Execution
Version
ASSIGNMENT, ASSUMPTION AND
RECOGNITION AGREEMENT
ASSIGNMENT, ASSUMPTION AND RECOGNITION AGREEMENT
(this “ Assignment Agreement ”) made
this 26th day of February 2007 (the “ Closing
Date ”), among Wells Fargo Bank, N.A. (the “
Servicer ”), DLJ Mortgage Capital, Inc
. , (“ Seller ”),
Bank of America, National Association (the “
Assignor ”) and Goldman Sachs Mortgage
Company (the “ Assignee ”).
WHEREAS, the Assignor and the Seller have
entered into a Mortgage Loan Purchase Agreement, dated as of July
1, 2006 (the “ Purchase Agreement ”),
pursuant to which the Seller sold to the Assignor certain mortgage
loans (the “ Mortgage Loans ”), which
Mortgage Loans are subject to the provisions of the Purchase
Agreement and are listed on the mortgage loan schedule attached as
Exhibit 1 hereto (the “ Mortgage Loan
Schedule ”);
WHEREAS, in connection with the execution of the
Purchase Agreement, the Assignor, the Seller and the Servicer have
entered into a Reconstitution Agreement, dated as of July 28,
2006, (the “ Recon
Agreement ”) pursuant to which the Mortgage
Loans are being serviced by the Servicer on behalf of the Assignor
under a Second Amended and Restated Master Seller’s
Warranties and Servicing Agreement, dated as of May 1, 2006,
(together with the Recon Agreement, the “ Servicing
Agreement ” and, collectively with the Purchase
Agreement, the “ Agreements ”);
and
WHEREAS, the Assignee and the Servicer have
agreed that on and after the Closing Date, the Mortgage Loans shall
be serviced and administered by the Servicer for the benefit of the
Assignee pursuant to the Second Amended and Restated Master
Seller’s Warranties and Servicing Agreement dated as of
November 1, 2005 (the “ Goldman SWSA
”), by and between the Assignee and the Servicer;
NOW THEREFORE, in consideration of the mutual
promises contained herein and other good and valuable
consideration, the receipt and sufficiency of which are hereby
acknowledged, the parties agree as follows:
1. Assignment and Assumption
.
(a) The Assignor hereby assigns to the Assignee all
of its right, title and interest in, to and under the Mortgage
Loans and the Agreements, to the extent relating to the Mortgage
Loans, and only the Mortgage Loans (other than the rights of the
Assignor to indemnification thereunder), and the Assignee hereby
assumes all of the Assignor’s obligations under the
Agreements (as amended hereby), to the extent relating to the
Mortgage Loans, and only the Mortgage Loans, from and after the
date hereof, and the Servicer hereby acknowledges such assignment
and assumption and hereby agrees to the release of the Assignor
from any obligations under the Servicing Agreement from and after
the date hereof, to the extent relating to the Mortgage Loans, and
only the Mortgage Loans. The Assignor, the Assignee and the
Servicer further agree that any reference in the Agreements, as
they relate to the Mortgage Loans and only the Mortgage Loans, to
“Bank of America, N.A.” is deleted in its entirety and
replaced with “Goldman Sachs Mortgage Company;”
provided, however, that it is agreed upon and understood that the
Assignee shall not be deemed to make the representations and
warranties in Section 4.3 of the Purchase
Agreement.
(b) Simultaneously with the execution of this
Assignment Agreement, on February 26, 2007, the Assignee shall
pay to the Assignor the purchase price as calculated pursuant to
the trade confirmation dated as of January 3, 2007 (the
“ Trade Confirmation ”), by and
between the Assignee and the Assignor. The Assignee shall pay the
purchase price payable under the Trade Confirmation by wire
transfer of immediately available funds to the account specified by
the Assignor. The Assignee shall be entitled to all scheduled
payments due on the Mortgage Loans after February 1, 2007 (the
“ Assigned Loans Cut-off Date ”) and
all unscheduled payments or other proceeds or other recoveries on
the Mortgage Loans received on and after the Assigned Loans Cut-off
Date except as otherwise specified in the Trade
Confirmation.
(c) The Servicer and the Assignor shall have the
right to amend, modify or terminate the Servicing Agreement without
the consent of the Assignee with respect to mortgage loans not
conveyed to the Assignee hereunder, provided, however, that such
amendment, modification or termination shall not affect or be
binding on the Assignee.
2. Accuracy of the Agreements
.
(a) The Servicer and the Assignor each represent
and warrant to the Assignee that (i) attached hereto as
Exhibit 2 is a true, accurate and complete copy of the
Servicing Agreement, (ii) the Servicing Agreement is in full force
and effect as of the date hereof, (iii) the Servicing Agreement has
not been amended or modified in any respect and (iv) no notice of
termination has been given to such party under the Servicing
Agreement.
(b) The Seller and the Assignor each represent and
warrant to the Assignee that (i) attached hereto as
Exhibit 2 is a true, accurate and complete copy of the
Purchase Agreement, (ii) the Purchase Agreement is in full force
and effect as of the date hereof, (iii) the Purchase Agreement has
not been amended or modified in any respect and (iv) no notice of
termination has been given to such party under the Purchase
Agreement.
3. Recognition of the Assignee
.
