Document:

Exhibit 10.9

 

AMENDMENT
NUMBER 1

TO

AGREEMENT

DATED
AS OF FEBRUARY 5, 2004

BETWEEN
VICTOR KAUFMAN

AND
IAC/INTERACTIVECORP

 

This amendment (this “Amendment”) to
that Agreement (the “Agreement”), dated as of February 5, 2004, by
and between IAC/InterActiveCorp (the “Company”) and Victor Kaufman (“Executive”),
is effective as of the consummation of the spin-off (the “Transaction”) of
Expedia, Inc., a Delaware company (“Expedia”), from the Company, as
contemplated by the Registration Statement on Form S-4 initially filed on April 25,
2005 (the “Amendment Effective Date”).  
All capitalized terms used herein without definition will have the
meaning given them in the Agreement.

 

WHEREAS, it is the intention of the parties
to amend the terms of the Agreement as a result of the Transaction as set forth
below.

 

NOW, THEREFORE, the parties agree as follows:

 

1.                                       Upon
the Amendment Effective Date, the third sentence of Section 2 of the
Agreement shall be deleted and replaced with the following:

 

IAC acknowledges that Executive intends to
serve as Vice Chairman of Expedia. 
During the Term, the Executive shall devote at least 80% of his business
time and attention (defined consistent with past practice) to his duties to the
IAC Group and Expedia, provided, that the Executive agrees that the
Executive’s duties to the IAC Group shall be the Executive’s first priority
among his business activities.

 

2.                                       Upon
the Amendment Effective Date, Section 3 of the Agreement shall be deleted
in its entirety.

 

3.                                       Neither
the Venture nor any activities undertaken by Executive on behalf of Expedia
shall be deemed competitive with the IAC Group.

 

4.                                       In
the event that Executive ceases to be Vice Chairman of Expedia for any reason
whatsoever after the Amendment Effective Date but during the Term, the
amendment to the agreement contemplated by Section 1 and Section 2
hereof shall, from such point forward, be null and void.

 

5.                                       In
the event the Company determines that Executive is in breach of the Agreement,
he shall be provided notice and a reasonable opportunity to cure.

 

6.                                       Except
as explicitly set forth herein, the Agreement will remain in full force and
effect.

 

 

IN WITNESS WHEREOF, the parties hereto have
executed this Amendment as of June 6, 2005.

 

 

	
   

  	
  IAC/INTERACTIVECORP

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
    /s/ Gregory R. Blatt

  	
   

  
	
   

  	
   

  	
    Gregory R. Blatt

  
	
   

  	
   

  	
    Executive Vice President,
  General

  
	
   

  	
   

  	
    Counsel & Secretary

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  /s/ Victor A. Kaufman

  	
   

  
	
   

  	
   

  	
  Victor A. KaufmanEXHIBIT 10.1

                                               Published CUSIP Number: 02660SAA3

                      AMENDED AND RESTATED CREDIT AGREEMENT

                           Dated as of August 12, 2005

                                      among

                     AMERICAN HOME MORTGAGE INVESTMENT CORP.
                     AMERICAN HOME MORTGAGE SERVICING, INC.
                          AMERICAN HOME MORTGAGE CORP.

                                       and

                    AMERICAN HOME MORTGAGE ACCEPTANCE, INC.,
                                as the Borrowers,

                             BANK OF AMERICA, N.A.,
            as Administrative Agent, Swing Line Lender, and a Lender
                                       and
                         The Other Lenders Party Hereto

            CALYON NEW YORK BRANCH and DEUTSCHE BANK SECURITIES INC.,
                            as Co-Syndication Agents
                  CITIBANK, N.A. and JPMORGAN CHASE BANK, N.A.
                           as Co-Documentation Agents

                         BANC OF AMERICA SECURITIES LLC,
                    Sole Lead Arranger and Sole Book Manager

<PAGE>

                      AMENDED AND RESTATED CREDIT AGREEMENT

        THIS AMENDED AND RESTATED CREDIT AGREEMENT ("Agreement") is entered into
as of August 12, 2005, by and among AMERICAN HOME MORTGAGE INVESTMENT CORP., a
Maryland corporation ("AHMIC"), AMERICAN HOME MORTGAGE SERVICING, INC., a
Maryland corporation ("AHMS"), AMERICAN HOME MORTGAGE CORP., a New York
corporation ("AHMC"), AMERICAN HOME MORTGAGE ACCEPTANCE, INC., a Maryland
corporation ("AHMA") (AHMIC, AHMS, AHMC and AHMA each, a "Borrower" and,
collectively, the "Borrowers"), the lenders from time to time party hereto,
together with their respective successors and assigns (each, a "Lender" and,
collectively, the "Lenders"), and BANK OF AMERICA, N.A., as administrative
agent, or any successor administrative agent (in such capacity, the
"Administrative Agent"). Unless otherwise indicated, (a) all capitalized terms
used herein shall have the meaning set forth in the Glossary attached to the
Existing Credit Agreement (hereinafter defined) as Appendix I (the "Glossary")
and by this reference incorporated herein, (b) all Paragraph, Appendix, Exhibit,
and Schedule references herein are to Paragraphs, Appendices, Exhibits, and
Schedules in or to the Existing Credit Agreement, and (c) all Section references
herein are to Sections in this Agreement.

                                 R E C I T A L S

        A. Certain Borrowers have entered into the Credit Agreement (as
modified, amended or supplemented to date, the "Existing Credit Agreement")
dated as of August 30, 2004, with the Lenders party thereto, and the
Administrative Agent, providing for, among other things, a revolving credit
facility in the aggregate principal amount of $700,000,000.

        B. The Borrowers have requested that the Existing Credit Agreement be
amended and restated to, among other things, (i) increase the Aggregate Credit
Limit to $1,000,000,000, (ii) add AHMIC as a Borrower, jointly and severally
liable on the Obligations, and (iii) extend the Maturity Date to August 11,
2006, and the Lenders and the Administrative Agent have agreed to so amend and
restate the Existing Credit Agreement.

        NOW, THEREFORE, in consideration of the above Recitals and for other
good and valuable consideration, the receipt and adequacy of which are hereby
acknowledged, the parties hereto hereby agree as follows:

1. Amendment and Restatement of Existing Credit Agreement.

      (a) Restatement. All of the terms, provisions, and conditions of the
Existing Credit Agreement are incorporated herein by reference, are amended to
the extent set forth or provided in this Section 1, and, as so amended, are
deemed restated in their entirety. The amendment and restatement of the Existing
Credit Agreement hereunder is not intended by the parties to constitute either a
novation or a discharge or satisfaction of the indebtedness, rights, and
obligations under the Existing Credit Agreement or other Loan Documents, which
indebtedness, rights, and obligations under the Existing Credit Agreement and
other Loan Documents shall remain outstanding hereunder on the terms and
conditions of this Agreement.

