (and other
appropriate accounts) and Extended Notes Distribution Account have been established by such
successor for purposes of this Agreement and all Secured Liquidity Notes and all funds, if any, on
deposit in, or otherwise to the credit of, (i) the Secured Liquidity Note Account maintained by the
Depositary, in excess of that amount necessary to pay the face amount of outstanding Secured
Liquidity Notes in full and (ii) the Extended Notes Distribution Account, shall have been
transferred to the successor Depositary for deposit in the Secured Liquidity Note Account and
Extended Notes Distribution Account, as applicable, established by the successor Depositary, all in
form, manner and substance satisfactory to the Collateral Agent. Notwithstanding the above, if a
successor Depositary has not been appointed by the Issuer within 45 days after such resignation or
removal, the Depositary, at the expense of the Issuer, may petition a court of competent
jurisdiction to appoint a qualified successor Depositary. Pending such appointment, the Depositary
shall continue to act as Depositary until a qualified successor Depositary has been appointed and
accepted such appointment. Copies of all notices delivered pursuant to this Section 13
shall be delivered by the Issuer to each of the Rating Agencies.

The Secured Liquidity Note Account and the Extended Notes Distribution Account shall at all
times be segregated, non-interest bearing trust accounts with the corporate trust department of the
Depositary. Any Depositary shall be a commercial bank or trust company (x) with a capital and
unimpaired surplus amount of at least $100,000,000, (y) with a long-term unsecured debt rating from
each of the Rating Agencies in one of its generic credit rating categories which signifies
investment grade, and (z) with an office in the Borough of Manhattan, The City of New York or such
other city as is acceptable to the Collateral Agent through which it will act for all purposes
hereof. If the Depositary shall at any time cease to meet all of the criteria set forth in the
preceding sentence, the Issuer shall, within 45 days of such time, replace the Depositary with a
successor Depositary that meets such criteria.

Section 14. Amendments and Modifications. No amendment, modification, termination or
waiver of any provision of this Agreement shall be effective unless the same shall be (i) in
writing and signed by all of the parties hereto and (ii) accompanied by Rating Agency Confirmation.

Section 15. Notices. Unless it is specified herein that any notice, request,
instruction or demand must be received by the party to whom given, all notices, requests,
instructions and demands to or upon any of the following parties shall be deemed to have been duly
given or made when delivered or when deposited in the mail, first class postage prepaid, addressed
to such party as follows or sent to the facsimile number referred to below (or to such other
addresses as may be hereafter designated in writing by such party to the other parties):

	 	 	 	 	 
	Depositary:

	 	For all Purposes:
	 	

	 
	 	 	 	 
	 	 	Deutsche Bank Trust Company Americas

	 
	 	 	 	 
	
 
	 	60 Wall Street

Mail Stop NYC60-2606

New York, NY 10005

Attention: Commercial Paper
	 	

	 
	 	 	 	 
	 	 	Facsimile No.: (212) 553-2463

	 
	 	 	 	 
	 	 	Telephone No.: (212) 250-2488

	 
	 	 	 	 
	Issuer:

	 	St. Andrew Funding Trust
	 	

	 
	 	 	 	 
	 	 	c/o New Century Mortgage Corporation

	 
	 	 	 	 
	
 
	 	18400 Von Karman, Suite 1000

Irvine, California 92616

Attn:
	 	

Kevin Cloyd (business contact)

General Counsel (legal contact)

	 	 	 
	Collateral Agent:

	 	Phone: (949) 862-7941

Fax: (949) 224-5750

Deutsche Bank Trust Company Americas

60 Wall Street

MS NYC 60-2606

New York, NY 10005

Attention: Commercial Paper

Facsimile No.: (212) 553-2462

Telephone No.: (212) 250-3802

A copy of all notices delivered to the Depositary or the Issuer hereunder shall also be
delivered to the Collateral Agent at its address, telephone or facsimile specified in the Security
Agreement.

Any notices, requests or demands required hereunder to be sent to each SLN Placement Agent,
shall be given in accordance with the provisions of this Section 15 to the following
address (or to such other address as may hereafter be designated in writing by such dealers to the
parties hereto):

Goldman Sachs & Co

85 Broad Street

New York, NY 10004

Attention: Money Market Origination

Telephone No.: 212-902-8370

Facsimile No.: 212-902-0683

Lehman Brothers Inc.

747 Seventh Avenue, 7th Floor

New York, NY 10019

Attention: Tom O’Hara

Telephone No.: 212-526-6469

Copies of all notices delivered pursuant to Sections 13 and 14 hereof shall be
delivered by the Issuer to Moody’s Investors Service, Inc., 99 Church Street, New York, New York
10007, Attention: Asset-Backed Commercial Paper Monitoring Group; and Standard & Poor’s, a
division of The McGraw-Hill Companies, Inc., 55 Water Street, New York, New York 10041, Attention:
Market Value Group (the “Rating Agencies”).

The Issuer agrees to give each of the Rating Agencies and the Depositary written notice of any
downgrade of its Secured Liquidity Notes or Extended Notes.

Without limitation of any other method of establishing receipt thereof, any notice, request,
instruction or demand shall be deemed received when delivered to the address specified above or, if
sent by facsimile, when the facsimile is sent and receipt thereof has been acknowledged by
telephone.

Section 16. Successors and Assigns; Benefit of Agreement. This Agreement shall be
binding upon and inure to the benefit of the parties hereto and their respective successors and
assigns; provided, however, that (a) except for the assignment by the Issuer of its
right, title and interest hereunder to the Collateral Agent pursuant to Section 5.01(ii) of the
Security Agreement and (b) except as provided in Section 17 hereof, no party hereto may
assign any of its rights or obligations hereunder unless such party shall have obtained (i) the
prior written consent of all parties hereto and (ii) the written confirmation of each of the Rating
Agencies that such assignment will not result in a reduction or withdrawal of its then current
rating, if any, of the Secured Liquidity Notes or Extended Notes. This Agreement shall also inure
to the benefit of the Collateral Agent and each Swap Counterparty, each of which is hereby
expressly declared to be a third party beneficiary hereof. Subject to the foregoing, no Person not
a party to this Agreement shall be deemed to be a third party beneficiary hereof nor shall any
Person be empowered to enforce the provisions of this Agreement, except as set forth in the
preceding sentence and to the extent such Person becomes a permitted successor or assign hereunder.

Section 17. Merger, etc. Any corporation into which the Depositary may be merged or
converted or with which the Depositary may be consolidated, or any corporation resulting from any
merger, conversion or consolidation to which the Depositary shall be a party, or any corporation
succeeding to the Depositary’s corporate trust duties or business, shall succeed to all the
Depositary’s rights, obligations and immunities hereunder without the execution or filing of any
paper or any further act on the part of any of the parties hereto, anything herein to the contrary
notwithstanding.

Section 18. GOVERNING LAW; CONSENT TO JURISDICTION; WAIVER OF JURY TRIAL. THIS
AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK.
EACH PARTY HERETO HEREBY SUBMITS TO THE NON-EXCLUSIVE JURISDICTION OF THE UNITED STATES DISTRICT
COURT FOR THE SOUTHERN DISTRICT OF NEW YORK AND OF ANY NEW YORK STATE COURT SITTING IN THE BOROUGH
OF MANHATTAN IN NEW YORK CITY FOR PURPOSES OF ALL LEGAL PROCEEDINGS ARISING OUT OF OR RELATING TO
THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY. EACH PARTY HERETO IRREVOCABLY WAIVES, TO
THE FULLEST EXTENT PERMITTED BY LAW, ANY OBJECTION WHICH IT MAY NOW OR HEREAFTER HAVE TO THE LAYING
OF THE VENUE OF ANY SUCH PROCEEDING BROUGHT IN SUCH A COURT AND ANY CLAIM THAT ANY SUCH PROCEEDING
BROUGHT IN SUCH A COURT HAS BEEN BROUGHT IN AN INCONVENIENT FORUM. EACH PARTY HERETO HEREBY
CONSENTS TO PROCESS BEING SERVED IN ANY SUIT, ACTION OR PROCEEDING WITH RESPECT TO THIS AGREEMENT,
OR ANY DOCUMENT DELIVERED PURSUANT HERETO BY THE MAILING OF A COPY THEREOF BY REGISTERED OR
CERTIFIED MAIL, POSTAGE PREPAID, RETURN RECEIPT REQUESTED, TO ITS RESPECTIVE ADDRESS SPECIFIED AT
THE TIME FOR NOTICES UNDER THIS AGREEMENT OR TO ANY OTHER ADDRESS OF WHICH IT SHALL HAVE GIVEN
WRITTEN NOTICE TO THE OTHER PARTIES. THE FOREGOING SHALL NOT LIMIT THE ABILITY OF ANY PARTY HERETO
TO BRING SUIT IN THE COURTS OF ANY JURISDICTION.

