Document:

EX-10.17

 

Exhibit 10.17

CONSENT AND AMENDMENT NO. 2

dated as of September 14, 2006

          Reference is made to the Second Lien Senior Secured Credit Agreement dated as of December 30,
2005 (as amended, amended and restated, supplemented or otherwise modified from time to time,
including by Consent and Amendment No. 1 dated May 19,
2006, the “Credit Agreement”; the terms
defined therein, unless otherwise defined herein, being used herein as therein defined) among
TRIPLE CROWN MEDIA, LLC, as borrower (the “Borrower”), TRIPLE CROWN MEDIA, INC., as parent and a
guarantor (the “Parent”), the subsidiary guarantors named therein, the several banks and other
financial institutions or entities from time to time party thereto, as lenders (the “Lenders”),
WACHOVIA BANK, NATIONAL ASSOCIATION, as Administrative Agent (in such capacity, the “Administrative
Agent”), WACHOVIA CAPITAL MARKETS, LLC and BANC OF AMERICA SECURITIES LLC, as Joint Bookrunners and
Joint Lead Arrangers, and BANK OF AMERICA, N.A., as Syndication Agent.

PRELIMINARY STATEMENTS:

          The Borrower, the Parent and the Required Lenders have agreed to amend and otherwise modify
the Credit Agreement, all on and subject to the terms of this Consent and Amendment No. 2.

          NOW, THEREFORE, it is hereby agreed, subject to the terms and conditions stated below,
effective as of the Amendment No. 2 Effective Date (as defined below) as follows:

          SECTION 1. Consents. (a) The Lenders hereby agree, and are deemed to consent, to the
amendments to the First Lien Facilities, as set forth on Annex I hereto as set forth therein.

          (b) The Lenders hereby consent to the acquisition of the Acquired Business (as defined in
Section 2 below) pursuant to the Acquired Business Purchase Agreement (as defined in Section 2
below) by the Parent, provided that (i) all of the requirements set forth in Section
5.02(f)(vii) applicable to an acquisition by the Borrower shall be complied with by the Parent with
respect to the acquisition of the Acquired Business, except that (A) total cash and noncash
consideration not to exceed $6,500,000 may be paid therefor on the Acquired Business Acquisition
Date (as defined in Section 2 below) (subject to working capital adjustments in accordance with the
Acquired Business Purchase Agreement) and future cash payments not exceeding in the aggregate 10%
of the net operating income of the Acquired Business may be paid as required pursuant to the
Acquired Business Purchase Agreement, (B) the line of business of the Acquired Business may be a
collegiate sports marketing business and (C) the Parent may provide the certificate required
pursuant to Section 5.02(f)(vii)(F) up to three Business Days prior to the Acquired Business
Acquisition Date, (ii) the Parent and the Borrower shall not enter into or permit any amendment
which would increase the consideration payable by the Parent or any other material amendment or
other material modification or supplement to the Acquired Business Acquisition Agreement without
the prior written consent of the Required Lenders, (iii) the acquisition of the Acquired Business
shall have been consummated in accordance with the material terms of the Acquired Business Purchase
Agreement and the Parent shall not have waived or modified any material condition to the closing of
the transactions contemplated by the Acquired Business Purchase Agreement, (iv) upon consummation
of the closing of the transactions contemplated by the Acquired Business Purchase Agreement, (A)
the Acquired Business shall have no Debt and (B) there shall be no Liens on any assets or
properties of the Acquired Business, other than Liens expressly permitted by the Loan Documents but
which are not Liens of the kind described in clause (k) of the definition of Permitted Liens unless
separately expressly permitted by another provision of the Loan Documents, and (v) after the
Acquired

 

 

2

Business Acquisition Date and upon a request made by the Administrative Agent, the Parent and
the Borrower shall cause all of the Equity Interests of the Acquired Business to be transferred
from the Parent to the Borrower pursuant to documentation reasonably acceptable to the
Administrative Agent provided, that such transfer shall not violate the terms or require any
consent under any material agreement to which the Acquired Business is a party as of the date
hereof.

          SECTION 2. Amendments to Credit Agreement. (a) Section 1.01 of the Credit Agreement
is hereby amended, for the period from and after the Amendment No. 2 Effective Date, by deleting
the definition of “Applicable Margin” in its entirety and substituting, in lieu thereof, the
following:

“‘Applicable Margin’ means (a) 8.50% per annum for Base Rate Advances and 9.50% per annum
for Eurodollar Rate Advances at all times when the ratings assigned by S&P and Moody’s to
the obligations of the Borrower under the Loan Documents are at least CCC+ and B3,
respectively, and (b) 9.00% per annum for Base Rate Advances and 10.00% per annum for
Eurodollar Rate Advances at all times when the ratings assigned by S&P or Moody’s to the
obligations of the Borrower under the Loan Documents are less than or equal to CCC or Caa,
respectively or if such obligations are unrated by either S&P or Moody’s.”

          (b) Section 1.01 of the Credit Agreement is hereby further amended by adding in alphabetical
order the following defined terms and the corresponding definitions thereof:

     “‘Acquired
Business’ means Pinnacle Sports Productions, LLC, a limited liability
company organized under the laws of the State of Nebraska.”

     “‘Acquired
Business Acquisition Date’ means the “Closing Date” as defined in the
Acquired Business Purchase Agreement.”

     “‘Acquired
Business Purchase Agreement’ means, collectively, (a) that certain Purchase
Agreement dated August 29, 2006, between Parent and Paul R. Aaron and (b) that certain
Purchase Agreement dated August 29, 2006, between Parent and Dale M. Jensen.”

          (c) Section 1.01 of the Credit Agreement is hereby further amended by deleting the text of
clause (y) of the definition of “Capital Expenditures” appearing therein in its entirety and
substituting, in lieu thereof, the following: “the capitalized portion of the purchase price
payable in connection with the acquisition of the Acquired Business or any Permitted Acquisition
shall not be included in Capital Expenditures.”

          (d) The definition of “EBITDA” contained in Section 1.01 of the Credit Agreement is hereby
amended by (i) deleting the word “and” immediately before clause (xi) thereof and substituting, in
lieu thereof, “ , ” and (ii) adding, immediately following the words “on or after the Closing Date”
in clause (xi) thereof, the following: “, (xii) certain non-recurring expenses in amounts and for
the periods as set forth on Schedule 1.1(a), (xiii) certain pro forma adjustments for the Acquired
Business in amounts and for the periods as set forth on Schedule 1.1(b), and (xiv) non-recurring
severance costs in an amount not to exceed $500,000”.

          (e) Section 1.01 of the Credit Agreement is hereby amended by deleting the text of clause (e)
of the definition of “Excluded Equity Issuances” appearing therein in its entirety and
substituting, in lieu thereof, the following: “any Equity Interest of the Parent issued in
accordance with the terms of the Acquired Business Purchase Agreement or in connection with a
Permitted Acquisition that is otherwise permitted hereunder.”

 

3

          (f) Section 5.02(c) of the Credit Agreement is hereby amended by deleting the text thereof in
its entirety and substituting, in lieu thereof, the following:

“Make, or permit any of its Subsidiaries to make, any material change in the nature of its
business as carried on as of the Acquired Business Acquisition Date, provided that, in any
event, the Parent shall not engage in any business other than to own the Equity Interests of
the Borrower and, subject to the requirements of Consent and Amendment No. 2 to this
Agreement, of the Acquired Business.”

          (g) Section 5.02(q) of the Credit Agreement is hereby amended by deleting the text thereof in
its entirety and substituting, in lieu thereof, the following:

“Enter, or permit any of its Subsidiaries to enter, into any arrangement for the payment of,
or pay, brokers, management, advisory or similar fees, other than any such fees (i) to be
paid in an aggregate amount not to exceed $250,000 per annum pursuant to the terms of the
consulting agreements to be entered into in accordance with the terms of the Acquired
Business Purchase Agreement or (ii) incurred in the ordinary course of business or in
connection with a Permitted Acquisition, but in the case of this clause (ii), not in any
case to exceed $500,000 for the term of this Agreement.”

          (h) Section 5.04 of the Credit Agreement is hereby amended, for the period from and after the
Amendment No. 2 Effective Date, by deleting the chart appearing therein in its entirety and
substituting, in lieu thereof, the following chart, so that from and after the Amendment No. 2
Effective Date, such chart shall read in its entirety as follows:

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Fiscal Quarter	 	March 31	 	 	June 30	 	 	September 30	 	 	December 31	 
	2006
	 	 	7.00 : 1.00	 	 	 	7.00 : 1.00	 	 	 	6.75 : 1.00	 	 	 	6.75 : 1.00	 
	2007
	 	 	6.75 : 1.00	 	 	 	6.75 : 1.00	 	 	 	6.25 : 1.00	 	 	 	6.25 : 1.00	 
	2008
	 	 	6.25 : 1.00	 	 	 	5.75 : 1.00	 	 	 	5.25 : 1.00	 	 	 	5.25 : 1.00	 
	2009
	 	 	5.25 : 1.00	 	 	 	4.50 : 1.00	 	 	 	4.50 : 1.00	 	 	 	4.50 : 1.00	 
	2010
	 	 	4.50 : 1.00	 	 	 	4.50 : 1.00	 	 	 	4.50 : 1.00	 	 	 	4.50 : 1.00	 

          (i) Concurrently with the satisfaction of the requirements of Section 5.01(i) of the Credit
Agreement, Schedule II of the Credit Agreement is hereby amended to include the Acquired Business.

          (j) Schedule 4.01(b) of the Credit Agreement is hereby amended, for the period from and after
the Acquired Business Acquisition Date, by appending to such schedule an entry as follows:

	 	 	 	 	 	 	 
	Pinnacle Sports Productions, LLC

	 	Nebraska
	 	None
	 	47-0796437

          (k) Schedule 4.01(c) of the Credit Agreement is hereby amended, for the period from and after
the Acquired Business Acquisition Date, by appending to such schedule an entry as follows:

 

4

	 	 	 	 	 	 	 	 	 	 	 
	Pinnacle Sports 

Productions, LLC

	 	Nebraska
	 	Limited liability

company interests
	 	All
	 	100% owned by
Triple Crown Media,
Inc.
	 	None.

          (l) Schedule 4.01(z)(1) of the Credit Agreement is hereby amended, for the period from and
after the Acquired Business Acquisition Date, by appending to such schedule two entries as follows:

	 	 	 	 	 	 	 	 	 	 	 	 	 
	Village Square 

Investments, LLC

	 	Pinnacle Sports

Productions, LLC
	 	921 Village Square

Gretna, NE 68028
	 	Sarpy
	 	July 31, 2011
	 	$	124,200	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	Village Square 

Investments, LLC

	 	Pinnacle Sports

Productions, LLC
	 	Storage Unit “J”
20136 T Gate Dancer
Street
Elkhorn, NE 68022
	 	Douglas
	 	—
	 	$	8,250	 

          (m) Schedule 4.01(bb) of the Credit Agreement is hereby amended, for the period from and after
the Acquired Business Acquisition Date, by appending to the table in Section I of such schedule an
entry as follows:

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	29.

	 	Pinnacle Sports

Productions, LLC
	 	Pinnacle Sports

Productions
	 	02/02/99
	 	Registered
	 	US
	 	 	75258122	 

          (n) Schedule 4.01(bb) of the Credit Agreement is hereby further amended by appending to the
table in Section II of such schedule three entries as follows:

	 	 	 
	Pinnacle Sports Productions, LLC

	 	PinnacleSportsNetwork.org
	Pinnacle Sports Productions, LLC

	 	PinnacleSportsNetwork.com
	Pinnacle Sports Productions, LLC

	 	PinnacleSportsNetwork.net

          (o) Schedule 4.01(cc) of the Credit Agreement is hereby amended, for the period from and after
the Acquired Business Acquisition Date, by appending to the list a heading for the Acquired
Business with an entry below such heading as follows:

“Exclusive License Agreement of Certain Media Rights, Including Live Radio Broadcast Rights
dated as of August 9, 2003 by and between the Board of Regents of the University of Nebraska
and Pinnacle Sports Productions, L.L.C.”

 

5

          (p) The Credit Agreement is hereby amended by adding as Schedules 1.1(a) and 1.1(b) thereto
Schedules I and II, respectively, attached to this Consent and Amendment No. 2.

          SECTION 3. Reference to and Effect on the Loan Documents. (a) On and after the
effectiveness of this Consent and Amendment No. 2, each reference in the Credit Agreement to “this
Agreement”, “hereunder”, “hereof” or words of like import referring to the Credit Agreement, and
each reference in the Credit Agreement, the Notes and each of the other Loan Documents to “the
Credit Agreement”, “thereunder”, “thereof” or words of like import referring to the Credit
Agreement, shall mean and be a reference to the Credit Agreement, as amended by this Consent and
Amendment No. 2. This Consent and Amendment No. 2 constitutes a “Loan Document” as defined in the
Credit Agreement.

          (b) The Credit Agreement, the Notes and each of the other Loan Documents, as specifically
amended by this Consent and Amendment No. 2, are and shall continue to be in full force and effect
and are hereby in all respects ratified and confirmed.

          (c) The execution, delivery and effectiveness of this Consent and Amendment No. 2 shall not,
except as expressly provided herein, operate as a waiver of any right, power or remedy of any
“Lender” or the “Administrative Agent” under any of the Loan Documents, nor constitute a waiver of
any provision of any of the Loan Documents.

          SECTION 4. Conditions to Effectiveness. This Consent and Amendment No. 2 shall become
effective as of the date first above written when, and only when, the following conditions have
been satisfied (the “Amendment No. 2 Effective Date”):

          (a) Execution of Counterparts. The Administrative Agent shall have received (i)
counterparts of this Consent and Amendment No. 2 executed by the Borrower, the Parent and the
Required Lenders or, as to any of the Lenders, evidence satisfactory to the Administrative Agent
that such Lender has executed this Consent and Amendment No. 2, and (ii) the guarantor and grantor
consent attached hereto as Annex II (the “Consent”) executed by each Guarantor.

          (b) Payment of Fees and Expenses. The Borrower shall have paid (i) all out-of-pocket
expenses incurred by the Agents, including the reasonable fees, charges and disbursements of
Shearman & Sterling LLP as counsel for the Agents, in connection with this Consent and Amendment
No. 2 and for all services related to the Credit Agreement since the last invoice date with respect
thereto; (ii) for the benefit of each Lender executing this Consent and Amendment No. 2 on or
before 5:00 P.M. Eastern time on September 14, 2006, a fee equal to 0.25% of the total Commitments
of each such Lender; and (iii) any other fees payable to the Agents as agreed between the Agents
and the Borrower.

