Document:

EXHIBIT 10.5.3

 

THIRD AMENDMENT TO

MORTGAGE PARTNERSHIP FINANCE®

INVESTMENT AND SERVICES AGREEMENT

 

THIS THIRD AMENDMENT to
INVESTMENT AND SERVICES AGREEMENT (“Third Amendment”) is made as of the          
day of March 18, 2003, between the FEDERAL HOME LOAN BANK OF CHICAGO (the “MPF®
Provider”) and the FEDERAL HOME LOAN BANK OF BOSTON (the “Boston Bank”).

 

RECITALS:

 

WHEREAS, the Boston Bank
and the MPF Provider have previously entered into that certain MORTGAGE
PARTNERSHIP FINANCE Investment and Services Agreement dated as of April 20,
2000, amended by First and Second Amendments dated September 7, 2000 and May 18,
2001, a Custody Amendment dated November 14, 2001, and a Custody Amendment
dated December 31, 2002 (together, the “I&S Agreement”)
pursuant to which the parties agreed, among other things, to make the MORTGAGE
PARTNERSHIP FINANCE (“MPF”) Program available to members of the Boston
Bank; and

 

WHEREAS, the Boston Bank
and the MPF Provider wish to modify the terms of the I&S Agreement
regarding the amount of the Transaction Services Fee to be paid by the Boston
Bank and to extend the term of the I&S Agreement in the manner set forth
below.

 

NOW THEREFORE, in
consideration of the foregoing recitals and the covenants contained herein, the
parties here agree as follows:

 

1.  The I&S
Agreement is hereby modified by deleting the first sentence of Section 2.1
Term of Agreement and substituting the following therefor: “Unless
terminated earlier as provided in Section 7.2.2, the initial term of this
Agreement shall be four (4) years ending on the fourth anniversary of the
date of this Agreement and thereafter, this Agreement shall continue in force
until terminated by either party giving the other party ninety (90) days
written notice.”

 

2.  Section 2.4 of the I&S Agreement is
hereby amended so that no Transaction Services Fee shall become due or payable
under the I&S Agreement through December 31, 2003.

 

3.   Except for the terms of this Third
Amendment, the I&S Agreement remains unmodified and in full force and
effect.

 

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

 

	
  FEDERAL
  HOME LOAN BANK

  OF CHICAGO

  	
  FEDERAL
  HOME LOAN BANK

  OF BOSTON

  
	
   

  	
   

  
	
  By:

  	
  /s/ Kenneth L. Gould

  	
   

  	
  By:

  	
  /s/ M. Susan
  Elliott

  	
   

  
	
   

  	
  Executive Vice
  President

  	
   

  
	
   

  	
   

  	
  Name:

  	
  M. Susan
  Elliott

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  Title:

  	
  Executive Vice President

  	
   

  
								

 

 

“MORTGAGE PARTNERSHIP
FINANCE” and “MPF” are registered trademarks of the Federal Home Loan Bank of
Chicago.EXHIBIT 10.5.4

 

FOURTH AMENDMENT TO

MORTGAGE PARTNERSHIP FINANCE®

INVESTMENT AND SERVICES AGREEMENT

 

THIS FOURTH AMENDMENT TO
MORTGAGE PARTNERSHIP FINANCE INVESTMENT AND SERVICES AGREEMENT (the “Amendment”)
is made as of the 21st day of January, 2004, between the FEDERAL
HOME LOAN BANK OF CHICAGO (the “MPF® Provider”) and the FEDERAL
HOME LOAN BANK OF BOSTON (the “Boston Bank”).

 

RECITALS:

 

WHEREAS, the Boston Bank
and the MPF Provider have previously entered into that certain MORTGAGE
PARTNERSHIP FINANCE Investment and Services Agreement dated as of April 20,
2000, amended by First Amendment dated September 7, 2000,a Second
Amendment dated May 18, 2001, Custody Amendments dated November 14,
2001 and December 31, 2002, and a Third Amendment dated March 18, 2003
(together, the “Agreement”) pursuant to which the parties agreed, among
other things, to make the MORTGAGE PARTNERSHIP FINANCE Program available to
members of the Boston Bank; and

 

WHEREAS, the Agreement
currently prohibits changing the participation interests in any Master
Commitment once Program Loans have been delivered under such Master Commitment;
and

 

WHEREAS, the parties
desire to amend the Agreement to extend the term, to allow the Boston Bank’s
retained interest and the MPF Provider’s Participation Share in the Program
Loans to vary for different Delivery Commitments within a Master Commitment and
also to change the method for assessing, and the rate for, the Services
Transaction Fee.

