Execution Copy
#10037937v23
SERVICING AGREEMENTBY AND BETWEENINDYMAC VENTURE, LLCANDONEWEST BANK, FSBDated as of March 19, 2009
INDEX
-i-
TABLE OF CONTENTSPage
ARTICLE I DEFINITIONS AND CONSTRUCTION..................................................................1Section 1.01 Definitions...................................................................................................1ARTICLE II SERVICING OBLIGATIONS OF THE SERVICER.............................................10Section 2.01 Appointment and Acceptance as Servicer................................................10Section 2.02 Limited Power of Attorney.......................................................................10Section 2.03 Servicing Fee............................................................................................10Section 2.04 Servicing Obligations and Servicing Standard.........................................10Section 2.05 Registration with MERS...........................................................................11Section 2.06 Collection Account...................................................................................11Section 2.07 LIP Account..............................................................................................12Section 2.08 Escrow Accounts......................................................................................13Section 2.09 Other Accounts.........................................................................................13Section 2.10 Maintenance of Insurance Policies; Errors and Omissions and FidelityCoverage...................................................................................................13Section 2.11 Expenses...................................................................................................14Section 2.12 Insured or Guaranteed Loans....................................................................14ARTICLE III LOAN DEFAULTS; ACQUISITION OF COLLATERAL..................................14Section 3.01 Delinquency Control.................................................................................14Section 3.02 Discretion of the Company in Responding to Defaults of Borrower........14Section 3.03 Acquisition of Acquired Collateral...........................................................15ARTICLE IV SUBSERVICING..................................................................................................15Section 4.01 Retention of Subservicer...........................................................................15Section 4.02 Subservicing Agreement Requirements....................................................15Section 4.03 Servicer Liable for Subservicers...............................................................17Section 4.04 Company Approval Required...................................................................18ARTICLE V REPRESENTATIONS, WARRANTIES AND COVENANTS OF THESERVICER...................................................................................................................................18Section 5.01 Representations and Warranties................................................................18Section 5.02 Reporting, Books and Records and Compliance Covenants....................19Section 5.03 Audits by the Company and the Participant.............................................21Section 5.04 No Liens....................................................................................................21Section 5.05 Servicer’s Duty to Advise; Delivery of Certain Notices..........................21Section 5.06 Notice of Breach.......................................................................................21ARTICLE VI PARTICIPANT CONSENT..................................................................................22Section 6.01 Actions Requiring Participant Consent.....................................................22Section 6.02 Amendments, Modification and Waivers.................................................22
-ii-ARTICLE VII DEFAULTS; TERMINATION; TERMINATION WITHOUT CAUSE............23Section 7.01 Defaults.....................................................................................................23Section 7.02 Termination with Cause............................................................................24Section 7.03 Termination without Cause.......................................................................24Section 7.04 Effective Date...........................................................................................24Section 7.05 Accounting................................................................................................25ARTICLE VIII INDEPENDENCE OF PARTIES; INDEMNIFICATION.................................25Section 8.01 Independence of Parties............................................................................25Section 8.02 Indemnification.........................................................................................25Section 8.03 Procedure for Indemnification..................................................................26ARTICLE IX NOTICES...............................................................................................................26ARTICLE X GOVERNING LAW; JURISDICTION..................................................................27Section 10.01 Governing Law.........................................................................................27Section 10.02 Jurisdiction; Venue and Service................................................................27Section 10.03 Waiver of Jury Trial..................................................................................28ARTICLE XI MISCELLANEOUS..............................................................................................28Section 11.01 No Assignment by Servicer; No Transfer of Ownership Interests inServicing Rights........................................................................................28Section 11.02 Legal Fees.................................................................................................28Section 11.03 Entire Agreement......................................................................................29Section 11.04 Counterparts; Facsimile Signatures..........................................................29Section 11.05 Headings...................................................................................................29Section 11.06 Construction..............................................................................................29Section 11.07 Compliance with Law...............................................................................30Section 11.08 Severability...............................................................................................30Section 11.09 Third Party Beneficiary.............................................................................30Section 11.10 Protection of Confidential Information.....................................................31Section 11.11 No Presumption........................................................................................31Section 11.12 No Right of Setoff.....................................................................................31Section 11.13 Release of Participant and Predecessor Servicers.....................................31
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IndyMac OneWest Servicing Agreement
Executed March 19, 2009, this is the servicing agreement by and between the former IndyMac and OneWest.
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