<PAGE>

      (b) Definitions.

               (i) The following definitions in the Glossary are deleted in
        their entirety and the following definitions are substituted therefor:

                      "Adjusted Consolidated Funded Debt" on any date of
        determination shall mean the sum of (a) the Consolidated Funded Debt of
        AHMIC and any other Person which would be reflected on the consolidated
        balance sheet of AHMIC prepared in accordance with GAAP if such balance
        sheet were prepared as of such date of determination, less (b) 50% of
        any Subordinated Debt (including Subordinated Debt incurred in
        connection with the issuance of "trust preferred securities"), less (c)
        the mortgage debt associated with the building and the land located at
        538 Broadhollow Road, Melville, New York.

                      "Aggregate Credit Limit" shall mean at any date the sum of
        the Maximum Commitments of the Lenders as the same may be increased or
        decreased from time to time as permitted hereunder, with the "Aggregate
        Credit Limit" on the Effective Date being $1,000,000,000; provided,
        however, that in no event shall the Aggregate Credit Limit be increased
        to an amount in excess of the then current Maximum Aggregate Credit
        Limit.

                      "Agreement" shall mean this Amended and Restated Credit
        Agreement dated as of August 12, 2005 (which amends and restates that
        certain Credit Agreement dated as of August 30, 2004, as amended) by and
        among the Borrowers, the Administrative Agent and certain Lenders, as
        the same may be amended, extended or replaced from time to time.

                      "Applicable Margin" shall mean, with respect to the
        principal balance of Loans that have been advanced against the following
        types of Collateral, the per annum rate set forth opposite each such
        Collateral type (provided that, in the event that on any day a
        particular item of Collateral may be categorized as more than one type
        of Collateral, then the Applicable Margin with respect to such item of
        Collateral shall be the highest of the Applicable Margins applicable to
        such item of Collateral):

-------------------------------------------------------------------------------
                  Collateral Type                        Applicable Margin
                                                    ---------------------------
                                                        LIBOR      Base Rate
-------------------------------------------------------------------------------
Prime First Mortgage Loans.....................         0.90%        0.00%
Prime Second Mortgage Loans....................         1.25%        0.00%
Subprime Mortgage Loans........................         1.25%        0.00%
Impaired Mortgage Loans or Aged Mortgage Loans.         1.25%        0.00%
HUD 203(k) Mortgage Loans......................         0.90%        0.00%
Construction-to-Perm Mortgage Loans............        1.625%        0.00%
Bond Agency Program Mortgage Loans.............         1.25%        0.00%
Repurchased Maturing Mortgage Loans............         1.25%        0.00%
REO Property...................................         1.25%        0.00%
EBO Mortgage Loans.............................         1.25%        0.00%
Mortgage-Backed Securities (AAA or Agency) ....         0.50%        0.00%
Servicing Rights...............................        1.875%        1.00%
Servicing Receivable...........................         1.25%        0.00%
-------------------------------------------------------------------------------

                                       2
<PAGE>

      ; provided that, to the extent the Borrower elects to convert any
      Servicing Rights Loans to a term loan pursuant to Paragraph 2(d), then the
      Applicable Margin for Servicing Rights Loans will be increased on and
      after such conversion date by .25%.

            "Borrowers" shall mean AHMIC, AHMS, AHMC, and AHMA; "Borrower" shall
      mean any of AHMIC, AHMS, AHMC, or AHMA.

            "Effective Date" shall mean August 12, 2005, or such subsequent date
      on which each of the conditions set forth in this Agreement is satisfied.

            "Existing Credit Agreement" shall mean that certain Credit Agreement
      dated as of August 30, 2004, as amended, among the Borrowers (other than
      AHMIC), the lenders party thereto and Bank of America, as Administrative
      Agent for such lenders.

            "Fee Letter" shall mean that certain letter agreement dated July 12,
      2005, among the Borrowers, Bank of America and Banc of America Securities
      LLC.

            "Funding Account" shall mean an account, the last four digits of
      which are 8044 (or such other account as Administrative Agent may agree to
      in writing), maintained in the Borrowers' names alone with the
      Administrative Agent.

            "Interim Date" shall mean May 31, 2005.

            "Maturity Date" shall mean the earlier of: (a) August 11, 2006, as
      such date may be extended from time to time in writing by 100% of the
      Lenders, in their sole discretion, and (b) the date the Lenders terminate
      their obligation to make further Loans hereunder pursuant to Paragraph 12.

            "Maximum Aggregate Credit Limit" shall mean $1,250,000,000.00 as
      such amount may be increased or decreased from time to time by written
      agreement of the Administrative Agent, the Borrowers, and 100% of the
      Lenders.

            "Servicing Delinquencies" shall mean the aggregate outstanding
      principal balance of Mortgage Loans included in the Borrowers' Eligible
      Servicing Portfolio that are 30 days or more past due after the end of the
      month in which such Mortgage Loans first became past due (other than any
      such Mortgage Loans that are in the process of foreclosure).

            "Servicing Rights Credit Sublimit" shall mean, at any time, an
      amount not to exceed 35% of the Aggregate Credit Limit.

            "Settlement Account" shall mean a "no-access" account, the last four
      digits of which are 2748 or 5450 (or such other account as may be agreed
      to in writing by Administrative Agent and Collateral Agent), maintained by
      the Collateral Agent for the benefit of the Administrative Agent on behalf
      of the Lenders, which is designated for receipt of the proceeds of the
      sale or other disposition of the Collateral.

            "Statement Date" shall mean December 31, 2004.

            "Warehouse Borrowing Base" shall mean at any date all Eligible
      Mortgage Loans and Eligible Mortgage-Backed Securities in which the
      Administrative Agent or the

                                       3
<PAGE>

      Collateral Agent holds for the benefit of the Lenders a first priority
      perfected security interest at such date.

            (ii)  The following definitions in the Glossary are revised as
                  follows:

                  (A) The definition of "Collateral Type" is revised to delete
            the word "and" at the end of clause (q), replace the "." at the end
            of clause (r) with "; and", and to add a new clause (s) as follows:

                        (s) Eligible Mortgage-Backed Securities.

                  (B) The definition of "Collateral Value of the Warehouse
            Borrowing Base" is revised to delete "and" at the end of the
            existing clause (i), to re-letter the existing clause (j) as clause
            (k), and to insert a new clause (j) immediately following clause (i)
            as follows:

                        (j) the lesser of (i) the aggregate Unit Collateral
                  Values of all Mortgage-Backed Securities included in the
                  Warehouse Borrowing Base and (ii) an amount equal to 100% of
                  the Aggregate Credit Limit; and

                  (C) Clause (f)(ii) in the definition of "Eligible Mortgage
            Loan" is revised to read as follows:

                        (ii) is not classified as (a) a "high cost" loan under
                  HOEPA or (b) a "high cost," "threshold," "covered," or
                  "predatory" loan under any other applicable state, federal or
                  local law (or a similarly classified loan using different
                  terminology under a law, regulation or ordinance imposing
                  heightened regulatory scrutiny or additional legal liability
                  for residential mortgage loans having high interest rates,
                  points and/or fees).

