Common use of Transaction Sublimits Clause in Contracts

Transaction Sublimits. The following sublimits shall also be applicable to the Transactions hereunder such that after giving effect to any proposed Transaction and after giving effect to any repurchase, addition or substitution of any Mortgage Loan hereunder, the following shall be true (subject, in each case, to the Agent’s discretionary authority under Section 22.5): (a) The Aggregate Outstanding Purchase Price of Conforming Mortgage Loans may be as much as one hundred percent (100%) of the Maximum Aggregate Commitment. (b) The Aggregate Outstanding Purchase Price of all Purchased Loans that are Wet Loans shall not exceed (x) seventy-five percent (75%) of the Maximum Aggregate Commitment on any of the first five and last five Business Days of any month or (y) forty percent (40%) of the Maximum Aggregate Commitment on any other day (the “Wet Loans Sublimit”). (c) The Aggregate Outstanding Purchase Price of all Purchased Loans that are of the type listed in the first column of the following table shall not exceed the percentage of the Maximum Aggregate Commitment listed in the second column of the table (the name of the Sublimit is set forth in the third column); provided, that such sublimits shall not apply to any Mortgage Loan (USBHM): High LTV Mortgage Loans 15% “High LTV Mortgage Loans Sublimit” Super Jumbo Mortgage Loans 10% “Super Jumbo Mortgage Loans Sublimit” Jumbo Mortgage Loans and Super Jumbo Mortgage Loans, collectively 25% “Jumbo Mortgage Loans Sublimit” Rural Development Guaranteed Housing Loans 50% “Rural Development Guaranteed Housing Loans Sublimit” State Housing Bond Mortgage Loan 25% “State Housing Bond Mortgage Loan Sublimit” (d) [Intentionally Omitted.].

Transaction Sublimits. The following sublimits shall also be applicable to the Transactions hereunder such that after giving effect to any proposed Transaction and after giving effect to any repurchase, addition or substitution of any Mortgage Loan hereunder, the following shall be true (subject, in each case, to the Agent’s discretionary authority under Section 22.5):true: (a) The Aggregate Outstanding Purchase Price of Conforming Mortgage Loans may be as much as one hundred percent (100%) of the Maximum Aggregate Commitment. (b) The Aggregate Outstanding Purchase Price of all Purchased Loans that are Wet Loans shall not exceed (x) seventyfifty-five percent (7555%) of the Maximum Aggregate Commitment on any of the first five four and last five four Business Days of any month or (y) forty thirty percent (4030%) of the Maximum Aggregate Commitment on any other day (the “Wet Loans Sublimit”). (c) The Aggregate Outstanding Purchase Price of all Purchased Loans that are of the type listed in the first column of the following table shall not exceed the percentage of the Maximum Aggregate Commitment listed in the second column of the table (the name of the that Sublimit is set forth in the third column); provided, that such sublimits shall not apply to any Mortgage Loan (USBHM): High LTV Jumbo Mortgage Loans 15% 10%* “High LTV Jumbo Mortgage Loans Sublimit” Super Jumbo Mortgage Loans 10% 5%* “Super Jumbo Mortgage Loans Sublimit” Jumbo Mortgage Second Lien Loans/HELOCs (collectively) 5%* “Second Lien Loan/HELOC Sublimit” Alt-A Agency Loans 15% “Alt-A Agency Loans Sublimit” Alt-A Non-Agency Loans 5%* (provided that Alt-A Agency Loans and Alt-A Non-Agency Loans collectivley shall not exceed 15%) “Alt-A Non-Agency Loans Sublimit” Agency Eligible Non-owner Occupied Loans 5% “Agency-eligible Non-owner Occupied Loans Sublimit” Agency-eligible Forty Year Loans 5% “Agency-eligible Forty Year Loans Sublimit” * Notwithstanding the Sublimits set forth in the table above in the column “Maximum Aggregate Commitment” the Aggregate Outstanding Purchase Price outstanding for all Jumbo, Super Jumbo Mortgage Loans, collectively 25% “Jumbo Mortgage Alt-A Non-Agency Loans, Second Lien Loans Sublimit” Rural Development Guaranteed Housing Loans 50% “Rural Development Guaranteed Housing Loans Sublimit” State Housing Bond Mortgage Loan 25% “State Housing Bond Mortgage Loan Sublimit” and HELOCS shall not at any time exceed ten (d10) [Intentionally Omittedpercent of the Maximum Aggregate Commitment.].

