Document:

EXHIBIT
10.5.1

 

FIRST AMENDMENT TO

MORTGAGE
PARTNERSHIP FINANCE®

INVESTMENT
AND SERVICES AGREEMENT

 

THIS FIRST AMENDMENT TO
INVESTMENT AND SERVICES AGREEMENT (the “Amendment”) is made as of the
7th day of September, 2000, between the FEDERAL HOME LOAN BANK OF CHICAGO (the “MPF®
Provider”) and the FEDERAL HOME LOAN BANK OF BOSTON (the “Boston Bank”).

 

RECITALS:

 

WHEREAS, the Boston Bank
and the MPF Provider have previously entered into that certain MORTGAGE
PARTNERSHIP FINANCE Investment and Services Agreement dated as of April 20,
2000 (the “Agreement”) pursuant to which the parties agreed, among other
things, to make the MORTGAGE PARTNERSHIP FINANCE Program available to members
of the Boston Bank; and

 

WHEREAS, the parties
desire to amend the Agreement to modify the Participation Share provision, to
reduce to zero the MPF Provider’s Participation Share in the first One Billion
Dollars of Program Loans sold to the Boston Bank under the Fleet MC
(hereinafter defined), and to set the MPF Provider’s Participation Share to 25%
of any Program Loans sold under the Fleet MC in excess of One Billion
Dollars.  Any capitalized terms not
defined in this Amendment shall have the meaning assigned to them in the
Agreement.

 

NOW THEREFORE,  in consideration of the foregoing recitals
and the covenants contained herein and in the Agreement, the parties here agree
as follows:

 

1.                                       The Agreement is hereby amended with
respect to the Fleet MC and SCRC MC, only by deleting Section 2.2 (b) in
its entirety and substituting the following in its place:

 

(b)  In lieu of
paying the Program Contribution, the Boston Bank hereby agrees to grant the MPF
Provider a Participation Share in the amount of a fifty percent (50%) interest
in the Program Loans purchased by the Boston Bank under that certain Master
Commitment issued for an amount up to One Billion Two Hundred Million Dollars,
dated August 22, 2000, to Second Charter Reinsurance Company (the “SCRC
MC”), and the MPF Provider agrees to acquire such Participation Share and
that no Transaction Services Fee is payable with respect to such Program Loans,
provided, however, that if less than Five Hundred Million Dollars
of Program Loans are acquired under the SCRC MC, then the Boston Bank agrees to
grant the MPF Provider a Participation Share in the amount of a fifty percent
(50%) interest in Program Loans acquired under one or more Master Commitments
that in the aggregate, equal the difference between Five Hundred Million
Dollars and the actual amount of Program Loans purchased by the Boston Bank
under the SCRC MC, and the MPF Provider agrees to acquire such Participation
Share and that no Transaction Services Fee is payable with respect to such
Program Loans.  Without limiting the
foregoing, the Boston Bank and the MPF Provider agree that the MPF Provider’s
Participation Share with respect to the first One Billion Dollars of Program
Loans purchased by the Boston Bank under the Fleet MC shall be zero but the
Boston Bank hereby agrees to grant the MPF Provider a Participation Share in
the amount of a

 

 

twenty-five percent (25%)
interest any Program Loans purchased by the Boston Bank under the Fleet MC in
excess of One Billion Dollars, and the MPF Provider agrees to acquire such
Participation Share and that no Transaction Services Fee is payable with
respect to such Program Loans.  The MPF
Provider further acknowledges and agrees that its obligation to acquire the
Participation Share described in the preceding sentence shall not be limited by
or conditioned upon any requirement that the Boston Bank purchase any
additional Program Loans of a type other than original MPF for FHA insured/VA
guaranteed Loans.

 

2.                                       The
Agreement is hereby amended with respect the Fleet MC only, and not with
respect to any other Master Commitments, by exempting the first One Billion
Dollars of Program Loans purchased by the Boston Bank under the Fleet MC from
the provisions of Section 2.4 of the Agreement.