                  (D) Clause (l) in the definition of "Eligible Mortgage Loan"
            is revised to read as follows:

                        (l) The date of the underlying promissory note is no
                  earlier than 90 days prior to the date such Mortgage Loan is
                  first included in the Warehouse Borrowing Base, unless the
                  Mortgage Loan is a Construction-to-Perm Mortgage Loan, an EBO
                  Mortgage Loan, or a modification resulting from an extension
                  of a Mortgage Loan with a final balloon payment or with an
                  adjustable interest rate;

                  (E) The definition of "Eligible Mortgage Loan" is further
            revised to delete the last proviso thereto in its entirety.

                  (F) Clause (c) in the definition of "Eligible Servicing
            Portfolio" is revised to read in its entirety as follows:

                        (c) Each of the applicable Approved Investors (other
                  than under Servicing Contracts in effect as of the Effective
                  Date and other than FNMA, FHLMC, and GNMA) under such
                  Servicing Contracts has consented to the assignment of the
                  related Servicing Rights to the Administrative Agent, or its
                  affiliate or designee, for the benefit of the Lenders pursuant
                  to a written consent

                                       4
<PAGE>

                        in form and content satisfactory to the Administrative
                        Agent including, if and as requested, a Resignation
                        Letter (or, in the case of Servicing Contracts in effect
                        as of the Effective Date or FNMA, FHLMC, and GNMA, the
                        Borrowers have obtained such written consent, or have
                        undertaken commercially reasonable efforts to obtain
                        such written consent, within 60 days following the
                        Effective Date, or such longer period as Administrative
                        Agent may agree in writing), or in lieu of such written
                        consent, the Administrative Agent has received evidence
                        reasonably satisfactory to it that the Servicing Rights
                        under the applicable Servicing Contracts may be assigned
                        to the Administrative Agent, or its affiliate or
                        designee, for the benefit of the Lenders without such
                        consent;

                  (G) The definition of "Unit Collateral Value" is revised (x)
            to delete the word "lesser" and to replace it with the word "least"
            in clauses (d), (e), (f), (i), and (j), (y) to delete the word "or"
            before the beginning of clause (j)(iii) and to replace it with the
            word "and" and (z) to delete the word "and" at the end of clause
            (n), to replace the "." at the end of clause (o) with "; and", and
            to add a new clause (p) at the end of the definition as follows:

                        (p) With respect to an Eligible Mortgage-Backed
                  Security, 95% of the Fair Market Value of such Eligible
                  Mortgage-Backed Security.

            (iii) The following definitions are added to the Glossary in the
      appropriate alphabetical order:

                  "Eligible Mortgage-Backed Security" shall mean a
                  Mortgage-Backed Security with respect to which each of the
                  following are accurate and complete (and the Borrowers by
                  including such Mortgage-Backed Security in any computation of
                  the Collateral Value of the Warehouse Borrowing Base shall be
                  deemed to so represent and warrant to the Administrative
                  Agent, the Collateral Agent, and the Lenders at and as of the
                  date of such computation):

                              (a) Such Mortgage-Backed Security is in full force
                        and effect, and is valid, binding, and enforceable, in
                        accordance with its terms, without offset, counterclaim,
                        defense, or right of rescission or avoidance of any
                        kind, whether by operation of law or otherwise;

                              (b) Such Mortgage-Backed Security is issued or
                        guaranteed by GNMA, FNMA, or FHLMC, or, in the
                        alternative, has a rating of no less than AAA (or its
                        equivalent) by each of (and at least two of) Fitch
                        Investors Service, L.P., Moody's Investors Service,
                        Inc., or Standard & Poor's Ratings Services, a division
                        of The McGraw Hill Companies, Inc., or any of their
                        respective successors, except to the extent that one
                        (but not more than one) of the above-listed rating
                        agencies has not issued a rating for such
                        Mortgage-Backed Security;

                              (c) Such Mortgage-Backed Security is owned by
                        AHMIC;

                              (d) Such Mortgage-Backed Security is free from
                        default;

                              (e) Such Mortgage-Backed Security has either been
                        deposited with and is held by the Collateral Agent or an
                        agent, bailee,

                                       5
<PAGE>

                        and custodian of the Collateral Agent under the Security
                        Agreement (or by a Person who has executed a custodial
                        agreement acceptable to Administrative Agent), properly
                        endorsed in blank for transfer or, if such
                        Mortgage-Backed Security is a Book-Entry MBS, such
                        Mortgage-Backed Security is the subject of a Perfected
                        Assignment;

                              (f) Such Mortgage-Backed Security is free and
                        clear of all Liens, encumbrances, charges, rights and
                        interests of any kind, except in favor of the
                        Administrative Agent or the Collateral Agent for the
                        benefit of the Lenders. There are (i) no outstanding
                        rights, options, warrants or agreements for a purchase,
                        sale or issuance, in connection with the Mortgage-Backed
                        Security, (ii) no agreements on the part of any Borrower
                        to issue, sell or distribute the Mortgage-Backed
                        Security, and (iii) no obligations on the part of any
                        Borrower (contingent or otherwise) to purchase, redeem
                        or otherwise acquire any securities or any interest
                        therein or to pay any dividend or make any distribution
                        in respect of the Mortgage-Backed Security;

                              (g) If such Mortgage-Backed Security is
                        certificated and has been withdrawn from the possession
                        of the Collateral Agent on terms and subject to
                        conditions set forth in the Security Agreement, and if
                        such certificated Mortgage-Backed Security was shipped
                        by the Collateral Agent directly to a permanent investor
                        for purchase, the full amount required to be paid on
                        account thereof (as set forth on the schedule attached
                        to the related transmittal letter) has been received
                        into the Settlement Account (in which case such
                        Mortgage-Backed Security shall cease to be an Eligible
                        Mortgage-Backed Security), or such Mortgage-Backed
                        Security has been returned to the Collateral Agent, in
                        either case within two (2) days from the date of
                        shipment by the Collateral Agent;

                              (h) The Required Documents for such
                        Mortgage-Backed Security have been delivered to the
                        Collateral Agent prior to the inclusion of such
                        Mortgage-Backed Security in the Warehouse Borrowing Base
                        such that such Mortgage-Backed Security is a
                        Warehouse-Related MBS;

                              (i) Either (1) such Mortgage-Backed Security was
                        issued at least 31 days prior to such Mortgage-Backed
                        Security being deposited with the Collateral Agent or
                        otherwise being subject to a Perfected Assignment, or
                        (2) if such Mortgage-Backed Security was issued within
                        such aforementioned 31 day period, no Lender or
                        Affiliate of any Lender was a member of the selling
                        syndicate or group with respect to such Mortgage-Backed
                        Security, as described in Section 11(d)(1) of the
                        Securities Exchange Act of 1934, as amended;