          SECTION 5. Representations and Warranties. The Borrower and Parent represent and
warrant as follows:

          (a) The representations and warranties contained in each Loan Document are true and correct in
all material respects on and as of the date of such certificate as though made on and as of such
date other than any such representations or warranties that, by their express terms, refer to a
specific date other than the date of such certificate; and

          (b) As of the date hereof, no Default has occurred and is continuing.

 

6

          SECTION 6. Governing Law. This Consent and Amendment No. 2 shall be governed by, and
construed in accordance with, the laws of the State of New York.

          SECTION 7. Execution in Counterparts. This Consent and Amendment No. 2 may be
executed in any number of counterparts and by different parties hereto in separate counterparts,
each of which when so executed shall be deemed to be an original and all of which taken together
shall constitute one and the same agreement. Delivery of an executed counterpart of this Consent
and Amendment No. 2 by telecopier or in PDF format via electronic mail shall be effective as
delivery of an original executed counterpart of this Consent and Consent and Amendment No. 2.

          SECTION 8. WAIVER OF JURY TRIAL. EACH OF THE PARTIES HERETO IRREVOCABLY WAIVES ALL
RIGHT TO TRIAL BY JURY IN ANY ACTION, PROCEEDING OR COUNTERCLAIM (WHETHER BASED ON CONTRACT, TORT
OR OTHERWISE) ARISING OUT OF OR RELATING TO THIS CONSENT AND AMENDMENT NO. 2 OR ANY OF THE LOAN
DOCUMENTS OR THE ACTIONS OF ANY AGENT OR ANY LENDER PARTY IN THE NEGOTIATION, ADMINISTRATION,
PERFORMANCE OR ENFORCEMENT THEREOF.

[signature pages follow]

 

 

IN WITNESS WHEREOF, the parties hereto have caused this Consent and Amendment No. 2 to be executed
by their officers thereunto duly authorized as of the date specified thereon.

	 	 	 	 	 
	 	TRIPLE CROWN MEDIA, LLC, as Borrower

 	 
	 	By  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 
	 	TRIPLE CROWN MEDIA, INC., as Parent and a Guarantor

 	 
	 	By  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 

 

 

	 	 	 	 	 

	 	 	 	 	 
	 	WACHOVIA BANK, NATIONAL ASSOCIATION,

as Administrative Agent and Lender

 	 
	 	By  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 

 

 

	 	 	 	 	 

	 	 	 	 	 
	 	Required Lenders

Agreed as of the date first above written:

                                        , as a Lender

(Please print or type legal name)

 	 
	 	By  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 

 

 

	 	 	 	 	 

Annex I

Form of Amendments to First Lien Term Loan Facility

 

 

Annex II

GUARANTOR CONSENT

          CONSENT, dated as of September 14, 2006 (this “Consent”), to the foregoing Consent and
Amendment No. 2 dated as of the date hereof (the “Amendment”) to the Second Lien Senior Secured
Credit Agreement dated as of December 30, 2005 (as amended, amended and restated, supplemented or
otherwise modified from time to time, including by Consent and Amendment No. 1 dated May 19, 2006,
the “Credit Agreement”; the terms defined therein, unless otherwise defined herein, being used
herein as therein defined) among TRIPLE CROWN MEDIA, LLC, as borrower (the “Borrower”), TRIPLE
CROWN MEDIA, INC. as parent and a guarantor, the several banks and other financial institutions or
entities from time to time party thereto, as lenders (the “Lenders”), WACHOVIA BANK, NATIONAL
ASSOCIATION, as Administrative Agent, WACHOVIA CAPITAL MARKETS, LLC and BANC OF AMERICA SECURITIES
LLC, as Joint Bookrunners and Joint Lead Arrangers, and BANK OF AMERICA, N.A., as Syndication
Agent.

          Each of the undersigned, as a Guarantor under the Credit Agreement, and as a Grantor under the
Security Agreement, hereby consents to the foregoing Amendment and hereby confirms and agrees that
notwithstanding the effectiveness of such Amendment, the Credit Agreement, the Guaranties, the
Security Agreement and each Loan Document are, and shall continue to be, in full force and effect
and each is hereby ratified and confirmed in all respects, except that, on and after the
effectiveness of such Amendment, each reference in each Loan Document to the “Credit Agreement”,
“thereunder”, “thereof” or words of like import shall mean and be a reference to the Credit
Agreement, as amended by such Amendment.

[signature pages follow]

 

 

	 	 	 	 	 
	 	TRIPLE CROWN MEDIA, INC., as the Parent and a

Guarantor

 	 
	 	By  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 
	 	BR ACQUISITION CORP.,

as a Guarantor

 	 
	 	By  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 
	 	BR HOLDING, INC.,

as a Guarantor

 	 
	 	By  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 

 

 

	 	 	 	 	 

	 	 	 	 	 
	 	DATASOUTH COMPUTER CORPORATION,

as a Guarantor

 	 
	 	By  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 
	 	GRAYLINK, LLC,

as a Guarantor

 	 
	 	By  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 
	 	GRAY PUBLISHING, LLC,

as a Guarantor

 	 
	 	By  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 
	 	HOST COMMUNICATIONS, INC.,

as a Guarantor

 	 
	 	By  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 
	 	PORTA-PHONE PAGING LICENSEE CORP.,

as a Guarantor

 	 
	 	By  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 

 

 

	 	 	 	 	 

	 	 	 	 	 
	 	HOOP-IT-UP INTERNATIONAL, INC.,

as a Guarantor

 	 
	 	By  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 
	 	CAPITAL SPORTS PROPERTIES, INC.,

as a Guarantor

 	 
	 	By  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 

 

 

	 	 	 	 	 

Schedule I to Consent and Amendment No. 2

Schedule 1.1(a) to Credit Agreement

Certain Non-Recurring Expenses

	 	 	 	 	 
	For the Period Ending	 	Amount (in $1,000s)
	September 30, 2006

	 	$	1,864	 
	December 31, 2006

	 	$	1,398	 
	March 31, 2007

	 	$	932	 
	June 30, 2007

	 	$	466	 

 

 

Schedule II to Consent and Amendment No. 2

Schedule 1.1(b) to Credit Agreement

ProForma Adjustments for the Acquired Business

	 	 	 	 	 
	For the Period Ending	 	Amount (in $1,000s)
	June 30, 2006

	 	$	458	 
	September 30, 2006

	 	$	434	 
	December 31, 2006

	 	$	82	 
	March 31, 2007

	 	$	0EX-10.1 MORTGAGE LOAN SUBSERVICING AGREEMENT

 

Exhibit 10.1

MORTGAGE LOAN SUBSERVICING AGREEMENT

This SUBSERVICING AGREEMENT ( this “SA”) is made as of September 25th, 2006 between:

ebank MORTGAGE, LLC, a Georgia limited liability company (“Lender”) and a subsidiary of ebank, a
federally chartered thrift, whose address is 2401 Lake Park Drive, Suite 200, Smyrna, Georgia; and

SUNSHINE MORTGAGE CORPORATION, a Georgia corporation (“Subservicer”), whose address is 2401 Lake
Park Drive, Suite 300, Smyrna, Georgia

Recitals:

A. Subservicer is in the business of originating, servicing and subservicing real estate mortgage
loans.

B. Lender is an affiliate of Subservicer.

C. Subservicer has the capacity to subservice for Lender the residential mortgage loans currently
in Lender’s closed loan portfolio (which, together with any mortgage loans hereafter added with
Parties’ consent, are collectively the “Mortgage Loans”). Lender is or will be either (1) the
owner of the Mortgage Loans or (2) the owner of the Servicing Rights to the Mortgage Loans. For
reference in succeeding paragraphs of this SA, any mortgage loans for which Lender is the owner
loan or for which Lender may acquire ownership of the servicing rights in the future, are referred
to as “subservicing” or simply as Mortgage Loans.

D. Lender desires that Subservicer subservice the Mortgage Loans and Subservicer is in agreement to
do so, on the terms and conditions hereinafter provided.

NOW THEREFORE, in consideration of the covenants and agreements contained in this SA, the Parties
agree as follows:

ARTICLES — DEFINTIONS

1.1 For purposes of this SA, each of the following terms shall have the meaning(s)
specified:

          “Account Maintenance Fee” is defined in Section I.B(2) of Schedule II.

          “Advances” is defined in Section 3.5.

          “Agencies” mean Freddie Mac, Fannie Mae and Ginnie Mae, each an “Agency”.

          “Ancillary Income” means all fees, administrative fees and other income collected by
Subservicer with respect to the Mortgage Loans, either directly from Mortgagors or from others,
including without limitation, Optional Insurance premiums, late charges, insufficient funds check
charges, assumption fees, release of liability fees, partial release fees, deed release and
satisfaction fees

 

 

and any other incidental fees permissible under Applicable Requirements, but does not include
(1) servicing fees paid by an Investor to Lender pursuant to a contractual agreement under which
Lender is obligated to service any of the Mortgage Loans for such investor; (ii) reimbursement of
Advances or certain expenses as herein provided; (iii) the fees and charges described in Sections
I.A, I.B, I.D, I.E, I.F, I.G, I.H, I.I, I.J, I,K, I.L, and I.M., Part II and Part III of Schedule
II; (iv) collections of T&I and P&I payments from Mortgagors; (v) Loss Mitigation Fees; (vi)
origination fees and points even if (for Lender’s convenience) reported by Subservicer to the IRS
(vii) prepayment penalties, which shall be retained by Lender; nor (viii) pay-by-phone fees, which
shall be retained by Subservicer and for which Subservicer shall pay all associated vendor charges.

          “Applicable Requirements” means and includes, as of the time of reference, all of the
following: (i) all Mortgage Loan-related contractual obligations of any Prior Servicer, of Lender
and of Subservicer, contained in the mortgage loan documents for which Lender or Subservicer or any
prior Subservicer was at any time responsible; (ii) all applicable Mortgage Loan-related federal,
state and local legal and regulatory requirements (including statutes, rules, regulations and
ordinances) binding upon Lender or Subservicer or Prior Subservicer; (iii) all other applicable
Mortgage Loan-related requirements and guidelines of (1) each governmental agency, board,
commission, instrumentality or other governmental body or officer having jurisdiction (including
without limitation those of FHA, Freddie Mac, Fannie Mae, Ginnie Mae, HUD, USDA/RHS, and VA and
their respective Guides) and (2) any applicable PMI companies, including without limitation their
respective Guides; and (iv) all other applicable judicial and administrative judgments, orders,
stipulations, awards, writs and injunctions.

          “ARM” means an adjustable rate Mortgage Loan that allows the holder of the promissory
note secured thereby to periodically adjust the interest rate based on movement in a specified
index in accordance with the schedule set forth in said promissory note.

     “Balloon” refers to a Mortgage Loan the principal of which will not fully amortize
before the scheduled maturity of the Mortgage Loan.

     “Business Day” means any day other than (i) a Saturday or Sunday, or (ii) a day on
which insured depository institutions in Georgia are authorized or obligated by law to be closed.

     “Confidential Information” means, but is not limited to, any items (irrespective of
the media used) marked by the disclosing Party as confidential, any items identified by the
disclosing Party which qualify as a trade secret pursuant to state law, technical and business
information relating to the disclosing Party’s customers, products, research and development,
production, manufacturing and engineering processes, computer software, costs, finances, marketing,
production, future business plans, subcontractors, the Mortgagors or obligors under any Mortgage
Loan, and Lender’s mortgage loan products, whether delivered prior to, contemporaneously with or
after the execution of this SA. The term “Confidential Information” shall not include information
which : (i) was already known to the receiving Party prior to the time it is disclosed to the
receiving Party; (ii) is in or has entered the public domain through no breach of this SA or other
wrongful act of the receiving Party; (iii) has been rightfully received from a third party without
breach of this SA; (iv) has been approved for release by written authorization of the disclosing
Party; or (v) is required to be disclosed to regulators pursuant to the final binding order of a
governmental agency or court of competent jurisdiction or as otherwise

2

 

required by law, provided that the disclosing Party has been given reasonable notice thereof
and the opportunity to contest same if desired.

     “Cut-Off Date” means the last day of an Investor accounting cycle or reporting cycle,
as the context indicates.

     “Escrow Accounts” means all funds and accounts at the time of reference held under the
related Mortgage Loans by or for Lender on behalf of the Mortgagors, Investors or others, including
but not limited to: (i) Mortgage Loan trust funds and impound accounts maintained or controlled by
or for Lender for the purpose of paying, when due, Mortgage Loan-related real estate taxes, special
assessments and/or ground rents, hazard insurance premiums, and mortgage insurance premiums; (ii)
P&I collections (including payoff funds) not yet remitted to the appropriate Investors; (iii)
undisbursed loss draft proceeds arising as a result of insured losses to Mortgage Loan collateral,
buydown funds and other unapplied funds; and (iv) all other Mortgage Loan funds held by or for
Lender in connection with the Mortgage Loans which do not constitute Lender’s corporate funds.

     “Exit Fee” is defined in Part II of Schedule II.

     “Exit Related Charges” is defined in Part II of Schedule II.

     “FDIC” means the Federal Deposit Insurance Corporation and any successor.

     “FHA” means the Federal Housing Administration within HUD and any successor.

     “FHLMC” or “Freddie Mac” means the Federal Home Loan Mortgage Corporation and
any successor.

     “Fidelity” means Fidelity Information Services, Inc, the computer service bureau that
provides Subservicer’s Fidelity System.

     “Fidelity System” means Subservicer’s automated mortgage loan servicing system.

     “FNMA” or “Fannie Mae” means the Federal National Mortgage Association and any
successor.

     “GNMA” or “Ginnie Mae” means the Government National Mortgage Association and
any successor.

     “Guides” means, as of the time of reference, all Mortgage Loan-related published
guidance of FHA, Freddie Mac, Fannie Mae, Ginnie Mae, HUD, USDA/RHS, VA and any PMI companies,
including without limitation mortgagee letters, announcements, circulars, handbooks and manuals
which establish requirements or procedures applicable to the origination, administration,
assignment, pooling, servicing or subservicing of the Mortgage Loans or claims against any identity
previously named herein.

     “Hazard Insurance” means all policies of property insurance insuring against loss or
damage to any Mortgaged Premises by fire and other perils, including without limitation all
endorsements and

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riders thereto, and including so-called fire and extended-coverage insurance policies,
homeowner’s insurance policies, flood insurance policies and windstorm insurance policies.

     “HUD” means the U.S. Department of Housing and Urban Development and any successor.

