Document:

exv10w78

 

Exhibit 10.78

EXECUTION COPY 

AMENDMENT NO. 1

TO THE

PRICING SIDE LETTER

          The PRICING SIDE LETTER (the “Letter”), dated as of January 19, 2007, by and
among OPTION ONE OWNER TRUST 2002-3 (the “Company”), OPTION ONE MORTGAGE CORPORATION,
as loan originator and servicer (a “Loan Originator” or the “Servicer,”
respectively), OPTION ONE MORTGAGE CORPORATION, as loan originator (a “Loan
Originator”), OPTION ONE LOAN WAREHOUSE LLC, as depositor (the “Depositor”),
WELLS FARGO BANK, N.A., as indenture trustee (the “Indenture
Trustee ”) and UBS Real
Estate Securities Inc. (“UBS”), as purchaser (the “Purchaser”), is being
hereby amended by this Amendment No. 1, dated as of April 27, 2007 (the “Amendment”),
as follows. This Amendment serves as consideration for UBS’s execution of the Waiver, dated
as of April 27, 2007, by and among the Issuer, the Depositor, the Servicer, the Loan
Originators, the Indenture Trustee and UBS.

1. Defined Terms. Capitalized terms used herein without definition have the meanings
ascribed to them in the Amended and Restated Sale and Servicing Agreement (the “Sale and
Servicing Agreement”), dated as of January 19, 2007, by and among the Issuer, the
Depositor, the Servicer, the Loan Originators and the Indenture Trustee.

2. Amended Terms.

     (a) The first paragraph of the defined term “Collateral Value” in Section 1 of the
Letter is hereby deleted in its entirety and substituted with the following:

     “Collateral Value: With respect to each Loan and each Business Day, an amount equal to
(I) the lesser of (i) the Principal Balance of such Loan, and (ii) the product of the Market
Value thereof and 97%, less (II) the aggregate unreimbursed Servicing Advances attributable
to such Loan as of the most recent Determination Date; provided, however, that the Collateral
Value shall be zero with respect to each Loan (1) that the Loan Originator is required to
repurchase pursuant to Section 2.05 or Section 3.06 of the Sale and Servicing Agreement or
(2) which is a Loan of the type specified in subparagraphs A(i)-(x) hereof and which is in
excess of the limits permitted under subparagraphs A(i)-(x) hereof, or (3) which remains
pledged to the Indenture Trustee later than 120 days after its related Transfer Date, or (4)
which has been released from the possession of the Custodian to the Servicer or the Loan
Originator for a period in excess of 14 days, or (5) that is not a Wet Funded Loan and for
which the Custodian is not in possession of a complete Custodial Loan File, or (6) that is a
Wet Funded Loan for which the related Custodial Loan File has not been received on or before
the 14th day following the related Transfer, or (7) that breaches any representation or
warranty set forth in Exhibit E with respect to such Loan, or (8) that is a First Payment
Default Loan, or (9) that is Delinquent more than 89 days (or, in the case of a Wet Funded
Loan, 59 days), or (10) that has been financed previously under this warehouse facility, or
(11) that is in foreclosure or subject

 

 

to
bankruptcy proceedings; provided, further, that (A): ”

     (b) The defined term “Maximum Note Principal Balance” in Section 1 of the Letter is hereby
deleted in its entirety and substituted with the following:

     “Maximum Note Principal Balance: An amount equal to $750,000,000.”

3. Make-Whole Premium. The parties to this Amendment acknowledge and agree that any amounts
held by the Purchaser on behalf of the Issuer as of the date hereof shall be applied to the early
payment of the Make-Whole Premium, subject to rebate of any excess to the Issuer upon the
termination of this facility.

4. Merger and Integration. Upon execution of this Amendment by the parties to the Letter,
this Amendment shall be incorporated into and merged together with the Letter. Except as
specifically provided herein, all provisions, terms and conditions of the Letter shall remain in
full force and effect and the Letter as hereby amended is further ratified and reconfirmed in all
respects. Except as expressly provided herein, the effectiveness of this Amendment shall not
operate as, or constitute a waiver or modification of, any right, power or remedy of any party to
the Letter. All references to the Letter in any other document or instrument shall be deemed to
mean the Letter as amended by this Amendment.

5. Counterparts. This Amendment may be executed by the parties in several counterparts,
each of which shall be deemed to be an original and all of which shall constitute together but one
and the same agreement. This Amendment shall become effective when counterparts hereof executed on
behalf of such party shall have been received.

6. Governing Law. This Amendment shall be construed in accordance with and governed by the
laws of the State of New York applicable to agreements made and to be performed therein.

7. Acknowledgement and Waiver of Opinion of Counsel. The Issuer, the Depositor, the Loan
Originators and the Indenture Trustee hereby acknowledge and agree that this Amendment is being
entered into pursuant to Section 11.02 of the Sale and Servicing Agreement, and each of the Issuer
and the Indenture Trustee, pursuant to an authorization and direction of the Majority Noteholders
to do so, which direction is hereby given, hereby waives the right to receive an Opinion of
Counsel described in Section 11.02(b) of the Sale and Servicing Agreement.