                              (j) Such Mortgage-Backed Security is not an
                        interest-only security or strip;

                              (k) To the best of each Borrower's knowledge the
                        Governing Agreement for such Mortgage-Backed Security
                        and any other agreement executed and delivered in
                        connection with such Mortgage-

                                       6
<PAGE>

                        Backed Security are genuine, and each is the legal,
                        valid and binding obligation of the maker thereof
                        enforceable in accordance with its terms. The Governing
                        Agreement for such Mortgage-Backed Security is in full
                        force and effect, and the enforceability of such
                        Governing Agreement has not been contested by the
                        Trustee;

                              (l) The terms of the Governing Agreement for such
                        Mortgage-Backed Security and such Mortgage-Backed
                        Security have not been impaired, altered or modified in
                        any material respect other than as disclosed to the
                        Administrative Agent;

                              (m) The related Borrower has not waived the
                        performance by the Trustee of any action, if the
                        Trustee's failure to perform such action would cause the
                        Governing Agreement for such Mortgage-Backed Security to
                        be in default, nor has the related Borrower waived any
                        default resulting from any action or inaction by the
                        Trustee;

                              (n) To the best of the related Borrower's
                        knowledge there is no default, breach, violation or
                        event of acceleration existing under the Governing
                        Agreement for such Mortgage-Backed Security and no event
                        has occurred which, with the passage of time or giving
                        of notice or both and the expiration of any grace or
                        cure period, would constitute a default, breach,
                        violation or event of acceleration thereunder, and
                        neither the related Borrower nor its predecessors in
                        interest have waived any such default, breach, violation
                        or event of acceleration; and

                              (o) Such Mortgage-Backed Security is assignable to
                        the Administrative Agent or the Collateral Agent for the
                        benefit of the Lenders subject to any documents required
                        to be delivered pursuant to the Governing Agreement for
                        such Mortgage-Backed Security, and the Governing
                        Agreement for such Mortgage-Backed Security permits the
                        related Borrower to pledge such Mortgage-Backed Security
                        to the Administrative Agent or the Collateral Agent for
                        the benefit of the Lenders.

                        "Governing Agreement" shall mean, with respect to any
                        Eligible Mortgage-Backed Security, the agreement or
                        agreements which govern the issuance and the payment of
                        such Eligible Mortgage-Backed Security, which may
                        include without limitation, any pooling and servicing
                        agreement and any trust agreement.

                        "RFC Credit Agreement" shall mean that certain Second
                        Amended and Restated Warehousing Credit, Term Loan and
                        Security Agreement (Syndicated) dated as of May 27,
                        2004, among certain of the Borrowers, the lenders party
                        thereto and Residential Funding Corporation, as credit
                        agent for such lenders.

                        "Trustee" shall mean the person responsible for
                        administering a Mortgage-Backed Security under its
                        Governing Agreement.

      (c) Other Amendments. The following provisions of the Existing Credit
Agreement are amended as follows:

                                       7
<PAGE>

            (i) The text of the first sentence of Paragraph 5(b) is revised to
      add the words "and on the Maturity Date" at the end of such sentence
      immediately prior to the period.

            (ii) The text of Paragraph 5(k) is deleted in its entirety and
      replaced with the following:

                  The Borrowers shall pay to the Administrative Agent, to be
            allocated to the Lenders pro rata in accordance with their
            respective Percentage Shares for the applicable calculation period,
            quarterly in arrears, on the last Business Day of each September,
            December, March and June, commencing September 30, 2005, and on the
            Maturity Date, a non-refundable facility fee equal to (1) the
            Aggregate Credit Limit in effect on the payment date therefor,
            multiplied by (2) 0.125% per annum.

            (iii) The text of Paragraph 6(a) is deleted in its entirety and
      replaced with the following:

                  The Borrowers represent, warrant, covenant and agree that,
            other than the initial Loans funded hereunder on the Effective Date
            which shall be utilized to refinance and extend in full all
            Indebtedness of the Borrowers outstanding under the Existing Credit
            Agreement (including to allow any Lender to purchase a ratable share
            of the outstanding Loans of any "Lender" under the Existing Credit
            Agreement that is not extending its Commitment under this
            Agreement), the proceeds of all Loans shall be utilized by the
            Borrowers solely for the purpose of originating and/or acquiring
            Mortgage Loans and Mortgage-Backed Securities (and to repay Swing
            Line Loans) and rights under Servicing Contracts that will be part
            of the Eligible Servicing Portfolio and to support working capital
            needs.

                  (iv) Paragraph 6(b)(1) is amended to replace each reference to
            "9:30 a.m." with "10:30 a.m."

                  (v) Paragraph 6(b)(2) is amended to replace the reference to
            "12:00 p.m." with "1:30 p.m."

                  (vi) Paragraph 6(d)(1) is amended to add the following
            sentence at the end of such paragraph:

                        The Borrowers shall further cause the sum of the
                  aggregate Unit Collateral Values of all Mortgage-Backed
                  Securities included in the Warehouse Borrowing Base to be not
                  less than the sum of the aggregate outstanding amount of the
                  Loans advanced for the account of AHMIC.

                  (vii) Paragraphs 6(d)(4) and 6(d)(5) are deleted in their
            entirety and replaced with the following:

                        (4) The Borrowers shall promptly (and in any event no
                  later than one Business Day after such demand) prepay, upon
                  telephonic demand by the Administrative Agent: (i) Warehouse
                  Loans and/or Swing Line Loans to the Administrative Agent on
                  behalf of the Lenders or the Swing Line Lender, as the case
                  may be, on any day in the amount of any shortfall in the
                  Collateral Value of the Warehouse Borrowing Base or the
                  aggregate Unit Collateral Values of the Eligible
                  Mortgage-Backed Securities included in

                                       8
<PAGE>

                  the Warehouse Borrowing Base, as determined pursuant to
                  subparagraph (1) above, (ii) Servicing Rights Loans to the
                  Administrative Agent on behalf of the Lenders on any day in
                  the amount of any shortfall in the Collateral Value of the
                  Servicing Rights Borrowing Base, as determined pursuant to
                  subparagraph (2) above (including after any of the Servicing
                  Rights Loans are converted to a term loan pursuant to
                  Paragraph 2(d)), and (iii) Working Capital Loans to the
                  Administrative Agent on behalf of the Lenders on any day in
                  the amount of any shortfall in the Collateral Value of the
                  Working Capital Borrowing Base, as determined pursuant to
                  subparagraph (3) above.

