Document:

Amendment No. 10 to Renewal of Commitment Letter

 Exhibit 10.4 
  
 AMENDMENT NO. 10 TO 
 COMMITMENT LETTER 
  
 This AMENDMENT NO. 10
TO COMMITMENT LETTER (the “Amendment”) is made and entered into as of February 23, 2005 by and between Countrywide Warehouse Lending (“Lender”), Encore Credit Corp., Bravo Credit Corporation and ECC Capital Corporation
(collectively “Borrower”). This Amendment amends that certain Commitment Letter by and between Lender and Borrower dated as of November 14, 2003 (the “Commitment Letter”), which supplements that certain Revolving Credit and
Security Agreement by and between Lender and Borrower dated as of May 13, 2002 (as may be amended from time to time, the “Credit Agreement”). 
  
 RECITALS 
  
 Lender and Borrower have previously entered into the Commitment Letter and Credit Agreement pursuant to which Lender may, from time to time, provide
Borrower credit in the form of a warehouse line secured by residential mortgage loans. Lender and Borrower hereby agree that the Commitment Letter shall be amended as provided herein. 
  
 In consideration of the mutual promises contained herein, and for other good and valuable consideration, the receipt and sufficiency of
which are hereby acknowledged, Lender and Borrower hereby agree as follows: 
  

	1.	Term. Lender and Borrower agree to amend the Term of the Credit Agreement through April 30, 2005. 

  

	2.	Credit Off Feature. Lender and Borrower agree to delete the Credit Off Feature in its entirety and replace it with the following: 

  

			
	 Credit Off Feature:
	  	Additional uncommitted $1,100,000,000 through the earlier of March 8, 2005 or the settlement of the securitization transaction with CSC, and $300,000,000 thereafter, but subject to the terms
and conditions of the Agreement. In order to qualify for Credit Off Feature, a loan must:
		
	 	  	 1.      Be in Tranche A or B of Schedule 1;
  
 2.      Advance Rate
shall be the lower of 100.00%; or 97.50% of mark-to-market; or 97.50% of Commitment price through March 8, 2005, thereafter, lower of 100.75%; or 97.50% of mark-to-market; or 97.50% of Commitment price;
  
 3.      Have
collateral delivered and accepted by Lender;
  
 4.      Borrower to identify these loans in the CDR as ‘CHL Conforming’
  
 5.      Be allocated to a security(ies) to be underwritten by Countrywide Securities Corporation
(“CSC”);
  
 6.      Borrower has provided Lender with a current whole loan market price from CSC;
  
 7.      Borrower has provided Lender with evidence of a hedge instrument on the financed loans, in
a form acceptable to Lender;
  
 8.      Have other documents delivered to Lender or its designee as may be required by Lender;
  
 9.      In addition, interest and all other fees will continue to accrue until the final purchase
price is paid. Margin over 30 day LIBOR shall be .75%. Noncompliant and default loans are not eligible for the Credit Off Feature.
  
 Further, with respect to loans which are allocated to a security(ies) underwritten and priced by CSC, the following conditions precedent shall also apply:
  
 1.      Any related
due diligence by CSC has been completed;

  

 Page 1 of 2 

	3.	Loans Allocated to a Security. Buyer and Seller agree to add a new heading titled “Additional Rights of Buyer” as follows: 

  

			
	Loans Allocated to a Security:	  	In the event any loan allocated to a security(ies) underwritten and priced by CSC is removed from such allocation for adverse investment quality for the related security, Borrower shall be
required to payoff such loan from Lender’s line of credit. If Borrower fails to comply with such obligations, Lender shall not be required or deemed to have released its security interest in such loan(s) and Lender shall have the right to
direct CSC to offset from the purchase proceeds from such security(ies) any amounts required to be paid by Borrower under this section.

  

	4.	No Other Amendments; Conflicts with Previous Amendments. Other than as expressly modified and amended herein, the Commitment Letter shall remain in full force and
effect and nothing herein shall affect the rights and remedies of Lender as provided under the Commitment Letter and Credit Agreement. To the extent any amendments to the Commitment Letter contained herein conflict with any previous amendments to
the Commitment Letter, the amendments contained herein shall control. 

  

	5.	Capitalized Terms. Any capitalized term used herein and not otherwise defined herein shall have the meaning ascribed to such term in the Credit Agreement.

  

	6.	Facsimiles. Facsimile signatures shall be deemed valid and binding to the same extent as the original. 

  
 IN WITNESS WHEREOF, Lender and Borrower have caused their names to be signed hereto by their
respective officers thereunto duly authorized as of the date first written above. 
  

