Document:

efc7-1938_ex993.htm

    
      Exhibit
        10.3

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

    

     

    ASSIGNMENT
      AGREEMENT

     

    ASSIGNMENT
      AGREEMENT, dated as of June 29, 2007 (“Assignment Agreement”), among COUNTRYWIDE
      HOME LOANS, INC. (“Assignor”), THE BANK OF NEW YORK (“Assignee”), not in its
      individual or corporate capacity but solely as Swap Contract Administrator
      for
      Alternative Loan Trust 2007-OH2, pursuant to a Swap Contract Administration
      Agreement (the “Swap Contract Administration Agreement”) dated as of June 29,
      2007, and LEHMAN BROTHERS SPECIAL FINANCING INC. (“Remaining
      Party”).

     

    W
      I T
      N E S S E T H:

     

    WHEREAS,
      effective as of June 29, 2007, Assignor desires to assign all of its rights
      and
      delegate all of its duties and obligations to Assignee under a certain
      Transaction (the “Assigned Transaction”) as evidenced by a certain confirmation
      with a Trade Date of June 27, 2007, whose LEHMAN BROTHERS SPECIAL FINANCING
      INC.
      reference number is Global Deal ID:  3152133 (the “Confirmation”), a
      copy of which is attached hereto as Exhibit I;

     

    WHEREAS,
      Assignor and Remaining Party executed and delivered the Confirmation in
      connection with, and as part of, the ISDA Master Agreement dated as of June
      6,
      1996, as amended or supplemented from time to time (the “Old Master Agreement”),
      between Assignor and Remaining Party;

     

    WHEREAS,
      Assignee desires to accept the assignment of rights and assume the delegation
      of
      duties and obligations of the Assignor under the Assigned Transaction and the
      Confirmation, including any modifications that may be agreed to by Assignee
      and
      Remaining Party; and

     

    WHEREAS,
      Assignor desires to obtain the written consent of Remaining Party to the
      assignment, delegation and assumption, and Remaining Party desires to grant
      such
      consent in accordance with the terms hereof.

     

    NOW,
      THEREFORE, in consideration of the premises and of the mutual agreements herein
      contained and for good and valuable consideration, the receipt and sufficiency
      of which is hereby acknowledged, the parties agree as follows:

     

    1.  Assignment
      and Assumption.  Effective as of and from June 29, 2007 (the
“Effective Date”), Assignor hereby assigns all of its rights and delegates all
      of its duties and obligations to Assignee (other than Assignor’s obligation to
      pay the Additional Payment (as defined in the Confirmation)), and Assignee
      hereby assumes all Assignor’s rights, duties, and obligations, under the
      Assigned Transaction and the Confirmation arising on or after the Effective
      Date.

     

    2.  Release.  Effective
      as of and from the Effective Date, Remaining Party and Assignor hereby release
      one another from all duties and obligations owed under and in respect of the
      Assigned Transaction and the Confirmation, and Assignor hereby terminates its
      rights under and in respect of the Assigned Transaction; provided, that such
      release shall not affect Assignor’s obligation to pay the Additional Payment in
      accordance with the terms of the Assigned Transaction and the
      Confirmation.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    3.  Limitation
      on Liability.  Assignor and Remaining Party agree to the
      following: (a) The Bank of New York (“BNY”) is entering into this Assignment
      Agreement not in its individual or corporate capacity, but solely in its
      capacity as Swap Contract Administrator under the Swap Contract Administration
      Agreement; (b) in no case shall BNY (or any person acting as successor Swap
      Contract Administrator under the Swap Contract Administration Agreement) be
      personally liable for or on account of any of the statements, representations,
      warranties, covenants or obligations stated to be those of Assignee under the
      terms of the Assigned Transaction, all such liability, if any, being expressly
      waived by Assignor and Remaining Party and any person claiming by, through
      or
      under either such party; and (c) recourse against BNY shall be limited to the
      assets available under the Swap Contract Administration Agreement or the Pooling
      and Servicing Agreement for Alternative Loan Trust 2007-OH2 dated as of June
      1,
      2007 among CWALT, Inc. as depositor, Countrywide Home Loans, Inc. as a seller,
      Park Granada LLC, as a seller, Park Monaco Inc., as a seller, Park Sienna LLC,
      as a seller, Countrywide Home Loans Servicing LP, as master servicer, and BNY,
      as trustee (the “Pooling and Servicing Agreement”).

     

    4.  Consent
      and Acknowledgment of Remaining Party.  Remaining Party hereby
      consents to the assignment and delegation by Assignor to Assignee of all the
      rights, duties, and obligations of Assignor under the Assigned Transaction
      pursuant to this Assignment Agreement.

