Document:

exv10w9

 

Exhibit
10.9

AMENDMENT NUMBER TEN

to the

AMENDED AND RESTATED NOTE PURCHASE AGREEMENT,

dated as of November 25, 2003

among

OPTION ONE OWNER TRUST 2001-2,

OPTION ONE LOAN WAREHOUSE CORPORATION

and

BANK OF AMERICA, N.A.

          This AMENDMENT NUMBER TEN (this “Amendment”) is made and is effective as of this
26th day of October, 2007 (the “Effective Date”), among Option One Owner Trust 2001-2
(the “Issuer”), Option One Loan Warehouse LLC, as successor-by-conversion to Option One Loan
Warehouse Corporation (the “Depositor”) and Bank of America, N.A. (the “Purchaser”) to the Amended
and Restated Note Purchase Agreement, dated as of November 25, 2003, as amended (the “Note Purchase
Agreement”), among the Issuer, the Depositor and the Purchaser.

RECITALS

          WHEREAS, the Issuer has requested that the Purchaser agree to amend the Note Purchase
Agreement to reduce the Maximum Note Principal Balance from $2,252,000,000 to $750,000,000, subject
to certain terms and conditions and the Purchaser has agreed to make such amendments, subject to
the terms and conditions of this Amendment.

          NOW THEREFORE, for good and valuable consideration, the receipt and sufficiency of which are
hereby acknowledged, and the mutual covenants herein contained, the parties hereto hereby agree as
follows:

          SECTION 1. Defined Terms. Any capitalized terms used but not otherwise defined herein shall
have the respective meanings set forth in the Note Purchase Agreement.

          SECTION 2. Amendment. As of the Effective Date, Section 1.01 (Certain Defined Terms) of the
Note Purchase Agreement shall be amended by deleting the definition of “Maximum Note Principal
Balance” in its entirety and replacing it with the following:

     “Maximum Note Principal Balance” means $750,000,000 less any reductions pursuant to
Section 2.06 of the Sale and Servicing Agreement..

          SECTION 3. Representations. To induce the Purchaser to execute and deliver this Amendment,
each of the Issuer and the Depositor hereby represents to the Purchaser that as of the date hereof,
after giving effect to this Amendment, (a) all of its respective representations and warranties in
the Note Purchase Agreement 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 Note Purchase Agreement except and to the extent explicitly waived in a
waiver letter executed by the parties hereto prior to the date hereof.

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          SECTION 4. Fees and Expenses. The Issuer and the Depositor jointly and severally covenant to
pay as and when billed by the Purchaser 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 Purchaser, (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 5. Limited Effect. Except as expressly amended and modified by this Amendment, the
Note Purchase Agreement shall continue in full force and effect in accordance with its terms.
Reference to this Amendment need not be made in the Note Purchase Agreement 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 Note Purchase Agreement, any reference in any of such
items to the Note Purchase Agreement being sufficient to refer to the Note Purchase Agreement as
amended hereby.

          SECTION 6. 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 7. 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 8. 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 2001-2 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 or any other related document.

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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 2001-2
	 
	 	 	 	 	 	 
	 

	 	By:
	 	Wilmington Trust Company, not in its	 	 
	 	 	individual capacity but solely as owner trustee
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ Reseline K. Maney	 	 
	 

	 	 	 	 	 	 
	 

	 	Name:
	 	Reseline K. Maney	 	 
	 

	 	Title:
	 	Vice President	 	 
	 
	 	 	 	 	 	 
	 	 	OPTION ONE LOAN WAREHOUSE LLC
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ Charles T. Harkins	 	 
	 

	 	 	 	 	 	 
	 

	 	Name:
	 	Charles T. Harkins	 	 
	 

	 	Title:
	 	Assistant Secretary	 	 
	 
	 	 	 	 	 	 
	 	 	BANK OF AMERICA, N.A,
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ Garrett Dolt	 	 
	 

	 	 	 	 	 	 
	 

	 	Name:
	 	Garrett Dolt	 	 
	 

	 	Title:
	 	Principal	 	 

[Signature Page
to Amendment Ten to the Amended and Restated Note Purchase Agreement]exv10w10

 

