Document:

EX-10.1

U.S. $260,000,000

MORTGAGE ASSET PURCHASE AGREEMENT

by and among

MMA REALTY CAPITAL REPURCHASE SUBSIDIARY, LLC,

as the Seller

WACHOVIA BANK, NATIONAL ASSOCIATION,

as the Purchaser

MUNICIPAL MORTGAGE & EQUITY, LLC,

as a Guarantor

Dated as of June 15, 2006

1

MORTGAGE ASSET PURCHASE AGREEMENT

THIS MORTGAGE ASSET PURCHASE AGREEMENT (as amended, modified, restated, replaced,
waived, substituted, supplemented or extended from time to time, the “Agreement”) is made
as of this 15th day of June, 2006, by and among:

(1) MMA REALTY CAPITAL REPURCHASE SUBSIDIARY, LLC, a Maryland limited liability company, as
the seller;

(2) WACHOVIA BANK, NATIONAL ASSOCIATION, a national banking association (together with its
successors and assigns, “Wachovia”), as the purchaser; and

(3) MUNICIPAL MORTGAGE & EQUITY, LLC, a Delaware limited liability company, as the guarantor.

R E C I T A L S

WHEREAS, the Seller desires to sell and the Purchaser desires to purchase from time to time
Eligible Assets under the terms and conditions stated herein; and

WHEREAS, if the Purchaser purchases one (1) or more Eligible Assets, the parties desire that
the Seller repurchase the Purchased Asset(s) on or before the Facility Maturity Date under the
terms and conditions stated herein.

NOW, THEREFORE, based upon the foregoing Recitals, the mutual premises and agreements
contained herein, and other good and valuable consideration, the receipt and sufficiency of which
is hereby acknowledged, the parties hereto, intending to be legally bound, hereby agree as follows:

ARTICLE I

DEFINITIONS

Section 1.1 Certain Defined Terms.

Certain capitalized terms used throughout this Agreement are defined above or in
Annex 1 attached hereto.

Section 1.2 Computation of Time Periods.

Unless otherwise stated in this Agreement, in the computation of a period of time from a
specified date to a later specified date, the word “from” means “from and including” and the words
“to” and “until” each mean “to but excluding.”

Section 1.3 Interpretation.

In each Repurchase Document, unless a contrary intention appears: (i) the singular number
includes the plural number and vice versa; (ii) reference to any Person includes such Person’s
successors and assigns but, if applicable, only if such successors and assigns are permitted by the
Repurchase Documents; (iii) reference to any gender includes each other gender; (iv) reference to
day or days without further qualification means calendar days; (v) reference to any time means
Charlotte, North Carolina time; (vi) reference to any agreement (including any Repurchase
Document), document or instrument means such agreement, document or instrument as amended,
modified, restated, replaced, waived, substituted, supplemented or extended from time to time in
accordance with the terms thereof and, if applicable, the terms of the other Repurchase Documents,
and reference to any promissory note, certificate, instrument or trust receipt includes any
promissory note, certificate, instrument or trust receipt that is an extension or renewal thereof
or a substitute or replacement therefor; (vii) reference to any Applicable Law, including any
reference to a specific provision of Applicable Law, means such Applicable Law as amended,
modified, codified, replaced or reenacted, in whole or in part, and in effect from time to time,
including rules and regulations promulgated thereunder and reference to any Section or other
provision of any Applicable Law means that provision of such Applicable Law from time to time in
effect and constituting the substantive amendment, modification, codification, replacement or
reenactment of such Section or other provision; (viii) unless otherwise expressly provided in this
Agreement, reference to any notice, request, approval, consent or determination provided for,
permitted or required under the terms of the Repurchase Documents with respect to the Seller, the
Guarantors, the Pledgor or the Purchaser means, in order for such notice, request, approval,
consent or determination to be effective hereunder, such notice, request, approval or consent must
be in writing; and (ix) reference herein or in any Repurchase Document to the Purchaser’s
discretion shall mean, unless otherwise stated herein or therein, the Purchaser’s sole and absolute
discretion, and the exercise of such discretion shall be final and conclusive; in addition,
whenever the Purchaser has a decision or right of determination or request, exercises any right
given to it to agree, disagree, accept, consent, grant waivers, take action or no action or to
approve or disapprove, or any arrangement or term is to be satisfactory or acceptable to or
approved by (or any similar language or terms) the Purchaser, the decision of the Purchaser with
respect thereto shall be in the sole and absolute discretion of the Purchaser, and such decision
shall be final and conclusive, except as may be otherwise specifically provided herein.

ARTICLE II

PURCHASE OF ELIGIBLE ASSETS

Section 2.1 Purchase and Sale.

Subject to the terms and conditions hereof, from time to time during the Facility Period (but
at no time thereafter) and at the written request of the Seller, the parties hereto may enter into
transactions in which the Seller transfers Eligible Assets to the Purchaser in a sales transaction
against the transfer of funds by the Purchaser representing the Purchase Price for such Purchased
Assets, with a simultaneous agreement by the Purchaser to transfer to the Seller and the Seller to
repurchase such Purchased Assets in a repurchase transaction at a date certain not later than the
Facility Maturity Date, against the transfer of funds by the Seller representing the Repurchase
Price for such Purchased Assets. Each such transaction shall be referred to herein as a
“Transaction” and shall be governed by this Agreement.

Section 2.2 Transaction Mechanics; Related Matters.

(a) From time to time during the Facility Period, the Purchaser may in its discretion purchase
from the Seller the Seller’s rights and interests (but none of its obligations) under certain
Eligible Assets; provided, however, (i) at no time shall the aggregate Purchase
Price of the outstanding Transactions and any proposed Transactions exceed the Availability or the
Maximum Amount, (ii) at no time shall the Purchaser enter into Transactions after the Facility
Period and (iii) in no event shall a Transaction be entered into when any Margin Deficit exists,
any Default or Event of Default has occurred and is continuing or when the Repurchase Date for such
Transaction would be later than the Facility Maturity Date. The Seller shall request a Transaction
by delivering to the Purchaser (with a copy to the Custodian), via Electronic Transmission (to the
extent available in such form and otherwise by overnight delivery), a Seller Asset Schedule, a
draft Confirmation, an Underwriting Package and any other information and documents reasonably
requested (orally or in writing) by the Purchaser in its discretion. The Purchaser shall have a
commercially reasonable period of time not to exceed five (5) Business Days from the Business Day
on which the Purchaser is in receipt of the draft Confirmation, the Seller Asset Schedule, the
Underwriting Package and any supplemental requests relating to the proposed Eligible Assets.

(b) The Purchaser shall notify the Seller in writing of the Purchaser’s tentative approval
(and proposed Purchase Price for each Eligible Asset) or the final disapproval of any proposed
Eligible Asset within a commercially reasonable time not to exceed five (5) Business Days from the
Business Day on which the Purchaser is in receipt of the documents and materials described in
Subsection 2.2(a). Unless the Purchaser notifies the Seller in writing of the Purchaser’s
approval of such proposed Eligible Asset within the applicable period, the Purchaser shall be
deemed not to have approved the purchase of such proposed Eligible Asset.

(c) Provided that the Purchaser has tentatively agreed to purchase the Eligible Assets
described in the draft Confirmation and the proposed Purchase Price is acceptable to the Seller,
the Seller shall forward to the Purchaser, via Electronic Transmission, at least two (2) Business
Days prior to the requested Purchase Date a completed and executed Confirmation with respect to
each Transaction, substantially in the form of Exhibit I attached hereto. Unless otherwise
agreed in writing, upon receipt of the Confirmation, the Purchaser may, in its discretion, agree to
enter into the requested Transaction with respect to an Eligible Asset, with such additional terms,
conditions and requirements contained in the Confirmation as the Purchaser may require in its
discretion (if additional terms, conditions or requirements are required by the Purchaser, the
Seller shall include such terms, conditions and/or requirements in the Confirmation to the extent
it approves of same, and provide a re-executed Confirmation to the Purchaser), and the Purchaser’s
agreement to purchase the Eligible Asset on the terms, conditions and requirements as the Purchaser
may require in its discretion shall be evidenced by the Purchaser’s execution of the Confirmation.
Any Confirmation executed by the Purchaser shall be deemed to have been received by the Seller on
the date actually received by the Seller.

(d) Upon receipt of a copy of the Confirmation executed by the Purchaser, (i) the Seller shall
release or cause to be released to the Custodian in accordance with the Custodial Agreement, (1) in
the case of a single Non–Table Funded Purchased Asset, no later than 1:00 p.m. one (1) Business Day
(for more than one (1) Non–Table Funded Purchased Asset, two (2) Business Days) prior to the
requested Purchase Date, and, (2) in the case of a Table Funded Purchased Asset, no later than 1:00
p.m. three (3) Business Days following the applicable Purchase Date, the Mortgage Asset File
pertaining to each Eligible Asset to be purchased by the Purchaser, and (ii) the Seller shall
deliver to the Custodian, in connection with the applicable delivery under clause (i)
above, a Custodial Identification Certificate and a completed Mortgage Asset File Checklist
required under Section 3.2 of the Custodial Agreement.

(e) Each Confirmation, together with this Agreement, shall constitute conclusive evidence of
the terms agreed between the Purchaser and the Seller with respect to the Transaction to which the
Confirmation relates, and the Seller’s acceptance of the related proceeds shall, to the extent the
Confirmation is not for any reason executed by the Seller, constitute the Seller’s agreement to the
terms of such Confirmation. It is the intention of the parties that each Confirmation shall not be
separate from this Agreement but shall be made a part of this Agreement. In the event that any
terms or conditions of any Confirmation are inconsistent, or in direct conflict, with this
Agreement, the terms of such Confirmation shall prevail; provided, however, such
Confirmation and this Agreement shall be construed to be cumulative to the extent possible.

(f) Subject to the terms and conditions of this Agreement, during the term of this Agreement,
the Seller may sell to the Purchaser, repurchase from the Purchaser and resell to the Purchaser
Eligible Assets hereunder; provided, however, the Seller may not substitute any
Eligible Asset for any Purchased Asset.

(g) Pursuant to the Custodial Agreement, the Custodian shall deliver to the Purchaser and the
Seller by 1:00 p.m. on the Purchase Date for each Non–Table Funded Purchased Asset a Trust Receipt
(along with a completed Mortgage Asset File Checklist attached thereto) and an Asset Schedule and
Exception Report with respect to the Eligible Assets that the Seller has requested the Purchaser
purchase on such Purchase Date. With respect to each Table Funded Purchased Asset, the Seller
shall cause the Bailee to deliver to the Custodian, with a copy to the Purchaser, no later than
1:00 p.m. on the Purchase Date, by Electronic Transmission, copies of the related Basic Mortgage
Asset Documents, a fully executed Bailee Agreement, a Bailee’s Trust Receipt issued by the Bailee
thereunder and such other evidence satisfactory to the Purchaser in its discretion that all
documents necessary to effect a transfer of the Eligible Assets to the Purchaser have been
delivered to Bailee. With respect to each Table Funded Purchased Asset, the Custodian shall
deliver to the Purchaser with a copy to the Seller a Table Funded Trust Receipt no later than
3:00 p.m. on the Purchase Date, which receipt and all other documents delivered to the Bailee shall
be acceptable to the Purchaser in its discretion. In the case of a Table Funded Purchased Asset,
no later than 3:00 p.m. on the second (2nd) Business Day following the Custodian’s receipt of the
related Mortgage Loan Documents comprising the Mortgage Asset File, the Custodian shall deliver to
the Purchaser a Trust Receipt (along with a completed Mortgage Asset File Checklist attached
thereto) certifying its receipt of the documents required to be delivered pursuant to the Custodial
Agreement, together with an Asset Schedule and Exception Report relating to the Basic Mortgage
Asset Documents, with any Exceptions identified by the Custodian as of the date and time of
delivery of such Asset Schedule and Exception Report. The Custodian shall deliver to the Purchaser
an Asset Schedule and Exception Report relating to all of the Mortgage Loan Documents within
five (5) Business Days of its receipt of the Mortgage Asset Files.

(h) On the Purchase Date for each Eligible Asset to be purchased on such date, and provided
the requirements set forth in this Agreement and the other Repurchase Documents are satisfied,
including, without limitation, the delivery to the Purchaser of a Trust Receipt pursuant to
Subsection 2.2(g) of this Agreement, ownership of the Purchased Assets shall be transferred
to the Purchaser (subject to the terms of this Agreement) against the simultaneous transfer of the
lesser of (A) Purchase Price (or such lesser amount requested by the Seller) and (B) the
Availability to the Seller not later than 5:00 p.m. on such date. The Seller hereby sells,
transfers, conveys and assigns to the Purchaser all the right, title and interest (but none of the
obligations) of the Seller in and to the Purchased Assets and the other Purchased Items together
with all right, title and interest in and to the proceeds of any related Purchased Items (subject
to the terms of this Agreement).

(i) The Seller shall repurchase the Purchased Assets by no later than 3:00 p.m. on the
Repurchase Date. On a Repurchase Date, termination of a Transaction will be effected by transfer
to the Seller or its designee of the Purchased Assets after the Purchaser receives the Repurchase
Price for the Purchased Asset. In connection with the termination of a Transaction, any Income in
respect of any Purchased Assets received by the Purchaser and not previously credited or
transferred to, or applied to the obligations of, the Seller pursuant to Section 2.6 shall
be netted against the Repurchase Price by the Purchaser. To the extent a net amount is owed to one
party, the other party shall pay such amount to such party.

Section 2.3 Optional Repurchases.

The Seller may, upon two (2) Business Days’ prior written notice or such shorter period as the
Purchaser may agree in its discretion (such notice to be received by the Purchaser no later than
5:00 p.m. (Charlotte, North Carolina time) on such day) to the Purchaser, reduce the aggregate
Repurchase Price of all Purchased Assets (or, prior to an Event of Default, any portion of all
Purchased Assets or any individual Purchased Asset) currently outstanding by remitting (1) to the
Collection Account cash in the amount of the principal reduction plus accrued and unpaid Price
Differential and any related Breakage Costs owed in connection therewith and (2) to the Purchaser
instructions to reduce such Repurchase Price, provided that (A) in connection with such
reduction the Seller shall comply with the terms of any related Interest Rate Protection Agreement
requiring that the Interest Rate Protection Agreement be terminated in whole or in part as the
result of any such reduction of the Repurchase Price and the Seller has paid all amounts due to the
applicable parties in connection with any such termination and (B) after giving effect to such
reduction, there shall continue to exist an asset mix acceptable to the Purchaser in its
discretion.

Section 2.4 Payment of Price Differential.

(a) Notwithstanding that the Purchaser and the Seller intend that the Transactions hereunder
be sales to the Purchaser of the Purchased Assets, the Seller shall pay to the Purchaser the
accreted value of the Price Differential of each Transaction on each Payment Date. The Purchaser
shall deliver to the Seller, via Electronic Transmission, notice of the Price Differential due
(along with other amounts owed and to be paid under Section 2.6) on or prior to the
second (2nd) Business Day preceding each Payment Date; provided, however, the
Purchaser’s failure to deliver such notice on a timely basis shall not affect the Seller’s or any
other Person’s obligation to pay such amounts. If the Seller fails to pay all or any part of the
Price Differential and the other amounts due by 11:00 a.m., Charlotte, North Carolina time, on the
Payment Date, the Seller shall be obligated to pay to the Purchaser (in addition to, and together
with, the Price Differential and the other amounts due) interest on the unpaid amounts at a rate
per annum equal to the Post–Default Rate (the “Late Payment Fee”) until the unpaid amounts
and Late Payment Fee are received in full by the Purchaser. If the Price Differential includes any
estimated Price Differential, the Purchaser shall recalculate such Price Differential after the
Payment Date and, if necessary, make adjustments to the Price Differential amount due on the
following Payment Date.

(b) If the Seller repurchases Purchased Assets on any day prior to the last day of a
Eurodollar Period or if the Seller repurchases Purchased Assets on any day that is not a Repurchase
Date for such Purchased Assets, the Seller shall indemnify the Purchaser and hold the Purchaser
harmless from any Breakage Costs for the remainder of the Eurodollar Period. The Purchaser shall
deliver to the Seller a statement setting forth the amount and basis of determination of any
Breakage Costs in such detail as determined in good faith by the Purchaser to be adequate, it being
agreed that such statement and the method of its calculation shall be conclusive and binding upon
the Seller absent manifest error. This Subsection 2.4(b) shall survive termination of this
Agreement and the repurchase of all Purchased Assets subject to Transactions hereunder.

Section 2.5 Margin Account Maintenance.

If at any time the Purchaser determines (based on such factors as the Purchaser determines to
rely on in its discretion, including, but not limited to, a credit analysis of the Underlying
Mortgaged Properties and the current market conditions for the Purchased Asset) that the Margin
Base (as determined by the Purchaser in its discretion) on such date for all of the Purchased
Assets (as determined by the Purchaser in its discretion) is less than the aggregate Purchase Price
for all such outstanding Transactions (the aggregate amount of such difference being, a “Margin
Deficit”), then the Purchaser may by delivery of a Margin Deficit Notice to the Seller require
the Seller to transfer to the Purchaser cash or Eligible Assets with an Asset Value in the amount
of the Margin Deficit by no later than the Margin Correction Deadline so that, after giving effect
to such payments and/or transfers, the Margin Deficit is eliminated in full. Notwithstanding the
foregoing, upon written request of the Seller, the Purchaser may extend the Margin Correction
Deadline by one (1) additional Business Day provided all of the following conditions are satisfied:
(i) no Default or Event of Default has occurred and is continuing, (ii) no Eligible Asset in
respect of which such repurchase or payment is to be made is in any monetary or non–monetary
default or is otherwise a Delinquent Mortgage Asset, (iii) the Seller is making diligent and good
faith efforts to effect the necessary repurchase or payment (including, without limitation, by
selling or financing the Eligible Assets in respect of which such repurchase or payment is to be
made, calling capital that is available to be drawn under existing equity contribution agreements
(if any) and/or raising new equity capital), (iv) no cash flow shall be distributed in any manner
by the Seller except to the Purchaser (and the Guarantor and all other Repurchase Parties shall not
be entitled to, and shall not receive, from the Seller any fees, compensation or other payments of
any kind until all repurchases and payments necessary to be made in satisfaction of the Margin
Deficit shall have been completed) and (v) no additional Margin Deficit Notice is delivered by the
Purchaser, or if any such notice is delivered, all transfers, repurchases and payments to be made
in satisfaction thereof are made by the applicable Margin Correction Deadline applicable thereto.
All cash transferred to the Purchaser pursuant to this Section 2.5 shall be deposited in
the Collection Account and shall be attributed to such Transaction or Transactions as the Purchaser
shall determine in its discretion. Transfers of Eligible Assets to the Purchaser under this
Section 2.5 shall be subject to the same conditions and requirements that are applicable to
the transfers of Eligible Assets under Section 2.2 and other provisions of this Agreement.
Notwithstanding anything contained herein to the contrary, the rights of the Purchaser under this
Section 2.5 to require the elimination of the Margin Deficit may also be exercised whenever
such a Margin Deficit exists with respect to any single or multiple Transaction hereunder
(calculated without regard to any other Transactions outstanding under this Agreement) where the
Purchaser has reduced the Asset Value of one (1) or more Purchased Asset due to any matter
described in the proviso to the definition of Asset Value. Any cash transferred to the Purchaser
pursuant to this Section 2.5 shall be held by the Purchaser as Cash Collateral and, unless
otherwise determined by the Purchaser in its discretion, shall not be applied to reduce the
outstanding Purchase Price of any Purchased Asset until the Payment Date following receipt of the
Cash Collateral. The Purchaser’s election, in its discretion, not to deliver a Margin Deficit
Notice at any time there is a Margin Deficit shall not waive the Margin Deficit or in any way limit
or impair the Purchaser’s right to deliver a Margin Deficit Notice at any time the same or any
other Margin Deficit exists. The Purchaser’s rights under this Section 2.5 are in addition
to and not in lieu of any other right of the Purchaser under this Agreement or Applicable Law. If
the Margin Deficit is not satisfied by the Margin Correction Deadline, it shall be an Event of
Default under this Agreement and the Purchaser shall have, in addition to all other rights and
remedies available to the Purchaser under this Agreement and the other Repurchase Documents, the
right to liquidate any and all Purchased Assets and Purchased Items and any proceeds therefrom will
be applied in the Purchaser’s discretion to certain Purchased Assets or reduce the Purchase Price
with respect to all outstanding Transactions on a pro rata basis.

Section 2.6 Income Payments.

The Purchaser shall be entitled to receive for application in accordance with this Agreement
an amount equal to all Income and Cash Collateral, which amounts shall be deposited by the Seller,
each Servicer, each PSA Servicer, any counterparty under an Interest Rate Protection Agency and all
other applicable Persons, as applicable, into the Collection Account. The Seller hereby agrees to
instruct each Servicer, each PSA Servicer, each counterparty under any other Interest Rate
Protection Agreement and all other applicable Persons to transfer all Income in accordance with
Subsection 5.1(e) of this Agreement, each of whom shall hold any funds so received pending
application pursuant to the following sentence. On each Payment Date, any amounts received by the
Purchaser and deposited to the Collection Account since the immediately preceding Payment Date
shall be applied as follows: FIRST, to the extent not paid, to the payment of all outstanding
fees, costs and expenses due to the Custodian under the Custodial Fee Letter; SECOND, to the
payment of all fees, costs, expenses and advances then due to the Purchaser pursuant to the
Repurchase Documents, other than the items covered in THIRD through EIGHTH; THIRD,
to the payment of outstanding Late Payment Fees and Price Differential at the Post-Default Rate;
FOURTH, to the payment of accrued and unpaid Price Differential on the Purchased Assets then due to
the Purchaser for the current and any prior Payment Dates; FIFTH, to the extent not previously paid
by the Seller, to pay the Repurchase Price for Purchased Assets then subject to a request to
repurchase in accordance with the terms of Section 2.3 of this Agreement; SIXTH, without
limiting the Seller’s obligations to cure Margin Deficits in a timely manner in accordance with
Section 2.5 of this Agreement, to the Purchaser for the payment of any Margin Deficit
outstanding; SEVENTH, to the extent any Income or other payments or amounts includes payments or
prepayments of principal on the underlying Purchased Assets (including, without limitation,
proceeds from insurance and/or condemnation and recoveries from liquidation or foreclosure), such
payments shall be applied to reduce the Purchase Price outstanding for the related Transaction or,
in the Purchaser’s discretion, the aggregate Repurchase Price outstanding; EIGHTH, to the payment
of Breakage Costs, if any, Indemnified Amounts, if any, Increased Costs, if any, Taxes, if any,
Additional Amounts, if any, Due Diligence Costs, if any, and all other amounts then due and owing
to the Purchaser, any Affected Party or any other Person pursuant to the Repurchase Documents; and
NINTH, the remainder to the Seller, for such purposes as the Seller shall determine in its
discretion, subject to the other requirements of the Repurchase Documents; provided,
however, that if the Facility Maturity Date has occurred or a Margin Deficit, Default or
Event of Default has occurred and is continuing, no amounts shall be transferred to the Seller but,
instead, such amounts shall be retained by the Purchaser and applied in reduction of the
Obligations. Notwithstanding anything to the contrary contained herein, in the event any Borrower
Reserve Payments are deposited into the Collection Account, such Borrower Reserve Payments shall,
upon written request of the Seller, be promptly transferred from the Collection Account to the
Operating Account for the Seller to transfer into the appropriate escrow or reserve accounts.

Section 2.7 Payment, Transfer and Custody.

(a) Unless otherwise expressly provided herein, all amounts to be paid or deposited by the
Seller hereunder shall be paid or deposited in accordance with the terms hereof no later than
3:00 p.m. on the day when due in lawful money of the United States, in immediately available funds
and without deduction, set–off or counterclaim to the Purchaser’s Account and if not received
before such time shall be deemed to be received on the next Business Day. The Seller shall, to the
extent permitted by Applicable Law, pay to the Purchaser interest on any amounts not paid when due
hereunder or under the Repurchase Documents at the Post Default Rate, payable on demand;
provided, however, that such interest rate shall not at any time exceed the maximum
rate permitted by Applicable Law. Such interest shall be for the account of, and distributed to,
the Purchaser. All computations of interest, Price Differential and fees hereunder or under the
other Repurchase Documents shall be made on the basis of a year consisting of 360 days for the
actual number of days (including the first but excluding the last day) elapsed. The Seller
acknowledges that it has no rights of withdrawal from the foregoing Purchaser’s Account or from the
Collection Account. Funds in the Collection Account may be invested at the direction of the
Purchaser in Permitted Investments for the benefit of the Purchaser.

(b) Whenever any payment hereunder shall be stated to be due on a day other than a Business
Day, such payment shall be made on the next succeeding Business Day, and such extension of time
shall in such case be included in the computation of the payment of the Price Differential or any
fee payable hereunder or under the Repurchase Documents.

(c) If any Transaction requested by the Seller and approved in writing by the Purchaser
pursuant to Sections 2.2 or 2.3 is not, for any reason, made or effectuated, as the
case may be, on the date specified therefor, the Seller shall indemnify the Purchaser against any
reasonable loss, cost or expense incurred by the Purchaser including, without limitation, any loss
(including loss of anticipated profits, net of anticipated profits, if any, in the reemployment of
such funds in the manner determined by the Purchaser in its discretion), cost and expense incurred
by reason of the liquidation or reemployment of deposits or other funds acquired by the Purchaser
to fund or maintain such Transaction.

(d) Any Mortgage Asset Files not delivered to the Purchaser or its designee (including the
Custodian) are and shall be held in trust by the Seller or its designee for the benefit of the
Purchaser as the owner thereof. The Seller or its agent shall maintain a copy of the Mortgage
Asset File and the originals of the Mortgage Asset File not delivered to the Purchaser or its agent
(including the Custodian). The possession of the Mortgage Asset File by the Seller or its agent is
at the will of the Purchaser for the sole purpose of servicing the related Purchased Asset, and
such retention and possession by the Seller or its agent is in a custodial capacity only. Each
Mortgage Asset File retained or held by the Seller or its agent shall be segregated on the Seller’s
books and records from the other assets of the Seller or its agent, and the books and records of
the Seller or its designee shall be marked appropriately to reflect clearly the sale of the related
Purchased Asset to the Purchaser. The Seller or its agent shall release its custody of the
Mortgage Asset File only in accordance with written instructions from the Purchaser, unless such
release is required as incidental to the servicing of the Purchased Assets or is in connection with
a repurchase of any Purchased Asset by the Seller, in each case in accordance with the terms of the
Custodial Agreement.

(e) Notwithstanding anything contained in this Agreement to the contrary, all Repurchase Price
and all other Obligations shall be paid in full on or before the Facility Maturity Date.

Section 2.8 Hypothecation or Pledge of Purchased Assets.

Title to all Purchased Items shall pass to the Purchaser, and the Purchaser shall have free
and unrestricted use of all Purchased Items subject to the terms of this Agreement. Nothing in
this Agreement shall preclude the Purchaser from engaging in repurchase transactions with the
Purchased Items or otherwise selling, pledging, syndicating, repledging, transferring,
hypothecating or rehypothecating the Purchased Items, all on terms that the Purchaser may determine
in its discretion subject; however, to the Purchaser’s obligations to apply Income and
reconvey the Purchased Assets to the Seller in accordance with the terms hereof. Nothing contained
in this Agreement shall obligate the Purchaser to segregate any Purchased Items transferred to the
Purchaser by the Seller. Nothing contained in this Agreement shall prohibit the Purchaser from
causing Purchased Items purchased hereunder to be transferred or re-allocated to one or more other
facilities in its discretion. Notwithstanding the foregoing, the Purchaser shall reconvey, without
recourse, representation or warranty, the Purchased Items to the Seller free and clear of all Liens
created by the Purchaser, in accordance with the terms of this Agreement.

Section 2.9 Fees.

(a) To the extent not separately paid by the Seller, the Price Differential and all other fees
and amounts payable under the Repurchase Documents shall be paid to the Purchaser from the
Collection Account to the extent funds are available therefor on each Payment Date pursuant to
Section 2.6.

(b) To the extent not separately paid by the Seller, the Custodian’s fees and expenses shall
be paid to the Custodian from the Collection Account to the extent funds are available on each
Payment Date pursuant to Section 2.6.

(c) The Seller shall pay to Moore & Van Allen PLLC, as counsel to the Purchaser, on the
Closing Date, its estimated reasonable estimated fees and out–of–pocket expenses in immediately
available funds and shall pay all additional reasonable fees and out–of–pocket expenses of Moore &
Van Allen PLLC (including fees and expenses incurred in reviewing proposed Mortgage Assets for
purchase by the Purchaser) within ten (10) days after receiving an invoice for such amounts.

Section 2.10 Increased Costs; Capital Adequacy; Illegality.

(a) If either (i) the introduction of or any change (including, without limitation, any change
by way of imposition or increase of reserve requirements) in or in the interpretation of any law or
regulation, or (ii) the compliance by the Purchaser and/or any other Affected Party with any
guideline or request from any central bank or other Governmental Authority (whether or not having
the force of law) shall (1) subject the Purchaser and/or any other Affected Party to any Tax
(except for Taxes on the overall net income of the Purchaser and/or any other Affected Party), duty
or other charge with respect to any ownership interest in the Purchased Items or the Pledged
Collateral, or any right to enter into Transactions hereunder, or on any payment made hereunder or
under the other Repurchase Documents, (2) impose, modify or deem applicable any reserve requirement
(including, without limitation, any reserve requirement imposed by the Board of Governors of the
Federal Reserve System, but excluding any reserve requirement, if any, included in the
determination of the Price Differential), special deposit or similar requirement against assets of,
deposits with or for the amount of, or credit extended by, the Purchaser and/or any other Affected
Party or (3) impose any other condition affecting the ownership interest in the Purchased Items
conveyed to the Purchaser hereunder, the Pledged Collateral or the Purchaser’s and/or any other
Affected Party’s rights hereunder or under the other Repurchase Documents, the result of which is
to increase the cost to the Purchaser and/or any other Affected Party or to reduce the amount of
any sum received or receivable by the Purchaser and/or any other Affected Party under this
Agreement and the other Repurchase Documents, then within ten (10) days after demand by the
Purchaser and/or any other Affected Party (which demand shall be accompanied by a statement setting
forth the basis for such demand), the Seller shall pay directly to the Purchaser and/or any other
Affected Party such additional amount or amounts as will compensate the Purchaser and/or any other
Affected Party for such additional or increased cost incurred or such reduction suffered.

(b) If either (i) the introduction of or any change in or in the interpretation of any law,
guideline, rule, regulation, directive or request or (ii) compliance by the Purchaser and/or any
other Affected Party with any law, guideline, rule, regulation, directive or request from any
central bank or other Governmental Authority or agency (whether or not having the force of law),
including, without limitation, compliance by the Purchaser and/or any other Affected Party with any
request or directive regarding capital adequacy, has or would have the effect of reducing the rate
of return on the capital of the Purchaser and/or any other Affected Party as a consequence of its
obligations hereunder or under the other Repurchase Documents or arising in connection herewith or
therewith to a level below that which the Purchaser and/or any other Affected Party could have
achieved but for such introduction, change or compliance (taking into consideration the policies of
the Purchaser and/or any other Affected Party with respect to capital adequacy) by an amount deemed
by the Purchaser and/or any other Affected Party to be material, then from time to time, within ten
(10) days after demand by the Purchaser and/or any other Affected Party (which demand shall be
accompanied by a statement setting forth the basis for such demand), the Seller shall pay directly
to the Purchaser and/or any other Affected Party such additional amount or amounts as will
compensate the Purchaser and/or any other Affected Party for such reduction. For the avoidance of
doubt, any interpretation of Accounting Research Bulletin No. 51 by the Financial Accounting
Standards Board shall constitute an adaptation, change, request or directive subject to this
Subsection 2.10(b).

(c) In determining any amount provided for in this Section 2.10, the Purchaser and/or
any other Affected Party may use any reasonable averaging and attribution methods. The Purchaser
and/or any other Affected Party making a claim under this Section 2.10 shall submit to the
Seller a written description as to such additional or increased cost or reduction and the
calculation thereof, which written description shall be conclusive absent demonstrable error.

(d) If the Purchaser and/or any other Affected Party shall notify the Seller that a Eurodollar
Disruption Event as described in clause (a) of the definition of “Eurodollar Disruption
Event” has occurred, all Transactions in respect of which the Price Differential accrues at the
Adjusted Eurodollar Rate shall immediately be converted into Transactions in respect of which the
Price Differential accrues at the Base Rate.

(e) Without prejudice to the survival of any other agreement of the Seller hereunder, the
agreements and obligations of the Seller contained in this Section 2.10 shall survive the
termination of this Agreement.

Section 2.11 Taxes.

(a) All payments made by a Borrower in respect of a Purchased Item and all payments made by
the Seller, the Guarantors or the Pledgor under this Agreement and the other Repurchase Documents
will be made free and clear of and without deduction or withholding for or on account of any Taxes.
If any Taxes are required to be withheld from any amounts payable to the Purchaser and/or any
other Affected Party, then the amount payable to such Person will be increased (such increase, the
“Additional Amount”) such that every net payment made under this Agreement after
withholding for or on account of any Taxes (including, without limitation, any Taxes on such
increase) is not less than the amount that would have been paid had no such deduction or
withholding been deducted or withheld. The foregoing obligation to pay Additional Amounts,
however, will not apply with respect to net income or franchise taxes imposed on the Purchaser
and/or any other Affected Party, with respect to payments required to be made by the Seller, the
Guarantors or the Pledgor under this Agreement and/or the other Repurchase Documents, by a taxing
jurisdiction in which the Purchaser and/or any other Affected Party is organized, conducts business
or is paying taxes (as the case may be).

(b) The Seller will indemnify the Purchaser and/or any other Affected Party for the full
amount of Taxes payable by such Person in respect of Additional Amounts and any liability
(including penalties, interest and expenses) arising therefrom or with respect thereto. All
payments in respect of this indemnification shall be made within ten (10) days from the date a
written invoice therefor is delivered to the Seller.

(c) Within thirty (30) days after the date of any payment by the Seller of any Taxes, the
Seller will furnish to the Purchaser, at its address set forth under its name on the signature
pages hereof, appropriate evidence of payment thereof.

(d) If the Purchaser is not created or organized under the laws of the United States or a
political subdivision thereof, the Purchaser shall deliver to the Seller, (i) within fifteen (15)
days after the date hereof, two (or such other number as may from time to time be prescribed by
Applicable Laws) duly completed copies of IRS Form W–8BEN or Form W–8ECI (or any successor forms or
other certificates or statements that may be required from time to time by the relevant United
States taxing authorities or Applicable Laws), as appropriate, to permit the Seller, the Guarantors
and Pledgor to make payments hereunder and under the other Repurchase Documents for the account of
the Purchaser without deduction or withholding of United States federal income or similar Taxes,
and (ii) upon the obsolescence of, or after the occurrence of any event requiring a change in, any
form or certificate previously delivered pursuant to this Subsection 2.11(d), copies (in
such numbers as may from time to time be prescribed by Applicable Laws or regulations) of such
additional, amended or successor forms, certificates or statements as may be required under
Applicable Laws or regulations to permit the Seller to make payments hereunder for the account of
the Purchaser without deduction or withholding of United States federal income or similar Taxes.

(e) Without prejudice to the survival of any other agreement of the Seller hereunder, the
agreements and obligations of the Seller contained in this Section 2.11 shall survive the
termination of this Agreement.

Section 2.12 Obligations Absolute.

Except as set forth to the contrary in the Repurchase Documents, all sums payable by the
Seller, the Pledgor and/or the Guarantors hereunder or under the other Repurchase Documents shall
be paid without notice, demand, counterclaim, setoff, deduction or defense (as to any Person and
for any reason whatsoever) and without abatement, suspension, deferment, diminution or reduction
(as to any Person and for any reason whatsoever. The Obligations shall be full recourse to the
Seller and the Guarantors.

ARTICLE III

CONDITIONS TO TRANSACTIONS

Section 3.1 Conditions to Closing and Initial Purchase.

The Purchaser shall not be obligated to enter into any Transaction hereunder nor shall the
Purchaser be obligated to take, fulfill or perform any other action hereunder until the following
conditions have been satisfied, in the discretion of the Purchaser, or waived by the Purchaser, in
its discretion:

(a) the Purchaser shall be in receipt of a good standing certificate, secretary certificates
(or the equivalent) and certified copies of the Governing Documents and applicable resolutions of
the Seller, the Guarantors, the Pledgor and the Custodian evidencing the corporate or other
authority for the Seller, the Guarantors, the Pledgor and the Custodian with respect to the
execution, delivery and performance of the applicable Repurchase Documents and each of the other
documents to be delivered by the Seller, the Guarantors, the Pledgor and the Custodian from time to
time in connection herewith;

(b) each Repurchase Document shall have been duly executed by, and delivered to, the parties
thereto, and such documents shall be in form and substance satisfactory to the Purchaser;

(c) no Applicable Law shall prohibit or render it unlawful, and no order, judgment or decree
of any Governmental Authority shall prohibit, enjoin or render it unlawful, to enter into the
Facility, any Repurchase Document or any Transaction including after giving effect to the
consummation thereof;

(d) except for Permitted Late Securities Filings, the Seller, the Guarantors and the Pledgor
shall each be in compliance in all material respects with all Applicable Laws, Contractual
Obligations, Guarantee Obligations and Indebtedness, each shall have obtained all required
consents, approvals and/or waivers of all necessary Persons, including all requisite Governmental
Authorities, to the execution, delivery and performance of this Agreement and the other Repurchase
Documents to which each is a party and the consummation of the transactions contemplated hereby or
thereby and each shall have delivered to the Purchaser as to these and other closing matters
certification in the form of Exhibit II attached hereto;

(e) the Seller and the Pledgor shall have delivered to the Purchaser a duly executed Power of
Attorney in the form of Exhibit III attached hereto;

(f) the UCC Financing Statements shall have been filed against the Seller and the Pledgor in
the applicable filing offices described in Schedule 3 to this Agreement;

(g) the Purchaser shall be in receipt of such Opinions of Counsel from counsel to the Seller,
the Guarantors, the Pledgor and the Custodian as the Purchaser may require, each in form and
substance satisfactory to the Purchaser in its discretion, including, without limitation, corporate
opinions and perfection opinions;

(h) the Purchaser shall have received payment from the Seller of the amount of actual costs
and expenses, including, without limitation, the fees and expenses of counsel to the Purchaser as
contemplated by Section 2.9 and Section 13.9, incurred by the Purchaser in
connection with the development, preparation and execution of this Agreement, the other Repurchase
Documents and any other documents prepared in connection herewith or therewith;

(i) no Default or Event of Default shall have occurred;

(j) the Purchaser shall be in receipt of a duly executed Compliance Certificate from a
Responsible Officer of the Seller and the Guarantors; and

(k) the Purchaser shall have received all such other and further documents, certifications,
reports, approvals, consents and legal opinions as the Purchaser may require in its discretion.

Section 3.2 Conditions Precedent to all Transactions.

The Purchaser’s agreement to enter into each Transaction (including the initial Transaction)
is subject to the satisfaction of the following further conditions precedent, both immediately
prior to entering into such Transaction and also after giving effect to the consummation thereof
and the intended use of the proceeds of the sale:

(a) no Applicable Law shall prohibit or render it unlawful, and no order, judgment or decree
of any Governmental Authority shall prohibit, enjoin or render it unlawful, to enter into such
Transaction by the Purchaser in accordance with the provisions hereof or any other transaction
contemplated herein;

(b) the Seller shall have delivered an executed Confirmation and other documents with the
procedures set forth in Section 2.2, the Mortgage Asset described in such Confirmation must
be an Eligible Asset, the requirements of Section 2.2 are satisfied and the Purchaser shall
have approved in purchase of the Eligible Asset to be included in such Transaction in its
discretion, shall have obtained all necessary internal credit and other approvals for such
Transaction and shall have executed the Confirmation;

(c) no Default or Event of Default shall have occurred and be continuing;

(d) no Margin Deficits are outstanding;

(e) the Purchaser shall have received a duly executed Compliance Certificate from a
Responsible Officer of the Seller and the Guarantors;

(f) with respect to any Eligible Asset to be purchased hereunder on the related Purchase Date
that is not serviced by the Seller, the Seller shall have provided to the Purchaser copies of the
related Servicing Agreements and the Pooling and Servicing Agreements, certified as true, correct
and complete copies of the originals;

(g) the Purchaser shall be in receipt of an executed Servicer Redirection Notice for each
Purchased Asset instructing each Servicer, PSA Servicer or other applicable Person to pay Income
with respect to the Purchased Items directly to the Collection Account as provided herein, which
instructions may not be modified or revoked without the prior written consent of the Purchaser;

(h) the Purchaser shall have received payment from the Seller of all fees and expenses of the
Purchaser as contemplated by the Repurchase Documents, including, with limitation, the fees and
expenses of counsel to the Purchaser and the reasonable costs and expenses incurred by the
Purchaser in connection with the entering into any Transaction hereunder;

(i) none of the following shall have occurred and/or be continuing: (i) an event or events
shall have occurred in the good faith determination of the Purchaser resulting in the effective
absence of a “repo market” or related “lending market” for purchasing (subject to repurchase) or
financing debt obligations secured directly or indirectly by commercial mortgage loans or
securities, or an event or events shall have occurred resulting in the Purchaser not being able to
finance Mortgage Assets through the “repo market” or “lending market” with traditional
counterparties at rates that would have been reasonable prior to the occurrence of such event or
events; (ii) an event or events shall have occurred resulting in the effective absence of a
“securities market” for securities backed by Mortgage Assets, or an event or events shall have
occurred resulting in the Purchaser not being able to sell securities backed by Mortgage Assets at
prices that would have been reasonable prior to such event or events; or (iii) there shall have
occurred a Material Adverse Effect or a material adverse change in the financial condition of the
Purchaser that affects (or can reasonably be expected to affect) materially and adversely the
ability of the Purchaser to fund its obligations under this Agreement.