     

    5.  Governing
      Agreement.  The Assigned Transaction and the Confirmation shall
      form a part of, and be subject to, the ISDA Master Agreement dated as of June
      29, 2007, as amended or supplemented from time to time (the “New Master
      Agreement”), between Assignee and Remaining Party.  The Confirmation
      shall form a part of, and be subject to, the New Master Agreement.

     

    6.  Representations.  Each
      party hereby represents and warrants to the other parties as
      follows:

     

    
      	
              (a)  

            	
              It
                is duly organized, validly existing and in good standing under the
                laws of
                its jurisdiction of organization or
                incorporation;

            

    

     

    
      	
              (b)  

            	
              It
                has the power to execute and deliver this Assignment Agreement;
                and

            

    

     

    
      	
              (c)  

            	
              Its
                obligations under this Assignment Agreement constitute its legal,
                valid
                and binding obligations, enforceable in accordance with their respective
                terms.

            

    

     

    As
      of the
      Effective Date, each of Assignor and Remaining Party represents that no event
      or
      condition has occurred that constitutes an Event of Default, a Potential Event
      of Default or, to the party’s knowledge, a Termination Event (as such terms are
      defined in the Confirmation and the New Master Agreement), with respect to
      the
      party, and no such event would occur as a result of the party’s entering into or
      performing its obligations under this Assignment Agreement.

     

    7.  Indemnity.  Assignor
      hereby agrees to indemnify and hold harmless Assignee with respect to any and
      all claims arising under the Assigned Transaction prior to the Effective
      Date.  Assignee (subject to the limitations set forth in paragraph 3
      above) hereby agrees to indemnify and hold harmless Assignor with respect to
      any
      and all claims arising under the Assigned Transaction on or after the Effective
      Date.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    8.  Governing
      Law.  This Assignment Agreement shall be governed by and construed
      in accordance with the laws of the State of New York without reference to the
      conflict of laws provisions thereof (except Section 5-1401 and 5-1402 of the
      New
      York General Obligations Law).

     

    9.  Notices.  For
      the purposes of this Assignment Agreement and Section 12(a) of the Old Master
      Agreement and New Master Agreement, as applicable, the addresses for notices
      or
      communications are as follows:  (i) in the case of Assignor,
      Countrywide Home Loans, Inc., 4500 Park Granada, Calabasas, California 91302,
      Attention: Darren Bigby, with a copy to the same address,
      Attention:  Legal Department, or such other address as may be
      hereafter furnished in writing to Assignee and Remaining Party; (ii) in the
      case
      of Assignee, The Bank of New York, 101 Barclay Street, New York, New York 10286,
      Attention:  Corporate Trust MBS Administration, CWALT,  Inc.
      Series 2007-OH2 or such other address as may be hereafter furnished in writing
      to Assignor and Remaining Party; and (iii) in the case of Remaining
      Party,

     

    
      	 	
              Address:

            	
              Lehman
                Brothers Special Financing Inc.

              c/o
                Lehman Brothers Inc.

              Transaction
                Management Group

              Corporate
                Advisory Division

              745
                Seventh Avenue

              New
                York, NY 10019

            
	 	
              Attention:

            	
              Documentation
                Manager

            
	 	
              Tel
                No.

            	
              (212)
                526-7187

            
	 	
              Fax
                No.

            	
              (212)
                526-7672

            

    

    

    or
      such
      other address as may be hereafter furnished in writing to Assignor and
      Assignee.

     

    10.  Payments.  All
      payments (if any) remitted by Remaining Party under the Assigned Transaction
      shall be made by wire transfer according to the following
      instructions:

     

    The
      Bank
      of New York

    New
      York,
      NY

    ABA
      #
      021-000-018

    GLA
      #
      111-565

    For
      Further Credit:  TAS A/C 542018

    Attn:  Matthew
      Sabino  212-815-4800

    Fax:  212-815-3986

    

    11.  Optional
      Termination.                                                      

     

    
      	 	(a)	Upon
              the occurrence of an Optional Termination pursuant to Section 9.01
              of the
              Pooling and Servicing Agreement, BNY, as Swap Contract Administrator
              for
              Alternative Loan Trust 2007-OH2 (the “Swap Contract Administrator”),
              pursuant to a Swap Contract Administration Agreement, hereby assigns
              all
              of its rights and delegates all of its duties and obligations to
              Countrywide Home Loans, Inc., and Countrywide Home Loans, Inc. hereby
              assumes all of the Swap Contract Administrator’s rights, duties, and
              obligations, under the Assigned Transaction and the Confirmation arising
              on or after the date on which the Trust Fund (as defined in the Pooling
              and Servicing Agreement) is terminated pursuant to the terms
              thereof.