     “Investor” means, as of the time of reference: (i) Lender, with respect to portfolio
Mortgage Loans owned by Lender and subserviced by Subservicer hereunder; (ii) Fannie Mae with
respect to Mortgage Loans owned or securitized by Fannie Mae; (iii) Freddie Mac with respect to
Mortgage Loans owned or securitized by Freddie Mac; (iv) with respect to Mortgage Loans
collateralizing securities guarantee by Ginnie Mae, either the Party having Issuer responsibility
or the holders of related Ginnie Mae-guaranteed certificates or Ginnie Mae, as the context shall
indicate; and (v) each owner and holder of Mortgage Loans subserviced by Subservicer for Lender
hereunder, other than any owner and holder referred to in the clauses (i), (ii), (iii), or (iv).

     “IRC” means the Internal Revenue Code of 1986, as amended, and the Treasury
Regulations promulgated thereunder.

     “IRS” means the Internal Revenue Service or any successor.

     “Lender” means the Party identified as such at the top of Page 1 of this SA.

     “Loss Mitigation Fees” are the fees and expenses for loss mitigation activities.

     “MBSO” is defined in Section 2.9.2.

     “MERS” means the Mortgage Electronic Registration System and Mortgage Electronic
Registration, Inc., or any successor, collectively or singly, as the context requires.

     “MERS Mortgage Loan” means any Mortgage Loan registered with MERS, whether at or after
the transfer date of such Mortgage Loan.

     “Mortgage”, “Mortgages”, and “Mortgage Loans” means the fixed-rate or
adjustable mortgage loans and the fixed-rate or adjustable mortgages, security deeds, trust deeds,
deeds of trust and other documents securing those loans which comprise the residential mortgage
loans being transferred, together with any such loans hereafter subserviced hereunder by mutual
agreement of Lender and Subservicer.

     “Mortgaged Premises” means the real estate encumbered by a Mortgage to secure a
Mortgage Loan.

     “Mortgagor” means the one or more mortgagors, trustors of trust deeds and deeds of
trust, the grantors of any Mortgage securing a Mortgage Loan and the owners of the Mortgaged
Premises at the time of reference.

     “NCUA” means the National Credit Union Administration and any successor.

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     “Optional Insurance” means mortgage/credit life insurance, accidental death
insurance, disability insurance, unemployment insurance or any similar optional insurance covering
a Mortgagor for which premiums are collected by the Subservicer.

     “Original Subservicing” means, as the context shall indicate, (i) the Mortgage Loans
existing in the Lender’s portfolio as of the date of the execution of this SA or (ii) the
subservicing of those Mortgage Loans as of the date of execution of this SA.

     “Parties” means Lender and Subservicer referred to in this SA, each a “Party”.

     “Person” means a human individual, partnership (limited or general), corporation,
limited liability company, joint venture, joint stock company, association, unincorporated
organization, government or agency or political subdivision thereof, or other entity.

     “P&I” means principal and interest.

     “PMI” means private mortgage insurance.

     “PMI Companies” means the insurance companies that have issued or will issue PMI
policies insuring any of the Mortgage Loans.

     “Prime Rate” means the fluctuating prime rate established each Business Day under the
“MONEY RATES” column in The Wall Street Journal.

     “Prior Servicers” means, individually or collectively, all individuals and entities
that at any time originated, serviced or subserviced any of the Mortgage Loans.

     “Recon Firm” is defined in Section 2.5(d)(2).

     “REO” means real estate owned, i.e. real property for which the title was acquired by
an Investor or by Lender through foreclosure of a Mortgage or acceptance of a deed in lieu of
foreclosure.

     “Servicing Rights” means the rights and responsibilities with respect to servicing and
subservicing the Mortgage Loans and the associated Escrow Accounts and Mortgage Loan Files.

     “Subservicer” means the Party identified as such at the top of Page 1.

     “T&I” means taxes and insurance.

     “Term” is defined in Section 5.1.

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     “Transfer Date” means, for each Mortgage Loan, the date of delivery of the
subservicing of such Mortgage Loan to Subservicer for subservicing hereunder.

     “UCC” means the Uniform Commercial Code.

     “USDA/RHA” means the U.S. Department of Agriculture Rural Housing Service and any
successor.

     “VA” means U.S. Department of Veterans Affairs and any successor.

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ARTICLE II – MUTUAL AGREEMENTS

2.1 In General

     (a) The foregoing Recitals are incorporated herein and made a part hereof as though restated
in their entirety. Subservicer hereby agrees to subservice the Mortgage Loans pursuant and subject
to the terms of this SA. Subservicer acknowledges and agrees that its provision of services
hereunder will be subject to Office of Thrift Supervision (“OTS”) oversight, review and
examination.

     (b) Subservicer has only those duties specified in this agreement. The Parties agree that
Fannie Mae’s Guide will be the applicable “Guide” as to any servicing function to be performed by
subservicer hereunder unless Applicable Requirements necessitate that another standard or procedure
be applied to the particular Mortgage Loan(s) in question.

2.2 Compliance

     (a) Subservicer will comply with, and Subservicer will endeavor to cause each Mortgagor to
comply with, all Applicable Requirements and will not take any actions that would constitute or
lead to violations of law by Lender or ebank.

     (b) Where applicable, Subservicer will comply with the National Housing Act, as amended, and
with the Servicemembers Civil Relief Act of 2003, as amended, and with all rules and regulations
issued under each of those statutes, and with the requirements of PMI companies, including
requirements concerning the giving of notices and submitting of claims required to be given or
submitted to FHA, USDA/RHS, VA or to PMI Companies, to the end that the full benefit of any
applicable FHA insurance, the guaranty of the United States of America, or PMI will inure to the
benefit of Lender and Investors as their interests may appear. Subservicer will prepare a monthly
report of all such notices and/or claims to Investor if requested in writing by Investor.

2.3 Duties of Subservicer with Respect to Mortgage Loans

     Until the principal balance and any accrued interest due is paid in full, unless subservicing
is sooner terminated pursuant to the terms hereof, but subject always to the Applicable
Requirements and Lender’s performance of its obligations under Section 3.5, Subservicer shall:

     (a) Collect payments of principal, interest and applicable escrow deposits for taxes,
assessments and other public charges that are generally impounded, hazard insurance premiums, FHA
insurance or PMI premiums, and all other items, as they become due;

     (b) Accept payments of P&I and Escrow Account deposits only in accordance with the Mortgage
Loan documents. Deficiencies in or excess payments or deposits shall be accepted and applied, or
accepted and unapplied, or rejected in accordance with Applicable Requirements;

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(c) Apply all payments and escrow account deposits collected by it from the Mortgagor, and maintain
permanent mortgage account records which shall accurately reflect: (i) at any time and in
chronological order the date, amount, distribution, payment due date and other transactions
affecting the amounts due from or to the Mortgagor; and (ii) the latest outstanding balances of
principal, escrow, advances and unapplied funds;

(d) Pending disbursement, segregate and hold Escrow Accounts in an institution selected by Lender,
whose deposits are insured by the FDIC or NCUA, meeting the requirements of Freddie Mac, Fannie Mae
or Ginnie Mae, as appropriate, in such manner as to show the custodial nature thereof, and so that
the Investor and each separate Mortgagor whose funds have been contributed to such account(s) will
be individually protected, to the extent permitted by law, under the rules of the FDIC or NCUA.
Subservicer’s records shall show the respective interests of the Investor and each Mortgagor in all
such Escrow Accounts. All funds collected for P&I shall be held and carried in Subservicer’s
records either (i) as trustee for Lender, or (ii) as trustee for Lender as custodian for other
Investors, as appropriate, and shall be established in such a manner as to comply with all
applicable rules and regulations of any governmental agency insuring or guaranteeing the Mortgage
Loan(s). Subservicer shall deposit funds into Escrow Accounts within (2) Business Days after funds
are applied to the Mortgage Loans. All transfers to and withdrawals from Escrow Accounts will be
accomplished through check, wire or ACH transfers; and Lender agrees to establish and maintain all
Escrow Accounts in accordance with Agency or other Applicable Requirements, to cooperate with
Subservicer to facilitate appropriate draws on such Escrow Accounts and to honor (or if Lender is
not a bank or thrift, to direct the banks or thrifts holding Lender’s Escrow Accounts to honor) all
such cash items, wires or ACH transfer requests initiated by Subservicer;

(e) If any federal or state stature or rule of law requires the payment of interest on Escrow
Account deposits, then Subservicer will pay such interest on Escrow Accounts which it maintains or
controls, subject to Subservicer’s rights of reimbursement under Section 3.5 of this SA. Lender
will have the obligation to notify Subservicer if it originates and transfers for subservicing to
Subservicer any loans in states where the payment of such interest on Escrow Accounts is
applicable. Subservicer will determine the amount of deposits to be made by Mortgagors in
accordance with RESPA, and will perform and furnish to each Mortgagor all analyses of the Escrow
Account in conformity with Applicable Requirements;

(f) Maintain accurate records reflecting the status of taxes, ground rents and other recurring
charges generally accepted by the mortgage servicing industry that would become a lien on the
Mortgaged Premises if unpaid. For all Mortgage Loans providing for the payment to and collection
by Subservicer of Escrow Account deposits, Subservicer shall pay such charges for which Escrow
Account deposits are maintained before any penalty date and, whenever possible and when required by
Applicable Requirements, in time to secure maximum discounts available. Notwithstanding the
aforementioned, should any penalty be incurred on loans transferred to Subservicer within 30 days
of the tax due date and Lender has failed to notify Subservicer of such imminent disbursement
requirement, Lender will be obligated to reimburse Subservicer for said penalty;

(g) If funds held in a Mortgagor’s Escrow Account are insufficient to timely pay, when due and in
full, related real estate taxes and assessments, mortgage insurance premiums, hazard insurance

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premiums, or other items customarily paid from the established Escrow Account, Subservicer will:
(1) make Advances to pay such items; (2) endeavor to collect the repayment of the Advances from the
Mortgagor in accordance with Applicable Requirements; and (3) request reimbursement from Lender in
accordance with Section 3.5;

(h) For any Mortgage Loan for which Escrow Account deposits have been waived or suspended by
Lender, then, upon (i) notification to Subservicer by Subservicer’s tax service of non-payment of
real estate taxes, or (ii) notification to Subservicer of non-payment of any other items for which
the Lender established escrow collections, or (iii) the failure of any Mortgagor to timely submit
evidence of premiums paid on renewal policies of hazard insurance, Subservicer will endeavor to
obtain the necessary funds or policies from the Mortgagor. If the Mortgagor fails to timely cure
the default, then Subservicer will: (1) make an Advance to pay any delinquent taxes or other
delinquent escrow items; (2) if necessary, “force place” lapsed hazard insurance in at least an
amount sufficient to protect Lender’s interest; (3) request reimbursement from Lender in accordance
with Section 3.5; and (4) take appropriate steps to collect the Advances as quickly as Applicable
Requirements permit, and (if not already in place and if Lender is permitted to do so under
Applicable Requirements) establish a fully funded Escrow Account at the earliest practicable time;

(i) Assure that improvements on the Mortgaged Premises securing each Mortgage Loan are insured by
Hazard Insurance issued by companies acceptable to Investor in an amount at least equal to the
unpaid principal balance of the Mortgage Loan or the full insurable value of the improvements,
whichever is less, of a type at least as protective as fire and extended coverage, and containing
a “standard” mortgagee clause in the form customarily used in the area in which the Mortgaged
Premises are located. In all events, the provisions of the underlying Mortgage Loan documents
shall prevail. During the course of subservicing, the mortgagee clause under the Hazard Insurance
will name the party insured as follows:

ebank Mortgage, LLC

Its Successors and/or Assigns

2401 Lake Park Drive Suite 200

Smyrna, GA 30080

2.4 Other. Subservicer shall be responsible for further safeguarding each Investor’s
interest in the Mortgaged Premises and rights under the Mortgage Loan by:

     (a) Inspecting the Mortgaged Premises in accordance with Applicable Requirements, and
performing such other inspections as, in Subservicer’s opinion, prudent and sound business judgment
dictate;

     (b) To the extent possible, securing any Mortgaged Premises found to be vacant or abandoned
and advising Investor of the status thereof;

     (c) Notifying Investor promptly if Subservicer receives written notice of any lien,
bankruptcy, condemnation, probate proceeding, tax sale, partition, local ordinate violation,
condemnation in the nature of eminent domain or similar event that would, in Subservicer’s
judgment,

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impair the Investor’s security; and Subservicer shall assist Investor in undertaking appropriate
action to preserve its security;

     (d) Advising Lender promptly upon receipt of any request for a partial release, easement
grant, substitution, subdivision or re-subdivision, subordination, alteration, or waiver of
security instrument terms, and (if required by Applicable Requirements or if approved by the
related Investor) seeking necessary consents to such request;

     (e) (1) Advising Lender promptly in all cases (and advising the related Investor if that
Investor is other than the Lender) of any change in ownership of the Mortgaged Premises subject to
a Mortgage Loan, and complying with all instructions of Lender and Investor(s) with respect to the
acceleration or modification of the indebtedness;

          (2) Notifying Lender promptly following Subservicer’s receipt of an inquiry concerning, or
request for approval of, an assumption and supplying all information in the possession of
Subservicer which is requested by Lender to facilitate the preparation by Lender of any required
disclosures. Lender, if applicable, will prepare and forward (or arrange for delivery of) all
disclosures to the assumptors within period set by Applicable Requirements and send a copy of all
disclosures to Subservicer. With respect to an assumption, Subservicer shall have no other
responsibility or liability regarding disclosures required from Lender (or the Investor if other
than Lender, if applicable) or the accurace of the same, except as set forth in this Section 2.4.

          (3) If Lender (and the related Investor) authorize an assumption subject to qualification of
the assumptors and receipt of further documentation, the Subservicer shall, upon receipt of a
signed contract and an application fee from the Mortgagor and proposed assumptors, provide a
Blank application form for completion by the Mortgagor and assumptors, with applicable verification
forms from the Mortgagor and proposed assumptors, as applicable, Subservicer will process the
application (i.e., request credit reports and verify all information on the completed application)
and forward the completed assumption package to Lender for further processing. Lender will then
underwrite the requested assumption, request any required Investor and/or PMI Company, FHA or VA
approval, and forward approved assumption to Subservicer for final transfer and assumption.

     (f) Maintaining, at all times and at Subservicer’s expense, a policy of Errors and Omissions
insurance coverage as required by the Agencies. One of the purposes of such coverage is to provide
Lender and Investor protection in liquidating a Mortgage Loan against a net loss that can be
attributed to the Mortgaged Premises from hazard or peril required by the Investor to be insured
and that otherwise would be insured but for Subservicer’s negligence in allowing insurance coverage
to lapse or failing to keep a sufficient amount of insurance in force.

