Document:

EX-10.13

Exhibit 10.13

AMENDMENT NO. 4 TO THE

LOAN AND SECURITY AGREEMENT

Dated as July 25, 2008

          AMENDMENT NO. 4 TO THE LOAN AND SECURITY AGREEMENT (this “Amendment”) by and between
Residential Funding Company, LLC, a Delaware limited liability company, as borrower
(“RFC”), GMAC Mortgage, LLC, a Delaware limited liability company, as borrower
(“GMACM” and together with RFC, each a “Borrower” and collectively, the
“Borrowers”) and GMAC LLC, a Delaware limited liability company, as lender (the
“Lender”).

          PRELIMINARY STATEMENTS:

          (1) The Borrowers and the Lender have entered into a Loan and Security Agreement dated as of
April 18, 2008 (the “Loan and Security Agreement”). Capitalized terms not otherwise
defined in this Amendment have the same meanings as specified in the Loan and Security Agreement.

          (2) The Borrowers and the Lender have entered into an Amendment No. 1 to the Loan and Security
Agreement dated May 21, 2008.

          (3) The Borrowers and the Lender have entered into an Amendment No. 2 to the Loan and Security
Agreement dated May 22, 2008.

          (4) The Borrowers and the Lender have entered into an Amendment No. 3 to the Loan and Security
Agreement dated June 2, 2008.

          (5) The Borrowers and the Lender have agreed to amend the Loan and Security Agreement as
hereinafter set forth.

          SECTION 1. Amendments to the Loan and Security Agreement. The Loan and Security
Agreement is, effective as of the date hereof and subject to the satisfaction of the conditions
precedent set forth in Section 2 hereof, hereby amended as follows:

	 	(a)	 	The first sentence of Section 7.01 is hereby amended and
restated to read as follows:

“Each Borrower (and for purposes of Section 7.01(i)(iii) only, Residential Capital,
LLC (“ResCap”)) covenants and agrees with the Lender that, so long as any Loan is
outstanding and until all Obligations have been paid in full:”

 

 

	 	(b)	 	Section 7.01(i)(iii) is hereby amended and restated to read as
follows:

“concurrently with the delivery of the financial statements referred to in
Subsections 7.01(i)(i) and (ii), Compliance Certificates, in the
forms attached hereto as Exhibit 7.01 and 7.01(a) executed by a Responsible
Officer.”

	 	(c)	 	Section 8.01(j) is amended and restated in full to read as
follows:

“The failure or ResCap to comply with the financial covenants contained in the GMAC
Revolver.”

	 	(d)	 	Section 11.02 is amended and restated in full to read as
follows:

“Notices, Etc. All notices and other communications provided for hereunder
shall, unless otherwise stated herein, be in writing (including facsimile
communication and electronic mail (including, without limitation, an intralinks site
)) and shall be personally delivered or sent by certified mail or overnight air
courier, postage prepaid, by facsimile or by electronic mail, to the intended party
at the address, facsimile number or e-mail address of such party set forth opposite
its name on Schedule 11.02 or at such other address or facsimile number as shall be
designated by such party in a written notice to the other parties hereto. All such
notices and communications shall be effective, (i) if personally delivered, when
received, (ii) if sent by overnight air courier, the next Business Day after
delivery to the related air courier service, if delivery is guaranteed as of the
next Business Day, (iii) if sent by certified mail, three Business Days after having
been deposited in the mail, postage prepaid, and (iv) if transmitted by facsimile,
when sent, receipt confirmed by telephone or electronic means, if sent during
business hours (if sent after business hours, then on the next Business Day).”

	 	(e)	 	Exhibit 7.01 is hereby amended and restated in the form
attached hereto as Exhibit A.
	 
	 	(f)	 	A new Exhibit 7.01(a) is hereby attached to the Loan and
Security Agreement in the form attached hereto as Exhibit B.
	 
	 	(g)	 	The definition of “Compliance Certificate” contained in
Schedule I is hereby amended and restated to read as follows:

“Compliance Certificate” means a certificate in form acceptable to the
Lender substantially in the form of Exhibit 7.01 or Exhibit 7.01(a)
hereto.