(j) for each Non–Table Funded Purchased Asset, the Purchaser shall have received from the
Custodian on each Purchase Date a Trust Receipt (along with a completed Mortgage Asset File
Checklist attached thereto) and an Asset Schedule and Exception Report with respect to each
Eligible Asset, each dated the Purchase Date, duly completed and, in the case of the Asset Schedule
and Exception Report, with exceptions acceptable to the Purchaser in its discretion in respect of
Eligible Assets to be purchased hereunder on such Business Day; in the case of a Table Funded
Purchased Asset, the Purchaser shall have received on the related Purchase Date the Table Funded
Trust Receipt and all other items described in the second (2nd) sentence of
Subsection 2.2(g), each in form and substance satisfactory to the Purchaser in its
discretion, provided that the Purchaser subsequently receives the items described in
Subsection 2.2(d) and (g) and the other delivery requirements under the Custodial
Agreement on or before the date and time specified herein and therein, which items shall be in form
and substance satisfactory to the Purchaser in its discretion;

(k) the Purchaser shall have received from the Seller a Warehouse Lender’s Release Letter or a
Seller’s Release Letter covering each Eligible Asset to be sold to the Purchaser;

(l) on and as of such day, the Seller, the Guarantors, the Pledgor and the Custodian shall
have performed all of the covenants, duties and agreements contained in the Repurchase Documents to
be performed by such Person and satisfied all other conditions to be satisfied by such Person at or
prior to such day;

(m) both immediately prior to the requested Transaction and also after giving effect thereto
and to the intended use thereof, the representations and warranties and certifications made by the
Seller, the Guarantors and the Pledgor under the Repurchase Documents, including, without
limitation, in Section 4.1 and Schedule 1, and the representations and warranties
in the Mortgage Loan Documents and in any statement or information delivered to the Purchaser,
shall be true, correct and complete on and as of such Purchase Date in all material respects with
the same force and effect as if made on and as of such date;

(n) the Purchaser shall be in receipt of the evidence of insurance (if any) required by
Section 9.1 of the Custodial Agreement;

(o) any and all consents, approvals and waivers applicable to the Purchased Items shall have
been obtained;

(p) to the extent a Mortgage Asset is acquired by the Seller from the Guarantor or other
Repurchase Party, the Seller shall inform the Purchaser of that transfer and, to the extent
requested by the Purchaser in its discretion, the Seller shall deliver to the Purchaser a true sale
Opinion of Counsel acceptable to the Purchaser with respect to such transfer; and

(q) the Purchaser shall have received all such other and further documents, reports,
certifications, notices, information, consents, approvals and legal opinions as the Purchaser in
its discretion shall reasonably require.

Each Confirmation delivered by the Seller hereunder shall constitute a certification by the
Seller that all the conditions set forth in Section 3.1 and this Section 3.2 have
been satisfied (both as of the date of such notice or request and as of the date of such purchase).
The failure of the Seller, the Guarantors or the Pledgor, as applicable, to satisfy any of the
foregoing conditions precedent (or those set forth in Section 3.1) in respect of, affecting
or relating to any Transaction shall, unless such failure was expressly waived in writing by the
Purchaser on or prior to the related Purchase Date, give rise to a right of the Purchaser, which
right may be exercised at any time on the demand of the Purchaser, to rescind the related
Transaction and direct the Seller to pay to the Purchaser for the benefit of the Purchaser an
amount equal to the Purchase Price, the Price Differential, the related Breakage Costs, the related
Aggregate Unpaids and other amounts due in connection therewith during any such time that any of
the foregoing conditions precedent were not satisfied.

ARTICLE IV

REPRESENTATIONS AND WARRANTIES

Section 4.1 Representations and Warranties.

Each of the Seller and the Guarantors represent and warrant, as of the date of this Agreement
and any Transaction hereunder and at all times while any Repurchase Document and any Transaction
hereunder is in full force and effect, as follows:

(a) Organization and Good Standing. Each of the Seller and the Guarantors has been
duly organized, and is validly existing as a corporation, limited liability company or limited
partnership, as applicable, in good standing, under the laws of the States of Maryland and
Delaware, respectively, with all requisite power and authority to own or lease its Properties and
conduct its business as such business is presently conducted, and the Seller had, at all relevant
times, and now has, all necessary power, authority and legal right to acquire, own, sell and pledge
the Purchased Items.

(b) Due Qualification. Each of the Seller and the Guarantors is duly qualified to do
business and is in good standing as a corporation, limited liability company or limited
partnership, as applicable, and has obtained all necessary licenses and approvals, in all
jurisdictions in which the ownership or lease of its Property or the conduct of its business
requires such qualification, licenses or approvals, except where the failure to so qualify will
not, and could not reasonably be expected to, have a Material Adverse Effect.

(c) Power and Authority; Due Authorization; Execution and Delivery. Each of the
Seller and the Guarantors (i) has all necessary power, authority and legal right (A) to execute and
deliver the Repurchase Documents to which it is a party, (B) to carry out and perform the terms of
the Repurchase Documents to which it is a party, and (C) as applicable, to sell, assign and pledge
the Purchased Items on the terms and conditions provided herein, and (ii) has duly authorized by
all necessary corporate, company or partnership action (A) the execution, delivery and performance
of the Repurchase Documents to which it is a party, and (B) as applicable, the sale, assignment and
pledge of the Purchased Items on the terms and conditions herein provided. The Repurchase
Documents to which each of the Seller and the Guarantors is a party have been duly executed and
delivered by the Seller and the Guarantors.

(d) Binding Obligation. Each of the Repurchase Documents to which each of the Seller
and the Guarantors is a party constitutes a legal, valid and binding obligation of each of the
Seller and the Guarantors, as applicable, enforceable against each of the Seller and the Guarantors
in accordance with its respective terms, except as such enforceability may be limited by Insolvency
Laws and by general principles of equity (whether considered in a suit at law or in equity).

(e) No Violation or Defaults. The consummation of the transactions contemplated by
the Repurchase Documents to which each of the Seller and the Guarantors is a party and the
fulfillment of the terms of the Repurchase Documents will not (i) conflict with, result in any
breach of any of the terms and provisions of, or constitute (with or without notice or lapse of
time or both) a default under, the Seller’s or any of the Guarantor’s, as applicable, Governing
Documents or any material Indebtedness, Guarantee Obligation or Contractual Obligation of the
Seller or any of the Guarantors, as applicable, (ii) result in the creation or imposition of any
Lien (other than Permitted Liens) upon any of the Seller’s or any of the Guarantor’s Properties
pursuant to the terms of any such Indebtedness, Guarantee Obligation or Contractual Obligation,
other than this Agreement, or (iii) violate any Applicable Law.

(f) No Proceedings. There is no material litigation, proceeding or investigation
pending or, to the best knowledge of each of the Seller or the Guarantors, threatened against the
Seller or any of the Guarantors, before any Governmental Authority (i) asserting the invalidity of
any of the Repurchase Documents to which each of the Seller and the Guarantors is a party,
(ii) seeking to prevent the consummation of any of the transactions contemplated by any of the
Repurchase Documents to which each of the Seller and the Guarantors is a party, or (iii) seeking
any determination or ruling that could reasonably be expected to have Material Adverse Effect.

(g) All Consents Required. Except for Permitted Late Securities Filings, all
approvals, authorizations, consents, orders or other actions of any Person or of any Governmental
Authority (if any) required for the due execution, delivery and performance by each of the Seller
and the Guarantors of the Repurchase Documents to which each is a party (including, as applicable,
the transfer of and the grant of a security interest in the Purchased Items) have been obtained,
effected, waived or given and are in full force and effect.

(h) Solvency. Neither the Seller nor the Guarantors are the subject of any Insolvency
Proceedings or Insolvency Event. The Transactions under this Agreement and any other Repurchase
Document to which each of the Seller and the Guarantors is a party do not and will not render the
Seller or any of the Guarantors not Solvent. The transfers of the Purchased Items contemplated
under this Agreement have not been and will not be made with the intent to hinder, delay or defraud
any creditor of the Seller or the Guarantor and the Seller has received and will receive reasonably
equivalent value in exchange for such transfers.

(i) Taxes. Each of the Seller and the Guarantors has filed or caused to be filed all
material tax returns that are required to be filed by it. Each of the Seller and the Guarantors
has paid or made adequate provisions for the payment of all Taxes and all assessments made against
it or any of its Property (other than any amount of Tax the validity of which is currently being
contested in good faith by appropriate proceedings and with respect to which reserves in accordance
with GAAP have been provided on the books of the Seller), except where the failure to so pay such
Taxes will not, and could not reasonably be expected to, have a Material Adverse Effect and such
failure does not result in a Lien on any of the Purchased Items that is not a Permitted Lien, and
no tax Lien has been filed and, to each of the Seller’s and the Guarantor’s knowledge, no claim is
being asserted, with respect to any such Tax, fee or other charge.

(j) Exchange Act Compliance; Regulations T, U and X. None of the transactions
contemplated herein (including, without limitation, the use of the proceeds from the sale of the
Purchased Items) will violate or result in a violation of Section 7 of the Exchange Act, or any
regulations issued pursuant thereto, including, without limitation, Regulations T, U and X.
Neither the Seller nor the Guarantors own or intend to carry or purchase, and no proceeds from the
Transactions will be used to carry or purchase, any “margin stock” within the meaning of
Regulation U or to extend “purpose credit” within the meaning of Regulation U. The Seller is not
subject to any Applicable Law that purports to restrict or regulate its ability to borrow money.

(k) Security Interest.

(i) This Agreement, the other Repurchase Documents and the Transfer Documents
constitute a valid transfer to the Purchaser of all right, title and interest of the Seller
in, to and under all Purchased Items, free and clear of any Lien of any Person, except for
Permitted Liens and the Seller’s repurchase rights described in Article II, and is
enforceable against creditors of and purchasers from the Seller. If the conveyances
contemplated by this Agreement are determined to be transfers for security, then this
Agreement constitutes a grant of a security interest in all Purchased Items to the
Purchaser, that, upon the delivery of the Transfer Documents, the Confirmations and Mortgage
Asset Files to the Custodian and the filing of the UCC Financing Statements described in
Subsection 3.1(f), shall be a first priority perfected security interest in all of
the Seller’s right, title and interest in, to and under all Purchased Items to the extent
such Purchased Items can be perfected by possession, filing or control, subject only to
Permitted Liens. Neither the Seller, the Guarantors, the Pledgor, any Repurchase Party nor
any Person claiming through or under the Seller shall have any claim to or interest in the
Collection Account, except for the interest of the Seller in such Property as a debtor for
purposes of the UCC;

(ii) The Purchased Items constitute either a “general intangible,” an “instrument,” an
“account,” “investment property,” a “security,” a “deposit account,” “financial asset”
and/or “chattel paper” within the meaning of the applicable UCC;

(iii) Other than the Lien and transfers contemplated hereunder, the Seller has not
sold, assigned, pledged, encumbered or otherwise conveyed any of the Purchased Items to any
Person, and, immediately prior to the sale to the Purchaser, the Seller was the sole owner
of such Purchased Items, and the Seller owns and has good and marketable title to the
Purchased Items free and clear of any Lien (other than Permitted Liens);

(iv) The Seller has received all consents and approvals, if any, required by the terms
of any Purchased Items to the sale and granting of a security interest in the Purchased
Items hereunder to the Purchaser;

(v) Upon execution and delivery of the Account Control Agreement, the Purchaser shall
either be the owner of, or have a valid and fully perfected first priority security interest
in, the Collection Account and the monies, cash, deposits, securities, investment property
and other Purchased Items contained therein;

(vi) The Seller has not authorized the filing of and is not aware of any financing
statements against the Seller as debtor that include a description of collateral covering
the Purchased Items other than any financing statement (A) that has been terminated or
(B) granted pursuant to this Agreement. The Seller is not aware of the filing of any
judgment or tax Lien filings against the Seller;

(vii) Upon receipt by Custodian of each Mortgage Note, Mezzanine Note or Junior
Interest Documents, as applicable, endorsed in blank by a duly authorized officer of the
Seller and payment by the Purchaser of the applicable Purchase Price, either a purchase
shall have been completed by the Purchaser of each Mortgage Note, Mezzanine Note or Junior
Interest Documents, as applicable, or the Purchaser shall have a valid and fully perfected
first priority security interest in each Mortgage Note, Mezzanine Note or Junior Interest
Documents, as applicable;

(viii) All original Mortgage Notes, Mezzanine Notes and Junior Interest Documents have
been, or, subject to the delivery requirements contained herein, will be delivered to the
Custodian; and

(ix) None of the Mortgage Loan Documents has any marks or notations indicating that
they have been pledged, assigned or otherwise conveyed to any Person other than the
Purchaser.

(l) Location of Offices. The Seller’s location (within the meaning of Article 9 of
the UCC) is Maryland. The office where the Seller keeps all the records (within the meaning of
Article 9 of the UCC) is at 3000 Bayport Drive, Suite 1100, Tampa, Florida 33607 (or at such other
locations as to which the notice and other requirements specified in Subsection 5.1(k)
shall have been satisfied). The Seller’s organizational identification number is W 11333804. The
Seller has not changed its name, whether by amendment of its limited liability agreement or
certificate of formation, by reorganization or otherwise, and has not changed its location, within
the past twelve (12) months.

(m) Tradenames. Each of the Seller’s and the Guarantor’s exact legal name is set
forth on the signature pages to this Agreement. The Seller has no trade names, fictitious names,
assumed names or “doing business as” names or other names under which it has done or is doing
business.

(n) Certain Tax Matters. Each of the Seller and the Guarantors represent, warrant,
acknowledge and agree that it does not intend to treat any Transaction or any related transactions
hereunder as being a “reportable transaction” (within the meaning of United States Treasury
Department Regulation Section 1.6011-4). In the event that the Seller or any of the Guarantors
determine to take any action inconsistent with such intention, it will promptly notify the
Purchaser. If the Seller or any of the Guarantors so notify the Purchaser, each of the Seller and
the Guarantors acknowledges and agrees that the Purchaser may treat each Transaction as part of a
transaction that is subject to United States Treasury Department Regulation Section 301.6112-1, and
the Purchaser will maintain the lists and other records required by such Treasury Regulation.

(o) Anti–Terrorism Laws. Neither the Seller, the Pledgor, any of the Guarantors nor
any other Repurchase Party (i) is or will be in violation of any Anti–Terrorism Law, (ii) is or
will be a Prohibited Person, (iii) conducts any business or engages in any transaction or dealing
with any Prohibited Person, including the making or receiving any contribution of funds, goods or
services to or for the benefit of any Prohibited Person, (iv) deals in, or otherwise engages in any
transaction relating to, any property or interests in property blocked pursuant to Executive Order
No. 13224, (v) engages in or conspires to engage in any transaction that evades or avoids, or has
the purpose of evading or avoiding, or attempts to violate, any of the prohibitions set forth in
any Anti–Terrorism Law, (vi) has more than 10% of its assets in a Prohibited Person or derives more
than 10% of its operating income from direct or indirect investments in, or transactions with, any
Prohibited Person, and (vii) engages in or will engage in any of the foregoing activities in the
future. To the extent applicable, each of the Seller, the Pledgor, the Guarantors and the other
Repurchase Parties has established an adequate anti–money laundering compliance program as required
by the Anti–Terrorism Laws, has conducted the requisite due diligence in connection with the
origination or acquisition of each Mortgage Asset for purposes of the Anti–Terrorism Laws,
including with respect to the legitimacy of the applicable Borrower and the origin of the assets
used by the said Borrower to purchase the property in question, and maintains, and will maintain,
sufficient information to identify the applicable Borrower for purposes of the Anti–Terrorism Laws.
No Mortgage Asset is subject to nullification pursuant to any Anti–Terrorism Law, no Mortgage
Asset is in violation of any Anti–Terrorism Law, and no Borrower is in violation of or adversely
affected by the provisions of any Anti–Terrorism Law nor listed as a Prohibited Person. The
proceeds of any Purchase Price have not been used and shall not be used to fund any operations in,
finance any investments or activities in or make any payments to a Prohibited Person.

(p) Investment Company Act. Each of the Seller and the Guarantors is a “qualified
purchaser” as defined in Section 2(a)(51) of the 40 Act. Neither the Seller, the Guarantors nor
the Pledgor is, or is controlled by, an “investment company” within the meaning of the 40 Act, as
amended, or each of the foregoing is exempt from the provisions of the 40 Act.

(q) ERISA. The Seller, the Guarantors and each ERISA Affiliate have made all required
contributions to each Benefit Plan subject to Section 412 of the Code, and no application for a
funding waiver or an extension of any amortization period pursuant to Section 412 of the Code has
been made with respect to any Benefit Plan. Neither the Seller, any of the Guarantors nor any
ERISA Affiliate has incurred, or reasonably expects to incur, any liability (and no event has
occurred which, with the giving of notice under Section 4219 of ERISA, would result in such
liability) under Sections 4201 or 4243 of ERISA with respect to a Multiemployer Plan, nor has there
been a complete or partial withdrawal by the Seller, the Guarantors or any ERISA Affiliate from a
Multiemployer Plan or notification that a Multiemployer Plan is in reorganization. The present
value of all benefits vested under all “employee pension benefit plans,” as such term is defined in
Section 3(2) of ERISA, maintained by each of the Seller and the Guarantors, or in which employees
of the Seller or the Guarantors are entitled to participate, as from time to time in effect (herein
called the “Pension Plans”), does not exceed the value of the assets of the Pension Plan
allocable to such vested benefits (based on the value of such assets as of the last annual
valuation date). No prohibited transactions, accumulated funding deficiencies, withdrawals or
reportable events have occurred with respect to any Pension Plans that, in the aggregate, could
subject the Seller or any of the Guarantors to any material tax, penalty or other liability. No
Lien in favor of the PBGC or a Pension Plan has arisen or is likely to arise on account of any
Pension Plan. No notice of intent to terminate a Pension Plan under Section 4041(b) of ERISA has
been filed, nor has any Pension Plan been terminated under Section 4041(c) of ERISA, nor has the
PBGC instituted proceedings to terminate or appoint a trustee to administer a Pension Plan, and no
event has occurred or condition exists that might constitute grounds under Section 4042 of ERISA
for the termination of, or the appointment of a trustee to administer, any Pension Plan.

(r) Compliance with Law. Except for Permitted Late Securities Filings, each of the
Seller and the Guarantors has complied in all respects with (i) all Applicable Laws to which it may
be subject, and no Purchased Item contravenes any Applicable Laws (including, without limitation,
laws, rules and regulations relating to licensing, truth in lending, fair credit billing, fair
credit reporting, equal credit opportunity, fair debt collection practices and privacy) and
(ii) all Contractual Obligations, Indebtedness and Guarantee Obligations, in each case except where
the failure to so comply will not, and could not reasonably be expected to, have a Material Adverse
Effect.

(s) Income. Each of the Seller and the Guarantors acknowledges that all Income
received by it, any other Repurchase Party, any Servicer and any PSA Servicer with respect to the
Purchased Items sold hereunder are held in trust and shall be held in trust for the benefit of the
Purchaser until deposited into the Collection Account as required herein.

(t) Set–Off, etc. No Purchased Item has been compromised, adjusted, extended,
satisfied, subordinated, rescinded, set–off or modified by the Seller, the Guarantors, any other
Repurchase Party, any Servicer, any PSA Servicer, the Transferor, any Borrower or any other Person,
and no Purchased Item is subject to compromise, adjustment, extension (except as set forth in the
related Mortgage Asset File), satisfaction, subordination, rescission, set–off, counterclaim,
defense, abatement, suspension, deferment, deduction, reduction, termination or modification,
whether arising out of transactions concerning the Purchased Item or otherwise, by the Seller, the
Guarantors, any other Repurchase Party, the Transferor, any Borrower or any other Person with
respect thereto, except for amendments to such Purchased Items otherwise permitted under
Subsection 5.1(s) of this Agreement.

(u) Full Payment; Full Performance. Neither the Seller nor any of the Guarantors has
knowledge of any fact that should lead it to expect that any Purchased Asset will not be paid in
full. Neither the Seller nor the Guarantors believe, nor do they have any reason or cause to
believe, that it cannot perform each and every agreement, duty and covenant contained in the
Repurchase Documents applicable to it and to which it is a party.

(v) Purchased Assets. With respect to each Purchased Asset, such asset is an Eligible
Asset and each representation and warranty set forth in Schedule 1 applicable thereto is
true and correct. Each of the representations and warranties contained in the Mortgage Loan
Documents and in any statement or information provided to the Purchaser is true and correct in all
material respects.

(w) No Broker. Neither the Seller, the Guarantors nor any other Repurchase Party has
dealt with any broker, investment banker, agent or other Person, except for the Purchaser (or an
Affiliate of the Purchaser), who may be entitled to any commission or compensation in connection
with the sale of Purchased Assets pursuant to this Agreement.

(x) No Default. No Default or Event of Default has occurred and is continuing under
any Repurchase Document. No “default” or “event of default” has occurred or is continuing under
any Contractual Obligation, Indebtedness, Guarantee Obligation or any Interest Rate Protection
Agreement to which either the Seller or any of the Guarantors is a party.

(y) True and Complete Disclosure. The information, reports, certificates, documents,
financial statements, books, records, files, exhibits and schedules furnished in writing by or on
behalf of each of the Seller and the Guarantors to the Purchaser in connection with the
negotiation, preparation or delivery of this Agreement and the other Repurchase Documents or
included herein or therein or delivered pursuant hereto or thereto, when taken as a whole, do not
contain any untrue statement of material fact or omit to state any material fact necessary to make
the statements herein or therein, in light of the circumstances under which they were made, not
misleading. All written information furnished after the date hereof by or on behalf of each of the
Seller and the Guarantors to the Purchaser in connection with this Agreement and the other
Repurchase Documents and the transactions contemplated hereby and thereby will be true, complete
and accurate in every material respect, or (in the case of projections) based on reasonable
estimates, on the date as of which such information is stated or certified. To the knowledge of
the Seller and the Guarantors, after due inquiry, there has been no development or event (or
prospective development or event) that could constitute a material adverse change in either the
Seller’s or the Guarantor’s financial consultation or results of operation or any other fact or
circumstance that could have a Material Adverse Effect that has not been disclosed in writing to
the Purchaser. All projections furnished on behalf of the Seller or the Guarantors to the
Purchaser were prepared and presented in good faith by or on behalf of the Seller and/or the
Guarantors. The Purchaser acknowledges that it will not be able to rely on the Seller’s opinions
or projections (but not factual or historical information) contained in any investment committee
memorandum prepared by the Seller and delivered to the Purchaser prior to the respective Purchase
Date for any Eligible Asset provided such opinions and projections are accompanied by written
notice to the effect that such opinions and projections may not be relied on by the Purchaser.

(z) Governing Documents. The Seller is in compliance with its Governing Documents.

(aa) No Defenses. There are no defenses, offsets, counterclaims, abatements, rights
of rescission or other claims, legal or equitable, available to the Seller, the Guarantors or the
Pledgor or any other Person with respect to this Agreement, the Engagement Letter, the Repurchase
Documents, any other instrument, document and/or agreement described herein or therein (including,
without limitation, the validity or enforceability of any of the foregoing) or with respect to the
obligation of the Seller and the Guarantors to repay the Aggregate Unpaids, the Obligations and
other amounts due hereunder.

(bb) Qualified Transferees. With respect to each Mortgage Asset, the Seller and the
Purchaser are “Qualified Transferees”, “Qualified Institutional Lenders” or “Qualified Lenders”
(however such terms are phrased or denominated) under the terms of the applicable Mortgage Loan
Documents with respect to each party’s ability to hold and/or be able to be a transferee of each
such Mortgage Asset. The Assignment to the Purchaser does not violate the terms of the related
Mortgage Loan Documents.

ARTICLE V

COVENANTS

Section 5.1 Covenants.

From the date hereof until the Aggregate Unpaids are paid in full:

(a) Compliance with Laws and Contractual Obligations. Each of the Seller and the
Guarantors shall comply in all material respects with all Applicable Laws (including securities
laws and Environmental Laws), including those with respect to the Purchased Items or any part
thereof, and shall comply with, and perform all duties and obligations under, all Contractual
Obligations, Indebtedness and Guarantee Obligations, including, without limitation, its duties and
obligations under the Mortgage Loan Documents and with respect to the Seller-Related Obligations,
except in each case where the failure to so comply or perform will not, and could not reasonably be
expected to, have a Material Adverse Effect. No part of the proceeds of any Transaction shall be
used for any purpose which violates, or would be inconsistent with, the provisions of Regulation T,
U or X.

(b) Preservation of Company Existence. Each of the Seller and the Guarantors shall
preserve and maintain its legal existence and will qualify and remain qualified in good standing in
each jurisdiction where the failure to preserve and maintain such existence and qualification has
had, or could reasonably be expected to have, a Material Adverse Effect.

(c) Performance and Compliance with Purchased Assets. The Seller shall, at its
expense, timely and fully perform and comply (or as applicable cause the Transferors, Servicers and
PSA Servicers to perform and comply) with all provisions, covenants, duties, agreements,
obligations and other promises required to be observed under the Purchased Items, all other
agreements related to such Purchased Items, including the Mortgage Loan Documents, and the Retained
Interests.

(d) Keeping of Records and Books of Account. Each of the Seller and the Guarantors
shall maintain and implement administrative and operating procedures (including, without
limitation, an ability to recreate records evidencing the Purchased Items in the event of the
destruction of the originals thereof) and will keep and maintain all documents, books, records and
other information reasonably necessary or advisable in which complete entries are made in
accordance with GAAP and Applicable Laws.

(e) Delivery of Income. The Seller, the Guarantors and the other Repurchase Parties
shall deposit and cause all Servicers and other applicable Persons to deposit all Income received
into the Collection Account within two (2) Business Days of receipt thereof. The Seller shall
instruct all PSA Servicers and other applicable Persons under the Pooling and Servicing Agreements
to deposit all Income into the Collection Account within two (2) Business Days of the date the PSA
Servicer is obligated to disburse the same under the Pooling and Servicing Agreements and the
Seller shall take reasonable steps necessary to enforce such instructions. The Seller will
instruct all counterparties under Interest Rate Protection Agreements to deposit any payments due
to the Seller from time to time into the Collection Account within two (2) Business Days of the
date such Person is obligated to disburse same and the Seller shall take reasonable steps to
enforce such instructions. The Seller shall deliver all applicable Servicing Agreements and
Pooling and Servicing Agreements to the Purchaser and the Seller shall comply with and enforce each
Servicer Redirection Notice.

(f) Performance and Compliance with Purchased Items. The Seller shall perform in all
material respects its covenants, duties, agreements and obligations under the terms of the
Purchased Items, the Mortgage Loan Documents and the Retained Interests.

(g) Notices. Each of the Seller and the Guarantors shall promptly, upon receipt of
notice or knowledge thereof, furnish written notice to the Purchaser with respect to the following:

(i) Events of Default. Immediately upon notice or knowledge thereof, notice of
the occurrence of each Event of Default and each Default;

(ii) Representations. Immediately upon notice or knowledge thereof, notice of
any representation or warranty set forth in Section 4.1, Schedule 1, any
other Repurchase Document, any Mortgage Loan Documents or any other certificate, document,
information or statement delivered, given or made to the Purchaser was incorrect in any
material respect at the time it was given or deemed to have been given;

(iii) Proceedings. Promptly upon notice or knowledge thereof, notice of any
settlement of, material judgment (including a material judgment with respect to the
liability phase of a bifurcated trial) in or commencement of any labor controversy (of a
material nature), litigation, action, suit, arbitration or proceeding before any court or
governmental department, commission, board, bureau, agency, arbitrator, investigation or
instrumentality, domestic or foreign, affecting (A) the Purchased Items, (B) the Repurchase
Documents, (C) the Purchaser’s interest in the Purchased Items, or (D) the Seller, the
Guarantors, the Pledgor or any other Repurchase Party;

(iv) Material Events. Immediately upon becoming aware thereof, notice of any
change in the Asset Value of any Purchased Asset, any material change in the market value of
any or all of the Seller’s, the Guarantor’s or the Pledgor’s assets or Property or any other
event or circumstance that, in the reasonable judgment of the Seller or any of the
Guarantors, is likely to have a Material Adverse Effect;

(v) Casualty. With respect to any Purchased Asset hereunder, immediately upon
notice or knowledge thereof, notice that the Underlying Mortgaged Property has been damaged
by waste, fire, earthquake or earth movement, flood, tornado or other casualty, or is
otherwise damaged so as to affect adversely the Asset Value of such Purchased Asset;

(vi) Liens. Immediately upon notice or knowledge thereof, notice of any Lien
or security interest on, or claim asserted against, any Purchased Item or the Pledged
Collateral other than Permitted Liens;

(vii) Covenants. Immediately upon notice or knowledge thereof, notice of any
material default with respect to any covenant, duty or agreement of the Seller, the
Guarantors or the Pledgor under any Repurchase Document as Mortgage Loan Documents;

(viii) Defaults. Immediately upon notice or knowledge thereof, notice of
(A) any material default under or related to any Purchased Item, any Mortgage Loan Document,
any Seller–Related Obligation or an Interest Rate Protection Agreement, or (B) any default
under any other Contractual Obligation, any Guarantee Obligation or any Indebtedness of the
Seller, the Guarantors, the Pledgor or any of their Affiliates or Subsidiaries, which (in
the case of clause (B) only, if not cured, could reasonably be expected to have a
Material Adverse Effect;

(ix) Sales. Promptly upon notice or knowledge thereof, notice of the intended
conveyance, sale, lease, assignment, transfer or other disposition (any such transaction, or
related series of transactions, a “Sale”) of any Property, business or assets of the
Seller, whether now owned or hereafter acquired, with the exception of (A) this Agreement
and (B) any Sale of Property by the Seller, any of the Guarantors or the Pledgor that is not
material to the conduct of its business and is effected in the ordinary course of business;
and

(x) Losses. Immediately upon notice or knowledge thereof, notice of any loss
or expected loss in respect of any Purchased Item, or any other event or change in
circumstances or expected event or change in circumstances that could be reasonably be
expected to result in a material decline in value or cash flow of any Purchased Asset or the
Underlying Mortgaged Property (including, without limitation, any violation or alleged
violation of securities laws, Environmental Laws or other Applicable Law or any discharge or
damage relating to or resulting from Material of Environmental Concern).

Each notice pursuant to this Subsection 5.1(g) shall be accompanied by an Officer’s
Certificate of the Seller and the Guarantors setting forth details of the occurrence referred to
therein and stating what action the Seller and/or any of the Guarantors, as applicable, have taken
or propose to take with respect thereto.

(h) Purchased Items Not to be Evidenced by Instruments. Neither the Seller nor any of
the Guarantors shall take any action to cause any Purchased Item that is not, as of the applicable
Purchase Date, evidenced by an Instrument to be so evidenced except in connection with the
enforcement or collection of such Purchased Items.

(i) Limitations on Liens. Without the prior written consent of the Purchaser, neither
the Seller, the Guarantors nor any other Repurchase Party shall directly or indirectly:
(i) assign, sell, transfer, pledge, grant, create, incur, assume or suffer or permit to exist any
security interest in or Lien on any of the Purchased Items to anyone except the Purchaser,
(ii) permit any UCC financing statement (except any UCC financing statements in favor of the
Purchaser) or assignment (except for any assignments in favor of the Purchaser) to be on file in
any public office with respect thereto, (iii) permit or suffer to exist any Lien or right of others
to attach to any of the Purchased Items (or any portion thereof), except as contemplated by this
Agreement, or (iv) sell, pledge, transfer, assign, participate or grant a Lien on its interest
under the Repurchase Documents or the Purchased Items.

(j) Lien Covenants. With respect to each Purchased Item acquired by the Purchaser,
the Seller shall (i) take all action requested by the Purchaser to perfect, protect and more fully
evidence the Purchaser’s ownership of and first priority perfected security interest in such
Purchased Item, including, without limitation, executing or causing to be executed such other
instruments or notices as may be necessary or appropriate and (ii) taking all additional action
that the Purchaser may reasonably request to perfect, protect and more fully evidence the
respective interests of the parties to this Agreement and the Repurchase Documents in such
Purchased Items. Immediately upon notice to the Seller of a Lien or any circumstance which, if
adversely determined would be reasonably likely to give rise to a Lien (other than in favor of the
Purchaser or created by or through the Purchaser), on any of the Purchased Items, the Seller shall
notify the Purchaser and the Seller shall further defend the Purchased Items against, and will take
such other action as is necessary to remove, any Lien or claim on or to the Purchased Items (other
than any Lien created under this Agreement), and the Seller will defend the right, title and
interest of the Purchaser in and to any of the Purchased Items against the claims and demands of
all Persons whomsoever.

(k) Change of Name or Location of Loan Files. The Seller shall not (i) change its
name, organizational number, identity, structure or jurisdiction of formation, move the location of
its principal place of business and chief executive office, or change the offices where it keeps
the records (as defined in the UCC) from the location referred to in Section 4.1(l), or
(ii) move, or consent to the Custodian moving, the Mortgage Asset Files from the location thereof
on the Closing Date, unless the Seller has given at least thirty (30) days’ prior written notice to
the Purchaser and has taken all actions required under the UCC of each relevant jurisdiction in
order to continue the first priority perfected security interest of the Purchaser in the Purchased
Items.

(l) Exceptions. The Seller shall promptly correct any and all Exceptions set forth on
any Asset Schedule and Exception Report unless waived in writing by the Purchaser in its reasonable
discretion.

(m) ERISA Matters. Neither the Seller nor the Guarantors will (i) engage or permit
any ERISA Affiliate to engage in any prohibited transaction for which an exemption is not available
or has not previously been obtained from the United States Department of Labor that could subject
such party to a material tax penalty or other liability, (ii) permit to exist any accumulated
funding deficiency, as defined in Section 302(a) of ERISA and Section 412(a) of the Code, or
funding deficiency with respect to any Benefit Plan other than a Multiemployer Plan, (iii) fail to
make any payments to a Multiemployer Plan that the Seller, the Guarantor or any ERISA Affiliate may
be required to make under the agreement relating to such Multiemployer Plan or any law pertaining
thereto, (iv) terminate any Benefit Plan so as to result in any liability, (v) permit to exist any
occurrence of any Reportable Event or (vi) otherwise violate the provisions of ERISA or the Code
with respect to any Benefit Plan, such as will, or could reasonably be expected to, have a Material
Adverse Effect.

(n) Anti–Terrorism Laws. The Seller and the Guarantors shall comply with all
applicable Anti–Terrorism Laws. The Seller shall conduct the requisite due diligence in connection
with the origination or acquisition of each Mortgage Asset for purposes of complying with the
Anti–Terrorism Laws, including with respect to the legitimacy of the applicable Borrower, obligor
or account debtor and the origin of the assets used by the said Borrower, obligor or account debtor
to purchase the property in question, and will maintain sufficient information to identify the
applicable Borrower, obligor or account debtor for purposes of the Anti–Terrorism Laws. Neither
the Seller, the Guarantors nor any Repurchase Party shall engage in any conduct described in
Subsection 4.1(o). The Seller and the Guarantors shall, upon the request of the Purchaser
from time to time, provide certification and other evidence of the Seller’s, the Guarantor’s and
their Affiliate’s compliance with this Subsection 5.1(n).

(o) Existence, etc. Each of the Seller and the Guarantors shall:

(i) continue to engage in business of the same general type as now conducted by it and
business incidental or related thereto (and, in the case of the Seller, no other lines of
business) and maintain and preserve its legal existence and all of its material rights,
privileges, licenses and franchises necessary for the operation of its business (including,
without limitation, the preservation of all lending licenses held by the Seller and the
Seller’s status as a “qualified transferee”, “qualified institutional lender” or “qualified
lender” (however phrased or denominated) under the Mortgage Loan Documents;
provided, however, that nothing in this Subsection 5.1(o) shall
prohibit any transaction expressly permitted under Subsection 5.1(r); and

(ii) permit representatives of the Purchaser, upon reasonable notice (unless a Default
or Event of Default shall have occurred and is continuing, in which case, no prior notice
shall be required) during normal business hours and at the expense of the Seller and the
Guarantors, as applicable, to examine, copy and make extracts from the Seller’s, each
Guarantor, the Pledgor’s or any of their Subsidiaries’ books and records, to inspect any of
their Properties, and to discuss its business and affairs with their officers, employees and
independent accountants, all to the extent reasonably requested by the Purchaser.

(p) Information and Reports Regarding Purchased Assets. The Seller, the Guarantors
and the Pledgor shall promptly deliver to the Purchaser all information, documents, notices and
reports received or generated by the Seller, any of the Guarantors, the Pledgor or any other
Repurchase Party with respect to the Purchased Items, including, without limitation, information,
documents, notices and reports under the Mortgage Loan Documents.

(q) Financial Information. The Seller and the Guarantors shall provide the Purchaser
with any amendments, modifications or waivers to the Financial Covenants (or any terms, covenants,
conditions, provisions or definitions applicable thereto) under the BofA Facility and such
financial and other information as the Purchaser may reasonably request from time to time
(including information relating to the Guarantor’s compliance with the Financial Covenants and any
financial statements or other financial information from or covering the Seller, the Guarantor, the
Pledgor, MMA Financial Holdings, Inc. and MMA Financial, Inc.) and, in connection with the delivery
of any such financial and/or other information, the Seller and the Guarantors shall provide the
Purchaser with an executed Compliance Certificate.

(r) Prohibition of Fundamental Changes. Neither the Seller, any of the Guarantors nor
the Pledgor shall enter into any transaction of merger or consolidation or amalgamation, or
liquidate, wind up or dissolve itself (or suffer any liquidation, winding up or dissolution) or
sell all or substantially all of its assets other pursuant to this Agreement; provided,
however, that any of the Guarantors may merge or consolidate with (i) any wholly owned
Subsidiary of a Guarantor, or (ii) any other Person if the Guarantor is the surviving entity; and
provided, further, that, (x) if after giving effect thereto, no Default or Event of
Default would exist hereunder and (y) the new entity (if any) assumes the Guarantor’s obligations,
liabilities and Indebtedness under the Repurchase Documents.

(s) Amendment of Purchased Items. The Seller shall not in its discretion, without the
prior written consent of the Purchaser, (i) extend, amend, alter, waive, supplement or otherwise
modify, or permit any Servicer or PSA Servicer to extend, amend, alter, waive, supplement or
otherwise modify, the material terms of any Purchased Item or any Mortgage Loan Documents or
(ii) exercise any of the material rights of a holder of a Purchased Item under any Mortgage Loan
Document or other document or agreement or governing or relating to such Purchased Items.

(t) Financial Covenants. The “Financial Covenants” contained in Section 7.09 of the
BofA Facility, together with all of the related terms, definitions and schedules applicable
thereto, are hereby incorporated, mutatis, mutandis, the same as if the same were
set forth herein in full and, to the extent the BofA Facility is terminated or the Financial
Covenants are amended in any way (including any of the related terms, definitions and schedules
applicable thereto), the same shall have no effect on the Financial Covenants as incorporated
herein as of the date of this Agreement unless, in case of amendments only, the same is approved by
the Purchaser in its discretion. The Guarantor shall comply in all respects with the Financial
Covenants incorporated herein.

(u) Payment of Obligations and Taxes. Each of the Seller and the Guarantors shall
pay, discharge or otherwise satisfy at or before maturity or before they become delinquent, as the
case may be, all its obligations of whatever nature (including, without limitation, all Taxes, all
Indebtedness, all Contractual Obligations, all Guarantee Obligations, all Seller–Related
Obligations and any Interest Rate Protection Agreements), except where the amount or validity
thereof is currently being contested in good faith by appropriate proceedings and reserves in
conformity with GAAP with respect thereto have been provided on the books of the Seller, any of the
Guarantors or any of their Subsidiaries, as the case may be, and except where the failure to so pay
such obligations will not, and could not reasonably be expected to, have a Material Adverse Effect
and such failure does not result in a Lien on any of the Purchased Items that is not a Permitted
Lien.