									
	 COUNTRYWIDE WAREHOUSE LENDING
	 	 	 	 ENCORE CREDIT CORP.

					
	By:	 	 /s/ Blair Kenny
	 	 	 	By:	 	 /s/ William E. Moffatt

	 	 	 Signature
	 	 	 	 	 	 Signature

	 Name:
	 	 Blair Kenny
	 	 	 	 Name:
	 	 William E. Moffatt

	 Title:
	 	 Executive Vice President / C.O.O.
	 	 	 	 Title:
	 	 Treasurer

			
	 	 	 	 	 BRAVO CREDIT CORPORATION

					
	 	 	 	 	 	 	By:	 	 /s/ John Kentoulis

	 	 	 	 	 	 	 	 	 Signature

	 	 	 	 	 	 	 Name:
	 	 John Kentoulis

	 	 	 	 	 	 	 Title:
	 	 Executive Vice President

			
	 	 	 	 	 ECC CAPITAL CORPORATION

					
	 	 	 	 	 	 	By:	 	 /s/ John Kohler

	 	 	 	 	 	 	 	 	 Signature

	 	 	 	 	 	 	 Name:
	 	 John Kohler

	 	 	 	 	 	 	 Title:
	 	 Executive Vice President

  

 Page 2 of 2Fourth Supplemental Indenture, dated as of December 13, 2004

 EXHIBIT 4.09 
  
 FOURTH SUPPLEMENTAL INDENTURE 
  

This Fourth Supplemental Indenture (this “Fourth Supplemental Indenture”) dated as of December 13, 2004, by and between
PacifiCare Health Systems, Inc., a Delaware corporation (the “Company”); PacifiCare Health Plan Administrators, Inc., an Indiana corporation, PacifiCare eHoldings, Inc., a California corporation, MEDeMORPHUS Healthcare
Solutions, Inc. (formerly known as RxConnect, Inc.), a California corporation, SeniorCo, Inc., a Delaware corporation, Rx Solutions, Inc., a California corporation, PacifiCare Behavioral Health, Inc., a Delaware corporation, Secure Horizons USA,
Inc., a California corporation, PacifiCare of Arizona, Inc., an Arizona corporation, PacifiCare Oklahoma, Inc., an Oklahoma corporation, and PacifiCare Southwest Operations, Inc., a Delaware corporation (collectively, the “Existing
Subsidiary Guarantors”); and American Medical Security Group, Inc, a Wisconsin corporation (the “Additional Subsidiary Guarantor”); and U.S. Bank National Association, a national banking association, as successor
to State Street Bank and Trust Company of California, N.A., as trustee under the Indenture referred to below (the “Trustee”). Capitalized terms used but not defined herein shall have the meanings given to them in the
Indenture referred to below. 
  
 RECITALS 
  
 WHEREAS, the Company and the Subsidiary Guarantors
executed and delivered to the Trustee an Indenture, dated as of May 21, 2002, as supplemented by the First Supplemental Indenture dated as of September 15, 2003, as supplemented by the Second Supplemental Indenture dated as of November 19, 2003 and
as supplemented by the Third Supplemental Indenture dated as of January 14, 2004 (the “Indenture”) providing for the issuance of an aggregate principal amount of $500,000,000 of 10 3/4% Senior Notes due 2009 (the
“Notes”); 
  
 WHEREAS,
Section 4.07 of the Indenture provides that the Company will cause each Restricted Subsidiary (other than the PHPA Subsidiary Guarantors) that would be permitted to guarantee payment of the Notes without obtaining the approval of governmental or
regulatory agencies or authorities or incurring regulatory restrictions on the operations of such subsidiary to execute and deliver a supplemental indenture to the Indenture providing for an unsubordinated Guarantee of payment of the Notes by each
such Restricted Subsidiary; 
  
 WHEREAS, the
Additional Subsidiary Guarantor is a Restricted Subsidiary of the Company under Section 4.07 of the Indenture; 
  
 WHEREAS, pursuant to Section 9.01 of the Indenture, the Trustee, the Company, the Existing Subsidiary Guarantors and the Additional
Subsidiary Guarantor are authorized, without notice to or the consent of any Holder, to execute and deliver this Fourth Supplemental Indenture to cause the Additional Subsidiary Guarantor to Guarantee the Notes to comply with Section 4.07 of the
Indenture; and 
  
 WHEREAS, the Company, the
Trustee, the Existing Subsidiary Guarantors and the Additional Subsidiary Guarantor desire to enter into this Fourth Supplemental Indenture to provide for such Note Guarantees as contemplated by Section 4.07 of the Indenture. 
  

