Document:

exv10w2

 

Exhibit 10.2

OMNIBUS AMENDMENT NUMBER THREE

to the

OPTION ONE OWNER TRUST 2005-6 WAREHOUSE FACILITY

          This OMNIBUS AMENDMENT NUMBER THREE (this “Amendment”) is made and is effective as of this
29th day of June, 2006, among Option One Owner Trust 2005-6 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”) and Lehman Brothers Bank as noteholder agent and purchaser (“Lehman Brothers”) to (i) the
Note Purchase Agreement, dated as of June 1, 2005 (as amended, supplemented or otherwise modified
from time to time, the “Note Purchase Agreement”), among the Issuer, the Depositor and Lehman
Brothers, (ii) the Sale and Servicing Agreement, dated as of June 1, 2005 (as amended, supplemented
or otherwise modified from time to time, the “Sale and Servicing Agreement”), among the Issuer, the
Depositor, Option One and the Indenture Trustee, (iii) the Indenture, dated as of June 1, 2005 (as
amended, supplemented or otherwise modified from time to time, the “Indenture”), among the Issuer
and the Indenture Trustee and (iv) the Pricing Letter, dated as of June 1, 2005 (as amended,
supplemented or otherwise modified from time to time, the “Pricing Letter” and collectively with
the Note Purchase Agreement, the Sale and Servicing Agreement and the Indenture, 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 Pricing Letter.

     (a) Subsection (4) of the definition of “Collateral Value” in the Section 1 of the Pricing
Letter is hereby amended by deleting “1%” and replacing it with “5%” such that it reads as
follows:

     ”(4) which is more than 150 days past its date of origination, provided,
however that up to 5% of the Pool Principal Balance may be between 150-240 days past
the date of origination;”

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     (b) The definition of “Collateral Value” in the Section 1 of the Pricing Letter is
hereby amended by deleting in its entirety subsection (A)(iv) relating to High LTV Loans and
replacing it with the following:

     ”(iv) The weighted average CLTV of the aggregate outstanding Principal Balance of
Mortgage Loans may not at any time exceed 90%.”

     (c) Subsection (A)(vi) of the definition of “Collateral Value” in the Section 1 of the
Pricing Letter is hereby amended by deleting “15%” and replacing it with “10%.”

     (d) Subsection (A)(xi) of the definition of “Collateral Value” in the Section 1 of the
Pricing Letter is hereby amended by deleting “1%” and replacing it with “3%.”

     (e) The term “High LTV Loans” in Section 1 of the Pricing Letter is hereby deleted in its
entirety.

          SECTION 3. Amendment to Sale and Servicing Agreement.

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

     “Defaulted Loan: With respect to any Determination Date, any Loan, including,
without limitation, any Liquidated Loan with respect to which any of the following
has occurred as of the end of the related Remittance Period: (a) foreclosure or
similar proceedings have been commenced; or (b) the Servicer or any Subservicer has
determined in good faith and in accordance with the servicing standard set forth in
Section 4.01 of the Servicing Addendum that such Loan is in default.”

     (b) 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
2001-1B, 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.”

     (c) 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 June 29,
2006 and ending on the earlier of (i) 364 days after such date and (ii) the date on
which the Revolving Period is terminated pursuant to Section 2.07.”

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     (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
2001-1B, 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 September 1, 2005, among 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 4. 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
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 5. Representations. To induce Lehman to execute and deliver this Amendment,
each of the Issuer and the Depositor hereby jointly and severally represents to Lehman Brothers
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.

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          SECTION 6. Fees and Expenses. The Issuer and the Depositor jointly and severally
covenant to pay as and when billed by Lehman 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
Lehman Brothers, (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 7. 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 8. 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 9. 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 10. 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 2005-6 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.

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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 2005-6

	 
	 	By:	
Wilmington Trust Company, not in its

individual capacity but solely as owner

trustee

 	 
	 	By:  	/s/ Jeanne M. Oiler
 	 
	 	 	Name:  	Jeanne M. Oiler 	 
	 	 	Title:  	Senior Financial Services Officer 	 
	 
	 	OPTION ONE LOAN WAREHOUSE CORPORATION

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 
	 	OPTION ONE MORTGAGE CORPORATION

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 
	 	WELLS FARGO BANK, N.A.

