IndyMacLoanSaleAgrmt-1

Execution Copy

LOAN SALE AGREEMENT

BY AND BETWEEN

THE FEDERAL DEPOSIT INSURANCE CORPORATION AS

RECEIVER FOR INDYMAC FEDERAL BANK, FSB

AND

ONEWEST BANK, FSB

Dated as of

March 19,2009

#10100294v38

TABLE OF CONTENTS

ARTICLE I DEFINITIONS AND CONSTRUCTION ................................................................... I

Section 1.0 I

Section 1.02

Definitions........ ............................................................................................ I

Construction ........ .................................. ............................... ....... ............... I 0

ARTICLE II PURCHASE AND SALE OF LOANS .................................................................... I I

Section 2.01

Section 2.02

Section 2.03

Section 2.04

Section 2.05

Section 2.06Section 2.07Section 2.08Section 2.09

Section 2. I 0

Section 2. I I

Section 2. I 2

Section 2. I 3

Section 2. I 4

Section 2. I 5

Terms and Conditions of Sale ................................................. ................... I I

Purchase Price............................................................................. ............... I 4

Closing Payment ........................................................................................ 14

Prorations................ ................................................................................... i 4

Closing .......................................................................................................14

Closing Procedure ................................................. ........... .......................... i 4

Closing Adjustment Documents ......................................... ....................... i 4Calculation of Adjustments................... ..................................................... 15

Final Settlement ......................................................................................... i 5

Offsets Against Deposits......... ...... ............................................................. i 5

Allocation of Payments.............................................................................. i 5

Rebates and Refunds.................................................................................. i 5

Interest Conveyed ................................. ............... ........... ........ ................... i 5

Retained Claims and Release..................................................................... i 6

Delivery of Closing Documents................................................................. i 6

ARTICLE II TRANSFER OF LOANS, COLLATERAL DOCUMENTS AND SERVICING..17

Section 3.0 i

Section 3.02

Section 3.03

Section 3.04

Section 3.05Section 3.06

Transfer of Documents.... .............. ............................................................ i 7MERS Mortgage Loans ............................................................................. i 7

Forwarding Post-Closing Date Items......................................................... i 7

Delivery of Loans ...................................................................................... i 7

Recordation of Documents ...................... .......... .............................. .......... i 9

Additional Actions; Transaction Costs ..................................... ................. i 9

ARTICLE iV REPRESENTATIONS AND WARRANTIES OF THE PURCHASER...............

I

9

ARTICLE V COVENANTS, DUTIES AND OBLIGATIONS....................................................

I

9

Section 5.01

Section 5.02Section 5.03Section 5.04Section 5.05Section 5.06Section 5.07Section 5.08Section 5.09

Section 5. i 0

Servicing of Loans ........................................ ........... .......... ............. ...... ..... i 9

Collection Agency/Contingency Fee Agreements..................................... i 9

Insured or Guaranteed Loans ................................... ..................................20

Reporting to or for the Applicable Taxing Authorities..............................20

Loans in Litigation ............................... .............. ............ ......... ........ ....... ....20

Loans in Bankruptcy................................................................................. .22

Retained Claims .................................................. .......... ..................... ........22

Loan Related Insurance............................................. ...... .......... .................22

Unremitted Collections; Escrow Accounts and Custodial Accounts.........22(Reserved). .................................................................................................23

- I -

T ABLE OF CONTENTS

ARTICLE I DEFINITIONS AND CONSTRUCTION ................................................................... 1

Section 1.01

Section 1.02

Definitions.......................... ................................. .......... ... ............................1

Construction ...............................................................................................10

ARTICLE II PURCHASE AND SALE OF LOANS ....................................................................11

Section 2.01

Section 2.02

Section 2.03

Section 2.04

Section 2.05

Section 2.06

Section 2.07

Section 2.08Section 2.09Section 2.10

Section 2.1 1

Section 2.12

Section 2.13

Section 2.14

Section 2.15Terms and Conditions of Sale .......................................... ..................... .....1 1

Purchase Price ........................................................ ........................... ....... ..14

Closing Payment ................................................ ............. ...................... .....14

Prorations................................................................................................... 1 4

Closing ....................................................................................................... 14

Closing Procedure ..................................................... ...... ................ ...........14Closing Adjustment Documents ....... ......................................................... 1 4

Calculation of Adjustments........................................................................ 1 5Final Settlement ......................................................................................... 15

Offsets Against Deposits................................................. .......... ................. 1 5

Allocation of Payments .......................................... ....................................15

Rebates and Refunds .................. ......... .......................................................1 5

Interest Conveyed.......... ...... ..................................................................... .15

Retained Claims and Release ................................... ..................................16

Delivery of Closing Documents...................................................... ...........16

ARTICLE II TRANSFER OF LOANS, COLLATERAL DOCUMENTS AND SERVICING..17

Section 3.01

Section 3.02

Section 3.03Section 3.04Section 3.05

Section 3.06

Transfer of Documents ............. .................................................................17MERS Mortgage Loans .............................................................................17Forwarding Post-Closing Date Items.........................................................17

Delivery of Loans ...................................................................................... 1 7

Recordation of Documents .................................................................. ......19

Additional Actions; Transaction Costs ...................................................... 1 9

ARTICLE IV REPRESENTATIONS AND WARRANTIES OF THE PURCHASER...............I9ARTICLE V COVENANTS, DUTIES AND OBLIGATIONS....................................................I9

Section 5.01

Section 5.02Section 5.03

Section 5.04

Section 5.05

Section 5.06Section 5.07Section 5.08Section 5.09

Section 5.10

Servicing of Loans ................ ......................................... ..................... .......19

Collection Agency/Contingency Fee Agreements..................................... 1 9

Insured or Guaranteed Loans .....................................................................20Reporting to or for the Applicable Taxing Authorities..............................20

Loans in Litigation ......................................................... ............................20Loans in Bankruptcy................................. ............................. ................... .22

Retained Claims .......................... ...................... ......... ...................... ...... ....22

Loan Related Insurance.......................... .............. .......... ... .................. .......22

Unremitted Collections; Escrow Accounts and Custodial Accounts.........22

(Reserved). ................................................................................................ .23

- I -