Document:

exv10w1

 

Exhibit 10.1

Execution Version

OMNIBUS AMENDMENT NO. 2

     This Omnibus Amendment No. 2 (this “Amendment”), dated as of September 8, 2006, among OPTION
ONE OWNER TRUST 2002-3, a Delaware statutory trust, UBS REAL ESTATE SECURITIES INC. (f/k/a UBS
Warburg Real Estate Securities Inc.), a Delaware corporation, and OPTION ONE MORTGAGE CORPORATION,
a California corporation, amends the following agreements (the “Amended Agreements”):

(A) AMENDED AND RESTATED NOTE PURCHASE AGREEMENT, dated as of March 18, 2005, among Option
One Owner Trust 2002-3 (the “Company”), UBS Real Estate Securities Inc. (the “Note
Purchaser”), and Option One Mortgage Corporation (“OOMC”, or the “Loan Originator”) (the
“Note Purchase Agreement”); and

(B) PRICING SIDE LETTER, dated as of March 18, 2005, among the Company, the Note Purchaser
and the Loan Originator (the “Pricing Side Letter”).

     This Amendment shall constitute Amendment No. 2 to the Note Purchase Agreement and Amendment
No. 2 to the Pricing Side Letter.

	A.	 	Amendment to the Note Purchase Agreement

	1.	 	The definition of “Commitment Term” in Section 1.1 of the Note
Purchase Agreement is hereby deleted in its entirety and replaced with the following:

“‘Commitment
Term’” shall mean that period of time commencing on September 9, 2006
and continuing until the earlier of (i) October 10, 2006 (or, if applicable, such
later date as may be in effect from time to time pursuant to Section 2.10(d)), and
(ii) the date upon which the Obligations are declared to be, or become, due and
payable in full in accordance with Article X.”

	B.	 	Amendment to the Pricing Side Letter

	1.	 	Section 2 of the Pricing Side Letter is hereby deleted in its entirety and replaced with
the following:

“Section 2 — Minimum Usage

The Company and OOMC hereby acknowledge that the Note Purchaser is entering into
this facility with the understanding that the Note Purchaser expects to receive at
least $546,978.74 (the “Minimum Usage Fee”) in spread (“spread” being the
cumulative dollar amount of that portion of the Note interest represented by the
Margin) during the Commitment Term (i.e., on or prior to October 10, 2006). If, by
the end of the Commitment Term, the total spread paid to the Note Purchaser is less
than the Minimum

 

 

Usage Fee, then the Company and OOMC, jointly and severally, shall pay to
the Note Purchaser, on the last day of the Commitment Term, an amount equal to
such shortfall.”

	C.	 	General Provisions

	1.	 	Defined Terms. Unless defined in this Amendment, capitalized terms used in this
Amendment shall have the meaning given such terms in the Amended Agreements.
	 
	2.	 	Expenses. The Loan Originator agrees to pay and reimburse the Note Purchaser for all
of the reasonable out-of pocket costs and expenses incurred by the Note Purchaser in
connection with the preparation, execution and delivery of this Amendment, including, without
limitation, the reasonable fees and disbursements of Dewey Ballantine LLP, counsel to the Note
Purchaser.
	 
	3.	 	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 Company is made
and intended not as personal representations, undertakings and agreements by Wilmington Trust
Company but is made and intended for the purpose of binding the Company 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 Company or be liable for the breach or
failure of any obligation, representation, warranty or covenant made or undertaken by the
Company hereunder or under any other related documents. Nothing expressed or implied in the
preceding sentence, however, shall alter the terms and conditions of Section 7.1 of the Trust
Agreement.
	 
	4.	 	Condition to Effectiveness. As a condition to the effectiveness of this Amendment,
the Note Purchaser shall have given its consent.
	 
	5.	 	Effect of Amendment. Upon the execution of this Amendment and the attached consent
of Note Purchaser, the Amended Agreements shall be modified and amended in accordance herewith
and the respective rights, limitations, obligations, duties, liabilities and immunities of
each party to the Amended Agreements shall hereafter be determined, exercised and enforced
subject in all respects to such modifications and amendments, and all the terms and conditions
of this Amendment shall be part of the terms and conditions of the Amended Agreement for any
and all purposes as of the date first set forth above. The Amended Agreements, as amended
hereby, are hereby ratified and confirmed in all respects.

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	6.	 	The Amended Agreements in Full Force and Effect as
Amended. Except as
specifically amended hereby, all the terms and conditions of the Amended
Agreements shall remain in full force and effect and, 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 Amended Agreements. All references to the
Amended Agreements in any other document or instrument shall be deemed to mean the Amended
Agreements as amended by this Amendment.
	 
	7.	 	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.
	 
	8.	 	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.

[Remainder of page left intentionally blank.]