(v) Limitation on Debt. The Seller shall not create, incur, assume or suffer to exist
any Indebtedness, Contractual Obligation or Guarantee Obligation of the Seller, except any
Indebtedness, Contractual Obligation or Guarantee Obligation of the Seller expressly permitted
under this Agreement.

(w) Governing Documents. The Seller shall comply in all respects with its Governing
Documents and shall not modify or amend its Governing Documents in any respect without the prior
written consent of the Purchaser. The Seller shall provide evidence to the Purchaser no later than
ten (10) days after the Closing Date that an independent manager has been appointed and has
accepted its position as independent manager under the Seller’s Governing Documents.

(x) Investments. Neither the Seller, the Guarantors, the Pledgor nor any of their
Affiliates shall not acquire or maintain any right or interest in any Purchased Asset that is
senior to or pari passu with the rights and interests of the Purchaser therein under this Agreement
unless such Mortgage Asset is also a Purchased Asset.

(y) Independence of Covenants. All covenants hereunder shall be given independent
effect so that if a particular action or condition is not permitted by any of such covenants, the
fact that it would be permitted by an exception to, or be otherwise within the limitations of,
another covenant shall not avoid the occurrence of a Default or Event of Default if such action is
taken or condition exists.

ARTICLE VI

ADMINISTRATION AND SERVICING

Section 6.1 Servicing.

The Purchaser hereby appoints the Seller as its agent to service the Purchased Items for the
benefit of the Purchaser and enforce the Purchaser’s rights in and under such Purchased Items. The
Seller hereby accepts such appointment and agrees to perform the duties and obligations with
respect thereto as set forth herein. The Seller may act through an Affiliate with respect to its
servicing obligations hereunder. Notwithstanding that the Seller may contract with either an
Affiliate, a third party or a sub–servicer to service the Purchased Items on its behalf, the Seller
shall continue to remain liable to the Purchaser as servicer under this Agreement. The Seller
covenants at its expense to maintain or cause the servicing of the Purchased Items to be maintained
in conformity with Accepted Servicing Practices and in a manner at least equal in quality to the
servicing Seller provides for Mortgage Assets that it owns. In the event that the preceding
language is interpreted as constituting one or more servicing contracts, each such servicing
contract shall terminate automatically upon the earliest of (i) an Event of Default, (ii) the date
on which this Agreement terminates or the Seller repurchases any related Purchased Asset, or
(iii) the transfer of servicing approved in writing by the Purchaser. In connection with such
servicing, the Seller (or an Affiliate of the Seller on its behalf) as servicer shall remit or
cause to be remitted to the Purchaser any and all Income on the Purchased Items to the Collection
Account. The Seller shall also give all appropriate notices under the Mortgage Loan Documents of
the Purchaser’s interests in the Purchased Items. In servicing the Purchased Items, the Seller (or
an Affiliate of Seller on its behalf) as servicer shall take all action, or cause to be taken all
action, as may be necessary to enforce, realize on and collect the Purchased Items, including, but
not limited to, all related Income, all in accordance with Applicable Law, with reasonable care and
diligence, and in accordance with the Accepted Servicing Practices; provided,
however, that (i) in no event shall the Seller, or any Affiliate of the Seller on its
behalf, take any material servicing action in respect of a Purchased Item or exercise any rights of
the holder of a Purchased Item without the prior written approval of the Purchaser, and (ii) the
Seller, or any Affiliate of the Seller on its behalf, shall consult regularly with the Purchaser
with respect to any other actions to be taken or not taken by a holder of the Purchased Items and
in connection with such servicing and administration of the Purchased Items. The Purchaser, by and
through the Seller or its Affiliate on its behalf, shall have the right to exercise any
determinations, consent rights and approvals in connection with the Purchased Items in accordance
with the terms of the Mortgage Loan Documents until such time as the related Purchased Items are
repurchased by the Seller. If the Purchased Items are serviced by the Seller or an Affiliate, the
Seller agrees that, until the repurchase of a Purchased Asset on a Repurchase Date, the Purchaser
is the owner of all servicing records for the period that the Purchaser owns the Purchased Items,
including, but not limited to, any and all servicing agreements, files, documents, records, data
bases, computer tapes, copies of computer tapes, computer programs, proof of insurance coverage,
insurance policies, appraisals, other closing documentation, payment history records, and any other
records relating to or evidencing the servicing of such Purchased Items (the “Servicing
Records”). The Seller covenants to safeguard such Servicing Records and to deliver them
promptly to Purchaser or its designee (including the Custodian) at the Purchaser’s request.
Notwithstanding anything to the contrary contained herein, the exercise by the Purchaser of its
rights hereunder shall not release the Seller from any of its duties or responsibilities with
respect to the Purchased Items. The Purchaser shall not have any obligation or liability with
respect to any Purchased Items, nor shall any of them be obligated to perform any of the
obligations of the Seller hereunder.

ARTICLE VII

[RESERVED]

ARTICLE VIII

SECURITY INTEREST

Section 8.1 Security Interest.

(a) Each of the following items or types of property, whether now owned or hereafter acquired,
now existing or hereafter created and wherever located, is hereinafter collectively referred to as
the Purchased Items (the “Purchased Items”): (A) all Purchased Assets; (B) all Income and
Cash Collateral, if any; (C) all Mortgage Loan Documents; (D) all Mortgage Asset Files, including,
without limitation, all promissory notes, certificates, instruments, Security Agreements, chattel
mortgages and all other loan, security or other documents relating to such Purchased Items,
together with all files, documents, instruments, surveys, certificates, correspondence, appraisals,
licenses, contracts, computer programs, computer storage media, accounting records and other books
and records relating thereto; (E) all collateral, security interests, rights and other interests
under or with respect to each Purchased Item; (F) all Purchase Agreements and the collateral,
security interests, rights and other interests thereunder; (G) all mortgage guaranties and
insurance (issued by governmental agencies or otherwise) and any mortgage insurance certificate,
policy or other document evidencing such mortgage guaranties or insurance relating to any Purchased
Items and all claims and payments thereunder; (H) all servicing fees to which the Seller is
entitled and servicing and other rights relating to the Purchased Items; (I) all Servicing
Agreements, Servicing Records and Servicing Files with respect to the Purchased Items and the
rights and interests of the Seller thereunder or with respect thereto; (J) all Servicer Accounts
established pursuant to any Servicing Agreement, Pooling and Servicing Agreement or otherwise with
respect to the Purchased Items and all amounts on deposit therein from time to time related to the
Purchased Items; (K) all Pooling and Servicing Agreements relating to the Purchased Items and all
rights of the Seller thereunder or with respect thereto; (L) all other agreements, instruments or
contracts relating to, constituting, or otherwise governing, any or all of the foregoing to the
extent they relate to the Purchased Items, including the right to receive principal and interest
payments and any related fees, breakage fees, late fees and penalties with respect to the Purchased
Items and the right to enforce such payments; (M) insurance policies, certificates of insurance,
insurance proceeds and the rights to enforce payment of insurance proceeds, in each case to the
extent they relate to the Purchased Items; (N) the Collection Account and all monies, cash,
deposits, securities or investment property from time to time on deposit in the Collection Account;
(O) any collection account, escrow account, collateral account or lock–box account related to the
Purchased Items to the extent of any Seller’s or the holder’s interest therein, including all
moneys, cash, deposits, securities or investment property from time to time on deposit therein;
(P) rights of the Seller under any letter of credit, guarantee or other credit support or
enhancement related to the Purchased Items; (Q) any Interest Rate Protection Agreements relating to
the Purchased Assets, including all payments due to the Seller, any of the Guarantors or any other
Repurchase Party thereunder; ® all purchase or take–out commitments relating to or constituting
any of the foregoing; (S) all collateral, however defined, under any of the agreements between a
Borrower or an Affiliate on the one hand and the Seller or any of the Guarantors on the other hand
relating to the Purchased Items; (T) all “general intangibles”, “accounts”, “chattel paper”,
“deposit accounts”, “securities accounts”, “instruments”, “securities”, “financial assets” and
“investment property” as defined in the Uniform Commercial Code as in effect from time to time
relating to or constituting any and all of the foregoing; and (U) any and all replacements,
substitutions, conversions, distributions on or proceeds of, from or on any and all of the
foregoing; provided, however, none of the foregoing Purchased Items shall include
any obligations; provided, further, however, notwithstanding the foregoing
grant of a security interest, (i) no account, instrument, chattel paper or other obligation or
Property of any kind due from, owed by, or belonging to, a Person described in the definition of
Prohibited Person or (ii) any lease in which the lessee is a Person described in the definition of
Prohibited Person, shall be collateral under the Repurchase Documents.

(b) The Purchaser and the Seller intend that the Transactions hereunder be sales to the
Purchaser of the Purchased Assets and not loans from the Purchaser to the Seller secured by the
Purchased Assets. However, in order to preserve the Purchaser’s rights under this Agreement in the
event that a court or other forum recharacterizes the Transactions hereunder as loans and as
security for (A) the repayment of the Aggregate Unpaids and performance by the Seller of all of the
Seller’s obligations to the Purchaser hereunder, under the Repurchase Documents and the
Transactions entered into hereunder (collectively, the “Repurchase Obligations”), (B) the
Seller-Related Obligations and (C) all expenses and charges, legal or otherwise, incurred in
collecting or enforcing, realizing on or protecting any security for, the Repurchase Obligations
and/or the Seller Related Obligations (the amounts described in the foregoing clauses A–C
are collectively referred to as the “Obligations”), (a) the Seller hereby assigns, pledges
and grants a security interest in all of its right, title and interest in, to and under the
Purchased Items to the Purchaser to secure the Obligations, (b) it is the express intent of the
parties that conveyance of the Purchased Items be deemed a pledge of the Purchased Items by the
Seller to the Purchaser to secure a debt or other obligation of the Seller, and (c) (i) this
Agreement shall also be deemed to be a security agreement within the meaning of Article 9 of the
UCC of the applicable jurisdiction; (ii) the conveyance provided for herein shall be deemed to be a
grant by the Seller to the Purchaser of a security interest in all of the Seller’s right, title and
interest in and to the Purchased Items; (iii) the assignment by the Purchaser of the interest of
the Purchaser as contemplated in Section 8.2 shall be deemed to be an assignment of any
security interest created hereunder; (iv) the possession by the Purchaser or any of its agents,
including, without limitation, the Custodian, of the Mortgage Loan Documents, the Purchased Items
and such other items of Property as constitute instruments, money, negotiable documents or chattel
paper shall be deemed to be possession by the secured party for purposes of perfecting the security
interest pursuant to the UCC; and (v) notifications to Persons (other than the Purchaser) holding
such Property, and acknowledgments, receipts or confirmations from Persons (other than the
Purchaser) holding such Property, shall be deemed notifications to, or acknowledgments, receipts or
confirmations from, financial intermediaries, bailees or agents (as applicable) of the secured
party for the purpose of perfecting such security interest under the UCC and Applicable Law. The
assignment, pledge and grant of security interest contained herein shall be, and the Seller hereby
represents and warrants to the Purchaser that it is, a first priority perfected security interest.
The Seller agrees to mark its computer records and tapes to evidence the interests granted to the
Purchaser hereunder. All Purchased Items shall secure the payment of all Obligations now or
hereafter existing, including, without limitation, the Seller’s obligation to repurchase Purchased
Assets, or if such obligation is so recharacterized as a loan, to repay such loan for the
Repurchase Price and to pay the Aggregate Unpaids and any and all other Obligations. For the
avoidance of doubt and not by way of limitation of the foregoing, (A) each Purchased Asset,
including all Income related thereto, secures the obligations of the Seller with respect to all
other Transactions and the obligations with respect to all other Purchased Assets, including those
Purchased Assets that are junior in priority to the Purchased Asset in question, and (B) if there
is an Event of Default, no Purchased Item will be released from the Purchaser’s Lien or transferred
to the Seller until the Obligations are indefeasibly paid in full. Notwithstanding the foregoing,
the Obligations shall be full recourse to the Seller and the Guarantors.

(c) The assignment under this Section 8.1 does not constitute and is not intended to
result in a creation or an assumption by the Purchaser of any obligation of the Seller or any other
Person in connection with any or all of the Purchased Items or under any agreement or instrument
relating thereto. Anything herein to the contrary notwithstanding, (i) the Seller shall remain
liable under the Purchased Items to the extent set forth therein to perform all of its duties and
obligations thereunder to the same extent as if this Agreement and the other Repurchase Documents
had not been executed, (ii) the exercise by the Purchaser of any of its rights, under or to in the
Purchased Items shall not release the Seller from any of its duties or obligations under the
Purchased Items, and (iii) the Purchaser shall not have any obligations or liability under the
Purchased Items by reason of this Agreement, the Repurchase Documents or otherwise, nor shall the
Purchaser be obligated to perform any of the obligations or duties of the Seller thereunder or to
take any action to collect or enforce any claim for payment assigned hereunder.

Section 8.2 Release of Lien on Purchased Assets.

Except as otherwise provided in this Agreement or any Repurchase Document, at such time as any
Purchased Asset is repurchased in accordance with this Agreement, and the Repurchase Price and all
other amounts due with respect thereto have been paid in full, the Purchaser will, to the extent
requested by the Seller, release its interest in such Purchased Asset and any related Purchased
Items; provided, that the Purchaser will make no representation or warranty, express or
implied, with respect to any such Purchased Asset or Purchased Items in connection with such
release, and any such transfer shall be without recourse to, and shall be without expense to, the
Purchaser.

Section 8.3 Remedies.

Upon the occurrence of an Event of Default, the Purchaser shall have, with respect to the
security interest in the Purchased Items granted pursuant to Section 8.1, and in addition
to all other rights and remedies available to the Purchaser under this Agreement and the other
Repurchase Documents, all rights and remedies of a secured party upon default under the UCC and
other Applicable Law.

Section 8.4 Waiver of Certain Laws.

Each of the Seller and the Guarantors agree, to the full extent that it may lawfully so agree,
that neither it nor anyone claiming through or under it will set up, claim or seek to take
advantage of any appraisement, valuation, stay, extension or redemption law now or hereafter in
force in any locality where any Purchased Items may be situated in order to prevent, hinder or
delay the enforcement or foreclosure of this Agreement, or the absolute sale of any of the
Purchased Items or any part thereof, or the final and absolute putting into possession thereof,
immediately after such sale, of the purchasers thereof, and each of the Seller and the Guarantors,
for itself and all who may at any time claim through or under it, hereby waives, to the full extent
that it may be lawful so to do, the benefit of all such laws and any and all right to have any of
the Properties or assets constituting the Purchased Items marshaled upon any such sale, and agrees
that the Purchaser or any court having jurisdiction to foreclose the security interests granted in
this Agreement may sell the Purchased Items as an entirety or in such parcels as the Purchaser or
such court may determine.

Section 8.5 Purchaser’s Duty of Care.

Except as provided in the Repurchase Documents, the Purchaser’s (or, on its behalf, the
Custodian) sole duty with respect to the Purchased Items, the Pledged Collateral and any other
collateral for the Facility shall be to use reasonable care in the custody, use, operation and
preservation of the Purchased Items, the Pledged Collateral and any other collateral for the
Facility in its possession or control. The Purchaser shall incur no liability to the Seller, the
Guarantors, the Pledgor or any other Person for any act of government, act of God or other such
destruction in whole or in part or negligence or wrongful act of custodians or agents selected by
and supervised by the Purchaser with reasonable care, or the Purchaser’s failure to provide
adequate protection or insurance for the Purchased Items, the Pledged Collateral and the other
collateral for the Facility. The Purchaser shall have no obligation to take any action to preserve
any rights of the Seller, the Guarantors, the Pledgor and any other Repurchase Party in any of the
Purchased Items, the Pledged Collateral and the other collateral for the Facility against prior
parties, and the Seller hereby agrees to take such action. The Seller, the Guarantors and the
Pledgor shall defend the Purchased Items, the Pledged Collateral and the other collateral for the
Facility against all such claims and demands of all Persons (other than claims and demands
resulting from interests created by the Purchaser), at all times, as are adverse to the Purchaser.
The Purchaser shall have no obligation to realize upon any Purchased Item, the Pledged Collateral
or the other collateral for the Facility, except through proper application of any distributions
with respect to the Purchased Items, the Pledged Collateral and the other collateral for the
Facility made directly to the Purchaser or its agent(s). So long as the Purchaser (or the
Custodian, on the Purchaser’s behalf) shall act in good faith in its handling of the Purchased
Items, the Pledged Collateral and the other collateral for the Facility, each of the Seller, the
Guarantors and the Pledgor waives or is deemed to have waived the defense of impairment of the
Purchased Items, the Pledged Collateral and the other collateral for the Facility by the Purchaser
and the Custodian.

ARTICLE IX

[RESERVED]

ARTICLE X

TERMINATION EVENTS

Section 10.1 Events of Default.

The following events shall be Events of Default (“Events of Default”) hereunder:

(a) the Seller shall default in the payment of all Aggregate Unpaids on or before the Facility
Maturity Date (whether at stated maturity, upon acceleration or otherwise) or the Seller’s failure
to pay any Repurchase Price, Price Differential, Margin Deficit, Indemnified Amount, Additional
Amount, Breakage Costs, Taxes, Late Payment Fees, Due Diligence Costs and any other fee, cost,
expense, advance, indemnity, interest or any amount under Section 2.6 or any other
provision of this Agreement or the other Repurchase Documents when due (whether at stated maturity,
upon acceleration, at mandatory or optional prepayment or otherwise); or

(b) the Seller’s, any Guarantor’s, the Pledgor’s, any other Repurchase Party’s, any
Servicer’s, any PSA Servicer’s or any other Person’s failure to timely deposit to the Collection
Account all Income, Cash Collateral and other payments and amounts as required by
Subsection 5.1(e) of this Agreement and, in the case of Persons not a party to this
Agreement only, the same is not remedied within two (2) Business Days; or

(c) the Seller, any of the Guarantors or the Pledgor shall default in the payment of any other
amount payable by it hereunder or under any other Repurchase Document after notification by the
Purchaser of such default, and such default shall have continued unremedied for one (1) Business
Day; or

(d) any Insolvency Proceeding relating to the Seller, any of the Guarantors, the Pledgor or
any other Repurchase Party shall have occurred; or

(e) the Seller, any of the Guarantors or the Pledgor shall become required to register as an
“investment company” within the meaning of the 40 Act or the arrangements contemplated by the
Repurchase Documents shall require registration of any of the foregoing as an “investment company”
within the meaning of the 40 Act; or

(f) there shall exist any event or occurrence that has caused or has resulted in a Material
Adverse Effect; or

(g) the Seller, any of the Guarantors or the Pledgor sells, assigns, pledges, participates,
transfers or grants a Lien on any of its rights or interests under the Repurchase Documents on or
with respect to any of the Purchased Items or on or with respect to the Pledged Collateral in
violation of the terms of the Repurchase Documents or the Mortgage Loan Documents; or

(h) (i) any Repurchase Document, any right or remedy of the Purchaser, any obligation,
agreement or duty of the Seller, any of the Guarantors or the Pledgor or any Lien or
security interest granted thereunder, shall (except in accordance with its terms), in whole
or in part, terminate, cease to be effective or, as applicable, cease to be the legally
valid, binding and enforceable obligation of the Seller, any of the Guarantors or the
Pledgor, or

(ii) the Seller, any of the Guarantors, the Pledgor or any other Person shall, directly
or indirectly, contest in any manner the effectiveness, validity, binding nature or
enforceability of any Repurchase Document or any Lien or security interest thereunder, or

(iii) the Purchased Items shall not have been sold to the Purchaser, or the Liens
contemplated under the Repurchase Documents shall cease or fail to be first priority
perfected Liens on any Purchased Items or the Pledged Collateral in favor of the Purchaser
or shall be Liens in favor of any Person other than the Purchaser, or

(iv) the Seller, any of the Guarantors, the Pledgor or any other Repurchase Party shall
grant, or suffer to exist, any Lien on any Purchased Items, the Pledged Collateral or any
other collateral for the Facility (other than Permitted Liens); or

(i) the Seller, any of the Guarantors or the Pledgor shall have failed to observe or perform
in any material respect any of the covenants, duties or agreements of the Seller, any of the
Guarantors or the Pledgor set forth in this Agreement or the other Repurchase Documents to which
the Seller, any of the Guarantors or the Pledgor is a party and, other than in connection with the
Financial Covenants, the same continues unremedied for a period of ten (10) days after the earlier
to occur of (i) the date on which written notice of such failure requiring the same to be remedied
shall have been given to the Seller, any of the Guarantors or the Pledgor by the Purchaser, and
(ii) the date on which the Seller, any of the Guarantors or the Pledgor becomes aware thereof; or

(j) any representation, warranty, certification, statement or affirmation made by the Seller,
any of the Guarantors or the Pledgor in this Agreement or any Repurchase Document or in any
certificate, notice, information, statement, report or other document or agreement delivered
pursuant to this Agreement or any Repurchase Document shall prove to have been incorrect in any
material respect when made or deemed made (other than the representations and warranties set forth
in Schedule 1 to this Agreement, which shall be considered solely for the purpose of
determining the Asset Value of the Purchase Assets, unless (i) the Seller shall have made any such
representations and warranties with actual knowledge that they were materially false or misleading
at the time made or (ii) any such representations and warranties have been determined in good faith
by Purchaser in its sole discretion to be materially false or misleading on a regular basis) and
the same continues unremedied for a period of ten (10) days after the earlier to occur of (i) the
date on which written notice of such incorrectness requiring the same to be remedied shall have
been given to the Seller, any of the Guarantors or the Pledgor by the Purchaser, and (ii) the date
on which the Seller, any of the Guarantors or the Pledgor becomes aware thereof; or

(k) the Seller, any of the Guarantors or the Pledgor shall have failed (i) to give
instructions or notice to, or to obtain any required consent of, the Purchaser (ii) to deliver to
the Purchaser an executed copy of each required Servicer Redirection Notice as required by this
Agreement or the other Repurchase Documents, or (iii) to deliver any required reports hereunder or
thereunder, in each case, on or before the date the same was required under the terms of this
Agreement or the other Repurchase Documents and the same continues unremedied for two (2) Business
Days; or

(l) the aggregate Repurchase Price for all Transactions outstanding on any day exceeds the
Availability or the Maximum Amount and the same continues unremedied for one (1) Business Day after
notice to the Seller; provided, however, during the period of time that such event
remains unremedied, no additional Transaction will be made under this Agreement; or

(m) the Seller or any Guarantor shall fail to make a payment due with respect to, or be in
default under or any event or condition exists or has occurred that would in any case permit the
acceleration of (regardless of whether any of the foregoing have been or are waived) (i) any
Indebtedness or other indebtedness (including recourse and non–recourse debt), any Contractual
Obligation or any Guarantee Obligation of the Seller or the Guarantor, in each case where the
potential indebtedness, contract amount or liability or guaranty amount or liability, as
applicable, thereunder equals or exceeds $10,000,000, (ii) any Interest Rate Protection Agreement
or (iii) any Seller–Related Obligation; or

(n) any event, non-event, action, inaction, condition, failure of condition or other
occurrence or non-occurrence under this Agreement or any of the other Repurchase Documents that, by
the express terms of this Agreement or the other Loan Documents, is deemed to constitute an Event
of Default; or

(o) the Seller, any of the Guarantors or the Pledgor shall admit its inability to, or its
intentions not to, perform its obligations, covenants or agreements under any Repurchase Document
or admit that it is not Solvent.

Section 10.2 Remedies.

(a) If an Event of Default occurs, the following rights and remedies are available to the
Purchaser; provided, that an Event of Default shall be deemed to be continuing unless
expressly waived by the Purchaser in writing:

(i) At the option of the Purchaser, exercised by written notice to the Seller (which
option shall be deemed to have been exercised, even if no notice is given, immediately upon
the occurrence of an Insolvency Event of the Seller, the Guarantors, the Pledgor or any
other Repurchase Party), the Repurchase Date for each Transaction hereunder, if it has not
already occurred, shall be deemed immediately to occur (except that, in the event that the
Purchase Date for any Transaction has not yet occurred as of the date of such exercise or
deemed exercise, such Transaction shall be deemed immediately cancelled) and the Funding
Expiration Date and Facility Maturity Date shall be deemed to have occurred. The Purchaser
shall (except upon the occurrence of an Insolvency of the Seller, the Guarantors, the
Pledgor or any other Repurchase Party) give notice to the Seller of the exercise of such
option as promptly as practicable.

(ii) If the Purchaser exercises or is deemed to have exercised the option referred to
in Subsection 10.2(a)(i),

(A) (1) the Seller’s obligations in such Transactions to repurchase all
Purchased Items, at the Repurchase Price therefor on the Repurchase Date, and,
without duplication, to pay the Aggregate Unpaids and all other Obligations or other
amounts owed by the Seller, the Guarantors, the Pledgor and any other Person
hereunder and under the other Repurchase Documents, shall thereupon become
immediately due and payable, (2) all Income paid after such exercise or deemed
exercise shall be retained by the Purchaser and applied to the aggregate unpaid
Repurchase Price, the Aggregate Unpaids and any other Obligations or other amounts
owed by the Seller, the Guarantors, the Pledgor and any other Person hereunder and
under the other Repurchase Documents, and (3) the Seller shall immediately deliver to
the Purchaser any Purchased Items subject to such Transactions then in the Seller’s
possession or control; and

(B) all Income actually received by the Purchaser pursuant to
Section 2.6 (excluding any Late Payment Fees and other Price Differential at
the Post–Default Rate) shall be applied to the aggregate unpaid Repurchase Price and
Aggregate Unpaids and any Obligations and other amounts owed by the Seller, the
Guarantors, the Pledgor and any other Person hereunder or the other Repurchase
Documents, in such order as the Purchaser shall determine in its discretion.

(iii) Upon the occurrence of one or more Events of Default, the Purchaser shall have
the right to obtain physical possession of the Servicing Records (subject to the provisions
of the Custodial Agreement), the Servicing Files, the Servicing Agreements and all other
files of the Seller or any third party acting for the Seller relating to the Purchased Items
and all documents relating to the Purchased Items which are then or may thereafter come into
the possession of the Seller or any third party acting for the Seller, and the Seller shall
deliver to the Purchaser such assignments as the Purchaser shall request (all of the
foregoing at the expense of the Seller), and the Purchaser shall have the right to appoint
any Person to act as the Servicer for the Purchased Assets.

(iv) In the event the Seller has not repurchased all Purchased Items, the Purchaser may
(A) complete any assignments, allonges, endorsements, powers or other documents or
instruments executed in blank, (B) immediately sell, without demand or further notice of any
kind, at a public or private sale and at such price or prices as the Purchaser may deem
reasonably satisfactory any or all Purchased Items subject to such Transactions hereunder
and apply the proceeds thereof to the aggregate unpaid Repurchase Price, the Aggregate
Unpaids, the Obligations and any other amounts owed by the Seller, the Guarantors, the
Pledgor and any other Person hereunder and under the other Repurchase Documents, and/or
(C) in its discretion, elect, in lieu of selling all or a portion of such Purchased Items,
to give the Seller credit for such Purchased Items in an amount equal to the Market Value
(determined by the Purchaser in its discretion) of the Purchased Items against the aggregate
unpaid Repurchase Price, the Aggregate Unpaids, the Obligations and any other amounts owing
by the Seller, the Guarantors, the Pledgor and any other Person hereunder and under the
other Repurchase Documents. The proceeds of any disposition of Purchased Items shall be
applied first to the costs and expenses incurred by the Purchaser in connection with the
Event of Default; second to the costs of related covering and/or related hedging
transactions; third to the Repurchase Price; fourth to the Aggregate Unpaids, the
Obligations and any other amounts owed by the Seller, the Guarantors, the Pledgor and any
other Person hereunder or under the other Repurchase Documents; and fifth to the Seller.

(v) The Seller agrees that the Purchaser may obtain an injunction, an order of specific
performance or other equitable relief to compel the Seller to fulfill any of its obligations
as set forth in this Agreement, including, without limitation, Article X, if the
Seller fails or refuses to perform its obligations as set forth herein or therein.

(vi) The Seller shall be liable to the Purchaser, payable as and when incurred by the
Purchaser, for (A) the amount of all actual out–of–pocket expenses, including legal or other
expenses incurred by the Purchaser in connection with or as a consequence of an Event of
Default, and (B) all costs incurred in connection with hedging or covering transactions.

(vii) The Purchaser shall have, in addition to its rights hereunder, any rights and
remedies otherwise available to it under any other agreement, Applicable Law or the UCC.

(b) The Purchaser may exercise one or more of the remedies available to the Purchaser
immediately upon the occurrence of an Event of Default and at any time thereafter without notice to
the Seller. All rights and remedies arising under this Agreement and the other Repurchase
Documents are cumulative and not exclusive of any other rights or remedies that the Purchaser may
have.

(c) The Purchaser may enforce its rights and remedies hereunder without prior judicial process
or hearing, and each of the Seller, the Guarantors and the Pledgor hereby expressly waives any
defenses the Seller, any of the Guarantors and the Pledgor might otherwise have to require the
Purchaser to enforce its rights by judicial process. Each of the Seller, the Guarantors and the
Pledgor also waives any defense (other than a defense of payment or performance) the Seller, any of
the Guarantors or the Pledgor might otherwise have arising from the use of nonjudicial process,
enforcement and sale of all or any portion of the Purchased Items, or from any other election of
remedies. The Seller, the Guarantors and the Pledgor recognize that nonjudicial remedies are
consistent with the usages of the trade, are responsive to commercial necessity and are the result
of a bargain at arm’s–length.

(d) To the extent permitted by Applicable Law, the Seller shall be liable to the Purchaser for
interest on any amounts owing by the Seller hereunder, from the date the Seller becomes liable for
such amounts hereunder until such amounts are (i) paid in full by the Seller or (ii) satisfied in
full by the exercise of the Purchaser’s rights hereunder. Interest on any sum payable by the
Seller to the Purchaser under this Subsection 10.2(d) shall accrue interest at a rate equal
to the Post–Default Rate.

(e) In addition to the rights under this Section 10.2, upon an Event of Default the
Purchaser shall no longer be obligated to enter into any additional Transactions pursuant to any
outstanding Confirmation and the Purchaser shall have the following additional rights if an Event
of Default occurs:

(i) The Purchaser and the Seller, the Guarantors and the Pledgor agree and acknowledge
that the Purchased Items constitute collateral that may decline rapidly in value.
Accordingly, notwithstanding anything to the contrary in this Agreement, the Purchaser shall
not be required to give notice to the Seller, the Guarantors, the Pledgor or any other
Person prior to exercising any remedy in respect of an Event of Default. If no prior notice
is given, the Purchaser shall give notice to the Seller of the remedies effected by the
Purchaser promptly thereafter. The Purchaser shall act in good faith in exercising its
rights pursuant to this Subsection 10.2(e).

(ii) The Purchaser may, in its discretion, elect to hold any Purchased Item for its own
account and earn the related interest on the full face amount thereof.

(f) Notwithstanding anything contained in the Repurchase Documents to the contrary, neither
the Seller, the Guarantors, the Pledgor nor any other Person shall be permitted to cure an Event of
Default after the acceleration of any of the Obligations.

ARTICLE XI

INDEMNIFICATION

Section 11.1 Indemnities by the Seller.

(a) The Seller agrees to hold the Purchaser, the Affected Parties and their Affiliates and the
Purchaser, the Affected Parties and their Affiliates’ officers, directors, shareholders, employees,
agents, attorneys, Affiliates and advisors (each an “Indemnified Party” and collectively
the “Indemnified Parties”) harmless from and indemnify any Indemnified Party against all
liabilities, losses, damages, judgments, costs, expenses, penalties or fines of any kind that may
be imposed on, incurred by or asserted against such Indemnified Party (collectively, the
“Indemnified Amounts”) in any way relating to, arising out of or resulting from (i) this
Agreement, the Repurchase Documents, the Mortgage Loan Documents, any Purchased Items or any
transaction or Transaction contemplated hereby or thereby, or any amendment, supplement, extension
or modification of, or any waiver or consent under or in respect of, this Agreement, the Repurchase
Documents, the Mortgage Loan Documents, any Purchased Items or any transaction or Transaction
contemplated hereby or thereby, (ii) any Mortgage Asset, any Purchased Item or the Pledged
Collateral, (iii) any violation of, alleged violation, non–compliance with or liability under any
Applicable Law (including, without limitation, violation of securities laws), (iv) ownership of the
Repurchase Documents, the Mortgage Loan Documents, the Purchased Items, the Pledged Collateral, any
other collateral for the Facility, the Underlying Mortgaged Property, any other related Property or
collateral or any part thereof or any interest therein or receipt of any Income or rents, (v) any
failure on the part of the Seller, any of the Guarantors or the Pledgor to perform or comply with
any of the terms of the Mortgage Loan Documents or the Repurchase Documents, (vi) any Taxes
including, without limitation, any Taxes attributable to the execution, delivery, filing or
recording of any Repurchase Document, any Mortgage Loan Document or any memorandum of any of the
foregoing, (vii) any Lien or claim arising on or against the Underlying Mortgaged Property, any
other related Property or collateral, the Pledged Collateral, the Purchased Items or any part
thereof under any Applicable Law or any liability asserted against the Purchaser with respect
thereto, (viii)  any civil penalty or fine assessed by OFAC against, and all reasonable costs and
expenses (including counsel fees and disbursements) incurred in connection with the defense
thereof, by any Indemnified Party as a result conduct of the Seller the Pledgor, any of the
Guarantors or any other Repurchase Party that violates any sanction enforced by OFAC, (xix) any
violation (or alleged violation) or non–compliance (or alleged non–compliance) with Environmental
Laws, the existence, correction or removal of any Materials of Environmental Concern, any Remedial
Work and any Release in any way affecting any Underlying Mortgaged Property or any other Property
(x) the Seller’s, any of the Guarantor’s, the Pledgor’s and or any other Repurchase Party’s
conduct, activities, actions and/or inactions in connection with, relating to or arising out of any
of the foregoing in clauses of this Subsection 11.1(a), that, in each case, results from
anything other than any Indemnified Party’s gross negligence or willful misconduct. In any suit,
proceeding or action brought by an Indemnified Party in connection with any Purchased Item for any
sum owing thereunder, or to enforce any provisions of any Purchased Item, the Seller will save,
indemnify and hold such Indemnified Party harmless from and against all expense, loss or damage
suffered by reason of any defense, set–off, counterclaim, recoupment or reduction of liability
whatsoever of the account debtor, obligor or Borrower thereunder arising out of a breach by the
Seller, any of the Guarantors, the Pledgor or any other Repurchase Party of any obligation
thereunder or arising out of any other agreement, indebtedness or liability at any time owing to or
in favor of such account debtor, obligor or Borrower or its successors from the Seller, any of the
Guarantors, the Pledgor or any other Repurchase Party. The Seller also agrees to reimburse an
Indemnified Party as and when billed by such Indemnified Party for all such Indemnified Party’s
costs, expenses and fees incurred in connection with the enforcement or the preservation of such
Indemnified Party’s rights under this Agreement, the Repurchase Documents, the Mortgage Loan
Documents and any transaction or Transaction contemplated hereby or thereby, including, without
limitation, the reasonable fees and disbursements of its counsel. In the case of an investigation,
litigation or other proceeding to which the indemnity in this Subsection 11.1(a) applies,
such indemnity shall be effective whether or not such investigation, litigation or proceeding is
brought by the Seller, any of the Guarantors and/or the Pledgor or any of their officers,
directors, shareholders, employees or creditors, an Indemnified Party or any other Person or any
Indemnified Party is otherwise a party thereto and whether or not any transaction contemplated
hereby is consummated.

(b) Any amounts subject to the indemnification provisions of this Section 11.1 shall
be paid by the Seller to the Indemnified Party within five (5) Business Days following such
Person’s demand therefor. For the avoidance of doubt, an Indemnified Party may seek payment of any
Indemnified Amount at any time and regardless of whether a Default or an Event of Default then
exists or is continuing. If for any reason the indemnification provided in this
Section 11.1 is unavailable to the Indemnified Party or is insufficient to hold an
Indemnified Party harmless, then the Seller shall contribute to the amount paid or payable by such
Indemnified Party as a result of such loss, claim, damage or liability in such proportion as is
appropriate to reflect not only the relative benefits received by such Indemnified Party on the one
hand and the Seller on the other hand but also the relative fault of such Indemnified Party as well
as any other relevant equitable considerations. Indemnification under Section 11.1 shall
be in an amount necessary to make the Indemnified Party whole after taking into account any tax
consequences to the Indemnified Party of the receipt of the indemnity provided hereunder, including
the effect of such tax or refund on the amount of tax measured by net income or profits that is or
was payable by the Indemnified Party. The obligations of the Seller under this
Section 11.1 shall survive the termination of this Agreement.

ARTICLE XII

[RESERVED]

ARTICLE XIII

MISCELLANEOUS

Section 13.1 Amendments and Waivers.

Except as provided in this Section 13.1, no amendment, waiver or other modification of
any provision of this Agreement shall be effective without the written agreement of the Seller,
the Purchaser and the Guarantors. Any waiver or consent shall be effective only if it is in
writing and only in the specific instance and for the specific purpose for which given.

Section 13.2 Notices, Etc.

All notices and other communications provided for hereunder shall, unless otherwise stated
herein, be in writing (including telex communication and communication by facsimile copy) and
mailed, telexed, transmitted or delivered, as to each party hereto, at its address or addresses set
forth under its name on the signature pages hereof or at such other address as shall be designated
by such party in a written notice to the other parties hereto. All such notices and communications
shall be effective, upon receipt, or in the case of (a) notice by mail, five (5) days after being
deposited in the United States mail, first class postage prepaid, (b) notice by telex, when telexed
against receipt of answer back, or (c) notice by facsimile copy, when verbal communication of
receipt is obtained. Neither the Seller, the Guarantors nor the Pledgor shall be entitled to any
notices of any nature whatsoever from the Purchaser except with respect to matters for which this
Agreement or the Repurchase Documents specifically and expressly provide for the giving of notice
by the Purchaser to the Seller, the Guarantors or the Pledgor and except with respect to matters
for which the Seller, the Guarantors or the Pledgor are not, pursuant to Applicable Law, permitted
to waive the giving of notice.

Section 13.3 Set–offs.

In addition to any rights and remedies of the Purchaser provided by this Agreement, the
Repurchase Documents and by Applicable Law, the Purchaser shall have the right, without prior
notice to the Seller, the Guarantors or the Pledgor, any such notice being expressly waived by the
Seller, the Guarantors and the Pledgor to the extent permitted by Applicable Law, and regardless of
the existence of any other collateral, upon any amount becoming due and payable by the Seller, the
Guarantors or the Pledgor to the Purchaser or any other Affected Party hereunder, under the
Repurchase Documents or otherwise (whether at the stated maturity, by acceleration or otherwise) to
set–off and appropriate and apply against such amount any and all monies and other Property of the
Seller, any of the Guarantors or the Pledgor, any and all deposits (general or special, time or
demand, provisional or final), in any currency, and any and all other credits, indebtedness,
claims, securities, collateral, Property or proceeds of any of the foregoing in, as applicable, any
currency, in each case whether direct or indirect, absolute or contingent, matured or unmatured,
and in each case at any time held or owing by the Purchaser, any other Affected Party or any
Affiliate of the foregoing, any Person under the control of the foregoing and any successor or
assign of the foregoing to or for the credit or the account of the Seller, the Guarantors or the
Pledgor, whether for safekeeping, custody, pledge, transmission, collection or otherwise. The
Purchaser agrees promptly to notify the Seller, the Guarantors and the Pledgor after any such
set–off and application made, provided that the failure to give such notice shall not affect the
validity of such set–off and application. ANY AND ALL RIGHTS TO REQUIRE THE PURCHASER AND THE
OTHER AFFECTED PARTIES TO EXERCISE ITS RIGHTS OR REMEDIES WITH RESPECT TO ANY OTHER COLLATERAL
WHICH SECURES THE AMOUNTS OWING TO THE PURCHASER AND THE OTHER AFFECTED PARTIES BY THE SELLER, THE
GUARANTORS OR THE PLEDGOR UNDER THE REPURCHASE DOCUMENTS, PRIOR TO EXERCISING ITS RIGHT OF SET–OFF
WITH RESPECT TO SUCH MONIES, SECURITIES, COLLATERAL, DEPOSITS, CREDITS OR OTHER PROPERTY OF THE
SELLER, ARE HEREBY KNOWINGLY, VOLUNTARILY AND IRREVOCABLY WAIVED BY THE SELLER, THE GUARANTORS AND
THE PLEDGOR.

Section 13.4 No Waiver; Remedies.

(a) No failure on the part of the Purchaser to exercise, and no delay in exercising, any right
or remedy hereunder shall operate as a waiver thereof; nor shall any single or partial exercise of
any right or remedy hereunder preclude any further exercise thereof or the exercise of any other
right. The rights and remedies herein provided are cumulative and not exclusive of any rights and
remedies provided by law. Application of the Post–Default Rate or increased Pricing Spread after
an Event of Default shall not be deemed to constitute a waiver of any Event of Default or Default
or any rights or remedies of the Purchaser under this Agreement, any other Repurchase Documents or
Applicable Law, or a consent to any extension of time for the payment or performance of any
obligation with respect to which the Post–Default Rate or increase in Pricing Spread after an Event
of Default may be invoked.