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 
	 	LEHMAN BROTHERS BANK

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 

 

 

	 	 	 	 	 

          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 2005-6

	 
	 
	 	 	 	 
	 	By:	
Wilmington Trust Company, not in its

individual capacity but solely as owner

trustee

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 
	 	OPTION ONE LOAN WAREHOUSE CORPORATION

 	 
	 	By:  	/s/ Philip Laren
 	 
	 	 	Name:  	Philip Laren 	 
	 	 	Title:  	Vice President 	 
	 
	 	OPTION ONE MORTGAGE CORPORATION

 	 
	 	By:  	/s/ Philip Laren
 	 
	 	 	Name:  	Philip Laren 	 
	 	 	Title:  	Senior Vice President 	 
	 
	 	WELLS FARGO BANK, N.A.

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 
	 	LEHMAN BROTHERS BANK

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 

 

 

	 	 	 	 	 

          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 2005-6

	 
	 
	 	 	 	 
	 	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:  	/s/ Reid Denny
 	 
	 	 	Name:  	Reid Denny     	 
	 	 	Title:  	Vice President 	 
	 
	 	LEHMAN BROTHERS BANK

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 

 

 

	 	 	 	 	 

          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 2005-6
	 
	 	 	 	 
	 	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:  	 	 
	 
	 	LEHMAN BROTHERS BANK

 	 
	 	By:  	/s/ Fred Madonne
 	 
	 	 	Name:  	Fred Madonne 	 
	 	 	Title:  	Authorized Signatureexv10w9

 

Exhibit 10.9

AMENDMENT AGREEMENT

     THIS AMENDMENT AGREEMENT (this “Agreement”), dated as of August 6, 2006 by and between Bally
Total Fitness Holding Corporation (the “Company”) and Paul A. Toback (the “Executive”).

RECITALS

     WHEREAS, pursuant to the terms of the employment agreement by and between the Executive and
the Company dated as of August 24, 2004 (the “Employment Agreement”), the Executive may become
entitled to certain severance payments in the event his employment is terminated by the Company
without Cause (as defined in the Employment Agreement) or if the Executive resigns for Good Reason
(as defined in the Employment Agreement), in each case, within the two-year period immediately
following a Change in Control (as defined in the Employment Agreement); and

WHEREAS, a Change in Control occurred on February 7, 2006; and

     WHEREAS, the Company and the Executive agreed to modify the Employment Agreement to eliminate
the Company’s obligation to implement a supplemental retirement plan for the benefit of the
Executive and to eliminate certain claims for legal fees that Executive may have had against the
Company in exchange for an additional payment to the Executive by the Company of $900,000 in the
event his employment is terminated by the Company without Cause or if the Executive resigns for
Good Reason, in either case, prior to February 7, 2008.

     NOW THEREFORE, in consideration of the foregoing, the Company and the Executive hereby agree
as follows:

1. Section 4(e) of the Employment Agreement is hereby deleted in its entirety and the Company shall
have no further obligation to the Executive with respect thereto.

2. Section 6(e) of the Employment Agreement is amended to add a new subsection (vii) to provide as
follows:

(vii) If the termination occurs prior to February 7, 2008, an immediate lump sum payment of
$900,000.

3. In consideration for the right to receive payment described in Section 2 above, the Executive
agrees that he has no entitlement to legal fees incurred by him prior to the date of this
Agreement.

4. In all respects not amended, the Employment Agreement is hereby ratified and confirmed.

     IN WITNESS WHEREOF, the parties have executed this Amendment as of the date first set forth
above.

	 	 	 	 	 	 	 
	 	 	BALLY TOTAL FITNESS HOLDING CORPORATION	 	 
	 
	 	 	 	 	 	 
	 

	 	BY: 
	/s/ Harold Morgan	 	 
	 

	 	 	 

	 	 
	 
	 	 	 	 	 	 
	 	 	TITLE: Senior Vice President, Chief Administration Officer	 	 
	 
	 	 	 	 	 	 
	 	 	EXECUTIVE	 	 
	 
	 	 	 	 	 	 
	 	 	/s/ Paul A. Toback	 	 
	 	 	 	 	 
	 	 	PAUL A. TOBACK

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