8. Liability. It is expressly understood and agreed by the parties that (a) this Amendment
is executed and delivered by Wilmington Trust Company, not individually or personally, but solely
as Owner Trustee, in the exercise of the powers and authority conferred and vested in it, pursuant
to the Trust Agreement, (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

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Wilmington Trust Company but is made and intended for the purpose of binding the Issuer with
respect thereto, (c) nothing herein contained shall be construed as creating any liability on
Wilmington Trust Company, individually or personally, to perform any covenant either expressly or
impliedly contained herein, and the right to claim any and 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 hereunder or
under any other related documents.

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          IN WITNESS WHEREOF, the Issuer, the Depositor, the Loan Originators, the Servicer, the
Indenture Trustee and the Purchaser, have caused this Amendment to be duly executed by their
respective officers thereunto duly authorized, all as of the day and year first above written.

	 	 	 	 	 	 	 
	 	 	OPTION ONE OWNER TRUST 2002-3, as Issuer	 	 
	 
	 	 	 	 	 	 
	 	 	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, as Depositor	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ Charles R. Fulton	 	 
	 

	 	 	 	 	 	 
	 

	 	 	 	Name: Charles R. Fulton	 	 
	 

	 	 	 	Title: Assistant Secretary	 	 
	 
	 	 	 	 	 	 
	 	 	OPTION ONE MORTGAGE CORPORATION, as	 	 
	 	 	Loan Originator and Servicer	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ Charles R. Fulton	 	 
	 

	 	 	 	 	 	 
	 

	 	 	 	Name: Charles R. Fulton	 	 
	 

	 	 	 	Title: Vice President	 	 
	 
	 	 	 	 	 	 
	 	 	OPTION ONE MORTGAGE CAPITAL CORPORATION, as Loan Originator	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ Charles R. Fulton	 	 
	 

	 	 	 	 	 	 
	 

	 	 	 	Name: Charles R. Fulton	 	 
	 

	 	 	 	Title: Vic e President	 	 
	 
	 	 	 	 	 	 
	 	 	WELLS FARGO BANK, N A.,
as Indenture Trustee	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ Melissa Loiselle	 	 
	 

	 	 	 	 	 	 
	 

	 	 	 	Name: Melissa Loiselle	 	 
	 

	 	 	 	Title: Vice President	 	 
	 
	 	 	 	 	 	 

[Signature
page to Amendment No. 1 to PSL]

 

	 	 	 	 	 	 	 
	 	 	UBS REAL ESTATE SECURITIES INC., as Purchaser	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ Robert Carpenter	 	 
	 

	 	 	 	 	 	 
	 	 	Name: Robert Carpenter	 	 
	 	 	Title:   Executive Director	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ George A. Mangiaracina	 	 
	 

	 	 	 	 	 	 
	 	 	Name: George A. Mangiaracina	 	 
	 	 	Title:   Managing Director	 	 

[Signature
page to Amendment No. 1 to PSL]exv10w85

 

Exhibit 10.85

AMENDMENT NUMBER EIGHT

to the

AMENDED AND RESTATED INDENTURE

between

OPTION ONE OWNER TRUST 2001-1A

and

WELLS FARGO BANK, N.A.

          This AMENDMENT NUMBER EIGHT (this “Amendment Number Eight”) is made and is effective
as of this 27th day of April, 2007, between Option One Owner Trust 2001-1A (the
“Issuer”) and Wells Fargo Bank, N.A. (formerly known as Wells Fargo Bank Minnesota,
National Association), as Indenture Trustee (the “Indenture Trustee”), to the Amended and
Restated Indenture dated as of November 25, 2003 (as amended, the “Indenture”), between
the Issuer and the Indenture Trustee.

RECITALS

          WHEREAS, the parties hereto desire to amend the Indenture to extend the facility for an
additional year and to revise certain events of default subject to the terms and conditions of
this Amendment Number Eight.

          WHEREAS, the Indenture Trustee (as directed by the Noteholder), the Noteholder, the Owner
Trustee and the Indenture Trustee hereby waive the various notice requirements in connection with
this Amendment Number Eight set forth in the Indenture and the Trust Agreement; and

          NOW THEREFORE, for good and valuable consideration, the receipt and sufficiency of which are
hereby acknowledged, and of 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 Indenture.

          SECTION 2. Amendments. The Indenture is hereby amended as follows:

     (a) Section 1.01 of the Indenture is hereby amended by deleting in its entirety the
definition of “Maturity Date” and replacing it with the following:

          “Maturity Date: means, with respect to the Notes, April 25, 2008.”

          SECTION 3. Direction and Instruction.

          (a) The Issuer, by signing this Amendment Number Eight, hereby directs and instructs the
Indenture Trustee to enter into this Amendment Number Eight pursuant to Section 9.02 of the
Indenture. The Issuer, the Owner Trustee and the Indenture Trustee hereby acknowledge and agree
that the direction and instruction set forth in the previous sentence shall constitute the Issuer
Order required by Section 9.02 of the Indenture. The Indenture Trustee hereby waives receipt of
an Opinion of Counsel required pursuant to Section 9.03 of the Indenture.