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

	 	 	 	 	 	 	 
	 	 	OPTION ONE OWNER TRUST 2002-3,
	 	 	as the Company
	 
	 	 	 	 	 	 
	 	 	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	 	 
	 
	 	 	 	 	 	 
	 	 	UBS REAL ESTATE SECURITIES INC.,
	 	 	as the Note Purchaser
	 
	 	 	 	 	 	 
	 
	 	By:	 	/s/ Robert Carpenter	 	 
	 

	 	 	 	 	 	 
	 

	 	 	 	Name: Robert Carpenter	 	 
	 

	 	 	 	Title: Executive Director	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	/s/ George A. Mangiaracina	 	 
	 

	 	 	 	 	 	 
	 

	 	 	 	Name: George A. Mangiaracina	 	 
	 

	 	 	 	Title: Managing Director	 	 
	 
	 	 	 	 	 	 
	 	 	OPTION ONE MORTGAGE CORPORATION
	 	 	as the Loan Originator
	 
	 	 	 	 	 	 
	 

	 	By:	 	/s/ Charles R. Fulton	 	 
	 

	 	 	 	 	 	 
	 

	 	 	 	Name: Charles R. Fulton	 	 
	 

	 	 	 	Title: Vice President	 	 

[Signature Page to Omnibus Amendment No. 2]exv10w2

 

Exhibit 10.2

OMNIBUS AMENDMENT NUMBER ONE

to the

OPTION ONE OWNER TRUST 2005-7 WAREHOUSE FACILITY

          This OMNIBUS AMENDMENT NUMBER ONE (this “Amendment”) is made and is effective as of this
21st day of September, 2006, among Option One Owner Trust 2005-7 as issuer (the “Issuer”), Option
One Loan Warehouse Corporation as depositor (the “Depositor”), Option One Mortgage Corporation as
loan originator and servicer (“Option One”), Wells Fargo Bank, N.A. as indenture trustee (the
“Indenture Trustee”), HSBC Securities (USA) Inc. (the “Noteholder Agent”), HSBC Bank USA, N.A. and
Bryant Park Funding LLC (the “Purchasers”) and HSBC Securities (USA) Inc. (the “Administrative
Agent” and collectively with the Noteholder Agent and the Purchasers, the “HSBC Entities”) to (i)
the Note Purchase Agreement, dated as of September 1, 2005 (as amended, supplemented or otherwise
modified from time to time, the “Note Purchase Agreement”), among the Issuer, the Depositor, the
Noteholder Agent, the Purchasers and the Administrative Agent and (ii) the Sale and Servicing
Agreement, dated as of September 1, 2005 (as amended, supplemented or otherwise modified from time
to time, the “Sale and Servicing Agreement” and together with the Note Purchase Agreement, the
“Transaction Documents”), among the Issuer, the Depositor, Option One and the Indenture Trustee.

RECITALS

          WHEREAS, the parties have previously entered into the Transaction Documents; 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. Capitalized terms used but not defined herein shall have the
meanings ascribed to such terms in the Transaction Documents.

          SECTION 2. Amendment to Sale and Servicing Agreement.

     (a) The definition of “QSPE Affiliate” in Section 1.01 of the Sale and Servicing
Agreement is hereby deleted in its entirety and replaced with the following:

     “QSPE Affiliate: Any of Option One Owner Trust 2001-1A, Option One Owner Trust
2001-IB, Option One Owner Trust 2002-3, Option One Owner Trust 2003-4, Option One
Owner Trust 2003-5, Option One Owner Trust 2005-6, Option One Owner Trust 2005-7,
Option One Owner Trust 2005-8, Option One Owner Trust 2005-9 or any other Affiliate
which is a “qualified special purpose entity” in accordance with Financial
Accounting Standards Board’s Statement No. 140 or 125.”

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     (b) The definition of “Revolving Period” in Section 1.01 of the Sale and Servicing
Agreement is hereby deleted in its entirety and replaced with the following:

     “Revolving Period: With respect to the Notes, the period commencing on
September 21, 2006 and ending on the earlier of (i) October 31, 2006 and (ii) the
date on which the Revolving Period is terminated pursuant to Section 2.07.”

     (d) Section 2.07 of the Sale and Servicing Agreement is hereby amended by deleting it
in entirety and replacing it with the following:

     “Upon the occurrence of (i) an Event of Default or Default or (ii) the
Unfunded Transfer Obligation Percentage equals 4% or less or (iii) Option One or
any of its Affiliates shall default under, or fail to perform as requested under,
or shall otherwise materially breach the terms of any repurchase agreement, loan
and security agreement or similar credit facility or agreement entered into by
Option One or any of its Affiliates, including without limitation, the Sale and
Servicing Agreement, dated as of April 1, 2001, among the Option One Owner Trust
2001-1A, the Depositor, Option One and the Indenture Trustee, the Sale and
Servicing Agreement, dated as of April 1, 2001, among the Option One Owner Trust
2001-IB, the Depositor, Option One and the Indenture Trustee, the Sale and
Servicing Agreement, dated as of July 2, 2002, among the Option One Owner Trust
2002-3, the Depositor, Option One and the Indenture Trustee, the Sale and
Servicing Agreement, dated as of August 8, 2003, among the Option One Owner Trust
2003-4, the Depositor, Option One and the Indenture Trustee, the Sale and
Servicing Agreement, dated as of June 1, 2005, among Option One Owner Trust
2005-6, the Depositor, Option One and the Indenture Trustee, the Sale and
Servicing Agreement, dated as of September 1, 2005, among the Option One Owner
Trust 2005-7, the Depositor, Option One and the Indenture Trustee, the Sale and
Servicing Agreement, dated as of October 1, 2005 among Option One Owner Trust
2005-8, the Depositor, Option One and the Indenture Trustee and the Sale and
Servicing Agreement, dated as of December 30, 2005 among Option One Owner Trust
2005-9, the Depositor, Option One and the Indenture Trustee and such default,
failure or breach shall entitle any counterparty to declare the Indebtedness
thereunder to be due and payable prior to the maturity thereof. The Initial
Noteholder may, in any such case, in its sole discretion, terminate the Revolving
Period.”

          SECTION 3. Amendment to Note Purchase Agreement.

     (a) Section 2.02 of the Note Purchase Agreement is hereby deleted in its entirety and
replaced with the following:

          “SECTION 2.02 Closing. The closing (the “Closing”) of the execution of the Basic
Documents and issuance of the Notes shall take place at 10:00 a.m. at the offices of Thacher
Proffitt & Wood, Two World Financial Center, New York, New York 10281, or if the conditions to
closing set forth in Article IV of this Note Purchase Agreement shall not have been satisfied or

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waived by such date, as soon as practicable after such conditions shall have been satisfied or
waived, or at such other time, date and place as the parties shall agree upon.”

          SECTION 4. Representations. To induce the HSBC Entities to execute and deliver this
Amendment, each of the Issuer and the Depositor hereby jointly and severally represents to the
HSBC Entities that as of the date hereof, after giving effect to this Amendment, (a) all of its
respective representations and warranties in the Basic Documents are true and correct, and (b) it
is otherwise in full compliance with all of the terms and conditions of the Basic Documents.

          SECTION 5. Fees and Expenses. The Issuer and the Depositor jointly and severally
covenant to pay as and when billed by the HSBC Entities 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 HSBC Entities, (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.

          SECTION 6. Limited Effect. Except as expressly amended and modified by this
Amendment, the Transaction Documents shall continue in full force and effect in accordance with
its terms. Reference to this Amendment need not be made in any of the Transaction Documents 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 Transaction Documents, any
reference in any of such items to the Transaction Documents being sufficient to refer to the
Transaction Documents as amended hereby.

          SECTION 7. 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 8. Counterparts. This Amendment may be executed by each of the parties
hereto in any number of separate counterparts, each of which when so executed shall be an
original and all of which taken together shall constitute one and the same instrument.

          SECTION 9. 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 2005-7 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
 

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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.

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          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 2005-7
	 
	 	 	 	 	 	 
	 

	 	By:
	 	Wilmington Trust Company, not in its	 	 
	 

	 	 	 	individual capacity but solely as owner	 	 
	 

	 	 	 	trustee	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	 	 	 
	 

	 	 	 	 	 	 
	 

	 	 	 	Name:	 	 
	 

	 	 	 	Title:	 	 
	 
	 	 	 	 	 	 
	 	 	OPTION ONE LOAN WAREHOUSE
	 	 	CORPORATION
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	 	 	 	 	 
	 

	 	 	 	Name:	 	 
	 

	 	 	 	Title:	 	 
	 
	 	 	 	 	 	 
	 	 	OPTION ONE MORTGAGE
	 	 	CORPORATION
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	 	 	 	 	 
	 

	 	 	 	Name:	 	 
	 

	 	 	 	Title:	 	 
	 
	 	 	 	 	 	 
	 	 	WELLS FARGO BANK, N.A.
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	 	 	 	 	 
	 

	 	 	 	Name:	 	 
	 

	 	 	 	Title:	 	 

 

 

	 	 	 	 	 	 	 
	 	 	HSBC BANK USA, N.A., as Committed Purchaser
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	 	 	 	 	 
	 

	 	 	 	Name:	 	 
	 

	 	 	 	Title:	 	 
	 
	 	 	 	 	 	 
	 	 	BRYANT PARK FUNDING LLC, as Conduit
	 	 	Purchaser
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	 	 	 	 	 
	 

	 	 	 	Name:	 	 
	 

	 	 	 	Title:	 	 
	 
	 	 	 	 	 	 
	 	 	HSBC SECURITIES (USA) INC., as Noteholder
	 	 	Agent
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	 	 	 	 	 
	 

	 	 	 	Name:	 	 
	 

	 	 	 	Title:	 	 
	 
	 	 	 	 	 	 
	 	 	HSBC SECURITIES (USA) INC., as
	 	 	Administrative Agent
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	 	 	 	 	 
	 

	 	 	 	Name:	 	 
	 

	 	 	 	Title:

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