 

NOW THEREFORE, in
consideration of the foregoing recitals and the covenants contained herein and
in the Agreement, the parties here agree as follows:

 

1.                                       The Agreement
is hereby modified by deleting the first sentence of Section 2.1 Term
of Agreement and substituting the following in its place:

 

Unless terminated earlier as
provided in Section 7.2.2, the initial term of this Agreement shall be six
(6) years ending on the sixth anniversary of the date of this Agreement
and thereafter, this Agreement shall continue in force until terminated by
either party giving the other party ninety (90) days written notice.

 

2.                                       Section 2.3 of the Agreement is hereby
deleted in its entirety and the following substituted in its place:

 

2.3                                 Option to Change Participation Share. 
Commencing January 1, 2004, the Boston Bank shall have the right to
change the percentage of the MPF Provider’s Participation Share in Program
Loans to be acquired by the Boston Bank under a Master Commitment by giving the
MPF Provider prior

 

 

written notice in the form of the Direction described
in Section 5.9 (as amended) to be effective on the date specified in such
Direction (“Effective Date”). 
Subject to the provisions of Sections 2.4. and 2.5., the MPF Provider
will continue to provide operational support services for all Program Loans.

 

3.                                       Section 2.4 of the Agreement is hereby
deleted in its entirety and the following substituted in its place:

 

2.4.  Transaction Services Fee.

 

(a)          Commencing
in February, 2004, the Boston Bank shall pay a monthly Transaction Services Fee
to the MPF Provider as compensation for the transaction processing services to
be provided to the Boston Bank, all payments to be made by the MPF Provider
debiting the Boston Bank’s Clearing Account.

 

(b)         The
Transaction Services Fee shall be calculated each month by multiplying (x) one-twelfth
of the applicable annual rate by (y) the aggregate outstanding balance of the
Boston Bank’s retained interest in the Covered Loans at the end of the previous
month as reported by the Master Servicer. 
The annual rate for the Transaction Services Fee applicable to a Covered
Loan shall apply for the life of the loan.

 

(c)          The
annual rate applicable to Covered Loans acquired by the Boston Bank in 2004 and
2005 is 5 basis points (0.05%).

 

(d)         For
calendar year 2006 and subsequent years, the MPF Provider shall, on or before June 30,
2005, and each June 30 thereafter, inform the Boston Bank in writing of
the annual rate for the Transaction Services Fee applicable to the Covered
Loans that will be acquired by the Boston Bank during the next succeeding calendar
year.

 

(e)          It
is understood that Program Loans purchased by the Boston Bank before January 1,
2004 will not be subject to a Transaction Services Fee for the life of such
Program Loans.

 

(f)            Notwithstanding
clauses (c) and (d) above, if at any time the MPF Provider shall
charge a lower Transaction Services Fee to any other Federal Home Loan Bank on
the basis of volume discounts or otherwise, such lower fee shall be extended to
the Boston Bank on the same terms and conditions.

 

4.                                       Section 2.5 of the Agreement is
hereby deleted in its entirety and the following substituted in its place:

 

2.5.                              Covered Loans.  
The Program Loans funded or purchased by the Boston Bank after January 1,
2004, (“Covered Loans”) will be subject to the Transaction Services Fee
as provided in Section 2.4 of this Agreement, excluding, however, those
Program Loans that
the parties agree in writing to exempt from being subject to the Transaction
Services Fee.

 

5.                                       Section 5.9
of the Agreement is hereby amended by deleting the last sentence thereof in its
entirety and substituting the following in its place:

 

2

 

All Participation Shares
or any other participation interest shall be set for each Master Commitment
when activated on the MPF Provider system, and may be changed thereafter (i) by
the Boston Bank’s delivery to the MPF Provider of a Direction in the form
attached hereto as Appendix A (as amended), directing the MPF Provider to
change participation interests in the specified Master Commitment(s) for
Delivery Commitments issued after the Effective Date of such Direction, or (ii) by
the issuance of Designated Delivery Commitments. Any Direction which increases
the MPF Provider’s Participation Share must be accepted in writing by the MPF
Provider, and any Direction which changes the interest of any other MPF Bank,
must be signed by such other MPF Bank as well as the Boston Bank.