Transaction Sublimits. The following sublimits shall also be applicable to the Transactions hereunder such that after giving effect to any proposed Transaction and after giving effect to any repurchase, addition or substitution of any Mortgage Loan hereunder, the following shall be true (subject, in each case, to the Agent’s discretionary authority under Section 22.5): (a) The Aggregate Outstanding Purchase Price of Conforming Mortgage Loans may be as much as one hundred percent (100%) of the Maximum Aggregate Commitment. (b) The Aggregate Outstanding Purchase Price of all Purchased Loans that are Wet Loans shall not exceed (x) seventy-five percent (75%) of the Maximum Aggregate Commitment on any of the first five and last five Business Days of any month or (y) forty percent (40%) of the Maximum Aggregate Commitment on any other day (the “Wet Loans Sublimit”). (c) The Aggregate Outstanding Purchase Price of all Purchased Loans that are of the type listed in the first column of the following table shall not exceed the percentage of the Maximum Aggregate Commitment listed in the second column of the table (the name of the that Sublimit is set forth in the third column); provided, that such sublimits shall not apply to any Mortgage Loan (USBHM): High LTV Mortgage Loans 15% “High LTV Mortgage Loans Sublimit” Super Jumbo Mortgage Loans 10% “Super Jumbo Mortgage Loans Sublimit” Jumbo Mortgage Loans and Super Jumbo Mortgage Loans, collectively 25% “Jumbo Mortgage Loans Sublimit” Rural Development Guaranteed Housing Agency-eligible Forty Year Loans 5010% “Rural Development Guaranteed Housing Agency-eligible Forty Year Loans Sublimit” State Housing Bond Mortgage Loan 25% “State Housing Bond Mortgage Loan Sublimit” (d) [Intentionally Omitted.].

Transaction Sublimits. The following sublimits shall also be applicable to the Transactions hereunder such that after giving effect to any proposed Transaction and after giving effect to any repurchase, addition or substitution of any Mortgage Loan hereunder, the following shall be true (subject, in each case, to the Agent’s discretionary authority under Section 22.5): (a) The Aggregate Outstanding outstanding Purchase Price Prices of Conforming Mortgage Loans may be as much as one hundred percent (100%) of the Maximum Aggregate Commitment. (b) The Aggregate Outstanding outstanding Purchase Price Prices of all Purchased Loans that are Wet Loans shall not exceed (x) seventy-five percent (75%) of the Maximum Aggregate Commitment on any of the first five and last five Business Days of any month or (y) forty percent (40%) of the Maximum Aggregate Commitment on any other day (the “Wet Loans Sublimit”). (c) The Aggregate Outstanding outstanding Purchase Price Prices of all Purchased Loans that are of the type listed in the first column of the following table shall not exceed the percentage of the Maximum Aggregate Commitment listed in the second column of the table (the name of the Sublimit is set forth in the third column); provided, that such sublimits shall not apply to any Mortgage Loan (USBHM): High LTV Mortgage Loans 15% “High LTV Mortgage Loans Sublimit” Super Jumbo Mortgage Loans 10% “Super Jumbo Mortgage Loans Sublimit” Jumbo Mortgage Loans and Super Jumbo Mortgage Loans, collectively 25% “Jumbo Mortgage Loans Sublimit” Rural Development Guaranteed Housing Loans 50% “Rural Development Guaranteed Housing Loans Sublimit” State Housing Bond Mortgage Loan 25% “State Housing Bond Mortgage Loan Sublimit” (d) [Intentionally Omitted.].

Transaction Sublimits. The following sublimits shall also be applicable to the Transactions hereunder such that after giving effect to any proposed Transaction and after giving effect to any repurchase, addition or substitution of any Mortgage Loan hereunder, the following shall be true (subject, in each case, to the Agent’s discretionary authority under Section 22.5):true: (a) The Aggregate Outstanding Purchase Price of Conforming Mortgage Loans may be as much as one hundred percent (100%) % of the Maximum Aggregate Commitment. (b) The Aggregate Outstanding Purchase Price of all Purchased Loans that are Wet Loans shall not exceed (x) seventy-five percent (75%) 55% of the Maximum Aggregate Commitment on any of the first five and last five Business Days of any month or (y) forty percent (40%) 35% of the Maximum Aggregate Commitment on any other day (the “Wet Loans Sublimit”). (c) The Aggregate Outstanding Purchase Price of all Purchased Loans that are of the type listed in the first column of the following table shall not exceed the percentage of the Maximum Aggregate Commitment listed in the second column of the table (the name of the Sublimit is set forth in the third column); provided, that such sublimits shall not apply to any Mortgage Loan (USBHM): High LTV Mortgage Loans 15% “High LTV Mortgage Loans Sublimit” Super Jumbo Mortgage Loans 10% “Super Jumbo Mortgage Loans Sublimit” table: Jumbo Mortgage Loans and Super Jumbo Mortgage Loans, collectively 25% “Loans (including any Redwood Trust Jumbo Mortgage Loans Sublimit” Rural Development Guaranteed Housing and Redwood Trust Super Jumbo Mortgage Loans), taken in the aggregate 20% Super Jumbo Mortgage Loans 50(including any Redwood Trust Super Jumbo Mortgage Loans) 10% “Rural Development Guaranteed Housing Streamline Refinance Loans Sublimit” State Housing Bond 5% Redwood Trust Jumbo Mortgage Loan 25% “State Housing Bond Loans and Redwood Trust Super Jumbo Mortgage Loan Sublimit”Loans, taken in aggregate 10% (d) [Intentionally OmittedThe Purchase Value for any Purchased Loan hereunder shall not be more than One Million Five Hundred Dollars ($1,500,000).].