          (b) Option One Loan Warehouse Corporation, as holder of 100% Percentage Interests in the
Trust Certificate issued pursuant to the Trust Agreement, hereby directs and instructs Wilmington
Trust Company under the Trust Agreement to execute this Amendment Number Eight in its capacity as
Owner Trustee and on behalf of the Trust, and agrees that Wilmington Trust Company is

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covered by the fee and indemnification provisions of the Trust Agreement in connection with this
request.

          SECTION 4. Consent and Waiver. The Noteholder, as the sole Noteholder of 100% of the
Notes issued under the Indenture, hereby consents to this Amendment Number Eight, without regard
to any adverse effect the substance of this Amendment Number Eight may have on the Notes, and the
Noteholder waives the requirement under Section 9.02 of the Indenture that the Indenture Trustee
receive an Opinion of Counsel for the benefit of the Noteholder to the effect that this Amendment
Number Eight will not have a material adverse effect on the Notes. The Indenture Trustee and the
Noteholder hereby waive the requirement under Section 9.02 of the Indenture that the Indenture
Trustee provide the Noteholder with a notice prepared by the Issuer setting forth the substance of
this Amendment Number Eight. The Owner Trustee, the Owner and the Noteholder hereby waive the
requirement under Section 4.1(a)(iii) of the Trust Agreement that the Owner Trustee shall have
provided thirty days’ prior written notification to the Owner and the Noteholder of the substance
of this Amendment Number Eight.

          SECTION 5. Acknowledgement. The parties hereto acknowledge and agree that this
Amendment Number Eight shall constitute a Supplemental Indenture within the meaning of Article IX
of the Indenture.

          SECTION 6. Representations. In order to induce the parties hereto to execute and
deliver this Amendment Number Eight, the Issuer hereby represents to the Indenture Trustee and the
Noteholders that as of the date hereof, after giving effect to this Amendment Number Eight, (a)
all of its respective representations and warranties in the Indenture 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 Indenture.

          SECTION 7. Ratification; Limited Effect. Except as expressly amended hereby, the
Indenture is in all respects ratified and confirmed and all the terms, conditions and provisions
thereof shall remain in full force and effect. This Amendment Number Eight shall form a part of
the Indenture for all purposes, and every Holder heretofore or hereafter authenticated and
delivered shall be bound hereby. The Trustee makes no representation or warranty as to the
validity or sufficiency of this Amendment Number Eight. Reference to this Amendment Number Eight
need not be made in the Indenture 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 Indenture, any reference in any of such items to the Indenture being
sufficient to refer to the Indenture as amended hereby.

          SECTION 8. Fees and Expenses. The Issuer covenants to pay as and when billed by the
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 and (ii)
all reasonable fees and expenses of the Indenture Trustee and its counsel.

          SECTION 9. Governing Law. THIS AMENDMENT NUMBER EIGHT 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 (OTHER THAN SECTION 5-1401 OF THE NEW YORK GENERAL OBLIGATIONS
LAW).

          SECTION 10. Counterparts. This Amendment Number Eight 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.

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          SECTION 11. Limitation on Liability. It is expressly understood and agreed by the
parties hereto that (a) this Amendment Number Eight 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 Number Eight or any other related documents.

[signature page follows]

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     IN WITNESS WHEREOF, the parties hereto have caused this Amendment Number Eight 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	 	 
	 
	 	 	 	 	 	 
	 	 	WELLS FARGO BANK, N.A.,
as Indenture Trustee	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ Melissa Loiselle	 	 
	 

	 	 	 	 	 	 
	 	 	Name: Melissa Loiselle	 	 
	 	 	Title: Vice President	 	 

The undersigned certifies that it is the holder of 100% of the Notes issued by the Issuer wider
the Indenture, and hereby consents to this Amendment Number Eight:

GREENWICH CAPITAL FINANCIAL. PRODUCTS, INC., as Noteholder

	 	 	 	 	 	 	 
	By:

	 	/s/ Vinn Phillips
	 	 
	 	 
	 

	 	 	 	 	 	 
	Name: Vinn Phillips	 	 	 	 
	Title: Senior Vice President	 	 	 	 

The undersigned certifies that it is the holder of 100% of Percentage Interests in the Trust
Certificate issued pursuant to the Trust Agreement, and hereby consents to Sections 3 and 4 of
this Amendment Number Eight:

OPTION ONE LOAN WAREHOUSE CORPORATION, as Loan Originator

	 	 	 	 	 	 	 
	By:

	 	/s/ Charles R. Fulton
	 	 
	 	 
	 

	 	 	 	 	 	 
	Name: Charles R. Fulton	 	 	 	 
	Title: Assistant Secretary	 	 	 	 

The
undersigned hereby consents to Sections 3 and 4 of this Amendment Number Eight:

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

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