SUBSEQUENT TRANSFER AGREEMENT
Pursuant to this Subsequent Transfer Agreement (the "Agreement"), dated
as of October 25, 2006, between GMAC Mortgage, LLC, as seller (the "Seller"),
and GMACM Home Equity Loan Trust 2006-HE4, as issuer (the "Issuer"), and
pursuant to the mortgage loan purchase agreement dated as of September 27, 2006
(the "Mortgage Loan Purchase Agreement"), among GMAC Mortgage, LLC, as a seller
and servicer, Walnut Grove Mortgage Loan Trust 2003-A, as a Seller, Residential
Asset Mortgage Products, Inc., as purchaser (the "Purchaser"), the Issuer and
The Bank of New York Trust Company, National Association, as indenture trustee
(the "Indenture Trustee"), the Seller and the Issuer agree to the sale by the
Seller and the purchase by the Issuer of the mortgage loans listed on the
attached Schedule of Subsequent Mortgage Loans (the "Subsequent Mortgage
Loans").
Capitalized terms used and not defined herein have their respective
meanings as set forth in Appendix A to the indenture dated as of September 27,
2006, between the Issuer and the Indenture Trustee, which meanings are
incorporated by reference herein. All other capitalized terms used herein shall
have the meanings specified herein.
Section 1. Sale of Subsequent Mortgage Loans.
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(a) The Seller does hereby sell, transfer, assign, set over and convey
to the Issuer, without recourse, all of its right, title and interest in and to
the Subsequent Mortgage Loans (including the Subsequent Cut-Off Date Principal
Balance now existing and all Additional Balances thereafter arising to and
including the date immediately preceding the commencement of the Rapid
Amortization Period), all principal received and interest thereon on and after
the Subsequent Cut-Off Date, all monies due or to become due thereon and all
items with respect to the Subsequent Mortgage Loans to be delivered pursuant to
Section 2.2 of the Mortgage Loan Purchase Agreement; provided, however, that the
Seller reserves and retains all right, title and interest in and to principal
received and interest accruing on the Subsequent Mortgage Loans prior to the
Subsequent Cut-Off Date. The Seller, contemporaneously with the delivery of this
Agreement, has delivered or caused to be delivered to the Indenture Trustee each
item set forth in Section 2.2 of the Mortgage Loan Purchase Agreement.
The transfer to the Issuer by the Seller of the Subsequent Mortgage
Loans identified on the Mortgage Loan Schedule shall be absolute and is intended
by the parties hereto to constitute a sale by the Seller to the Issuer on the
Subsequent Transfer Date of all the Seller's right, title and interest in and to
the Subsequent Mortgage Loans, and other property as and to the extent described
above, and the Issuer hereby acknowledges such transfer. In the event the
transactions set forth herein shall be deemed not to be a sale, the Seller
hereby grants to the Issuer as of the Subsequent Transfer Date a security
interest in all of the Seller's right, title and interest in, to and under all
accounts, chattel papers, general intangibles, contract rights, certificates of
deposit, deposit accounts, instruments, documents, letters of credit, money,
payment intangibles, advices of credit, investment property, goods and other
property consisting of, arising under or related to the Subsequent Mortgage
Loans, and such other property, to secure all of the Issuer's obligations
hereunder, and this Agreement shall constitute a security agreement under
applicable law. The Seller agrees to take or cause to be taken such actions and
to execute such documents, including without limitation the filing of all
necessary UCC-1 financing statements filed in the State of Delaware and the
Commonwealth of Pennsylvania (which shall be submitted for filing as of the
Subsequent Transfer Date), any continuation statements with respect thereto and
any amendments thereto required to reflect a change in the name or corporate
structure of the Seller or the filing of any additional UCC-1 financing
statements due to the change in the principal office or jurisdiction of
incorporation of the Seller, as are necessary to perfect and protect the
Issuer's interests in each Subsequent Mortgage Loan and the proceeds thereof.