EACH OF THE PARTIES HEREBY IRREVOCABLY WAIVES ANY AND ALL RIGHT TO A TRIAL BY JURY WITH
RESPECT TO ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THIS AGREEMENT OR ANY TRANSACTION
CONTEMPLATED HEREBY.

Section 19. Acknowledgement of Receipt of Documents. The Depositary hereby
acknowledges receipt of a fully executed counterpart of the Security Agreement. The Depositary
shall have no obligation to the Issuer or any other Person, however, for the performance of any of
the terms of the Security Agreement, except as specifically required by this Agreement.

Section 20. Execution in Counterparts. This Agreement may be executed in any number
of counterparts and by different parties hereto on separate counterparts, each of which
counterparts, when so executed and delivered, shall be deemed to be an original and all of which
counterparts, taken together, shall constitute one and the same Agreement.

Section 21. Section Headings. Section headings used in this Agreement are for
convenience only and shall not affect the construction of this Agreement.

Section 22. Nonpetition Covenant. Notwithstanding any prior termination of this
Agreement, the Depositary shall not, prior to the date which is one year and one day (or if longer,
the applicable preference period then in effect) after the payment in full of the last rated
obligation of the Issuer, including but not limited to the last Secured Liquidity Note, Extended
Note and Subordinated Note outstanding, acquiesce, petition or otherwise, directly or indirectly,
invoke or cause the Issuer to invoke the process of any governmental authority for the purpose of
commencing or sustaining a case against the Issuer under any Federal or state bankruptcy,
insolvency or similar law or appointing a receiver, liquidator, assignee, owner trustee, custodian,
sequestrator or other similar official of the Issuer or any substantial part of its property or
ordering the winding up or liquidation of the affairs of the Issuer. This Section 22 shall
survive the termination of this Agreement.

Section 23. Severability. In case one or more of the provisions contained in this
Agreement shall be or shall be deemed to be, invalid, illegal or unenforceable in any respect, the
validity, legality and enforceability of the remaining provisions contained herein shall not in any
way be affected or impaired thereby. If any provision of this Agreement shall be or shall be
deemed to be, illegal, invalid or unenforceable under the applicable laws and regulations of one
jurisdiction, such provision shall not thereby be rendered illegal, invalid or unenforceable in any
other jurisdiction.

Section 24. Entire Agreement. This Agreement and the Program Documents constitute the
entire agreement among the parties hereto with respect to the Extended Notes and the Secured
Liquidity Notes.

Section 25. Limited Recourse to the Issuer. Notwithstanding anything to the contrary
contained herein, all obligations of the Issuer shall be payable by the Issuer only to the extent
of funds available therefor under Sections 2.01, 6.03 and 6.06 of the Security Agreement and, to
the extent such funds are not available or are insufficient for the payment thereof, shall not
constitute a claim, as defined under Section 101 of the Bankruptcy Code, against the Issuer to the
extent of such unavailability or insufficiency until such time as the Issuer has assets sufficient
to pay such prior deficiency. This Section 25 shall survive the termination of this
Agreement.

Section 26. No Recourse. The obligations of the Issuer hereunder are solely the
obligations of the Issuer and no recourse shall be had with respect to this Agreement, any of the
obligations of the Issuer hereunder or for the payment of any fee or other amount payable hereunder
or for any claim based on, arising out of or relating to any provision of this Agreement against
any stockholder, employee, officer, director, owner trustee, incorporator, affiliate, agent or
servant of the Issuer. This Section 26 shall survive the termination of this Agreement.

Section 27. No Recourse To Owner Trustee. It is expressly understood and agreed by
the parties hereto that (a) this Agreement is executed and delivered by Christiana Bank & Trust
Company, not individually or personally but solely as Owner Trustee of the Issuer, in the exercise
of the powers and authority conferred and vested in it as trustee, (b) each of the representations,
undertakings and agreements herein made on the part of the Issuer is made and intended not as a
personal representation, undertaking and agreement by Christiana Bank & 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 Christiana Bank & Trust Company, individually or personally,
to perform any covenant either expressed or implied contained herein, all such liability, if any,
being expressly waived by the parties hereto and by any Person claiming by, through or under the
parties hereto and (d) under no circumstances shall Christiana Bank & Trust Company be personally
liable for the payment of any indebtedness or expenses of the Issuer or be liable for the breach or
failure of any obligation, representation, warranty or covenant made or undertaken by the Issuer
under this Agreement or any other related documents.

1

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

ST. ANDREW FUNDING TRUST

By: CHRISTIANA BANK & TRUST COMPANY, not in its individual capacity, but solely as Owner Trustee

By: /s/ James M. Young

Name: James M. Young

Title: Vice President

2

DEUTSCHE BANK TRUST COMPANY AMERICAS, as Depositary

By: /s/ Eileen M. Hughes

Name: Eileen M. Hughes

Title: Vice President

By: James P. Bowden

Name: James P. Bowden

Title: Associate

Acknowledged:

DEUTSCHE BANK TRUST COMPANY AMERICAS,

as Collateral Agent

By: /s/ Eileen M. Hughes

Name: Eileen M. Hughes

Title: Vice President

By: James P. Bowden

Name: James P. Bowden

Title: Associate

3EX-10.5

Exhibit 10.5

CUSTODIAL AGREEMENT

THIS CUSTODIAL AGREEMENT is made as of December 19, 2006 (the “Agreement”) by and
among ST. ANDREW FUNDING TRUST (the “Issuer”), a Delaware statutory trust, HOME123
CORPORATION, a California corporation, as Seller (a “Seller”), NEW CENTURY MORTGAGE
CORPORATION, a California corporation, as Seller (a “Seller” and together with Home123
Corporation, the “Sellers”) and as Servicer (the “Servicer”), DEUTSCHE BANK TRUST
COMPANY AMERICAS (the “Collateral Agent”), a New York banking corporation acting in its
capacity as collateral agent under the Security Agreement, and DEUTSCHE BANK NATIONAL TRUST
COMPANY, as custodian (the “Custodian”). The Custodian shall hold the Mortgage Notes,
Mortgages and Assignments of Mortgage as bailee, initially for the Issuer and then for the
Collateral Agent.

WITNESSETH:

WHEREAS, pursuant to the Mortgage Loan Purchase and Servicing Agreement the Sellers have
agreed to sell from time to time to the Issuer all of the Sellers’ right, title and interest in and
to certain Mortgage Loans, and the Issuer has agreed to purchase the Mortgage Loans from the
Sellers pursuant to the terms and conditions of the Mortgage Loan Purchase and Servicing Agreement;

WHEREAS, the Servicer has agreed to service the Mortgage Loans and arrange for the sale of the
Mortgage Loans pursuant to the terms and conditions of the Mortgage Loan Purchase and Servicing
Agreement;

WHEREAS, the Issuer will obtain funding for the Mortgage Loans by issuing Secured Liquidity
Notes from time to time and issuing one or more Series of Subordinated Notes from time to time, and
in connection with such funding, has entered into the Security Agreement;

WHEREAS, the Custodian is duly organized, validly existing and in good standing under the laws
of the United States, and is otherwise authorized to act as Custodian pursuant to this Agreement;
and

WHEREAS, the Issuer desires to have the Custodian take possession of the Mortgage Notes,
Mortgages and Assignments of Mortgage first as bailee for the Issuer and then, pursuant to
Section 21 hereof and for so long as the Obligations remain outstanding, exclusively as
bailee for the Collateral Agent. Unless otherwise instructed by the person for whom the Custodian
is then acting as bailee, the Custodian shall release Mortgage Notes, Mortgages and Assignments of
Mortgage to the Servicer upon notice of the sale or repayment in full of any Mortgage Loan in
accordance with the terms hereof. The Custodian acknowledges and agrees that all of the rights of
the Issuer under this Agreement are being assigned to the Collateral Agent for the benefit of the
Secured Parties.

NOW, THEREFORE, in consideration of the undertakings herein expressed and for other good and
valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties
hereto agree as follows:

Section 1. Definitions. Certain capitalized terms used herein (including the preamble
and the recitals hereto) shall have the meanings assigned to such terms in the Definitions List
attached to the Security Agreement, dated as of December 19, 2006, between the Issuer and Deutsche
Bank Trust Company Americas, as Collateral Agent, as Schedule I thereto (the “Definitions
List”), as such Definitions List may be amended or modified from time to time in accordance
with the provisions thereof.