 

 

	 	(h)	 	The definition of “364-Day Agreement” is hereby deleted and the
following definition is substituted therefore:

“GMAC Revolver” means that certain the $3,500,000,000 loan agreement dated
as of June 4, 2008, by and among Borrowers, ResCap and other affiliates of Borrowers
party thereto as guarantors, various other parties signatory thereto as obligors,
Lender as initial lender and lender agent and Wells Fargo Bank, N.A., in its
capacity as First Priority Collateral Agent, as such agreement may be amended,
supplemented or modified from time to time, and any successor agreement or other
agreement replacing such agreement in its entirely.

	 	(i)	 	The definition of “Responsible Officer” is amended as follows:

“Responsible Officer” means (a) with respect to each Borrower or ResCap, the
chief executive officer, president, chief financial officer, treasurer, assistant
vice president, assistant treasurer, secretary or assistant secretary of such
Borrower or ResCap, or any other officer having substantially the same authority and
responsibility; provided, that with respect specifically to the obligations of each
Borrower and ResCap set forth in Section 7.01(i) hereof, only the chief financial
officer, treasurer, assistant treasurer, or comptroller of such Borrower or ResCap
shall be deemed to be a Responsible Officer; and (b) with respect to the Lender, a
lending officer charged with responsibility for the day to day management of the
relationship of such institution with such Borrower.

          SECTION 2. Conditions of Effectiveness. This Amendment shall become effective as of
the date first above written when, and only when, the Lender shall have received:

	 	(a)	 	A copy of this Amendment, duly executed by the parties hereto; and
	 
	 	(b)	 	A certificate signed by a Responsible Officer of each Borrower stating that:

	 	(i)	 	The representations and warranties contained in
Section 4 hereof are correct on and as of the date of such
certificate as though made on and as of such date; and
	 
	 	(ii)	 	No event has occurred and is continuing that constitutes a Default.

          SECTION 3. Reaffirmation of Security Interest. Each Borrower hereby reaffirms and
hereby grants a lien on the Collateral (as such term is defined in the Loan and Security Agreement)
in favor of the Lender subject to all of the terms set forth in the Loan and Security Agreement, as
amended.

          SECTION 4. Representations and Warranties of the Borrower. Each Borrower represents
and warrants as follows:

 

 

          (a) It is a limited liability company duly organized or formed, validly existing and in good
standing under the laws of Delaware.

          (b) The execution, delivery and performance by it of this Amendment and the Loan and Security
Agreement, as amended hereby, and the consummation of the transactions contemplated hereby and
thereby will not conflict with, result in any breach of any of the terms and provisions of, or
constitute (with or without notice, lapse of time or both) a default under its organizational
documents, or any material indenture, loan agreement, mortgage, deed of trust, or other material
agreement or instrument to which it is a party or by which it is otherwise bound, or result in the
creation or imposition of any Lien upon any of its properties pursuant to the terms of any such
indenture, loan agreement, mortgage, deed of trust, or other agreement or instrument, other than
this Agreement, or violate any Legal Requirement applicable to it of any Governmental Authority
having jurisdiction over it or any of its properties if such violation, individually, or in the
aggregate, is reasonably likely to have a Material Adverse Effect.

          (c) No approval, consent, exemption, authorization, or other action by, or notice to, or
filing with, any Governmental Authority or any other Person is necessary or required in connection
with execution, delivery or performance by it of this Amendment or the Loan and Security Agreement,
as amended hereby.

          (d) This Amendment has been duly executed and delivered by it. This Amendment and the Loan
and Security Agreement, as amended hereby, constitute, its legal, valid and binding obligations
enforceable against it in accordance with its respective terms, except as enforceability may be
limited by bankruptcy, insolvency, reorganization, or other similar laws affecting the enforcement
of creditors’ rights generally and by general principles of equity, regardless of whether such
enforceability is considered in a proceeding in equity or at law.

          (e) There are no proceedings or investigations pending, or to the best of its knowledge
threatened in writing, against it before any court, regulatory body, administrative agency, or
other tribunal or governmental instrumentality (i) asserting the invalidity of any Facility
Document, (ii) seeking to prevent the consummation of any of the transactions contemplated by any
Facility Document, or (iii) seeking any determination or ruling that could reasonably be expected
to have a Material Adverse Effect.

          SECTION 5. Reference to and Effect on the Loan Documents. (a) On and after the
effectiveness of this Amendment, each reference in the Loan and Security Agreement to “this
Agreement,” “hereunder,” “hereof” or words of like import referring to the Loan and Security
Agreement, and each reference in the Note and the other Facility Documents to “the Loan and
Security Agreement,” “thereunder,” “thereof” or words of like import referring to the Loan and
Security Agreement, shall mean and be a reference to the Loan and Security Agreement, as amended by
this Amendment.