(b) In the event that a claim or adjudication is made that the Purchaser has acted
unreasonably or unreasonably delayed acting in any case where by Applicable Law or under this
Agreement or the other Repurchase Documents it has an obligation to act reasonably or promptly, the
Seller’s, each of the Guarantors and/or the Pledgor’s sole remedies shall be limited to commencing
an action seeking injunctive relief or declaratory judgment.

Section 13.5 Binding Effect.

This Agreement shall be binding upon and inure to the benefit of the Seller, the Purchaser,
the Guarantors and their respective successors and permitted assigns.

Section 13.6 Term of this Agreement.

(a) This Agreement, including, without limitation, the Seller’s and the Guarantor’s
representations, agreements, covenants, obligations and duties set herein, creates and constitutes
the continuing obligations of the parties hereto in accordance with its terms and shall remain in
full force and effect until the Aggregate Unpaids are paid in full; provided,
however, notwithstanding the repayment in full of the Aggregate Unpaids and/or the
termination of this Agreement, the indemnification and payment provisions of Article XI,
the provisions of Sections 2.4(b), 2.10, 2.11, 13.9, 13.11
and 13.13, the rights and remedies with respect to any breach of any representation or
warranty made or deem made by the Seller or any of the Guarantors pursuant to this Agreement, and
any other provision that by its terms expressly survives termination shall each be continuing and
shall survive any termination of this Agreement.

(b) Subject to Subsection 13.6(a), this Agreement may be terminated by the Purchaser
or the Seller upon giving written notice to the other and to the Guarantors, except that this
Agreement shall, notwithstanding such notice, remain applicable to any Transaction and Aggregate
Unpaids then outstanding.

(c) This Agreement shall continue to be effective or be automatically reinstated, as the case
may be, if at any time payment, in whole or in part, of any of the Obligations is rescinded or must
otherwise be restored or returned by the Purchaser as a preference, fraudulent conveyance or
otherwise under any Insolvency Law, all as though such payment had not been made; provided
that in the event payment of all or any part of the Obligations is rescinded or must be restored or
returned, all reasonable costs and expenses (including, without limitation, any reasonable legal
fees and disbursements) incurred by the Purchaser in defending and enforcing such reinstatement
shall be deemed to be included as a part of the Obligations.

Section 13.7 Governing Law.

THIS AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE
OF NEW YORK (WITHOUT REGARD TO THE CONFLICT OF LAWS PROVISIONS THEREOF). EACH OF THE PARTIES
HERETO HEREBY AGREES TO THE NON–EXCLUSIVE JURISDICTION OF ANY STATE OR FEDERAL COURT LOCATED WITHIN
THE STATE OF NEW YORK. EACH OF THE PARTIES HERETO HEREBY WAIVES ANY OBJECTION BASED ON FORUM NON
CONVENIENS AND ANY OBJECTION TO VENUE OF ANY ACTION INSTITUTED HEREUNDER IN ANY OF THE
AFOREMENTIONED COURTS AND CONSENTS TO THE GRANTING OF SUCH LEGAL OR EQUITABLE RELIEF AS IS DEEMED
APPROPRIATE BY SUCH COURT.

Section 13.8 Waivers.

(a) THE SELLER, THE GUARANTORS AND THE PLEDGOR EACH HEREBY KNOWINGLY, VOLUNTARILY AND
INTENTIONALLY WAIVES ANY RIGHT TO ASSERT A COUNTERCLAIM, OTHER THAN A COMPULSORY COUNTERCLAIM, IN
ANY ACTION OR PROCEEDING BROUGHT AGAINST IT BY PURCHASER OR ANY OF ITS AFFILIATES OR AGENTS.

(b) TO THE EXTENT PERMITTED BY APPLICABLE LAW, EACH OF THE PARTIES HERETO KNOWINGLY,
VOLUNTARILY AND INTENTIONALLY HEREBY WAIVES ANY RIGHT TO HAVE A JURY PARTICIPATE IN RESOLVING ANY
DISPUTE, WHETHER SOUNDING IN CONTRACT, TORT, OR OTHERWISE, BETWEEN THE PARTIES HERETO ARISING OUT
OF, CONNECTED WITH, RELATED TO, OR INCIDENTAL TO THE RELATIONSHIP BETWEEN ANY OF THEM IN CONNECTION
WITH THIS AGREEMENT, THE REPURCHASE DOCUMENTS OR THE TRANSACTIONS CONTEMPLATED HEREBY. INSTEAD,
ANY SUCH DISPUTE RESOLVED IN COURT WILL BE RESOLVED IN A BENCH TRIAL WITHOUT A JURY.

(c) EXCEPT AS PROHIBITED BY LAW, EACH OF THE SELLER, THE GUARANTORS AND THE PLEDGOR HEREBY
WAIVES ANY RIGHT IT MAY HAVE TO CLAIM OR RECOVER IN ANY LITIGATION WHATSOEVER INVOLVING THE
PURCHASER, ANY AFFECTED PARTY OR ANY AFFILIATE OF THE FOREGOING ANY SPECIAL, EXEMPLARY, PUNITIVE,
INDIRECT, INCIDENTAL OR CONSEQUENTIAL DAMAGES OF ANY KIND OR NATURE WHATSOEVER OR ANY DAMAGES OTHER
THAN, OR IN ADDITION TO, ACTUAL DAMAGES.

Section 13.9 Costs, Expenses and Taxes.

The Seller agrees to pay as and when billed by the Purchaser all of the reasonable
out–of–pocket costs and expenses incurred by the Purchaser in connection with the development,
preparation and execution of, and any amendment, supplement, extension or modification to, this
Agreement, the Repurchase Documents, any Transaction hereunder and any other documents and
agreements prepared in connection herewith or therewith. The Seller agrees to pay as and when
billed by the Purchaser all of the out–of–pocket costs and expenses incurred in connection with the
consummation and administration of the transactions contemplated hereby and thereby including,
without limitation, (i) all the reasonable fees, disbursements and expenses of counsel to the
Purchaser and (ii) all the due diligence, inspection, testing, review, recording, travel, lodging
or other administrative costs and expenses incurred by the Purchaser with respect to the
Purchaser’s review, consideration and purchase or proposed purchase of any Mortgage Asset, any
Purchased Asset or any Purchased Item under this Agreement and the other Repurchase Documents
(including any costs necessary or incidental to the execution of any Transaction under this
Agreement), including, but not limited to, those costs and expenses incurred by the Purchaser and
reimbursable by the Seller pursuant to Subsection 11.1(a) of this Agreement. The Seller
shall pay on demand any and all stamp, sales, excise and other taxes and fees payable or determined
to be payable in connection with the execution, delivery, filing and recording of this Agreement,
the Repurchase Documents or the other documents to be delivered hereunder or thereunder or the
funding or maintenance of Transactions hereunder.

Section 13.10 Legal Matters.

In the event of any conflict between the terms of this Agreement, any other Repurchase
Document and any Confirmation, the documents shall control in the following order of priority:
first, the terms of the Confirmation shall prevail, then the terms of this Agreement shall
prevail, and then the terms of the other Repurchase Documents shall prevail. Each of the Seller
and the Guarantors hereby acknowledge that: (i) it has been advised by counsel of its choosing in
the negotiation, execution and delivery of the Repurchase Documents; (ii) it has no fiduciary
relationship with the Purchaser (including, but not limited to, under this Agreement and under the
other Repurchase Documents); and (iii) no joint venture exists with the Purchaser.

Section 13.11 Recourse Against Certain Parties.

No recourse under or with respect to any obligation, covenant or agreement (including, without
limitation, the payment of any fees or any other obligations) of the Purchaser, the Seller or the
Guarantors as contained in this Agreement, the Repurchase Documents or any other agreement,
instrument or document entered into by the Purchaser, the Seller, the Guarantors or any such party
pursuant hereto or thereto or in connection herewith or therewith shall be had against any
administrator of the Purchaser, the Seller or the Guarantors or any incorporator, Affiliate (direct
or indirect), owner, member, partner, stockholder, officer, director, employee, agent or attorney
of the Purchaser, the Seller or the Guarantors or of any such administrator, as such, by the
enforcement of any assessment or by any legal or equitable proceeding, by virtue of any statute or
otherwise; it being expressly agreed and understood that the agreements of the Purchaser, the
Seller or the Guarantors contained in this Agreement, the Repurchase Documents and all of the other
agreements, instruments and documents entered into by it pursuant hereto or thereto or in
connection herewith or therewith are, in each case, solely the corporate obligations of the
Purchaser, the Seller or the Guarantors. The provisions of this Section 13.11 shall
survive the termination of this Agreement.

	 	 	 	Section 13.12 Further Assurances.	 

The Seller shall cause this Agreement, all amendments hereto and/or all financing statements
and continuation statements and any other necessary documents covering the right, title and
interest of the Purchaser to the Purchased Items to be promptly recorded, registered and filed, and
at all times to be kept recorded, registered and filed, all in such manner and in such places as
may be required by law fully to preserve and protect the right, title and interest of the Purchaser
hereunder to all property comprising the Purchased Items. The Seller shall deliver to the
Purchaser file–stamped copies of, or filing receipts for, any document recorded, registered or
filed as provided above, as soon as available following such recording, registration or filing.
The Seller shall execute any and all documents reasonably required to fulfill the intent of this
Section 13.12. The Seller agrees that from time to time, at its expense, it will promptly
execute and deliver all instruments and documents, and take all actions, that the Purchaser may
reasonably request in order to perfect, protect or more fully evidence the Transactions hereunder
and the security interest granted in the Purchased Items, or to enable the Purchaser to exercise
and enforce its rights and remedies hereunder, under any Repurchase Document or under any Purchased
Item. If the Seller fails to perform any of its obligations hereunder, the Purchaser may (but
shall not be required to) perform, or cause performance of, such obligation; and the Purchaser’s
costs and expenses incurred in connection therewith shall be payable by the Seller. The Seller
irrevocably appoints the Purchaser as its attorney–in–fact and authorizes the Purchaser to act on
behalf of the Seller (i) to execute on behalf of the Seller as debtor and to file financing
statements necessary or desirable in the Purchaser’s discretion to perfect and to maintain the
perfection and priority of the security interest in the Purchased Items, and (ii) to file a carbon,
photographic or other reproduction of this Agreement or any financing statement with respect to the
Purchased Items as a financing statement in such offices as the Purchaser in its discretion deems
necessary or desirable to perfect and to maintain the perfection and priority of the interests in
the Purchased Items. This appointment is coupled with an interest and is irrevocable.

Section 13.13 Confidentiality.

(a) Each of the Purchaser, the Seller, the Guarantors and the Pledgor shall maintain and shall
cause each of its officers, directors and employees to maintain the confidentiality of this
Agreement and all information with respect to the other parties, including all information
regarding the Purchased Items and each party’s business obtained by it or them in connection with
the structuring, negotiating and execution of the transactions contemplated herein, except that
each such party and its officers, directors and employees may (i) disclose such information to its
external accountants, attorneys, investors, potential investors, Affiliates and the agents of such
Persons (“Excepted Persons”); provided, however, that each Excepted Person
shall, as a condition to any such disclosure, agree for the benefit of the Purchaser, the Seller,
the Guarantors and the Pledgor that such information shall be used solely in connection with such
Excepted Person’s evaluation of, or relationship with, the Seller, the Guarantors, the Pledgor and
the other Repurchase Parties, (ii) disclose the existence of the Agreement and the Repurchase
Documents, but not the financial terms thereof, (iii) disclose such information as is required by
Applicable Law, and (iv) disclose the Agreement, the Repurchase Documents and such other
information in any suit, action, proceeding or investigation (whether in law or in equity or
pursuant to arbitration) involving any of the Repurchase Documents for the purpose of defending
itself, reducing its liability or protecting or exercising any of its claims, rights, remedies or
interests under or in connection with any of the Repurchase Documents. It is understood that the
financial terms that may not be disclosed except in compliance with this
Subsection 13.13(a) include, without limitation, all fees and other pricing terms, all
Events of Default and priority of payment provisions.

(b) Anything herein to the contrary notwithstanding, each of the Seller, the Guarantors and
the Pledgor hereby consent to the disclosure of any nonpublic information (including credit and
other information) with respect to it (or any Affiliate or any Subsidiary) by the Purchaser or any
Affected Party to any prospective or actual assignee, participant or pledgee to any Affiliate of
the Purchaser or any Affected party and to any other Person deemed necessary or appropriate in the
reasonable judgment of the Purchaser or any Affected Party, provided each such Person is informed
of the confidential nature of such information and such Person agrees to be bound by the
confidentiality provisions set forth herein.

(c) Notwithstanding anything herein to the contrary, the foregoing shall not be construed to
prohibit (i) disclosure of any and all information that is or becomes publicly known;
(ii) disclosure of any and all information (including, without limitation, non–public confidential
information) without prior notice to any Person (A) if required to do so by any Applicable Law,
(B) to any Governmental Authority having or claiming authority to regulate or oversee any respects
of the Purchaser’s or any Affected Party’s business or that of its respective Affiliates,
including, without limitation, pursuant to any regulatory examination of the Purchaser, any
Affected Party or their Affiliates or in accordance with the Purchaser’s, any Affected Party’s or
their Affiliates’ regulatory compliance policy, (C) pursuant to any subpoena, civil investigative
demand or similar demand or request of any court, regulatory authority, arbitrator or arbitration
to which the Purchaser, any Affected Party or an officer, director, employer, shareholder, owner,
member, partner, agent, employee or Affiliate of any of the foregoing is a party, (D) in any
preliminary or final offering circular, registration statement or contract or other document
approved in writing in advance by the Seller, any of the Guarantors or the Pledgor, or (E) to any
Affiliate, independent or internal auditor, agent, employee or attorney of the Purchaser or any
Affected Party having a need to know the same; provided, that the Purchaser or Affected
Party advises such recipient described in this clause (E) of the confidential nature of the
information being disclosed and such Person agrees to be bound by the confidentiality provisions
set forth herein; or (iii) any other disclosure authorized by the Seller, any of the Guarantors or
the Pledgor, as applicable.

(d) Notwithstanding anything to the contrary contained herein, the Repurchase Documents or in
any related document, all Persons may disclose to any and all Persons, without limitation of any
kind, the federal income tax treatment of any of the transactions contemplated by this Agreement,
the Repurchase Documents or any other related document, any fact relevant to understanding the
federal tax treatment of such transactions and all materials of any kind (including opinions or
other tax analyses) relating to such federal income tax treatment.

Section 13.14 Execution in Counterparts; Severability; Integration.

(a) This Agreement may be executed in any number of counterparts and by different parties
hereto in separate counterparts (including by facsimile), each of which when so executed shall be
deemed to be an original and all of which when taken together shall constitute one and the same
agreement.

(b) Each provision of this Agreement shall be valid, binding and enforceable to the fullest
extent permitted by Applicable Law. In case any provision in or obligation under this Agreement
shall be invalid, illegal or unenforceable in any jurisdiction (either in its entirety or as
applied to any Person, fact, circumstance, action or inaction), the validity, legality and
enforceability of the remaining provisions or obligations, or of such provision or obligation in
any other jurisdiction or as applied to any Person, fact, circumstance, action or inaction, shall
not in any way be affected or impaired thereby.

(c) This Agreement and any other Repurchase Document executed in connection herewith contain
the final and complete integration of all prior expressions by the parties hereto and thereto with
respect to the subject matter hereof and thereof and shall constitute the entire agreement among
the parties hereto and thereto with respect to the subject matter hereof and thereof, superseding
all prior oral or written understandings.

Section 13.15 Seller’s Waiver of Setoff.

Each of the parties hereto (other than the Purchaser and any Affected Party) hereby waives any
right of setoff it may have or to which it may be entitled under this Agreement from time to time
against the Purchaser or any Affected Party or their assets or Property.

	 	 	 	Section 13.16 Assignments and Participations.	 

Neither the Seller, any of the Guarantors nor the Pledgor may assign, delegate or otherwise
transfer in any way any of its rights, duties or obligations under this Agreement without the prior
written consent of the Purchaser in its discretion and any attempt by the Seller, any of the
Guarantors or the Pledgor to assign, delegate or otherwise transfer in any way any of its rights,
duties or obligations under this Agreement and/or the other Repurchase Documents without the prior
written consent of the Purchaser in its discretion shall be null and void. The Purchaser may sell,
transfer, assign, pledge or grant participation interests to any Person in all or any portion of
any Transaction, its interest in all or any portion of any Purchased Item and/or any other interest
of the Purchaser under this Agreement and the other Repurchase Documents (any such entity, a
“Transferee”); provided, that (i) the Purchaser shall give concurrent notice to the
Seller of any assignment (the failure to give such notice, however, shall not affect the validity
or enforceability of such assignment) and (ii) any assignment effected pursuant to this
Section 13.16 shall be in respect of Purchased Assets with a minimum Purchase Price of
$5,000,000 (other than in the case of (x) an assignment of all of the interests then held by the
Purchaser (or a Transferee), (y) a transfer to an Affiliate of the Purchaser or a Transferee), or
(z) an Event of Default). Each of the Seller and the Guarantors agrees to cooperate with the
Purchaser in connection with any such assignment, transfer, pledge, participation or sale, and to
enter into such restatements of, and amendments, supplements and other modifications to this
Agreement, in order to give effect to such assignment, transfer, pledge, participation or sale.

Section 13.17 Heading and Exhibits.

The headings herein are for purposes of references only and shall not otherwise affect the
meaning or interpretation of any provision hereof. The schedules and exhibits attached hereto and
referred to herein shall constitute a part of this Agreement and are incorporated into this
Agreement for all purposes.

Section 13.18 Single Agreements.

The Purchaser, the Seller and the Guarantors acknowledge that, and have entered hereinto and
will enter into each Transaction hereunder in consideration of and in reliance upon the fact that,
all Transactions hereunder constitute a single business and contractual relationship and that each
has been entered into in consideration of the other Transactions. Each of the Seller and the
Guarantors agree (i) to perform all of its obligations in respect of each Transaction hereunder,
and that a default in the performance of any such obligations shall constitute a default by it in
respect of all Transactions hereunder, and (ii) that payments, deliveries and other transfers made
by it or others on its behalf in respect of any Transaction shall be deemed to have been made in
consideration of payments, deliveries and other transfers in respect of any other Transactions
hereunder, and the obligations to make any such payments, deliveries and other transfers may be
applied against each other and netted.

Section 13.19 Disclosure Relating to Certain Federal Protections.

The parties acknowledge that they have been advised that:

(a) in the case of Transactions in which one of the parties is a broker or dealer registered
with the Securities and Exchange Commission (“SEC”) under Section 15 of the Exchange Act,
the Securities Investor Protection Corporation has taken the position that the provisions of the
Securities Investor Protection Act of 1970 (“SIPA”) will not provide protection to the
other parties with respect to any Transaction hereunder;

(b) in the case of Transactions in which one of the parties is a government securities broker
or a government securities dealer registered with the SEC under Section 15C of the Exchange Act,
SIPA will not provide protection to the other parties with respect to any Transaction hereunder;

(c) in the case of Transactions in which one of the parties is a financial institution, funds
held by the financial institution pursuant to a Transaction hereunder are not a deposit and
therefore are not insured by the Federal Deposit Insurance Corporation or the National Credit Union
Share Insurance Fund, as applicable; and

(d) in the case of Transactions in which one of the parties is an “insured depository
institution” as that term is defined in Section 1813(c)(2) of Title 12 of the Code, funds held by
the financial institution pursuant to a Transaction hereunder are not a deposit and therefore are
not insured by the Federal Deposit Insurance Corporation, the Savings Association Insurance Fund or
the Bank Insurance Fund, as applicable.

Section 13.20 Intent.

(a) The parties recognize that each Transaction is a “Repurchase Agreement” as that
term is defined in Section 101 of Title 11 of the United States Code (except insofar as the type of
Purchased Assets subject to such Transaction or the term of such Transaction would render such
definition inapplicable) and a “Securities Contract” as that term is defined in Section 741
of Title 11 of the United States Code (except insofar as the type of Purchased Assets subject to
such Transaction would render such definition inapplicable).

(b) The parties agree and acknowledge that if a party hereto is an “Insured Depository
Institution,” as such term is defined in the Federal Deposit Insurance Act, as amended
(“FDIA”), then each Transaction hereunder is a “Qualified Financial Contract,” as
that term is defined in FDIA and any rules, orders or policy statements thereunder (except insofar
as the type of Purchased Assets subject to such Transaction would render such definition
inapplicable).

(c) It is understood and agreed that this Agreement constitutes a “Master Netting Agreement”
as that term is defined in Section 101 of Title 11 of the United States Code.

(d) It is understood that this Agreement constitutes a “Netting Contract” as defined
in and subject to Title IV of the Federal Deposit Insurance Corporation Improvement Act of 1991
(“FDICIA”) and each payment entitlement and payment obligation under any Transaction
hereunder shall constitute a “Covered Contractual Payment Entitlement” or “Covered
Contractual Payment Obligation”, respectively, as defined in and subject to FDICIA (except
insofar as one or both of the parties is not a “Financial Institution” as that term is
defined in FDICIA or regulations promulgated thereunder).

(e) It is understood that any party’s right to liquidate Purchased Assets delivered to it in
connection with Transactions hereunder or to exercise any other remedies pursuant to
Section 10.2 is a contractual right to liquidate such Transaction as described in
Sections 555, 559 and 561 of Title 11 of the United States Code, as amended.

Section 13.21 Periodic Due Diligence Review.

Each of the Seller, the Guarantors and the Pledgor acknowledges that the Purchaser has the
right to perform continuing due diligence reviews with respect to the Purchased Items and the
Seller, the Guarantors, the Pledgor and the other Repurchase Parties for purposes of verifying
compliance with the representations, warranties, covenants, agreements, duties and specifications
made hereunder, under the Repurchase Documents or otherwise, and each of the Seller, the Guarantors
and the Pledgor agrees that, upon reasonable (but no less than one (1) Business Day’s) prior
notice, unless an Event of Default shall have occurred, in which case no notice is required, to the
Seller, the Guarantors or the Pledgor, as applicable, the Purchaser or its authorized
representatives shall be permitted during normal business hours to examine, inspect, and make
copies and extracts of, the books and records of the Seller, the Guarantors, the Pledgor and the
other Repurchase Parties, the Mortgage Asset Files, the Servicing Files and any and all documents,
records, agreements, instruments or information relating to the Purchased Items, the Pledged
Collateral or the other collateral for the Facility in the possession or under the control of the
Seller, the Guarantors, the Pledgor, any other Repurchase Party and/or the Custodian. Each of the
Seller, the Guarantors and the Pledgor also shall make available to the Purchaser a knowledgeable
financial or accounting officer for the purpose of answering questions respecting the Seller, the
Guarantors, the Pledgor, the other Repurchase Parties, the Mortgage Asset Files, the Purchased
Items, the Pledged Collateral or the other collateral for the Facility. Each of the Seller, the
Guarantors and the Pledgor shall also make available to the Purchaser any accountants or auditors
of the Seller, the Guarantors or the Pledgor to answer any questions or provide any documents as
the Purchaser may require. The Seller, the Guarantors and the Pledgor shall also cause each of the
Servicers and PSA Servicers (to the extent permitted under the applicable Pooling and Servicing
Agreement) to cooperate with the Purchaser by permitting the Purchaser to conduct due diligence
reviews of files of each such Servicer and PSA Servicer. Without limiting the generality of the
foregoing, each of the Seller, the Guarantors and the Pledgor acknowledges that the Purchaser may
purchase Purchased Items from the Seller based solely upon the information provided by the Seller,
the Guarantors or the Pledgor to the Purchaser in the Seller Asset Schedule and the
representations, warranties and covenants contained herein, and that the Purchaser, at its option,
has the right at any time to conduct a partial or complete due diligence review on some or all of
the Purchased Items purchased in a Transaction, including, without limitation, ordering new credit
reports and new appraisals on the related Underlying Mortgaged Properties and otherwise
re–generating the information used to originate such Purchased Items. The Purchaser may underwrite
such Purchased Assets itself or engage a mutually agreed upon third party underwriter to perform
such underwriting. Each of the Seller, the Guarantors and the Pledgor agrees to cooperate with the
Purchaser and any third party underwriter in connection with such underwriting, including, but not
limited to, providing the Purchaser and any third party underwriter with access to any and all
documents, records, agreements, instruments or information relating to such Purchased Assets in the
possession, or under the control, of the Seller, the Guarantors or the Pledgor. The Purchaser
shall pay all out–of–pocket costs and expenses incurred by the Purchaser in connection with the
Purchaser’s activities pursuant to this Section 13.21 (“Due Diligence Costs”).

Section 13.22 Use of Employee Plan Assets.

If assets of an employee benefit plan subject to any provision of ERISA are intended to be
used by either party hereto (the “Plan Party”) in a Transaction, the Plan Party shall so
notify the other party prior to the Transaction. The Plan Party shall represent in writing to the
other party that the Transaction does not constitute a prohibited transaction under ERISA or is
otherwise exempt therefrom, and the other party may proceed in reliance thereon but shall not be
required so to proceed. Subject to the preceding sentence, any such Transaction shall proceed only
if the Seller furnishes or has furnished to the Purchaser its most recent available audited
statement of its financial condition and its most recent subsequent unaudited statement of its
financial condition. By entering into a Transaction pursuant to this Section 13.22, the Seller
shall be deemed (i) to represent to the Purchaser that since the date of the Seller’s latest such
financial statements, there has been no material adverse change in the Seller’s financial condition
which Seller has not disclosed to the Purchaser, and (ii) to agree to provide the Purchaser with
future audited and unaudited statements of its financial condition as they are issued, so long as
it is a Seller in any outstanding Transaction involving a Plan Party.

Section 13.23 Time of the Essence.

Time is of the essence with respect to all obligations, duties, covenants, agreements, notices
or actions or inactions of the Seller, the Guarantors and/or the Pledgor under the Repurchase
Documents.

Section 13.24 Construction.

This Agreement and the other Repurchase Documents shall be construed fairly as to the parties
hereto and thereto and not in favor of or against any party.

[Remainder of Page Intentionally Left Blank.]

2

IN WITNESS WHEREOF, the parties have caused this Agreement to be executed by their
respective officers thereunto duly authorized, as of the date first above written.

	 	 	THE SELLER:

	 	 	MMA REALTY CAPITAL REPURCHASE SUBSIDIARY, LLC, a Maryland limited liability company

	 	 	 
	By: /s/ Charles M. Pinckney

	Name:

Title:

	 	Charles M. Pinckney

Executive Vice President

Address for Notices:

MMA Realty Capital Repurchase Subsidiary, LLC

3000 Bayport Drive, Suite 1100

Tampa, Florida 33607

Attention: Thomas Cornett

Facsimile No.: (813) 425–8000

Confirmation No.: (813) 868–8076

with a copy to:

MMA Realty Capital Repurchase Subsidiary, LLC

621 E. Pratt Street, Suite 300

Baltimore, Maryland 21202

Attention: Steve Goldberg, General Counsel

Facsimile No.: (410) 727–5387

Confirmation No.: (443) 263-2871

[SIGNATURES CONTINUED ON THE FOLLOWING PAGE]

3

	 	 	THE PURCHASER:

	 	 	WACHOVIA BANK, NATIONAL ASSOCIATION

By: /s/ Joseph F. Cannon

Name: Joseph F. Cannon

Title: Vice President

Wachovia Bank, National Association

One Wachovia Center, Mail Code: NC0166

301 South College Street

Charlotte, North Carolina 28288

Attention: Marianne Hickman

Facsimile No.: (704) 715–0066

Confirmation No.: (704) 715–7818

[SIGNATURES CONTINUED ON THE FOLLOWING PAGE]

4

	 	 	THE GUARANTOR:

	 	 	MUNICIPAL MORTGAGE & EQUITY, LLC,

a Delaware limited liability company

By: /s/ Charles M. Pinckney

Name: Charles M. Pinckney

Title: Executive Vice President

Address for Notices:

Municipal Mortgage & Equity, LLC

3000 Bayport Drive, Suite 1100

Tampa, Florida 33607

Attention: Thomas Cornett

Facsimile No.: (813) 425–8000

Confirmation No.: (813) 868–8076

with a copy to:

Municipal Mortgage & Equity, LLC

621 E. Pratt Street, Suite 300

Baltimore, Maryland 21202

Attention: Steve Goldberg, General Counsel

Facsimile No.: (410) 727–5387

Confirmation No.: (443) 263-2871

[SIGNATURES CONTINUED ON THE FOLLOWING PAGE]

5

Consented to by the Pledgor with respect

to provisions expressly applicable to it:

MMA CAPITAL CORPORATION,

a Michigan Corporation

By: /s/ Charles M. Pinckney

Name: Charles M. Pinckney

Title: Executive Vice President

MMA Capital Corporation

3000 Bayport Drive, Suite 1100

Tampa, Florida 33607

Attention: Thomas Cornett

Facsimile No.: (813) 425–8000

Confirmation No.: (813) 868–8076

with a copy to:

MMA Capital Corporation

621 E. Pratt Street, Suite 300

Baltimore, Maryland 21202

Attention: Steve Goldberg, General Counsel

Facsimile No.: (410) 727–5387

Confirmation No.: (443) 263–2871

6

ANNEX 1

to Mortgage Purchase Agreement

DEFINITIONS

(a) Defined Terms. As used in the Agreement and the annexes, schedules, exhibits and
other attachments thereto, unless the context requires a different meaning, the following terms
shall have the following meanings:

“40 Act”: The Investment Company Act of 1940, as amended from time to time.

“Accepted Servicing Practices”: With respect to the Purchased Items, those mortgage
servicing practices of prudent mortgage lending institutions that service Purchased Items of the
same type, size and structure as such Purchased Items in the jurisdiction where the related
Underlying Mortgaged Property is located, but in any event, (i) in accordance with the terms of the
Repurchase Documents, (ii) without prejudice to the interests of the Purchaser, (iii) with a view
to the maximization of the recovery on such Purchased Items on a net present value basis, and
(iv) without regard to (A) any relationship that the Seller, any of the Guarantors, the Pledgor or
any other Repurchase Party may have with the related Borrowers, the Seller or any other party to
the Repurchase Documents or any Affiliate thereof; (B) the right of the Seller, any of the
Guarantors, the Pledgor or any other Repurchase Party to receive compensation or other fees for its
services rendered pursuant to this Agreement or any other document or agreement; (C) the ownership,
servicing or management by the Seller, any of the Guarantors, the Pledgor or any other Repurchase
Party for others of any other mortgage loans or mortgaged property; (D) any obligation of the
Seller, any of the Guarantors, the Pledgor or any other Repurchase Party to repurchase or
substitute a Purchased Asset; (E) any obligation of the Seller, any of the Guarantors, the Pledgor
or any other Repurchase Party to cure a breach of a representation and warranty with respect to a
Purchased Item; and (F) any debt the Seller, any of the Guarantors, the Pledgor or any other
Repurchase Party has extended to any Borrower or any Affiliate of such Borrower.

“Account Control Agreement”: A letter agreement among the Seller, the Purchaser and
Wachovia in the form of Exhibit IV attached hereto.

“Accrual Period”: With respect to the first Payment Date, the period from and including
the applicable Purchase Date to but excluding such first Payment Date, and, with respect to any
subsequent Payment Date, the period from and including the previous Payment Date to but excluding
such subsequent Payment Date.

“Additional Amount”: Defined in Subsection 2.11(a).

“Additional Purchased Asset”: An Eligible Asset transferred to the Purchaser in a
satisfaction of a Margin Deficit pursuant to Section 2.5 of this Agreement, which
Additional Purchased Asset must satisfy all requirements of, and be transferred in accordance with
the provisions of, this Agreement.

“Adjusted Eurodollar Rate”: For any Eurodollar Period, a rate per annum equal to a
fraction, expressed as a percentage and rounded upwards (if necessary) to the nearest 1/100 of 1%,
(i) the numerator of which is equal to the Eurodollar Rate for such Eurodollar Period and (ii) the
denominator of which is equal to 100% minus the Eurodollar Reserve Percentage for such
Eurodollar Period.

“Advance Rate”: 75%.

“Affected Party”: The Purchaser and all Subsidiaries, Affiliates, assignees, transferees,
pledgees and participants of the Purchaser.

“Affiliate”: With respect to a Person, means any other Person that, directly or
indirectly, controls, is controlled by or is under common control with such Person, or is a
director of such Person. For purposes of this definition, “control” (including the terms
“controlling,” “controlled by” and “under common control with”) when used with respect to any
specified Person means the possession, direct or indirect, of the power to vote 20% or more of the
voting securities of such Person or to direct or cause the direction of the management or policies
of such Person, whether through the ownership of voting securities, by contract or otherwise.

“Aggregate Unpaids”: At any time, an amount equal to the sum of the following (whether due
now or in the future) (i) the aggregate Purchase Price for all outstanding Transactions, (ii) the
aggregate Price Differential outstanding, (iii) the aggregate Margin Deficits outstanding, (iv) all
Breakage Costs, Increased Costs, Due Diligence Costs, Taxes, Additional Amounts, Indemnified
Amounts and Late Payment Fees outstanding, (v) any unpaid fees under the Repurchase Documents, and
(vi) all other amounts owed by the Seller, the Guarantors, the Pledgor or any other Person to the
Purchaser, any Affected Party or any other Person under this Agreement, the Repurchase Documents or
any of the Transactions entered into pursuant hereto or thereto (whether due or accrued).

“Agreement”: Defined in the Preamble.

“ALTA”: The American Land Title Association.

“Anti–Terrorism Laws”: Any Applicable Law relating to money laundering or terrorism,
including, but not limited to, Executive Order 13224, the OFAC Regulations and the USA Patriot Act.

“Applicable Law”: For any Person or Property of such Person, all existing and future
(including all amendments, modifications, replacements, extensions and supplements thereto)
applicable laws, rules, regulations (including temporary and final income tax regulations),
statutes, treaties, codes, ordinances, permits, certificates, orders and licenses of and
interpretations by any Governmental Authority (including, without limitation, usury laws, the
Federal Truth in Lending Act, and Regulation Z and Regulation B of the Board of Governors of the
Federal Reserve System), judgments, decrees, injunctions, writs, awards or orders of any court,
arbitrator or other administrative, judicial or quasi–judicial tribunal or agency of competent
jurisdiction and any applicable Governing Documents,.

“Asset Schedule and Exception Report”: Defined in the Custodial Agreement.

“Asset Value”: As of any date of determination for each Eligible Asset or Purchased Asset,
as applicable, the lesser of (a) the product of the Book Value of such Eligible Asset or Purchased
Asset, as applicable, times the Advance Rate and (b) the product of the Market Value of such
Eligible Asset or Purchased Asset, as applicable, times the Advance Rate; provided,
however, the Asset Value of any Eligible Asset or Purchased Asset, as applicable, may be
reduced in the Purchaser’s discretion by an amount determined by the Purchaser in its discretion
(which amount may, in the Purchaser’s discretion, be reduced to zero) with respect to any Eligible
Asset or Purchased Asset, as applicable, including, without limitation, (i) in respect of which any
statement made or information provided by the Seller to the Purchaser with respect to the Eligible
Asset or Purchased Asset, as applicable, is untrue in any material respect or in respect of which
there is a breach of a representation or warranty set forth in Article IV of this Agreement
(to the extent any such representation or warranty relates to Eligible Assets or Purchased Assets
or the Purchaser’s rights or remedies with respect thereto), Schedule 1 to this Agreement
or in the Mortgage Loan Documents, in each case, assuming each representation and warranty is made
as of the date the Asset Value is determined, and in each case, without regard to (A) knowledge or
lack of knowledge of a breach, (B) any qualifications (if any) to such representations and
warranties based on knowledge (regardless of how such knowledge is qualified or phrased) and
(C) representations or warranties with respect to knowledge or lack of knowledge thereof, (ii) in
respect of which the complete Mortgage Asset File has not been delivered to the Custodian within
the time periods required by this Agreement or the Custodial Agreement, (iii) that was not, is not
or is no longer in any respect an Eligible Asset, (iv) with respect to which any Retained Interest,
funding commitment or funding obligation of any kind shall have been transferred to the Purchaser,
(v) for which a Mortgage Loan Document or Mortgage Asset File (A) has been released from the
possession of the Custodian under the Custodial Agreement to the Seller or its designee and the
same has not been returned to the Custodian for a period in excess of twenty (20) calendar days or
(B) is the subject of Section 4.3 of the Custodial Agreement, (vi) any portion of which
(including an interest that is senior or pari passu to the Eligible Asset or Purchased Asset, as
applicable) has been downgraded by any Rating Agency, (vii) with respect to which there has
occurred any Insolvency Proceeding with respect to any co-participant or any Person having an
interest in the Eligible Asset or Purchased Asset or any related Underlying Mortgaged Property
which is pari passu with, in right of payment or priority, the rights of the Purchaser in such
Eligible Asset or Purchased Asset, and/or (viii) with respect to which the Seller fails to deliver
any reports, documents or other information regarding any Eligible Asset, Purchased Asset or
Underlying Mortgaged Property and such failure affects, impairs or interferes with the Purchaser’s
rights or remedies with respect to or the ability to determine the Asset Value of any Eligible
Asset or Purchased Asset, as applicable.

“Assignment”: The transfer of all of the Seller’s rights and interests under an Eligible
Asset pursuant to an assignment agreement among the Seller and the Purchaser, which agreement shall
be in the form of Exhibit VIII and is otherwise satisfactory to the Purchaser in its
discretion.

“Assignment of Leases”: With respect to any Mortgage, an assignment of leases, rents and
profits thereunder, notice of transfer or equivalent instrument in recordable form, sufficient
under the laws of the jurisdiction wherein the Underlying Mortgaged Property is located to reflect
the assignment of leases to the Purchaser.

“Assignment of Mortgage”: With respect to any Mortgage, an assignment of the Mortgage,
notice of transfer or equivalent instrument in recordable form, sufficient under the laws of the
jurisdiction wherein the related Underlying Mortgaged Property is located to reflect the assignment
of the Mortgage to the Purchaser.

“Availability”: At any time, an amount equal to the positive excess (if any) of (a) the
Maximum Amount minus (b) the aggregate Purchase Price outstanding for all Transactions on
such day; provided, however, the Availability shall be zero (0) on and after the
occurrence of (i) the Funding Expiration Date, (ii) the Facility Maturity Date, (iii) a Margin
Deficit which is still outstanding or (iv) an Event of Default.

“Bailee”: With respect to each Table Funded Purchased Asset, the related title company,
attorney or settlement agent, in each case, approved in writing by the Purchaser in its
discretion.

“Bailee Agreement”: The Bailee Agreement among the Seller, the Purchaser and the Bailee
in the form of Annex 13 to the Custodial Agreement.

“Bailee’s Trust Receipt”: A Bailee Trust Receipt in the form of Attachment 2 to
the Bailee Agreement.

“Bankruptcy Code”: The United States Bankruptcy Reform Act of 1978 (11 U.S.C. § 101, et
seq.), as amended from time to time.

“Base Rate”: On any date, a fluctuating rate per annum equal to the lesser of (a) the
Prime Rate or (b) the Federal Funds Rate plus 1.0%.

“Basic Mortgage Asset Documents”: Defined in the Custodial Agreement.

“Benefit Plan”: Any employee benefit plan as defined in Section 3(3) of ERISA in respect
of which the Seller or any Guarantor or any ERISA Affiliate of the Seller or any Guarantor is, or
at any time during the immediately preceding six (6) years was, an “employer” as defined in
Section 3(5) of ERISA.

“BofA Facility”: The Credit Agreement, dated as of November 12, 2004, among MunieMae TEI
Holdings, LLC, MMA Construction Finance, LLC, and Midland Mortgage Investment Corporation, as
borrowers, the Guarantor, as guarantor, each lender from time to time party thereto, as lenders,
and Bank of America, N.A., as administrative agent.

“Book Value”: With respect to any Eligible Asset or Purchased Asset, as applicable, at any
time, an amount, as certified by the Seller, equal to the lesser of (a) face or par value and
(b) the price that the Seller initially paid or advanced therefor plus any additional
amounts advanced by the Seller for or in respect of such Eligible Asset or Purchased Asset, as
applicable, as such Book Value may be marked down by the Seller from time to time, including, as
applicable, from any loss/loss reserve/price adjustments, less an amount equal to the sum
of all principal payments, prepayments or paydowns paid, realized losses and other write downs
recognized relating to such Eligible Asset or Purchased Asset, as applicable; provided,
however, any such markdowns or adjustments must be made in good faith and shall be
disclosed contemporaneously therewith in writing to the Purchaser, which mark downs or adjustments,
without a corresponding payment and application of principal, may result in a Margin Deficit.