                        (5) If, but only if, at such time as the Borrowers shall
                  be required to prepay Loans under subparagraph (4)(i) of this
                  Paragraph 6(d) there shall not have occurred and be continuing
                  an Event of Default or Potential Default, in lieu of prepaying
                  the Warehouse Loans or Swing Line Loans, the Borrowers may
                  deliver to the Collateral Agent additional Eligible Mortgage
                  Loans or Eligible Mortgage-Backed Securities (to support Loans
                  for the account of AHMIC) with aggregate Unit Collateral
                  Values such that the Borrowers shall be in compliance with the
                  requirement of subparagraph (1) above.

                  (viii) The text of Paragraphs 6(g)(1) and 6(g)(1)(ii) is
            amended to add the words ", Eligible Mortgage-Backed Securities,"
            immediately following the words "Eligible Mortgage Loans".

                  (ix) The text of Paragraph 6(i)(1) is deleted in its entirety
            and replaced with the following:

                        (1) Provided there exists no Event of Default or
                  Potential Default, upon notice to the Administrative Agent
                  (which shall promptly notify the Lenders), the Borrowers may,
                  from time to time, request an increase in the Aggregate Credit
                  Limit by an amount (for all such requests) not exceeding
                  $250,000,000; provided that (i) any such request for an
                  increase shall be in a minimum amount of $25,000,000, and (ii)
                  the Borrowers may make a maximum of four such requests. At the
                  time of delivering such notice, the Borrowers (in consultation
                  with the Administrative Agent) shall specify the time period
                  within which each Lender is requested to respond (which shall
                  in no event be less than ten Business Days from the date of
                  delivery of such notice to the Lenders).

                  (x) The caption and first sentence of Paragraph 8(a) are
            amended in their entirety to read as follows:

                        First Loan under Existing Credit Agreement. The
                  obligations of each Lender to make its initial Loan under the
                  Existing Credit Agreement is subject to satisfaction of the
                  following conditions precedent:

                  (xi) The text of Paragraph 8(a)(1)(i) is deleted and replaced
            with the following:

                        A duly executed copy of the Existing Credit Agreement;

                  (xii) Paragraph 8(a)(1)(xiii) is amended to replace the
            defined term "Existing Credit Agreement" with the defined term "RFC
            Credit Agreement".

                  (xiii) The text of Paragraph 8(b)(4)(ii) is amended by
            deleting the word "and" before the "E" and adding a new clause (F)
            at the end as follows:

                                       9
<PAGE>

                        (F) the aggregate principal amount of Warehouse Loans
                  and Swing Line Loans outstanding for the account of AHMIC will
                  not exceed the aggregate Unit Collateral Values of the
                  Eligible Mortgage-Backed Securities; and

                  (xiv) The text of Paragraph 8(b)(5) is deleted in its entirety
            and replaced with the following:

                        (5) Since December 31, 2004, there shall not have
                  occurred a material adverse change in the business, assets,
                  liabilities (actual or contingent), operations, financial
                  condition, or business prospects of the Loan Parties taken as
                  a whole.

                  (xv) The text of Paragraph 8(b)(6) is deleted in its entirety
            and replaced with the following:

                        (6) By inclusion of any Mortgage Loan, Mortgage-Backed
                  Security, REO Property, Servicing Receivable, or Servicing
                  Right, as applicable, in any computation of the Collateral
                  Value of the Warehouse Borrowing Base, the Collateral Value of
                  the Servicing Rights Borrowing Base, or the Collateral Value
                  of the Working Capital Borrowing Base, as applicable, on any
                  Borrowing Base Certificate delivered to the Collateral Agent
                  or the Administrative Agent, the Borrowers shall be deemed to
                  represent and warrant to the Administrative Agent, the
                  Collateral Agent, and the Lenders at and as of the date of
                  such computation that each of the criteria specifically set
                  forth in the respective definitions of each Collateral Type is
                  true and correct; provided that, in the event that any
                  Mortgage Loan, Mortgage-Backed Security, REO Property,
                  Servicing Receivable, or Servicing Right fails to meet the
                  criteria set forth in the respective definitions of such
                  Collateral Type, such Collateral Type shall be deemed to have
                  an Appraisal Value or Unit Collateral Value (as the case may
                  be) of $0, but such failure shall not, in and of itself,
                  constitute an Event of Default. This representation and
                  warranty by the Borrowers shall be deemed to have been made on
                  any day that a Warehouse Loan is made to refund a Swing Line
                  Loan.

                  (xvi) A new Paragraph 8(c) - Conditions to Effectiveness of
            Amended and Restated Credit Agreement is added to read as follows:

                        8(c) Conditions to Effectiveness of Amended and Restated
                  Credit Agreement. The obligation of each Lender to make its
                  initial Loan under this Agreement is subject to satisfaction
                  of the following conditions precedent:

                        (1) The Administrative Agent's receipt of the following,
                  each of which shall be originals or telecopies (followed
                  promptly by originals) unless otherwise specified, each
                  properly executed by a Responsible Officer of the signing Loan
                  Party, each dated the Effective Date (or, in the case of
                  certificates of governmental officials, a recent date before
                  the Effective Date) and each in form and substance
                  satisfactory to the Administrative Agent:

                              (i) A duly executed copy of this Agreement;

                              (ii) Duly executed originals of each of the Notes;

                             (iii) All financing statements and other documents,
                      instruments and agreements, properly executed, as
                      appropriate, deemed necessary or appropriate

                                       10
<PAGE>

                        by the Administrative Agent, in its reasonable
                        discretion, to create in favor of the Administrative
                        Agent for the pro rata, pari passu benefit of the
                        Lenders a first priority perfected security interest in
                        and lien upon the Collateral;

                              (iv) Certified copies of resolutions of the Board
                        of Directors of each of the Loan Parties approving the
                        execution and delivery of the Loan Documents to which it
                        is a party, the performance of the Obligations and the
                        consummation of the transactions contemplated thereby;

                              (v) A certificate of the Secretary or an Assistant
                        Secretary of each of the Loan Parties certifying the
                        names and true signatures of the officers of such Loan
                        Party authorized to execute the Loan Documents to which
                        it is a party;

                              (vi) A copy of the Articles or Certificate of
                        Incorporation of each of the Loan Parties, certified by
                        the Secretary of State of the state of its incorporation
                        as of a recent date, or, if previously delivered and
                        certified, a certificate of a Secretary or Assistant
                        Secretary certifying that there have been no changes
                        since the certificate previously delivered;

                              (vii) A copy of the Bylaws of each of the Loan
                        Parties, certified by the Secretary or an Assistant
                        Secretary of such Loan Party as of the date of this
                        Agreement as being accurate and complete, or, if
                        previously delivered and certified, a certificate of a
                        Secretary or Assistant Secretary certifying that there
                        have been no changes since the certificate previously
                        delivered;