          (b) The Loan and Security Agreement, the Guarantee, the Note and the other Facility Documents,
as specifically amended by this Amendment, are and shall continue to be in full force and effect
and are hereby in all respects ratified and confirmed.

 

 

          (c) The execution, delivery and effectiveness of this Amendment shall not, except as expressly
provided herein, operate as a waiver of any right, power or remedy of the Lender under any of
Facility Documents, nor constitute a waiver of any provision of any of the Facility Documents.

          SECTION 6. Execution in Counterparts. This Amendment may be executed in any number
of counterparts and by different parties hereto in separate counterparts, each of which when so
executed shall be deemed to be an original and all of which taken together shall constitute but one
and the same agreement. Delivery of an executed counterpart of a signature page to this Amendment
by telecopier shall be effective as delivery of a manually executed counterpart of this Amendment.

          SECTION 7.  Governing Law. This Amendment shall be governed by, and construed in
accordance with, the laws of the State of New York.

 

 

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

	 	 	 	 	 
	 	GMAC LLC

a Delaware limited liability company

 	 
	 	By:  	/s/ David Walker
 	 
	 	 	Name:  	David Walker 	 
	 	 	Title:  	Group VP and Treasurer 	 
	 

	 	 	 	 	 
	 	RESIDENTIAL CAPITAL, LLC

a Delaware limited liability company

 	 
	 	By:  	/s/ Elizabeth T. Kelly
 	 
	 	 	Name:  	Elizabeth T. Kelly 	 
	 	 	Title:  	Asst. Treasurer 	 
	 

	 	 	 	 	 
	 	RESIDENTIAL FUNDING COMPANY, LLC

a Delaware limited liability company

 	 
	 	By:  	/s/ Elizabeth T. Kelly
 	 
	 	 	Name:  	Elizabeth T. Kelly 	 
	 	 	Title:  	Asst. Treasurer 	 
	 

	 	 	 	 	 
	 	GMAC MORTGAGE, LLC

a Delaware limited liability company

 	 
	 	By:  	/s/ Elizabeth T. Kelly
 	 
	 	 	Name:  	Elizabeth T. Kelly 	 
	 	 	Title:  	Asst. Treasurer 	 

 

 

	 	 	 	 	 

EXHIBIT A

(see attached)

 

 

EXHIBIT 7.01

FORM OF COMPLIANCE CERTIFICATE

GMAC LLC

   as Lender

200 Renaissance Center

Detroit, MI 48265

     Re:                      Reporting Date

     Reference is made to the Loan and Security Agreement (the “Loan Agreement”) dated as
of April 18, 2008 as now in effect by and between Residential Funding Company, LLC (“RFC”),
and GMAC Mortgage, LLC (“GMAC Mortgage” and together with RFC, the “Borrowers”), and GMAC
LLC (the “Lender”). Terms defined in the Loan Agreement and not otherwise defined herein
are used herein as defined in the Loan Agreement.

     Pursuant to Section 7.01(i) of the Loan Agreement, the Borrowers are furnishing to you
herewith (or have most recently furnished to you) the financial statements of each Borrower for the
fiscal period ended as of the reporting date shown above (the “Reporting Date”). Such
financial statements have been prepared in accordance with generally accepted accounting principles
and present fairly, in all material respects, the financial position of each Borrower covered
thereby at the date thereof and the results of its operations for the period covered thereby,
subject in the case of interim statements only to normal year-end audit adjustments and the
addition of footnotes.

     Each of the undersigned Responsible Officers of the Borrowers has caused the provisions of the
Loan Agreement to be reviewed and certifies to the Lender that the undersigned has no knowledge of
any Default or Event of Default.

     The statements made herein shall be deemed to be representations and warranties made in a
document for the purposes of Section 6.01(j) of the Loan Agreement.

 

 

     IN WITNESS WHEREOF, the undersigned Responsible Officer of each Borrower has set [his/her]
hand this [•], 200[•].