Exhibit 10.10

OMNIBUS AMENDMENT

OPTION ONE OWNER TRUST 2003-5

          This OMNIBUS AMENDMENT (the “Amendment”) dated as of October 30, 2007 is by and among Option
One Owner Trust 2003-5 (the “Issuer”), Option One Mortgage Corporation (“OOMC”), in its capacity as
loan originator (in such capacity, the “Loan Originator”) and as servicer (in such capacity, the
“Servicer”), Option One Mortgage Capital Corporation (“Capital”), Option One Loan Warehouse LLC
(formerly known as Option One Loan Warehouse Corporation) (the “Depositor”), Wells Fargo Bank, N.A.
(successor-in-interest to Wells Fargo Bank Minnesota, National Association), as indenture trustee
(the “Indenture Trustee”), and Citigroup Global Markets Realty Corp. (the “Purchaser”).

PRELIMINARY STATEMENTS:

          A. The Issuer, OOMC, Capital, the Depositor and the Indenture Trustee are parties to that
certain Amended and Restated Sale and Servicing Agreement dated as of November 12, 2004 (as amended
and waived through the date hereof, the “Sale and Servicing Agreement”).

          B. The Issuer, the Depositor and the Purchaser are parties to that certain Note Purchase
Agreement dated as of November 14, 2003 (as amended and waived through the date hereof, the “Note
Purchase Agreement”).

          C. The Issuer and the Indenture Trustee are parties to that certain Indenture dated as of

November 1, 2003 (as amended and waived through the date hereof, the “Indenture”).

          D. The parties hereto desire to amend the Sale and Servicing Agreement, the Indenture and the
Note Purchase Agreement subject to the terms and conditions of this Amendment.

          E. The parties hereto acknowledge that the Option One Owner Trust 2007-5A was terminated on
September 28, 2007.

          F. Pursuant to Section 7.02(e) of the Sale and Servicing Agreement, entitled “Financial
Covenants,” OOMC is required to maintain a minimum “Net Income” (defined and determined in
accordance with GAAP) of at least $1 based on the total of the current quarter combined with the
previous three quarters (the “Minimum Income Covenant”). Pursuant to the Basic Documents, OOMC
periodically represents and warrants its compliance with the Minimum Income Covenant. In addition,
under the Basic Documents, a failure by OOMC to satisfy the Minimum Income Covenant, if not waived,
could be or become a Default, Event of Default or Servicing Event of Default, as those terms are
used in the Basic Documents, or could result in a termination of the Revolving Period.

          C. OOMC now believes that the Minimum Income Covenant will not be satisfied as of the quarter
ending October 31, 2007. The Issuer has requested that the Majority Noteholders temporarily waive
the Minimum Income Covenant, and, subject to the terms hereof,

 

 

the Majority Noteholders have agreed to temporarily waive the Minimum Income Covenant on and
subject to the terms and conditions hereinafter set forth.

          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 Sale and Servicing Agreement or the Indenture.

          SECTION
2. Accuracy of Preliminary Statements. OOMC and the Depositor agree and represent
that the foregoing Preliminary Statements are true and correct in all respects.

          SECTION
3. Amendments to the Sale and Servicing Agreement.

          (A) Section 1.01 of the Sale and Servicing Agreement is hereby amended by amending the
definition of the term “Revolving Period” in its entirety to read as follows:

     Revolving Period: With respect to the Notes, the period commencing on
November 10, 2006 and ending on the earlier of (i) November 15, 2007, and (ii) the
date on which the Revolving Period is terminated pursuant to Section 2.07.

     SECTION
4. Amendments to the Note Purchase Agreement.

     Section 1.01 of the Sale and Servicing Agreement is hereby amended by amending the definition
of the term “Maximum Note Principal Balance” in its entirety to read as follows:

     “Maximum Note Principal Balance” means an amount equal to $75,000,000.

     SECTION
5. Amendments to the Indenture.

     Section 1.01 of the Indenture is hereby amended by amending the definition of the term
“Maturity Date” in its entirety to read as follows:

     “Maturity Date” means November 15, 2007.

     SECTION
6. Temporary Waiver of the Minimum Income Covenant.

     (A) Effective as of the date first above written and subject to the satisfaction of
the condition precedent set forth in 6(B) below, the Majority Noteholders hereby agree to
waive, until November 15, 2007 only, the Minimum Income Covenant.