“Borrower”: Individually and collectively (as the context may expressly provide or
require), the borrowers, obligors or debtors under a Eligible Asset or Purchased Asset, as
applicable, including, but not limited to, any guarantor thereof, the borrowers, obligors or
debtors of any debt, including any guarantor thereof, senior to the Eligible Asset or Purchased
Asset, as applicable, including obligors, debtors and guarantors with respect to the debt secured
by any Underlying Mortgaged Property, and any Person that has not signed the related Mortgage Note,
Junior Interest Documents, Mezzanine Note or other note, certificate or instrument but owns an
interest in the related Underlying Mortgaged Property, which interest has been encumbered to secure
such Mortgage Asset.

“Borrower Reserve Payments”: Any payments made by a Borrower under the applicable Mortgage
Loan Documents which, pursuant to the terms of such Mortgage Loan Documents, are required to be
deposited into escrow or into a reserve to be used for a specific purpose (e.g., tax and insurance
escrows).

“Breakage Costs”: Any amount or amounts as shall compensate the Purchaser or any Affected
Party for any loss, cost or expense incurred by the Purchaser or any Affected Party (as determined
by the Purchaser in its discretion) as a result of a prepayment by the Seller or the Guarantors of
all or any portion of any Purchase Price and any losses, costs and/or expenses that the Purchaser
or any Affected Party may sustain or incur arising from the reemployment of funds obtained by the
Purchaser or any Affected Party hereunder or from fees payable to terminate the deposits from which
such funds were obtained.

“Bridge Loan”: A performing Whole Loan that is otherwise an Eligible Asset except that the
Underlying Mortgaged Property is not stabilized or is otherwise considered to be in a transitional
state, which exceptions shall be disclosed in writing to the Purchaser and such exceptions must be
acceptable to the Purchaser in its discretion, which acceptance may, in the Purchaser ’s
discretion, be conditioned on additional terms, conditions and requirements with respect to such
Bridge Loan.

“Business Day”: Any day other than a Saturday or a Sunday on which (a) banks are not
required or authorized to be closed in Minneapolis, Minnesota or Charlotte, North Carolina, and
(b) if the term “Business Day” is used in connection with the determination of the
Eurodollar Rate, dealings in United States dollar deposits are carried on in the London interbank
market.

“Capital Lease Obligations”: For any Person and its Consolidated Subsidiaries, all
obligations of such Person to pay rent or other amounts under a lease of (or other agreement
conveying the right to use) Property to the extent such obligations are required to be classified
and accounted for as a capital lease on a balance sheet of such Person under GAAP, and, for
purposes of this Agreement, the amount of such obligations shall be the capitalized amount thereof,
determined in accordance with GAAP.

“Cash Collateral”: The cash received by the Purchaser in satisfaction of a Margin Deficit
or as Income on Purchased Assets.

“Class”: A Mortgage Asset’s or Purchased Asset’s, as applicable, classification as a Whole
Loan, Junior Interest, Mezzanine Loan or Bridge Loan.

“Closing Date”: June 15, 2006.

“Code”: The Internal Revenue Code of 1986, as amended from time to time.

“Collection Account”: The account identified on Schedule 2 established in the name
of the Purchaser into which all Income and Cash Collateral shall be deposited, which account shall
be subject to the Account Control Agreement.

“Commercial Real Estate”: Any real estate included in the definition of Type.

“Commercial Real Estate Loan”: Any loan secured directly or indirectly by Commercial Real
Estate or, as applicable, ownership interests in an entity that owns, directly or indirectly,
Commercial Real Estate.

“Compliance Certificate”: A certificate in the form attached to this Agreement as
Exhibit VI duly executed by the Seller and the Guarantors.

“Confirmation”: A purchase confirmation in the form attached to this Agreement as
Exhibit I duly executed, completed and delivered by the Seller in accordance with the
provisions of Subsection 2.2(c) of this Agreement.

“Consolidated Subsidiaries”: As of any date and any Person, any and all Subsidiaries or
other entities that are consolidated with such Person in accordance with GAAP.

“Contractual Obligation”: With respect to any Person, any provision of any securities
issued by such Person or any indenture, mortgage, deed of trust, contract, undertaking, agreement,
instrument or other document to which such Person is a party or by which it or any of its Property
is bound or is subject.

“Current Appraisal”: An appraisal dated within twelve (12) months of the date of
determination; provided, however, (i) in the case of the valuation of an Underlying
Mortgaged Property, such appraisal shall be a FIRREA Appraisal and (ii) in the case of the
valuation of a Eligible Asset or Purchased Asset, as applicable, such appraisal shall be from a
nationally recognized appraisal firm (other than the Seller, the Guarantors, the Pledgor or any
other Repurchase Party) (A) with substantial experience valuing assets similar in type, size and
structure to the Eligible Asset or Purchased Asset, as applicable, in question, (B) having
substantial familiarity with the market for such Eligible Asset or Purchased Asset, as applicable,
and (C) that is otherwise acceptable to the Purchaser in its discretion.

“Custodial Agreement”: That Custodial Agreement, dated as of even date herewith, by and
among the Purchaser, the Seller and the Custodian, as the same shall be amended, modified, waived,
supplemented, extended, replaced or restated from time to time.

“Custodial Fee Letter”: The fee agreement between the Seller and the Custodian providing
for the Seller’s payment of the Custodian’s fees and expenses under the Custodial Agreement, as
such agreement may be amended, modified, waived, supplemented, extended, restated or replaced from
time to time.

“Custodial Identification Certificate”: Defined in the Custodial Agreement.

“Custodian”: Wells Fargo Bank, National Association, and its successor in interest as the
custodian under the Custodial Agreement, and any successor Custodian under the Custodial Agreement.

“Debt Service Coverage Ratio” or “DSCR”: With respect to any Eligible Asset or
Purchased Asset, as applicable, as of any date of determination, for the period of time to be
determined by the Purchaser in its discretion (it being understood that it is the Purchaser ’s
intent to make the determination based on the period of twelve (12) consecutive complete calendar
months preceding such date (or, if such Eligible Asset or Purchased Asset, as applicable, was
originated less than twelve (12) months from the date of determination, the number of months from
the date of origination), the ratio of (a) the aggregate Net Cash Flow in respect of the Underlying
Mortgaged Properties relating to such Eligible Asset or Purchased Asset, as applicable, for such
period plus any interest reserves held by the Seller with respect to Eligible Asset or
Purchased Asset, as applicable, to (b) the sum of (i) the aggregate amount of all amounts due for
such period in respect of all indebtedness that was outstanding from time to time during such
period that is secured, directly or indirectly, by such Underlying Mortgaged Properties (including,
without limitation, by way of a pledge of the equity of the owner(s) of such Underlying Mortgaged
Properties) or that is otherwise owing by the owner(s) of such Underlying Mortgaged Properties,
including, without limitation, all scheduled principal and/or interest payments due for such period
in respect of each Eligible Asset or Purchased Asset, as applicable, that is secured or supported
by such Underlying Mortgaged Properties plus (ii) the amount of all Ground Lease payments
to be made in respect of such Underlying Mortgaged Properties during such period, as any of the
foregoing elements of DSCR may be adjusted by the Purchaser as determined by the Purchaser in its
discretion; provided, however, that, with respect to Junior Interests, Mezzanine
Loans and Bridge Loans that are also Junior Interests or Mezzanine Loans, all such calculations
shall be made taking into account any senior or pari passu debt or other obligations, including
debt or other obligations secured directly or indirectly by the applicable Underlying Mortgaged
Property; provided, further, however, the DSCR shall not be less than the
Minimum DSCR.

“Default”: Any event that, with the giving of notice or the lapse of time, or both, would
become an Event of Default.

“Defaulted Mortgage Asset”: Any Mortgage Asset or Purchased Asset, as applicable, (a) that
is sixty (60) days or more delinquent under the terms of the Mortgage Loan Documents, (b) for which
there is a breach of any of the representations and warranties set forth in Article IV of
this Agreement (to the extent any such representation or warranty relates to Mortgage Assets or
Purchased Assets or the Purchaser’s rights or remedies with respect thereto) or in
Schedule 1 of this Agreement, (c) for which there is a non–monetary default under the
related Mortgage Loan Documents, (d) as to which a Borrower has entered into or consented to a
bankruptcy, appointment of a receiver or conservator or a similar Insolvency Proceeding, or a
Borrower has become the subject of a decree or order for any such proceedings which shall have
remained in force undischarged or unstayed for a period of forty–five (45) days, (e) as to which a
Borrower admits in writing its inability to pay its debts generally as they become due, files a
petition to take advantage of any applicable insolvency or reorganization statute, makes an
assignment for the benefit of its creditors, or voluntarily suspends payment of its obligations,
(f) as to which the Seller, the Guarantors, the Pledgor, any other Repurchase Party, a Servicer or
a PSA Servicer shall have received notice of the foreclosure or proposed foreclosure of any Lien on
the related Underlying Mortgaged Property, or (g) as to which a Borrower has defaulted or failed to
perform or observe a material term, covenant, duty or condition in the Mortgage Loan Documents not
referred to above and such default or failure has remained uncured for a period of sixty (60) days
and, in the Purchaser’s judgment, is likely to have a material and adverse affect on the value of
the Mortgage Asset or Purchased Asset, as applicable, the related Underlying Mortgaged Property or
other Property or the priority of the security interest on such Underlying Mortgaged Property or
other Property.

“Delinquent Mortgage Asset”: A Mortgage Asset or Purchased Asset, as applicable, that is
thirty (30) or more days, but less than sixty (60) days, delinquent in the payment of principal,
interest, fees, distributions or any other amounts payable under the related Mortgage Loan
Documents.

“Derivatives Contract”: Any and all rate swap transactions, basis swaps, credit derivative
transactions, forward rate transactions, commodity swaps, commodity options, forward commodity
contracts, equity or equity index swaps or options, bond or bond price or bond index swaps or
options or forward bond or forward bond price or forward bond index transactions, interest rate
options, forward foreign exchange transactions, cap transactions, floor transactions, collar
transactions, currency swap transactions, cross–currency rate swap transactions, currency options,
spot contracts, or any other similar transactions or any combination of any of the foregoing
(including any options to enter into any of the foregoing), whether or not any such transaction is
governed by or subject to any master agreement. Not in limitation of the foregoing, the term
“Derivatives Contract” includes any and all transactions of any kind, and the related
confirmations, which are subject to the terms and conditions of, or governed by, any form of master
agreement published by the International Swaps and Derivatives Association, Inc., any International
Foreign Exchange Master Agreement, or any other master agreement, including any such obligations or
liabilities under any such master agreement.

“Derivatives Termination Value”: Means, in respect of any one or more Derivatives
Contracts, after taking into account the effect of any legally enforceable netting agreement
relating to such Derivatives Contracts, (a) for any date on or after the date such Derivatives
Contracts have been closed out and termination value(s) determined in accordance therewith, such
termination value(s), and (b) for any date prior to the date referenced in clause (a), the
amount(s) determined as the mark–to–market value(s) for such Derivatives Contracts, as determined
based upon one or more mid–market or other readily available quotations provided by any recognized
dealer in such Derivatives Contracts (which may include the Purchaser).

“Dollars” and “$”: Lawful money of the United States of America.

“Due Diligence Costs”: Defined in Section 13.21.

“Due Diligence Review”: The performance by the Purchaser of any or all of the reviews
permitted under Section 13.21 or otherwise under this Agreement with respect to any or all
of the Purchased Items, the Seller, the Guarantors or the Pledgor as desired by the Purchaser in
its discretion from time to time.

“Electronic Transmission”: The delivery of information and executed documents in an
electronic format acceptable to the applicable recipient thereof.

“Eligible Asset”: A Mortgage Asset or Purchased Asset, as applicable, that as of any date
of determination: (a) satisfies the definition of Mortgage Asset or Purchased Asset, as
applicable; (b) satisfies each of the applicable representations and warranties set forth in
Section 4.1 of this Agreement (to the extent any such representation or warranty relates to
Mortgage Assets or Purchased Assets or the Purchaser’s rights or remedies with respect thereto), in
Schedule 1 hereto, the Mortgage Loan Documents and/or in any statement made or information
provided to the Purchaser with respect to such Mortgage Asset or Purchased Asset; (c) is not a
Defaulted Mortgage Asset or Delinquent Mortgage Asset; (d) with respect to the portion of such
Mortgage Asset to be acquired or, in the case of Purchased Assets, acquired by the Purchaser, the
funding obligations have been satisfied in full and there is no unfunded commitment with respect
thereto; (e) has been approved in writing by the Purchaser in its discretion; (f) has an LTV not in
excess of the Maximum LTV; (g) has a DSCR equal to or greater than the Minimum DSCR; (h) is not a
construction loan; (i) is not a loan to an operating business (other than a hotel); (j) in the case
a Ground Lease, the Ground Lease has a remaining term of no less than twenty (20) years from the
Purchase Date; (k) in the case of any Mortgage Asset the Mortgage Property for which is a hotel,
that hotel must be a national flag hotel; (l) the Underlying Mortgage Property and the Borrower and
its Affiliates are domiciled in the United States; (m) such Mortgage Asset is denominated and
payable in Dollars; (n) the Borrower is not a Prohibited Person; and (o) does not involve an equity
or similar interest by the Seller, the Guarantors, the Pledgor or any other Repurchase Party that
would result in (i) a conflict of interest, potential conflict of interest or the appearance of a
conflict of interest or (ii) an affiliation with a Borrower under the terms of the Mortgage Loan
Documents and the loss or impairment of any material rights of the Seller; provided,
however, the Seller must disclose to the Purchaser prior to the Purchase Date all equity or
similar interests held or to be held by the Seller, the Guarantors, the Pledgor or any other
Repurchase Party regardless of whether it satisfies any of the foregoing clauses (p)(i) or
(ii); provided, however, notwithstanding a Mortgage Asset’s or Purchased
Asset’s, as applicable, failure to conform to the criteria set forth above, the Purchaser may, in
its discretion and subject to such terms, conditions and requirements as the Purchaser may require
in its discretion, designate in writing any such non–compliant Mortgage Asset or Purchased Asset,
as applicable, as an Eligible Asset, which designation (1) may include a temporary or permanent
waiver of one (1) or more Eligible Asset requirements and (2) shall not be deemed a waiver of the
requirement that all other Purchased Assets and Mortgage Assets must be Eligible Assets (including
any assets that are similar or identical to the Mortgage Asset or Purchased Asset subject to the
waiver).

“Engagement Letter”: The Letter Agreement, dated June 2, 2006, between the Seller and/or
one (1) or more Guarantors and the Purchaser.

“Environmental Laws”: Any and all Applicable Laws and all other foreign, federal, state
and local laws, statutes, ordinances, rules, regulations, permits, licenses, approvals,
interpretations and orders of courts or Governmental Authorities, relating to the protection of
human health or the environment, including, but not limited to, requirements pertaining to the
manufacture, processing, distribution, use, treatment, storage, disposal, transportation, handling,
reporting, licensing, permitting, investigation or remediation of hazardous materials.
Environmental Laws include, without limitation, the Comprehensive Environmental Response,
Compensation and Liability Act of 1980 (“CERCLA”), as amended by the Superfund Amendments
and Reauthorization Act of 1986, 42 U.S.C. §9601 et seq., the Solid Waste Disposal
Act, as amended by the Resource Conservation and Recovery Act of 1976, as amended by the Hazardous
and Solid Waste Amendments of 1984, 42 U.S.C. §6901 et seq., the Hazardous Material
Transportation Act, as amended, 49 U.S.C. §1501 et seq., the Federal Water Pollution
Control Act, as amended by the Clean Water Act of 1977, 33 U.S.C. §1251 et seq.,
the Clean Air Act (42 U.S.C. § 7401 et seq.), the Toxic Substances Control Act of
1976, 15 U.S.C. §2601 et seq., the Emergency Planning and Community Right-to-Know
Act of 1986, 42 U.S.C. §1101 et seq., the Clean Air Act of 1966, as amended, 42 U.
S. C. §7401 et seq., the National Environmental Policy Act of 1969, 42 U.S.C.
§4321, the River and Harbour Act of 1899, 33 U.S.C. §401 et seq., the Endangered
Species Act of 1973, as amended, 16 U.S.C. §1531 et seq., the Occupational Safety
and Health Act of 1970, as amended, 29 U.S.C. §651 et seq., the Safe Drinking Water
Act of 1974, as amended, 42 U.S.C. §201 et seq., and the Environmental Protection
Agency’s regulations relating to underground storage tanks, 40 C.F.R. Parts 280 and 281, and the
rules and regulations under each of the foregoing, each as amended, modified, waived, supplemented,
extended, restated or replaced from time to time.

“Equity Interests”: With respect to any Person, any share, interest, participations and
other equivalent (however denominated) of capital stock of (or other ownership, equity or profit
interests in) such Person, any warrant, option or other right for the purchase or other acquisition
from such Person of any share of capital stock of (or other ownership, equity or profit interests
in) such Person, any security convertible into or exchangeable for any share of capital stock of
(or other ownership, equity or profit interests in) such Person or warrant, right or option for the
purchase or other acquisition from such Person of such shares (or such other interests), and any
other ownership or profit interest in such Person (including, without limitation, partnership,
member or trust interests therein), whether voting or nonvoting, and whether or not such share,
warrant, option, right or other interest is authorized or otherwise existing on any date of
determination.

“ERISA”: The Employee Retirement Income Security Act of 1974 and the regulations
promulgated and rulings issued thereunder, as each of the foregoing are amended from time to time.

“ERISA Affiliate”: (a) Any corporation that is a member of the same controlled group of
corporations (within the meaning of Section 414(b) of the Code) as the Seller or the Guarantors,
(b) a trade or business (whether or not incorporated) under common control (within the meaning of
Section 414(c) of the Code) with the Seller or the Guarantors, or (c) a member of the same
affiliated service group (within the meaning of Section 414(m) of the Code) as the Seller, the
Guarantors, any corporation described in clause (a) above or any trade or business
described in clause (b) above.

“Eurocurrency Liabilities”: Defined in Regulation D of the Board of Governors of the
Federal Reserve System, as in effect and amended from time to time.

“Eurodollar Disruption Event”: The occurrence of any of the following: (a) the Purchaser
or any other Affected Party has determined that it would be contrary to law or to the directive of
any central bank or other Governmental Authority (whether or not having the force of law) to obtain
United States dollars in the London interbank market to fund any Transaction, (b) the inability,
for any reason, of the Purchaser or any other Affected Party to determine the Adjusted Eurodollar
Rate, (c) the Purchaser or any other Affected Party shall have determined that the rate at which
deposits of United States dollars are being offered to the Purchaser or any other Affected Party
in the London interbank market does not accurately reflect the cost to the Purchaser or such other
Affected Party of making, funding or maintaining any Transaction, or (d) the inability of the
Purchaser or any other Affected Party to obtain United States dollars in the London interbank
market to make, fund or maintain any Transaction.

“Eurodollar Period”: With respect to any Transaction, (i) initially, the period commencing
on the Purchase Date with respect to such Transaction and ending on the earlier of (x) the related
Repurchase Date and (y) the first Payment Date following the Purchase Date, and (ii) thereafter,
each period commencing on the day following the last day of the preceding Eurodollar Period
applicable to such Transaction and ending on the earliest of (x) the related Repurchase Date,
(y) the date that is one–month thereafter, or (z) the Facility Maturity Date.

“Eurodollar Rate”: With respect to each Eurodollar Period during which a Transaction is
outstanding, the rate per annum (rounded upwards, if necessary, to the nearest 1/100 of 1%) equal
to the rate appearing at page 3750 (or any successor page) of the Telerate Screen as the London
interbank offered rate for deposits in Dollars at or about 9:00 a.m., Charlotte, North Carolina
time, three (3) Business Days prior to the beginning of such Eurodollar Period (and if such date is
not a Business Day, the Eurodollar Rate in effect on the Business Day immediately preceding such
date), for a term comparable to such Eurodollar Period, or, if no such rate appears on Telerate
page 3750 (or any successor page) at such time and day, then the Eurodollar Rate shall be
determined by Wachovia at its principal office in Charlotte, North Carolina as its rate (each such
determination, absent manifest error, to be conclusive and binding on all parties hereto and their
successors and assignees) at which thirty (30) day deposits in United States Dollars are being,
have been, or would be offered or quoted by Wachovia to major banks in the applicable interbank
market for Eurodollar deposits at or about 11:00 a.m. on such day. The Purchaser’s determination
of Eurodollar Rate shall be conclusive upon the parties absent manifest error on the part of the
Purchaser.

“Eurodollar Reserve Percentage”: For any period means the percentage, if any, applicable
during such period (or, if more than one such percentage shall be so applicable, the daily average
of such percentages for those days in such period during which any such percentage shall be so
applicable) under regulations issued from time to time by the Board of Governors of the Federal
Reserve System (or any successor) for determining the maximum reserve requirement (including,
without limitation, any basic, emergency, supplemental, marginal or other reserve requirements)
with respect to liabilities or assets consisting of or including Eurocurrency Liabilities having a
term equal to the applicable Eurodollar Period.

“Event of Default”: Defined in Section 10.1.

“Excepted Persons”: Defined in Subsection 13.13(a).

“Exception”: Defined in the Custodial Agreement.

“Exchange Act”: The Securities Exchange Act of 1934, as amended from time to time.

“Facility”: The facility evidenced by and the Transactions contemplated under the
Repurchase Documents.

“Facility Maturity Date”: Subject to Article X, the earlier of (a) September 13,
2006, or (b) the date on which this Agreement shall terminate in accordance with the provisions
hereof or by operation of Applicable Law.

“Facility Period”: The period commencing on the Closing Date and terminating on the
Funding Expiration Date.

“FDIA”: Defined in Subsection 13.20(b).

“FDICIA”: Defined in Subsection 13.20(d).

“Federal Funds Rate”: For any period, a fluctuating interest rate per annum equal for each
day during such period to the weighted average of the overnight federal funds rates as in Federal
Reserve Board Statistical Release H.15(519) or any successor or substitute publication selected by
the Purchaser (or, if such day is not a Business Day, for the next succeeding Business Day), or,
if, for any reason, such rate is not available on any day, the rate determined, in the sole opinion
of the Purchaser, to be the rate at which overnight federal funds are being offered in the national
federal funds market at 9:00 a.m.

“Financial Covenants”: The financial covenants set forth in Subsection 5.1(t) of
this Agreement.

“Fitch”: Fitch Ratings, Inc.

“Funding Expiration Date”: Subject to Article X, the earlier of (i) August 14,
2006, as such date may, upon the written request of the Seller, be extended by the Purchaser in its
discretion; provided, however, any such extension shall not exceed fifteen (15)
days from the original Funding Expiration Date set forth in this clause (i), and (ii) the
date on which the Funding Expiration Date shall occur in accordance with the provisions hereof or
by operation of law.

“GAAP”: Generally accepted accounting principles as in effect from time to time in the
United States, consistently applied.

“Governing Documents”: As to any Person, as applicable, the articles or certificate of
incorporation or formation, by–laws, limited liability company agreement, general partnership
agreement, limited partnership agreement, trust agreement, joint venture agreement, resolutions and
or other applicable organizational or governing documents of such Person.

“Governmental Authority”: Any nation or government, any state or other political
subdivision thereof, any central bank (or similar monetary or regulatory authority) thereof, any
Person, body or entity exercising executive, legislative, judicial, quasi–judicial,
quasi–legislative, regulatory or administrative functions of or pertaining to government, any court
or arbitrator having jurisdiction over such Person, any of its Affiliates or Subsidiaries or any of
its Properties, any stock exchange on which shares of stock of such Person are listed or admitted
for trading and any accounting board or authority (whether or not a part of government) that is
responsible for the establishment or interpretation of national or international accounting
principles, in each case whether foreign or domestic.

“Ground Lease”: With respect to any Commercial Real Estate Loan for which the Borrower has
a leasehold interest in the related Underlying Mortgaged Property or space lease within such
Underlying Mortgaged Property, the lease agreement creating such leasehold interest.

“Guarantee Obligation”: Means, as to any Person (the “guaranteeing person”),
without duplication, any obligation of (a) the guaranteeing person or (b) another Person
(including, without limitation, any bank under any letter of credit) to induce the creation of the
obligations for which the guaranteeing person has issued a reimbursement, counterindemnity or
similar obligation, in either case guaranteeing or in effect guaranteeing any Indebtedness, leases,
dividends, Contractual Obligation, Derivatives Contract or other obligations or other indebtedness
(the “primary obligations”) of any other third Person (the “primary obligor”) in
any manner, whether directly or indirectly, including, without limitation, any obligation of the
guaranteeing person, whether or not contingent, (i) to purchase any such primary obligation or any
property constituting direct or indirect security therefor, (ii) to advance or supply funds (1) for
the purchase or payment of any such primary obligation or (2) to maintain working capital or equity
capital of the primary obligor or otherwise to maintain the net worth or solvency of the primary
obligor, (iii) to purchase property, securities or services primarily for the purpose of assuring
the owner of any such primary obligation of the ability of the primary obligor to make payment of
such primary obligation or (iv) otherwise to assure or hold harmless the owner of any such primary
obligation against loss in respect thereof; provided, however, that the term
Guarantee Obligation shall not include endorsements of instruments for deposit or collection in the
ordinary course of business. The amount of any Guarantee Obligation of any guaranteeing person
shall be deemed to be the maximum stated amount of the primary obligation relating to such
Guarantee Obligation (or, if less, the maximum stated liability set forth in the instrument
embodying such Guarantee Obligation); provided, however, that in the absence of any
such stated amount or stated liability, the amount of such Guarantee Obligation shall be such
guaranteeing person’s maximum reasonably anticipated liability in respect thereof as reasonably
determined by such Person in good faith.

“Guarantor”: Individually and collectively as the context requires, Municipal Mortgage &
Equity, LLC, a Delaware limited liability company, and any other Person that becomes a Guarantor
under the Repurchase Documents, together with each of their successors and permitted assigns. Each
Guarantor is and shall be jointly and severally liable for all Obligations under the terms of the
Guaranty.

“Guaranty”: The Guaranty, dated as of even date herewith, executed by the Guarantors in
favor of the Purchaser, as such agreement is amended, modified, restated, replaced, waived,
substituted, supplemented or extended from time to time.

“Income”: With respect to each Purchased Item and to the extent of the Seller’s or the
holder’s interest therein, at any time, all of the following: all payments, collections,
prepayments, recoveries, proceeds (including, without limitation, insurance and condemnation
proceeds) and all other payments or amounts of any kind or nature whatsoever paid, received,
collected, recovered or distributed on, in connection with or in respect of the Purchased Asset,
the Purchased Items, the Pledged Collateral or any other collateral for the Obligations under the
Facility, including, without limitation, principal payments, interest payments, principal and
interest payments, prepayment fees, extension fees, exit fees, defeasance fees, transfer fees, late
charges, late fees and all other fees or charges of any kind or nature, premiums, yield maintenance
charges, penalties, default interest, dividends, gains, receipts, allocations, rents, interests,
profits, payments in kind, returns or repayment of contributions and all other distributions,
payments and other amounts of any kind or nature whatsoever payable thereon, in connection
therewith, or with respect thereto, together with amounts received from any Interest Rate
Protection Agreement; provided, however, Income shall not include any Borrower
Reserve Payments unless the Seller, a Servicer or a PSA Servicer has exercised rights with respect
to such payments under the terms of the related Mortgage Loan Documents, the Servicing Agreements
or the Pooling and Servicing Agreements, as applicable.

“Increased Costs”: Any amounts required to be paid by the Seller to the Purchaser or any
Affected Party pursuant to Section 2.10.

“Indebtedness”: Means, with respect to any Person, including such Person’s Consolidated
Subsidiaries at the time of computation thereof, all of the following (without duplication):
(a) all obligations of such Person in respect of money borrowed (including without limitation
principal, interest, assumption fees, prepayment fees, yield maintenance charges, penalties, exit
fees, contingent interest and other monetary obligations whether choate or inchoate); (b) all
obligations of such Person, whether or not for money borrowed (i) represented by notes payable,
letters of credit or drafts accepted, in each case representing extensions of credit,
(ii) evidenced by bonds, debentures, notes or similar instruments, (iii) constituting purchase
money indebtedness, conditional sales contracts, title retention debt instruments or other similar
instruments, upon which interest charges are customarily paid or that are issued or assumed as full
or partial payment for property or services rendered, or (iv) in connection with the issuance of
preferred equity or trust preferred securities; (c) Capital Lease Obligations of such Person;
(d) all reimbursement obligations of such Person under any letters of credit or acceptances
(whether or not the same have been presented for payment); (e) all Off–Balance Sheet Obligations of
such Person; (f) all obligations of such Person to purchase, redeem, retire, defease or otherwise
make any payment in respect of any Mandatory Redeemable Stock issued by such Person or any other
Person (inclusive of forward equity contracts), valued at the greater of its voluntary or
involuntary liquidation preference plus accrued and unpaid dividends; (g) as applicable, all
obligations of such Person (but not the obligation of others) in respect of any keep well
arrangements, credit enhancements, contingent or future funding obligations under any Eligible
Asset or any obligation senior to the Eligible Asset, unfunded interest reserve amount under any
Eligible Asset or any obligation that is senior to the Eligible Asset, purchase obligation,
repurchase obligation, takeout commitment or forward equity commitment, in each case evidenced by a
binding agreement (excluding any such obligation to the extent the obligation can be satisfied by
the issuance of Equity Interests (other than Mandatory Redeemable Stock)); (h) net obligations
under any Derivative Contract not entered into as a hedge against existing indebtedness, in an
amount equal to the Derivatives Termination Value thereof; (i) all indebtedness of other Persons
which such Person has guaranteed or is otherwise recourse to such Person (except for guaranties of
customary exceptions for fraud, misapplication of funds, environmental indemnities and other
similar exceptions to recourse liability (but not exceptions relating to bankruptcy, insolvency,
receivership or other similar events)); (j) all indebtedness of another Person secured by (or for
which the holder of such indebtedness has an existing right, contingent or otherwise, to be secured
by) any Lien (other than certain Permitted Liens) on property or assets owned by such Person, even
though such Person has not assumed or become liable for the payment of such indebtedness or other
payment obligation; provided, however, if such Person has not assumed or become
liable for the payment of such indebtedness, then for the purposes of this definition the amount of
such indebtedness shall not exceed the market value of the property subject to such Lien).

“Indemnified Amounts”: Defined in Subsection 11.1(a).

“Indemnified Party” or “Indemnified Parties”: Defined in
Subsection 11.1(a).

“Insolvency Event”: With respect to a specified Person, (a) the filing of a decree or
order for relief by a court having jurisdiction in the premises in respect of such Person or any
substantial part of its assets or Property in an involuntary case under any applicable Insolvency
Law now or hereafter in effect, or appointing a receiver, liquidator, assignee, custodian, trustee,
sequestrator or similar official for such Person or for any substantial part of its assets or
Property, or ordering the winding–up or liquidation of such Person’s affairs, and such decree or
order shall remain unstayed and in effect for a period of thirty (30) consecutive days; or (b) the
commencement by such Person of a voluntary case under any applicable Insolvency Law now or
hereafter in effect, or the consent by such Person to the entry of an order for relief in an
involuntary case under any such law, or the consent by such Person to the appointment of or taking
possession by a receiver, liquidator, assignee, custodian, trustee, sequestrator or similar
official for such Person or for any substantial part of its assets or Property, or the making by
such Person of any general assignment for the benefit of creditors, or the failure by such Person
generally to pay its debts as such debts become due, or the taking of action by such Person in
furtherance of any of the foregoing.

“Insolvency Laws”: The Bankruptcy Code and all other applicable liquidation,
conservatorship, bankruptcy, moratorium, rearrangement, receivership, insolvency, reorganization,
suspension of payments or similar debtor relief laws from time to time in effect affecting the
rights of creditors generally.

“Insolvency Proceeding”: Any case, action or proceeding before any court or other
Governmental Authority relating to any Insolvency Event.

“Instrument”: Any “instrument” (as defined in Article 9 of the UCC), other than an
instrument that constitutes part of chattel paper.

“Interest Rate Protection Agreement”: With respect to any or all of the Mortgage Assets
and Purchased Assets, as applicable, (i) any Derivatives Contract required under the terms of the
related Mortgage Loan Documents providing for protection against fluctuations in interest rates or
the exchange of nominal interest obligations, either generally or under specific contingencies, and
acceptable to the Purchaser in its discretion, which Interest Rate Protection Agreement shall be
performed, maintained and in place in accordance with the terms of the Mortgage Loan Documents, and
(ii) any Derivatives Contract put in place by the Seller, any Guarantor, the Pledgor or any other
Repurchase Party with respect to any Eligible Asset or Purchased Asset, as applicable, which
Interest Rate Protection Agreement shall be performed, maintained and in place during the time the
related Purchased Asset is subject to a Transaction under this Agreement.

“Junior Interest”: (a) A senior, pari passu or junior participation interest in a
performing Commercial Real Estate Loan or (b) a “subordinate note” or “certificate” in an “A/B” or
similar structure in a performing Commercial Real Estate Loan, in each case where the Underlying
Mortgaged Property is stabilized (as determined by the Purchaser in its discretion).

“Junior Interest Documents”: The original Participation Certificate, original
Participation Agreement and originals of any other tangible evidence of such Junior Interest, as
applicable.

“Late Payment Fee”: Defined in Subsection 2.4(a).

“Lead Based Paint”: Paint containing more than 0.5% lead by dry weight.

“Lien”: Any mortgage, lien, pledge, charge, right, claim, security interest or encumbrance
of any kind of or on any Person’s assets or properties in favor of any other Person (including any
UCC financing statement or any similar instrument filed against such Person’s assets or
properties).

“Loan–to–Value Ratio” or “LTV”: With respect to any Eligible Asset or Purchased
Asset, as applicable, as of any date of determination, the ratio of the outstanding principal
amount of such Eligible Asset or Purchased Asset, as applicable, to the market value of the related
Underlying Mortgaged Property at such time, as determined by the Purchaser in its discretion based
on such sources of information as the Purchaser may determine to rely on in its discretion;
provided, however, that, with respect to Junior Interests, Mezzanine Loans and
Bridge Loans that are also Junior Interests or Mezzanine Loans, all such calculations shall be made
taking into account any senior or pari passu debt or other obligations, including debt or other
obligations secured directly or indirectly by the applicable Underlying Mortgaged Property;
provided, further, however, the LTV shall not exceed the Maximum LTV.

“Mandatory Redeemable Stock”: Means, with respect to any Person and any Subsidiary
thereof, any Equity Interests of such Person which by the terms of such Equity Interests (or by the
terms of any security into which it is convertible or for which it is exchangeable or exercisable),
upon the happening of any event or otherwise (a) matures or is required to be redeemed, pursuant to
a sinking fund obligation or otherwise (other than any Equity Interest to the extent redeemable in
exchange for common stock or other equivalent common Equity Interests), (b) is convertible into or
exchangeable or exercisable for Indebtedness or Mandatory Redeemable Stock, or (c) is redeemable at
the option of the holder thereof, in whole or in part (other than any Equity Interests which is
redeemable solely in exchange for common stock or other equivalent common Equity Interests); in
each case, on or prior to the Facility Maturity Date.

“Margin Base”: On any day, the aggregate Asset Value of all Purchased Assets or certain
specified Purchased Assets, as applicable.

“Margin Correction Deadline”: 3:00 p.m. on the first (1st) Business Day after any Margin
Deficit Notice is delivered by the Purchaser, unless such deadline is extended pursuant to
Section 2.5 of this Agreement.

“Margin Deficit”: Defined in Section 2.5.

“Margin Deficit Notice”: A notice from the Purchaser to the Seller to eliminate a Margin
Deficit in the form of Exhibit VII attached hereto.

“Market Value”: As of any date in respect of any Eligible Asset or Purchased Asset, as
applicable, the price at which such Eligible Asset or Purchased Asset, as applicable, could readily
be sold, as determined by the Purchaser in its discretion based on such sources and information (if
any) as the Purchaser may determine to rely on in its discretion (which value may be determined to
be zero), as such Market Value may be adjusted at any time by the Purchaser as the Purchaser
determines in its discretion.

“Material Adverse Effect”: A material adverse effect on (a) the Property, assets,
business, operations, financial condition, credit quality or prospects of the Seller, the
Guarantors or the Pledgor, (b) the ability of the Seller, any Guarantor and/or the Pledgor to
perform its obligations under any of the Mortgage Loan Documents or the Repurchase Documents to
which it is a party, (c) the validity or enforceability of any of the Repurchase Documents, the
Mortgage Loan Documents or any security interest granted hereunder or thereunder, (d) the rights
and remedies of the Purchaser under any of the Repurchase Documents or Mortgage Loan Documents,
(e) the timely payment of any amounts payable under the Repurchase Documents or Mortgage Loan
Documents, (f) any Eligible Asset or Purchased Asset or the Asset Value, rating (if applicable) or
liquidity of one (1) or more Mortgage Assets or the Purchased Assets, as applicable, (g) the
Purchased Items, the Pledged Collateral or any collateral securing any obligations under any
Repurchase Document, or (h) the perfection and priority of any Lien granted under any of the
Repurchase Documents or Mortgage Loan Documents.

“Materials of Environmental Concern”: Any mold, petroleum (including, without limitation,
crude oil or any fraction thereof), petroleum products or by-products (including, without
limitation, gasoline), or any hazardous, toxic or harmful substances, materials, wastes, pollutants
or contaminants, defined as such in or regulated under any Environmental Law, including, without
limitation, asbestos, asbestos containing materials, polychlorinated biphenyls, urea-formaldehyde
insulation, radioactive materials, Lead Based Paint, Toxic Mold, flammable explosives and radon.

“Maximum Amount”: $260,000,000; provided, however, on and after the
earlier of the Funding Expiration Date and the Facility Maturity Date, the Maximum Amount shall
mean the aggregate Purchase Price outstanding for all Transactions.

“Maximum LTV”: 80%; provided, however, with respect to Junior Interests,
Mezzanine Loans and Bridge Loans that are Junior Interests or Mezzanine Loans, the Maximum LTV
shall take into account any senior or pari passu debt or other obligations, including debt or other
obligations secured directly or indirectly by the applicable Underlying Mortgaged Property.

“Mezzanine Loan”: A performing mezzanine loan secured by a first priority perfected lien
and pledge of the Equity Interest of the Person that owns directly or indirectly income producing
Commercial Real Estate that is performing; provided, however, on a case by case
basis, and in the Purchaser ’s discretion and subject to such terms, conditions and requirements as
the Purchaser may require in its discretion, the Purchaser may (but is not required to) consider
purchasing a Mezzanine Loan that is secured by less than all of the Equity Interest of the Person
that owns directly or indirectly income producing Commercial Real Estate.

“Mezzanine Note”: The original executed promissory note or other tangible evidence of
Mezzanine Loan indebtedness.

“Minimum DSCR”: 1.00x; provided, however, with respect to Junior
Interests, Mezzanine Loans and Bridge Loans that are Junior Interests or Mezzanine Loans, the
Minimum DSCR shall take into account any senior or pari passu debt or other obligations, including
debt or other obligations secured directly or indirectly by the applicable Underlying Mortgaged
Property.

“Moody’s”: Moody’s Investors Service, Inc., and any successor thereto.

“Mortgage”: Each mortgage, assignment of rents, security agreement and fixture filing, or
deed of trust, assignment of rents, security agreement and fixture filing, or similar instrument
creating and evidencing a Lien on real property and other property and rights incidental thereto.

“Mortgage Asset”: A Whole Loan, a Junior Interest, a Mezzanine Loan or a Bridge Loan,
(i) the Underlying Mortgaged Property for which is included in the categories for Types of Mortgage
Assets, (ii) that is listed on a Confirmation and (iii) for which the Custodian has been instructed
by the Seller to hold the related Mortgage Loan Documents for the Purchaser pursuant to the
Custodial Agreement; provided, however, Mortgage Assets shall not include any
Retained Interest (if any).

“Mortgage Asset File”: Defined in the Custodial Agreement.

“Mortgage Asset File Checklist”: Defined in the Custodial Agreement.

“Mortgage Loan Documents”: Defined in the Custodial Agreement.

“Mortgage Note”: The original executed promissory note or other evidence of the
Indebtedness of a Borrower with respect to an Eligible Asset or Purchased Asset, as applicable.

“Mortgaged Property”: The Commercial Real Estate (including all improvements, buildings,
fixtures, building equipment and personal property thereon and all additions, alterations and
replacements made at any time with respect to the foregoing) and all other collateral securing
repayment of the debt evidenced by the Mortgage Loan Documents or any other note, certificate or
debt instrument.

“Mortgagee”: The record holder of a Mortgage Note secured by a Mortgage.

“Multiemployer Plan”: A “multiemployer plan” as defined in Section 4001(a)(3) of ERISA
that is or was at any time during the current year or the immediately preceding five (5) years
contributed to by the Seller, any Guarantor or any ERISA Affiliate of the foregoing on behalf of
its employees.