     (g) The disbursing of insurance loss settlements, including:

          (1) the receiving of reports of Hazard Insurance losses and assuring that proof of loss
statements are properly filed;

          (2) authorizing the restoration and rehabilitation of the Mortgaged Premises;

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          (3) collecting, endorsing and disbursing the insurance loss proceeds and arranging for
progress inspections and payments, if necessary;

          (4) complying with all applicable FHA, VA or PMI company requirements pertaining to giving of
notices and settlement of mortgage insurance losses; and

          (5) endeavoring to preserve the priority of the Mortgage lien by complying with applicable
mechanics’ lien laws, to the extent commercially available and in accordance with Subservicer’s
present practices and disbursement practices customary in the mortgage servicing industry

     (h) Processing insurance loss drafts in the following manner:

          (1) Provided that the Mortgage Loan is current in all respects, Subservicer may endorse and
deliver to Mortgagor (without prior inspection of the Mortgaged Premises and completion of repairs)
settlement drafts for losses up to Five Thousand Dollars ($5,000.00);

          (2) With respect to settlement drafts for losses greater than Five Thousand Dollars
($5,000.00), but not more than Ten Thousand Dollars ($10,000.00), Subservicer may exercise its
discretion as to the necessity of inspection and completion of repairs prior to endorsement and
delivery of the draft. Subservicer’s discretion will be based on factors such as the extent of the
loss, Mortgage Loan payment history, extent of Mortgage Loan amortization, probable equity in the
Mortgaged Premises, and any other relevant factors; and

          (3) Before endorsement and delivery of settlement drafts for losses greater than Ten Thousand
Dollars ($10,000.00), Subservicer shall have an inspection of the Mortgaged Premises performed to
ensure that the repairs have been completed.

     (i) Preparing and filing all necessary 1098 tax reports with appropriate Investors, Mortgagors
and the IRS, in accordance with Applicable Requirements, covering the period of Subservicer’s
subservicing of the related Mortgage Loans. If the Parties subsequently agree in writing,
Subservicer shall do 1098 reporting for the entire calendar year in which the Transfer Dates for
the Original Subservicing Mortgage Loans occur provided that sufficient information necessary to
file such reports is provided by Lender for the periods prior to the respective Transfer Dates on a
timely basis and at its sole expense and that Lender shall remain responsible for any errors or
omissions in such information provided by Lender.

	2.5	 	ARM Adjustments; Investor Accounting and Remittances: Paid in Full Mortgage Loans.
	 
	 	 	Subject to Applicable Requirements, Subservicer shall:

     (a) Make and implement ARM interest rate adjustments and monthly payment amount adjustments
and give all required notices, which adjustments and notices will accurately reflect changes in the
applicable Mortgage Loan rate index. Subservicer shall timely notify the Investor, to the extent
notification is required by Applicable requirements, of the effective date and method of
implementation of such interest rate and payment amount adjustments, any changes to Investor’s
share of collections of P&I, and of all prepayments of any Mortgage Loan hereunder by Mortgagor.

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     (b) Furnish, upon individual request by Lender, the standard reports available through
Subservicer’s Fidelity System. Customized reports, computer tapes, specialized interfaces and
downloads requested by Lender will be at Lender’s expense, if available from, or capable of being
developed with, Subservicer and the Fidelity System. Subservicer will prepare a Statement of Work
and obtain Lender’s written approval before proceeding with any such requests. In no event shall
Subservicer be required to prepare manual reports.

     (c) Not accept any prepayment of any Mortgage Loan except as required or permitted under
Applicable Requirements, nor waive, modify, release or consent to postponement on the part of the
Mortgagor of any term of the Mortgage Loan documents without the prior consent of the Investor.

     (d) (1) Upon receipt of funds which pay a Mortgage Loan in full, Subservicer shall: (i)
request the promissory note and original recorded security documents and assignments thereof, if
any, from Lender, Agency or document custodian, as appropriate; (ii) prepare and arrange for the
required execution and acknowledgement of any documents required by law to be executed by Lender to
effectuate release, satisfaction or reconveyance of the related Mortgage; (iii) for so-called
“reconveyance states”, prepare and send to the Trustee any necessary request for reconveyance,
release, satisfaction or reconveyance documents, together with any applicable fees and charges in
connection therewith; (iv) for non-reconveyance states, either (A) prepare and send to the public
officer responsible for the recording of real estate documents any necessary release or
satisfaction documents, together with any required fees, or (B) prepare and send to the Mortgagor
or the Payoff Agent any necessary release or satisfaction documents, for further processing at the
behest of the Mortgagor; and (v) refund any unapplied Mortgagor deposits. Lender (or the
Mortgagor, to the extent permissible under Applicable Requirements) shall bear Subservicer’s
out-of-pocket costs paid to third parties to complete a release, satisfaction or reconveyance
process. Lender shall at all times cooperate, in a commercially reasonable manner, with
Subservicer to accomplish the timely discharge of record of each instrument which evidenced or
secured a paid-in-full Mortgage Loan, so as to avoid the severe penalties which Lender and
Subservicer might otherwise incur.

          (2) Subservicer reserves the right to subcontract from time to time with, and use the services
of, one or more outsource firms (each a “Recon Firm”), to perform certain duties of Subservicer.
Lender agrees: (i) to exert its best efforts to support Subservicer, to assure timely preparation,
execution, recording and filing of appropriate reconveyance, release, satisfaction and reconveyance
documents; and (ii) from time to time, at Subservicer’s request, to adopt appropriate resolutions
appointing designated officers of Subservicer and Subservicer-designated officers of such Recon
Firms as duly authorized signing officers of Lender to (A) request necessary documents from
Lender’s document custodians; and (B) to execute and record appropriate reconveyance, release,
satisfaction and reconveyance documents, provided in each instance that Subservicer has provided
reasonable background information if requested by Lender and has performed reasonable due diligence
activities on Subservicer’s designees. A suggested form of corporate resolution for that purpose
is attached hereto and made a part hereof as Schedule 2.5(d).

     (e) Where Investors require, for a paid-in-full transaction, interest paid through the end of
the month although interest collectible from the Mortgagor is paid only to the actual date of the
pay-off, advance funds to cover any uncollected due the Investor, as provided in Section 3.5.

     (f) Remit and report to Lender, to the Agencies and other Investors as follows:

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          (1) remit to Lender by check, wire or ADC transaction:

               (A) P&I payments collected on behalf of Lender on warehouse or portfolio Mortgage Loans,
within (ten) 10 Business Days after the related cut-off date, which, as established by Lender is
month-end as it falls during the calendar year;

               (B) service fees collected on behalf of Lender with respect to Agency-owned or
third-party-owned Mortgage Loans within (ten) 10 Business Days after the end of each month;

               (C) recoveries of Advances theretofore funded to Subservicer by Lender, within (ten) 10
Business Days after the end of each month; and

               (D) all other sums (if any) then due Lender from the Subservicer under this SA, within ten
(10) Business Days after the end of each month;

except that Subservicer may deduct from (A), ), (C) and (D) any compensation and any other sums
then due Subservicer;

          (2) remit to the applicable Agencies and other Investors P&I payments, guaranty fees, and
provide reports due from Subservicer in accordance with Applicable Requirements;

          (3) deliver Agency and other Investor cut-off reports, including each monthly Freddie Mac
Midanet Reconciliation Reports, to Lender within five (5) Business Days after the related Investor
Cut-Off Date; and

          (4) submit, within ten (10) Business Days after the end of each month:

               (A) itemized statements to Lender to describe the compensation and any other sums then due
Subservicer; and

               (B) all other portfolio reports due Lender hereunder, unless a longer or shorter time period
therefor is specified elsewhere in this SA.

     (g) If Lender requires that Subservicer report and remit directly to any Agency with respect
to all mortgage loans service-retained by Lender for that Agency, then Subservicer must subserviced
one hundred percent (100%) of mortgage loans which are service-retained by Lender for that Agency;
and Subservicer will submit all reports and make all remittances to that Agency under Lender’s
assigned “seller/servicer” number or under such other number as Lender and Agency may designate in
writing to Subservicer.

     (h) If any Investor instructs Lender to transfer the subservicing of any Mortgage Loan(s), and
Lender shall deliver such notice to Subservicer, then Subservicer shall immediately acknowledge, in
writing to Lender, the Investor’s request and proceed in accordance with Investor’s instructions.
If Lender determines and instructs Subservicer not to proceed with the Investor’s instruction,
Lender

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agrees to hold Subservicer harmless from any action taken against Subservicer by the Investor,
and from any loss or damage, including reasonable attorney’s fees, resulting therefrom.

     (i) Manage Escrow Accounts and related deposit accounts as directed by Lender, hold any
related custodial deposit accounts associated with receipt, disbursement and accumulation of
principal, interest, taxes, hazard insurance, mortgage insurance, etc. as trustee for Lender and/or
Investors and/or Mortgagors with the exception of Ginnie Mae servicing. Pursuant to Ginnie Mae’s
regulations, Subservicer is not permitted to withdraw./disburse funds from the P&I custodial
accounts; however, subservicer shall (i) initiate payments (ACH call-in) in behalf of Lender to the
MBS Participant Trust Company and (ii) deliver fully-prepared checks drawn on Lender’s account
ready for execution and delivery to the security holders paid by check. Any benefit or value
derived from Escrow Account deposits shall accrue to the exclusive benefit of Lender.

2.6 Delinquency Control

     Subservicer shall:

     (a) Be responsible for protecting Investor’s investment in the Mortgage Loans by endeavoring
to maintain the maximum possible number of Mortgage Loans in a current status, dealing quickly and
effectively with Mortgagors who are delinquent or in default. Subservicer’s delinquent Mortgage
Loan subservicing program shall include: (i) an adequate accounting system which will immediately
and accurately indicate the existence of delinquent Mortgage Loans, (ii) a procedure that provides
for sending delinquent notices, assessing late charges and returning insufficient payments; and
(iii) procedures for the individual analysis of distressed or chronically delinquent Mortgage Loans
and the counseling of the related Mortgagors.

     (b) As may be required by the Applicable Requirements, provide Lender and Investor with a
month-end collection and delinquency report identifying and describing the status of any delinquent
Mortgage Loans, and will from time to time as the need may arise, provide Lender and Investor with
Mortgage Loan service reports relating to any items of information which Subservicer is otherwise
required to provide hereunder, or detailing any matters Subservicer believes should be brought to
the special attention of Lender and/or Investor.

     (c) In accordance with Applicable Requirements and with counsel selected by Subservicer,
manage the foreclosure or other disposition of title to the Mortgaged Premises securing any
Mortgage Loan, the transfer of the Mortgaged Premises to FHA or VA and the collection of any
applicable mortgage insurance or guaranties and, pending completion of these steps, protect the
Mortgaged Premises from waste and vandalism. If the Investor is the successful bidder at
foreclosure sale or accepts a deed in lieu of foreclosure, Subservicer will have title to the
Mortgaged Premises conveyed into any name designated by Investor, except that Subservicer will not
itself accept or acquire title to REO.

Subservicer has no responsibilities concerning REO unless the Investor requests that Subservicer
pay the accruing real estate taxes on the REO until the Investor’s ultimate disposition of the REO.
If requested by Lender, Subservicer shall also manage the marketing and maintenance of REO, using
Subservicer’s standard practices and vendors for such services, in which case Subservicer shall:
(i) provide for the eviction of any unauthorized persons or personal property from the REO pursuant
to Applicable

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Requirements; (ii) not permit the REO to be occupied or rented; (iii) use reasonable efforts to
dispose of the REO as soon as possible and promptly notify Lender of any bona-fide written offer
received for the REO and, if such offer if accepted by Lender, assist Lender in the settlement of
the transaction and promptly remit the proceeds of the sale to Investor; (iv) provide for ordinary
maintenance and repair of the REO including, as necessary, winterization, snow removal, lawn care,
pool maintenance, and debris removal. If any single item of repair under clause (iv) exceeds
$2,500.00, Subservicer shall obtain Lender’s prior written approval before incurring such expense;
if Lender fails to approve such expense, Subservicer’s obligations hereunder shall be deemed
modified accordingly. Subservicer shall be entitled to recoup all of its actual expenses incurred
under this Section 2.6 including court costs and attorney’s fees. Subservicer’s compensation for
managing REO as provided for in this Section 2.6(c) is as provided in Section I.D of Schedule II.

2.7 Audits, Books and Records

     (a) Lender and its duly authorized employees, agents, accountants and financiers shall have
the right, on reasonable prior written notice and during normal business hours of Subservicer, to
review Subservicer’s books, records and accounts pertaining to the Mortgage Loans and subservicing
thereof. Subservicer will cooperate in all reasonable ways with the requests of Lender’s auditors,
providing, however, that Lender remain the point of contact and intermediary. Any requests for
Mortgage Loan audit or confirmation to be performed by Subservicer’s audit firm at Lender’s request
on Lender’s Mortgage Loans shall be at Lender’s sole expense.

     (b) Subservicer will keep records satisfactory to Lender and Investor(s) pertaining to each
Mortgage Loan, and subject to Applicable Requirements: (i) such records shall be the property of
Lender; and (ii) upon any transfer of the related subservicing or upon expiration of this SA, such
records shall be delivered to Lender or Lender’s designee at Lender’s expense. Subservicer shall
deliver such records in the form and manner as are customarily used by Subservicer upon the
transfer of servicing.

2.8 Insurance

     Subservicer will maintain in effect at all times and at its cost, a blanket fidelity bond
acceptable to the Agencies. If so requested by Lender, Subservicer shall cause evidence of the
existence of such coverage to be delivered to Lender.

2.9 Optional Services (see Schedule I)

     Lender shall have the right to elect the following optional services now offered by
Subservicer:

     2.9.1 Private Label Servicing (“PLS” Option)

     (a) If the related box appearing immediately after the signature blocks of the Parties to this
SA contains an “X” at the time of execution of this SA by Lender, then Lender has elected to
utilize PLS as offered by Subservicer. If Lender elects PLS, Subservicer will provide coupon books
(or monthly statements if Lender elects the MBSO option) to the affected Mortgagors customized with
the Lender’s logo and other camera-ready customized graphic designs provided by Lender, at its
expense, in the format specified by Subservicer for such purposes. Lender hereby grants to
Subservicer the non-exclusive license to use Lender’s name and logo, in any reasonable manner
consistent with the purposes

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of this SA; provided, however, that Subservicer shall not engage in any form of advertising
utilizing either the name or logo of Lender without Lender’s prior written consent and
authorization.

     (b) If Lender has elected to utilize PLS, the additional cost of same is specified in Section
I.G of Schedule II.

     (c) Lender may not elect PLS unless Subservicer will subservice not less than one thousand
(1,000) Mortgage Loans hereunder at the time of the First Transfer Date.

     2.9.2 Monthly Borrower Statement Option (“MBSO”)

     (a) If the Parties hereafter so agree, or if the related box appearing immediately after the
signature blocks of the Parties to this SA contains an “X” at the time of execution of this SA by
Lender, then Lender has elected to utilize MBSO offered by Subservicer. If Lender elects MBSO,
Subservicer will mail monthly billing statements to the Mortgagor(s) under each Mortgage Loan.