	 	 	 	 	 
	 	RESIDENTIAL FUNDING COMPANY, LLC

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 

	 	 	 	 	 
	 	GMAC MORTGAGE, LLC

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 

 

 

	 	 	 	 	 

Exhibit B

 

 

EXHIBIT
7.01(a)

FORM OF COMPLIANCE CERTIFICATE

GMAC LLC,

   as Lender

200 Renaissance Center

Detroit, MI 48265

     Re:                      Reporting Date

     Reference is made to the Loan and Security Agreement (the “Loan Agreement”) dated as
of April 18, 2008 as now in effect by and between Residential Funding Company, LLC (“RFC”),
and GMAC Mortgage, LLC (“GMAC Mortgage” and together with RFC, the “Borrowers”),
and GMAC LLC (the “Lender”). Terms defined in the Loan Agreement and not otherwise defined
herein are used herein as defined in the Loan Agreement.

     The undersigned Responsible Officer of Residential Capital, LLC (“ResCap”) certifies
to the Lender that ResCap is in compliance with the GMAC Revolver financial covenants referenced in
Section 8.01(j) of the Loan Agreement as demonstrated on Exhibits A and B attached hereto;

     Attached as Exhibit A hereto are calculations demonstrating ResCap’s compliance with
the Consolidated Tangible Net Worth Covenant.

     Attached as Exhibit B hereto is a statement of the aggregate Consolidated Liquidity of
ResCap as of [•].

     IN WITNESS WHEREOF, the undersigned Responsible Officer of ResCap has set [his/her] hand this
[•], 200[•].

	 	 	 	 	 
	 	RESIDENTIAL CAPITAL, LLC

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 

 

 

	 	 	 	 	 

Exhibit A

 

 

Exhibit BEX-10.14

Exhibit 10.14

EXECUTION COPY

July 29, 2008

Residential Funding Company, LLC

One Meridian Crossings

Suite 100

Minneapolis, MN 55423

Attention: John Peterson

GMAC Mortgage, LLC

One Meridian Crossings

Suite 100

Minneapolis, MN 55423

Attention: John Peterson

     Re: Waiver re: Post-Closing Requirements and Certain Prepayments

Ladies and Gentlemen:

          Reference is hereby made to that certain Loan Agreement (the “Loan Agreement”) dated
as of June 4, 2008 among Residential Funding Company, LLC and GMAC Mortgage, LLC as borrowers
(each, a “Borrower” and collectively, the “Borrowers”), Residential Capital, LLC,
GMAC Residential Holding Company, LLC, GMAC-RFC Holding Company, LLC, Homecomings Financial, LLC,
as guarantors, certain other affiliates of the Borrowers party thereto (together with the
Borrowers, each an “Obligor” and collectively, the “Obligors”), Wells Fargo Bank,
N.A. as first priority collateral agent and GMAC LLC as lender agent (in such capacity, the
“Lender Agent”) and as initial lender (in such capacity, the “Initial Lender”).
Capitalized terms used but not defined herein shall have the meanings given to such terms in the
Loan Agreement.

          Pursuant to Section 8.01(m) of the Loan Agreement, the Obligors are required to
satisfy each of the Post-Closing Requirements, in all material respects, in accordance with the
time frames listed on Schedule 8.01(m) of the Loan Agreement. As of the date hereof,
certain of the Post-Closing Obligations have not been satisfied. The Obligors have previously
requested and discussed with the Lender Agent the extension of the time frames for the Obligors’ to
satisfy the Post-Closing Requirements of the Loan Agreement and the waiver of any Default or Event
of Default that may occur as a result of the Obligors’ non-compliance with Section 8.01(m)
of the Loan Agreement, and this letter agreement confirms the agreement of the Obligors, the Lender
Agent and the Initial Lender with respect thereto.

          Provided that no Default or Event of Default has occurred with respect to any matter unrelated
to the time frames for the Post-Closing Requirements, this letter memorializes the agreement of the
Obligors, the Lender Agent and the Lenders to extend through and including the dates set out on
Schedule I hereto (the “Extension Period”) the Borrower’s compliance with the
various Post-Closing Requirements set forth in Section 8.01(m) of the Loan Agreement. If
the Obligors have materially satisfied Section 8.01(m) by the end of the Extension Period,
the
Lender Agent and Lenders agree that no Default or Event of Default will

1

 

occur at the end of
the Extension Period in connection with Section 8.01(m) of the Loan Agreement.