“Net Cash Flow”: With respect to any Underlying Mortgaged Property, for any period, the
net income (or deficit) attributable to such Underlying Mortgaged Property for such period,
determined in accordance with GAAP, less the amount of all (a) capital expenditures
incurred, (b) reserves established, (c) leasing commissions paid (other than commissions paid from
reserves held under the Mortgage Loan Documents) and (d) tenant improvements paid during such
period (other than tenant improvements paid from reserves held under the Mortgage Loan Documents)
in each case attributable to such Underlying Mortgaged Property, plus all non–cash charges
deducted in the calculation of such net income.

“Non–Recourse Indebtedness”: Means, with respect to any Person, indebtedness for borrowed
money in respect of which recourse for payment (except for customary exceptions for fraud,
misapplication of funds, environmental indemnities, and other similar exceptions to non–recourse
provisions (but not exceptions relating to bankruptcy, insolvency, receivership or other similar
events)) is contractually limited to specific assets of such Person encumbered by a Lien securing
such indebtedness.

“Non–Table Funded Purchased Asset”: A Purchased Asset that is not a Table Funded Purchased
Asset.

“Non–Wachovia Assets”: Any Mortgage Asset issued, originated or extended by a Person other
than Wachovia, Wachovia Corporation or an Affiliate of Wachovia or Wachovia Corporation.

“Obligations”: Defined in Subsection 8.1(b).

“OFAC”: The U.S. Department of the Treasury’s Office of Foreign Assets Control.

“OFAC Regulations”: The regulations promulgated by OFAC.

“Off–Balance Sheet Obligations”: With respect to any Person and its Consolidated
Subsidiaries as of any date of determination thereof, without duplication and to the extent not
included as a liability on the consolidated balance sheet of such Person and its Consolidated
Subsidiaries in accordance with GAAP: (a) the monetary obligations under any financing lease or
so–called “synthetic,” tax retention or off–balance sheet lease transaction which, upon the
application of any Insolvency Laws to such Person or any of its Consolidated Subsidiaries, would be
characterized as indebtedness; (b) the monetary obligations under any sale and leaseback
transaction which does not create a liability on the consolidated balance sheet of such Person and
its Consolidated Subsidiaries; or (c) any other monetary obligation arising with respect to any
other transaction which (i) is characterized as indebtedness for tax purposes but not for
accounting purposes in accordance with GAAP or (ii) is the functional equivalent of or takes the
place of borrowing but which does not constitute a liability on the consolidated balance sheet of
such Person and its Consolidated Subsidiaries (for purposes of this clause (c), any
transaction structured to provide tax deductibility as interest expense of any dividend, coupon or
other periodic payment will be deemed to be the functional equivalent of a borrowing).

“Officer’s Certificate”: A certificate signed by a Responsible Officer of the Seller, a
Guarantor or the Pledgor, as applicable.

“Operating Account”: The account of the Seller set forth on Schedule 2 hereto.

“Opinion of Counsel”: A written opinion of counsel, which opinion and counsel are
acceptable to the Purchaser in its discretion.

“Originator”: With respect to each Mortgage Asset, the Person who originated such Mortgage
Asset.

“Participation Agreement”: With respect to any Junior Interest, any executed participation
agreement, sub-participation agreement, servicing, intercreditor or administrative agreement or any
agreement that is similar to any of the foregoing agreements under which the Junior Interest is
created, evidenced, issued, serviced, administered and/or guaranteed.

“Participation Certificate”: With respect to any Junior Interest, an executed certificate,
note, instrument or other document representing the interest, participation interest or
sub-participation interest granted under a Participation Agreement.

“Payment Date”: The 20th day of each calendar month, or, if such day is not a Business
Day, the next Business Day.

“PBGC”: The Pension Benefit Guaranty Corporation or any entity succeeding to any or all of
its functions under ERISA.

“Pension Plans”: Defined in Subsection 4.1(q).

“Permitted Investments”: Investments of any one or more of the following types:

(a) marketable obligations of the United States, the full and timely payment of which are
backed by the full faith and credit of the United States of America and that have a maturity of not
more than 270 days from the date of acquisition;

(b) marketable obligations, the full and timely payment of which are directly and fully
guaranteed by the full faith and credit of the United States and that have a maturity of not more
than 270 days from the date of acquisition;

(c) bankers’ acceptances and certificates of deposit and other interest–bearing obligations
(in each case having a maturity of not more than 270 days from the date of acquisition) denominated
in Dollars and issued by any bank with capital, surplus and undivided profits aggregating at least
$100,000,000, the short–term obligations of which are rated of least A–1 by S&P and P–1 by Moody’s;

(d) repurchase obligations with a term of not more than ten (10) days for underlying
securities of the types described in clauses (a), (b) and (c) above entered
into with any bank of the type described in clause (c) above;

(e) commercial paper rated at least A–1 by S&P and P–1 by Moody’s;

(f) demand deposits, time deposits or certificates of deposit (having original maturities of
no more than 365 days) of depository institutions or trust companies incorporated under the laws of
the United States of America or any state thereof (or domestic branches of any foreign bank) and
subject to supervision and examination by federal or state banking or depository institution
authorities; provided, however, that at the time such investment, or the commitment
to make such investment, is entered into, the short–term debt rating of such depository institution
or trust company shall be at least A–1 by S&P and P–1 by Moody’s; and

(g) money market mutual funds possessing the highest available rating from S&P and Moody’s.

“Permitted Late Securities Filings”: With respect to the Guarantor only, the Form 10K for
the year ending December 31, 2005 and Form 10Q for the quarter ending March 31, 2005.

“Permitted Liens”: Any of the following as to which no enforcement, collection, execution,
levy or foreclosure proceeding shall have been commenced: (a) Liens for federal, state, municipal,
local or other Governmental Authority taxes if such taxes shall not at the time be due and payable,
(b) Liens imposed by Applicable Law, such as materialmen’s, mechanics’, carriers’, workmen’s and
repairmen’s Liens and other similar Liens, arising in the ordinary course of business securing
obligations that are not overdue for a period of more than thirty (30) days, and (c) Liens granted
pursuant to or by the Repurchase Documents.

“Person”: An individual, partnership, corporation (including a business trust), limited
liability company, joint stock company, trust, unincorporated association, sole proprietorship,
joint venture, government (or any agency or political subdivision thereof) or any other type or
form of entity.

“Plan”: An employee benefit or other plan established or maintained by any Seller, any
Guarantor or any ERISA Affiliate and covered by Title IV of ERISA, other than a Multiemployer Plan.

“Pledge and Security Agreement”: The Pledge and Security Agreement, dated as of the date
hereof, between the Purchaser and the Pledgor, as amended, modified, waived, supplemented,
extended, restated or replaced from time to time.

“Pledged Collateral”: Defined in the Pledge and Security Agreement.

“Pledgor”: MMA Capital Corporation, a Michigan corporation, together with its successors
and permitted assigns.

“Pooling and Servicing Agreements”: Any and all pooling and servicing agreements, trust
agreements, indentures or administrative agreements governing servicing and other matters entered
into in connection with a securitization of an interest that is senior to an Eligible Asset or
Purchased Asset, as applicable, as amended, modified, restated, replaced, waived, substituted,
supplemented or extended from time to time.

“Post–Default Rate”: In respect of any day a Transaction is outstanding or any other
amount under this Agreement or any other Repurchase Document is not paid when due to the Purchaser
at the stated Repurchase Date or otherwise when due, a rate per annum determined on a 360 day per
year basis during the period from and including the due date to but excluding the date on which
such amount is paid in full equal to the applicable Rate plus 500 basis points.

“Price Differential”: For each Accrual Period or portion thereof and each Transaction
outstanding, the sum of the products (for each day during such Accrual Period or portion thereof)
of:

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	PR x PPx
	 	 	1	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	D	 
	where:
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	PR	 	 	=	 	 	the Pricing Rate applicable on such day;

	 
	 	PP	 	 	=	 	 	the Purchase Price for such Transaction on such day; and

	 
	 	 	D	 	 	 	=	 	 	 	360,	 	 	 	 	 

provided, however, that (i) no provision of this Agreement shall require the
payment or permit the collection of any Price Differential in excess of the maximum permitted by
Applicable Law and (ii) the Price Differential shall not be considered paid by any distribution if
at any time such distribution is rescinded or must otherwise be returned for any reason.

“Pricing Rate”: With respect to any Transaction, at any date of determination a rate per
annum equal to the sum of (a) the applicable Rate on such date plus (b) the applicable
Pricing Spread on such date.

“Pricing Spread”: 150 basis points; provided, however, from and after an
Event of Default, the Pricing Spread for each Transaction shall be increased automatically by an
additional 500 basis points (in addition to the 150 basis points and a change in the Rate as
specified in the definition of Rate).

“Prime Rate”: The rate announced by Wachovia from time to time as its prime rate in the
United States, such rate to change as and when such designated rate changes. The Prime Rate is not
intended to be the lowest rate of interest charged by Wachovia in connection with extensions of
credit to debtors.

“Prohibited Person”: Means (i) a Person that is listed in the annex to, or is otherwise
subject to the provisions of, Executive Order No. 13224, (ii) a Person owned or controlled by, or
acting for or on behalf of, any Person that is listed in the annex to, or is otherwise subject to
the provisions of, Executive Order No. 13224, (iii) a Person with whom the Seller, the Guarantors
and/or the Pledgor is prohibited from dealing or otherwise engaging in any transaction by any
Anti–Terrorism Law, (iv) a Person who commits, threatens or conspires to commit or supports
“terrorism” as defined in Executive Order No. 13224, (v) an agency of the government of, an
organization directly or indirectly controlled by, or a Person resident in, a country that is
subject to a sanctions program identified on the list maintained by OFAC and available at
http://www.treas.gov/offices/eotffc/ofac/sanctions/index.html, or as otherwise published
from time to time, as such program may be applicable to such agency, organization or person, (vi) a
Person that is named as a “specially designated national or blocked person” on the most current
list maintained or published by OFAC and available at
http://www.treas.gov/offices/eotffc/ofac/sdn.index.html or at any replacement website or in
any other official publication of such list, and (vii) a Person who is affiliated with a Person
described in clauses (i)–(vi) above.

“Property”: Any right or interest in or to property of any kind whatsoever, whether real,
personal or mixed, and whether tangible or intangible.

“PSA Servicer”: A third party servicer (other than the Seller, the Guarantors, the Pledgor
or any Repurchase Party) servicing all or a portion of the Purchased Assets under a Pooling and
Servicing Agreement.

“Purchase Agreement”: Any purchase agreement by and between the Seller and any third
party, including, without limitation, any Affiliate of the Seller, pursuant to which the Seller has
purchased Mortgage Assets subsequently sold to the Purchaser hereunder.

“Purchase Date”: The date on which Eligible Assets are transferred by the Seller to the
Purchaser.

“Purchase Price”: On each Purchase Date, the price at which Eligible Assets are
transferred by the Seller to the Purchaser, which amount shall be equal to the Asset Value for each
such Eligible Asset on the Purchase Date, decreased by the amount of any cash transferred by the
Seller to the Purchaser pursuant to Section 2.3 or Section 2.5 hereof or applied to
reduce the Seller’s obligations in respect of principal under Section 2.6 hereof.

“Purchased Assets”: One (1) or more Eligible Assets that are identified in a Confirmation
executed by the Seller and the Purchaser and sold by the Seller to the Purchaser pursuant to a
Transaction in accordance with this Agreement, including any Additional Purchased Asset.

“Purchased Items”: Defined in Subsection 8.1(a).

“Purchaser”: Individually and collectively as the context requires, Wachovia and any other
Person that becomes a Purchaser under this Agreement and the other Repurchase Documents, including
the successors and assigns of the foregoing; provided, however, if there is more
than one (1) Purchaser, Wachovia shall act as agent for all Purchasers pursuant to agency
provisions to be agreed upon separately by the Purchaser and the other Purchasers at the time such
other Persons become Purchasers under the Repurchase Documents.

“Purchaser’s Account”: A special account (account number 2070482789126, ABA # 053000219)
in the name of the Lev Fin NC maintained at Wachovia.

“Rate”: With respect to any Transaction, at any date of determination, the rate per annum
equal to the Adjusted Eurodollar Rate; provided, however, the Rate for any Accrual
Period shall be the Base Rate if a Eurodollar Disruption Event occurs or an Event of Default
occurs.

“Rating Agency”: Each of S&P, Moody’s, Fitch and any other nationally recognized
statistical rating agency that has been requested to issue a rating in connection with the matter
at issue, including successors of the foregoing.

“Regulations T, U and X”: Regulations T, U and X of the Board of Governors of the Federal
Reserve System (or any successor), as the same may be amended, modified, waived, supplemented,
extended, restated or replaced from time to time.

“Release”: Any generation, treatment, use, storage, transportation, manufacture,
refinement, handling, production, removal, remediation, disposal, presence or migration of
Materials of Environmental Concern on, about, under or within all or any portion of any Property or
Underlying Mortgaged Property.

“Remedial Work”: Any investigation, inspection, site monitoring, containment, clean-up,
removal, response, corrective action, mitigation, restoration or other remedial work of any kind or
nature because of, or in connection with, the current or future presence, suspected presence,
Release or threatened Release in or about the air, soil, ground water, surface water or soil vapor
at, on, about, under or within all or any portion of any Property or Underlying Mortgaged Property
of any Materials of Environmental Concern, including any action to comply with any applicable
Environmental Laws or directives of any Governmental Authority with regard to any Environmental
Laws.

“REMIC”: A real estate mortgage investment conduit.

“Reportable Event”: Any of the events set forth in Section 4043(c) of ERISA or a successor
provision thereof, other than those events as to which the notice requirement has been waived by
regulation.

“Repurchase Date”: The earlier of (i) the Facility Maturity Date, or (ii) the Business Day
on which the Seller is to repurchase the Purchased Assets from the Purchaser, as specified by the
Seller and agreed to by the Purchaser in the related Confirmation, as each such date may be
modified by application of the provisions of Articles II or X of this Agreement.

“Repurchase Documents”: This Agreement, the Custodial Agreement, the Account Control
Agreement, the Guaranty, the Pledge and Security Agreement, each Assignment, each Confirmation, the
Custodial Fee Letter, any UCC Financing Statements (and amendments thereto or continuations
thereof) or any other UCC financing statements (and amendments thereto or continuations thereof)
filed pursuant to the terms of this Agreement or any other Repurchase Document and any additional
document, certificate, agreement or instrument, the execution of which is necessary or incidental
to or desirable for performing or carrying out the terms of the foregoing documents, as each of the
foregoing documents is amended, modified, restated, replaced, waived, substituted, supplemented or
extended from time to time.

“Repurchase Obligations”: Defined in Subsection 8.1(b).

“Repurchase Parties”: The collective reference to the Seller, the Guarantors, the Pledgor
and all Subsidiaries and Affiliates of the foregoing.

“Repurchase Price”: The price at which Purchased Assets are to be transferred from the
Purchaser to the Seller upon termination of a Transaction, which will be determined in each case
(including Transactions terminable upon demand) as the sum of the Purchase Price outstanding, the
accrued and unpaid Price Differential applicable to each such Transaction as of the date of such
determination plus any related Breakage Costs and other outstanding Aggregate Unpaids directly
related to and owed with respect to such Purchased Asset.

“Responsible Officer”: With respect to any Person, any duly authorized president,
executive vice president, senior vice president or treasurer (or the equivalent) of such Person (or
its sole member, in the case of the Seller) with direct responsibility for the administration of
the Repurchase Documents and also, with respect to a particular matter, any other duly authorized
president, executive vice president, senior vice president or treasurer (or the equivalent) to whom
such matter is referred because of such officer’s knowledge of and familiarity with the particular
subject.

“Retained Interest”: (a) With respect to any Eligible Asset or Purchased Asset, as
applicable, with an unfunded commitment on the part of the Seller, all of the obligations, if any,
to provide additional funding, contributions, payments or credits with respect to such Eligible
Asset or Purchased Asset, as applicable, (b) all duties, obligations and liabilities of the Seller
under any Eligible Asset or Purchased Asset, as applicable, or any related Interest Rate Protection
Agreement, including but not limited to any payment or indemnity obligations, and, (c) with respect
to any Eligible Asset or Purchased Asset, as applicable, that is transferred or to be transferred
by the Seller to the Purchaser, (i) all of the obligations, if any, of the agent(s), trustee(s),
servicer(s) or other similar Persons under the documentation evidencing such Eligible Asset or
Purchased Asset, as applicable, and (ii) the applicable portion of the interests, rights and
obligations under the documentation evidencing such Eligible Asset or Purchased Asset, as
applicable, that relate to such portion(s) of the Indebtedness that is owned by another lender or
is being retained by the Seller pursuant to clause (a) of this definition.

“S&P”: Standard & Poor’s, a division of The McGraw Hill Companies, Inc., and any successor
thereto.

“SEC”: Defined in Subsection 13.19(a).

“Security Agreement”: With respect to any Eligible Asset or Purchased Asset, as
applicable, any contract, instrument or other document related to security for repayment thereof
(other than the related Mortgage, Mortgage Note, Mezzanine Note or any other note, certificate or
instrument) executed by the Borrower and/or others in connection with such Eligible Asset or
Purchased Asset, as applicable, including, without limitation, any security agreement, UCC
financing statement, Liens, warranties, guaranty, title insurance policy, hazard insurance policy,
chattel mortgage, letter of credit, accounts, bank accounts or certificates of deposit or other
pledged accounts, and any other documents and records relating to any of the foregoing.

“Seller”: MMA Realty Capital Repurchase Subsidiary, LLC, a Maryland limited liability
company (together with its successors and permitted assigns).

“Seller Asset Schedule”: Defined in the Custodial Agreement.

“Seller–Related Obligations”: Any obligations, liabilities and/or indebtedness of the
Seller, the Guarantors and/or the Pledgor under any other arrangement between the Seller, the
Guarantors and/or the Pledgor on the one hand and the Purchaser, any Affiliate of the Purchaser
and/or any commercial paper conduit for which the Purchaser or an Affiliate of the Purchaser acts
as a liquidity provider, administrator or agent on the other hand.

“Seller Release Letter”: Defined in the Custodial Agreement.

“Servicer”: A Person (other than the Seller) servicing all or a portion of the Mortgage
Assets or the Purchased Assets, as applicable, under a Servicing Agreement, which Servicer shall be
acceptable to the Purchaser in its discretion.

“Servicer Account”: Any account established by a Servicer or a PSA Servicer in connection
with the servicing of the Mortgage Assets or the Purchased Assets, as applicable.

“Servicer Redirection Notice”: A notice in the form of Exhibit V executed by the
Seller and the applicable Servicer, PSA Servicer or other applicable Person, which shall be
delivered to the Purchaser in connection with each Purchased Asset.

“Servicing Agreement”: An agreement entered into by the Seller and a third party for the
servicing of the Mortgage Assets or the Purchased Assets, as applicable, the form and substance of
which has been approved in writing by the Purchaser in its discretion.

“Servicing File”: With respect to each Purchased Asset, the file retained by the Seller
consisting of the originals of all documents and agreements that relate to the Purchased Assets
that are not required to be delivered to the Custodian under the Custodial Agreement and copies of
all documents in the Mortgage Asset File set forth in Section 3.1 of the Custodial
Agreement, which Servicing File shall be held by the Seller and/or the Servicer for and on behalf
of the Purchaser.

“Servicing Records”: Defined in Section 6.1.

“SIPA”: Defined in Subsection 13.19(a).

“Solvent”: As to any Person at any time, having a state of affairs such that all of the
following conditions are met: (a) the fair value of the assets and Property of such Person is
greater than the amount of such Person’s liabilities (including disputed, contingent and
unliquidated liabilities) as such value is established and liabilities evaluated for purposes of
Section 101(32) of the Bankruptcy Code; (b) the present fair salable value of the assets and
Property of such Person in an orderly liquidation of such Person is not less than the amount that
will be required to pay the probable liability of such Person on its debts as they become absolute
and matured; (c) such Person is able to realize upon its assets and Property and pay its debts and
other liabilities (including disputed, contingent and unliquidated liabilities) as they mature in
the normal course of business; (d) such Person does not intend to, and does not believe that it
will, incur debts or liabilities beyond such Person’s ability to pay as such debts and liabilities
mature; and (e) such Person is not engaged in a business or a transaction, and is not about to
engage in a business or a transaction, for which such Person’s assets and Property would constitute
unreasonably small capital.

“Subsidiary”: With respect to any Person, any corporation, partnership, limited liability
company or other entity of which at least a majority of the securities or other ownership interests
having by the terms thereof ordinary voting power to elect a majority of the board of directors or
other Persons performing similar functions of such corporation, partnership, limited liability
company or other entity (irrespective of whether or not at the time securities or other ownership
interests of any other class or classes of such corporation, partnership or other entity shall have
or might have voting power by reason of the happening of any contingency) is at the time directly
or indirectly owned or controlled by such Person or one or more Subsidiaries of such Person.

“Table Funded Purchased Asset”: A Purchased Asset which is sold to the Purchaser
simultaneously with the origination or acquisition thereof, which origination or acquisition,
pursuant to the Seller’s request, is financed with the Purchase Price and paid directly to a title
company, settlement agent or other Person in trust for the current holder of the Mortgage Asset, in
each case, approved in writing by the Purchaser in its reasonable discretion, for disbursement to
the parties entitled thereto in connection with such origination or acquisition. A Purchased Asset
shall cease to be a Table Funded Purchased Asset after the Custodian has delivered a Trust Receipt
(along with a completed Mortgage Asset File Checklist attached thereto) to the Purchaser
certifying its receipt of the Mortgage Asset File therefor.

“Table Funded Trust Receipt”: Defined in the Custodial Agreement.

“Taxes”: All present and future taxes (including, without limitation, all ad valorem,
sales (including those imposed on lease rentals), income, use, single business, gross receipts,
value added, intangible transaction privilege, privilege or license or similar taxes), assessments
(including, without limitation, all assessments for public improvements or benefits, whether or not
commenced or completed prior to the date hereof and whether or not commenced or completed within
the term of this Agreement), ground rents, water, sewer or other rents and charges, excises,
levies, imposts, duties, fees (including, without limitation, license, permit, inspection,
authorization and similar fees), and all other charges of any Governmental Authority, in each case
whether general or special, ordinary or extraordinary, or foreseen or unforeseen, of every
character in respect of any Person, any Property, any Contractual Obligation, any Indebtedness, any
rent or any other activity, conduct, action or thing whatsoever (including all interest and
penalties on any of the foregoing and additions thereto).

“Title Exception”: Defined in Schedule 1, Part I.

“Toxic Mold”: Any mold or fungus at any Property which is a type that (i) might pose a
significant risk to human health or the environment or (ii) that would negatively impact any
Property.

“Transaction”: Defined in Section 2.1.

“Transfer Documents” The documents executed by the Seller with respect to a Purchased
Asset which transfer title to such Purchased Asset to the Purchaser, including, without limitation,
an Assignment, any Assignment of Mortgage, UCC–3 assignments and allonges or endorsements of notes
or certificates.

“Transferee”: Defined in Section 13.16.

“Transferor”: The seller of mortgage assets under a Purchase Agreement.

“Trust Receipt”: Defined in the Custodial Agreement.

“Type”: With respect to a Mortgage Asset or Purchased Asset, as applicable, the related
Underlying Mortgaged Property’s classification as one of the following: multifamily, retail,
office, industrial, hotel, mobile home park, self–storage facility or entitled land.

“UCC–9 Policy”: Defined in Part II of Schedule 1 of this Agreement.

“UCC Financing Statement”: Individually and collectively as the context requires, (i) a
financing statement on Form UCC–1 or the proper national UCC form naming the Purchaser as the
“Secured Party” and the Seller or other debtor, as applicable, as the “Debtor” and describing the
Purchased Items and/or other collateral, as applicable and (ii) a financing statement on Form UCC–1
or the proper national form naming the Purchaser as the “Secured Party” and the Pledgor as the
“Debtor” and describing the Pledged Collateral and/or other collateral, as applicable.

“Underlying Mortgaged Property”: (a) In the case of a Whole Loan, the Mortgaged Property
securing the Whole Loan, (b) in the case of a Junior Interest, the Mortgaged Property securing such
Junior Interest (if the Junior Interest is of the type described in clause (b) of the
definition thereof), or the Mortgaged Property securing the mortgage loan in which such Junior
Interest represents a junior participation (if the Junior Interest is of the type described in
clause (a) of the definition thereof), (c) in the case of a Mezzanine Loan or a Junior
Interest in a Mezzanine Loan, the Mortgaged Property that secures the senior mortgage loan and
(d) in the case of a Bridge Loan, the Mortgaged Property securing the Whole Loan.

“Underwriting Package”: With respect to any Mortgage Asset, the Underwriting Package shall
include, to the extent applicable, (i) a copy of the Current Appraisal or, if unavailable, any
other recent appraisal, (ii) the current rent roll, (iii) a minimum of two (2) years of property
level financial statements to the extent available, (iv) the current financial statements of the
Borrowers under the Mortgage Asset, and, if such Mortgage Asset is not a Whole Loan, the Borrower
under the Commercial Real Estate Loan to the extent provided to or reasonably available to the
Seller upon request, (v) the loan documents and title commitment/policy to be included in the
Mortgage Asset File, together with copies of any appraisals, environmental reports, studies or
assessments (to include, at a minimum, a phase I report), evidence of zoning compliance, property
management agreements, assignments of property management agreements, contracts, licenses and
permits, in each case to the extent in the Seller’s possession or reasonably available to the
Seller, (vi) any financial analysis, site inspection, market studies, environmental reports and any
other diligence conducted by or provided to the Seller, (vii) any internal document prepared by the
Seller for its evaluation of the Mortgage Asset, and (viii) such further documents or information
as the Purchaser may request in its discretion to the extent reasonably available to the Seller or
any Repurchase Party.

“Uniform Commercial Code” or “UCC”: The Uniform Commercial Code as in effect on
the date hereof in the State of New York; provided, that, if, by reason of mandatory
provisions of Applicable Law, the perfection, priority, effect of perfection or non–perfection or
the effect of priority or the lack of priority of the security interest in any Purchased Items, the
Pledged Collateral or other collateral for the Facility, as applicable, is governed by the Uniform
Commercial Code as in effect in a jurisdiction other than New York, “Uniform Commercial Code” shall
mean the Uniform Commercial Code as in effect in such other jurisdiction for purposes of the
provisions hereof relating to such perfection, priority or the effect of perfection or
non–perfection or priority or the lack of priority.

“United States”: The United States of America.

“USA Patriot Act”: The “United and Strengthening America by providing Tools Required to
Intercept and Obstruct Terrorism Act of 2001” (Public Law 107–56), as amended from time to time.

“Wachovia”: Defined in the Preamble.

“Wachovia Assets”: Any Mortgage Asset or Purchased Asset, as applicable, issued,
originated or extended by Wachovia, Wachovia Corporation or an Affiliate of Wachovia or Wachovia
Corporation.

“Warehouse Lender’s Release Letter”: Defined in the Custodial Agreement.

“Whole Loan”: A performing Commercial Real Estate whole loan secured by a first priority
security interest in stabilized (as determined by the Purchaser in its discretion) Underlying
Mortgaged Property and owed entirely by the Seller, which Whole Loan includes, without limitation,
(i) a Mortgage Note and related Mortgage and (ii) all right, title and interest of the Seller in
and to the Underlying Mortgaged Property covered by such Mortgage.

(b) Other Terms.

All accounting terms used but not specifically defined herein shall be construed in accordance
with GAAP. All terms used in Article 9 of the UCC in the State of New York, and used but not
specifically defined herein, are used herein as defined in such Article 9.

7EX-10.2

CUSTODIAL AGREEMENT

by and among

MMA REALTY CAPITAL REPURCHASE SUBSIDIARY, LLC,

as the Seller

and

WACHOVIA BANK, NATIONAL ASSOCIATION,

as the Purchaser

and

WELLS FARGO BANK, NATIONAL ASSOCIATION,

as the Custodian

Dated as of June 15, 2006

1

CUSTODIAL AGREEMENT

THIS CUSTODIAL AGREEMENT is made as of this 15th day of June, 2006 (as amended, modified,
restated, replaced, waived, substituted, supplemented or extended from time to time, the
“Agreement”), by and among:

(1) MMA REALTY CAPITAL REPURCHASE SUBSIDIARY, LLC, a Maryland limited liability company, as
the seller (together with its successors and permitted assigns and any other Person that becomes a
seller under the terms of the Repurchase Documents, the “Seller”);

(2) WACHOVIA BANK, NATIONAL ASSOCIATION, a national banking association (together with its
successors and assigns, “Wachovia”), as the purchaser (together with its successors and
permitted assigns in such capacity, the “Purchaser”); and

(3) WELLS FARGO BANK, NATIONAL ASSOCIATION, a national banking association (together with its
successors and permitted assigns, “Wells Fargo”), as the custodian.

RECITALS

WHEREAS, the Seller, the Purchaser and the Guarantors are parties to a Mortgage Asset Purchase
Agreement (together with the schedules, exhibits and annexes thereto), dated as of June 15, 2006
(as amended, modified, waived, supplemented, extended, replaced or restated from time to time, the
“Repurchase Agreement”), pursuant to which the Seller and the Purchaser have agreed,
subject to the terms and conditions of the Repurchase Agreement, that the Purchaser may purchase
from time to time from the Seller certain Mortgage Assets, with a simultaneous agreement by the
Seller to repurchase such Purchased Assets from the Purchaser on a specified date;

WHEREAS, the parties hereto desire for the Custodian to act as a custodian of the Mortgage
Loan Documents and the Mortgage Asset Files and to perform certain other functions in connection
therewith; and

WHEREAS, it is a condition precedent to the effectiveness of the Repurchase Agreement that the
parties hereto execute and deliver this Agreement.

NOW, THEREFORE, based upon the foregoing Recitals, the mutual premises and agreements
contained herein, and other good and valuable consideration the receipt and sufficiency of which is
hereby acknowledged, the parties hereto, intending to be legally bound, hereby agree as follows:

ARTICLE I

DEFINITIONS

	 	 	 	Section 1.1 Defined Terms.	 

Unless otherwise defined above or in this Article I, capitalized terms used but not
defined herein shall have the respective meanings given to such terms in the Repurchase Agreement.
As used in this Agreement and the schedules, exhibits, annexes and other attachments hereto, unless
the context requires a different meaning, the following terms shall have the following meanings:

“Applicable Law”: Defined in the Repurchase Agreement.

“Asset Detail Report”: A report generated in written or electronic format by the Custodian
identifying the Eligible Assets held by it under this Agreement from time to time and such other
information as the Purchaser shall request from time to time.

“Asset Schedule and Exception Report”: A list delivered by the Custodian to the Purchaser
on the Business Days required herein reflecting the Eligible Assets or Purchased Assets, as
applicable, held by the Custodian for the benefit of the Purchaser on such Business Day, which list
shall include (i) the Purchase Price for each such Eligible Asset or Purchased Asset, as
applicable, (ii) the Eligible Assets being sold to the Purchaser on any applicable Purchase Date,
as well as the Purchased Assets previously sold to the Purchaser and held by the Custodian
hereunder, (iii) all Exceptions with respect to the Eligible Assets or Purchased Assets, as
applicable, with any updates thereto from the time the last Asset Schedule and Exception Report was
delivered, and (iv) upon receipt of a Request for Release from the Seller pursuant to
Section 5.3 hereof, (a) shipping information, including airbill number and name and
address, and (b) the number of days elapsed since the date of shipment referred to in
clause (iv)(a).

“Asset Value”: Defined in the Repurchase Agreement.

“Assignment”: Defined in the Repurchase Agreement.

“Assignment of Leases”: Defined in the Repurchase Agreement.

“Assignment of Mortgage”: Defined in the Repurchase Agreement.

“Authorized Representative”: Defined in Section 11.7.

“Bailee Trust Receipt”: Defined in Annex 13 attached hereto.

“Basic Mortgage Asset Documents”: Means the following original (except as otherwise
permitted in Section 3.1 below), fully executed and completed documents (in each case
together with an original Assignment, an original assignment or allonge, as applicable, of each
Basic Mortgage Asset Document, executed in blank (or, where permitted by Subsection 3.1(g),
an original omnibus assignment executed in blank) and, as applicable, an original assignment,
assignment and assumption agreement or any similar document required by the terms of the applicable
Mortgage Loan Documents to effectuate an assignment of such Mortgage Asset, executed by the Seller
in blank), (i) with respect to any Whole Loan, the Mortgage Note, the Mortgage, the Assignment of
Mortgage, the Assignment of Leases, the Security Agreement, and, as applicable, the Pledge
Agreement, the stock, certificates or other instruments representing Pledged Stock and any related
stock, certificate or other similar power, (ii) with respect to any Mezzanine Loan, the Mezzanine
Note, the Pledge Agreement, the stock, certificate or other instruments representing Pledged Stock,
any stock, certificate or other similar power, and, as applicable, any Mortgage, Assignment of
Mortgage, Assignment of Leases and Security Agreement, (iii) with respect to any Junior Interest,
the Junior Interest Note and the Participation Agreement and (iv) with respect to a Bridge Loan,
the Basic Mortgage Asset Documents for a Whole Loan.

“Borrower”: Defined in the Repurchase Agreement.

“Bridge Loan”: Defined in the Repurchase Agreement.

“Business Day”: Defined in the Repurchase Agreement.

“Commercial Real Estate Loan”: Defined in the Repurchase Agreement.

“Confidential Information”: Defined in Subsection 11.16(a).

“Contractual Obligation”: Defined in the Repurchase Agreement.

“Custodial Delivery Failure”: Defined in Subsection 11.2(b).

“Custodial Identification Certificate”: A duly completed custodial identification
certificate delivered by the Seller to the Custodian in the form of Annex 3.

“Custodian”: Wells Fargo Bank, National Association, and its successor in interest as the
custodian under this Agreement, and any Successor Custodian under this Agreement.

“Custodial Fee Letter”: Defined in the Repurchase Agreement.

“Default”: Defined in the Repurchase Agreement.

“Electronic Transmission”: Defined in the Repurchase Agreement.

“Eligible Asset”: Defined in the Repurchase Agreement.

“Equity Interests”: Defined in the Repurchase Agreement.

“Event of Default”: Defined in the Repurchase Agreement.

“Exception”: (i) With respect to any Eligible Asset, any variances from the delivery
requirements of Sections 3.1 and 3.2 hereof with respect to the Mortgage Asset File
(giving effect to the Seller’s right to deliver certified copies in lieu of original documents in
certain circumstances provided herein) or (ii) any Mortgage Asset File that has been released from
the possession of the Custodian for a period in excess of ten (10) Business Days.

“GAAP”: Defined in the Repurchase Agreement.

“Governing Documents”: Defined in the Repurchase Agreement.

“Ground Lease”: Defined in the Repurchase Agreement.

“Guarantors”: Defined in the Repurchase Agreement.

“Interest Rate Protection Agreement”: Defined in the Repurchase Agreement.

“Junior Interest”: Defined in the Repurchase Agreement.

“Junior Interest Note”: Defined in the Repurchase Agreement.

“Lost Note Affidavit”: Defined in Subsection 11.2(b).

“Major Tenant Lease”: Defined in Subsection 3.1(a).

“MBS”: Defined in Subsection 5.3(b).

“Mezzanine Loan”: Defined in the Repurchase Agreement.

“Mezzanine Note”: Defined in the Repurchase Agreement.

“Mortgage Asset”: Defined in the Repurchase Agreement.

“Mortgage Asset File”: As to each Mortgage Asset, those documents listed in
Section 3.1 that are required to be delivered to the Custodian or that at any time come
into the possession of the Custodian.

“Mortgage Asset File Checklist”: As to each Mortgage Asset, the document checklist in the
form attached hereto as Annex 12 completed by the Seller and delivered to the Custodian.

“Mortgage Loan Documents”: With respect to a Mortgage Asset, the documents comprising the
Mortgage Asset File for such Mortgage Asset.

“Mortgage Note”: Defined in the Repurchase Agreement.

“Non–Table Funded Purchased Asset”: Defined in the Repurchase Agreement.

“Originator”: With respect to each Mortgage Asset, the Person who originated such Mortgage
Asset.

“Participation Agreement”: Defined in the Repurchase Agreement.

“Participation Certificate”: Defined in the Repurchase Agreement.

“Person”: Defined in the Repurchase Agreement.

“Pledge Agreement”: Any pledge agreement or similar instrument creating in favor of the
Seller a security interest in all of the Equity Interests of a Borrower or other related Person
under a Mortgage Asset.

“Pledged Stock: The Equity Interests of a Borrower or other related Person under a
Mortgage Asset in which the Seller has a security interest pursuant to the related Pledge
Agreement.

“Purchase Date”: Defined in the Repurchase Agreement.

“Purchase Price”: Defined in the Repurchase Agreement.

“Purchased Assets”: Defined in the Repurchase Agreement.

“Purchaser”: Defined in the Preamble to this Agreement.

“Purchaser Transaction”: Defined in Section 4.4.

“Purchaser Transferee”: Defined in Section 4.4.

“Rating Agency”: Defined in the Repurchase Agreement.

“Release Limit”: Defined in Section 5.1.

“Repurchase Agreement”: Defined in the Recitals.

“Repurchase Documents”: Defined in the Repurchase Agreement.

“Request for Release”: A request of the Seller in the form of Annex 5–C hereto.

“Request for Release and Receipt”: A request of the Seller in the form of
Annex 5–A hereto.

“Request for Release of Documents and Receipt”: A request of the Seller in the form of
Annex 5–B hereto.

“Review Procedures”: The procedures set forth on Annex 4 hereto.

“Security Agreement”: Defined in the Repurchase Agreement.

“Seller”: Defined in the Preamble of this Agreement.

“Seller Asset Schedule”: A schedule of information relating to the Eligible Assets
prepared by the Seller and delivered to the Custodian and the Purchaser, via Electronic
Transmission, setting forth, as to each Eligible Asset, the applicable information specified on
Annex 1 to this Agreement, as such schedule is maintained by the Custodian in accordance
with the terms of this Agreement.

“Seller’s Release Letter”: A letter, substantially in the form of Annex 10–A
hereto, delivered by the Seller when no Warehouse Lender has an interest in an Eligible Asset,
releasing, subject to the terms of the Repurchase Agreement, all of the Seller’s right, title and
interest in such Eligible Asset upon receipt of the related Purchase Price by the Seller.

“Senior Interest Holder”: With respect to any Junior Interest or Mezzanine Loan, as
applicable, the holder of the Commercial Real Estate Loan in which the Seller acquired the Junior
Interest.

“Servicer”: Defined in the Repurchase Agreement.

“Servicing Agreement”: Defined in the Repurchase Agreement.

“SNDA’s”: Defined in Subsection 3.1(a).

“Successor Custodian”: Defined in Section 7.1.

“Table Funded Purchased Asset”: Defined in the Repurchase Agreement.

“Table Funded Trust Receipt”: A trust receipt in the form of Annex 2–B attached
hereto, prepared and delivered to the Purchaser in accordance with Section 3.2 of this
Agreement.

“Transaction” or “Transactions”: Defined in the Repurchase Agreement.

“Transmittal and Bailment Letter”: A duly completed transmittal and bailment letter in the
form of Annex 11 hereto.

“Trust Receipt”: A trust receipt in the form of Annex 2 hereto prepared and
delivered by the Custodian to the Purchaser covering all of the Purchased Assets and Eligible
Assets subject to this Agreement from time to time, as reflected on the Asset Schedule and
Exception Report attached thereto in accordance with Section 3.2.

“UCC Financing Statement”: A financing statement executed and filed pursuant to the UCC.

“UCC–9 Policy”: Defined in the Repurchase Agreement.

“Underlying Mortgaged Property”: Defined in the Repurchase Agreement.

“Uniform Commercial Code” or “UCC”: Defined in the Repurchase Agreement.

“Wachovia”: Defined in the Preamble of this Agreement.

“Warehouse Lender”: Any lender (a) providing financing to the Seller for the purpose of
warehousing, originating or purchasing Mortgage Assets, or (b) providing financing to a party from
whom the Seller is purchasing the Eligible Assets simultaneously with the purchase by the
Purchaser.

“Warehouse Lender’s Release Letter”: A letter, substantially in the form of
Annex 10–B hereto (or such other form acceptable to the Purchaser in its discretion), from
a Warehouse Lender to the Purchaser, unconditionally releasing all of Warehouse Lender’s right,
title and interest in certain Eligible Assets identified therein upon receipt of payment therefor
by the Warehouse Lender.

“Wells Fargo”: Defined in the Preamble of this Agreement.

“Whole Loan”: Defined in the Repurchase Agreement.

“Wire Instructions”: The wire instructions set forth in the applicable Warehouse Lender’s
Release Letter, Seller’s Release Letter or any other owner release letter received in connection
with an Eligible Asset and approved by the Purchaser in its discretion.

	 	 	 	Section 1.2 Other Terms.	 

All accounting terms used but not specifically defined herein shall be construed in accordance
with GAAP. All terms used in Article 9 of the UCC in the State of New York, and used but not
specifically defined herein, are used herein as defined in such Article 9.

	 	 	 	Section 1.3 Computation of Time Periods.	 