Section 2. Delivery of Mortgage Notes, Mortgages and Assignments of Mortgage. On or
prior to the applicable Closing Date, the applicable Seller shall cause the Servicer to deliver and
release each Mortgage Note, Mortgage (subject, in the case of a Mortgage, to the provisions of the
last sentence of subsection (ii) of Section 2.1(b) of the Mortgage Loan Purchase
and Servicing Agreement) and Assignment of Mortgage pertaining to each Mortgage Loan identified on
any Mortgage Loan Schedule attached to any Transfer Supplement to the Custodian as bailee,
initially for the Issuer and then for the Collateral Agent.

Section 3. Bailee. The Custodian hereby agrees to act as bailee hereunder for the
purpose of taking custody of the Mortgage Notes, Mortgages and Assignments of Mortgage. With
respect to each Mortgage Note, Mortgage and Assignment of Mortgage which is delivered to the
Custodian or which at any time comes into the possession of the Custodian pursuant to the terms of
this Agreement, the Custodian shall, subject to Section 19, hold such Mortgage Note,
Mortgage and Assignment of Mortgage as bailee for the Issuer. In accordance with Section
19, the Custodian acknowledges and agrees that the rights of the Issuer under this Agreement
have been assigned to the Collateral Agent for the benefit of the Secured Parties and that, until
notified in writing by the Collateral Agent that all Obligations have been paid in full, the
Custodian shall act exclusively as bailee for the Collateral Agent. The Custodian shall dispose of
any Mortgage Note, Mortgage and Assignment of Mortgage only in accordance with the instructions
furnished to it by the Person for whom the Custodian is then acting as bailee or as otherwise
authorized by this Agreement.

Section 4. Delivery of Mortgage Notes, Mortgages and Assignments of Mortgage by the
Closing Date. No later than 12:00 noon (New York City time) (where the Issuer intends to issue
Secured Liquidity Notes to fund its purchase of a Portfolio on that day) on each Closing Date, or
4:00 p.m. (New York City time) (where the Issuer does not intend to issue Secured Liquidity Notes
to fund its purchase of a Portfolio on such day), the applicable Seller shall deliver to the Issuer
a Transfer Supplement for the Mortgage Loans to be sold to the Issuer on such Closing Date and
shall notify the Purchaser of its calculation of the Initial Purchase Price for each Mortgage Loan
in the Portfolio. If the Issuer does not agree with any purchase calculation or the sale does not
close for any other reason, the Closing Date for the Portfolio shall be rescheduled to a later
date, at its option, by the applicable Seller. No later than 12:00 noon or 4:00 p.m. (New York
City time) (as required by the first sentence of this section) on each Closing Date, the applicable
Seller shall deliver to the Custodian a copy of the Transfer Supplement for such Closing Date,
including the Mortgage Loan Schedule attached to the Transfer Supplement. The applicable Seller
shall deliver each Mortgage Note, Mortgage and Assignment of Mortgage relating to a Mortgage Loan
sold on a Closing Date, to the Custodian on or prior to the Closing Date (subject, in the case of a
Mortgage, to the provisions of the last sentence of subsection (ii) of Section 2.1(b) of the
Mortgage Loan Purchase and Servicing Agreement). The applicable Seller shall deliver the other
related Loan Documents to the Servicer, and the contents of each Mortgage Loan File (other than
those documents being held by the Custodian hereunder) shall be held in trust by the Servicer for
the benefit of the Issuer as owner and the Collateral Agent as secured party. The Custodian shall
maintain any Mortgage Notes, Mortgages and Assignments of Mortgage so deposited in separate records
and files. Within two (2) Business Days after receipt by the Custodian of the Mortgage Notes,
Mortgages and Assignments of Mortgage with respect to a Closing Date, as provided in the third
sentence of this Section 4, the Custodian shall deliver to the Collateral Agent (by
facsimile transmission with the original to follow by express courier) a Certification, for up to
1,000 Mortgage Loans on any Business Day, in the form attached hereto as Exhibit A, with
the blanks therein appropriately completed, pursuant to which the Custodian certifies (except as
may be set forth in the exceptions report attached to the Certification) to the Issuer and the
Collateral Agent (i) those Mortgage Loans listed on such Transfer Supplement with respect to which
the Custodian has in its possession all the Mortgage Notes, Mortgages and Assignments of Mortgage
required by Section 2 of this Agreement, (ii) those Mortgage Loans listed on such Transfer
Supplement with respect to which the Custodian does not have all of the Mortgage Notes, Mortgages
and Assignments of Mortgage required by Section 2 of this Agreement, (iii) any documentary
nonconformities found under the Review Procedure noted by the Custodian in respect of the Mortgage
Notes, Mortgages and Assignments of Mortgage delivered (such as missing signatures or other
manifest errors) and (iv) that the Custodian acknowledges that it holds the Mortgage Notes,
Mortgages and Assignments of Mortgage specified in clause (a)(i) and that such Mortgage Notes,
Mortgages and Assignments of Mortgage are owned by the Issuer subject to the security interest of
the Collateral Agent and that, until otherwise instructed in writing by the Collateral Agent, it
shall act solely and exclusively as bailee for the Collateral Agent with respect to such Mortgage
Notes, Mortgages and Assignments of Mortgage. With respect to the Mortgage Notes, Mortgages and
Assignments of Mortgage specified in clause (a)(ii), the Custodian shall send a superseding
Certification as to documentary deficiencies and a similar acknowledgment whenever it receives
possession of such Mortgage Notes, Mortgages and Assignments of Mortgage.

Section 5. Sellers’ Responsibilities. The Sellers shall be solely responsible for
providing each and every Mortgage Note, Mortgage and Assignment of Mortgage required for each
Mortgage Loan to the Custodian in a timely manner as provided herein and for completing or
correcting any missing, incomplete or inconsistent documents, and, except as specifically required
to be noted in the Certification required pursuant to Section 4 hereof, the Custodian shall
not be responsible or liable for taking any such action, causing the Sellers or any other Person to
do so or notifying the Issuer that any such action has or has not been taken, whether in connection
with each Closing Date or at any other time.

Section 6. Custodian’s Duties. The Custodian shall examine each Mortgage Note,
Mortgage and Assignment of Mortgage received by the Custodian hereunder in accordance with the
Review Procedure and shall make the Certification specifically provided in Section 4.
However, except as specifically provided in Section 4, the Custodian shall not be
responsible for, and shall not certify as to, the value, form, substance, legality, validity,
perfection, priority, recordability, genuineness, effectiveness or enforceability of any Mortgage
Note, Mortgage and Assignment of Mortgage, or the collectability, insurability, effectiveness or
suitability of any such Mortgage Loan.

(a) While the Mortgage Loans are owned by the Issuer, and subject to the security interest of
the Collateral Agent, as the case may be, the Custodian shall:

(1) segregate on the books of the Custodian and maintain continuous custody and control of the
Mortgage Notes, Mortgages and Assignments of Mortgage on behalf of and in trust for the Issuer
subject to the security interest of the Collateral Agent and shall hold the Mortgage Notes,
Mortgages and Assignments of Mortgage in secure and fire-resistant facilities in accordance with
customary standards for storage, and the Custodian shall have no liability for any loss of the
Mortgage Notes, Mortgages and Assignments of Mortgage (A) unless the Custodian shall fail to
perform its duties and obligations under this Agreement in accordance with customary standards for
such custody or (B) except for any loss which is the result of the Custodian’s gross negligence,
fraud, bad faith or willful misconduct; and

(2) make available for review, inspection, examination or audit by the Issuer, any Swap
Counterparty or the Collateral Agent, or their designees, at any time during normal business hours
of the Custodian, upon two (2) Business Days’ written notice, the Mortgage Notes, Mortgages and
Assignments of Mortgage and accounts and records pertaining thereto and related storage facilities,
maintenance and release procedures and control and tracking mechanisms.

(b) So long as no Servicer Event of Default has occurred and is continuing of which a
Responsible Officer of the Custodian has been given written notice, from time to time (and as
appropriate for the servicing of any of the Mortgage Loans (as determined by the Servicer)), the
Custodian is authorized, after delivery to the Custodian of the Servicer’s Request for Release, to
release to the Servicer the related Mortgage Note, Mortgage and Assignment of Mortgage; provided,
however, that the Custodian shall only release Mortgage Notes, Mortgages and Assignments of
Mortgage to the Servicer if a copy of the Request for Release is delivered to the Collateral Agent
by the Custodian promptly on receipt of the same and in any event prior to the release of the
relevant Mortgage Note, Mortgage and Assignment of Mortgage (or if the Collateral Agent shall have
notified the Custodian that all Obligations shall have been paid in full by the Issuer). All
Mortgage Notes, Mortgages and Assignments of Mortgage so released temporarily to the Servicer shall
be held by the Servicer in trust for the benefit of the Collateral Agent on behalf of the Issuer
from time to time and shall be returned (x) within seven (7) Business Days from the date of release
as set forth in such Request for Release or (y) immediately upon the occurrence of a Servicer Event
of Default; it being understood that Mortgage Notes, Mortgages and Assignments of Mortgage released
in connection with foreclosures need not be returned within such seven (7) Business Day period
provided that the Servicer agrees in writing that it is holding such Mortgage Notes, Mortgages and
Assignments of Mortgage as bailee for the Collateral Agent during the foreclosure period, such
agreement to be sent to the Custodian with the Request for Release. As set forth in such Request
for Release, the Servicer shall be strictly liable for such Mortgage Notes, Mortgages and
Assignments of Mortgage and agrees to return them within the time period set forth in the
applicable release. The Servicer shall in any case return to the Custodian the Mortgage Notes,
Mortgages and Assignments of Mortgage when the Servicer’s need therefor in connection with the
servicing no longer exists or upon the occurrence of a Servicer Event of Default.