From and after the date hereof, the Servicer
shall note the transfer of the Mortgage Loans to the Assignee in
its books and records, shall recognize the Assignee as the owner of
the Mortgage Loans and shall service the Mortgage Loans for the
benefit of the Assignee pursuant to the Goldman SWSA (as amended
hereby), the terms (other than those contained in Article II with
respect to the conveyance of Mortgage Loans and Article III
thereof) of which are incorporated herein by reference. From and
after the date hereof, the Seller shall note the transfer of the
Mortgage Loans to the Assignee in its books and records and shall
recognize the Assignee as the owner of the Mortgage
Loans.
4. Representations and Warranties of the
Assignee . The Assignee
hereby represents and warrants to the Assignor as
follows:
(a) The Assignee is a sophisticated investor able
to evaluate the risks and merits of the transactions contemplated
hereby, and that it has not relied in connection therewith upon any
statements or representations of the Assignor, the Seller or the
Servicer other than those contained in the Agreements or this
Assignment Agreement.
(b) The Assignee is duly and legally authorized to
enter into this Assignment Agreement and to perform its obligations
hereunder and under the Agreements.
(c) This Assignment Agreement has been duly
authorized, executed and delivered by the Assignee and (assuming
due authorization, execution and delivery thereof by each of the
other parties hereto) constitutes its legal, valid and binding
obligation, enforceable in accordance with its terms, except as
such enforcement may be limited by bankruptcy, insolvency,
reorganization or other similar laws affecting the enforcement of
creditors’ rights generally and by general equitable
principles regardless of whether such enforcement is considered in
a proceeding in equity or at law.
5. Representations and Warranties of the
Servicer .
The Servicer hereby warrants and represents to,
and covenants with, the Assignee that:
(a) The representations and warranties contained in
Section 3.01 of the Servicing Agreement, as amended below, are
deemed to be made as of the date of this Assignment Agreement, and
all such representations and warranties are true and correct as of
the date of this Assignment Agreement.
(i)
3.01(b) is amended by deleting,
“, and the transfer, assignment and conveyance of the
Mortgage Notes and the Mortgages by the Company pursuant to this
Agreement are not subject to the bulk transfer or any similar
statutory provisions in effect in any applicable
jurisdiction.”
(ii)
3.01(e) is amended by deleting,
“The consideration received by the Company upon the sale of
the Mortgage Loans under this Agreement constitutes fair
consideration and reasonably equivalent value for the Mortgage
Loans;”
(iii)
3.01(f) is amended by deleting,
“and the sale of the Mortgage Loans will not cause the
Company to become insolvent. The sale of the Mortgage Loans is not
undertaken to hinder, delay or defraud any of the Company’s
creditors”
(iv)
3.01(h) is amended by deleting,
“or the sale of the Mortgage Loans as evidenced by the
consummation of the transactions contemplated by this
Agreement.”
(v)
3.01(i) is deleted and replaced
with “reserved”
(vi)
3.01(k) is deleted and replaced
with “reserved”
(vii)
3.01(m) is deleted and replaced
with reserved”
Notwithstanding
anything to the contrary contained in the Servicing Agreement, the
parties acknowledge that the Servicer shall have no obligation to
repurchase any Mortgage Loan and a breach of the representations
and warranties above shall constitute an Event of Default for which
the Servicer may be terminated pursuant to Section
10.01.
(b) The Servicer has serviced the Mortgage Loans in
accordance with the terms of the Servicing Agreement and provided
accurate statements pursuant to Section 5.02 thereof and
otherwise complied with all covenants and obligations
thereunder.
(c) The Servicer has taken no action or omitted to
take any required action the omission of which would have the
effect of impairing any mortgage insurance or guarantee on the
Mortgage Loans.
6. Representations and Warranties of the
Seller .
The Seller hereby warrants and represents to,
and covenants with, the Assignee that:
(a) The representations and warranties contained in
Sections 4.1(i)-(vi) of the Purchase Agreement are deemed to
be made as of the date of this Assignment Agreement, and all such
representations and warranties are true and correct as of the date
of this Assignment Agreement.
(b) No offsets, counterclaims or other defenses are
available to the Seller with respect to the Purchase Agreement or
the Mortgage Loans.
(c) The Seller has not waived or agreed to any
waiver under, or agreed to any amendment or other modification of,
the Purchase Agreement or the Mortgage Loans, including without
limitation the transfer of the servicing obligations under the
Purchase Agreement. The Seller has no knowledge of, and has not
received notice of, any waivers under or amendments or other
modifications of, or assignments of rights or obligations under or
defaults under, the Purchase Agreement, or the Mortgage
Loans.
(d) Neither the Seller nor anyone acting on its
behalf has offered, transferred, pledged, sold or otherwise
disposed of the Mortgage Loans, any interest in the Mortgage Loans
or any other similar security to, or solicited any offer to buy or
accept a transfer, pledge or other disposition of the Mortgage
Loans, any interest in the Mortgage Loans or any other similar
security from, or otherwise approached or negotiated with respect
to the Mortgage Loans, any interest in the Mortgage Loans or any
other similar security with, any person in any manner, or made by
general solicitation by means of general advertising or in any
other manner, or taken any other action that would constitute a
distribution of the Mortgage Loans under the 1933 Act or that would
render the disposition of the Mortgage Loans a violation of Section
5 of the 1933 Act or require registration pursuant
thereto.
7. Representations and Warranties of the
Assignor . The Assignor
hereby represents and warrants to the Assignee as
follows:
(a) The Assignor has been duly organized and is
validly existing as a national banking association under the laws
of the United States with full power and authority (corporate and
other) to enter in