                              (viii) A certificate of the appropriate
                        Governmental Authority of each state in which each of
                        the Loan Parties is required to be authorized to do
                        business to the effect that such Loan Party is so
                        qualified and in good standing as of a recent date;

                              (ix) A certificate of a Responsible Financial
                        Officer of each of the Loan Parties, demonstrating in
                        detail satisfactory to the Administrative Agent such
                        Loan Party's compliance with the financial covenants set
                        forth in Paragraphs 11(h), (i), (j) and (k) at and as of
                        May 31, 2005;

                              (x) Evidence in form and substance reasonably
                        satisfactory to the Administrative Agent that AHMH
                        continues to be a MERS Member and that the Borrowers, as
                        affiliates of AHMH, continue to be approved by MERS as
                        authorized users of the MERS System pursuant to the
                        membership of AHMH;

                              (xi) Evidence reasonably satisfactory to the
                        Administrative Agent of the payment by the Borrowers of
                        all interest, fees and other amounts (other than
                        principal of Loans) accrued to the Effective Date under
                        the Existing Credit Agreement, under this Agreement or
                        under the Fee Letter;

                              (xii) An opinion of counsel to the Loan Parties
                        with respect to such matters as the Administrative Agent
                        may request;

                              (xiii) A duly completed and executed Borrowing
                        Base Certificate dated as of the date of the first Loan
                        hereunder;

                                       11
<PAGE>

                              (xiv) A certificate executed by a duly authorized
                        officer of AHMIC certifying as to the policies and
                        procedures relating to the Borrowers' Hedging
                        Arrangements and the Borrowers' underwriting and
                        servicing guidelines; and

                              (xv) Such other documents, instruments,
                        agreements, certificates and evidences as the
                        Administrative Agent may reasonably request.

                  (xvii) The text of Paragraph 9(o) is deleted in its entirety
            and replaced with the following:

                        AHMIC has elected to be treated as a REIT for U.S.
                        federal income tax purposes. AHMH is a taxable REIT
                        Subsidiary of AHMIC. AHMS and AHMC are taxable REIT
                        Subsidiaries of AHMIC. AHMA is a qualified REIT
                        Subsidiary of AHMIC. Each of AHMIC, AHMH, AHMS, AHMC and
                        AHMA is in compliance with the provisions of the
                        Internal Revenue Code of 1986, as amended, governing its
                        REIT status, as applicable."

                  (xviii) The text of Paragraph 10(a)(2) is deleted in its
            entirety and replaced with the following:

                        (2) Promptly after available, but in any event within 45
                  days after the end of each calendar quarter of each fiscal
                  year of AHMIC, a consolidated and consolidating balance sheet
                  of AHMIC and its Subsidiaries as at the end of such fiscal
                  quarter, and the related consolidated and consolidating
                  statements of income or operations, shareholders' equity and
                  cash flows for the portion of AHMIC's fiscal year then ended,
                  setting forth in comparative form the figures as of the end of
                  and for the corresponding portion of the year then ended for
                  the previous fiscal year, all in reasonable detail, certified
                  by a Responsible Financial Officer of AHMIC in the
                  accompanying Covenant Compliance Certificate as fairly
                  presenting the financial condition, results of operation,
                  shareholders' equity and cash flows of AHMIC and its
                  Subsidiaries in accordance with GAAP and with any FNMA, FHLMC
                  and GNMA requirements, subject only to normal year-end audit
                  adjustments and the absence of footnotes;

                  (xix) The delivery requirements reflected for each
            sub-paragraph in Paragraph 10(b) referenced in the chart below are
            replaced with the amended delivery requirements corresponding with
            such sub-paragraph as reflected in the chart below:

       ========================================================================
             Paragraph                   Amended Delivery Requirement
       ========================================================================
       10(b)(6)                Within 45 days  after the last day of each month
                               (or,  more  frequently as  Administrative  Agent
                               may otherwise reasonably request)
       ------------------------------------------------------------------------
       10(b)(7)                Within 15 days after the last day of each
                               fiscal quarter (or, more frequently as
                               Administrative Agent may otherwise
                               reasonably
                               request)
       ------------------------------------------------------------------------
       10(b)(8)                Within 15 days after the last day of each
                               fiscal quarter (or, more frequently as
                               Administrative Agent may otherwise
                               reasonably
                               request)
       ------------------------------------------------------------------------
       10(b)(11)               Within 15 days after the last day of each
                               fiscal quarter (or, more frequently as
                               Administrative Agent may otherwise
                               reasonably
                               request)
       ------------------------------------------------------------------------
       10(b)(12)               Within 15 days after the last day of each
                               fiscal

                                       12
<PAGE>

       ========================================================================
             Paragraph                   Amended Delivery Requirement
       ========================================================================
                               quarter (or, more frequently as
                               Administrative Agent may otherwise
                               reasonably
                               request)
       ------------------------------------------------------------------------
       10(b)(13)               Within 15 days after the last day of each
                               fiscal quarter (or, more frequently as
                               Administrative Agent may otherwise
                               reasonably
                               request)
       ------------------------------------------------------------------------
       10(b)(14)               Within 15 days after the last day of each
                               fiscal quarter (or, more frequently as
                               Administrative Agent may otherwise
                               reasonably
                               request)
       ------------------------------------------------------------------------

                  (xx) The text of Paragraph 10(b)(17) is deleted in its
            entirety and replaced with the following:

                        (17) At any time as Administrative Agent may request in
                  its reasonable, sole discretion, an "agreed-upon procedures
                  report," in form and substance reasonably satisfactory to the
                  Administrative Agent, with respect to the operations of
                  Borrowers, the operations of Collateral Agent (with 48 hours
                  prior notice to the Collateral Agent) with respect to its
                  services provided pursuant to the Security Agreement, and to
                  advances made by any of the Borrowers that give rise to
                  Servicing Receivables, prepared by an independent consultant
                  reasonably acceptable to the Administrative Agent in
                  accordance with procedures, guidelines and standards mutually
                  agreeable to the Borrowers and the Administrative Agent; and

            (xxi) Paragraph 10(j) is amended to insert the word "reasonable"
      before the word "expenses" in the first place that the word "expenses"
      appears.

            (xxii) The text of Paragraph 11(c) is deleted in its entirety and
      replaced with the following:

                        Liquidate or dissolve, or enter into any consolidation,
                  merger, partnership, joint venture, syndicate or other
                  combination unless: (1) a Loan Party is the survivor in any
                  consolidation, merger, partnership, joint venture, syndicate,
                  or other combination to which it is a party, (2) a Subsidiary
                  of a Loan Party is the survivor in any consolidation, merger,
                  partnership, joint venture, syndicate, or other combination to
                  which it is a party if a Loan Party is not also a party
                  thereto, and (3) no Potential Default or Event of Default
                  would exist after giving effect to such consolidation, merger,
                  partnership, joint venture, syndicate or other combination.