(c) Notwithstanding anything to the contrary contained herein, the Issuer and the Servicer
expressly acknowledge and agree that the Custodian has no duty to determine or monitor compliance
by either such party under the Mortgage Loan Purchase and Servicing Agreement. Following the
occurrence and during the continuance of any Servicer Event of Default, the Issuer or the
Collateral Agent may terminate the Servicer’s right to make requests for the release of Mortgage
Notes, Mortgages and Assignments of Mortgage and to give receipts therefor by written notice to the
Custodian, with a copy to (i) the Servicer, (ii) the Collateral Agent, if such notice is given by
the Issuer, and (iii) the Issuer, if such notice is given by the Collateral Agent. The Custodian
shall not be obligated to verify the authenticity of any signature (original or facsimile) on any
of the documents received and examined by it in connection with this Agreement, or the authority or
capacity of any Person to execute or issue any such document.

(d) The Custodian and the Issuer will enter into the Disbursement Account Agreement.

Section 7. Release of Issuer’s Interest. The Issuer and the Collateral Agent agree to
release their interest in the Mortgage Loans at the time such Mortgage Loans are sold to purchasers
thereof. Prior to the sale of the Mortgage Loans, the Custodian, at the direction of the Issuer,
shall (i) deliver to the purchaser in escrow pursuant to the Transmittal Letter, for examination,
the Mortgage Notes, Mortgages and Assignments of Mortgage and other documents in its possession
related to such Mortgage Loans or (ii) deliver the Mortgage Notes, Mortgages and Assignments of
Mortgage and other documents for an examination by the purchaser at the Servicer’s offices. If,
following such examination, the purchaser does not proceed with the proposed sale, the Mortgage
Notes, Mortgages and Assignments of Mortgage and other documents shall be promptly returned to the
Custodian. The Custodian is authorized, after written request by the Issuer, to release to the
purchaser the Mortgage Notes, Mortgages and Assignments of Mortgage or other documents; provided
that any delivery of such Mortgage Notes, Mortgages and Assignments of Mortgage is preceded by a
Transmittal Letter (with or without the exhibited Bailee Letter, or just the Bailee Letter
exhibited thereto) executed by the purchaser. Without limitation of the terms of each Transmittal
Letter and Bailee Letter, the Issuer shall confirm to the Custodian, in accordance with industry
practice, the closing of the related sale of Mortgage Loans and transfer of applicable funds.

Section 8. List of Loans. Upon the written request of the Issuer or the Collateral
Agent, the Custodian shall provide to the Issuer or the Collateral Agent as soon as practicable,
but in any event within one (1) Business Day of the request, a list of all Mortgage Loans with
respect to which the Custodian holds Mortgage Notes, Mortgages and Assignments of Mortgage pursuant
to this Agreement (each, a “List of Loans”). Such list may be in the form of a copy of the
Transfer Supplement with manual additions to denote substituted Mortgage Loans and manual deletions
to specifically denote any Mortgage Loans paid off, repurchased, sold or otherwise released by the
Custodian since the date of this Agreement.

Section 9. Custodial Charges. The Custodian will charge such fees for its services
under this Agreement as are set forth in a separate fee schedule agreed between the Custodian and
the Issuer, and such fees shall be paid, together with the Custodian’s expenses (including, without
limitation, the reasonable fees and expenses of its counsel) incurred in connection herewith, by
the Issuer pursuant to the terms of the fee schedule and the Security Agreement. Such fees and
expenses shall be solely the obligation of the Issuer. In the event of the appointment of a
successor custodian, the Issuer shall be responsible for the fees and expenses of the successor
custodian as well as any applicable release fees of the Custodian. The Custodian has no lien on or
right of setoff or adverse claim against, and shall not attempt to place a lien on or obtain a
right of setoff or any adverse claim against, any of the Mortgage Loans or proceeds thereof to
secure the payment of its fees and expenses. The obligations of the Issuer under this Section 9
shall survive the termination of this Agreement and the earlier resignation or removal of the
Custodian.

Section 10. Maintenance of Insurance, Lost Note Affidavit. (a) The Custodian shall,
at its own expense, maintain at all times during the existence of this Agreement and keep in full
force and effect, (i) a fidelity bond and document hazard insurance and (ii) insurance typically
maintained by banking institutions that act as custodian for similar transactions. All such
insurance shall be in such amounts, with standard coverages and subject to deductibles, as is
customary for insurance typically maintained by banking institutions that act as custodian for
similar transactions, and shall be with reputable insurance companies. Upon request from time to
time, the Custodian shall furnish the Sellers, the Servicer, the Issuer and the Collateral Agent
with a certificate of the respective insurer that such insurance is in full force and effect.

(b) In the event that the Custodian fails to produce a Mortgage Note that was in its
possession pursuant to Section 2 within five (5) Business Days after required or requested
by the Issuer or the Servicer pursuant to Section 6(b) or 7 or as otherwise
directed by the Collateral Agent, and provided that (i) the Custodian’s most recent Certification
did not list such Mortgage Note as an exception thereon; (ii) such Mortgage Note is not released
pursuant to a Request for Release and (iii) such Mortgage Note was held by the Custodian on behalf
of the Collateral Agent, then the Custodian shall at its sole cost and expense, with respect to any
such missing Mortgage Note, promptly deliver to the Collateral Agent with a copy to the Servicer
and the Issuer, a Lost Note Affidavit and Indemnity in the form of Exhibit H hereto.

Section 11. Representations and Warranties of the Custodian. The Custodian (and any
successor custodian as of the appointment of such custodian) represents and warrants to the Issuer,
the Sellers and the Servicer, as of the date hereof and as of each date it delivers an executed
Certification, as follows:

(a) The Custodian has the power and authority and the legal right to execute and deliver, and
to perform its obligations under, this Agreement, and has taken all necessary action to authorize
its execution, delivery and performance of this Agreement.

(b) No consent or authorization of, filing with, or other act by or in respect of, any
arbitrator or governmental authority and no consent of any other Person (including, without
limitation, any stockholder or creditor of the Custodian) is required in connection with the
execution, delivery, performance, validity or enforceability of this Agreement.

(c) This Agreement has been authorized and approved by all requisite corporate action on the
part of the Custodian and, when executed and delivered by the Custodian and the other parties
hereto, will constitute the legal, valid and binding obligation of the Custodian, enforceable
against the Custodian in accordance with its terms; provided, however, that enforcement may be
limited by applicable bankruptcy, insolvency, reorganization, moratorium or other similar laws
affecting creditors’ rights generally and by general principles of equity (regardless of whether
enforcement is sought in equity or at law).

(d) The Custodian has not executed any agreement or obligation inconsistent herewith or with
any of the transactions contemplated hereby.

(e) The Custodian is independent from and unaffiliated with the Sellers and the Servicer and
is a financial institution whose deposits or accounts are federally insured, or is a subsidiary of
such financial institution and is authorized under applicable law to perform custodial services
such as the custodial services described herein.

(f) By execution of this Agreement, the Custodian, as set forth herein, warrants that it has
no, and covenants that it will hold no, and not assert any, lien, claim, security interest, right
of setoff or adverse interest by way of security or otherwise, in any of the Mortgage Notes,
Mortgages, Assignments of Mortgage or the Mortgage Loans and, as set forth herein, hereby waives
and releases any such interest or right which it may have or acquire in or to any such Mortgage
Notes, Mortgages, Assignments of Mortgage or Mortgage Loans.

(g) The Custodian represents and warrants that it has no actual knowledge of the existence,
except with respect to the Collateral Agent, of any lien, claim, right of setoff or adverse
interest by way of security or otherwise, in any Mortgage Loan or Mortgage Notes, Mortgages or
Assignments of Mortgage, and covenants that it will advise the Collateral Agent immediately in
writing if it becomes aware of the existence of any such lien, claim, right of setoff or adverse
interest.