     (b) If Lender has elected to utilize MBSO, the additional cost of same is specified in Section
I.J of Schedule II.

     2.9.3 MERS Mortgage Loans

     (a) If the related box appearing immediately after the signature blocks of the Parties to this
SA contains an “X” at the time of execution of this SA by Lender, or if at any time hereafter, any
MERS Mortgage Loans are subserviced by Subservicer, then Subservicer’s duties to Lender and
Lender’s duties to Subservicer with respect to the MERS Mortgage Loans shall be only those same
duties specified in this SA applicable to one-to-four family residential Mortgage Loans, except as
follows:

          (1) Subservicer shall, on behalf of Lender, be responsible for the registration of any
Mortgage Loans with MERS closed on acceptable MERS documentation. In the event that preparation
and recording of any mortgage assignments or other documentation is required to perfect the
eligibility of any Mortgage Loan to be a MERS Mortgage Loan, these functions remain the
responsibility of Lender.

Lender shall be either the owner of the servicing rights to, or the beneficial owner of each MERS
Mortgage Loan. Subservicer shall be identified as the subservicer for each MERS Mortgage Loan.
Prior to the registration of any MERS Mortgage Loan, each Party shall provide to the other its MERS
“ORG ID” number, which shall be used by the other Party solely for the activities permitted
pursuant to this SA. For each MERS Mortgage Loan, Lender will provide Subservicer with the
Mortgage Identification Number (“MIN”) and designate whether or not it is a MERS as Original
Mortgagee (“MOM”) loan. Such information shall be provided in a format reasonably specified by
Subservicer. Following receipt of such information, Subservicer shall promptly populate the MIN,
registration date, MOM and registration flag, and Lender’s and Subservicer’s ORG ID fields on the
Fidelity System master file of the MERS Mortgage Loan.

          (2) The foreclosure of any MERS Mortgage Loan shall identify MERS as the mortgagee of record
and party to whom title should be conveyed upon completion of foreclosure, unless

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Lender otherwise designates in writing at the time Lender approved the MERS Mortgage Loan for
foreclosure. If Lender requires that the foreclosure occur in a name other than MERS, Subservicer
may elect to automatically, on an individual case basis, complete the deregistration of the MERS
Mortgage Loan and, if reinstatement occurs, any re-registration of the MERS mortgage loan.

          (3) Lender shall be responsible for verifying all MERS information related to the MERS
Mortgage Loans (including without limitation the validity of the MIN) and shall notify Subservicer
in writing of any changes; provided, however, that Subservicer shall update MERS in connection with
(1) any Mortgagor name change processed by Subservicer on the Fidelity system in connection with
the transfer of any interest in the Mortgaged Premises or assumption of the MERS Mortgage Loan; (2)
any foreclosure first legal action, reinstatement or liquidation of the Mortgaged Premises to the
extent that such matters are directly handled by Subservicer under the terms of this SA; and (3)
any release and satisfaction of a paid-in-full MERS Mortgage Loan. Lender shall be responsible for
all Quality Assurance reviews of MERS Mortgage Loans, as such reviews are required from time to
time by MERS.

          (4) For any MERS Mortgage Loan identified by Lender to Subservicer for servicing transfer and
for which Lender provides sufficient information, Subservicer shall prepare a Transfer of Servicing
(TOS) report from the Fidelity System service release workstation and transmit the TOS report to
MERS. Subservicer may also, at its election, provide such transfer information to MERS manually or
by other means of interface with MERS. Lender and the party to whom the MERS Mortgage Loan is to
be transferred shall be responsible for review and verification of transfer information,
confirmation or correction of the terms of transfer, and all documentation required by MERS in
connection with the transfer. Subservicer may elect to perform this function on behalf of Lender
provided all necessary information is provided in a timely manner.

          (5) At all times during the Term of this SA, Lender shall maintain such authorizations with
MERS as are necessary to permit Subservicer to perform its obligations. Lender acknowledges that
Subservicer shall be entitled to execute on behalf of Lender, or authorize MERS to execute on
behalf of Lender or in MERS own name, documents to the same extent as Subservicer or its designated
employees, as officers of Lender, are authorized to execute documents in Lender’s name pursuant to
the
terms of this SA. Upon request of the Subservicer, Lender shall adopt such resolutions or ratify
the scope of authority of such resolutions with respect to MERS Mortgage Loans.

          (6) Lender shall be responsible for maintaining any investor, warehouse financing, permanent
financing or securitization information on MERS for the MERS Mortgage Loans for obtaining any
consents required by MERS of any parties holding any ownership or collateral security interest in
connection with the registration, deregistration, release or transfer of any interest in a MERS
Mortgage Loan.

          (7) All MERS costs and expenses associated with MERS Mortgage Loans, whether incurred by third
parties or billed by MERS, shall be billed to and paid by Lender, excepting only that Subservicer
shall bear the cost of maintaining its MERS membership.

     (b) The Parties acknowledge that the subservicing of MERS Mortgage Loans is being made at
Lender’s request and direction and for Lender’s convenience and, as a result thereof, Subservicer

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shall, except to the extent that Subservicer fails to fulfill its express undertakings with respect
to MERS Mortgage Loans pursuant to this SA, be entitled to full indemnification by Lender pursuant
to Section 8.3. Each Party shall promptly notify the other of any claim or demand filed by MERS or
any other party with respect to a MERS Mortgage Loan.

     (c) The additional cost to Lender for MERS Mortgage Loans is specified in Section I.L of
Schedule II.

ARTICLE III – AGREEMENTS OF LENDER

3.1 Documentation

     Lender shall provide (or cause any transferor servicer or subservicer of any Mortgage Loans to
provide) to Subservicer, at no cost to Subservicer:

     (a) Before commencement of subservicing hereunder, copies of all files, documents and record
which are deemed necessary or appropriate by Subservicer to receive in order to conduct the
subservicing of the Mortgage Loans currently in Lender’s portfolio as of Transfer Date. It is
understood that Subservicer shall not receive and is not responsible for safeguarding Lender’s
original documents unless Subservicer has requested and received same;

     (b) applicable documentation for each Mortgage Loan to be subserviced hereunder, to enable
Subservicer to convert or audit all required database fields and to continue subservicing the
Mortgage Loan on Subservicer’s Fidelity System, without necessity of special enhancements, optional
subsystems or special programming. All such documentation must be delivered to Subservicer
promptly, either before or just after the related Transfer Date, and, in all events, within a
reasonable amount of time before any Investor reporting is due from Subservicer;

     (c) if applicable and as soon as possible, a complete and accurate listing of any Mortgage
Loans where the Mortgage Loan payment is inclusive of personal or group insurance, in any such
detail as Subservicer may reasonably require, including without limitation the name of the
insurance company, type of premium coverage, premium amount, and the name and telephone number of
the individual at Lender’s firm or affiliate knowledgeable of such coverage.

     (d) written evidence (or appropriate electronic data confirming) that a hazard insurance
policy is in force for each Mortgage Loan delivered to Subservicer for subservicing. Prior to the
transfer date for Original Subservicing Mortgage Loans and with sufficient time prior to policy
expiration, Lender will notify all carriers of hazard insurance policies to send all future
notifications to or at the direction of Subservicer. Lender will indemnify and hold Subservicer
harmless from any loss or damage resulting from lapse or insufficient coverage of hazard insurance
coverage or insufficient evidence of coverage delivered to Subservicer on or before the related
Transfer Date; and

     (e) for each Mortgage Loan to be subserviced hereunder, all at Lender’s cost, the transfer of
any existing real estate tax service contracts and transferable life of loan flood zone
determination to Subservicer; see the provisions of Section 1.E of Schedule II concerning real
estate tax service contracts or transferable life of loan flood zone determinations not then in
existence.

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3.2 Further Notification

     Lender shall:

     (a) advise Subservicer upon delivery of each Mortgage Loan submitted for subservicing as to
whether the Mortgage Loan is in a warehouse (unsold) status or, if sold, specific information
regarding the intended permanent Investor. If a Mortgage Loan which has been delivered to
Subservicer of the sale in a warehouse (unsold) status is sold, Lender will immediately notify
Subservicer of the sale and will deliver a written copy of the permanent Investor’s purchase advice
or funding detail report immediately thereafter. If the Investor charges a penalty for late
reporting, remittances, etc., which were caused by Lender’s delay in notifying Subservicer of the
Investor’s purchase of the Mortgage Loan(s), Lender agrees to promptly pay the penalty and
Subservicer shall have no liability on account thereof; and

     (b) discharge Subservicer from all funding liability for all Advances related to any Mortgage
Loan included in any pool created through Mortgage-Backed Securities or Certificates, including
Advances due to negative amortization to the extent that Subservicer makes remittances to
Investors. Subservicer will reimburse Lender as recoveries are made from Mortgagors.

3.3 Default

     If: (i) Lender fails to pay to Subservicer any sums as and when due and payable to Subservicer
under this SA, whether as compensation, reimbursement or otherwise; or (ii) any secured party
holding a security interest granted by Lender as debtor shall demand that Subservicer pay over to
that secured party any sums otherwise payable to Lender under this SA; or (iii) Lender shall be in
default hereunder in any other material respect, then Subservicer shall: (A) be entitled to set
off, against its damages, all sums due from Subservicer to Lender hereunder; and (B) have and may
exercise all other remedies permitted by law for breach of contract.

3.4 Compliance

     During the Term of this SA, including any extensions hereof, Lender agrees to comply with
those Applicable Requirements relating to the Mortgage Loans that are the responsibility of Lender.

3.5 Advances

     (a) Lender has agreed: (i) to bear the risk of credit losses inherent in the Mortgage Loan
servicing and subservicing portfolios hereunder, except for those losses caused by Subservicer’s
failure to comply with Applicable Requirements (including failure to comply with the provisions of
this SA) and except as explicitly agreed to be borne by FHA, VA, any Investor or any PMI company;
and (ii) to fund to Subservicer or reimburse Subservicer the amount of all advances required to be
made by Subservicer (collectively, the “Advances”) to third parties: (A) under the terms of this
SA; (B) under any applicable Servicing Agreements by which Lender or Subservicer is or may be
bound; or (C) otherwise under Applicable Requirements.

          (1) Subservicer will notify Lender not later than one (1) Business Day before any Investor P&I
remittance is due if P&I funds must be immediately deposited into the appropriate P&I account for
remittance to such Investor;

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          (2) Lender will reimburse Subservicer for T&I and other non-P&I advances once each month,
through a process of netting the amount due Subservicer against the sums due Lender. If
Subservicer believes that there is a reasonable likelihood that the net monthly remittance next due
Lender from Subservicer will be a negative amount, then Lender will provide funding or reimburse
Subservicer therefore within two (2) Business Days after Lender’s receipt of Subservicer’s written
request therefore.

     Without limiting the generality of the term “Advances”, Advances may be triggered by the need
to pay any of the following: principal and/or interest to an Investor; interest to Mortgagors on
their Escrow account balances; FHA mortgage insurance premiums or PMI, ground rents, taxes, special
assessments or hazard insurance premiums over and above the amounts held in the related Escrow
Accounts for such purposes; costs, expenses and fees of foreclosure or of acquiring title to the
Mortgaged Premises by deed in lieu of foreclosure; costs, expenses and fees related to the
management, maintenance and disposition of REO; and costs, expenses and fees of conveyance of any
Mortgaged Premises to FHA, VA or a PMI company or to inspect or protect or repair the Mortgaged
Premises; and recording charges and trustees’ fees incident to release, reconveyance or
satisfaction of any paid in full Mortgage Loan.

     (b) Subservicer shall diligently endeavor to collect and recover from the Mortgagor(s), in
accordance with Applicable Requirements, all Advances made by Subservicer which are not timely paid
by, but which are the ultimate obligations of, the Mortgagors. If and when Subservicer is required
to pay interest to any Investor through the end of a month, even though interest on an underlying
Mortgage Loan ceased to accrue as of the date of payoff, the interest not collected as a
consequence of the payoff before the end of such month shall be treated as an Advance to be paid or
reimbursed by Lender, except to the extent the loss is attributable to Subservicer’s failure to
apply timely payments actually received.

     (c) Upon any collection of Advances by Servicer from time to time, such collections shall be
promptly applied in full, to the extent thereof, in the following order of priority: (i) to
reimburse Subservicer for any unrecouped Advances disbursed by Subservicer from Subservicer’s
corporate resources if Subservicer has elected in any instance to fund Advances from its own
corporate resources; and (ii) any excess shall be refunded to Lender.

     (d) Subservicer shall utilize funds of Lender under this Section 3.5 solely to fund Advances
required to be made by Subservicer under this SA or otherwise under Applicable Requirements. As a
part of the monthly report set due Lender, Subservicer will, at Lender’s written request, provide
complete supporting documentation to Lender detailing Subservicer’s uses of Lender’s funds.

3.6 Document Custodians; Expenses

     Lender will utilize Subservicer’s document custodians (to the extent permitted by Applicable
Regulations) and bear the entire cost of establishing and maintaining each document custodian
regime or any other Investor with respect to any of the Mortgage Loans. To the maximum extent
permissible under Applicable Requirements, Lender will instruct each custodian to cooperate with
reasonable requests of Subservicer, especially in connection with requests for documents or
information to enable Subservicer to process releases of paid-in-full Mortgage Loans.

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ARTICLE IV – COMPENSATION

4.1 Compensation to Subservicer

     For providing the services outlined in this SA, the Parties agree that:

     (a) Subservicer shall be paid the fees and funded for Advances and certain expenses as
provided in Schedule II and elsewhere in this SA (i) during the Term, and (ii) after termination or
expiration of this SA and until completion of the transfer of subservicing to Lender or its
designee if Subservicer is continuing to provide the services required of it hereunder with respect
to the Mortgage Loans.

     (b) Subservicer reserves the right to charge Lender: (i) for any additional out-of-pocket
costs which Subservicer incurs for the setup and subservicing of any Mortgage Loan which is not
then compatible with, and therefore cannot be subserviced on Subservicer’s Fidelity System without
special enhancements, optional subsystems or special programming.

     (c) Any miscellaneous costs incurred by Subservicer from extraordinary requests by Lender or
any Investor shall be billed to Lender at cost and promptly paid by Lender upon receipt of billing
therefore.

