Document:

Unassociated Document

    

    
      

      

    

     

     

     

    CWABS,
      INC.,

    Depositor

     

    COUNTRYWIDE
      HOME LOANS, INC.,

    Seller

     

    PARK
      SIENNA LLC, 

    Seller

     

    PARK
      GRANADA LLC,

    Seller

     

    COUNTRYWIDE
      HOME LOANS SERVICING LP,

    Master
      Servicer

     

    and

     

    THE
      BANK
      OF NEW YORK,

    Trustee

     

    
      
        

      

    

     

    AMENDMENT
      NO. 1 dated as of

    May
      22,
      2007 to the

     

    POOLING
      AND SERVICING AGREEMENT

     

    Dated
      as
      of February 1, 2007

     

    
      

    

     

    ASSET-BACKED
      CERTIFICATES, SERIES 2007-BC1

     

     

    
      

      

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

        
        

      

    

     

    AMENDMENT
      NO. 1 dated as of May 22, 2007, among CWABS, INC., a Delaware corporation,
      as
      depositor (the “Depositor”), COUNTRYWIDE HOME LOANS, INC., a New York
      corporation, as seller (“CHL” or a “Seller”), PARK GRANADA LLC., a Delaware
      limited liability company, as a seller (“Park Granada” or a “Seller”), PARK
      SIENNA LLC, a Delaware limited liability company, as a seller (“Park Sienna” or
      a “Seller”, and together with CHL and Park Granada, the “Sellers”), COUNTRYWIDE
      HOME LOANS SERVICING LP, a Texas limited partnership, as master servicer (the
      “Master Servicer”), and THE BANK OF NEW YORK, a New York banking corporation, as
      trustee (the “Trustee”).

     

    Preliminary
      Statement

                              

     

    The
      Depositor, the Trustee, the Sellers and the Master Servicer entered into a
      Pooling and Servicing Agreement (the “Agreement”), dated as of February 1, 2007,
      relating to the issuance of Asset-Backed Certificates, Series 2007-BC1. This
      amendment is made pursuant to Section 10.01 of the Agreement.

     

    In
      consideration of the mutual premises and agreements herein, the Depositor,
      the
      Trustee, the Sellers and the Master Servicer agree as follows:

     

    
      	1.            	
              Capitalized
                terms not defined herein have the meanings assigned to them in the
                Agreement.

            

    

     

    
      	2.         
                	
              Section
                2.03(a)(77)(C) is hereby amended as follows (revised language
                underlined):

            

    

     

    “As
      part
      of the due diligence process relating to the Certificates, CHL reviewed a
      statistically significant sampling of 33 mortgage loans proposed for inclusion
      in Loan Group 1 and confirmed the following: none
      of the
      mortgage loans sampled exceed the thresholds set by HOEPA and its implementing
      regulations, including 12 CFR § 226.32(a)(1)(i). CHL
      confirms that (a) the Mortgage Loans sampled include refinance and purchase
      money mortgage loans; (b) the sampling was done using methodology ordinarily
      and
      customarily used by underwriters of residential mortgage-backed securities
      to
      diligence pools of residential mortgage loans, and (c) it is not aware of any
      mortgage loans that were not sampled that exceed the thresholds set by
      HOEPA;”

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    IN
      WITNESS WHEREOF, the parties hereto have caused their names to be signed hereto
      by their respective officers thereunto duly authorized as of the day and year
      first above written.

     

    
      	 	 	 
	 	
              CWABS,
                INC.,

              as
                Depositor

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

    

     

    
      	 	 	 
	 	
              
                COUNTRYWIDE
                  HOME LOANS SERVICING LP,

                as
                  Master Servicer

              

            
	 
 	 
 	 
 
	 	By: 	COUNTRYWIDE GP, INC.
	 	 	 