Section 12. Representations and Warranties of the Sellers. Each Seller severally and
not jointly represents and warrants as to itself to the Custodian, the Collateral Agent, the
Servicer and the Issuer as follows:

(a) The Seller has the power and authority and the legal right to execute and deliver, and to
perform its obligations under, this Agreement, and has taken all necessary corporate action to
authorize its execution, delivery and performance of this Agreement.

(b) No consent or authorization of, filing with, or other act by or in respect of, any
arbitrator or governmental authority and no consent of any other Person (including, without
limitation, any creditor of the Seller) is required in connection with the execution, delivery,
performance, validity or enforceability of this Agreement.

(c) This Agreement has been authorized and approved by all requisite corporate action on the
part of the Seller and, when executed and delivered by the Seller and the other parties hereto,
will constitute the legal, valid and binding obligation of the Seller, enforceable against the
Seller in accordance with its terms; provided, however, that enforcement may be limited by
applicable bankruptcy, insolvency, reorganization, moratorium or other similar laws affecting
creditors’ rights generally and by general principles of equity (regardless of whether enforcement
is sought in equity or at law).

(d) The Seller shall provide the Custodian and the Collateral Agent with copies of such
confirmations, agreements, documents, opinions, instructions and information relating to this
Agreement or to the transactions contemplated hereby as the Custodian may from time to time
reasonably request.

Section 13. Representations and Warranties of the Servicer. The Servicer represents
and warrants to the Sellers, the Custodian, the Collateral Agent and the Issuer as follows:

(a) The Servicer has the power and authority and the legal right to execute and deliver, and
to perform its obligations under, this Agreement, and has taken all necessary corporate action to
authorize its execution, delivery and performance of this Agreement.

(b) No consent or authorization of, filing with, or other act by or in respect of, any
arbitrator or governmental authority and no consent of any other Person (including, without
limitation, any creditor of the Servicer) is required in connection with the execution, delivery,
performance, validity or enforceability of this Agreement.

(c) This Agreement has been authorized and approved by all requisite corporate action on the
part of the Servicer and, when executed and delivered by the Servicer and the other parties hereto,
will constitute the legal, valid and binding obligation of the Servicer, enforceable against the
Servicer in accordance with its terms; provided, however, that enforcement may be limited by
applicable bankruptcy, insolvency, reorganization, moratorium or other similar laws affecting
creditors’ rights generally and by general principles of equity (regardless of whether enforcement
is sought in equity or at law).

(d) The Servicer shall provide the Custodian and the Collateral Agent with copies of such
confirmations, agreements, documents, opinions, instructions and information relating to this
Agreement or to the transactions contemplated hereby as the Custodian may from time to time
reasonably request.

Section 14. Representations and Warranties of the Issuer. The Issuer represents and
warrants to the Sellers, the Servicer, the Collateral Agent and the Custodian as follows:

(a) The Issuer has the power and authority and the legal right to execute and deliver, and to
perform its obligations under, this Agreement, and has taken all necessary trust action to
authorize its execution, delivery and performance of this Agreement.

(b) No consent or authorization of, filing with, or other act by or in respect of, any
arbitrator or governmental authority and no consent of any other Person (including, without
limitation, any creditor of the Issuer) is required in connection with the execution, delivery,
performance, validity or enforceability of this Agreement.

(c) This Agreement has been authorized and approved by all requisite trust action on the part
of the Issuer and, when executed and delivered by the Issuer and the other parties hereto, will
constitute the legal, valid and binding obligation of the Issuer, enforceable against the Issuer in
accordance with its terms; provided, however, that enforcement may be limited by applicable
bankruptcy, insolvency, reorganization, moratorium or other similar laws affecting creditors’
rights generally and by general principles of equity (regardless of whether enforcement is sought
in equity or at law).

Section 15. Representations and Warranties of the Collateral Agent. The Collateral
Agent represents and warrants to the Sellers, the Servicer, the Issuer and the Custodian as
follows:

(a) The Collateral Agent has the power and authority and the legal right to execute and
deliver, and to perform its obligations under, this Agreement, and has taken all necessary
corporate action to authorize its execution, delivery and performance of this Agreement.

(b) To the best of the knowledge of the Collateral Agent (but without having made any
independent investigation or inquiry), no consent or authorization of, filing with, or other act by
or in respect of, any arbitrator or governmental authority and no consent of any other Person
(including, without limitation, any creditor of the Collateral Agent) is required in connection
with the execution, delivery, performance, validity or enforceability of this Agreement.

(c) This Agreement has been authorized and approved by all requisite corporate action on the
part of the Collateral Agent and, when executed and delivered by the Collateral Agent and the other
parties hereto, will constitute the legal, valid and binding obligation of the Collateral Agent,
enforceable against the Collateral Agent in accordance with its terms; provided, however, that
enforcement may be limited by applicable bankruptcy, insolvency, reorganization, moratorium or
other similar laws affecting creditors’ rights generally and by general principles of equity
(regardless of whether enforcement is sought in equity or at law).

Section 16. Indemnification of the Issuer, the Servicer, the Sellers and the Collateral
Agent by the Custodian. The Custodian hereby agrees to indemnify the Issuer, the Sellers, the
Servicer and the Collateral Agent, their respective Affiliates, and their respective directors,
officers, owner trustees, employees and agents and their respective successors and assigns (each,
an “Indemnified Party”) against, and agrees to hold them harmless from, any and all claims,
losses, liabilities, obligations, damages, payments, costs and expenses (including, without
limitation, reasonable legal fees and expenses arising in connection therewith) which may be
imposed on, incurred by or asserted against any Indemnified Party and resulting from the
Custodian’s gross negligence, fraud, bad faith or willful misconduct in the performance of its
obligations hereunder; provided that the Custodian shall not be liable for any portion of any such
amounts resulting from the gross negligence, fraud, bad faith or willful misconduct of the Issuer.
The indemnifications contained herein shall survive any termination of this Agreement. Any payment
to the Issuer under this Section 16 shall be remitted by the Custodian to the Collateral
Agent for deposit in the Collateral Account.

Section 17. Indemnification of the Custodian by the Sellers and the Servicer. (a)
Each Seller severally and not jointly hereby agrees to indemnify the Custodian, its Affiliates, and
their respective directors, officers, employees, attorneys and agents and their respective
successors and assigns (each, an “Indemnified Party”) against, and agrees to hold them
harmless from, any and all claims, losses, liabilities, obligations, damages, payments, costs and
expenses (including, without limitation, reasonable legal fees and expenses arising in connection
therewith) which may be imposed on, incurred by or asserted against any Indemnified Party resulting
from its participation in the transactions contemplated herein; provided that neither Seller shall
be liable for any portion of any such amounts resulting from the gross negligence, fraud, bad faith
or willful misconduct of the Custodian in the performance of or other breach of its obligations
hereunder. The indemnifications contained herein shall survive any termination of this Agreement
and the earlier resignation or removal of the Custodian.

(b) The Servicer hereby agrees to indemnify the Custodian, its Affiliates, and their
respective directors, officers, employees, attorneys and agents and their respective successors and
assigns (each, an “Indemnified Party”) against, and agrees to hold them harmless from, any
and all claims, losses, liabilities, obligations, damages, payments, costs and expenses (including,
without limitation, reasonable legal fees and expenses arising in connection therewith) which may
be imposed on, incurred by or asserted against any Indemnified Party resulting from its
participation in the transactions contemplated herein; provided that the Servicer shall not be
liable for any portion of any such amounts resulting from the gross negligence, fraud, bad faith or
willful misconduct of the Custodian in the performance of or other breach of its obligations
hereunder. The indemnifications contained herein shall survive any termination of this Agreement
and the earlier resignation or removal of the Custodian.

Section 18. Concerning the Custodian. (a) The Custodian shall have no duties or
responsibilities except those that are specifically set forth herein, it being expressly understood
that no duties or obligations shall be implied against the Custodian. Provided that the Custodian
has followed the terms of this Agreement or the Issuer’s instructions, the Custodian shall be under
no responsibility or duty with respect to the disposition of any Mortgage Notes, Mortgages and
Assignments of Mortgage while such Mortgage Notes, Mortgages or Assignments of Mortgage are not in
its possession. If the Custodian shall request instructions from the Issuer with respect to any
act, action or failure to act in connection with this Agreement other than an act, action or
failure to act which is provided for or required of the Custodian by the terms of this Agreement,
the Custodian shall be entitled to refrain from taking such action and continue to refrain from
acting unless and until the Custodian shall have received written instructions from the Issuer
without incurring any liability therefor to the Issuer, the Servicer, the Sellers or any other
Person.