(b) The expenses and costs relating to the delivery of the Subsequent
Mortgage Loans, this Agreement and the Mortgage Loan Purchase Agreement shall be
borne by the Seller.
(c) Additional terms of the sale are set forth on Attachment A hereto.
Section 2. Representations and Warranties; Conditions Precedent.
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(a) The Seller hereby affirms the representations and warranties made by
it and set forth in Section 3.1 of the Mortgage Loan Purchase Agreement that
relate to the Seller or the Subsequent Mortgage Loans as of the date hereof. The
Seller hereby confirms that each of the conditions set forth in Section 2.2(b)
of the Mortgage Loan Purchase Agreement are satisfied as of the date hereof and
further represents and warrants that each Subsequent Mortgage Loan complies with
the requirements of this Agreement and Section 2.2(c) of the Mortgage Loan
Purchase Agreement. GMACM, as Servicer of the Subsequent Mortgage Loans hereby
affirms the representations and warranties made by it regarding the Subsequent
Mortgage Loans as set forth in Section 3.1 of the Mortgage Loan Purchase
Agreement.
(b) The Seller is solvent, is able to pay its debts as they become due
and has capital sufficient to carry on its business and its obligations
hereunder; it will not be rendered insolvent by the execution and delivery of
this Agreement or by the performance of its obligations hereunder nor is it
aware of any pending insolvency; no petition of bankruptcy (or similar
insolvency proceeding) has been filed by or against the Seller prior to the date
hereof.
(c) All terms and conditions of the Mortgage Loan Purchase Agreement
relating to the Subsequent Mortgage Loans are hereby ratified and confirmed;
provided, however, that in the event of any conflict the provisions of this
Agreement shall control over the conflicting provisions of the Mortgage Loan
Purchase Agreement.
Section 3. Recordation of Instrument. To the extent permitted by
applicable law or a memorandum thereof if permitted under applicable law, this
Agreement is subject to recordation in all appropriate public offices for real
property records in all of the counties or other comparable jurisdictions in
which any or all of the properties subject to the related Mortgages are
situated, and in any other appropriate public recording office or elsewhere,
such recordation to be effected by the Servicer at the Noteholders' expense on
direction of the Noteholders of Notes representing not less than a majority of
the aggregate Note Balance of the Notes or the Enhancer, but only when
accompanied by an Opinion of Counsel to the effect that such recordation
materially and beneficially affects the interests of the Noteholders or the
Enhancer or is necessary for the administration or servicing of the Subsequent
Mortgage Loans.
Section 4. GOVERNING LAW. THIS INSTRUMENT SHALL BE CONSTRUED IN
ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK AND THE OBLIGATIONS, RIGHTS
AND REMEDIES OF THE PARTIES HEREUNDER SHALL BE DETERMINED IN ACCORDANCE WITH
SUCH LAWS.
Section 5. Counterparts. This Instrument may be executed in
counterparts, each of which, when so executed, shall be deemed to be an original
and together shall constitute one and the same instrument.
Section 6. Successors and Assigns. This Agreement shall inure to the
benefit of and be binding upon the Seller and the Issuer and their respective
successors and assigns.
GMAC MORTGAGE, LLC,
as Seller
By:
---------------------------------------
Name: XXXXXXXX X. XXXXXX
Title: VICE PRESIDENT
GMACM HOME EQUITY LOAN TRUST 2006-HE4, as Issuer
By: WILMINGTON TRUST COMPANY,
not in its individual capacity but solely
as
Owner Trustee
By:
---------------------------------------
Name:
Title:
GMAC MORTGAGE, LLC,
as Servicer
By:
---------------------------------------
Name: XXXXXXXX X. XXXXXX
Title: VICE PRESIDENT
Attachments
A. Additional terms of sale.
B. Schedule of Subsequent Mortgage Loans.
C. Seller's Officer's Certificate.
D. Seller's Officer's Certificate (confirmation of Enhancer approval).
GMACM HOME EQUITY LOAN TRUST 2006-HE4 (FUNDING)
ATTACHMENT A TO SUBSEQUENT TRANSFER AGREEMENT
October 25, 2006
A.