4.2 Solicitation

     (a) Lender and Subservicer, including any of their respective affiliates, reserve the right to
solicit individual Mortgagors for Optional Insurance. At Subservicer’s request, Lender agrees to
enter into written joint marketing agreements with the insurance companies customarily used by
Subservicer to market Optional Insurance, which agreements shall contain confidentiality provisions
consistent with the provisions in this SA. Subservicer agrees that all such contracts for Optional
Insurance solicitations shall, if nonpublic personal information shall be used in connection
therewith, bind all such parties that (i) any nonpublic personal information concerning Mortgagors
provided to them shall only be used for purposes of performing the services for which they have
been engaged (ii) they may not disclose any such nonpublic personal information to others without
Lender’s prior written consent; and (iii) they shall maintain adequate security policies and
procedures designed to protect such nonpublic personal information from any inappropriate use or
disclosure. Any resulting income from Optional Insurance will be allocated in accordance with
Section I.C of Schedule II.

     (b) Except upon the prior written request or consent of Lender, neither Subservicer nor any
affiliate of Subservicer (and not of Lender) shall solicit a refinancing of any Mortgage Loan nor
sell, rent or otherwise provide to anyone a list of any of the Mortgage Loan Mortgagors.

ARTICLE V – TERM; TRANSFERS; POWER OF TERMINATION

5.1 Term.

     The original term shall be for five (5) years, commencing on the 1st day of
January, 2007 and ending on the day before the fifth (5th) anniversary of that
commencement date. The Term shall automatically renew for successive one (1) year periods after
the initial five (5) years of the Term unless

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either Lender delivers written notice of non-renewal to Subservicer not less than three (3) months
before or Subservicer delivers written notice of non-renewal to Lender not less than six (6) months
before the expiration of the original period of any extension of the Term, as the case may be.

     Notwithstanding any other provision of this SA, upon request of the OTS or Lender, this
Agreement may be terminated immediately upon reasonable notice and without penalty to Lender should
ebank become a “troubled” institution or is otherwise required by the OTS to terminate the
Agreement, or upon receipt of notice of a change in control of Subservicer.

5.2 Reimbursement

     Subservicer’s right to funding or reimbursement for actual expenses, and funding or
reimbursement for any Advances made on behalf of Lender in accordance with the terms of this SA
shall not be abrogated or impaired even if an Investor to which Lender has sold Mortgage Loans
instructs Subservicer in writing to service release or subservice release any Mortgage Loans to
Lender or Investor’s designee.

5.3 Notice of Subservicing Transfers

     Lender may terminate the subservicing of any Mortgage Loan hereunder at any time, subject to
payment in full of the Mortgage Loan Exit Fee and Exit Related Charges specified in Part II of
Schedule II. Unless otherwise agreed in advance and in writing by the Parties, Lender shall give
to Subservicer at least one-hundred twenty (120) prior written notice of the intended effective
date of any transfer of subservicing by Subservicer to Lender or to any third party, to permit
orderly scheduling of subservicing transfers.

5.4 Transfers; Accounting

     Upon cessation of subservicing of any Mortgage Loan or any group of Mortgage Loans,
Subservicer will: (i) account for and turn over, as appropriate, to Lender, Lender’s designee, the
Investor or Investors’ designees, all funds collected under the related Mortgage Loan(s), less all
sums then due Subservicer; (ii) deliver to Lender, Lender’s designee, Investor or Investors’
designees any original Mortgage Loan documents and master file data tapes customarily delivered by
Subservicer upon the transfer of servicing relating to each Mortgage Loan no longer subserviced;
(iii) advise the related Mortgagors that their Mortgage Loans will henceforth be serviced by
Lender, Lender’s designee, Investor or Investor’s designees; (iv) prepare and deliver all returns
required by the IRC; and (v) otherwise comply with Applicable Requirements.

5.5 Subservicer’s Default

     If Subservicer is in material breach of this SA for a period of thirty (30) days after receipt
of written notice from Lender to Subservicer, specifying with particularity such breach and
requesting that it be remedied, Lender may (i) terminate this SA and transfer the subservicing of
the Mortgage Loans to itself or to a designee, without payment of Mortgage Loan Exit Fees; or (ii)
have and may exercise all other remedies permitted hereunder or by law or in equity for breach of
contract. Lender shall consent to a reasonable extension of time if, in the opinion of Lender
reasonable exercised, corrective action is instituted by Subservicer within the thirty (30) day
period and Subservicer is diligently pursuing cure of such breach.

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ARTICLE VI — REPRESENTATIONS, WARRANTIES AND COVENANTS OF LENDER

     Subject to the provisions of Article VIII below, Lender warrants and represents to, and
covenants and agreed with, Subservicer as follows:

6.1 Assistance

     To the extent possible, Lender shall cooperate with and assist Subservicer as requested by
Subservicer in carrying out Subservicer’s covenants, agreements, duties and responsibilities under
this SA and, in connection therewith, shall execute and deliver all such papers, documents and
instruments as may be necessary in furtherance thereof. Lender agrees to comply with all
Applicable Requirements binding upon it.

6.2 Payments and Filings Before a Transfer Date

     a) Tax Payments. As of each Transfer Date, all real estate taxes for those related
Mortgage Loans shall be current. Lender will be responsible for any tax penalties and interest
that arose or accrued prior to the delivery of the related subservicing to Subservicer.

     (b) Hazard Insurance Premiums. As of each Transfer Date, all hazard, flood, etc.
insurance premiums for the related Mortgage Loans shall be current.

     (c) UCC Continuation Statements.  As of each Transfer Date, for any Mortgaged Premises
that is a co-operative housing unit for which the Mortgage Loan documents include a security
agreement for which a UCC financing statement has been filed a UCC continuation statement shall
have been filed for any financing statement that would otherwise have lapsed within thirty (30)
days after the related Transfer Date.

6.3 Authority. Lender is a limited liability company, duly organized, validly existing and
in good standing under the laws of Georgia, and has all the requisite power and authority to enter
into, and perform its obligations under, this SA. The individuals executing this SA on behalf of
Lender are duly authorized so to do.

6.4 Prior Compliance with Applicable Requirements. Prior to its Transfer Date, each
Mortgage Loan was underwritten, originated, closed, serviced and (if applicable) subserviced or
assigned or securitized or sold in compliance with all Applicable Requirements, except as otherwise
disclosed to Subservicer in writing before the Transfer Date. As of its Transfer Date, there is no
default of any Prior Servicer of any Mortgage Loan.

6.5 Qualifications to Lender’s Representations and Warranties

     (a) Lender is making Lender’s representations and warranties in this SA without having
necessarily performed investigations to provide Lender with a sufficient factual basis on which to
determine the truth or accuracy of such representations and warranties. Lender’s indemnification
obligations set forth in Section 8.3 shall apply notwithstanding Lender’s or Subservicer’s
knowledge

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concerning the truth or accuracy of such representations and warranties of Lender, when made, or
any disclosure made by Lender pursuant to Section 6.4 or otherwise.

     (b) In no event shall a breach of any of Lender’s representations and warranties with respect
to any Mortgage Loan be used as evidence of or be deemed to constitute bad faith, misconduct or
fraud by Lender even if it is shown that Lender knew or should have known that any of such
representations were incorrect when made; and the Parties acknowledge that certain of Lender’s
representations and warranties may in fact be incorrect when made.

ARTICLE VII – REPRESENTATIONS, WARRANTIES AND COVENANTS OF SUBSERVICER

     Subject to the provisions of Article VIII below, Subservicer warrants and represents to, and
covenants and agrees with, Lender as follows:

7.1 Agency Approvals. Subservicer is an approved servicer for Freddie Mac and Fannie Mae,
an approved issuer/servicer for Ginnie Mae and a lender approved by FHA and VA.

7.2 Authority. Subservicer is a corporation, duly organized, validly existing, and in good
standing under the laws of Georgia and has all requisite power and authority to enter into, and
perform its obligations under, this SA. The individuals executing this SA on behalf of Subservicer
are duly authorized to so do.

ARTICLE VIII – INDEPENDENCE OF PARTIES; INDEMNIFICATION; REMEDIES

8.1 Independence of Parties

     The following terms shall govern the relationship between Lender and Subservicer:

     (a) Subservicer shall have the status of, and act as, an independent contractor. Nothing
herein contained shall be construed to create a partnership, joint venture, fiduciary duty or
fiduciary relationship between Lender and Subservicer.

     (b) Subservicer shall not be responsible for representations, warranties or contractual
obligations in connection with the (1) sale to or by Freddie Mac, Fannie Mae or Ginnie Mae of any
of the Mortgage Loans, or (2) the servicing or subservicing of any of the Mortgage Loans prior to
the related Transfer Date and assumption of subservicing of the Mortgage Loans by Subservicer
pursuant to this SA.

     (c) Anything herein contained in this Article VIII or elsewhere in this SA to the contrary
notwithstanding, the representations and warranties of Subservicer contained in this SA shall not
be construed as a warranty or guarantee by Subservicer as to future payments by any Mortgagor.

     (d) Anything herein contained in this Article VIII or elsewhere in this SA to the contrary
notwithstanding, Subservicer shall not be responsible for performance or compliance under any loan
repurchase agreements, representations or warranties of an origination nature, or those servicing
representations and warranties directly or indirectly related to the origination process made
between Lender and any Investor either prior or subsequent to this SA.

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8.2 Indemnification by Subservicer

     Except as otherwise stated herein, Subservicer agrees to, and shall, indemnify, defend and
hold harmless Lender from any liability, claim, loss or damage, including reasonable attorneys’
fees, directly or indirectly resulting from or arising out of Subservicer’s failure to observe or
perform any or all of Subservicer’s covenants, agreements, warranties or representations contained
in this SA, excluding, however, any failure by Subservicer:

     (a) to make any payment of money to a third part which failure is attributable to a default of
Lender hereunder, including without limitation a failure of Lender to provide funding for that
payment or to timely reimburse Subservicer in accordance with Section 3.5; or

     (b) that is a result of Subservicer’s compliance with a directive of Lender or any Investor or
with Applicable Requirements; or

     (c) that is attributable to a failure of Lender or any Investor or Prior Servicer to comply
with Applicable Requirements.

8.3 Indemnification by Lender

     Except as provided in Section 8.2, Lender hereby agrees to, and shall, indemnify, defend and
hold Subservicer harmless from any liability, claim, loss or damage, including reasonable
attorneys’ fees, directly or indirectly resulting from or arising out of or related to the Mortgage
Loans, including without limitation:

     (a) Lender’s failure to observe or perform any of Lender’s covenants, agreements, warranties
or representations contained in this SA;

     (b) any failure of Lender or any Investor or Prior Servicer to comply with Applicable
Requirements, or

     (c) Subservicer’s compliance with a directive of Lender or any Investor.

8.4 Survival.

     The indemnifications, representations and warranties set forth herein shall survive the
expiration or termination of this SA.

8.5 Tender of Defense.

     Each parties obligation to indemnify the other hereunder with respect to any claim of a
Mortgagor, Investor or other third party shall be conditioned upon the following: (i) the Party
seeking indemnity (the “Indemnitee”) shall give to the Party from whom indemnity is sought (the
“Indemnitor”) prompt written notice of any such claim and shall provide such detail as the
Indemnitor may reasonably require (ii) the Indemnitee shall reasonably cooperate in the defense of
such action; (iii) the Indemnitor shall have full control and authority to retain counsel of its
choice, defend and settle any such action or claim at its sole expense provided, however, that
where the settlement is for more than monetary relief along, the Indemnitor shall not have the
right to bind Indemnitee to a settlement agreement, without the prior written consent of the
Indemnitee, which consent shall not be unreasonably withheld, under which:

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a) the Indemnitee will be required to make an admission of wrongdoing; or (b) an admission of
wrongdoing by Indemnitor on Indemnitee’s behalf could be reasonably inferred or construed.

8.6 Limitation of Liability.

     All claims of liability between the Parties shall, regardless of the form or cause of action,
be limited to direct damages and in no event shall either Party be liable to the other Party or to
any third party for any indirect, incidental, special or consequential damages, including without
limitation damages attributed to lost profits, loss of goodwill, business interruptions, or loss of
data, even if the other party has been advised of the possibility of such damages. Each Party, on
behalf of its affiliates, successors, assigns, and its and their respective officers, directors,
shareholders, partners, and employees waives any claim for punitive or exemplary damages.

8.7 Dispute Resolution

     The Parties agree that any and all claims, liabilities, cross-claims, counterclaims,
misunderstandings, and disputes (each, a “Claim”) arising from, or relating to, the subject matter
of this SA shall be decided by binding arbitration which shall be conducted, upon request by any
Party, before a single arbitrator designated by the American Arbitration Association (the “AAA”) ,
in accordance with the terms of the Commercial Arbitration Rules of the AAA, and to the maximum
extent applicable, the United States Arbitration Act.

     (a) Each Party, (the “Claimant”) agrees to notify the other (“Respondant”) in writing, within
a commercially reasonable timeframe and as promptly as possible, regarding any Claim for which the
Claimant demands arbitration as herein provided. Such notice (the “Claim Notice”) shall describe
the Claim, the relevant facts and circumstances supporting the Claim, and any documents in
Claimant’s possession supporting the Claim. The Parties will attempt to resolve all such conflicts
as promptly as possible and in good faith before proceeding to arbitration. If any Claim remains
unresolved for any reason after thirty (30) Business Days after the delivery of the Claim Notice,
or such other period of time as mutually agreed to in writing, then following such period, the
Parties shall, upon the written demand of either Party, proceed to binding arbitration.

     (b) The arbitration shall be convened in an agreed upon location or, in the absence of
agreement, then in Atlanta, Georgia.

     (c) The Parties shall maintain the confidentiality of all aspects of the arbitration,
including documents produced in discovery, filings, and the existence of an arbitration proceeding,
except as disclosure may be required or compelled by Applicable Requirements.

     (d) The AAA shall provide the parties with a written decision containing a reasoned
explanation for its decision and the computation of any damage award. An arbitrator shall have no
authority to award damages or other remedies inconsistent with the limitations set forth in Section
8.6 of this SA.

     (e) The costs of the AAA shall be shared equally by the Parties. Each Party shall bear its
own expenses in preparing for and presenting its case.

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     (f) Judgment upon the award of the Arbitrator may be entered in any court having jurisdiction.

     (g) No provision of, or the exercise of any right(s) under this Section 8.7 shall limit the
right of any Party in appropriate circumstances to: (i) exercise self-help remedies such as
set-off; (ii) foreclose against any real or personal property collateral; (iii) obtain provisional
or ancillary remedies such as injunctive relief or the appointment of a receiver from any court
having jurisdiction before, during or after the pendency of any arbitration. The institution and
maintenance of an action for provisional remedies or pursuit of provisional or ancillary remedies
or the exercise of self help remedies shall not constitute a waiver of the right of any Party,
including the plaintiff, to submit the controversy or claim to arbitration. Each Party hereby
consents to the exclusive jurisdiction and venue of the state court and federal district of Cobb
County, Georgia for any provisional or ancillary relief sought pursuant to this Section 8.7(g) and
irrevocably waives all claims of immunity from jurisdiction and any right to object on the basis
that any proceeding for such relief has been brought in an improper or inconvenient venue or forum.
Lender and Subservicer each hereby knowingly, voluntarily, and intentionally waive the right each
may have to a trial by jury in respect of any litigation based hereon, or arising out of, under or
in connection with this or any actions of either Party. This provision is a material inducement
for Lender and Subservicer entering into this SA.