(b) If the Custodian shall at any time receive conflicting instructions from the Issuer, the
Sellers or the Servicer with respect to any of the Mortgage Notes, Mortgages and Assignments of
Mortgage and the conflict between such instructions cannot be resolved by reference to the terms of
this Agreement, the Custodian shall follow the instructions of the Issuer and shall not be liable
to the Sellers or the Servicer as a result. If the Custodian shall at any time receive conflicting
instructions from the Issuer, the Sellers or the Servicer and the Collateral Agent with respect to
any of the Mortgage Notes, Mortgages and Assignments of Mortgage and the conflict between such
instructions cannot be resolved by reference to the terms of this Agreement, the Custodian shall
follow the instructions of the Collateral Agent and shall not be liable to the Issuer or the
Sellers as a result. The Custodian shall not be responsible to the Issuer or any other party for
recitals, statements or warranties or representations of the Sellers or the Servicer, the Issuer or
the Collateral Agent contained herein, or in any other document or be bound to ascertain or inquire
as to the performance or observance of any of the terms of this Agreement or any other agreement on
the part of any party other than itself.

(c) None of the Custodian, its Affiliates or any of their respective directors, officers,
agents, attorneys, employees, successors or assigns shall be liable for any action taken or omitted
to be taken by it or them hereunder or in connection herewith in good faith and believed by it or
them to be within the purview of this Agreement, except for its or their own gross negligence,
fraud, bad faith or willful misconduct. Notwithstanding the foregoing sentence, in no event shall
the Custodian or its Affiliates, directors, officers, agents and employees be held liable for any
special, indirect, punitive or consequential damages resulting from any action taken or omitted to
be taken by it or them hereunder or in connection herewith even if advised of the possibility of
such damages.

(d) In the absence of bad faith on the part of the Custodian, the Custodian may conclusively
rely, as to the truth of the statements and the correctness of the opinions expressed therein, upon
any request, instructions, certificate, opinion or other document furnished to the Custodian
reasonably believed by the Custodian to be genuine and to have been signed or presented by the
proper party or parties and conforming to the requirements of this Agreement absent notice to the
contrary. Absent written notice to the contrary from the Issuer, the Collateral Agent, the
Servicer, the Sellers, any SLN Placement Agent or any Swap Counterparty, the Custodian may
conclusively rely upon the validity of documents delivered to it, without investigation as to their
authenticity or legal effectiveness, and the Servicer and each Seller will hold the Custodian
harmless from any claims which may arise or be asserted against the Custodian because of the
invalidity of any such documents, or their failure to fulfill their intended purpose.
Notwithstanding the foregoing, it is expressly understood that in the case of any Mortgage Note,
Mortgage, Assignment of Mortgage or other document or other request, instruction, document or
certificate which by any provision hereof is specifically required to be furnished to the
Custodian, the Custodian shall be under a duty to examine the same to determine whether or not such
document conforms to the requirements of this Agreement (which examination, in the case of any
Mortgage Note, Mortgage, or Assignment of Mortgage, shall be in accordance with the Review
Procedure), and to make the Certifications required by Section 4 of this Agreement.

(e) The Custodian shall not be responsible for preparing or filing any reports or returns
relating to federal, state or local incomes taxes with respect to this Agreement, other than for
the Custodian’s compensation or for reimbursement of expenses.

(f) Any other provision of this Agreement to the contrary notwithstanding, the Custodian shall
have no notice, and shall not be bound by any of the terms and conditions of, any other document or
agreement executed or delivered in connection with, or intended to control any part of, the
transactions anticipated by or referred to in this Agreement unless the Custodian is a signatory
party to that document or agreement. Notwithstanding the foregoing sentence, the Custodian shall
be deemed to have notice of the terms and conditions (including, without limitation, definitions
not otherwise set forth in full in this Agreement) of other documents and agreements executed or
delivered in connection with, or intended to control any part of, the transactions anticipated by
or referred to in this Agreement, to the extent that such terms and provisions are referenced, or
are incorporated by reference, into this Agreement only as long as the Servicer shall have provided
a copy of any such document or agreement to the Custodian. The Servicer shall provide the
Custodian with an executed copy of the Mortgage Loan Purchase and Servicing Agreement and the
Security Agreement.

(g) The duties and obligations of the Custodian shall only be such as are expressly set forth
in this Agreement or as set forth in a written amendment to this Agreement executed by the parties
hereto or their successors and assigns. In the event that any provision of this Agreement implies
or requires that action or forbearance be taken by a party, but is silent as to which party has the
duty to act or refrain from acting, the parties agree that the Custodian shall not be the party
required to take the action or refrain from acting. In no event shall the Custodian have any
responsibility to ascertain or take action except as expressly provided herein.

(h) Nothing in this Agreement shall be deemed to impose on the Custodian any duty to qualify
to do business in any jurisdiction, other than (i) any jurisdiction where any Mortgage Loan File is
or may be held by the Custodian from time to time hereunder, and (ii) any jurisdiction where its
ownership or property or conduct of business requires such qualification and where failure to
qualify could have a material adverse effect on the Custodian or its property or business or on the
ability of the Custodian to perform its duties hereunder.

(i) Under no circumstances shall the Custodian be obligated to verify the authenticity of any
signature on any of the documents received or examined by it in connection with this Agreement or
the authority or capacity of any person to execute or issue such document, nor shall the Custodian
be responsible for the value, form, substance, validity, perfection (other than by taking and
continuing possession of the Mortgage Notes, Mortgages and Assignments of Mortgage), recordability,
priority, effectiveness or enforceability of any such documents, nor shall the Custodian be under a
duty to inspect, review or examine the documents to determine whether they are appropriate for the
represented purpose or that they have been actually recorded or that they are other than what they
purport to be on their face.

(j) The Custodian shall have no duty to ascertain whether or not any cash amount or payment
has been received by a Seller, the Servicer or any third person.

(k) The Custodian is not required to produce a borrowing base report or any other report
detailing the value of the Mortgage Loans.

(l) The Custodian is not required to perform any cash movement and reconciliation functions on
behalf of the Sellers, the Servicer or the Issuer in relation to this Agreement.

(m) Any Person into which the Custodian may be merged or converted, or with which it may be
consolidated, or any Person resulting from any merger, conversion or consolidation to which the
Custodian shall be a party, or any Person succeeding to the business of the Custodian, shall be the
successor of the Custodian hereunder, without the execution or filing of any paper or any further
act on the part of any of the parties hereto, anything herein to the contrary notwithstanding.

(n) The Custodian may delegate any of its duties under this Agreement to any of its agents,
attorneys-in-fact, or Affiliates selected with due care, and shall not be liable for their gross
negligence or willful misconduct. Any such agent, attorney-in-fact, or Affiliate (and such
Affiliate’s directors, officers, agents and employees) which performs duties in connection with
this Agreement shall be entitled to the same benefits of the indemnification, waiver and other
protective provisions to which the Custodian is entitled under this Agreement.

(o) The Custodian may consult with counsel selected by the Custodian with regard to legal
questions arising out of or in connection with this Agreement, and the advice or opinion of such
counsel shall be full and complete authorization and protection in respect of any action reasonably
taken, omitted or suffered by the Custodian in good faith and in accordance therewith.

(p) The Custodian shall not be responsible for delays or failures in performance resulting
from acts beyond its control. Such acts shall include, but not be limited to, acts of God,
strikes, lockouts, riots, acts of war or terrorism, epidemics, nationalization, expropriation,
currency restrictions, governmental regulations superimposed after the fact, fire, communication
line failures, computer viruses, power failures, earthquakes or other disasters.

(q) Notwithstanding the foregoing limitations in this Section 18, nothing in this
Agreement which references the “Affiliates” of the Custodian, shall constitute a limitation on the
obligations of the Collateral Agent arising under this Agreement or any of the other Program
Documents.

(r) None of the provisions of this Agreement shall require the Custodian to expend or risk its
own funds or otherwise to incur any liability, financial or otherwise, in the performance of any of
its duties hereunder, or in the exercise of any of its rights or powers if it shall have reasonable
grounds for believing that repayment of such funds or indemnity satisfactory to it against such
risk or liability is not assured to it.

Section 19. Collateral Agent.

(a) Notwithstanding anything to the contrary contained in this Agreement, the Custodian hereby
acknowledges and agrees that all the rights of the Issuer under this Agreement have been assigned
to the Collateral Agent for the benefit of the Secured Parties pursuant to the Security Agreement.
Notwithstanding anything to the contrary contained in this Agreement, the Custodian shall promptly
mark its books and records to reflect that the Mortgage Notes, Mortgages and Assignments of
Mortgage are being held for the benefit of the Collateral Agent as representative of the Secured
Parties. The Custodian shall promptly deliver to the Collateral Agent all Certifications, Mortgage
Loan Schedules, Lists of Loans and any other reports, certificates and documents delivered by the
Custodian hereunder indicating that the Custodian is holding the related Mortgage Notes, Mortgages
and Assignments of Mortgage for the benefit of the Collateral Agent, as representative of the
Secured Parties. The delivery of such Certifications, Mortgage Loan Schedules, Lists of Loans and
any other reports, certificates and documents delivered by the Custodian hereunder shall satisfy
the requirements of delivery thereof to the Issuer hereunder. Any amendments or modifications to
such Certifications, Mortgage Loan Schedules, Lists of Loans and any other reports, certificates
and documents delivered by the Custodian hereunder shall be delivered to the Collateral Agent. The
Custodian is hereby notified of, and the Custodian hereby acknowledges, the security interest in
the Mortgage Loans of the Collateral Agent as representative of the Secured Parties.