 

3.                                       The Agreement is hereby amended by adding
the following definition to Article I:

 

“Fleet MC” shall
mean that certain Master Commitment the Boston Bank entered into with Fleet
National Bank, dated August 24, 2000, in an amount up to Two Billion
Dollars.

 

4.                                       Except
for the foregoing amendment, the Agreement remains unmodified and in full force
and effect.

 

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

 

 

	
  FEDERAL
  HOME LOAN BANK

  OF CHICAGO

  	
  FEDERAL
  HOME LOAN BANK

  OF BOSTON

  
	
   

  	
   

  
	
   

  	
   

  
	
  By:

  	
   

  	
   

  	
  By:

  	
   

  	
   

  
	
  Kenneth
  L. Gould

  	
  Michael
  L. Wilson

  
	
  Executive
  Vice President

  	
  Executive
  Vice President & COO

  
						

 

2EXHIBIT 10.5.2

 

SECOND AMENDMENT TO

MORTGAGE PARTNERSHIP FINANCE®

INVESTMENT AND SERVICES AGREEMENT

 

THIS SECOND AMENDMENT TO
INVESTMENT AND SERVICES AGREEMENT (the “Amendment”) is made as of the        
day of May, 2001, between the FEDERAL HOME LOAN BANK OF CHICAGO (the “MPF®
Provider”) and the FEDERAL HOME LOAN BANK OF BOSTON (the “Boston Bank”).

 

RECITALS:

 

WHEREAS, the Boston Bank
and the MPF Provider have previously entered into that certain MORTGAGE
PARTNERSHIP FINANCE Investment and Services Agreement dated as of April 20,
2000, amended by First Amendment dated  September 7,
2000 (together, the “Agreement”) pursuant to which the parties agreed,
among other things, to make the MORTGAGE PARTNERSHIP FINANCE (“MPF”) Program
available to members of the Boston Bank; and

 

WHEREAS, the parties
desire to amend the Agreement to modify the Participation Share provision, to
reduce to zero the MPF Provider’s Participation Share in the Program Loans sold
to the Boston Bank under the Shorted MCs (hereinafter defined), and to increase
by a corresponding amount the MPF Provider’s Participation Share in the Program
Loans sold under the Increased MCs (hereinafter defined).  Any capitalized terms not defined in this
Amendment shall have the meaning assigned to them in the Agreement.

 

NOW THEREFORE,  in consideration of the foregoing recitals
and the covenants contained herein and in the Agreement, the parties here agree
as follows:

 

1.             The
Agreement is hereby amended with respect to the Shorted MCs and Increased MCs,
but not with respect to any other Master Commitments, by amending Sections 2.3
and 2.5 so that the Shorted MCs shall be excluded from the grant by the Boston
Bank of a Participation Share to the MPF Provider, and the MPF Provider shall
waive its rights (i) to receive a Participation Share in the Shorted MCs
and (ii) to be paid a Transaction Services Fee with respect to the Program
Loans delivered under the Shorted MCs.

 

2.             From Time to time, the Boston Bank anticipates executing
various Master Commitments that do not conform to the established MPF Product
requirements (each, a “Shorted MC” and collectively, the “Shorted MCs”).
Shorted MCs shall be identified by using the “Master Commitment Participation
Form” in the form of Exhibit A attached hereto. The MPF Provider is
willing to consent to such non-conforming Shorted MCs provided that (i) its
Participation Share therein be reduced to zero and  (ii) the Boston Bank grant increased
Participation Shares in other Master Commitments to make up for the amount of
the Participation Share that would otherwise have been granted to the MPF
Provider with respect to the Shorted MCs had the MPF Provider received the
amount of the Participation Share it is entitled to receive under Sections 2.2
and 2.5 of the Agreement (such. amount 
referred to herein as the “Forgone Participation Amount”).

 

3.             Commencing with the third month following the first
delivery of Program Loans under the first Shorted MC, and each 90 days
thereafter, until the final amount of Program Loans

 

 

delivered under the
Shorted MCs has been determined, the MPF Provider shall determine the aggregate
Forgone Participation Amount, and the Boston Bank shall deliver a notice or
direction increasing the MPF Provider’s Participation Share of existing Master
Commitments and/or new Master Commitments (each, an “Increased MC” and
collectively, the “Increased MCs”) which increased aggregate amount
of  the Participation Shares are
estimated to equal, when the Shorted MCs and Increased MCs have been filled,
the aggregate Forgone Participation Amount. Increased MCs shall be identified
by using the “Master Commitment Participation Form” in the form of Exhibit A
attached hereto.

