Document:

exv10w6

 

Exhibit 10.6

AMENDMENT NUMBER ONE

to the

SECOND AMENDED AND RESTATED SALE AND SERVICING AGREEMENT,

Dated as of April 29, 2005,

among

OPTION ONE OWNER TRUST 2001-1 A,

OPTION ONE LOAN WAREHOUSE CORPORATION,

OPTION ONE MORTGAGE CORPORATION

and

WELLS FARGO BANK N.A.

          This AMENDMENT NUMBER ONE (this “Amendment”) is made and is effective as of this
29th day of June, 2005, among Option One Owner Trust 2001-1A (the “Issuer”), Option One
Loan Warehouse Corporation (the “Depositor”), Option One Mortgage Corporation (the “Loan
Originator” and the “Servicer”) and Wells Fargo Bank N.A., as Indenture Trustee (the
“Indenture Trustee”), to the Second Amended and Restated Sale and Servicing Agreement,
dated as of April 29, 2005 (as so amended, the “Sale and Servicing Agreement”), among the
Issuer, the Depositor, the Loan Originator, the Servicer and the Indenture Trustee, as
otherwise amended.

RECITALS

          WHEREAS, the parties hereto desire to amend the Sale and Servicing Agreement subject
to the terms and conditions of this Amendment.

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

          SECTION
1. Defined Terms. Any terms capitalized but not otherwise defined
herein shall have the respective meanings set forth in the Sale and Servicing Agreement.

          SECTION
2. Amendments. Effective as of June 29, 2005 the following
amendments shall be in full force and effect.

	 	(i)	 	Section 1.01 of the Sale and Servicing Agreement is hereby amended by
adding the following definitions:

               “Interest-Only Loan” is a Loan which, by its terms, requires the related
Borrower to make monthly payments of only accrued interest for the certain period
of time following origination. After such interest-only period, the loan terms
provide that the Borrower’s monthly payment will be recalculated to cover both
interest and principal so that such Loan will amortize fully on or prior to its
final payment date.”

               “40/30 Loan” is a Loan which, by its terms, matures in 30 years, and requires
the related borrower to make monthly payments during such term calculated on

 

 

the basis of a 40-year amortization schedule, and accordingly provides for a higher single
payment at maturity.”

	 	(ii)	 	Paragraph (xx) of Exhibit E to the Sale and Servicing Agreement is
hereby amended in its entirety to read as follows:

               “(xx) Except for Interest-Only Loans, Principal payments on the Loan commenced no more
than two months after the proceeds of the Loan were disbursed. The Loan bears interest at
the Loan Interest Rate. With respect to each Loan unless otherwise stated on the Loan
Schedule, the Promissory Note is payable on the first day of each month in Monthly Payments
which, except for Balloon Loans, are sufficient to fully amortize the original principal
balance over the original term thereof and to pay interest at the related Loan Interest
Rate, and, in the case of each ARM, are changed on each Adjustment Date. The Promissory Note
does not permit negative amortization. No Loan is a Convertible Mortgage Loan;”

	 	(iii)	 	Paragraph (xxxvii) of Exhibit E to the Sale and Servicing Agreement is
hereby amended in its entirety to read as follows:

               “(xxxvii) Except for 40/30 Loans and as set forth on the Loan Schedule, no Loan has a
balloon payment feature;”

          SECTION
3. Representations. In order to induce the parties hereto to execute and
deliver this Amendment, each of the Issuer, the Depositor and the Loan Originator hereby jointly
and severally represents to the other parties hereto and the Noteholders that as of the date
hereof, after giving effect to this Amendment, (a) all of its respective representations and
warranties in the Note Purchase Agreement and the other Basic Documents are true and correct, and
(b) it is otherwise in full compliance with all of the terms and conditions of the Sale and
Servicing Agreement.

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

          SECTION 5. Fees and Expenses. The Issuer and the Depositor jointly and severally
covenant to pay as and when billed by the Initial Noteholder all of the reasonable out-of-pocket
costs and expenses incurred in connection with the transactions contemplated hereby and in the
other Basic Documents including, without limitation, (i) all reasonable fees, disbursements and
expenses of counsel to the Initial Noteholder, (ii) all reasonable fees and expenses of the
Indenture Trustee and Owner Trustee and their counsel and (iii) all reasonable fees and expenses
of the Custodian and its counsel.

2

 

          SECTION 6. GOVERNING LAW. THIS AMENDMENT SHALL BE GOVERNED BY AND CONSTRUED IN
ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK, WITHOUT REGARD TO THE CONFLICT OF LAWS DOCTRINE
APPLIED IN SUCH STATE.

          SECTION 7. Counterparts. This Amendment may be executed by each of the parties hereto on any
number of separate counterparts, each of which shall be an original and all of which taken
together shall constitute one and the same instrument.