	
            	By:  	/s/ Michael
              Schloessmann
	 	
              
Name: Michael
              Schloessmann
	 	Title: Managing
              Director

    

     

    
      	 	 	 
	 	
              
                THE
                  BANK OF NEW YORK,

                as
                  Trustee

              

            
	 
 	 
 	 
 
	
            	By:  	/s/
              William J. Herrmann
	 	
              
Name: 
William
              J. Herrmann
	 	Title: 
              Assistant Treasurer

      	 	 	 
	 	
              
                
                  COUNTRYWIDE
                    HOME LOANS, INC.,

                  as
                    a Seller

                

              

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

    

     

    
      	 	 	 
	 	
              
                
                  PARK
                    SIENNA LLC,

                  as
                    a Seller

                

              

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

    

    

    
      	 	 	 
	 	
              
                
                  
                    PARK
                      GRANADA LLC,

                    as
                      a Seller

                  

                

              

            
	 
 	 
 	 
 
	
            	By:  	/s/ Michael
              Schloessmann
	 	
              
Name: Michael
              Schloessmann
	 	Title: Managing
              DirectorR E S T R I C T E D  
S T O C K   A W A R D   C E R T I F I C A T E 

Non-transferable
G R
A N T   T O  

     _________________
(“Grantee”) 

by Journal
Communications, Inc. (the “Company”) of
_____ shares of its Class
[A][B] common stock, $0.01 par value (the “Shares”) 

pursuant to and subject to the
provisions of the Journal Communications, Inc. 2007 Omnibus Incentive Plan (the
“Plan”) and to the terms and conditions set forth on the following page (the
“Terms and Conditions”). By accepting the Shares, Grantee shall be deemed to
have agreed to the terms and conditions set forth in this Certificate and the Plan.
Capitalized terms used herein and not otherwise defined shall have the meanings assigned
to such terms in the Plan. 

        Unless
vesting is accelerated in accordance with the Plan or in the discretion of the Committee,
the Shares will vest (become non-forfeitable) in accordance with the following schedule: 

	

	Continuous Status as a Participant	 	 
	after Grant Date		Percent of Shares Vested
	

	
 

	
 

	
 

	
 

        IN
WITNESS WHEREOF, Journal Communications, Inc., acting by and through its duly authorized
officers, has caused this Certificate to be duly executed. 

	JOURNAL COMMUNICATIONS, INC.	 
	
By:____________________________	Grant Date:_____________________________________

	TERMS AND CONDITIONS
	1.    Restrictions. The Shares are subject to each of the following
restrictions. “Restricted Shares” mean those Shares that are subject
to the restrictions imposed hereunder which restrictions have not then expired
or terminated. Restricted Shares may not be sold, transferred, exchanged,
assigned, pledged, hypothecated or otherwise encumbered. If Grantee’s
employment with the Company or any Subsidiary terminates for any reason other
than as set forth in paragraph (b) or (d) of Section 2 hereof, then Grantee
shall forfeit all of Grantee’s right, title and interest in and to the
Restricted Shares as of the date of employment termination, and such Restricted
Shares shall revert to the Company immediately following the event of
forfeiture. The restrictions imposed under this Section shall apply to all
shares of the Company’s Stock or other securities issued with respect to
Restricted Shares hereunder in connection with any merger, reorganization,
consolidation, recapitalization, stock dividend or other change in corporate
structure affecting the Stock of the Company.

2.    Expiration and Termination of Restrictions. The restrictions
imposed           under Section 1 will expire on the earliest to occur of the following
(the           period prior to such expiration being referred to herein as the “Restricted
Period”):

    (a)                 as to the percentages of the
Shares specified on the cover page hereof, on the           respective dates specified on
the cover page hereof; provided Grantee is then           employed by the Company or an
Affiliate; or

    (b)                 as to all of the Shares, the
termination of Grantee’s employment due to           death or Disability; or

    (c)                 the occurrence of a Change in
Control, except with respect to any Restricted           Shares assumed by the surviving
entity or otherwise equitably converted or           substituted in connection with the
Change in Control; or