 AGREEMENT 
  

Now, Therefore, in consideration of the foregoing and for other good and valuable consideration, the receipt of which is hereby acknowledged,
the Company, the Existing Subsidiary Guarantors, the Additional Subsidiary Guarantor and the Trustee mutually covenant and agree as follows: 
  
 1. Creation of Note Guarantee. The Additional Subsidiary Guarantor hereby agrees, jointly and severally with all other Subsidiary Guarantors, to
Guarantee the Notes and the performance of the Company’s obligations under the Notes and the Indenture in accordance with the terms and provisions of Article Ten of the Indenture. The Additional Subsidiary Guarantor shall be bound by, and
entitled to the benefits of, all other applicable terms and provisions of the Indenture as a Subsidiary Guarantor, including the provisions relating to the release of the Note Guarantees in certain circumstances. 
  
 2. Ratification of Indenture; Supplemental Indenture Part of
Indenture. 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 Fourth Supplemental Indenture shall form a
part of the Indenture for all purposes, and every holder of the Notes heretofore or hereafter authenticated and delivered shall be bound hereby. 
  
 3. Governing Law. THIS FOURTH SUPPLEMENTAL INDENTURE SHALL BE GOVERNED BY THE LAWS OF THE STATE OF NEW YORK. 
  
 4. Trustee Makes No Representation. The Trustee makes no
representation as to the validity or adequacy of this Fourth Supplemental Indenture. 
  
 5. Counterparts. The parties may sign any number of copies of this Fourth Supplemental Indenture. Each signed copy shall be an original, but all of them together represent the same agreement. 
  
 6. Effect of Headings. The Section headings herein are for convenience
only and shall not effect the construction thereof. 
  

 IN WITNESS WHEREOF, the parties hereto
have caused this Fourth Supplemental Indenture to be duly executed as of the date first written above. 
  

			
	PACIFICARE HEALTH SYSTEMS, INC.
		
	 By:
	 	 /s/    Gregory W. Scott

	 	 	 Name: Gregory W. Scott

	 	 	 Title:   Executive Vice President and Chief
Financial Officer

	 	 	 

  

			
	PACIFICARE HEALTH PLAN ADMINISTRATORS, INC.
		
	 By:
	 	 /s/    Gregory W. Scott

	 	 	 Name: Gregory W. Scott

	 	 	 Title:   Chief Financial Officer

  

			
	PACIFICARE EHOLDINGS, INC.
		
	 By:
	 	 /s/    Gregory W. Scott

	 	 	 Name: Gregory W. Scott

	 	 	 Title:   Chief Financial Officer

  

			
	SENIORCO, INC.
		
	 By:
	 	 /s/    Gregory W. Scott

	 	 	 Name: Gregory W. Scott

	 	 	 Title:   Chief Financial Officer

  

			
	RX SOLUTIONS, INC. 
		
	 By:
	 	 /s/    Gregory W. Scott

	 	 	 Name: Gregory W. Scott

	 	 	 Title:   Chief Financial Officer

  

			
	PACIFICARE BEHAVIORAL HEALTH, INC. 
		
	 By:
	 	 /s/    Gregory W. Scott

	 	 	 Name: Gregory W. Scott

	 	 	 Title:   Chief Financial Officer

  

			
	SECUREHORIZONS USA, INC.
		
	 By:
	 	 /s/    Gregory W. Scott

	 	 	 Name: Gregory W. Scott

	 	 	 Title:   Chief Financial Officer

  

			
	PACIFICARE OF ARIZONA, INC.
		
	 By:
	 	 /s/    Gregory W. Scott

	 	 	 Name: Gregory W. Scott

	 	 	 Title:   Chief Financial Officer

  

			
	PACIFICARE OF OKLAHOMA, INC.
		
	 By:
	 	 /s/    Chris Karkenny

	 	 	 Name: Chris Karkenny

	 	 	 Title:   Treasurer

  

			
	PACIFICARE SOUTHWEST OPERATIONS, INC.
		
	 By:
	 	 /s/    Gregory W. Scott

	 	 	 Name: Gregory W. Scott

	 	 	 Title:   Chief Financial Officer

  

			
	AMERICAN MEDICAL SECURITY GROUP, INC.
		
	 By:
	 	 /s/    Gregory W. Scott

	 	 	 Name: James C. Modaff

	 	 	 Title:   Executive Vice President & Chief Actuary

  

			
	U.S. BANK NATIONAL ASSOCIATION
		
	 By:
	 	 /s/    Paula Oswald

	 	 	 Name: Paula Oswald

	 	 	 Title:   Vice President

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