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    
      	 	(b)	
              Effective
                as of and from the date on which the Trust Fund is terminated pursuant
                to
                the terms thereof, Remaining Party and the Swap Contract Administrator
                hereby release one another from all duties and obligations owed under
                and
                in respect of the Assigned Transaction and the Confirmation, and
                the Swap
                Contract Administrator hereby terminates its rights under and in
                respect
                of the Assigned Transaction.  Remaining Party hereby consents to
                the assignment and delegation by the Swap Contract Administrator
                to
                Countrywide Home Loans, Inc. of all the rights, duties, and obligations
                of
                the Swap Contract Administrator under the Assigned Transaction pursuant
                to
                this Assignment Agreement.

            

    

    
       

      
      

      
        	
                 

              	
                (c)

              	
                Effective
                  as of and from the date on which the Trust Fund is terminated pursuant
                  to
                  the terms thereof, Remaining Party hereby agrees that Countrywide
                  Home
                  Loans, Inc. may do one of the following with the Swap Contract
                  Administrator’s rights, duties, and obligations, under the Assigned
                  Transaction and the Confirmation arising on or about the date on
                  which the
                  Trust Fund is terminated pursuant to the terms
                  thereof:

              

      

       

    

    
      	
               

            	
              (i)

            	
              retain
                such rights, duties, and
                obligations;

            

    

    

    
      	
               

            	
              (ii)

            	
              assign
                all of its rights and delegates all of its duties and obligations
                to a
                third party effective upon the receipt of written consent from Remaining
                Party to such assignment; or

            

    

    

    
      	
               

            	
              (iii)

            	
              terminate
                the Assigned Transaction by giving three Business Days’ prior notice to
                Remaining Party (the “Optional Termination Date”).  On the
                Optional Termination Date, if any, a termination payment (if any)
                shall be
                payable by the applicable party as determined by the Calculation
                Agent by
                the application of Section 6(e)(ii) of the Old Master Agreement,
                with
                Market Quotation and Second Method being the applicable method for
                determining the termination payment.  The exercise of the right
                to terminate under this provision, shall not be an Event of Default
                under
                any of the other Transactions that are part of the Old Master
                Agreement.  For purposes of the Optional Termination Date,
                Countrywide Home Loans, Inc. shall be the sole Affected
                Party.

            

    

    

    12.  Counterparts.  This
      Assignment Agreement may be executed and delivered in counterparts (including
      by
      facsimile transmission), each of which when executed shall be deemed to be
      an
      original but all of which taken together shall constitute one and the same
      instrument.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    IN
      WITNESS WHEREOF, the parties hereto have executed this Assignment Agreement
      as
      of the date first above written.

     

    
      	 	COUNTRYWIDE
              HOME LOANS,
              INC.	 
	 	 	 	 
	
               

            	
              By:
                

            	/s/ Michael
              Schloessmann	 
	 	Name: 
Michael
              Schloessmann	 
	 	Title:   
Managing
              Director	 
	 	 	 	 

    

     

    
      	 	
              THE
                BANK OF NEW YORK, NOT IN ITS INDIVIDUAL OR CORPORATE CAPACITY BUT
                SOLELY
                AS SWAP CONTRACT ADMINISTRATOR FOR ALTERNATIVE LOAN TRUST
                2007-OH2

            	 
	 	 	 	 
	
               

            	
              By:
                

            	/s/ Michelle
              Penson	 
	 	Name: 
Michelle
              K.
              Penson	 
	 	Title:   
Vice
              President	 
	 	 	 	 

    

     

    
      	 	LEHMAN
              BROTHERS SPECIAL FINANCING INC.	 
	 	 	 	 
	
               

            	
              By:
                

            	/s/ Anatoly
              Kozlov	 
	 	Name: 
Anatoly
              Kozlov	 
	 	Title:   
Lehman
              Brothers Special Financing Incefc7-1938_ex994.htm

     

    Exhibit
      10.4

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    LEHMAN
      BROTHERS       

    GUARANTEE
      OF LEHMAN BROTHERS HOLDINGS INC.