 

6.                                       Appendix A to the Agreement is hereby
amended by deleting it in its entirety and by substituting in its place Exhibit A
attached to this Amendment.

 

7.                                       Any
capitalized terms not defined in this Amendment shall have the meaning assigned
to them in the Agreement. Except for the foregoing amendments, the Agreement
remains unmodified and in full force and effect.

 

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

 

	
  FEDERAL HOME LOAN BANK

  OF CHICAGO

  	
  FEDERAL HOME LOAN BANK

  OF BOSTON

  
	
   

  	
   

  
	
   

  	
   

  
	
  By:

  	
  /s/ Thomas D. Sheehan

  	
   

  	
  By:

  	
  /s/ Michael L. Wilson

  	
   

  
	
  Thomas D.
  Sheehan

  	
   

  	
   

  
	
  Senior Vice
  President

  	
  Name:

  	
  Michael L. Wilson

  	
   

  
	
   

  	
   

  
	
   

  	
  Title:

  	
  Senior Executive Vice President

  	
   

  
								

 

3

 

EXHIBIT A
TO FIRST AMENDMENT

APPENDIX A

DIRECTION

 

	
  Date:                          

  	
  Master
  Commitment No.                               

  
	
  Effective Date:                        

  	
  PFI Name:                                                          

  

 

To:  FEDERAL HOME LOAN BANK OF CHICAGO, as MPF Provider

 

Pursuant
to Section 2.3 of the Investment and Services Agreement, as amended, the
Federal Home Loan Bank of Boston (“Boston Bank”) hereby directs the MPF
Provider to enter the Participation Share of the MPF Provider and the pro rata
percentage participation interest(s) (“Specified Interest(s)”) of the Federal
Home Loan Bank(s) (“MPF Bank(s)”) named below, in the following percentage(s)
set across from their respective names, with respect to the Program Loans to be
funded or purchased under Delivery Commitments issued after the above Effective
Date under the above referenced Master Commitment (“Subsequent DCs”), into the MPF
Program origination system:

 

	
  Federal Home Loan Bank:

  	
   

  	
  Specified Interest:/Participation

  Share

  
	
  Federal Home Loan Bank
  of Boston

  	
   

  	
   

  
	
  Federal Home Loan Bank
  of Chicago

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Percentage Total:

  	
   

  	
  100%

  

 

This
Direction constitutes the order of the Boston Bank and the MPF Bank(s) signing
below to the MPF Provider to treat the MPF Provider’s Participation Share and
the MPF Bank(s)’ Specified Interest(s) as the parties respective pro rata
interest in the Program Loans funded or purchased under Subsequent DCs for the
purposes of (i) debiting and crediting the Boston Bank’s and MPF Bank(s)’
respective Clearing Accounts with the MPF Provider, (ii) providing MPF Program
reports and (iii) providing services under the I&S Agreement with
respect to the subject Program Loans. Further, the MPF Bank(s) hereby
authorizes the MPF Provider to send general ledger entries to its/their
respective general ledger by means of electronic file reports to reflect the
MPF Banks’ respective Specified Interests in the Program Loans funded or
purchased under the Master Commitment.

 

	
  FEDERAL
  HOME LOAN BANK

  OF BOSTON

  	
  FEDERAL
  HOME LOAN BANK

  OF CHICAGO

  
	
   

  	
   

  
	
   

  	
   

  
	
  By:

  	
  [SPECIMEN]

  	
   

  	
  By:

  	
  [SPECIMEN]

  	
   

  
	
  Title:

  	
   

  	
   

  	
  Title:

  	
   

  	
   

  
	
   

  	
   

  
	
  FEDERAL HOME LOAN BANK

  	
  FEDERAL HOME LOAN BANK

  
	
  OF  

  	
   

  	
   

  	
  OF  

  	
   

  	
   

  
	
   

  	
   

  
	
  By:

  	
  [SPECIMEN]

  	
   

  	
  By:

  	
  [SPECIMEN]

  	
   

  
	
  Title:

  	
   

  	
   

  	
  Title:

  	
   

  	
   

  
																

 

MORTGAGE
PARTNERSHIP FINANCE® and MPR® are registered trademarks
of the Federal Home Loan Bank of Chicago.

 

4

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