     (h) To the maximum extent practicable, an arbitration proceeding between the Parties shall be
concluded within one hundred eighty (180) days of the filing of the dispute with the AAA. Except
where prevented from doing so by the acts of the other Party, each Party agrees to continue
performing its respective obligations under this SA while the dispute is being resolved unless and
until such obligations are terminated by the termination of this SA.

     (i) The provisions of this arbitration clause shall survive any termination, amendment, or
expiration of this SA. If any term, covenant, condition, or provision of this arbitration clause
is found to be unlawful or invalid or unenforceable, the remaining parts of the arbitration clause
shall not be affected thereby and shall remain fully enforceable.

ARTICLE IX — MISCELLANEOUS

9.1 Due Date of Payments; Interest Rate on Delayed Payments due Subservicer

     All fees, payments, charges, expenses, Advances and any other sums payable to Subservicer by
Lender hereunder, shall be due and payable as provided for herein. Except as otherwise expressly
provided in this SA, all applicable fees, charges and requests for reimbursement to Subservicer are
due and payable as provided in Schedule II. Also, except as otherwise expressly provided in this
SA, upon any failure of Lender to timely comply with its funding obligations hereunder and without
waiving any such default of Lender, all sums optionally advanced by Subservicer from its own
resources shall bear interest on a per diem basis, based upon an annual interest rate of 2% over
the Prime Rate.

9.2 Changes in Practices

     The Parties acknowledge that the standard practices and procedures of the mortgage servicing
industry change or may change over a period of time. To accommodate these changes, Subservicer may
from time to time notify Lender of such changes in practices and procedures. Notwithstanding the
preceding two sentences, Subservicer shall at all times comply with Applicable Requirements.

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9.3 Assignment

     This SA may be assigned only after written consent of both Lender and Subservicer.
Subservicer’s outsourcing of servicing functions often performed by third party vendors (such as
data processing, real estate tax service, foreclosure, property protection and preservation, flood
map change tracking and other servicing functions) is not prohibited thereby.

9.4 Prior Agreements

     If any provision of this SA is inconsistent with any prior agreements between the Parties,
oral or written, the terms of this SA shall prevail. After the effective date of this SA, the
relationship and agreements between Lender and Subservicer shall be governed entirely in accordance
with the terms of this SA, except that the terms and conditions of any confidentiality agreement
between Subservicer and Lender or any affiliate of Lender or among Subservicer, Lender and any
third party shall remain in full force and effect according to its original tenor. Nothing in this
Section 9.4 shall preclude a Party from disclosing the existence of the subservicing relationship
created hereby to any third party.

9.5 Entire Agreement

     This SA contains the entire agreement between the Parties with respect to its subject matter
and cannot be modified in any respect except by an amendment in writing signed by Lender and by the
President or a Vice-President of Subservicer.

9.6 Invalidity

     The invalidity of any portion of this SA shall in no way affect the remaining portion hereof.

9.7 Effect

     Except as otherwise stated herein, this SA shall remain in effect until Lender’s interest in
all of the Mortgage Loans referred to, including the underlying security, are liquidated
completely, unless sooner terminated or expired pursuant to the terms hereof.

9.8 Applicable Law

     This SA shall be interpreted in accordance with the substantive laws of Georgia applicable to
contracts made and to be performed wholly within Georgia.

9.9 Notices

     All notices, requests, demands and other communications which are required or permitted to be
given to a Party under this SA shall be in writing and shall be deemed to have been duly given: (i)
upon the receipt thereof by the recipient Party; or (ii) upon the sending thereof (A) by registered
or certified mail, postage prepaid, return receipt requested; or (B) by a recognized overnight
courier service-marked in each instance for the attention of the President of the Subservicer or
the individual designated by Lender from time to time in a written notice delivered to Subservicer,
as the case may be-and addressed to the recipient Party at that Party’s address set forth on the
first page hereof or to such other address in the United States of America as the recipient shall
specify in a notice delivered to the other Party in accordance with this Section.

9.10 Waivers

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     Either Party may, by written notice to the other: (i) waive compliance with any of the terms,
conditions or covenants required to be complied with by the other hereunder; and (ii) waive or
modify performance of any of the obligations of the other hereunder. The waiver by either Party of
a breach of any provision of this SA shall not operate or be construed as a waiver of any other or
subsequent breach.

9.11 Binding Effect

     This SA shall inure to the bebefit of and be binding upon the Parties and their successors and
permitted assigns.

9.12 Headings

     Headings of the Articles and Sections of this SA are for reference purposes only and shall not
be deemed to have any substantive effect.

9.13 Use of Nonpublic Personal Information

     Each Party agrees that is it prohibited from disclosing or using “nonpublic personal
information” (as such term is, from time to time, defined under Applicable Requirements) provided
to it by the other Party, except to the extent necessary to perform, effect, administer or enforce
any transaction or service contemplated by this SA or as otherwise permitted under Applicable
Requirements. Each Party agrees that its affiliates may disclose or use “nonpublic personal
information” only to the extent that such Party may use and disclose such information hereunder.
Each Party agrees that any solicitation for Optional Insurance under Section 4.2 of this SA shall
be deemed an activity in the ordinary course of business for which such information was given under
this SA; provided, however, that the agreement under this Section 9.13 shall not be deemed to
negate any requirement for Lender’s prior consent under Section 4.2. Lender shall be responsible
for delivering to any Mortgagor each initial and annual notice required under Applicable
Requirements with respect to the use and disclosure of “nonpublic personal information” and shall
promptly provide to Subservicer any “opt out” notice from a Mortgagor received directly by Lender
or its affiliates. Subservicer shall maintain measures in place appropriate, in Subservicer’s
reasonable judgement to the nature and complexity of Subservicer’s business and obligations under
this SA, to provide physical, electronic and procedural safeguards for the use and disclosure of
“nonpublic personal information” in accordance with Applicable Requirements. Subservicer agrees to
take appropriate action to address incidents of unauthorized access or misuse of “sensitive
customer information” (as such term is, from time to time, defined under Applicable Requirements).
Subservicer further agrees to notify Lender as soon as possible of any incidents of unauthorized
access to or misuse of “sensitive customer information.”

9.14 Confidentiality

     Each Party will hold the Confidential Information of the other Party in strict confidence.
The receiving Party will not use or make any disclosure of Confidential Information to anyone
without the express written consent of the disclosing Party, except to the receiving Party’s
employees, agents, vendors, advisors and regulators if disclosure is necessary for the performance
of this SA or defense of any claims under this SA. At any time during the term of this SA or
following its expiration or termination, the receiving Party will, at the request of the disclosing
Party, destroy any Confidential Information (including all copies thereof in its possession within
five (5) Business Days after receiving written request by the disclosing Party. The receiving
Party shall provide the disclosing Party access to Confidential Information in connection with the
defense of any claims hereunder. The obligation to

29

 

protect the confidentiality of all Confidential Information disclosed by either Party prior to
such termination shall survive the termination of this SA.

9.15 Counterpart Execution and Facsimile Delivery.

     This SA may be executed in multiple counterparts, each of which when conformed, shall
constitute one and the same document. This SA may be executed and delivered by facsimile
signatures, which shall, for all purposes hereunder, be deemed effective as original signatures.

IN WITNESS WHEREOF, each Party has caused this SA to be signed in its corporate name by its proper
officers duly authorized, as of the day, month and year first written above.

	 	 	 
	SUBSERVICER

	 	LENDER
	 
	 	 
	SUNSHINE MORTGAGE CORPORATION, a

	 	ebank MORTGAGE, LLC, a
	Georgia corporation

	 	Georgia limited liability company

	 	 	 	 	 	 	 	 	 	 	 
	By:

	 	/s/ Gary R. Rhineheart
 

	 	 	 	By:
	 	/s/ Lucien J. Barrette
 

	 	 
	 

	 	Gary R. Rhineheart
	 	 	 	 	 	     Lucien J. Barrette	 	 
	 

	 	It’s CEO
	 	 	 	 	 	     It’s President	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	ATTEST:	 	 	 	 	 	ATTEST:	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	By:

	 	/s/ Elizabeth Blanchard
 

	 	 	 	By:
	 	/s/ Wayne W. Byers
 

	 	 
	 

	 	Elizabeth Blanchard
	 	 	 	 	 	     Wayne W. Byers	 	 
	 

	 	It’s Secretary
	 	 	 	 	 	     It’s Secretary	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	 

	 	(corporate seal)
	 	 	 	 	 	(corporate seal)	 	 

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SCHEDULE I

OPTIONAL SERVICES

	o	 	If the box at the left margin of this line contains an “x” at the time of execution of this
SA by Lender, then Lender has elected to utilize the Private Label Servicing Option more fully

described in Section 2.9.1.
	 
	o	 	If the box at the left margin of this line contains an “x” at the time of
execution of this SA by Lender, then Lender has elected to utilize the Monthly Borrower Statement Option more fully

described in Section 2.9.2.
	 
	o	 	If the box at the left margin of this line contains an “x” at the time of
execution of this SA by Lender, then Lender has elected to utilize MERS as more fully described in Section 2.9.3.

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SCHEDULE II

COMPENSATION TO SUBSERVICER

     For providing the services contained in this SA, Lender agrees that Subservicer shall earn,
and Lender shall pay to Subservicer, all applicable fees, charges and requests for reimbursement as
outlined in this SA. Unless funds are drawn by Subservicer under Section 3.5 or withheld therefrom by
Subservicer in accordance with this SA, Lender shall remit funds to Subservicer to cover all sums
due Subservicer hereunder (including without limitation P&I Advances requested by Subservicer and
required to be funded by Lender in accordance with Section 3.5, as calculated by Subservicer’s
Fidelity System), and within two (2) Business Days after Lender’s receipt of Subservicer’s invoice
therefor.

I. Subservicing Fees, Setup Fees/Account Maintenance Fee Schedules; Fees for Optional Services

     A. Setup Fees due Subservicer are as follows:

          (1) A $0.00 per Investor setup fee is due Subservicer from Lender for each Investor
established on Subservicer’s Fidelity System on behalf of Lender.

          (2) A per Mortgage Loan setup fee shall be due Subservicer on the date of commencement of the
related subservicing, in the following amounts:

               (a) Lender’s reimbursement of Subservicer’s actual out-of-pocket setup costs and expenses,
including reasonable travel expenses as applicable, in the case of the Original Subservicing;
provided, however, that such reimbursement may be waived by Subservicer; and

               (b) $0.00 per Mortgage Loan for automated setup (i.e., in which substantially all required
data concerning the Mortgage Loan, including master file data, escrow and, if applicable, ARM
information is delivered to Subserviced by electronic interface, the cost of which shall be paid by
Lender; and

               (c) $0.00 per Mortgage Loan for manual setup; and

               (d) $1.25 for any Original Subservicing Mortgage Loan that, as of its Transfer Date, has been
paid in full or transferred service released and is being transferred to Subservicer solely for the
purpose of IRS reporting at the end of the calendar year in which the Transfer Date occurs.

     B. (1) The monthly per Mortgage Loan subservice fee due Subservicer hereunder:

               (a) is $6.06 for a fixed-rate Mortgage Loan (including a “balloon” or “balloon reset”
Mortgage Loan or a converted ARM) or an ARM Mortgage Loan which does not necessitate special or accelerated collection (delinquency, loss mitigation, or
home ownership and/or debt management counseling) activities beyond those normally required to
service standard conventional Fannie Mae or Freddie Mac loan or loans insured by FHA or guaranteed
by the VA or USDA/RHS;

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               (b) is $7.25 for a fixed-rate Mortgage Loan (including a “balloon” or “balloon reset” Mortgage
Loan or a converted ARM) or ARM Mortgage Loan which does not satisfy the condition specified
hereabove;

               (c) is $0.25 for any Original Subservicing Mortgage Loan that, as of its Transfer Date, has
been paid in full and is being transferred to Subservicer solely for the purpose of IRS reporting
at the end of the calendar year in which the Transfer Date occurs. Such Mortgage Loan(s) shall be
purged from the Fidelity system following IRS reporting for the year in which the Transfer Date
occurs and, thereafter, no additional charges shall accrue. In addition, any Mortgage Loan which
pays in full during the last ninety (90) days of any calendar year shall not be purged from the
Fidelity System at year-end but shall remain on the Fidelity System until the end of the following
calendar year and shall be billed at the rate provided for in this subsection starting with the
calendar month following the month in which the payoff occurs;

               (d) shall be computed as of the close of business on the last Business Day of the month in
which the payoff occurs;

          (2) If, at any time after the First Transfer Date occurs hereunder, the number of Mortgage
Loans subserviced hereunder is less than  0  (determined as of the last day of the
month in question), then a monthly Account Maintenance Fee of $1,000 shall be payable to
Subservicer for each such month.

          (3) The monthly per Mortgage Loan subservice fee due Subservicer shall be adjusted (each, a
“Fee Adjustment”) effective as of the annual renewal date of this SA, but, in any event, only if
based upon the mutual agreement of Lender and Subservicer.

     C. During each month during the Term hereof or any extension thereof, Lender agrees that
Ancillary Income shall be deemed as 100% earned by Subservicer and claim no portion thereof.

     D. Subservicer shall collect from Lender an additional $20.00 per month for each Mortgage Loan
(i) thirty (30) or more days delinquent, (ii) which has been referred to counsel for commencement
of foreclosure proceedings, (iii) whose Mortgagor is a debtor in a pending bankruptcy proceeding,
or (iv) which is REO managed by Subservicer, each to defray the increased costs necessarily
incurred by Subservicer. Subservicer may, at its sole option, waive this charge for newly closed
originations which have either a pending or recently completed service release sale statues and
which delinquency is caused by the Mortgagor’s expressed confusion regarding the transfer.