Unless otherwise stated in this Agreement, in the computation of a period of time from a
specified date to a later specified date, the word “from” means “from and including” and the words
“to” and “until” each mean “to but excluding.”

	 	 	 
	Section 1.4	 	Interpretation.
	In this Agreement, unless a contrary intention appears:

	 
	 	 
	(i)

	 	the singular number includes the plural number and vice versa;

(ii) reference to any Person includes such Person’s successors and assigns but, if
applicable, only if such successors and assigns are permitted by the Agreement;

	 	 	 
	(iii)

	 	reference to any gender includes each other gender;
	 
	 	 
	(iv)

	 	reference to day or days without further qualification means calendar days;
	 
	 	 
	(v)

	 	reference to any time means Charlotte, North Carolina time;

(vi) reference to any agreement (including this Agreement), document or instrument
means such agreement, document or instrument as amended, modified, waived, supplemented,
extended, restated or replaced from time to time in accordance with the terms thereof and,
if applicable, the terms of the other Repurchase Documents, and reference to any promissory
note includes any promissory note that is an extension or renewal thereof or a substitute or
replacement therefor;

(vii) reference to any Applicable Law (including any Section thereof) means such
Applicable Law as amended, modified, codified, replaced or reenacted, in whole or in part,
and in effect from time to time, including rules and regulations promulgated thereunder and
reference to any section or other provision of any Applicable Law means that provision of
such Applicable Law from time to time in effect and constituting the substantive amendment,
modification, codification, replacement or reenactment of such section or other provision;

(viii) unless otherwise expressly provided in this Agreement, reference to any notice,
request, approval, consent or determination provided for, permitted or required under the
terms of this Agreement with respect to the Seller, the Custodian or the Purchaser means, in
order for such notice, request, approval, consent or determination to be effective
hereunder, such notice, request, approval or consent must be in writing; and

(ix) reference herein or in any Repurchase Document to the Purchaser’s discretion shall
mean, unless otherwise stated herein or therein, the Purchaser’s sole and absolute
discretion, and the exercise of such discretion shall be final and conclusive. In addition,
whenever the Purchaser has a decision or right of determination or request, exercises any
right given to it to agree, disagree, accept, consent, grant waivers, take action or no
action or to approve or disapprove, or any arrangement or term is to be satisfactory or
acceptable to or approved by (or any similar language or terms) the Purchaser, the decision
of the Purchaser with respect thereto shall be in the sole and absolute discretion of the
Purchaser, and such decision shall be final and conclusive, except as may be otherwise
specifically provided herein.

ARTICLE II

APPOINTMENT OF CUSTODIAN

	 	 	 	Section 2.1 Appointment.	 

The Purchaser and the Seller hereby designate and appoint Wells Fargo to act as the Custodian
hereunder for the benefit of the Purchaser, and Wells Fargo hereby accepts such appointment and
agrees to perform the duties and obligations of the Custodian set forth herein.

ARTICLE III

DELIVERY REQUIREMENTS

	 	 	 	Section 3.1 Mortgage Asset File Checklist; Mortgage Asset File.	 

The Seller shall deliver to the Custodian a Mortgage Asset File Checklist along with the
following Mortgage Loan Documents pertaining to each Eligible Asset in accordance with the required
delivery times set forth in Section 3.2 (each such Eligible Asset shall also be identified
in the related Seller Asset Schedule):

(a) With respect to each Whole Loan:

(i) the original executed Mortgage Note, which Mortgage Note shall, (A) if the Seller
is not the Originator, be endorsed (either on the face thereof or pursuant to a separate
allonge) by the most recent endorsee prior to the Seller or, if none, by the Originator,
without recourse, to the order of the Seller and further reflect a complete, unbroken chain
of endorsement from the Originator to the Seller and (B) be accompanied by a separate
allonge pursuant to which the Seller has endorsed such Mortgage Note, without recourse, in
blank;

(ii) the original of the Mortgage (or a copy of such Mortgage with a certification from
the Seller that the original Mortgage has been delivered for recording but has not been
returned from the applicable recording office), together with (A) the originals of all
intervening assignments thereof, in each case (unless the document has been sent for
recording but has not been returned from the applicable recording office) with evidence of
recording thereon, showing a complete chain of assignment from the Originator to the Seller,
and (B) an original Assignment of Mortgage, in recordable form (except for any missing
recording information with respect to such Mortgage), executed by the Seller in blank;

(iii) the original of the related Assignment of Leases if such item is a document
separate from the Mortgage (or a copy of such Assignment of Leases with a certification from
the Seller that the original Assignment of Leases has been delivered for recording but has
not been returned from the applicable recording office), together with (A) the originals of
all intervening assignments thereof (if the Assignment of Leases is separate from the
Mortgage), in each case (unless the document has been sent for recording but has not been
returned from the applicable recording office) with evidence of recording thereon, showing a
complete chain of assignment from the Originator to the Seller, and (B) an original
assignment of any related Assignment of Leases (if such item is a document separate from the
Mortgage), in recordable form (except for any missing recording information with respect to
such Assignment of Leases), executed by the Seller in blank;

(iv) the original related Security Agreement (if such item is a document separate from
the Mortgage), together with (A) the originals of all intervening assignments thereof (if
such document is separate from the Mortgage) showing a complete chain of assignment from the
Originator to the Seller, and (B) an original assignment of any related Security Agreement
(if such item is a document separate from the Mortgage), executed by the Seller in blank;

(v) the original of each assumption, modification, consolidation or restatement
agreement, in those instances where the terms or provisions of the Mortgage, Mortgage Note
or other loan documents for the subject Mortgage Asset have been assumed, modified,
consolidated or restated, in each case (unless the particular item has been sent for
recording but has not been returned from the applicable recording office) with evidence of
recording thereon if the instrument being modified, assumed, consolidated or restated is a
recordable document, together with (A) the originals of all intervening assignments thereof,
in each case (unless the particular item has been sent for recording but has not been
returned by the applicable recording office) with evidence of recording thereon if the
instrument being modified, assumed, consolidated or restated is a recordable document,
showing a complete chain of assignment from the Originator to the Seller, and (B) an
original assignment, in recordable form, if applicable, except for any recording
information, executed by the Seller in blank;

(vi) the original of the lender’s title insurance policy (or, to the extent the same
has not been issued yet, a pro–forma title policy or a marked–up commitment for title
insurance, in each case marked as binding and countersigned or evidenced as binding by an
escrow letter or closing instructions signed by the applicable title company or agent),
which policy shall include appropriate endorsements typically obtained by mortgage lenders
with respect to other mortgage assets that are similar to the Mortgage Asset (to the extent
available in the application jurisdiction) and insure the Originator or the Seller and its
successors and assigns, together with copies of all recorded title exception documents
affecting the Underlying Mortgaged Property;

(vii) a copy of the UCC financing statement(s) covering (A) the Borrower’s personal
property at the Underlying Mortgaged Property, and (B) fixtures at the Underlying Mortgaged
Property, and naming the Originator as secured party, together with (1) copies of all
intervening UCC–3 financing statement assignments or amendments, as applicable, showing a
complete chain of all intervening assignments from the Originator to the Seller, in each
case with evidence of filing or recording in the applicable jurisdiction indicated thereon
(or a certification of the Seller that the original has been delivered for recording or
filing, as applicable, and the same has not been returned from the applicable filing or
recording office) and (2) an original UCC–3 financing statement assignment or amendment, as
applicable, in form suitable for filing or recording (except for any missing filing or
recording information), disclosing the assignment of each such UCC financing statement and,
if applicable, executed by the Seller in blank;

(viii) originals of each loan agreement, cash management, blocked account, control
and/or lockbox agreement, letter of credit, environmental indemnity, guaranty, operations
and maintenance agreement, reserve agreement, security agreement and any other loan or
equivalent document or agreement relating to, affecting, evidencing, guaranteeing, insuring,
securing or constituting the subject Mortgage Asset (and otherwise not separately addressed
in any other paragraphs of this Subsection 3.1(a)), together with (A) the originals
of all intervening assignments of each such document or agreement showing a complete chain
of assignment from the Originator to the Seller, and (B) an original assignment of each such
document or agreement executed by the Seller in blank;

(ix) originals of each intercreditor agreement, co–lender agreement, tri–party
agreement or similar agreement relating to the subject Mortgage Asset, together with (A) the
originals of all intervening assignments of each such agreement showing a complete chain of
assignment from the Originator to the Seller, and (B) an original assignment of such
agreement executed by the Seller in blank;

(x) an original as–built ALTA/ACSM (or its equivalent) survey of the related Underlying
Mortgaged Property, together with the surveyor’s signed and stamped certificate thereon
certifying the survey to the Originator or the Seller and its successors and assigns;

(xi) the originals of all tenant estoppel certificates delivered in connection with the
Mortgage Asset and copies of each commercial lease (A) that covers 10% or more of the total
square footage of the related premises and (B) where the rent payable thereunder represents
10% or more of the gross rental income from the Underlying Mortgaged Property (each a
“Major Tenant Lease”);

(xii) the originals of all subordination, non–disturbance and attornment agreements
delivered in connection with the Mortgage Asset (“SNDA’s”) with, as applicable,
evidence of recording thereon (unless the original was sent for recording but has not been
returned by the applicable recording office);

(xiii) the originals of all insurance policies and/or certificates thereof required by
the terms of the Mortgage Loan Documents, with evidence that the holder of such Mortgage
Asset is an additional insured or loss payee, as applicable;

(xiv) the originals or certified copies of all appraisals delivered in connection with
the Mortgage Asset, in each case, certified to the Originator or the Seller and its
successors and assigns;

(xv) the originals of evidence of compliance with zoning laws;

(xvi) the originals of environmental reports (including, at a minimum, a duly completed
and signed Phase I environmental report from a reputable firm);

(xvii) the originals (or, if unavailable, certified copies) of any escrow letters,
insured closing letters and/or bailment letters or agreements;

(xviii) a copy of the property management agreement for the Underlying Mortgaged
Property;

(xix) the original assignment and subordination of property management agreement,
together with (A) the originals of all intervening assignments thereof showing a complete
chain of assignment from the Originator to the Seller, and (B) an original assignment of the
assignment and subordination of property management agreement executed by the Seller in
blank;

(xx) if applicable, the original assignment of contracts, permits, licenses and/or
other rights, together with (A) the originals of all intervening assignments thereof showing
a complete chain of assignment from the Originator to the Seller, and (B) an original
assignment of the assignment of contracts, permits, licenses and/or other rights executed by
the Seller in blank;

(xxi) copies of all Servicing Agreements and Pooling and Servicing Agreements, as
applicable;

(xxii) if applicable, the original of any power of attorney relating to the subject
Mortgage Asset, executed in blank or executed in favor of the Originator or the Seller and
its successors and assigns;

(xxiii) if the related Borrower’s interest in the Underlying Mortgaged Property is a
leasehold estate, the originals or, if unavailable, certified copies of the Ground Lease,
together with all amendments and modifications thereof (with evidence of recording thereon,
unless the original document has been sent for recording but has not been returned by the
applicable recording office), any Memorandum of Ground Lease, all amendments and
modifications thereof (with evidence of recording thereon, unless the original document has
been sent for recording but has not been returned by the applicable recording office), all
Ground Lease estoppel(s) relating to the subject Mortgage Asset and all other agreements
with the ground lessor and any lender to the ground lessor;

(xxiv) if applicable, the original of the related Pledge Agreement, together with
(A) the originals of all intervening assignments thereof showing a complete chain of
assignment from the Originator to the Seller, and (B) an original assignment of such
document executed by the Seller in blank;

(xxv) if applicable, each original stock certificate or other instrument if any,
representing the Pledged Stock, together with an undated original stock, certificate or
similar power covering each such stock, certificate or other instrument, duly executed in
blank with, if the Purchaser so requests, signature guaranteed;

(xxvi) copies of the Governing Documents of the entities in which the Pledged Stock
represents an equity interest;

(xxvii) if applicable, a copy of the UCC financing statement(s) covering the Pledged
Stock, naming the Originator as secured party, together with (A) copies of all UCC–3
financing statement assignments or amendments, as applicable, showing a complete chain of
all intervening assignments from the Originator to the Seller, in each case with evidence of
filing or recording, as applicable, in the applicable jurisdiction indicated thereon (or a
certification from the Seller that the original has been delivered to a title company for
recording or filing, as applicable, and the same has not been returned from the applicable
filing or recording office), and (B) a copy of a UCC–3 financing statement assignment or
amendment, as applicable, in form suitable for filing (except for any missing filing
information) disclosing the assignment of each such financing statement and, if applicable,
executed by the Seller in blank;

(xxviii) to the extent the Mortgage Asset involves a construction loan, the originals
of all construction loan documents (to the extent not separately covered herein), together
with (A) the originals of all intervening assignments thereof showing a complete chain of
assignment from the Originator to the Seller and (B) an original assignment executed by the
Seller in blank;

(xxix) if applicable, the originals of all other agreements, documents and/or
certificates executed in connection the Mortgage Asset or identified on any closing
checklist, closing index or the Mortgage Asset File Checklist, together with (A) the
originals of all intervening assignments thereof showing a complete chain of assignment from
the Originator to the Seller, and (B) an original assignment executed by the Seller in
blank;

(xxx) the originals of all additional documents required to be added to the Mortgage
Asset File by the Purchaser or pursuant to this Agreement, the Repurchase Documents or a
Confirmation, together with (A) the originals of all intervening assignments thereof showing
a complete chain of assignment from the Originator to the Seller, and (B) an original
assignment executed by the Seller in blank;

(xxxi) to the extent applicable, the original related Interest Rate Protection
Agreements, together with (A) the originals of all intervening assignments thereof showing a
complete chain of assignment from the Originator to the Seller, and (B) an original
assignment of such document executed by the Seller in blank;

(xxxii) copies of legal opinions delivered in connection with the closing of the
Mortgage Asset and any subsequently delivered reliance letters;

(xxxiii) the original of any assignment, assignment and assumption agreement or any
similar document required by the terms of any Mortgage Loan Documents to effectuate an
assignment of such Mortgage Asset, executed by the Seller in blank;

(xxxiv) either an original, fully executed Seller’s Release Letter or an original,
fully executed Warehouse Lender’s Release Letter; and

(xxxv) the original Assignment required by the Repurchase Agreement executed by the
Seller in blank.

(b) With respect to each Junior Interest:

(i) if applicable, the original executed Junior Interest Note (other than a
Participation Agreement), which Junior Interest Note shall (A) be endorsed (either on the
face thereof or pursuant to a separate allonge) by the most recent endorsee prior to the
Seller, without recourse, to the order of the Seller and further reflect a complete,
unbroken chain of endorsement from the Originator to the Seller and (B) be accompanied by a
separate allonge pursuant to which the Seller has endorsed such Junior Interest Note,
without recourse, in blank;

(ii) the original related Participation Agreement, together with (A) the originals of
all intervening assignments thereof, showing a complete chain of assignment from the
Originator to the Seller, and (B) an original assignment of the related Participation
Agreement, executed by the Seller in blank;

(iii) (A) if the Seller is the holder of any original document referred to in
Subsections 3.1(a) or 3.1(c), as applicable (other than the last two (2)
clauses of each applicable Subsection), the Seller shall deliver the same to the
Custodian as part of the Mortgage Asset File, together with (1) the originals of all
intervening assignments thereof, showing a complete chain of assignment from the Originator
to the Seller, and (2) an original assignment of the related document, agreement or
instrument, executed by the Seller in blank or (B) if the Seller is not the holder of any
such original document referred to in Subsections 3.1(a) or 3.1(c), as
applicable (other than the last two (2) clauses of each applicable Subsection), the
Seller shall delivery an original of such document (if it has possession of or has an
ability to obtain possession of an original, or, if not, a copy of such documents) to the
Custodian as part of the Mortgage Asset File (together with originals or copies, as
applicable, of all intervening assignments thereof, showing a complete chain of assignment
from the Originator to the Senior Interest Holder or other holder); provided,
however, an assignment of such documents, instruments and agreement referred in this
clause (iii)(B) from the Seller in blank shall not be required;

(iv) if applicable, a copy of the UCC financing statement(s) covering the interest of
the holder of the Junior Interest and naming the Originator as secured party, together with
(A) copies of all intervening UCC–3 financing statement assignments or amendments, as
applicable, showing a complete chain of all intervening assignments from the Originator to
the Seller, in each case with evidence of filing in the applicable jurisdiction indicated
thereon (or a certification of the Seller that the original has been delivered for filing
and the same has not been returned from the applicable filing office), and (B) an original
UCC–3 financing statement assignment or amendment, as applicable, in form suitable for
filing, disclosing the assignment of each such UCC financing statement and, if applicable,
executed by the Seller in blank;

(v) as applicable, originals (or, to the extent held by the Senior Interest Holder, a
copy) of each loan agreement, cash management, blocked account, control and/or lockbox
agreement, letter of credit, environmental indemnity, guaranty, reserve agreement, security
agreement, operations and maintenance agreement, intercreditor agreement, co–lender
agreement, tri–party agreement or similar agreement and any other loan or equivalent
document or agreement relating to, affecting, evidencing, guaranteeing, insuring, securing
or constituting the Junior Interest (and otherwise not separately addressed in any other
paragraphs of this Subsection 3.1(b)), together with (A) originals (or, to the
extent held by the Senior Interest Holder, a copy) of all intervening assignments of each
such document or agreement showing a complete chain of assignment from the Originator to the
Senior Interest Holder or the Seller, as applicable, and (B) as applicable, an original
assignment of each such document or agreement executed by the Seller in blank;

(vi) a copy of the notice to the applicable Person under the Participation Agreement
that the Purchaser is a pledgee of the Junior Interest;

(vii) the originals (or, to the extent held by the Senior Interest Holder, a copy) of
any additional documents executed in connection with the Mortgage Asset or identified on any
closing checklist, closing index or the Mortgage Asset File Checklist, together with (A) the
originals of all assignments thereof showing a complete chain of assignment from the
Originator to the Senior Interest Holder or the Seller, as applicable, and (B) as
applicable, an original assignment of such document executed by the Seller in blank;

(viii) copies of all Servicing Agreements and Pooling and Servicing Agreements, as
applicable;

(ix) as applicable, the original (or, to the extent held by the Senior Interest Holder,
a copy) of the related Interest Rate Protection Agreements, together with (A) the originals
of all intervening assignments thereof showing a complete chain of assignment from the
Originator to the Senior Interest Holder or the Seller, as applicable, and (B) as
applicable, an original assignment of such document executed by the Seller in blank;

(x) copies of legal opinions delivered in connection with the closing of the Mortgage
Asset and any subsequently delivered reliance letters;

(xi) as applicable, the original (or, to the extent held by the Senior Interest Holder,
a copy) of any power of attorney relating to the subject Mortgage Asset executed in blank or
executed in favor of the Originator, the Senior Interest Holder or the Seller, as
applicable, together with its successors and assigns;

(xii) the originals (or, to the extent held by the Senior Interest Holder, a copy) of
any additional documents required to be added to the Mortgage Asset File by the Purchaser or
pursuant to this Agreement, the Repurchase Agreement or a Confirmation, together with
(A) the originals of all assignments thereof showing a complete chain of assignment from the
Originator to the Senior Interest Holder or the Seller, as applicable, and (B) as
applicable, an assignment executed by the Seller in blank;

(xiii) the original of any assignment, assignment and assumption agreement or any
similar document required by the terms of any Mortgage Loan Document to effectuate an
assignment of such Mortgage Asset, executed by the Seller in blank;

(xiv) either an original, fully executed Seller’s Release Letter or an original, fully
executed Warehouse Lender’s Release Letter; and

(xv) the original Assignment required by the Repurchase Agreement executed by the
Seller in blank.

(c) With respect to each Mezzanine Loan:

(i) the original executed Mezzanine Note, which Mezzanine Note shall (A) be endorsed
(either on the face thereof or pursuant to a separate allonge) by the most recent endorsee
prior to the Seller, without recourse, to the order of the Seller and further reflect a
complete, unbroken chain of endorsement from the Originator to the Seller, and (B) be
accompanied by a separate allonge pursuant to which the Seller has endorsed such Mezzanine
Note, without recourse, in blank;

(ii) the original of the related Pledge Agreement, together with (A) the originals of
all intervening assignments thereof showing a complete chain of assignment from the
Originator to the Seller, and (B) an original assignment of such document executed by the
Seller in blank;

(iii) each original stock, certificate or other instrument, if any, representing the
Pledged Stock, together with an undated original stock, certificate or similar power
covering each such stock, certificate or other instrument, duly executed in blank with, if
the Purchaser so requests, signature guaranteed;

(iv) copies of the Governing Documents of the entity in which the Pledged Stock
represents an equity interest;

(v) a copy of the UCC financing statement(s) covering the Pledged Stock, naming the
Originator as secured party, together with (A) copies of all intervening UCC–3 financing
statement assignments or amendments, as applicable, showing a complete chain of all
intervening assignments from the Originator to the Seller, in each case with evidence of
filing in the applicable jurisdiction indicated thereon (or a certification of the Seller
that the original has been delivered for filing and the same has not been returned from the
applicable filing office), and (B) an original UCC–3 financing statement assignment or
amendment, as applicable, in form suitable for filing, disclosing the assignment of each
such UCC financing statement and, if applicable, executed by the Seller in blank;

(vi) if applicable, the original of the Mortgage (or a copy of such Mortgage with a
certification from the Seller that the original related Mortgage has been delivered for
recording but has not been returned from the applicable recording office), together with
(A) the originals of all intervening assignments thereof, in each case (unless the document
has been sent for recording but has not been returned from the applicable recording office)
with evidence of recording thereon, showing a complete chain of assignment from the
Originator to the Seller, and (B) an original Assignment of Mortgage, in recordable form
(except for any missing recording information with respect to such Mortgage), executed by
the Seller in blank;

(vii) if applicable, the original of the related Assignment of Leases if such item is a
document separate from the Mortgage (or a copy of such Assignment of Leases with a
certification from the Seller that the original Assignment of Leases has been delivered for
recording but has not been returned from the applicable recording office), together with
(A) the originals of all intervening assignments thereof (if the Assignment of Leases is
separate from the Mortgage), in each case (unless the document has been sent for recording
but has not been returned from the applicable recording office) with evidence of recording
thereon, showing a complete chain of assignment from the Originator to the Seller, and
(B) an original assignment of any related Assignment of Leases (if such item is a document
separate from the Mortgage), in recordable form (except for any missing recording
information with respect to such Assignment of Leases), executed by the Seller in blank;

(viii) if applicable, the original related Security Agreement (if such document is a
separate document), together with (A) the originals of all intervening assignments thereof
(if such document is a separate document) showing a complete chain of assignment from the
Originator to the Seller, and (B) an original assignment of any related Security Agreement
(if such document is a separate document), executed by the Seller in blank;

(ix) originals of each loan agreement, cash management, blocked account, control and/or
lockbox agreement, letter of credit, environmental indemnity, guaranty, operations and
maintenance agreement, reserve agreement, security agreement and any other loan or
equivalent document or agreement relating to, affecting, evidencing, guaranteeing, insuring,
securing or constituting the subject Mezzanine Loan (and not otherwise separately addressed
in any other paragraphs of this Subsection 3.1(c), together with (A) the originals
of all intervening assignments of each such document or agreement showing a complete chain
of assignment from the Originator to the Seller, and (B) an original assignment of each such
document or agreement executed by the Seller in blank;

(x) originals of any intercreditor agreement, co–lender agreement, tri–party agreement
or similar agreement relating to the subject Mezzanine Loan, together with (A) the originals
of all intervening assignments of each such agreement showing a complete chain of assignment
from the Originator to the Seller, and (B) an original assignment of such agreement executed
by the Seller in blank;

(xi) the original (or, if unavailable, a copy) of the title insurance policies issued
to the owner of and senior lender on the Underlying Mortgaged Property (or to the extent the
same has not been issued yet, a pro–forma title policy or a marked–up commitment for title
insurance, in each case marked as binding and countersigned or evidenced as binding by an
escrow letter or closing instructions signed by the applicable title company or agent),
together with appropriate endorsements typically obtained by mortgage lenders and owners of
commercial or multifamily property with respect to similar mortgage assets (to the extent
available in the applicable jurisdiction), a mezzanine endorsement, a date down to the
owner’s policy and copies of all recorded title exception documents;

(xii) the original UCC–9 Policy in favor of the Originator or the Seller and its
successors and assigns;

(xiii) copies of all documents required by Subsection 3.1(a) that relate to the
Underlying Mortgaged Property and any senior loan on the Underlying Mortgaged Property;

(xiv) if applicable, the original of any power of attorney relating to the subject
Mortgage Asset, executed in blank or executed in favor of the Originator or the Seller and
its successors and assigns;

(xv) to the extent applicable, the original related Interest Rate Protection
Agreements, together with (A) the originals of all intervening assignments thereof showing a
complete chain of assignment from the Originator to the Seller, and (B) an original
assignment of such document executed by the Seller in blank;

(xvi) copies of all Servicing Agreements and Pooling and Servicing Agreements, as
applicable;

(xvii) the originals of all additional documents required to be added to the Mortgage
Asset File by the Purchaser or pursuant to this Agreement, the Repurchase Documents or a
Confirmation, together with (A) the originals of all intervening assignments thereof showing
a complete chain of assignment from the Originator to the Seller, and (B) an original
assignment executed by the Seller in blank;

(xviii) copies of legal opinions delivered in connection with the closing of the
Mortgage Asset and any subsequently delivered reliance letters;

(xix) the originals of all additional documents executed in connection with the
Mortgage Asset or identified on any closing checklist, closing index or the Mortgage Asset
File Checklist, together with (A) the originals of all assignments thereof showing a
complete chain of assignment from the Originator to the Seller, and (B) an assignment
executed by the Seller in blank;

(xx) a copy of the notice to the applicable Person under the intercreditor agreement
(or the equivalent) that the Purchaser is a pledgee of the Mezzanine Loan;

(xxi) the original of any assignment, assignment and assumption agreement or any
similar document required by the terms of any Mortgage Loan Document to effectuate an
assignment of such Mortgage Asset, executed by the Seller in blank;

(xxii) either an original, fully executed Seller’s Release Letter or an original, fully
executed Warehouse Lender’s Release Letter; and

(xxiii) the original Assignment required by the Repurchase Agreement executed by the
Seller in blank.

(d) With respect to each Bridge Loan, the Mortgage Loan Documents shall include the Mortgage
Loan Documents for a Whole Loan.

(e) Whenever the term “Mortgage Asset File” is used in this Agreement to refer to documents
actually received by the Custodian, such term shall not be deemed to include such documents and
instruments required to be included therein unless they are actually so received. Each of the
documents referred to in Subsections 3.1(a), (b), (c) and (d) above
shall be executed by all relevant Persons.

(f) With respect to all Mortgage Asset Files:

(i) From time to time, the Seller shall forward to the Custodian additional original
documents or additional documents evidencing any assumption, modification, amendment,
consolidation, extension, substitution or restatement of a Purchased Asset approved by the
Seller, in accordance with the terms of the Repurchase Documents, and upon receipt of any
such documents and such other documents, the Custodian shall hold such documents and such
other documents as the Purchaser shall request from time to time.

(ii) With respect to any documents that have been delivered or are being delivered to
recording offices for recording and have not been returned to the Seller in time to permit
their delivery hereunder at the time required, in lieu of delivering such original
documents, the Seller shall deliver to the Custodian a copy thereof certified to be a true
and correct copy of the original delivered to the appropriate recording office, and the
Seller shall deliver such original documents, together with any related policy of title
insurance not previously delivered to the Custodian (with evidence of recording or filing,
as applicable, thereon or therein, as applicable), promptly after they are received.

(iii) Each and every assignment of a Mortgage Loan Document required hereunder shall be
in recordable form if recordation of such assignment is necessary or desirable or required
to be recorded by the terms of the applicable Mortgage Loan Document, Applicable Law or
custom for such assignment to be effective or to put third parties on notice of the
assignment or for the assignee to assert its interest therein, to be recognized as the
assignee or owner thereof or to exercise any rights or remedies or enforce any agreements,
obligations, duties or liabilities thereunder.

(iv) Unless otherwise indicated herein or approved by the Purchaser, all Mortgage Loan
Documents shall be originals.

(g) With respect to assignments to the Seller and by the Seller to the Purchaser of Mortgage
Loan Documents other than (i) Assignments of Mortgage, (ii) Assignments of Leases, (iii) UCC
assignments, (iv) assignments of the Mortgage Notes, Junior Interest Notes and Mezzanine Notes,
(v) the Assignment, (vi) the assignment, the assignment and assumption or other similar document(s)
(if any) required under the terms of the Mortgage Loan Documents to effectuate an assignment
thereunder of the Mortgage Asset by the Seller, (vii) assignments of other documents that, by
Applicable Law or custom, are separately assigned or required to be separately assigned, and
(viii) such Mortgage Loan Documents as the Purchaser may designate from time to time, the Seller
may acquire such Mortgage Loan Documents by an original omnibus assignment and may assign such
Mortgage Loan Documents to the Purchaser in blank by an original omnibus assignment. From time to
time, in the Purchaser’s discretion, the Purchaser may request an original executed assignment in
blank with respect to any Mortgage Loan Document for which an individual assignment in blank was
not previously provided.

	 	 	 	Section 3.2 Asset Schedule and Exception Report; Trust Receipt.	 

(a) For Non–Table Funded Purchased Assets, no later than 1:00 p.m. at least (i) one (1)
Business Day for any single Non–Table Funded Purchased Asset and (ii) two (2) Business Days for
more than one (1) Non–Table Funded Purchased Assets, prior to the related Purchase Date, and for
Table Funded Purchased Assets, no later than 1:00 p.m. three (3) Business Days after the applicable
Purchase Date, the Seller shall deliver (or, in the case of a Table Funded Purchased Asset, cause
the Bailee to deliver, as applicable) to the Custodian the Mortgage Asset Files, a Seller Asset
Schedule, a Mortgage Asset File Checklist and a Custodial Identification Certificate.

(b) (i) For each Non–Table Funded Purchased Asset, the Custodian shall deliver via Electronic
Transmission to the Purchaser, with a copy to the Seller, no later than 1:00 p.m., on each Purchase
Date, a Trust Receipt (along with a completed Mortgage Asset File Checklist attached thereto) in
respect of the Eligible Assets to be sold to the Purchaser on such Purchase Date acknowledging
that, as to each Eligible Asset, the related Mortgage Asset Files are in its possession. In
connection with the delivery of the Trust Receipt under this Subsection 3.2(b)(i) (along
with a completed Mortgage Asset File Checklist attached thereto), the Custodian shall also deliver
to the Purchaser, with a copy to the Seller, a completed Asset Schedule and Exception Report
relating to the Basic Mortgage Asset Documents for all Eligible Assets that are held hereunder by
the Custodian and are to be purchased by the Purchaser on such day and (ii) with respect to each
Table Funded Purchased Asset, the Seller shall cause the Bailee to deliver to the Custodian with a
copy to the Purchaser no later than 1:00 p.m. on the Purchase Date by facsimile the related Basic
Mortgage Asset Documents, a fully executed Bailee Agreement, a Bailee’s Trust Receipt issued by the
Bailee thereunder and such other evidence satisfactory to the Purchaser in its discretion that all
documents necessary to effect a transfer of such Eligible Assets to the Purchaser have been
delivered to Bailee. With respect to each Table Funded Purchased Asset, the Custodian shall
deliver to the Purchaser (with a copy to the Seller) a Table Funded Trust Receipt no later than
3:00 p.m. on the Purchase Date, which documents shall all be acceptable to the Purchaser in its
sole discretion. In the case of a Table Funded Purchased Asset, no later than 3:00 p.m. on the
second (2nd) Business Day following the Custodian’s receipt of the related Mortgage Loan Documents
comprising the Mortgage Asset File, the Custodian shall deliver to the Purchaser a Trust Receipt
(along with a completed Mortgage Asset File Checklist attached thereto) certifying its receipt of
the documents required to be delivered pursuant to the Custodial Agreement, together with an Asset
Schedule and Exception Report relating to the Basic Mortgage Asset Documents, with any Exceptions
identified by the Custodian as of the date and time of delivery of such Asset Schedule and
Exception Report.

(c) Not later than five (5) Business Days after the related Purchase Date, in the case of
Non–Table Funded Purchased Assets, and, not later than five (5) Business Days after the Custodian’s
receipt of the Mortgage Asset Files for Table Funded Purchased Assets, the Custodian shall deliver
to the Purchaser and any other parties designated by the Purchaser an updated Asset Schedule and
Exception Report addressing the Mortgage Asset Files then held by the Custodian. The delivery of
each Asset Schedule and Exception Report to the Purchaser shall be the Custodian’s representation
that, other than the Exceptions listed as part of the Asset Schedule and Exception Report: (i) all
documents required to be delivered in respect of each Purchased Asset pursuant to
Article III of this Agreement have been delivered and are in the possession of the
Custodian as part of the Mortgage Asset File for such Purchased Asset, (ii) the Custodian is
holding each Purchased Asset identified on the Asset Schedule and Exception Report and the related
Mortgage Loan Documents pursuant to this Agreement as the bailee of and custodian for the Purchaser
and/or its designees, and (iii) all such documents have been reviewed by the Custodian and
(A) appear on their face to be regular (handwritten additions, changes or corrections shall not
constitute irregularities if initialed by the Seller), (B) appear to have been executed,
(C) purport to relate to such Purchased Asset, and (iv) satisfy the requirements set forth in
Section 3.1 of this Agreement and the Review Procedures. Each Asset Schedule and Exception
Report delivered by the Custodian to the Purchaser shall supersede and cancel the Asset Schedule
and Exception Report previously delivered by the Custodian to the Purchaser hereunder and shall
replace the then existing Asset Schedule and Exception Report attached to the Trust Receipt.
Except as provided in Subsection 3.2(b), in no event shall the Custodian list any Purchased
Asset on an Asset Schedule and Exception Report if the Custodian has not yet reviewed the related
Mortgage Asset File.

(d) During the term of this Agreement, the Custodian shall forward to the Purchaser, with a
copy to the Seller and such other parties as may be designated by the Purchaser, an Asset Detail
Report (or an update of any such Asset Detail Report previously requested and delivered hereunder)
for each Purchased Asset subject to this Agreement and an updated or amended Asset Schedule and
Exception Report (or an update of any such Asset Schedule and Exception Report previously requested
and delivered hereunder) setting forth the Exceptions (if any) for the Purchased Assets for which
the Custodian holds a Mortgage Asset File pursuant to this Agreement (i) on the twentieth (20th)
day of each month, or if such day is not a Business Day, the next succeeding Business Day, and
(ii) promptly upon the written request of the Purchaser.

(e) Upon the written direction of the Purchaser from and after the occurrence of an Event of
Default only, the Custodian shall submit for recording and/or filing any assignments, instruments
of transfer or other documents with respect to each related Purchased Asset. The Seller shall be
responsible for all reasonable out–of–pocket costs and expenses of the Custodian associated with
the recording and/or filing of any such assignments, instruments of transfer or other documents
with respect to each related Purchased Asset.

(f) In connection with a Purchaser Transaction described in Section 4.4 and upon the
written direction of the Purchaser and the prior surrender by the Purchaser of the original Trust
Receipt, the Custodian shall deliver to the Purchaser a new Trust Receipt.

	 	 	 	Section 3.3 Custodian’s Review.	 

The Custodian has no duty or obligation to inspect, review or examine any of the documents,
instruments, certificates or other papers relating to the Eligible Assets or Purchased Assets
delivered to it to determine that the same are valid, legal, effective, genuine, binding,
enforceable, sufficient or appropriate for the represented purpose or that they are other than what
they purport to be on their face. Furthermore, the Custodian shall not have any responsibility for
determining whether the text of any assignment or endorsement is in proper or recordable form,
whether the requisite recording of any document is in accordance with the requirements of any
applicable jurisdiction or whether a blanket assignment is permitted in any applicable
jurisdiction. The Custodian shall hold any letter of credit in a custodial capacity only and shall
have no obligation to maintain, extend the term of, enforce or otherwise pursue any rights under
such letter of credit; provided, however, the Custodian shall notify the Purchaser
if a letter of credit expires without being renewed. The Exceptions shall be set forth with
particularity in the Asset Schedule and Exception Report, especially in regard to the nature of a
defective or missing document or the lack of evidence of recordation.

	 	 	 	Section 3.4 Discrepancies.	 

Notwithstanding anything to the contrary set forth herein, in the event that the Asset
Schedule and Exception Report attached to the Trust Receipt is different from the most recently
delivered Asset Schedule and Exception Report, then the most recently delivered Asset Schedule and
Exception Report shall control and be binding upon the parties hereto.

ARTICLE IV

OBLIGATIONS OF CUSTODIAN

	 	 	 	Section 4.1 Custody.	 

The Custodian shall, subject to the terms of this Agreement, maintain continuous custody of
all items constituting the Mortgage Asset Files in secure facilities in accordance with customary
standards for such custody and shall reflect in its records the interest of the Purchaser therein.
All documents which comprise the Mortgage Asset File shall be maintained in fire resistant
facilities located at 1015 10th Avenue SE, Minneapolis, Minnesota 55414.

	 	 	 	Section 4.2 Obligations.	 

With respect to the documents constituting each Mortgage Asset File, the Custodian shall
(i) act exclusively as the bailee of, and the custodian for, the Purchaser, (ii) hold all documents
constituting such Mortgage Asset File received by it for the exclusive use and benefit of the
Purchaser and (iii) make disposition thereof only in accordance with the terms of this Agreement or
with written instructions furnished by the Purchaser; provided, however, that in
the event of a conflict between the terms of this Agreement and the written instructions of the
Purchaser, the Purchaser’s written instructions shall control.

	 	 	 	Section 4.3 Levy, Attachment and Other Court Orders.	 

In the event that (i) the Purchaser, the Seller or the Custodian shall be served by a third
party with any type of levy, attachment, writ or court order with respect to any Mortgage Asset
File or any Mortgage Loan Document, or (ii) a third party shall institute any court proceeding by
which any Mortgage Asset File or any Mortgage Loan Document shall be required to be delivered
otherwise than in accordance with the provisions of this Agreement, the party receiving such
service shall promptly deliver or cause to be delivered to the other parties to this Agreement
copies of all court papers, orders, documents and other materials concerning such proceedings. The
Custodian shall, to the extent permitted by Applicable Law, continue to hold and maintain under the
terms of this Agreement all the Mortgage Asset Files that are the subject of such proceedings
pending a final, nonappealable order of a court of competent jurisdiction permitting or directing
disposition thereof. Upon the final determination of such court, the Custodian shall dispose of
such Mortgage Asset File or any Mortgage Loan Document as directed by the Purchaser, consistent
with such determination of such court, and the Seller shall indemnify the Purchaser for all losses,
damages, costs and expenses (including attorneys fees and costs) incurred by reason or as a result
thereof. Expenses of the Custodian incurred as a result of such proceedings shall be borne by the
Seller.

	 	 	 	Section 4.4 Sale, Pledge, or Rehypothecation.	 

The Seller and the Custodian acknowledge and agree that the Purchaser may sell, pledge, enter
into a repurchase transaction or grant a security interest in, or otherwise rehypothecate one or
more of the Purchased Assets held by the Custodian pursuant to the terms of this Agreement (each, a
“Purchaser Transaction”) to any Person permitted by the Repurchase Agreement (each a
“Purchaser Transferee”). In connection with any Purchaser Transaction that so provides,
the Purchaser may cause the Custodian to issue Trust Receipts in the name of the Purchaser
Transferee. The Purchaser Transferee shall succeed to the rights and obligations hereunder of the
“Purchaser”, as applicable, solely with respect to the Purchased Asset or portion thereof
identified in such Trust Receipt, and, thereafter, all applicable references to the Purchaser
herein shall be deemed to include the Purchaser’s assignees, pledgees or designees;
provided, however, that if the Trust Receipt is issued in the name of any Person
other than the Purchaser, then such holder and the Custodian shall enter into a new custodial
arrangement with respect to the related Purchased Asset promptly and in no event later than
ninety (90) days following the date on which the Trust Receipt is re–issued; and provided,
further, that if the holder and the Custodian fail to agree on the terms of such
replacement arrangement within such time, the Custodian shall have the right to terminate the
Agreement with respect to the related Purchased Asset only (to the extent the Purchaser has
transferred all of its rights and interests therein) and to release the Purchased Asset and the
related Mortgage Asset File in accordance with the written instructions of such holder and such
Purchased Asset shall no longer be subject to this Agreement.

	 	 	 	Section 4.5 Reliance of the Custodian.	 

In the absence of bad faith on the part of the Custodian, the Custodian may conclusively rely,
as to the truth of the statements and the correctness of the opinions expressed therein, upon any
request, instruction, certificate, opinion or other document furnished to the Custodian, reasonably
believed by the Custodian to be genuine and to have been signed or presented by the proper party or
parties and conforming to the requirements of this Agreement; provided, however,
that in the case of any Mortgage Loan Document or other request, instruction, document or
certificate that by any provision hereof is specifically required to be furnished to the Custodian,
the Custodian shall be under a duty to examine the same in accordance with the requirements of this
Agreement.