            (xxiii) The text of Paragraph 11(d) is deleted in its entirety and
      replaced with the following:

                  Purchase or acquire or incur liability for the purchase or
            acquisition of any or all of the assets of any Person, other than,
            so long as no Event of Default or Potential Default would exist
            after giving effect thereto, (i) of a Loan Party or any Subsidiary
            of a Loan Party, (ii) in the ordinary course of business (it being
            expressly agreed and understood that acquisitions of Mortgage Loans
            and Servicing Rights and servicing rights under Sub-Servicing
            Contracts and of Persons owning Mortgage Loans and Servicing Rights
            and servicing rights under Sub-Servicing Contracts are ordinary
            course of business activities), or (iii) the purchase or acquisition
            of other assets or businesses which are the same or similar to
            current business activities of the Loan Parties or are

                                       13
<PAGE>

            businesses or assets closely related to the current businesses of
            the Loan Parties; provided, however, that in the case of clause
            (iii) the aggregate purchase price of all such purchases or
            acquisitions from and after the date of this Agreement (x) shall not
            exceed $50,000,000 without the prior written consent of the
            Administrative Agent and (y) shall not exceed $100,000,000 without
            the prior written consent of the Administrative Agent and the
            Majority Lenders.

            (xxiv) Paragraph 11(f) is amended to change "$2,500,000" to
      "$5,000,000."

            (xxv) Paragraph 11(g) is amended to change "$2,500,000" to
      "$5,000,000."

            (xxvi) The text of Paragraph 11(h)(1) is deleted in its entirety and
      replaced with the following:

                  (1) Permit at any time the Tangible Net Worth of AHMIC to be
            less than $685,000,000, plus 75% of the Net Cash Proceeds of any
            capital stock (including preferred stock) issued by AHMIC after June
            30, 2005.

            (xxvii) Paragraph 11(j)(1) is amended to change "6%" to "4%."

            (xxviii) The text of Paragraph 12(e) is deleted in its entirety and
      replaced with the following:

                  12(e) Any of the Loan Parties shall default in any payment of
            principal of or interest on any Indebtedness (other than the
            Obligations) having a principal balance of $1,500,000 or any other
            event shall occur (including any "termination event" or similar
            event under any Loan Parties' (or any affiliate thereof) single
            seller program, other than such "termination events" which relate to
            (1) any failure to maintain an agreement with a "Rated Bidder" as
            set forth in Section 11(2)(n) of either (i) the Mortgage Loan
            Purchase and Servicing Agreement dated as of May 27, 2004, by and
            among Broadhollow Funding, LLC, as purchaser, American Home Mortgage
            Corp., as seller, Columbia National, Incorporated, as servicer, and
            American Home Mortgage Investment Corp., as performance guarantor,
            or (ii) the Mortgage Loan Purchase and Servicing Agreement dated as
            of May 27, 2004, by and among Melville Funding, LLC, as purchaser,
            American Home Mortgage Acceptance, Inc., as seller, Columbia
            National, Incorporated, as servicer, and American Home Mortgage
            Investment Corp., as performance guarantor (collectively, the
            "Purchase Agreements"), and (2) any failure to extend a "Swap
            Counterparty Agreement" as set forth in Section 11(2)(o) of the
            Purchase Agreements) the effect of which other event is to cause or
            permit such Indebtedness to be declared or otherwise to become due
            prior to its stated maturity or such single seller program to be
            terminated (after giving effect to any applicable cure periods and
            except as otherwise provided above); or

            (xxix) A new Paragraph 15(q) is added as follows:

                  Existing Credit Agreement. This Agreement entirely amends and
            restates the Existing Credit Agreement, and each Borrower, the
            Administrative Agent, and each Lender that is party to the Existing
            Credit Agreement agrees that, effective as of the Effective Date,
            the obligation to extend any credit under the Existing Credit
            Agreement is amended and superceded by this Agreement. However, any
            fees previously paid to the Lenders for periods through August 29,
            2005, are fully earned and non-refundable.

                                       14
<PAGE>

            (xxx) Schedules I, II, V and VI are entirely deleted and replaced
      with the attached Schedules I, II, V and VI, respectively, and all
      references to such Schedules in the Loan Documents and all documents
      delivered pursuant thereto or in connection therewith or as an amendment,
      modification, restatement, or supplement thereto, shall henceforth include
      references to the attached Schedules as amended and restated.

            (xxxi) Exhibits A-1 and A-2, Exhibit E, Exhibit I, and Exhibit J are
      deleted and replaced with the attached Exhibits A-1 and A-2, Exhibit E,
      Exhibit I, and Exhibit J, respectively, and all references to such
      Exhibits respectively in the Loan Documents and all documents delivered
      pursuant thereto or in connection therewith or as an amendment,
      modification, restatement, or supplement thereto, shall henceforth include
      references to the attached Exhibits.

      (d) References. All references in the Loan Documents to the "Agreement" or
the "Credit Agreement," and in all documents delivered pursuant thereto or in
connection therewith or as an amendment, modification, restatement, or
supplement thereto, including in any Note thereto heretofore executed and
delivered by the Borrowers, shall henceforth include references to this
Agreement, and the Schedules, Exhibits, Appendix, and other Loan Documents
modified hereby, as the same may, from time to time, be amended, modified,
supplemented and/or restated.

      (e) Conforming Amendments. Any and all of the terms and provisions of the
Loan Documents are hereby amended and modified wherever necessary, even though
not specifically addressed herein, so as to conform to the amendments and
modifications set forth herein.

      (f) General Provision Regarding Extension and Restatement. Notwithstanding
the fact that this Agreement is an extension and renewal of the Existing Credit
Agreement, each Lender acknowledges that, to the extent any Lender under the
Existing Credit Agreement decides not to renew its commitment under this
Agreement (a "Non-Renewing Lender"), then, on the Effective Date of this
Agreement, such renewing and extending Lenders and any new Lenders under this
Agreement shall be deemed to have purchased a ratable share of any Non-Renewing
Lender's outstanding Loans such that, after giving effect thereto, each
Non-Renewing Lender no longer holds any interests or commitments under the
Existing Credit Agreement and each continuing and new Lender under this
Agreement has a Maximum Commitment and Percentage Share as described on Schedule
I attached hereto.

      (g) Joinder of AHMIC. By execution hereof, AHMIC agrees that it is bound
under the terms of the Existing Credit Agreement and other Loan Documents, as
amended by this Agreement, as a "Borrower" thereunder, as if it had been an
original Borrower signatory thereto.

2. Amendments to Security Agreement and Joinder.

      (a) Amendments to Security Agreement.

            (i) Paragraph 1 of the Security Agreement is amended to revise the
      fourth complete sentence to read as follows:

                  The Collateral Agent agrees to act in accordance with this
            Security Agreement and in accordance with any written instructions
            properly delivered pursuant hereto, without further consent of the
            Borrowers.