     E. (1) All Mortgage Loans will be covered by lifetime freely transferable verified
Transamerica Real Estate Tax Service (“TRETS”) or First American Real Estate Tax Service (“FARETS”)
contracts, paid for by Lender. All tax service charges are the responsibility of Lender, including
costs incurred by Subservicer for charges assessed by

33

 

tax authorities or FARETS (for FARETS contracts or for TRETS contracts that FARETS has succeeded to
by merger) in connection with their providing duplicate tax bills to Subservicer. If a FARETS real
estate tax service contract is not in existence at time subservicing commences, Subservicer will
order same from FARETS and charge Lender the amount per Mortgage Loan actually invoiced to
Subservicer by FARETS plus a $2.00 per Mortgage Loan service charge. Notwithstanding the
foregoing, certain Mortgage Loans may be transferred to Subservicer without a real estate tax
contract in effect on the following terms and conditions, which are hereby specifically
acknowledged and agreed to by Lender:

          (a) Subservicer shall have no obligation to order a tax service contract for any Mortgage Loan
provided that Lender has identified, prior to the transfer of servicing to Subservicer, such loan
as one for which Lender does not want a tax contract obtained. If Lender fails to provide such
identification and Subservicer orders a tax service contract on such a loan, the cost shall be
billed to Lender. If it is subsequently discovered by either Party that such contract was ordered
in error, Subservicer shall cancel such contract and a refund, if any is forthcoming from the tax
service company, shall be credited to Lender.

          (b) Subservicer’s obligations under Section 2.3(f) of this SA shall not apply to any Mortgage
Loans for which Lender has elected not to have a tax service contract obtained nor shall
Subservicer’s obligations under Section 2.3(h) apply to such Mortgage Loans with respect to the
payment of items the non-payment of which would have been disclosed by a tax service contract.

          (c) Lender shall bear the sole risk, including any failure to comply with Applicable
Requirements, resulting from the failure to obtain tax contracts on such Mortgage Loans, the
failure to monitor the status of taxes and assessments, or the failure to pay outstanding taxes and
assessments. The Parties acknowledge that these agreements concerning real estate tax service
contracts are being made at the direction of Lender and, as a result thereof, Subservicer shall be
entitled fully to indemnification by Lender pursuant to Section 8.3 of the SA.

          (2) If a transferable life of loan flood zone determination is not in effect on the related
Mortgage Loan Transfer Date, naming Subservicer as the Party to be notified in case of any flood
zone redetermination of the related Mortgaged Premises, then Lender will reimburse Subservicer for
any charges billed to Subservicer by Subservicer’s flood zone tracking service vendor as a
consequence of flood zone remapping of the Mortgaged Premises.

     F. Lender receives the benefit of all Escrow Accounts and P&I float. Escrow Account deposits
shall be deposited at the direction of Lender, subject to all Applicable Requirements.

     G. If Lender elects the PLS Option in accordance with Section 2.9.1: (i) a one-time design and
setup fee of $0.00 shall be due Subservicer on the date of

34

 

commencement of the related subservicing; and (ii) the additional fee per Mortgage Loan per month
(determined as of the first day of each month) is $0.25, with a per month aggregate minimum of
                                        .

     H. Subservicer shall earn and be paid a flat fee of $100 per Mortgage Loan for each Mortgage
Loan assigned to FHA under Title I of the National Housing Act.

     I. Subservicer shall earn and be paid a monthly fee of $0.00 for each separate Investor
remittance method.

     J. If Lender elects the MBSO in accordance with Section 2.9.2, then; (i) a one-time design and
setup fee of $0.00 shall be due Subservicer on the date of commencement of the related
subservicing; and (ii) an additional fee per Mortgage Loan per month (determined as of the first
day of each month) of $0.75 will be charged. The additional fees under clause (ii) include, and
are based upon, applicable third-party production charges and U.S. Postal Service per letter
postage as of the date of this SA and are subject to increase as production and postage charges are
increased.

     K. Subservicer is entitled to retain all (100%) of all Loss Mitigation fees and expenses paid
or allowed from time to time by the Agencies, HUD, FHA, VA and PMI Companies and any other
Investor, in consideration of Subservicer’s loss mitigation activities with respect to any Mortgage
Loans. If Subservicer performs loss mitigation activities at Lender’s request and there is no
other source of compensation to Subservicer therefore, then Lender will compensate Subservicer at
the same level as the standard compensation Fannie Mae would have allowed, at the time in question,
for the same services for a Mortgage Loan owned or securitized by Fannie Mae. At the date hereof,
the Fannie Mae standard schedule of allowances for Loss Mitigation Fees includes the following sums
for the following activities: $1,000 for a pre-foreclosure sale transaction; $500 for a mortgage
modification transaction; and $500 and reimbursement for title expenses for a deed in lieu of
foreclosure transaction. Subservicer will endeavor to collect its expenses and charges for title,
recording, escrow and related independent services from the Mortgagors or other responsible third
parties first before requiring reimbursement from Lender.

     L. The per Mortgage Loan setup fee due Subservicer pursuant to Section I.A.(2) above shall be
increased by $1.00 in the case of manual setup of MERS information on the Fidelity System and by
$0.50 in the case of automated setup of MERS information on the Fidelity System.

     M. If, during any calendar month, one percent (1.0%) or more of the Mortgage Loans are paid in
full, Subservicer shall be entitled to an additional fee of $115.00 per paid in full Mortgage Loan
in excess of the number equaling one percent (1.0%) in order to defray the incremental costs of
processing satisfactions. The percentage shall be determined by dividing the number of paid in
full Mortgage Loans during such calendar month by the number of Mortgage Loans on the Fidelity
System as of the last day of the preceding calendar month.

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II. Mortgage Loan Exit Fee

     A. An Exit Fee equal to Subservicer’s internal costs and expenses (including, without
limitation, labor, reasonable supplies, telephone, mailing, telecopy and photocopy expenses)
attributable to the servicing transfer is payable to Subservicer; provided, however, that the Exit
Fee shall not exceed $13.00 per Mortgage Loan. In addition, Lender shall pay all shipping charges,
Investor transfer fees, document preparation charges for Mortgage Loan assignments, and recording
charges incurred by Subservicr from third parties in connection with the servicing transfer of any
Mortgage Loan (collectively, “Exit Related Charges”). Except as otherwise provided in this
Paragraph II.A, the Exit Fee and Exit Related Charges shall apply during the entire Term of this SA
and after its expiration or termination. The Exit Fee and Exit Related Charges shall be payable
with respect to each Mortgage Loan no longer serviced or subserviced hereunder at the time of
cessation of servicing or subservicing, whether by passage of time or as a consequence of a
material breach by Lender hereunder or otherwise; provided, however, that:

     (1) the Exit Fee and Exit Related Charges shall not be payable for any Mortgage Loan if that
Mortgage Loan was paid at its maturity or prepaid; or

     (2) the Exit Fee shall not be payable for any Mortgage Loan if : (a) Subservicer is in
material breach of this SA and such breach has not been cured as provided in Section 5.5 of this
SA; or (b) Subservicer terminates this SA before expiration of the Term of this SA for any reason
except for material breach by Lender.

     B. Notwithstanding the preceding Paragraph II.A, the per Mortgage Loan Exit Fee during any
calendar quarter during the Term shall be limited to Lender’s reimbursement of the third party
out-of-pocket expenses incurred by the Subservicer if all of the following conditions are satisfied
for that calendar quarter:

          (1) the total number of Mortgage Loans subservice released in that calendar quarter is 
0  or less;

          (2) any Mortgage Loan in question was identified by Lender to Subservicer, on or before its
Transfer Date, as being one for which service release is expected to occur. At such time as Lender so identifies the Mortgage Loan(s), Lender
may also direct Subservicer not to perform any or all of its services hereunder in
connection with such Mortgage Loan. There shall be no abatement of Subservicer’s fees as a result
of such direction. Lender shall bear the sole risk, including any failure to comply with
Applicable Requirements, resulting from such direction and Lender expressly acknowledges and agrees
that Subservicer shall be entitled fully to indemnification by Lender; and

36

 

          (3) the Mortgage Loan in question was not subserviced by Subservicer for more than 120 days;
and

          (4) at the close of business on the last Business Day of the calendar year in question, the
total number of Mortgage Loans remaining unreleased is not less than  0 .

     C. In addition, Subservicer shall be entitled to be reimbursed by Lender for any setup costs
and expenses paid by Subservicer pursuant to Paragraph I.A(2) if there is a servicing transfer of
any of the Original Mortgage Loans prior to the third anniversary of the first Transfer Date.

III. Exceptional Expenses; Power to Terminate Subservicing of Certain Mortgage Loans

     A. The compensation due Subservicer under this SA was negotiated upon the assumptions that:
(i) prior to Subservicer’s commencement of subservicing activities hereunder, the Mortgage Loans
were continuously serviced and/or subserviced in accordance with Applicable Requirements; (ii) each
entity transferring the servicing or subservicing of the Mortgage Loans to Subservicer hereunder
has fully and timely complied with Subservicer’s reasonable transfer instructions; and (iii)
complete and accurate Mortgage Loan Servicing information for all data fields reasonably required
by Subservicer has been provided to Subservicer, to properly convert all information and fields
into Subservicer’s Fidelity System in conformity with Fidelity’s requirements.

     B. Without limiting the generality of Section 8.3(a) of this SA:

          (1) Lender shall reimburse Subservicer for all reasonable exceptional expenses (such as
expenses for employee overtime, temporary help and telephone and overnight courier expenses)
necessarily incurred by Subservicer to correct any inaccuracies in the assumptions set forth in
Section III.A above. Subservicer shall keep Lender advised of the expenses for which Subservicer
shall expect reimbursement; provided, however, that such undertaking to advise Lender shall not be
deemed an obligation on Subservicer’s part to obtain Lender’s consent prior to incurring such
expense.

          (2) Subservicer agrees to notify Lender of any breach in Lender’s representations and
warranties promptly after actual knowledge thereof by the management (department manager or senior)
of Subservicer. If such notice to Lender occurs prior to the servicing transfer of the Mortgage
Loan(s) affected by such breach, Lender shall be afforded the opportunity to cure such breach, to
Subservicer’s satisfaction, before transfer to Subservicer, but such cure shall not release Lender
of its indemnification obligations hereunder. If such notice to Lender occurs after the Transfer
Date of the Mortgage Loan(s) affected by such breach, Subservicer shall have all rights and
remedies contained in and provided by this SA..

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          (3) With respect to any Mortgage Loans which have not been, prior to their respective Transfer
Dates, continuously serviced or subserviced in accordance with Applicable Requirements in all
material respects, Subservicer shall have a continuing option, subject to Subservicer’s compliance
with Applicable Requirements, especially those mandating the giving of notice of a subservicing
transfer, to determine (and to notify the Mortgagors and Lender of that determination) that, as of
a future date certain, Lender or Lender’s designee will thereafter be servicing or subservicing
such Mortgage Loans.

     C. In addition, Lender shall reimburse Subservicer for any additional Fidelity charges
incurred by Subservicer as a result of Subservicer’s compliance with any Freddie Mac, Fannie Mae or
Ginnie Mae requirement that Subservicer report under additional lender numbers or branch numbers.

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SCHEDULE 2.5(d)

FORM OF CORPORATE RESOLUTION – SIGNING OFFICERS

     RESOLVED, that the individuals named in the next paragraph are hereby appointed as officers of
ebank Mortgage, LLC (“Lender”), with the respective titles set forth to each individual’s name
(each individual is referred to herein as an “Appointee”), but only for the sole, limited and
exclusive purposes, acting on behalf of Lender, of signing, executing and (where required by law or
custom) attesting, acknowledging and/or recording: (1) requests for delivery of custodial mortgage
loan documents, reconveyances, substitution of trustees, discharges, releases, satisfactions, and
assignments of deeds of trust, trust deeds, mortgages and security deeds (each, a “Security
Instrument”) which Security Instruments secure paid in full mortgages subserviced for Lender by
Sunshine Mortgage Corporation (“Subservicer”) pursuant to that certain Subservicing Agreement dated
as of September 25th, 2006 (the “SA”) between Lender and Subservicer; (2) partial
releases of collateral encumbered by any of the Security Instruments, but only with the prior
written approval of an appropriate official of Lender or Investor in each instance; (3)
modifications and/or extensions of so-called “balloon reset” owned or backing a security issued by
Fannie Mae or Freddie Mac, but only in accordance with applicable guidelines issued by those
Agencies and the related mortgage loan documents; (4) modifications of notes and Security
Instruments, to reamortize the remaining unpaid principal balance of the mortgage loans secured
thereby, at the same interest rate and unexpired term, but only upon : (a) a substantial
curtailment of mortgage loan principal, and (b) the prior written consent of Lender and, if
applicable, of Fannie Mae, Freddie Mac, HUD, USDA/RHS or VA; (5) assignments, substitution of
trustees, pleadings, notices, deeds and other instruments necessary to institute, continue or
complete foreclosures of loans subserviced for Lender by Subservicer, but only if the foreclosure
has been approved by an appropriate official of Lender and/or Investor in each instance; and (6)
any and all other related instruments and documents, including without limitation (i) the power to
request mortgage loan documents from any document custodian or Investor holding the same, and (ii)
the power to endorse instruments required to effectuate mortgage loan payments or refunds (such as
checks evidencing such payments or refunds);

     FURTHER RESOLVED, that the Appointees’ respective names and offices are as follows:

	 	 	 
	Name	 	Title
	Gary Rhineheart

	 	Vice President and Assistant Secretary
	Fred Powell

	 	Vice President and Assistant Secretary
	Elizabeth Blanchard

	 	Vice President and Assistant Secretary
	Lynne Tew

	 	Vice President and Assistant Secretary

39

 

	 	 	 
	Name	 	Title
	Arline Causey

	 	Vice President and Assistant Secretary
	Jody Stump

	 	Vice-President and Assistant Secretary

it being understood that each Appointee herein is a current employee of Subservicer or of a “Recon
Firm” (as defined in the SA);

     FURTHER RESOLVED, that all acts and doings of each Appointee as a Vice President or Assistant
Secretary of Lender shall in all respects be consistent with and in furtherance of the duties and
obligations of Subservicer under the SA, as that SA may have been, and may hereafter be, amended,
supplemented or superseded.

     FURTHER RESOLVED, that each appointment of each Appointee made hereunder shall automatically
expire: (i) when and if these resolutions are repealed, rescinded or annulled; (ii) upon the
expiration or earlier termination of the SA; or (iii) when Lender delivers written notice to
Subservicer of such repeal, rescission or annulment; and an Appointee’s appointment hereunder shall
automatically terminate upon: (1) the termination of the employer-employee relationship between
Appointee and Subservicer or upon termination of the employer-employee relationship of the
Appointee and Subservicer’s Recon Firm, as the case may be; (2) upon the resignation of the
Appointee, delivered to Subservicer or to Lender directly; or (3) as to Appointees employed by a
Recon Firm, upon the termination of the outsourcing relationship between Subservicer and that Recon
Firm.

     FURTHER RESOLVED, that no present or future Appointee: (i) shall ever be deemed to be an
employee of Lender for any purpose; (ii) shall ever be entitled to compensation of any kind or type
from Lender; and (iii) shall ever be entitled to any benefits whatsoever granted by Lender or by
law or regulation to other officers, directors or employees of Lender.

-END-

40

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