ARTICLE V

RELEASE OF MORTGAGE ASSET FILES

	 	 	 	Section 5.1 Release of Documentation for Correcting Document Deficiencies.	 

From time to time until the occurrence of a Default or an Event of Default and as appropriate
for correcting document deficiencies, the Custodian is hereby authorized, upon receipt of a Request
for Release and Receipt executed by the Seller to release to the Seller or its designee the
requested Mortgage Asset File or one (1) or more identified Mortgage Loan Documents relating to a
Purchased Asset in the possession of the Custodian. The preceding sentence respecting release to
the Seller or its designee of the Mortgage Asset Files shall be operative only to the extent that,
at any given time, the Custodian shall not have released to the Seller or its designees, pursuant
to this Section 5.1 or Section 5.2, Mortgage Asset Files or Mortgage Loan Documents
pertaining to Purchased Assets at the time being held by the Custodian on behalf of the Purchaser
with an aggregate outstanding principal balance greater than $5,000,000 (the “Release
Limit”). In the event the Seller or its designee requests the release of a Mortgage Asset File
or Mortgage Loan Documents to the Seller or its designee and the release thereof by the Custodian
would exceed the Release Limit, the Custodian shall notify the Purchaser and obtain an
acknowledgment from the Purchaser prior to complying with such requested release (which
acknowledgment may be granted or denied in the Purchaser’s discretion). The Custodian shall
promptly notify the Purchaser that it has released any Mortgage Asset File or any Mortgage Loan
Document to the Seller or its designee. The Seller and its designees shall hold each Mortgage
Asset File and each Mortgage Loan Document delivered to such Person pursuant to this
Section 5.1 as the bailee for the Purchaser. The Seller and its designees shall return to
the Custodian each document previously released from the Custodian’s possession within ten (10)
Business Days of the Custodian’s release thereof, and the Seller shall indemnify the Purchaser for
all losses, damages, costs and expenses (including attorneys’ fees and costs) incurred by reason of
or as a result of the Seller’s (or its designee’s) failure to comply with such requirement. The
Seller hereby further covenants to the Purchaser and the Custodian that any request by the Seller
for release of Mortgage Asset Files or Mortgage Loan Documents pursuant to this Section 5.1
shall be solely for the purposes of correcting clerical or other non–substantial documentation
problems in preparation for returning such Mortgage Asset File or Mortgage Loan Documents to the
Custodian for ultimate sale or exchange and that the Seller has requested such release in
compliance with all terms and conditions of such release set forth herein and in the Repurchase
Agreement. Notwithstanding anything to the contrary contained in the foregoing, Mortgage Notes,
Mezzanine Notes and Junior Interest Notes shall be released only for the purpose of (i) ultimate
sale or exchange, or (ii) presentation, collection, enforcement, renewal, amendment or registration
of transfer. The provisions of this Section 5.1 relating to indemnification shall survive
the termination of this Agreement.

	 	 	 	Section 5.2 Release of Mortgage Asset File and Documentation for Servicing.	 

From time to time until the occurrence of a Default or an Event of Default, and as appropriate
for the servicing of any of the Purchased Assets, the Custodian shall, upon receipt from the Seller
of a Request for Release of Documents and Receipt executed by the Seller and the related Servicer,
release to the Seller or its designee the Mortgage Asset File or Mortgage Loan Documents set forth
in such request relating to Purchased Assets in the possession of the Custodian. The preceding
sentence respecting release to the Seller or its designee of the Custodian’s Mortgage Asset Files
shall be operative only to the extent that, at any given time, the Custodian shall not have
released to the Seller or its designees, pursuant to Section 5.1 or this
Section 5.2, Mortgage Asset Files or Mortgage Loan Documents pertaining to Purchased Assets
at the time being held by the Custodian on behalf of the Purchaser with an aggregate outstanding
principal balance greater than the Release Limit. In the event the Seller requests the release of
a Mortgage Asset File or Mortgage Loan Documents to the Seller or its designee with respect to a
Purchased Asset, and the release thereof would exceed the Release Limit, the Custodian shall notify
the Purchaser and obtain an acknowledgment from the Purchaser prior to complying with such
requested release (which acknowledgment may be granted or denied in the Purchaser’s discretion).
The Custodian shall promptly notify the Purchaser after it has released any Mortgage Asset File or
any Mortgage Loan Document to the Seller or its designee. The Seller and its designees shall hold
each Mortgage Asset File and each Mortgage Loan Document delivered to it pursuant to this
Section 5.2 as the bailee for the Purchaser. The Seller or its designee shall return to
the Custodian each document previously released from the Custodian’s possession within ten (10)
Business Days of the Custodian’s release thereof, and the Seller shall indemnify the Purchaser for
all losses, damages, costs and expenses (including attorneys’ fees and costs) incurred by reason of
the Seller’s (or its designee’s) failure to comply with such requirement. The Seller hereby
further covenants to the Purchaser and the Custodian that any such request by the Seller or its
designee for release of Mortgage Loan Documents or Mortgage Asset Files pursuant to this
Section 5.2 shall be solely for the purposes of paying off or servicing of any of the
Purchased Assets. Notwithstanding anything to the contrary contained in the foregoing, Mortgage
Notes, Mezzanine Notes and Junior Interest Notes shall be released only for the purpose of
(i) ultimate sale or exchange, or (ii) presentation, collection, enforcement, renewal, amendment or
registration of transfer. The provisions of this Section 5.2 relating to indemnification
shall survive the termination of this Agreement.

	 	 	 	Section 5.3 Release of Documents to Third–Party for Resale.	 

(a) From time to time until the occurrence of a Default or an Event of Default, the Custodian
is hereby authorized, upon receipt of a Request for Release executed by the Seller and approved in
writing by the Purchaser in its discretion, to release Mortgage Asset Files in the possession of
the Custodian to a third–party purchaser for the purpose of resale thereof. The Seller’s ability
to issue a Request for Release shall be subject to the terms of the Repurchase Agreement and the
Purchaser’s and any proposed transferee’s rights in the Purchased Asset. The Purchaser shall have
no obligation to approve any such Request for Release after the occurrence of a Default or an Event
of Default. On such Request for Release, the Seller shall indicate the Purchased Assets to be
sold, the purchase price for such Purchased Asset anticipated to be received, the name and address
of the third–party purchaser, the preferred method of delivery and the date of desired delivery.

(b) Any transmittal of documentation for Purchased Assets in the possession of the Custodian
in connection with the sale thereof to a third–party purchaser or the shipment to a custodian or
trustee in connection with the formation of a mortgage pool supporting a mortgage backed security
(an “MBS”) will be under cover of a transmittal letter substantially in the form of the
Transmittal and Bailment Letter attached as Annex 11 hereto, duly completed and executed by
the Custodian. Promptly upon (x) the remittance by such third–party purchaser of the full
Repurchase Price of the Purchased Asset, or (y) the issuance of such MBS, the Purchaser shall
notify the Custodian thereof.

(c) In the event that a third–party purchaser rejects a Purchased Asset for purchase pursuant
to this Section 5.3 for any reason whatsoever, the Custodian shall promptly notify the
Seller and the Purchaser upon receipt of the returned Mortgage Asset File or notification from the
third–party purchaser, and the Seller may deliver to the Custodian a new Request for Release
covering such Purchased Asset. In the event that the Seller has no alternative third–party
purchaser for such Purchased Asset, the Purchaser shall assign such Purchased Asset a new Asset
Value in accordance with the Repurchase Agreement.

	 	 	 
	Section 5.4	 	[Reserved].
	Section 5.5

	 	Notification by the Purchaser.
	
 
	 	 

Following notification by the Purchaser (which may be by facsimile) to the Custodian that a
Default or an Event of Default has occurred and is continuing, the Custodian shall not release, or
incur any liability to the Seller or any other Person for refusing to release, any item relating to
any Purchased Asset (including, without limitation, the Mortgage Asset Files and Mortgage Loan
Documents) to the Seller or any other Person without the express prior written consent and at the
direction of the Purchaser.

	 	 	 	Section 5.6 Monitoring.	 

The Custodian shall at all times monitor any release of Mortgage Asset Files and Mortgage Loan
Documents under Sections 5.1, 5.2 and 5.3 and shall track the period of
time that has elapsed for any such release of Mortgage Asset Files and Mortgage Loan Documents and
shall report such information to the Purchaser daily and in the same manner as the Custodian
provides an Asset Schedule and Exception Report.

	 	 	 	Section 5.7 Method of Shipment.	 

Prior to any shipment of Mortgage Asset Files or Mortgage Loan Documents hereunder, the Seller
shall deliver to the Custodian written instructions as to the method of shipment and the
shippers(s) the Custodian is to utilize in connection with the transmission of the Mortgage Asset
Files or Mortgage Loan Documents in the performance of the Custodian’s duties hereunder. The
Seller shall arrange for the provision of such services at its sole cost and expense (or, at the
Custodian’s option, reimburse the Custodian for all costs and expenses incurred by the Custodian
consistent with the instructions), and the Seller shall maintain such insurance against loss or
damage to the Mortgage Asset Files and Mortgage Loan Documents in such amounts as the Purchaser
deems appropriate in its discretion. Without limiting the generality of the provisions of
Section 11.2, it is expressly agreed that in no event shall the Custodian have any
liability for any losses or damages to the Seller arising out of actions of the Custodian
consistent with the instructions of the Seller. In the event the Custodian does not receive such
written instructions, the Custodian shall be authorized to utilize any nationally recognized
courier or delivery service.

ARTICLE VI

FEES AND EXPENSES OF CUSTODIAN

	 	 	 	Section 6.1 Fees.	 

The Custodian shall charge such fees for its services under this Agreement as are set forth in
the Custodial Fee Letter, the payment of which fees, together with the Custodian’s expenses in
connection herewith, shall be solely the joint and several obligation of each Seller (if more than
one (1)). The failure of the Seller to pay any such fees shall not excuse the performance by the
Custodian of any of its obligations hereunder.

ARTICLE VII

REMOVAL OR RESIGNATION OF CUSTODIAN

	 	 	 	Section 7.1 Resignation.	 

The Custodian may at any time resign and terminate its obligations under this Agreement upon
at least ninety (90) days’ prior written notice to the Seller and the Purchaser. Promptly after
receipt of notice of the Custodian’s resignation, the Purchaser shall appoint, by written
instrument, a successor custodian (“Successor Custodian”). One original counterpart of
such instrument of appointment shall be delivered to each of the Purchaser, the Seller, the
Custodian and the Successor Custodian. In the event that no Successor Custodian shall have been
appointed within such ninety (90) day notice period, the Custodian may petition any court of
competent jurisdiction to appoint a Successor Custodian.

	 	 	 	Section 7.2 Removal and Discharge.	 

The Purchaser, upon at least thirty (30) days’ prior written notice to the Custodian, may
remove and discharge (with or without cause) the Custodian (or any Successor Custodian thereafter
appointed) from the performance of its obligations under this Agreement. Promptly after the giving
of notice of removal of the Custodian, the Purchaser shall appoint, by written instrument, a
Successor Custodian. One original counterpart of such instrument of appointment shall be delivered
to each of the Purchaser, the Seller, the Custodian and the Successor Custodian.

	 	 	 	Section 7.3 Successor.	 

In the event of any such resignation or removal, the Custodian shall promptly transfer to the
Successor Custodian, as directed in writing by the Purchaser, all the Mortgage Asset Files and the
Mortgage Loan Documents being administered under this Agreement and, if the endorsements on the
Mortgage Notes, the Mezzanine Notes, the Junior Interest Notes, the Assignments of Mortgage, the
Assignment of Leases or any other documents have been completed in the name of the Custodian, the
Custodian shall assign and endorse, as applicable, without recourse, all such documents to the
Successor Custodian or as otherwise directed by the Purchaser. The cost of the shipment of the
Mortgage Asset Files and the Mortgage Loan Documents arising out of the resignation or removal of
the Custodian shall be at the expense of the Custodian; provided, however, that if
the sole reason for the Custodian’s resignation is due to the non–payment of the fees and expenses
due to it hereunder by the Seller, then the shipment cost of such shipment of the Mortgage Asset
Files and the Mortgage Loan Documents shall be at the expense of the Seller. The Seller shall be
responsible for the fees and expenses of the Successor Custodian and the fees and expenses for
endorsing and assigning the Mortgage Notes, the Mezzanine Notes, the Junior Interest Notes, the
Assignments of Mortgage, the Assignment of Leases or any other documents that have been completed
in the name of the Custodian to the Successor Custodian if required pursuant to this
Section 7.3. The Custodian shall not be relieved of its duties under this Agreement until
a Successor Custodian is appointed and accepts such appointment as provided herein. The Custodian
shall continue to be liable for its acts or omissions that occurred prior to the appointment and
acceptance of a Successor Custodian.

ARTICLE VIII

EXAMINATION OF FILES, BOOKS AND RECORDS

	 	 	 	Section 8.1 Examination.	 

Upon reasonable prior notice to the Seller and the Custodian and at the Seller’s expense, the
Purchaser, the Seller and each of their respective agents, accountants, attorneys and auditors will
be permitted during normal business hours to examine, inspect, and make copies of the Mortgage
Asset Files, the Mortgage Loan Documents and any and all documents, records and other instruments
or information in the possession of or under the control of the Custodian relating to any or all of
the Purchased Assets and the other Purchased Items. All out of pocket and other reasonable
expenses of such inspections shall be paid by the Seller.

ARTICLE IX

INSURANCE

	 	 	 	Section 9.1 Insurance.	 

At its own expense, the Custodian shall maintain at all times during the existence of this
Agreement and keep in full force and effect for the benefit of the Purchaser and the Seller as
their interests appear under this Agreement, the Repurchase Agreement and the other Repurchase
Documents, fidelity insurance, document hazard insurance, theft of documents insurance, forgery
insurance and errors and omission insurance. All such insurance shall be in amounts, with standard
coverages and subject to standard deductibles, as is customary for insurance typically maintained
by prudent institutions that act as a custodian of original commercial loan documents. The minimum
coverage under any such bond and insurance policies shall be at least equal to the corresponding
amounts typically maintained by prudent institutions that manage similar properties. A certificate
of an Authorized Representative of the Custodian shall be furnished to the Seller and the
Purchaser, upon request, stating that such insurance is in full force and effect.

ARTICLE X

REPRESENTATIONS AND WARRANTIES

	 	 	 	Section 10.1 Custodian Representations and Warranties.	 

(a) The Custodian represents and warrants to, and covenants with, the Purchaser and the
Seller, as of date of this Agreement, and shall be deemed to restate as of each Purchase Date,
that:

(i) The Custodian is duly organized and validly existing as a national banking
association under the laws of the United States.

(ii) The Custodian’s execution and delivery of, performance under and compliance with
this Agreement will not violate the Custodian’s organizational documents or constitute a
default (or an event that, with notice or lapse of time, or both, would constitute a
default) under, or result in a material breach of, any Contractual Obligation to which it is
a party or by which it is bound.

(iii) The Custodian has the full power and authority to enter into and consummate all
transactions contemplated by this Agreement, has duly authorized the execution, delivery and
performance of this Agreement, and has duly executed and delivered this Agreement.

(iv) This Agreement constitutes a valid, legal and binding obligation of the Custodian,
enforceable against the Custodian in accordance with the terms hereof, subject to
(A) applicable bankruptcy, insolvency, reorganization, moratorium and other laws affecting
the enforcement of creditors’ rights generally and the rights of creditors of banks, and
(B) general principles of equity, regardless of whether such enforcement is considered in a
proceeding in equity or at law.

(v) The Custodian is not in violation of, and its execution and delivery of,
performance under and compliance with this Agreement will not constitute a violation of, any
Applicable Law, any order or decree of any court or arbiter, or any order, regulation or
demand of any Governmental Authority.

(vi) No consent, approval, authorization or order of any Governmental Agency is
required for the consummation by the Custodian of the transactions contemplated herein,
except for those consents, approvals, authorizations or orders that previously have been
obtained.

(vii) No litigation is pending or, to the best of the Custodian’s knowledge, threatened
against the Custodian that, if determined adversely to the Custodian, would prohibit the
Custodian from entering into this Agreement or that, in the Custodian’s good faith and
reasonable judgment, is likely to materially and adversely affect either the ability of the
Custodian to perform its obligations under this Agreement or the financial condition of the
Custodian.

(b) The representations and warranties of the Custodian set forth in
Subsection 10.1(a) shall survive the execution, delivery and termination of this Agreement
and shall inure to the benefit of the Persons for whose benefit they were made for so long as this
Agreement is in effect. Upon discovery by any party hereto of a breach of any such representations
and warranties, the party discovering such breach shall give prompt written notice thereof to the
other parties hereto.

(c) Any Successor Custodian shall be deemed to have made, as of the date of its succession,
each of the representations and warranties set forth in Subsection 10.1(a), subject to such
appropriate modifications to the representation and warranty set forth in
Subsection 10.1(a)(i) to accurately reflect such successor’s jurisdiction of organization
and whether it is a corporation, limited liability company, partnership, bank, association or other
type of organization.

	 	 	 	Section 10.2 Seller Representations and Warranties.	 

The Seller hereby makes to the Custodian the same representations and warranties that the
Seller makes to the Purchaser under Section 4.1(a) – (g) of the Repurchase
Agreement.

ARTICLE XI

MISCELLANEOUS

	 	 	 	Section 11.1 No Adverse Interest.	 

By execution of this Agreement, the Custodian represents and warrants that it currently holds,
and during the existence of this Agreement shall hold, no adverse interest, by way of security or
otherwise, in any Purchased Asset or any other Purchased Item, and hereby waives and releases any
such interest that it may have in any Purchased Asset or Purchased Item as of the date hereof. The
Purchased Asset and other Purchased Items shall not be subject to, and the Custodian hereby waives,
any security interest, Lien or right of set–off by the Custodian or any third party claiming
through the Custodian, and the Custodian shall not pledge, encumber, hypothecate, transfer, dispose
of, or otherwise grant any third party interest in, the Purchased Assets and the other Purchased
Items.

	 	 	 	Section 11.2 Indemnification.	 

(a) The Seller agrees to indemnify and hold the Custodian and its affiliates, directors,
officers, agents and employees harmless against any and all liabilities, obligations, losses,
damages, penalties, actions, judgments, suits, costs, expenses or disbursements of any kind or
nature whatsoever, including reasonable attorneys’ fees and costs, that may be imposed on, incurred
by, or asserted against it in any way relating to or arising out of this Agreement or any action
taken or not taken by it hereunder, unless such liabilities, obligations, losses, damages,
penalties, actions, judgments, suits, costs, expenses or disbursements were imposed on, incurred by
or asserted against the Custodian pursuant to Subsections 11.2(b) or (c) of this
Agreement or because of the breach by the Custodian of its obligations hereunder, which breach was
caused by negligence, bad faith or willful misconduct on the part of the Custodian or any of its
respective directors, officers, agents or employees. The Custodian agrees that it will promptly
notify the Seller of any such claim, action or suit asserted or commenced against it and that the
Seller may assume the defense thereof with counsel reasonably satisfactory to the Custodian at the
Seller’s sole expense, that the Custodian will cooperate with the Seller on such defense, and that
the Custodian will not settle any such claim, action or suit without the consent of the Seller.
The foregoing indemnification shall survive any resignation or removal of the Custodian or any
Successor Custodian, or the termination or assignment of this Agreement.

(b) In the event that the Custodian fails to produce a Mortgage Loan Document or any other
document related to a Purchased Asset or other Purchased Item that was in its possession pursuant
to Article III within one (1) Business Day after required or requested by the Seller or the
Purchaser, and provided that (i) the Custodian previously delivered to the Purchaser an Asset
Schedule and Exception Report that did not list such document as an Exception on the related
Purchase Date, (ii) such document is not outstanding pursuant to a Request for Release, a Request
for Release and Receipt or a Request for Release of Documents and Receipt, and (iii) such document
was held by the Custodian on behalf of the Purchaser (any such failure being referred to herein as
a “Custodial Delivery Failure”), then the Custodian shall, (A) with respect to any missing
Mortgage Note, Mezzanine Note or Junior Interest Note, promptly deliver to the Purchaser and the
Seller, upon request, a Lost Note/Instrument Affidavit in the form of Annex 9 hereto
(“Lost Note Affidavit”), and (B) with respect to any missing document related to such
Purchased Asset or other Purchased Item, including, but not limited to, a missing Mortgage Note,
Mezzanine Note or Junior Interest Note, (1) indemnify the Seller and the Purchaser, as applicable,
in accordance with paragraph (c) below, and, (2) at the Purchaser’s option or, if required
by any Rating Agency in connection with placing any such documents in a structured and rated
transaction, obtain and maintain, at the Custodian’s expense, an insurance bond in the name of the
Purchaser, and its successors in interest and assigns, insuring against any losses associated with
the loss of any documents in the Mortgage Asset Files in an amount equal to the then outstanding
principal balance of the related Purchased Asset or such lesser amount requested by the Purchaser
in the Purchaser’s discretion.

(c) The Custodian agrees to indemnify and hold the Purchaser, the Seller and their respective
present or former Affiliates, directors, officers, owners, shareholders, members, partners,
employees, agents and representatives harmless against any and all liabilities, obligations,
losses, damages, penalties, actions, judgments, suits, costs, expenses or disbursements of any kind
or nature whatsoever, including reasonable attorneys’ fees and costs, that may be imposed on,
incurred by, or asserted against any of them in any way relating to or arising out of (i) a
Custodial Delivery Failure, (ii) any false statement in a Lost Note Affidavit, (iii) any claim of
any party that it has already purchased a mortgage loan evidenced by the lost documents, (iv) any
claim of any Borrower with respect to the existence of the terms of a Purchased Asset or other
Purchased Item evidenced by the lost document, (v) the issuance of a new instrument in lieu of such
lost document, (vi) any claim whether or not based upon or arising from honoring or refusing to
honor the original lost document when presented by any Person, and (vii) the Custodian’s breach of
the terms of this Agreement, negligence, bad faith or willful misconduct. The foregoing
indemnification shall survive the resignation or removal of the Custodian or any Successor
Custodian and any termination or assignment of this Agreement.

	 	 	 	Section 11.3 Mergers and Consolidations.	 

Any corporation into which the Custodian may be merged or converted or with which it may be
consolidated, or any corporation resulting from any merger, conversion or consolidation to which
the Custodian shall be a party, or any corporation succeeding to the business of the Custodian,
shall be the successor of the Custodian hereunder without the execution or filing of any paper with
any party hereto or any further act on the part of any of the parties hereto except (a) the
Custodian shall give prompt written notice to the parties hereto and (b) where an instrument of
transfer or assignment is required by Applicable Law to effect such succession, anything herein to
the contrary notwithstanding.

	 	 	 	Section 11.4 Term of Agreement.	 

Promptly after written notice from the Purchaser of the termination of the Repurchase
Agreement and payment in full of all amounts owing to the Purchaser and the other Affected Parties,
the Custodian shall deliver all documents remaining in the Mortgage Asset Files to the Seller, and,
except as otherwise set forth herein, this Agreement shall thereupon terminate; provided,
however, any provision of this Agreement providing indemnification to the Purchaser and/or
the Custodian or that, by its terms, expressly survives the termination of this Agreement
(including, without limitation, the provisions of Sections 5.1, 5.2, 10.1
and 11.2) shall be continuing and survive the termination of this Agreement.

	 	 	 	Section 11.5 Notices, Etc.	 

All notices and other communications provided for hereunder shall, unless otherwise stated
herein, be in writing (including telex communication and communication by facsimile copy) and
mailed, telexed, transmitted or delivered, as to each party hereto, at its address set forth under
its name on the signature pages hereof or at such other address as shall be designated by such
party in a written notice to the other parties hereto. All such notices and communications shall
be effective, upon receipt, or in the case of (a) notice by mail, five (5) days after being
deposited in the United States mail, first class postage prepaid, (b) notice by telex, when telexed
against receipt of answer back, or (c) notice by facsimile copy, when verbal communication of
receipt is obtained.

	 	 	 	Section 11.6 No Waiver.	 

No failure on the part of the Purchaser to exercise, and no delay in exercising, any right or
remedy hereunder shall operate as a waiver thereof; nor shall any single or partial exercise of any
right or remedy hereunder preclude any further exercise thereof or the exercise of any other right.

	 	 	 	Section 11.7 Authorized Representatives.	 

Each individual designated as an authorized representative of the Purchaser, the Seller or the
Custodian, respectively (an “Authorized Representative”), is authorized to give and receive
notices, requests and instructions and to deliver certificates and documents in connection with
this Agreement on behalf of such Purchaser, Seller or Custodian, as the case may be, and the name
and title of each such Authorized Representative initially authorized hereunder is set forth on
Annexes 6, 7 and 8 hereof, respectively. From time to time, the Purchaser,
the Seller and the Custodian or their respective successors or permitted assigns may, by delivering
a revised annex to the other parties hereto, change the information previously given pursuant to
this Section 11.7, but each of the parties hereto shall be entitled to rely conclusively on
the then current annex until receipt of a superseding annex.

	 	 	 	Section 11.8 Amendments and Waivers.	 

No amendment, waiver or other modification of any provision of this Agreement shall be
effective without the written agreement of the Seller, the Purchaser and the Custodian.

	 	 	 	Section 11.9 Cumulative Rights.	 

The rights, powers and remedies of the Custodian and the Purchaser under this Agreement shall
be in addition to all rights, powers and remedies given to the Custodian and the Purchaser by
virtue of any Applicable Law, the Repurchase Agreement, the Repurchase Documents or any other
agreement, all of which rights, powers and remedies shall be cumulative and may be exercised
successively or concurrently without impairing the Purchaser’s interest in the Purchased Assets or
other Purchased Items.

	 	 	 	Section 11.10 Assignment; Binding Upon Successors.	 

This Agreement may not be assigned in whole or in part by the Seller or the Custodian without
the prior written consent of the Purchaser in its discretion. This Agreement and the Purchased
Items may be assigned by the Purchaser in whole or in part as provided in Paragraph 13.16
of the Repurchase Agreement and without the consent of the Custodian or, unless required by
Paragraph 13.16 of the Repurchase Agreement, the Seller. The Purchaser shall provide the
Custodian with notice of such assignment together with written acknowledgment that the assignee is
assuming all of the obligations of the Purchaser and/or the obligations of the Purchaser under this
Agreement to the extent applicable. All rights of the Custodian, the Seller and the Purchaser
under this Agreement shall inure to the benefit of the Custodian, the Seller, the Purchaser and
their successors and permitted assigns, and all obligations of the Custodian, the Purchaser and the
Seller, respectively, shall bind their successors and permitted assigns.

	 	 	 	Section 11.11 Further Action.	 

(a) The Seller and the Custodian agree that, from time to time, at the Seller’s expense, they
will promptly execute and deliver all instruments, agreements, certificates and other documents,
and take all actions, as the Purchaser may reasonably request to carry out the purposes and intent
of this Agreement or to enable the Purchaser to exercise its rights and remedies hereunder, under
any Repurchase Document, any Purchased Asset or other Purchased Item or any Mortgage Loan Document.

(b) The Seller agrees that, from time to time, at the Seller’s expense, the Seller will
promptly execute and deliver all instruments, agreements, certificates and other documents, and
take all actions, as the Custodian may reasonably request to carry out the purposes and intent of
this Agreement.

	 	 	 	Section 11.12 Execution in Counterparts; Severability; Integration.	 

(a) This Agreement may be executed in any number of counterparts and by different parties
hereto in separate counterparts (including by facsimile), each of which when so executed shall be
deemed to be an original and all of which when taken together shall constitute one and the same
agreement.

(b) Each provision of this Agreement shall be valid, binding and enforceable to the fullest
extent permitted by Applicable Law. In case any provision in or obligation under this Agreement
shall be invalid, illegal or unenforceable in any jurisdiction (either in its entirety or as
applied to any Person, fact, circumstance, action or inaction), the validity, legality and
enforceability of the remaining provisions or obligations, or of such provision or obligation in
any other jurisdiction or as applied to any Person, fact, circumstance, action or inaction, shall
not in any way be affected or impaired thereby.

(c) This Agreement and any agreements or letters executed in connection herewith contains the
final and complete integration of all prior expressions by the parties hereto with respect to the
subject matter hereof and shall constitute the entire agreement among the parties hereto with
respect to the subject matter hereof, superseding all prior oral or written understandings other
than the Repurchase Documents.

	 	 	 	Section 11.13 Tax Reports.	 

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

	 	 	 	Section 11.14 Heading and Exhibits.	 

The headings herein are for purposes of references only and shall not otherwise affect the
meaning or interpretation of any provision hereof. The schedules, exhibits and annexes attached
hereto and referred to herein shall constitute a part of this Agreement and are incorporated into
this Agreement for all purposes.

	 	 	 	Section 11.15 Governing Law.	 

THIS AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE
OF NEW YORK (WITHOUT REGARD TO THE CONFLICT OF LAWS PROVISIONS THEREOF).

	 	 	 	Section 11.16 Confidentiality.	 

(a) The Custodian hereby acknowledges and agrees that (i) all written or computer–readable
information provided by the Purchaser or the Seller regarding the Purchaser or the Seller, the
Purchased Items, the Mortgage Asset Files and the Mortgage Loan Documents, and (ii) the terms of
this Agreement and the Repurchase Documents (the “Confidential Information”), shall be kept
confidential and shall not be divulged to any Person other than the parties hereto without the
Purchaser’s and the Seller’s prior written consent except to the extent that (i) the Custodian
reasonably deems necessary to do so in working with legal counsel, auditors, taxing authorities or
other governmental agencies or regulatory bodies or in order to comply with any Applicable Laws,
(ii) any portion of the Confidential Information is in the public domain other than due to a breach
of this covenant or (iii) to the extent that the Custodian is required to disclose Confidential
Information pursuant to the requirements of any legal proceeding. The Custodian shall notify (by
telephone and in writing) the Purchaser and the Seller within five (5) Business Days of its
knowledge of any such legally required disclosure so that the Purchaser or the Seller may seek an
appropriate protective order and/or waive the Custodian’s compliance with this Agreement. In the
absence of a protective order or waiver, the Custodian may disclose the relevant Confidential
Information if, in the written opinion of its counsel, failure to disclose such Confidential
Information would subject the Custodian to liability for contempt, censure or other legal penalty
or liability.

(b) Notwithstanding anything to the contrary contained herein or in any related document, all
Persons may disclose to any and all Persons, without limitation of any kind, the federal income tax
treatment of any of the transactions contemplated by this Agreement and the Repurchase Documents or
any other related document, any fact relevant to understanding the federal tax treatment of such
transactions and all materials of any kind (including opinions or other tax analyses) relating to
such federal income tax treatment.

	 	 	 	Section 11.17 Costs and Expenses.	 

In addition to the rights of indemnification granted under Section 11.2 and the rights
of the Purchaser under the other Repurchase Documents, the Seller agrees to pay on demand all
reasonable out–of–pocket costs and expenses of the Purchaser and the Custodian incurred in
connection with the preparation, execution, delivery, renewal, amendment or modification of, or any
waiver or consent issued in connection with, this Agreement, the Repurchase Documents, each
Transaction and the other documents to be delivered hereunder or thereunder or in connection
herewith or therewith, including, without limitation, the reasonable fees and out–of–pocket
expenses of counsel for the Purchaser and the Custodian with respect thereto and with respect to
advising the Purchaser and the Custodian as to their rights and remedies under this Agreement, the
Repurchase Documents and the other documents to be delivered hereunder or in connection herewith,
and all costs and expenses, if any (including reasonable counsel fees and expenses), incurred by
the Purchaser and the Custodian in connection with the enforcement of this Agreement, the
Repurchase Documents and the other documents to be delivered hereunder or thereunder or in
connection herewith or therewith, and all costs and expenses of the Purchaser and the Custodian in
connection with the administration of this Agreement and the review, audit and inspection of the
Mortgage Asset Files, the Mortgage Loan Documents and other documents, agreements and certificates
required or contemplated hereunder.

	 	 	 	Section 11.18 Waiver of Setoff.	 

Each of the parties hereto (other than the Purchaser) hereby waives any right of setoff it may
have or to which it may be entitled under this Agreement or under Applicable Law from time to time
against the Purchaser, the Purchased Assets and other Purchased Items, the Mortgage Asset Files,
the Mortgage Loan Documents and the Purchaser’s assets and Properties.

	 	 	 	Section 11.19 Legal Matters.	 

If there is any conflict between the terms of the Repurchase Agreement or any Transaction
entered into thereunder and this Agreement, the Repurchase Agreement shall prevail.

	 	 	 	Section 11.20 Waiver.	 

(a) THE SELLER KNOWINGLY, VOLUNTARILY AND INTENTIONALLY WAIVES ANY RIGHT TO ASSERT A
COUNTERCLAIM, OTHER THAN A COMPULSORY COUNTERCLAIM, IN ANY ACTION OR PROCEEDING BROUGHT AGAINST IT
BY ANY OTHER PARTY, THE AFFECTED PARTIES OR ANY OF THEIR AFFILIATES OR AGENTS.

(b) TO THE EXTENT PERMITTED BY APPLICABLE LAW, EACH OF THE PARTIES HERETO KNOWINGLY,
VOLUNTARILY AND INTENTIONALLY HEREBY WAIVES ANY RIGHT TO HAVE A JURY PARTICIPATE IN RESOLVING ANY
DISPUTE, WHETHER SOUNDING IN CONTRACT, TORT, OR OTHERWISE, BETWEEN THE PARTIES HERETO ARISING OUT
OF, CONNECTED WITH, RELATED TO, OR INCIDENTAL TO THE RELATIONSHIP BETWEEN ANY OF THEM IN CONNECTION
WITH THIS AGREEMENT, THE REPURCHASE DOCUMENTS, THE TRANSACTIONS CONTEMPLATED HEREBY OR ANY
DEALINGS, COURSE OF DEALINGS, COURSE OF CONDUCT AMONG THEM OR ANY STATEMENTS (WRITTEN OR ORAL) OR
OTHER ACTIONS OF ANY PARTY, AND NONE OF THE PARTIES WILL SEEK TO CONSOLIDATE ANY SUCH ACTION WITH
ANY OTHER ACTION IN WHICH A JURY TRIAL CAN NOT BE OR HAS NOT BEEN WAIVED. INSTEAD, ANY SUCH
DISPUTE RESOLVED IN COURT WILL BE RESOLVED IN A BENCH TRIAL WITHOUT A JURY.

(c) ANY LEGAL ACTION OR PROCEEDING AGAINST ANY PARTY HERETO WITH RESPECT TO THIS AGREEMENT OR
ANY OTHER REPURCHASE DOCUMENT MAY BE BROUGHT IN THE COURTS OF THE STATE OF NEW YORK OR OF THE
UNITED STATES FOR THE SOUTHERN DISTRICT OF NEW YORK, AND, BY EXECUTION AND DELIVERY OF THIS
AGREEMENT, EACH OF THE PARTIES HERETO HEREBY IRREVOCABLY ACCEPTS FOR ITSELF AND IN RESPECT OF ITS
PROPERTY, GENERALLY AND UNCONDITIONALLY, THE JURISDICTION OF THE AFORESAID COURTS. NOTHING HEREIN
SHALL AFFECT THE RIGHT OF A PARTY TO SERVE PROCESS IN ANY OTHER MANNER PERMITTED BY LAW OR TO
COMMENCE LEGAL PROCEEDINGS OR OTHERWISE PROCEED AGAINST A PARTY IN ANY OTHER JURISDICTION.

(d) EACH PARTY HERETO HEREBY IRREVOCABLY WAIVES ANY OBJECTION WHICH IT MAY NOW OR HEREAFTER
HAVE TO THE LAYING OF VENUE OF ANY OF THE AFORESAID ACTIONS OR PROCEEDINGS ARISING OUT OF OR IN
CONNECTION WITH THIS AGREEMENT OR ANY OTHER REPURCHASE DOCUMENT BROUGHT IN THE COURTS REFERRED TO
IN CLAUSE (c) ABOVE AND HEREBY FURTHER IRREVOCABLY WAIVES AND AGREES NOT TO PLEAD OR CLAIM IN ANY
SUCH COURT THAT ANY SUCH ACTION OR PROCEEDING BROUGHT IN ANY SUCH COURT HAS BEEN BROUGHT IN AN
INCONVENIENT FORUM.

(e) EXCEPT AS PROHIBITED BY LAW, EACH OF THE PARTIES HERETO HEREBY WAIVES ANY RIGHT IT MAY
HAVE TO CLAIM OR RECOVER IN ANY LITIGATION ANY SPECIAL, EXEMPLARY, PUNITIVE, INDIRECT, INCIDENTAL
OR CONSEQUENTIAL DAMAGES OF ANY KIND OR NATURE WHATSOEVER OR ANY DAMAGES OTHER THAN, OR IN ADDITION
TO, ACTUAL DAMAGES. EACH OF THE PARTIES HERETO CERTIFIES THAT NO REPRESENTATIVE, AGENT OR ATTORNEY
OF THE AGENT OR A PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT ANY PARTY WOULD NOT, IN THE
EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER. THE SCOPE OF THIS WAIVER IS INTENDED TO
BE ALL–ENCOMPASSING OF ANY AND ALL DISPUTES THAT MAY BE FILED IN ANY COURT AND THAT RELATE TO THE
SUBJECT MATTER OF THIS TRANSACTION, INCLUDING, WITHOUT LIMITATION, CONTRACT CLAIMS, TORT CLAIMS,
BREACH OF DUTY CLAIMS AND ALL OTHER COMMON LAW AND STATUTORY CLAIMS.

(f) EACH PARTY HERETO ACKNOWLEDGES THAT THIS WAIVER IS A MATERIAL INDUCEMENT TO ENTER INTO A
BUSINESS RELATIONSHIP, THAT EACH HAS ALREADY RELIED ON THIS WAIVER IN ENTERING INTO THIS AGREEMENT,
AND THAT EACH WILL CONTINUE TO RELY ON THIS WAIVER IN THEIR RELATED FUTURE DEALINGS. EACH PARTY
HERETO FURTHER WARRANTS AND REPRESENTS THAT IT HAS REVIEWED THIS WAIVER WITH ITS LEGAL COUNSEL AND
THAT KNOWINGLY AND VOLUNTARILY WAIVES ITS JURY TRIAL RIGHTS FOLLOWING CONSULTATION WITH LEGAL
COUNSEL.

	 	 	 	Section 11.21 Continuation.	 

This Agreement shall continue to be effective or be automatically reinstated, as the case may
be, if at any time payment, in whole or in part, of any of the Obligations is rescinded or must
otherwise be restored or returned by the Purchaser as a preference, fraudulent conveyance or
otherwise under any Insolvency Law, all as though such payment had not been made; provided
that in the event payment of all or any part of the Obligations is rescinded or must be restored or
returned, all reasonable costs and expenses (including, without limitation, any reasonable legal
fees and disbursements) incurred by the Purchaser in defending and enforcing such reinstatement
shall be deemed to be included as a part of the Obligations.

[Remainder of Page Intentionally Left Blank.]

2

IN WITNESS WHEREOF, this Agreement was duly executed by the parties hereto as of the
day and year first above written.

THE SELLER:

	 	 	MMA REALTY CAPITAL REPURCHASE SUBSIDIARY, LLC, a Maryland limited liability company

	 	 	 
	By: /s/ Charles M. Pinckney

	Name:

Title:

	 	Charles M. Pinckney

Executive Vice President

Address for Notices:

MMA Realty Capital Repurchase Subsidiary, LLC

3000 Bayport Drive, Suite 1100

Tampa, Florida 33607

Attention: Thomas Cornett

Facsimile No.: (813) 425–8000

Confirmation No.: (813) 868–8076

with a copy to:

MMA Realty Capital Repurchase Subsidiary, LLC

621 E. Pratt Street, Suite 300

Baltimore, Maryland 21202

Attention: Steve Goldberg, General Counsel

Facsimile No.: (410) 727–5387

Confirmation No.: (443) 263-2871

[Signatures Continued on the Following Page]

3

THE CUSTODIAN:

WELLS FARGO BANK, NATIONAL ASSOCIATION

By: /s/ Christina Hatfield

Name: Christina Hatfield

Title: Assistant Vice President

Address for Notices:

Wells Fargo Bank, National Association

1015 10th Avenue SE

Minneapolis, Minnesota 55414

Attention: Tina Hatfield, Assistant Vice President

Facsimile No.: (612) 466–5416

Confirmation No.: (612) 466–5252

[Signatures Continued on the Following Page]

4

	 	 	THE PURCHASER:

	 	 	WACHOVIA BANK, NATIONAL ASSOCIATION

By: /s/ Joseph F. Cannon

Name: Joseph F. Cannon

Title: Vice President

Wachovia Bank, National Association

One Wachovia Center, Mail Code: NC0166

301 South College Street

Charlotte, North Carolina 28288

Attention: Marianne Hickman

Facsimile No.: (704) 715–0066

Confirmation No.: (704) 715–7818

5

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