          SECTION
8. Limitation on Liability. It is expressly understood and agreed by the
parties hereto that (a) this Amendment is executed and delivered by Wilmington Trust Company, not
individually or personally, but solely as Owner Trustee of Option One
Owner Trust 2001-1A in the
exercise of the powers and authority conferred and vested in it, (b) each of the representations,
undertakings and agreements herein made on the part of the Issuer is made and intended not as
personal representations, undertakings and agreements by Wilmington Trust Company but is made and
intended for the purpose for binding only the Issuer, (c) nothing herein contained shall be
construed as creating any liability on Wilmington Trust Company, individually or personally, to
perform any covenant either expressed or implied contained herein, all such liability, if any,
being expressly waived by the parties hereto and by any Person claiming by, through or under the
parties hereto and (d) under no circumstances shall Wilmington Trust Company be personally liable
for the payment of any indebtedness or expenses of the Issuer or be liable for the breach or
failure of any obligation, representation, warranty or covenant made or undertaken by the Issuer
under this Amendment or any other related documents.

3

 

          IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be executed and delivered
by their duly authorized officers as of the day and year first above written.

	 	 	 	 	 	 	 
	 

	 	 	 	 	 	 
	 	 	OPTION ONE OWNER TRUST 2001-1A	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	Wilmington Trust Company, not in its
	 	 
	 	 	individual capacity but solely as owner

trustee	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ Mary Kay Pupillo	 	 
	 

	 	 	 	 	 	 
	 	 	Name: Mary Kay Pupillo	 	 
	 	 	Title: Assistant Vice President	 	 
	 
	 	 	 	 	 	 
	 
	 	 	 	 	 	 
	 	 	OPTION ONE LOAN WAREHOUSE

CORPORATION	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ Charles R. Fulton	 	 
	 

	 	 	 	 	 	 
	 	 	Name: Charles R. Fulton	 	 
	 	 	Title: Assistant Secretary	 	 
	 
	 	 	 	 	 	 
	 	 	OPTION ONE MORTGAGE CORPORATION	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ Charles R. Fulton	 	 
	 

	 	 	 	 	 	 
	 	 	Name: Charles R. Fulton	 	 
	 	 	Title: Vice President	 	 
	 
	 	 	 	 	 	 
	 	 	WELLS FARGO BANK N.A., as Indenture Trustee	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ Darron C. Woodus	 	 
	 

	 	 	 	 	 	 
	 	 	Name: Darron C. Woodus	 	 
	 	 	Title: Assistant Vice President	 	 

[Signature Page to Amendment One to the Second Amended and Restated Sale and Servicing
Agreement]

4exv10w7

 

Exhibit 10.7

AMENDMENT NUMBER ONE

to the

SECOND AMENDED AND RESTATED SALE AND SERVICING AGREEMENT,

Dated as of April 29, 2005,

among

OPTION ONE OWNER TRUST 2001-IB,

OPTION ONE LOAN WAREHOUSE CORPORATION,

OPTION ONE MORTGAGE CORPORATION

and

WELLS FARGO BANK N.A.

          This AMENDMENT NUMBER ONE (this “Amendment”) is made and is effective as of this
29th day of June, 2005, among Option One Owner Trust 2001-1B (the “Issuer”), Option
One Loan Warehouse Corporation (the “Depositor”), Option One Mortgage Corporation (the
“Loan Originator” and the “Servicer”) and Wells Fargo Bank N.A., as Indenture Trustee
(the “Indenture Trustee”), to the Second Amended and Restated Sale and Servicing
Agreement, dated as of April 29, 2005 (as so amended, the “Sale and Servicing
Agreement”), among the Issuer, the Depositor, the Loan Originator, the Servicer and
the Indenture Trustee, as otherwise amended.

RECITALS

          WHEREAS, the parties hereto desire to amend the Sale and Servicing Agreement
subject to the terms and conditions of this Amendment.

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

          SECTION
1. Defined Terms. Any terms capitalized but not otherwise defined
herein shall have the respective meanings set forth in the Sale and Servicing
Agreement.

          SECTION
2. Amendments. Effective as of June 29, 2005 the following
amendments shall be in full force and effect.

	 	(i)	 	Section 1.01 of the Sale and Servicing Agreement is hereby
amended by adding the following definitions:

               “Interest-Only Loan” is a Loan which, by its terms, requires the related
Borrower to make monthly payments of only accrued interest for the certain
period of time following origination. After such interest-only period, the loan
terms provide that the Borrower’s monthly payment will be recalculated to cover
both interest and principal so that such Loan will amortize fully on or prior to
its final payment date.”

               “40/30 Loan” is a Loan which, by its terms, matures in 30 years, and
requires the related borrower to make monthly payments during such term
calculated on

 

 

the basis of a 40-year amortization schedule, and accordingly provides for a higher single
payment at maturity.”