 

4.             The parties acknowledge that adjustments of the
percentage of the Participation Share to reflect the Forgone Participation
Amount will be an ongoing process given that participation percentages must be
set from time to time before the parties can know the amount of Program Loans
that will actually be delivered under the Shorted MCs and/or the Increased MCs.
The parties agree to use good faith making periodic adjustments to the
Participation Share granted under the Increased MCs so as to come as close as
possible each quarter to putting the parties in the same relative position that
they would have been, in terms of aggregate interests in Boston Bank Program
Loans, had they followed the provisions of Sections 2.2 and 2.5 of the
Agreement. The MPF Provider shall provide a written reconciliation upon request
of the Boston Bank.

 

5.             Except for the foregoing amendment, the Agreement
remains unmodified and in full force and effect.

 

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

 

 

	
  FEDERAL
  HOME LOAN BANK

  OF CHICAGO

  	
  FEDERAL
  HOME LOAN BANK

  OF BOSTON

  
	
   

  	
   

  
	
   

  	
   

  
	
  By:

  	
  /s/ KENNETH L. GOULD

  	
   

  	
  By:

  	
  /s/ MICHAEL L. WILSON

  	
   

  
	
  Kenneth
  L. Gould

  	
  Michael
  L. Wilson

  
	
  Executive
  Vice President

  	
  Executive
  Vice President & COO

  
						

 

2

 

EXHIBIT A

 

 

Master Commitment Participation
Form

(for Shorted MC or Increased MC subject to the Second Boston Amendment)

 

	
  MPF Bank - Owner:
  Federal Home Loan Bank of Boston

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  PFI Name:

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  PFI Number:

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Master Commitment
  Number: 

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Master Commitment
  Participation allocation:

  	
   

  	
   

  	
   

  	
   

  
										

 

	
  MPF Bank:

  	
   

  	
  Authorized Signature:

  	
   

  	
  Date:

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  By signing below the
  Federal Home Loan Bank of Boston agrees that the Master Commitment referenced
  in this Participation Form is subject to the terms of the Second
  Amendment to Investment and Services Agreement between the Federal Home Loan
  Bank of Boston and the Federal Home Loan Bank of Chicago (the “Second Boston
  Amendment”).

  
	
  Boston:

  	
   

  	
  %

  	
   

  	
   

  	
   

  	
   

  
	
  Atlanta:

  	
   

  	
  %

  	
   

  	
   

  	
   

  	
   

  
	
  Chicago:

  	
   

  	
  %

  	
   

  	
   

  	
   

  	
   

  
	
  Cincinnati:

  	
   

  	
  %

  	
   

  	
   

  	
   

  	
   

  
	
  Dallas:

  	
   

  	
  %

  	
   

  	
   

  	
   

  	
   

  
	
  Des Moines:

  	
   

  	
  %

  	
   

  	
   

  	
   

  	
   

  
	
  Indianapolis:

  	
   

  	
  %

  	
   

  	
   

  	
   

  	
   

  
	
  New York:

  	
   

  	
  %

  	
   

  	
   

  	
   

  	
   

  
	
  Pittsburgh:

  	
   

  	
  %

  	
   

  	
   

  	
   

  	
   

  
	
  Topeka:

  	
   

  	
  %

  	
   

  	
   

  	
   

  	
   

  
	
  San Francisco:

  	
   

  	
  %

  	
   

  	
   

  	
   

  	
   

  
	
  Seattle:

  	
   

  	
  %

  	
   

  	
   

  	
   

  	
   

  
								

 

By signing below the MPF Provider agrees that the Master Commitment
referenced in this Participation Form is subject to the terms of the
Second Boston Amendment.

 

	
  MPF Provider Acknowledgment:

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Name

  	
   

  	
  Date

  

 

3

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