(b) The Custodian, the Issuer, the Sellers and the Servicer shall treat the Collateral Agent
as the purchaser under this Agreement with respect to the Mortgage Loans in accordance with the
provisions of this Section 19. Notwithstanding any other provision in this Agreement, if
the Custodian shall at any time receive conflicting instructions from the Collateral Agent and any
other party to this Agreement and the conflict between such instructions cannot be resolved by
reference to the terms of this Agreement, the Custodian shall follow the instructions of the
Collateral Agent. Without limiting the generality of the foregoing, the Custodian, the Issuer, the
Sellers and the Servicer shall report to and correspond and communicate with the Collateral Agent
and in all other regards treat the Collateral Agent as the purchaser hereunder with respect to the
Mortgage Loans. The Collateral Agent shall be a third-party beneficiary of this Agreement and have
all rights of the purchaser to enforce the covenants and conditions set forth in this Agreement
with respect to the Mortgage Loans, and the Custodian, the Sellers and the Servicer, respectively,
shall follow the instructions of the Collateral Agent under this Agreement. The Collateral Agent
shall have the right to give any waivers or consents required or allowed under this Agreement, and
such waivers and consents shall be binding upon the Issuer and any party for whom the Collateral
Agent acts as representative secured party as if the Issuer or such party had given the same. All
amounts due the Issuer under this Agreement shall be remitted to the Collateral Agent in accordance
with the Collateral Agent’s instructions. The Collateral Agent shall be entitled to the same
rights, protections, immunities and indemnities set forth in the Security Agreement as if
specifically set forth herein.

(c) The Custodian shall send all reports and like communications required to be delivered to
the Issuer under this Agreement to the Collateral Agent. In addition to all other obligations of
the Custodian hereunder, the Custodian shall deliver to the Collateral Agent by bulletin board,
electronic mail or such other medium acceptable to the Collateral Agent in its discretion, in a
computer-readable format acceptable to the Collateral Agent and the Custodian, (a) by 4:00 p.m.,
New York City time on each Closing Date, the Certification and (b) by 12:00 noon, New York City
time on each Business Day following the date of request, the List of Loans.

(d) The Issuer agrees to indemnify and hold the Custodian and each of its directors, officers,
agents, attorneys and employees harmless against any and all liabilities, obligations, losses,
damages, penalties, actions, judgments, suits, costs, expenses or disbursements, including
reasonable attorney’s fees, that may be imposed on, incurred by, or asserted against it or them in
any way relating to or arising out of any action taken or not taken by it or them in accordance
with the instructions of the Collateral Agent hereunder, unless (a) such instructions from the
Collateral Agent are inconsistent with the terms of this Agreement, or (b) such liabilities,
obligations, losses, damages, penalties, actions, judgments, suits, costs, expenses or
disbursements were imposed on, incurred by or asserted against the Custodian because of the breach
by the Custodian of its obligations hereunder, which breach was caused by gross negligence, fraud,
bad faith or willful misconduct on the part of the Custodian or any of its directors, officers,
agents or employees. The obligation of the Issuer shall survive the termination of this Agreement
and the earlier resignation or removal of the Custodian.

Section 20. General Matters.

(a) No Waiver. Any delay or failure of any party hereto at any time to require strict
performance of any other party of any provisions of this Agreement shall in no way affect the right
of such party to require future strict performance of that or any other provision of this Agreement
and shall not be construed as a waiver of any subsequent breach of any provision, a waiver of this
provision itself or a waiver of any other right under this Agreement.

(b) Notices. All demands, notices, instructions and other communications shall be in
writing (including telecopied or electronic communications) and shall be personally delivered,
mailed or transmitted by telecopy or telegraph, respectively, addressed as set forth below:

	 	 	 
	If to the Issuer:

	 	

	ST. ANDREW FUNDING TRUST

	 	

	 
	 	 
	c/o NEW CENTURY MORTGAGE CORPORATION

	 
	 	 
	18400 Von Karman, Suite 1000

Irvine, CA 92612

Attn:

	 	

Kevin Cloyd (business contact)

General Counsel (legal contact)

	 	 	 
	Phone: (949) 862-7941

Fax: (949) 224-5750

If to the Servicer:

	 	

	 
	 	 
	NEW CENTURY MORTGAGE CORPORATION

	 
	 	 
	18400 Von Karman, Suite 1000

	 
	 	 
	Irvine, CA 92612

Attn:

	 	

Kevin Cloyd (business contact)

General Counsel (legal contact)

Phone: (949) 862-7941

Fax: (949) 224-5750

If to the Sellers:

HOME123 CORPORATION

13100 Northwest Freeway, Suite 200

Houston, TX 77040

	 	 	 
	Attn: Randy Stewart

Phone: (281) 205-2228

	 	

	 
	 	 
	NEW CENTURY MORTGAGE CORPORATION

	 
	 	 
	18400 Von Karman, Suite 1000

	 
	 	 
	Irvine, CA 92612

Attn:

	 	

Kevin Cloyd (business contact)

General Counsel (legal contact)

Phone: (949) 862-7941

Fax: (949) 224-5750

If to the Custodian:

DEUTSCHE BANK NATIONAL TRUST COMPANY

1761 East St. Andrew Place

Santa Ana, CA 92705

Attn: Mortgage Custody – NC 06FC

Phone: (714) 247-6000

Fax: (714) 247-6012

If to the Collateral Agent:

DEUTSCHE BANK TRUST COMPANY AMERICAS

60 Wall Street

MS NYC 60-2606

New York, NY 10005

Attn: Commercial Paper

Phone: (212) 250-5906

Fax: (212) 797-8604

or to such other address and/or Person as the parties hereto may designate in writing complying as
to delivery to the terms of this paragraph.

(c) Authorized Representatives. Each authorized representative of the Sellers, the
Servicer, the Issuer, the Collateral Agent and the Custodian authorized to give and receive
notices, requests and instructions and to deliver certificates and documents in connection with
this Agreement and specimen signatures for each such authorized representative initially authorized
hereunder are set forth on Exhibit C attached hereto. From time to time the parties hereto
may deliver to each other revisions to Exhibit C reflecting changes in the information
previously given. The Custodian shall be entitled to rely conclusively on the list set forth on
Exhibit C until receipt of any superseding information on a new exhibit.

(d) Invalidity. If any of the provisions of this Agreement are invalid under any
applicable statute or rule of law, they are, to that extent, to be deemed omitted.

(e) Entire Agreement. This Agreement constitutes the entire agreement between the
parties hereto relating to the subject matter hereof and supersedes all proposals, oral or written,
and all other communications, oral or written, between the parties, relating to the subject matter
of this Agreement.

(f) Amendments. No amendment, modification, termination or waiver of any provision of
this Agreement shall be effective unless the same shall be (i) in writing and signed by all of the
parties hereto and (ii) accompanied by Rating Agency Confirmation.

(g) Termination. The Issuer or the Custodian may each terminate this Agreement by
giving to the other parties hereto at least thirty (30) days’ prior written notice specifying the
date of such termination; provided, however, that no such termination shall affect or impair any of
the rights, duties or obligations hereunder of the Custodian with respect to any transaction
occurring prior to such termination; provided, further, that the Issuer shall have received Rating
Agency Confirmation. In the event that the Issuer is unable to find a successor custodian within
such thirty (30) day period, the Custodian shall, upon payment in full of all amounts due and owing
to the Custodian hereunder, deliver to the Collateral Agent or a Person designated by the Issuer
and the Collateral Agent all of the Mortgage Notes, Mortgages and Assignments of Mortgage and other
documents in its possession relating to the Mortgage Loans upon the expiration of such thirty (30)
day period at the Issuer’s expense. The Custodian agrees to cooperate with the Issuer and the
Collateral Agent in effecting the termination of its duties hereunder including, without
limitation, transferring the Mortgage Notes, Mortgages and Assignments of Mortgage to the Issuer
and the Collateral Agent or any Person designated by the Issuer and the Collateral Agent. In the
event that no successor custodian has been appointed within 30 days, the Custodian may petition a
court of competent jurisdiction for appointment of a successor.