     The Obligors have notified the Lender Agent of or otherwise acknowledged certain calculation
errors and other mistakes that occurred in connection with payments due under the Loan Agreement
(described below), and have requested that the Lender Agent and the Lenders waive any Event of
Default arising from calculation errors and related reporting mistakes, whether pursuant to
Section 2.05, Section 2.08(c) of the Loan Agreement or otherwise:

	 	(a)	 	payment of interest in the amount of $193,466.14 owed in
conjunction with a principal paydown in the amount of $190,584,034.70 (due July
8, 2008 and paid July 14, 2008); and
	 
	 	(b)	 	payment of principal associated with asset sales in the amount
of $11,083,493 (due July 15, 2008 and paid July 22, 2008).

          The Lender Agent and the Lenders do hereby waive any Default or Event of Default under the
Loan Agreement resulting from the foregoing failures to timely pay the amounts described above.

          Each of the Borrowers hereby represents and warrants that, except as set forth above, no
Default or Event of Default has occurred and is continuing. Except as specifically set forth in
this letter agreement, the Loan Agreement and the other Facility Documents remain in full force and
effect. Neither the execution, delivery nor effectiveness of this letter agreement shall operate
as a waiver of any Default or Event of Default (whether or not known to the Lender Agent or any
Lender) or any right, power or remedy of the Lender Agent or any Lender of any provision contained
in the Loan Agreement or any other Facility Document, whether as a result of any Default or Event
of Default or otherwise. Such waivers shall not create a course of dealing between the parties or
an understanding that a waiver of the occurrence of any other Default or Event of Default will be
granted in the future.

[signature pages follow]

2

 

          This letter agreement may be executed in any number of counterparts and by different parties
hereto in separate counterparts, each of which when so executed shall be deemed to be an original
(whether such counterpart is originally executed or an electronic copy of an original) and all of
which when taken together shall constitute one and the same agreement. THIS LETTER AGREEMENT SHALL
BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK WITHOUT REGARD TO
CONFLICTS OF LAWS PRINCIPLES (BUT WITH REFERENCE TO SECTION 5-1401 OF THE NEW YORK GENERAL
OBLIGATIONS LAW, WHICH BY ITS TERMS APPLIES TO THIS AGREEMENT).

	 	 	 	 	 
	 	Very truly yours,

GMAC LLC, as Lender Agent

 	 
	 	By	/s/ David C. Walker
 
	 	Name:  	David C. Walker 	 
	 	Title:  	Group Vice President & Treasurer 	 
	 

	 	 	 	 	 
	 	GMAC LLC, as Lender

 	 
	 	By	/s/ David C. Walker
 
	 	Name:  	David C. Walker 	 
	 	Title:  	Group Vice President & Treasurer 	 

 

 

	 	 	 	 	 
	 	Acknowledged and Agreed the date first written above:

RESIDENTIAL FUNDING COMPANY, LLC, as borrower

 	 
	 	By  	 /s/ John M. Peterson
 	 
	 	 	      Name:  	John M. Peterson 
	 	 	      Title:  	Treasurer 
	 

	 	 	 	 	 
	 	GMAC MORTGAGE, LLC, as borrower

 	 
	 	By  	 /s/ John M. Peterson
 	 
	 	 	      Name:  	John M. Peterson 
	 	 	      Title:  	Assistant Treasurer 

 

 

	 	 	 	 	 

Schedule I

Extension Period

	 	 	 
	Post-Closing Requirement	 	Extension Period End Date
	A. Within 30 days of the Closing Date, the
Brazilian Security Documents.

	 	August 25, 2008
	 
	 	 
	B. Within 40 days of the Closing Date, the
Chilean Security Documents.

	 	August 25, 2008
	 
	 	 
	D. Within 25 days of the Closing Date, the
Canadian Custodial Agreement.

	 	August 15, 2008
	 
	 	 
	E. Within 25 days of the Closing Date, a share
charge executed by RFC and the First Priority
Collateral Agent with respect to GMAC RFC
Ireland Limited in substantially identical form
to the English Share Charge.

	 	July 7, 2008
	 
	 	 
	F. Within 25 days of the Closing Date, a share
charge executed by RFC and the First Priority
Collateral Agent with respect to GHS Global
Relocation UK Limited United Kingdom in
substantially identical form to the English
Share Charge.

	 	July 7, 2008
	 
	 	 
	I. Within 25 days of the Closing Date, all
documentation necessary to transfer all REO
Subsidiaries whose equity constitutes Primary
Collateral shall have been executed, delivered
and submitted for recording in the applicable
real estate recording office, together with all
necessary filing fees, taxes and similar
charges.

	 	August 20, 2008

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00149-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00149-of-00352.parquet"}]]