	 	(ii)	 	Paragraph (xx) of Exhibit E to the Sale and Servicing Agreement is
hereby amended in its entirety to read as follows:

               “(xx) Except for Interest-Only Loans, Principal payments on the Loan commenced no
more than two months after the proceeds of the Loan were disbursed. The Loan bears interest
at the Loan Interest Rate. With respect to each Loan unless otherwise stated on the Loan
Schedule, the Promissory Note is payable on the first day of each month in Monthly Payments
which, except for Balloon Loans, are sufficient to fully amortize the original principal
balance over the original term thereof and to pay interest at the related Loan Interest
Rate, and, in the case of each ARM, are changed on each Adjustment Date. The Promissory Note
does not permit negative amortization. No Loan is a Convertible Mortgage Loan;”

	 	(iii)	 	Paragraph (xxxvii) of Exhibit E to the Sale and Servicing Agreement is
hereby amended in its entirety to read as follows:

               “(xxxvii) Except for 40/30 Loans and as set forth on the Loan Schedule, no Loan has a
balloon payment feature;”

          SECTION
3. Representations. In order to induce the parties hereto to execute and
deliver this Amendment, each of the Issuer, the Depositor and the Loan Originator hereby jointly
and severally represents to the other parties hereto and the Noteholders that as of the date
hereof, after giving effect to this Amendment, (a) all of its respective representations and
warranties in the Note Purchase Agreement and the other Basic Documents are true and correct, and
(b) it is otherwise in full compliance with all of the terms and conditions of the Sale and
Servicing Agreement.

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

          SECTION 5. Fees and Expenses. The Issuer and the Depositor jointly and severally
covenant to pay as and when billed by the Initial Noteholder all of the reasonable out-of-pocket
costs and expenses incurred in connection with the transactions contemplated hereby and in the
other Basic Documents including, without limitation, (i) all reasonable fees, disbursements and
expenses of counsel to the Initial Noteholder, (ii) all reasonable fees and expenses of the
Indenture Trustee and Owner Trustee and their counsel and (iii) all reasonable fees and expenses
of the Custodian and its counsel.

2

 

          SECTION
6. GOVERNING LAW. THIS AMENDMENT SHALL BE GOVERNED BY AND CONSTRUED IN
ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK, WITHOUT REGARD TO THE CONFLICT OF LAWS DOCTRINE
APPLIED IN SUCH STATE.

          SECTION 7. Counterparts. This Amendment may be executed by each of the parties hereto
on any number of separate counterparts, each of which shall be an original and all of which taken
together shall constitute one and the same instrument.

          SECTION 8. Limitation on Liability. It is expressly understood and agreed by the
parties hereto that (a) this Amendment is executed and delivered by Wilmington Trust Company, not
individually or personally, but solely as Owner Trustee of Option One Owner Trust 2001-1B in the
exercise of the powers and authority conferred and vested in it, (b) each of the representations,
undertakings and agreements herein made on the part of the Issuer is made and intended not as
personal representations, undertakings and agreements by Wilmington Trust Company but is made and
intended for the purpose for binding only the Issuer, (c) nothing herein contained shall be
construed as creating any liability on Wilmington Trust Company, individually or personally, to
perform any covenant either expressed or implied contained herein, all such liability, if any,
being expressly waived by the parties hereto and by any Person claiming by, through or under the
parties hereto and (d) under no circumstances shall Wilmington Trust Company be personally liable
for the payment of any indebtedness or expenses of the Issuer or be liable for the breach or
failure of any obligation, representation, warranty or covenant made or undertaken by the Issuer
under this Amendment or any other related documents.

3

 

          IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be executed and
delivered by their duly authorized officers as of the day and year first above written.

	 	 	 	 	 	 	 
	 

	 	 	 	 	 	 
	 	 	OPTION ONE OWNER TRUST 2001-1B	 	 
	 
	 	 	 	 	 	 
	 	 	By: Wilmington Trust Company, not in its

individual capacity but solely as owner
 trustee	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ Mary Kay Pupillo	 	 
	 

	 	 	 	 	 	 
	 	 	Name: Mary Kay Pupillo	 	 
	 	 	Title: Assistant Vice President	 	 
	 
	 	 	 	 	 	 
	 	 	OPTION ONE LOAN WAREHOUSE
 CORPORATION	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ Charles R. Fulton	 	 
	 

	 	 	 	 	 	 
	 	 	Name: Charles R. Fulton	 	 
	 	 	Title: Assistant Secretary	 	 
	 
	 	 	 	 	 	 
	 	 	OPTION ONE MORTGAGE CORPORATION	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ Charles R. Fulton	 	 
	 

	 	 	 	 	 	 
	 	 	Name: Charles R. Fulton	 	 
	 	 	Title: Vice President	 	 
	 
	 	 	 	 	 	 
	 	 	WELLS FARGO BANK N.A., as Indenture
 Trustee	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ Darron C. Woodus	 	 
	 

	 	 	 	 	 	 
	 	 	Name: Darron C. Woodus	 	 
	 	 	Title: Assistant Vice President	 	 

[Signature Page to Amendment One to the Second Amended and Restated Sale and Servicing
Agreement]

4

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