                                       15
<PAGE>

            (ii) Paragraph 2(b) of the Security Agreement is amended to change
      the initial reference to "11:00 a.m." to "1:00 p.m.".

            (iii) Paragraph 2(c) of the Security Agreement is amended to change
      the second reference to "11:00 a.m." to "1:00 p.m.".

            (iv) Paragraph 2(h) of the Security Agreement is amended to change
      the reference to "11:00 a.m." to "1:00 p.m.".

            (v) Paragraph 4(b) of the Security Agreement is amended in its
      entirety as follows:

                  (b) All Warehouse-Related MBSs, now owned and hereafter
            acquired by any of the Borrowers, which, if certificated, are
            delivered to the Collateral Agent for inclusion as "Collateral"
            hereunder, or which, if uncertificated, are subject to Perfected
            Assignments pursuant to Paragraph 2(g) of this Security Agreement,
            and all right to the payment of monies and non-cash distributions on
            account of any of the above and all new, substituted and additional
            securities at any time issued with respect thereto;

            (vi) Paragraph 5(a) of the Security Agreement is amended to change
      the initial reference to "11:00 a.m." to "1:00 p.m." and the second
      reference to "11:00 a.m." to "12:00 p.m.".

            (vii) Exhibits 1, 2 and 4 to the Security Agreement are deleted and
      replaced with the attached Exhibits 1, 2 and 4, respectively, and all
      references to such Exhibits respectively in the Loan Documents and all
      documents delivered pursuant thereto or in connection therewith or as an
      amendment, modification, restatement, or supplement thereto, shall
      henceforth include references to the attached Exhibits.

      (b) Joinder of AHMIC. By execution hereof, AHMIC agrees that it is bound
      under the terms of the Security Agreement as a "Borrower" thereunder, as
      if it had been an original Borrower signatory thereto. In furtherance of
      the foregoing, AHMIC hereby assigns, pledges, and grants to Administrative
      Agent for the benefit of the Secured Parties and to each of the Secured
      Parties a first priority, perfected security interest in the Collateral to
      secure payment and performance of the Obligations.

      (c) Authorization. By execution hereof, each Borrower irrevocably
      authorizes the Administrative Agent, the Collateral Agent, or any Secured
      Party to file, at any time and from time to time, in any UCC jurisdiction,
      any initial financing statement or amendment thereto, as may be desired by
      Administrative Agent or Secured Parties in order to perfect a security
      interest in favor of the Secured Parties in the Collateral, without any
      further consent from any Borrower.

                                       16
<PAGE>

3. Miscellaneous.

      (a) Acknowledgment and Ratification. As a condition precedent to, and as a
material inducement to the Lenders, the Collateral Agent, and the Administrative
Agent with respect to, this Agreement, the Borrowers and Guarantors (with the
knowledge and intent that the Lenders, the Collateral Agent and the
Administrative Agent are relying upon the same in entering into this Agreement)
jointly and severally (i) consent to the agreements in this Agreement, and (ii)
agree and acknowledge that the execution, delivery, and performance of this
Agreement shall in no way release, diminish, impair, reduce, or otherwise affect
the respective security interests granted under the Loan Documents or
obligations of the Borrowers or the Guarantors under the Loan Documents to which
they are a party, which security interests and obligations are hereby ratified
and confirmed.

      (b) Representations. As a condition precedent to, and as a material
inducement to the Lenders, the Collateral Agent, and the Administrative Agent
with respect to, this Agreement, the Borrowers jointly and severally represent
and warrant to the Lenders (with the knowledge and intent that the Lenders, the
Collateral Agent, and the Administrative Agent are relying upon the same in
entering into this Agreement) that as of the Effective Date, (i) all
representations and warranties in the Loan Documents are true and correct in all
material respects as though made on the Effective Date, except to the extent
that (A) any of them speak to a different specific date in which case they were
true and correct in all material respects as of that specific date, or (B) the
facts on which any of them were based have been changed by transactions
contemplated or permitted by the Loan Documents, (ii) no Default or Event of
Default exists, (iii) this Agreement has been duly authorized and approved by
all necessary corporate action and requires the consent of no other Person, and
upon execution and delivery, this Agreement shall be binding and enforceable
against the Borrowers in accordance with its terms, and (iv) since December 31,
2004, there has not occurred a material adverse change in the business, assets,
liabilities (actual or contingent), operations, financial condition, or business
prospects of the Loan Parties taken as a whole.

      (c) Expenses. The Borrowers shall pay all costs, fees, and expenses paid
or incurred by the Administrative Agent incident to this Agreement and the other
Loan Documents, including, without limitation, the reasonable fees and expenses
of the Administrative Agent's counsel in connection with the negotiation,
preparation, delivery, and execution of this Agreement and any related
documents.

      (d) Parties. This Agreement binds and inures to the benefit of the
Borrowers, the Lenders, the Collateral Agent, and the Administrative Agent and
their respective successors and assigns, subject to the assignment provisions of
Paragraph 14(a).

      (e) GOVERNING LAW. THIS AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED IN
ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK.

      The parties hereto have executed this Agreement in multiple counterparts,
effective as of Effective Date.

                     [REMAINDER OF PAGE INTENTIONALLY BLANK.

                            SIGNATURE PAGES FOLLOW.]

                                       17
<PAGE>
                                   SCHEDULE I

                           INITIAL COMMITMENT SCHEDULE

================================================================================
                                                     Maximum        Percentage
                         Lender                     Commitment        Share
--------------------------------------------------------------------------------
Bank of America, N.A.                              $75,000,000     7.500000000%

Calyon New York Branch                              70,000,000     7.000000000%

Citigroup Global Markets Realty Corp.               70,000,000     7.000000000%

Deutsche Bank Trust Company Americas                70,000,000     7.000000000%

JPMorgan Chase Bank, N.A.                           70,000,000     7.000000000%

ABN AMRO Bank N.V.                                  60,000,000     6.000000000%

Barclays Bank plc                                   60,000,000     6.000000000%

Commerzbank Aktiengesellschaft New York
and Grand Cayman Branches                           60,000,000     6.000000000%

Merrill Lynch Bank USA                              60,000,000     6.000000000%

Societe Generale                                    60,000,000     6.000000000%

US Bank National Association                        60,000,000     6.000000000%

The Bank of New York                                45,000,000     4.500000000%

BNP Paribas                                         45,000,000     4.500000000%

Credit Suisse, Cayman Islands Branch                45,000,000     4.500000000%

Sovereign Bank                                      45,000,000     4.500000000%

WestLB AG, New York Branch                          45,000,000     4.500000000%

KBC Bank N.V.                                       35,000,000     3.500000000%

Bank Hapoalim B.M.                                  25,000,000     2.500000000%

                                    Total:      $1,000,000,000   100.000000000%
================================================================================

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