    (d)                 with respect to any Restricted
Shares assumed by the surviving entity or           otherwise equitably converted or
substituted in connection with a Change in           Control, upon the termination of
Grantee’s employment without Cause (or           Grantee’s resignation for Good
Reason as provided in any employment,           severance or similar agreement between
Grantee and the Company or an Affiliate)           within two years after the effective
date of the Change in Control.
		3.    Delivery of Shares. The Shares will be registered in the name
of Grantee           as of the Grant Date and may be held by the Company during the
Restricted Period           in certificated or uncertificated form. If a certificate for
Restricted Shares           is issued during the Restricted Period with respect to such
Shares, such           certificate shall be registered in the name of Grantee and shall
bear a legend           in substantially the following form (in addition to any legend
required under           applicable state securities laws): “This certificate and
the shares of           stock represented hereby are subject to the terms and conditions
(including           forfeiture and restrictions against transfer) contained in a
Restricted Stock           Certificate between the registered owner of the shares
represented hereby and           Journal Communications, Inc. Release from such terms and
conditions shall be           made only in accordance with the provisions of such
Certificate, copies of which           are on file in the offices of Journal
Communications, Inc.” Stock           certificates for the Shares, without the first
above legend, shall be delivered           to Grantee or Grantee’s designee upon
request of Grantee after the           expiration of the Restricted Period, but delivery
may be postponed for such           period as may be required for the Company with
reasonable diligence to comply,           if deemed advisable by the Company, with
registration requirements under the           Securities Act of 1933, listing
requirements under the rules of any stock           exchange, and requirements under any
other law or regulation applicable to the           issuance or transfer of the Shares.

4.    Voting and Dividend Rights. Grantee, as beneficial owner of the
Shares,           shall have full voting and dividend rights with respect to the Shares
during and           after the Restricted Period. Each dividend payment, if any, shall be
made no           later than the end of the calendar year in which the dividend is paid
to the           shareholders or, if later, the 15th day of the third month following
the date the dividend is paid to shareholders. If Grantee forfeits any rights
he           may have under this Certificate, Grantee shall no longer have any rights as
a           stockholder with respect to the Restricted Shares or any interest therein and
Grantee shall no longer be entitled to receive dividends on such stock. In the
event that for any reason Grantee shall have received dividends upon such stock
after such forfeiture, Grantee shall repay to the Company any amount equal to
such dividends.

5.    No Right of Continued Employment. Nothing in this Certificate
shall           interfere with or limit in any way the right of the Company or any
Affiliate to           terminate Grantee’s employment at any time, nor confer upon
Grantee any           right to continue in the employ of the Company or any Affiliate.
		6.    Payment of Taxes. Grantee will, no later than the date as of
which any           amount related to the Shares first becomes includable in Grantee’s
gross           income for federal income tax purposes, pay to the Company, or make other
arrangements satisfactory to the Committee regarding payment of, any federal,
state and local taxes of any kind required by law to be withheld with respect
to           such amount, including without limitation the surrender of shares of Stock
to           the Company. The obligations of the Company under this Certificate will be
conditional on such payment or arrangements, and the Company, and, where
applicable, its Affiliates will, to the extent permitted by law, have the right
to deduct any such taxes from the award or any payment of any kind otherwise
due           to Grantee.

7.    Plan Controls. The terms contained in the Plan are incorporated
into and           made a part of this Certificate and this Certificate shall be governed
by and           construed in accordance with the Plan. In the event of any actual or
alleged           conflict between the provisions of the Plan and the provisions of this
Certificate, the provisions of the Plan shall be controlling and determinative.

8.    Successors. This Certificate shall be binding upon any
successor of the           Company, in accordance with the terms of this Certificate and
the Plan.

9.    Severability. If any one or more of the provisions contained in
this           Certificate is invalid, illegal or unenforceable, the other provisions of
this           Certificate will be construed and enforced as if the invalid, illegal or
unenforceable provision had never been included.

10.    Notice. Notices and communications under this Certificate must
be in           writing and either personally delivered or sent by registered or
certified           United States mail, return receipt requested, postage prepaid.
Notices to the           Company must be addressed to Journal Communications, Inc., 333
West State           Street, Milwaukee, Wisconsin, 83203: Attn: Chief Accounting Officer,
or any           other address designated by the Company in a written notice to Grantee.
Notices           to Grantee will be directed to the address of Grantee then currently on
file           with the Company, or at any other address given by Grantee in a written
notice           to the Company.

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