     (B) The waiver under this Section 6 shall become effective and be deemed effective as
of the date first above written upon (i) receipt by OOMC of an executed

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counterpart of this Waiver from each of the Issuer, the Depositor, the Majority Noteholders
and the Indenture Trustee and (ii) receipt by the Majority Noteholders of confirmation from
OOMC that each Note Purchaser, Purchaser, Initial Noteholder Agent or Note Agent, as
applicable, in connection with each of the Trusts listed on Schedule I hereto, has executed
a waiver in substantially similar form as set out in this Section 6, regarding the failure
by OOMC to satisfy the Minimum Income Covenant as of the quarter ending October 31, 2007.

     (C) The waiver under this Section 6 shall continue to be effective until November 15,
2007 only so long as no Event of Default (other than the Minimum Income Covenant) has
occurred. Upon the occurrence of any Event of Default other than the Minimum Income
Covenant, this Waiver shall immediately cease to be effective.

     (D) Each of the Issuer, OOMC (in its capacities as Servicer and Loan Originator),
Capital and the Depositor hereby reaffirms all covenants, representations and warranties
made by the Issuer, OOMC, Capital and the Depositor, as applicable, in the Sale and
Servicing Agreement, to the extent the same are not modified hereby and agrees that all
such covenants, representations and warranties shall be deemed to have been remade as of
the effective date of this Amendment.

     SECTION 7. Representations. In order to induce the parties hereto to execute and deliver
this Amendment, each of the Issuer and the Depositor hereby jointly and severally represents to the
other parties hereto and the Initial Noteholder that as of the date hereof, after giving effect to
this Amendment, (a) all of its respective representations and warranties in the Note Purchase
Agreement 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 Sale and Servicing Agreement.

     SECTION 8. Limited Effect. Except as expressly amended and modified by this Amendment, the
Sale and Servicing Agreement, Indenture and the Note Purchase Agreement shall continue in full
force and effect in accordance with their respective terms. Reference to this Amendment need not be
made in the Sale and Servicing Agreement, Indenture or Note Purchase Agreement 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 Sale and Servicing Agreement,
Indenture or the Note Purchase Agreement, any reference in any of such items to the Sale and
Servicing Agreement, Indenture or Note Purchase Agreement, as applicable, being sufficient to refer
to the Sale and Servicing Agreement, Indenture or Note Purchase Agreement as amended hereby.

     SECTION 9. Fees and Expenses. The Issuer and the Depositor jointly and severally covenant to
pay as and when billed, 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 Owner Trustee and
their counsel.

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     SECTION 10. 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 11. Counterparts. This Amendment 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.

     SECTION 12. 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 2003-5 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 or any other related documents.

     SECTION 13. Direction and Authorization. Citigroup Global Markets Realty Corp., by
signing below, represents and warrants that it is the holder of 100% of the Securities and
authorizes and directs the Indenture Trustee to waive any Opinion of Counsel contemplated by
Section 11.02 of the Sale and Servicing Agreement, or other condition to the amendment of the Sale
and Servicing Agreement in the respects provided in this Amendment.

[remainder of page intentionally left blank]

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     IN WITNESS WHEREOF, the parties have executed this Amendment and Consent as of the day
and year first above written.

OPTION ONE OWNER TRUST 2003-5,

as Issuer

By:     
Wilmington Trust Company, not in its individual 

           
capacity, but solely as Owner Trustee

By: /s/ Roseline K. Maney                                                    
   

Name: Roseline K. Maney

Title: Vice President

OPTION ONE
MORTGAGE CORPORATION,

as Loan Originator and as Servicer

By: /s/ Matthew A. Engel                                                       

Name: Matthew A. Engel

Title: Senior Vice President

OPTION ONE
MORTGAGE CAPITAL CORPORATION

By: /s/ Matthew A. Engel                                                       

Name: Matthew A. Engel

Title: Vice President

OPTION ONE LOAN WAREHOUSE LLC,

as Depositor

By: /s/ Matthew A. Engel                                                       

Name: Matthew A. Engel

Title: Secretary

WELLS FARGO BANK, N.A.,

as Indenture Trustee

 

By:
Jacquelyn E. Kimball                                                      
  

Name: Jacquelyn E. Kimball

Title: Vice President

CITIGROUP GLOBAL MARKETS

REALTY CORP., as Purchaser

By:
Bobbie Theivakumaran                                                     

Name: Bobbie Theivakumaran

Title: Authorized Agent

Signature Page to Omnibus Amendment

Option One Owner Trust 2003-5

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