Transaction Sublimits. The following sublimits shall also be applicable to the Transactions hereunder such that after giving effect to any proposed Transaction and after giving effect to any repurchase, addition or substitution of any Mortgage Loan hereunder, the following shall be true (subject, in each case, to the Agent’s discretionary authority under Section 22.5):: (ai) The Aggregate Outstanding Purchase Price of Purchased Loans that are Conforming Mortgage Loans may be as much as shall not exceed one hundred percent (100%) of the Maximum Aggregate CommitmentCommitment (the “Conforming Mortgage Loans Sublimit”). (bii) The Aggregate Outstanding Purchase Price of all Purchased Loans that are Wet Mortgage Loans shall not exceed (x) seventythe lesser of: (1) $8,750,000 or (2) thirty-five percent (7535%) of the Maximum Aggregate Commitment on any of the first five and last five Business Banking Days of any month or (y) forty the lesser of: (1) $6,250,000 or (2) twenty-five percent (4025%) of the Maximum Aggregate Commitment on any other day (the “Wet Mortgage Loans Sublimit”). (ciii) The Aggregate Outstanding Purchase Price of all Purchased Loans that are of the type Type listed in the first column of the following table shall not exceed the percentage lesser of the Maximum Aggregate Commitment amount listed in the second column of the table below or the percentage of the Commitment listed in the third column of the table (the name of the that Sublimit is set forth in the third fourth column); provided, that such sublimits shall not apply to any Mortgage Loan (USBHM): High LTV Non-Conforming Mortgage Loans 15$ 2,500,000 10 % “High LTV Non-Conforming Mortgage Loans Sublimit” Super Jumbo Reacquired Mortgage Loans 10and Rejected Mortgage Loans $ 2,500,000 10 % “Super Jumbo Reacquired/Rejected Mortgage Loans Sublimit” Jumbo PSTP Mortgage Loans and Super Jumbo Mortgage Loans, collectively 25% $ 5,000,000 N/A “Jumbo PSTP Mortgage Loans Sublimit” Rural Development Guaranteed Housing If as of any Determination Date any of such Sublimits shall be exceeded, by notice to the Seller the Buyer may demand that the Seller repurchase from the Buyer so many Purchased Loans 50% “Rural Development Guaranteed Housing of the relevant Type as shall be required to reduce the Aggregate Outstanding Purchase Price of Purchased Loans of that Type to a level that does not exceed the relevant Sublimit” State Housing Bond Mortgage , and the Seller shall pay to the Buyer the Repurchase Price for each such Purchased Loan 25% “State Housing Bond Mortgage Loan Sublimit” within one (d1) [Intentionally OmittedBanking Day after such demand. If no Event of Default has occurred and is then continuing, upon the Buyer’s receipt of such Repurchase Prices, the Buyer shall reconvey to the Seller the Purchased Loans for which the Buyer has been paid such Repurchase Prices, but only to the extent that the conveyance from the Buyer to the Seller of such Purchased Loans pursuant to this Section 5 does not cause or result in a Margin Deficit pursuant to Section 7.1.].

Transaction Sublimits. The following sublimits shall also be applicable to the Transactions hereunder such that after giving effect to any proposed Transaction and after giving effect to any repurchase, addition or substitution of any Mortgage Loan hereunder, the following shall be true (subject, in each case, to the Agent’s discretionary authority under Section 22.5):true: (a) The Aggregate Outstanding outstanding Purchase Price Prices of Conforming Mortgage Loans may be as much as one hundred percent (100%) of the Maximum Aggregate Commitment. (b) The Aggregate Outstanding outstanding Purchase Price Prices of all Purchased Loans that are Wet Loans shall not exceed (x) seventy-five sixty percent (7560%) of the Maximum Aggregate Commitment on any of the first five and last five Business Days of any month or (y) forty thirty-five percent (4035%) of the Maximum Aggregate Commitment on any other day (the “Wet Loans Sublimit”). (c) The Aggregate Outstanding outstanding Purchase Price Prices of all Purchased Loans that are of the type listed in the first column of the following table shall not exceed the percentage of the Maximum Aggregate Commitment listed in the second column of the table (the name of the Sublimit is set forth in the third column); provided, that such sublimits shall not apply to any Mortgage Loan (USBHM): High LTV Mortgage Loans 15% “High LTV Mortgage Loans Sublimit” Super Jumbo Mortgage Loans 10% “Super Jumbo Mortgage Loans Sublimit” table. Jumbo Mortgage Loans and Super Jumbo Mortgage Loans, collectively 2530% “Super Jumbo Mortgage Loans Sublimit” Rural Development Guaranteed Housing 10% High LTV Mortgage Loans 5010% “Rural Development Guaranteed Housing Mortgage Loans Sublimit” State Housing Bond (USBHM) other than Second Mortgage Loan 25Loans (USBHM) 100% “State Housing Bond Second Mortgage Loan Sublimit”Loans (USBHM) 5% (d) [Intentionally OmittedThe Agent may agree to any change in the aggregate not involving more than Two Million Dollars ($2,000,000) of the Purchased Loans in the handling of the Purchased Loans, as set forth in Section 22.5.] (e) The Purchase Value for any Purchased Loan hereunder shall not be more than Two Million Dollars ($2,000,000).