(h) The Custodian agrees to cooperate with any new custodian selected by the Issuer and the
Collateral Agent in effecting the termination of its duties hereunder, including, without
limitation, transferring the Mortgage Notes, Mortgages and Assignments of Mortgage to such new
custodian and executing such documents as may be reasonably required by such new custodian. The
Custodian’s duties hereunder shall not in any event be terminated until the Mortgage Notes,
Mortgages and Assignments of Mortgage have been delivered to a successor custodian or to the Issuer
and the Collateral Agent. Notwithstanding the foregoing, it is expressly understood that the
Custodian’s agreement to cooperate with the Issuer and the Collateral Agent and any successor
custodian is subject to the Custodian’s right to deliver to the Collateral Agent or a Person
designated by the Issuer and the Collateral Agent all of the Mortgage Notes, Mortgages and
Assignments of Mortgage and other files in its possession upon the expiration of the thirty (30)
day period referred to above. The costs and expenses of the Custodian, the Issuer and the
Collateral Agent in connection with any such termination and/or transfer of the Mortgage Notes,
Mortgages and Assignments of Mortgage shall be the responsibility of the Issuer.

(i) Shipments of Documents. Written instructions as to the method of shipment and the
shipper(s) that the Custodian is directed to utilize in connection with the transmission of
Mortgage Notes, Mortgages and Assignments of Mortgage in the performance of the Custodian’s duties
under subsections (f), (g) and (h) above shall be delivered by the Issuer prior to
any shipment of any documents hereunder. The Issuer will arrange for the provision of such
services which the Issuer reasonably deems appropriate at the cost and expense of the Issuer (or at
the Custodian’s option, the Issuer will reimburse the Custodian for all costs and expenses incurred
by the Custodian consistent with such instructions of the Issuer) and will maintain such insurance
against loss or damage to the documents as the Issuer reasonably deems appropriate. It is
expressly agreed that in no event shall the Custodian have any (i) responsibility for documents
which it has delivered to a shipper in accordance with the terms hereof while such documents are
not in its possession or (ii) liability for any losses or damages to any Person, including without
limitation the Issuer, arising out of actions of the Custodian consistent with such instructions of
the Issuer (including, without limitation, losses or damages arising out of non-performance or
faulty performance by a shipper).

(j) JURISDICTION. 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 HEREUNDER SHALL BE
DETERMINED IN ACCORDANCE WITH SUCH LAWS. EACH PARTY HERETO HEREBY SUBMITS TO THE NON-EXCLUSIVE
JURISDICTION OF THE UNITED STATES DISTRICT COURT FOR THE SOUTHERN DISTRICT OF NEW YORK AND OF ANY
NEW YORK STATE COURT SITTING IN THE BOROUGH OF MANHATTAN IN NEW YORK CITY FOR PURPOSES OF ALL LEGAL
PROCEEDINGS ARISING OUT OF OR RELATING TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY.
EACH PARTY HERETO IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY LAW, ANY OBJECTION WHICH
IT MAY NOW OR HEREAFTER HAVE TO THE LAYING OF THE VENUE OF ANY SUCH PROCEEDING BROUGHT IN SUCH A
COURT AND ANY CLAIM THAT ANY SUCH PROCEEDING BROUGHT IN SUCH A COURT HAS BEEN BROUGHT IN AN
INCONVENIENT FORUM. EACH PARTY HERETO HEREBY CONSENTS TO PROCESS BEING SERVED IN ANY SUIT, ACTION
OR PROCEEDING WITH RESPECT TO THIS AGREEMENT, OR ANY DOCUMENT DELIVERED PURSUANT HERETO BY THE
MAILING OF A COPY THEREOF BY REGISTERED OR CERTIFIED MAIL, POSTAGE PREPAID, RETURN RECEIPT
REQUESTED, TO ITS RESPECTIVE ADDRESS SPECIFIED AT THE TIME FOR NOTICES UNDER THIS AGREEMENT OR TO
ANY OTHER ADDRESS OF WHICH IT SHALL HAVE GIVEN WRITTEN NOTICE TO THE OTHER PARTIES. THE FOREGOING
SHALL NOT LIMIT THE ABILITY OF ANY PARTY HERETO TO BRING SUIT IN THE COURTS OF ANY JURISDICTION.

(k) Execution, Benefit of Agreement. This Agreement may be executed in two or more
counterparts, each of which shall be deemed an original, but all of which together shall constitute
one and the same agreement. This Agreement shall inure to the benefit of and be binding upon the
Custodian, the Sellers, the Servicer and the Issuer and their respective successors and permitted
assigns; provided, however, that, except for the assignment set forth in Section 19 herein,
the rights of the Issuer, the Sellers, the Servicer and the Collateral Agent to indemnity from the
Custodian pursuant to Section 16 hereof, and the right of the Custodian to indemnity from
the Sellers and the Servicer pursuant to Section 17 hereof, are not assignable and shall
inure only to the benefit of the Issuer, the Sellers, the Servicer, the Collateral Agent and the
Custodian, as applicable, and to no other Person.

Section 21. Non-Petition Agreement. Notwithstanding any prior termination of this
Agreement, each of the Sellers, the Servicer, the Collateral Agent and the Custodian severally and
not jointly covenants and agrees that it shall not, prior to the date which is one year and one day
(or if longer, the applicable preference period then in effect) after the payment in full of the
latest maturing Note, acquiesce, petition or otherwise, directly or indirectly, invoke or cause the
Issuer to invoke the process of any governmental authority for the purpose of commencing or
sustaining a case against the Issuer under any federal or state bankruptcy, insolvency or similar
law or appointing a receiver, liquidator, assignee, trustee, custodian, sequestrator or other
similar official of the Issuer or any substantial part of its property or ordering the winding up
or liquidation of the affairs of the Issuer. This Section 21 shall survive the termination
of this Agreement.

Section 22. Limited Recourse. The Custodian agrees that the obligations of the Issuer
under this Agreement are limited recourse obligations of the Issuer payable solely from the assets
of the Issuer available for such purposes under the Security Agreement and that, upon application
of all assets of the Issuer available under the Security Agreement for such purposes, the Custodian
shall have no recourse to the Issuer for any obligations of the Issuer to the Custodian to the
extent that such application does not provide for full satisfaction and payment of such obligation.
In any event, no such obligation of the Issuer to the Custodian under this Agreement shall be a
claim under Section 101 of the Bankruptcy Code. This Section 22 shall survive the
termination of this Agreement.

Section 23. Third Party Beneficiary. The parties hereto agree that each Swap
Counterparty shall be an express third party beneficiary of this Agreement, and entitled to enforce
any rights granted to it hereunder as if it were a party hereto.

Section 24. No Recourse To Owner Trustee. It is expressly understood and agreed by
the parties hereto that (a) this Agreement is executed and delivered by Christiana Bank & Trust
Company, not individually or personally but solely as Owner Trustee of the Issuer, in the exercise
of the powers and authority conferred and vested in it as trustee, (b) each of the representations,
undertakings and agreements herein made on the part of the Issuer is made and intended not as a
personal representation, undertaking and agreement by Christiana Bank & 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 Christiana Bank & Trust Company, individually or personally,
to perform any covenant either expressed or implied contained herein, all such liability, if any,
being expressly waived by the parties hereto and by any Person claiming by, through or under the
parties hereto and (d) under no circumstances shall Christiana Bank & Trust Company be personally
liable for the payment of any indebtedness or expenses of the Issuer or be liable for the breach or
failure of any obligation, representation, warranty or covenant made or undertaken by the Issuer
under this Agreement or any other related documents.

1

IN WITNESS WHEREOF, the Issuer, the Sellers, the Servicer, the Collateral Agent and the
Custodian have caused their names to be signed hereto by their respective officers thereunto duly
authorized, all as of the date first above written.

ST. ANDREW FUNDING TRUST, as Issuer

By: CHRISTIANA BANK & TRUST COMPANY, not in its individual capacity, but solely as Owner Trustee

By: /s/ James M. Young 

Name: James M. Young

Title: Vice President

2

HOME123 CORPORATION,

as Seller

By: /s/ Warren Licata 

Name: Warren Licata

Title: SVP, Secondary Marketing

3

NEW CENTURY MORTGAGE CORPORATION,

as Seller and as Servicer

By: /s/ Warren Licata 

Name: Warren Licata

Title: Senior Vice President

4

DEUTSCHE BANK TRUST NATIONAL COMPANY, as Custodian

By: /s/ Andrew Hays

Name: Andrew Hays

Title: Associate

By: /s/ Tautomu Yoshida

Name: Andrew Hays

Title: Assistant Vice President

DEUTSCHE BANK TRUST COMPANY AMERICAS, as Collateral Agent

By: /s/ Eileen M. Hughes

Name: Eileen M. Hughes

Title: Vice President

By: /s/ James P. Bowden

Name: James P. Bowden

Title: Associate

5

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