     

    LEHMAN
      BROTHERS SPECIAL FINANCING INC. (“Party A”) and THE BANK OF NEW YORK, not in its
      individual or corporate capacity but solely as Swap Contract Administrator
      Administrator for Alternative Loan Trust 2007-0H2 (“Party B”)
      have entered into a Master Agreement dated as of June 29, 2007, as amended
      from
      time to time (the “Master Agreement”), pursuant to which Party A and Party B
      have entered and/or anticipate entering into one or more transactions (each
      a
“Transaction”), the Confirmation of each of which supplements, forms part of,
      and will be read and construed as one with, the Master Agreement (collectively
      referred to as the “Agreement”). This Guarantee is a Credit Support Document as
      contemplated in the Agreement. For value received, and in consideration of
      the
      financial accommodation accorded to Party A by Party B under the Agreement,
      LEHMAN BROTHERS HOLDINGS INC., a corporation organized and existing under the
      laws of the State of Delaware (“Guarantor”), hereby agrees to the
      following:

     

    (a)           Guarantor
      hereby unconditionally guarantees to Party B the due and punctual payment of
      all
      amounts payable by Party A in connection with each Transaction when and as
      Party
      A’s obligations thereunder shall become due and payable in accordance with the
      terms of the Agreement (whether at maturity, by acceleration or otherwise).
      Guarantor hereby agrees, upon written demand by Party B, to pay or cause to
      be
      paid any such amounts punctually when and as the same shall become due and
      payable.

     

    (b)           Guarantor
      hereby agrees that its obligations under this Guarantee constitute a guarantee
      of payment when due and not of collection.

     

    (c)           Guarantor
      hereby agrees that its obligations under this Guarantee shall be unconditional,
      irrespective of the validity, regularity or enforceability of the Agreement
      against Party A (other than as a result of the unenforceability thereof against
      Party B), the absence of any action to enforce Party A’s obligations under the
      Agreement, any waiver or consent by Party B with respect to any provisions
      thereof, the entry by Party A and Party B into any amendments to the Agreement,
      additional Transactions under the Agreement or any other circumstance which
      might otherwise constitute a legal or equitable discharge or defense of a
      guarantor (excluding the defense of payment or statute of limitations, neither
      of which is waived) provided, however, that Guarantor shall be entitled to
      exercise any right that Party A could have exercised under the Agreement to
      cure
      any default in respect of its obligations under the Agreement or to setoff,
      counterclaim or withhold payment in respect of any Event of Default or Potential
      Event of Default in respect of Party B or any Affiliate, but only to the extent
      such right is provided to Party A under the Agreement. The Guarantor
      acknowledges that Party A and Party B may from time to time enter into one
      or
      more Transactions pursuant to the Agreement and agrees that the obligations
      of
      the Guarantor under this Guarantee will upon the execution of any such
      Transaction by Party A and Party B extend to all such Transactions without
      the
      taking of further action by the Guarantor.

     

    (d)           This
      Guarantee shall remain in full force and effect until the first to occur of
      (i)
      receipt by Party B of a written notice of termination from Guarantor or (ii)
      none of the obligations of Party A remain outstanding. Termination of this
      Guarantee shall not affect Guarantor’s liability hereunder as to obligations
      incurred or arising out of Transactions entered into prior to the termination
      hereof.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    (e)           Guarantor
      further agrees that this Guarantee shall continue to be effective or be
      reinstated, as the case may be, if at any time, payment, or any part thereof,
      of
      any obligation or interest thereon is rescinded or must otherwise be restored
      by
      Party B upon an Event of Default as set forth in Section 5(a)(vii) of the Master
      Agreement affecting Party A or Guarantor.

     

    (f)           Guarantor
      hereby waives (i) promptness, diligence, presentment, demand of payment,
      protest, order and, except as set forth in paragraph (a) hereof, notice of
      any
      kind in connection with the Agreement and this Guarantee, or (ii) any
      requirement that Party B exhaust any right to take any action against Party
      A or
      any other person prior to or contemporaneously with proceeding to exercise
      any
      right against Guarantor under this Guarantee.

     

    This
      Guarantee shall be governed by and construed in accordance with the laws of
      the
      State of New York without regard to conflicts of laws principles. All
      capitalized terms not defined in this Guarantee, but defined in the Agreement,
      shall have the meanings assigned thereto in the Agreement.

     

    IN
      WITNESS WHEREOF, Guarantor has caused this Guarantee to be executed by its
      duly
      authorized officer as of the date of the Agreement.

     

    
      	 	
              LEHMAN
                BROTHERS HOLDINGS INC.

            
	 	 
	 	 
	 	
              By:

            	
              /s/
                James J. Killerlane III

            
	 	
              Name:

            	
              James
                J. Killerlane III

            
	 	
              Title:

            	
              Vice
                President

            
	 	
              Date:

            	
              June
                28, 2007

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