1. Subsequent Cut-Off Date: September 30, 2006
2. Subsequent Transfer Date: October 25, 2006
3. Aggregate Principal Balance of the Subsequent
Mortgage Loans as $4,999,990.30 of the Subsequent Cut-Off Date:
4. Purchase Price: 100.00%
B.
As to all Subsequent Mortgage Loans:
1. Longest stated term to maturity: 180.00 months
2. Minimum Loan Rate: 7.750
3. Maximum Loan Rate: 14.000
4. WAC of all Subsequent Mortgage Loans: 8.5227
5. WAM of all Subsequent Mortgage Loans: 0.2727
6. Largest Principal Balance: $364,300.00
7. Non-owner occupied Mortgaged Properties: 0.00 %
8. California zip code concentrations: 14.42% and 6.83%
9. Condominiums: 4.05 %
10. Single-family: 94.24 %
11. Weighted average term since origination: 179.001
12. Principal balance of Subsequent Mortgage Loans with
respect to $143,463.19
which the Mortgagor is an employee of GMACM or an affiliate of
GMACM:
13. Number of Subsequent Mortgage Loans with respect to which the 2.87%
Mortgagor is an employee of GMACM or an affiliate of GMACM:
EXHIBIT 3
ADDITION NOTICE
DATE: October 25, 0000
Xxx Xxxx xx Xxx Xxxx Trust Company, XX Xxxxx'x Investors Service, Inc.
000 X. Xxxxxx Xxxxxx, 00xx Floor 00 Xxxxxx Xxxxxx
Xxxxxxx, XX 00000 Xxx Xxxx, Xxx Xxxx 00000
MBIA Insurance Corporation Standard & Poor's, a division of The
000 Xxxx Xxxxxx XxXxxx-Xxxx Companies, Inc.
Xxxxxx, XX 00000 00 Xxxxx Xxxxxx
Attention: Insured Portfolio Management Xxx Xxxx, Xxx Xxxx 00000-0000
Structured Finance
Re: GMACM Home Equity Loan Trust 2006-HE4
Wilmington Trust Company
0000 Xxxxx Xxxxxx Xxxxxx
Xxxxxxxxxx, Xxxxxxxx 00000
Re: GMACM Home Equity Loan Trust 2006-HE4 (Pre-Funding)
Ladies and Gentlemen:
Pursuant to Section 2.2 of the mortgage loan purchase agreement dated as
of September 27, 2006 (the "Purchase Agreement"), among GMAC Mortgage, LLC, as a
Seller and Servicer, Walnut Grove Mortgage Loan Trust 2003-A, as a Seller,
Residential Asset Mortgage Products, Inc., as Purchaser, GMACM Home Equity Loan
Trust 2006-HE4, as Issuer and The Bank of New York Trust Company, National
Association, as Indenture Trustee, the Seller has designated the Subsequent
Mortgage Loans identified on the Mortgage Loan Schedule attached hereto to be
sold to the Issuer on October 25, 2006, with an aggregate Principal Balance of
$4,999,990.30. Capitalized terms not otherwise defined herein have the meaning
set forth in the Appendix A to the indenture dated as of September 27, 2006,
between the Issuer and the Indenture Trustee.
Please acknowledge your receipt of this notice by countersigning the
enclosed copy in the space indicated below and returning it to the attention of
the undersigned.
Very truly yours,
GMAC MORTGAGE, LLC,
as Seller
By:
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Name: XXXXXXXX X. XXXXXX
Title: VICE PRESIDENT
ACKNOWLEDGED AND AGREED:
JPMORGAN CHASE BANK, NATIONAL
ASSOCIATION,
as Indenture Trustee
By:
--------------------------------
Name:
Title:
