Document:

NSMH 12.31.2012 10-K Exhibit 10.13

Exhibit 10.13

AMENDMENT AND WAIVER, dated as of February 21, 2012 (this “Amendment and Waiver”), to the Master Repurchase Agreement dated as of March 25, 2011, as amended from time to time (the “MRA”), and the Mortgage Loan Participation Purchase and Sale Agreement dated as of March 25, 2011 (as amended from time to time, the “PSA” and, collectively with the MRA, the “Agreements”), in each case between Nationstar Mortgage LLC., a Delaware limited liability company, as seller (the “Company”), and Barclays Bank PLC, as purchaser and agent (the “Bank”).
WHEREAS, FIF HE Holdings LLC (“FIF”), a wholly-owned subsidiary of Fortress Investment Group LLC, owns 100% of the equity interests in the Company;
WHEREAS, FIF owns 100% of the equity interests in Nationstar Mortgage Holdings Inc., a newly formed Delaware corporation (“NMH” or “Nationstar”), which in turn owns 100% of the equity interests in Nationstar Sub1 LLC (“Sub 1”) and Nationstar Sub2 LLC (“Sub 2”), each of which is a Delaware limited liability company (collectively, the “Subsidiary LLCs”);
WHEREAS, NMH expects to effect a registered initial public offering of its common stock pursuant to a registration statement on Form S-1 (the “IPO”);
WHEREAS, in connection with the IPO, FIF expects to transfer all of its equity interests in the Company to the Subsidiary LLCs (the “Restructuring” and, collectively with the IPO, the “Transactions”), such that Sub 1 and Sub 2, collectively, will own 100% of the Company following the Restructuring;
NOW, THEREFORE, in consideration of the premises and covenants contained herein and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto, intending to be legally bound hereby, agree as follows:
I.Amendment of the Agreements. The definitions of “Change in Control” set forth in Section 2(a) of the MRA and Section 1 of the PSA are hereby deleted in their entirety and replaced with the following:

“Change of Control” means:
(a) at any time prior to consummation of the Transactions, less than 100% of the Company's equity securities are owned, directly or indirectly, by FIF, (b) at any time upon or after the consummation of the Transactions, less than 100% of the Company's equity securities are owned, directly or indirectly, by Nationstar, (c) at any time upon or after the consummation of an initial public offering of common equity interests pursuant to a registration statement on Form S‐1or any comparable successor form by Seller or any direct or indirect parent of Seller, any “person” or “group” (as such terms are used in Sections 13(d) and 14(d) of the Securities Exchange Act of 1934, but excluding any employee benefit plan of such person and its Subsidiaries, and any person or entity acting in its capacity as trustee, agent or other fiduciary or administrator of any such plan), other than one or more Permitted Holders, becomes the “beneficial owner” (as defined in Rules 13(d)-3 and 13(d)-5 under such Act), of more than the greater of (x) 35% of the then-outstanding voting power of Seller's voting equity interests and (y) the percentage of the then-outstanding voting power of Seller's voting equity interests owned, in the aggregate, directly or indirectly, beneficially and of record, by the Permitted Holders, determined after such person's or group's most recent acquisition of outstanding voting power of Nationstar's voting equity interests; unless the Permitted Holders have, at such time, the right or the ability by voting power, contract or otherwise to elect or designate for election at least a majority of Seller's board of directors, or (d) the sale, transfer, or other disposition of all or substantially all of Seller's assets (excluding any such action taken in connection 

with any securitization transaction or routine sales of Mortgage Loans), provided that none of the foregoing events in this clause (d) shall constitute a “Change in Control” if at the time of such event, or as a result thereof, Seller or any direct or indirect parent of Seller has a class of its equity securities registered under Section 12 of the Securities Exchange Act of 1934, as amended. 
“Permitted Holders” means Fortress Investment Group LLC and any other Person who directly or indirectly through one or more intermediaries controls, or is controlled by, or is under common control with, Fortress Investment Group LLC. For purposes of this definition, the term “control” means the possession, directly or indirectly, of the power to direct or cause the direction of the management and policies of a Person, whether through the ownership of voting securities, by contract or otherwise; and the terms “controlling” and “controlled” have meanings correlative of the foregoing. 
II.Waivers under the Agreements. The Bank hereby consents to the Transactions, waives any claim the Bank may now, or in the future, have for breach of Sections 14(p)(i),14(i)(ix) or 17(l) of the MRA or Section 6(e)(xiii) of the PSA as a result of the Transactions and any default, Default as that term is defined in the MRA, event of default, Event of Default as that term is defined in the MRA, which breach directly relates to or arises out of the Transactions.

III.Notice of Transactions. The Company shall provide prompt written notice to the Bank of the consummation of the Restructuring and the Transactions.

IV.Representations and Warranties.  The Company represents and warrants to the Bank that as of the date hereof:

A.The execution, delivery and performance of this Amendment and Waiver have been duly authorized by all necessary corporate action by the Company, and do not and will not (i) contravene the terms of the Company's organizational documents, (ii) result in any breach or contravention of any contractual obligation to which the Company is a party or any order, injunction, writ or decree of any Governmental Authority or any arbitral award to which the Company is subject; or (iii) violate any applicable law; except with respect to any breach, contravention or violation referred to in clauses (ii) and (iii), to the extent that such breach, contravention or violation would not reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect.

B.The Agreements, as amended and waived hereby, constitute valid and binding agreements of the Company, enforceable against the Company in accordance with the terms thereof, subject to bankruptcy, insolvency, reorganization and other laws of general applicability relating to or affecting creditors' rights and to general principles of equity.

C.The representations and warranties of the Company contained in the Agreements are true and correct in all material respects; provided that, to the extent that such representations and warranties specifically refer to an earlier date, they are true and correct in all material respects as of such earlier date; provided, further, that, any representation and warranty that is qualified as to “materiality,” “Material Adverse Effect” or similar language is true and correct (after giving effect to any qualification therein) in all respects on such respective dates.

D.The Company is in full compliance in all material respects with all of the terms and conditions of the Agreements (and the Program Documents referred to therein) and remains bound by the terms thereof.

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E.No default, Default, event of default or Event of Default has occurred or is continuing under the Agreements.

V.    Applicable Law.    THIS AMENDMENT AND WAIVER SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK WITHOUT REGARD TO CONFLICTS OF LAW PRINCIPLES (OTHER THAN SECTION 5-1401 OF THE NEW YORK GENERAL OBLIGATIONS LAW, WHICH SHALL GOVERN).

VI.    Effect of Amendment and Waiver.    Except as expressly set forth in this Amendment and Waiver, (a) nothing herein shall by implication or otherwise limit, impair, constitute a waiver of or otherwise affect the rights and remedies of the Bank under the Agreements, or alter, modify, amend or in any way affect any of the terms, conditions, obligations, covenants or agreements contained in the Agreements, all of which are ratified and affirmed in all respects and shall continue in full force and effect, (b) the failure of the Bank at any time hereafter to require strict performance by the Company of any of the provisions, warranties, terms or conditions contained in the Agreements shall not waive, modify, diminish or otherwise affect any right of the Bank at any time thereafter to demand strict performance thereof, and (c) no rights of the Bank under the Agreements shall be deemed to have been waived or modified by any act or knowledge of the Bank, or the Bank's respective officers or employees, unless such waiver or modification is contained in an instrument in writing signed by the appropriate officers of the Bank and directed to the Company specifying such waiver or modification.

VII.    Miscellaneous 

A.The headings of this Amendment and Waiver are for purposes of reference only and shall not limit or otherwise affect the meaning hereof. 

B.This Amendment and Waiver may be executed in any number of counterparts and by different parties hereto on separate counterparts, each of which when so executed and delivered shall be deemed to be an original, but all of which when taken together shall constitute a single instrument.  Delivery of an executed counterpart of a signature page of this Amendment and Waiver by facsimile or electronic transmission shall be effective as delivery of a manually executed counterpart hereof.

C.Terms used but not otherwise defined herein shall have the meaning ascribed to them in the Agreements. 

D.By executing this Amendment and Waiver, the Bank hereby consents to any disclosure and filing of this Amendment and Waiver required by law; provided that the Company shall give the Counterparties prompt notice of any such disclosure.

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IN WITNESS WHEREOF, the parties hereto have caused this Amendment and Waiver to be duly executed as of the date first above written.

NATIONSTAR MORTGAGE LLC 
By:/s/ Anthony W. Villani    
Name: Anthony W. Villani
Title: Executive Vice President & General
Counsel

BARCLAYS BANK PLC
By:    /s/ Ellen V. Kiernan            
Name:  Ellen V. Kiernan
Title:  DirectorNSMH 12.31.2012 10-K Exhibit 10.14

Exhibit 10.14

AMENDMENT NUMBER ONE
to the
MASTER REPURCHASE AGREEMENT
dated as of March 25, 2011
between
BARCLAYS BANK PLC
and
NATIONSTAR MORTGAGE LLC

This AMENDMENT NUMBER ONE (this “Amendment”) is made as of this 29th day of February, 2012, by and between Barclays Bank PLC (“Purchaser” and “Agent”) and Nationstar Mortgage LLC (“Seller”), to that certain Master Repurchase Agreement, dated as of March 25, 2011 (as amended by that certain Amendment and Waiver, dated as of February 17, 2012, by and between Purchaser and Seller, and as further amended, restated, supplemented or otherwise modified from time to time, the “Repurchase Agreement”), by and between Purchaser and Seller.
 
WHEREAS, Purchaser, Agent and Seller have agreed to amend the Repurchase Agreement as more particularly set forth herein.

NOW THEREFORE, for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, and for the mutual covenants herein contained, the parties hereto hereby agree as follows:  

SECTION 1.    Amendments. Effective as of February 29, 2012 (the “Effective Date”), the Repurchase Agreement is hereby amended as follows:

(a)Section 2(a) of the Repurchase Agreement is hereby amended by deleting the definition of “Maturity Date” in its entirety and replacing it with the following (modified text underlined for review purposes):

“Maturity Date” means Feburary 27, 2013.
(b)Section 2(a) of the Repurchase Agreement is hereby amended by deleting the definition of “Maximum Time on Facility” in its entirety and replacing it with the following (modified text underlined for review purposes):

“Maximum Time on Facility” means for each Eligible Mortgage Loan (other than Wet-Ink Mortgage Loans), the maximum number of days such Eligible Mortgage Loan may be subject to a Transaction (whether or not continuous) is (i) forty-five (45) days for Fannie Mae Mortgage Loans and Freddie Mac Mortgage Loans, (ii) sixty (60) days for Ginnie Mae Mortgage Loans, and (iii) ninety (90) days for Jumbo Mortgage Loans.  Wet-Ink Mortgage Loans shall have the aging restrictions set forth in the Pricing Side Letter.
(c)Section 2(a) of the Repurchase Agreement is hereby amended by deleting the definition of “Mortgage Loan” in its entirety and replacing it with the following (modified text underlined for review purposes):

“Mortgage Loan” means a Jumbo Mortgage Loan, a Ginnie Mae Mortgage Loan, a Fannie Mae Mortgage Loan or a Freddie Mac Mortgage Loan.
(d)Section 2(a) of the Repurchase Agreement is hereby amended by deleting the definition of “Wet-Ink Mortgage Loan” in its entirety and replacing it with the following (modified text underlined for review purposes):

“Wet-Ink Mortgage Loan” means a Mortgage Loan (other than a Jumbo Mortgage Loan) that Seller is selling to Purchaser simultaneously with the origination thereof that is funded as part, either directly or indirectly, with the Purchase Price paid by Purchaser hereunder and prior to receipt by Purchaser or its Custodian of the original Mortgage Note.
(e)Section 2(a) of the Repurchase Agreement is hereby amended by inserting the following new definitions in the appropriate alphabetical order:

“Jumbo Mortgage Loan” means a first lien mortgage loan that is underwritten as a jumbo mortgage loan in compliance with Purchaser's underwriting guidelines.
“Streamline Mortgage Loans” means any Mortgage Loan that is refinanced pursuant to the U.S. government's Home Affordable Refinance Program, the FHA Streamline Refinance program or the VA Interest Rate Reduction Refinancing program.
(f)Exhibit B to the Repurchase Agreement is hereby amended by deleting clause “(f)” thereof in its entirety and replacing it with the following (modified text underlined for review purposes):

(f)    Such Mortgage Loan (other than a Jumbo Mortgage Loan) is either (i) insured by the FHA under the National Housing Act, guaranteed by the VA under the Servicemen's Readjustment Act of 1944 or (ii) with respect to Fannie Mae Mortgage Loans and Freddie Mac Mortgage Loans, is otherwise eligible to be insured or guaranteed in accordance with the requirements of the applicable Agency Program and, in either case, such Mortgage Loan is not subject to any defect that would prevent recovery in full or in part against the FHA, VA or other insurer or guarantor, as the case may be;
(g)Exhibit B to the Repurchase Agreement is hereby amended by deleting clause “(i)” thereof in its entirety and replacing it with the following (modified text underlined for review purposes):

(i)    Each Mortgage Loan (other than a Jumbo Mortgage Loan) is eligible for sale to the Applicable Agency and fully complies with all of the terms and conditions, including any covenants, representations and warranties, in the applicable Agency Guide and eligible for securitization by and/or sale to Fannie Mae, Freddie Mac or eligible for inclusion in a Ginnie Mae MBS pool; 
(h)Exhibit B to the Repurchase Agreement is hereby amended by deleting clause “(o)” thereof in its entirety and replacing it with the following (modified text underlined for review purposes):

(o)    With respect to any Mortgage Loan (other than a Streamline Mortgage Loan), on the Origination Date the related Mortgagor's FICO Score was equal to or greater than 550 (for this purpose, it being acknowledged that the related Mortgagor shall be deemed to have a FICO Score of zero where no FICO Score is available);
(i)Exhibit B to the Repurchase Agreement is hereby amended by deleting clause “(r)” thereof in its entirety and replacing it with the following:

(r)    Each Streamline Mortgage Loan fully complies with all applicable terms and conditions, including any covenants, representations and warranties, of the related Agency Guide, the FHA regulations and the VA regulations, as applicable, unless the Seller has obtained a waiver in respect of any such noncompliance from the related Agency, FHA or VA, as applicable;

(j)Exhibit B to the Repurchase Agreement is hereby amended by deleting clause “(v)” thereof in its entirety and replacing it with the following (modified text underlined for review purposes):

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(v)    The Mortgage Loan does not have a loan-to-value ratio in excess of what is permitted under the Pricing Side Letter or the Agency Guides for mortgage loans of the same type as the Mortgage Loans; provided, that if any Mortgage Loan fails to comply with any loan-to-value representations and warranties required by any Agency, then Seller has obtained a waiver in respect of any such noncompliance from  such Agency;
(k)Section 14(g)(ii) of the Repurchase Agreement is hereby amended by deleting clause “(A)” thereof in its entirety and replacing it with the following (modified text underlined for review purposes):

(A)    Seller's Tangible Net Worth shall at all times exceed $175,000,000;
SECTION 2.    Fees and Expenses.  Seller agrees to pay to Purchaser all fees and out of pocket expenses incurred by Purchaser and Agent in connection with this Amendment, including all reasonable fees and out of pocket costs and expenses of the legal counsel to Purchaser and Agent incurred in connection with this Amendment, in accordance with Section 23(a) of the Repurchase Agreement.    In addition, as condition precedent to the effectiveness of this Amendment, Seller shall have paid to Purchaser the Structuring Fee in an amount equal to $980,000 in accordance with Section 2 of the MRA Pricing Side Letter.

SECTION 3.    Defined Terms.  Any terms capitalized but not otherwise defined herein should have the respective meanings set forth in the Repurchase Agreement.

SECTION 4.    Limited Effect.  Except as amended hereby, the Repurchase Agreement shall continue in full force and effect in accordance with its terms.  Reference to this Amendment need not be made in the Repurchase Agreement or any other instrument or document executed in connection therewith, or in any certificate, letter or communication issued or made pursuant to, or with respect to, the Repurchase Agreement, any reference in any of such items to the Repurchase Agreement being sufficient to refer to the Repurchase Agreement as amended hereby.

SECTION 5.    Representations.  In order to induce Purchaser and Agent to execute and deliver this Amendment, Seller hereby represents to Purchaser and Agent that as of the date hereof, (i) Seller is in full compliance with all of the terms and conditions of the Program Documents and remains bound by the terms thereof, and (ii) no Default or Event of Default has occurred and is continuing under the Program Documents.

SECTION 6.    Governing Law.  This Amendment and the rights and obligations of the parties hereunder shall be construed in accordance with and governed by the laws of the State of New York, without regard to principles of conflicts of laws (other than Sections 5-1401 and 5‐1402 of the New York General Obligations Law which shall be applicable).

SECTION 7.    Counterparts.  For the purpose of facilitating the execution of this Amendment, and for other purposes, this Amendment may be executed simultaneously in any number of counterparts.  Each counterpart shall be deemed to be an original, and all such counterparts shall constitute one and the same instrument.  The parties intend that faxed signatures and electronically imaged signatures such as .pdf files shall constitute original signatures and are binding on all parties. The original documents shall be promptly delivered, if requested.

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IN WITNESS WHEREOF, Purchaser, Agent and Seller have caused their names to be duly signed to this Amendment by their respective officers thereunto duly authorized, all as of the date first above written.

BARCLAYS BANK PLC,
Purchaser and Agent
By: /s/ Ellen V. Kiernan__________________
Name: Ellen V. Kiernan
Title: Director
NATIONSTAR MORTGAGE LLC,
Seller
By: /s/ Gregory A. Oniu___________________
Name: Gregory A. Oniu
Title: Senior Vice President

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