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EXHIBIT 10.1
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CONTRIBUTION AGREEMENT
AMONG
THE ENTITIES LISTED ON APPENDIX I
AND
ORIGEN FINANCIAL, INC.
OCTOBER 8, 2003
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TABLE OF CONTENTS
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1.
CERTAIN
DEFINITIONS......................................................................................1
2.
CONTRIBUTION AND
ACQUISITION.............................................................................2
2.1
Contribution and
Acquisition....................................................................2
2.2 Transfer
of Contributors'
Interest..............................................................2
3.
REPRESENTATIONS AND WARRANTIES OF CONTRIBUTORS CONCERNING THE
TRANSACTION................................2
3.1
Organization and
Power..........................................................................2
3.2
Authorization, No Violations and
Notices........................................................2
3.3
Contributed
Interests...........................................................................3
3.4 No
Brokerage
Commissions........................................................................3
3.5 Bingham
Approval................................................................................3
4.
ADDITIONAL AGREEMENTS;
SURVIVAL..........................................................................3
4.1
Survival........................................................................................3
4.2 Further
Assurances..............................................................................4
4.4 Access to
Books and
Records.....................................................................4
5.
CONDITIONS TO
CLOSING....................................................................................4
5.1 Conditions
Precedent to the Contributors'
Obligation............................................4
(b)
Performance of
Agreement...............................................................4
(c)
Approvals..............................................................................4
(d)
Offering...............................................................................4
(e)
Litigation.............................................................................5
(g) Delivery
of Closing
Documents..........................................................5
5.2 Conditions
Precedent to Acquiror's
Obligation...................................................5
(a) The
Contributors' Representations and
Warranties.......................................5
(b)
Performance of
Agreement...............................................................5
(d) Delivery
of Closing
Documents..........................................................5
(e)
Litigation.............................................................................5
(g) Licenses
and
Permits...................................................................6
(h)
Approvals..............................................................................6
6.
CLOSING..................................................................................................6
6.1
Closing.........................................................................................6
6.2 Documents
to Be Delivered at Closing by the
Contributors........................................6
6.3 Documents
to be Delivered at Closing by the
Acquiror............................................6
7.
MISCELLANEOUS............................................................................................7
7.1
Notices.........................................................................................7
7.2
Headings........................................................................................7
7.3 Governing
Law...................................................................................7
7.4 No
Assignment;
Benefit..........................................................................7
7.5 Entire
Agreement................................................................................7
7.6
Counterparts....................................................................................7
7.7
Waiver..........................................................................................7
7.8
Amendment.......................................................................................7
7.9 Brokerage
or Finder's
Fee.......................................................................8
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7.10
Publicity.......................................................................................8
7.11
No Third Party
Beneficiaries....................................................................8
7.12
Certain Tax
Matters.............................................................................8
7.13
Covenant of
Bingham.............................................................................8
7.14
No
Indemnification..............................................................................8
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CONTRIBUTION AGREEMENT
This Contribution Agreement (the "Agreement") is made and entered
into
as of the 8th day of October, 2003 by and
among the entities set forth on
Appendix I (collectively, the
"Contributors") and Origen Financial, Inc., a
Delaware corporation ("Acquiror").
RECITALS
A.
Contributors own all of the equity interests in Origen
Financial L.L.C., a Delaware limited
liability company ("OFLLC").
B.
Contributors desire to contribute to the Acquiror, and
Acquiror desires to acquire from
Contributors, all of the equity interests in
OFLLC in exchange for consideration, the
receipt and sufficiency of which is
hereby acknowledged by the Contributors, on
the terms and subject to the
conditions hereinafter set forth.
COVENANTS
Now, therefore, for and in consideration of the foregoing Recitals,
the
mutual covenants and undertakings set forth
below and other good and valuable
consideration, the receipt and adequacy of
which are acknowledged, the Parties
agree as follows:
1.
CERTAIN DEFINITIONS. For purposes of this Agreement, the
following
capitalized terms shall have the following meanings (other
capitalized
terms may be defined elsewhere in this Agreement):
1.1.
"Bingham" means Bingham Financial Services Corporation.
1.2.
"Closing" has the meaning set forth in Section 6.1 below.
1.3.
"Closing Date" has the meaning set forth in Section 6.1 below.
1.4.
"Contributed Interests" means the aggregate of the
Contributors' Interests.
1.5.
"Contributor's Interest" means with respect to each
Contributor, all right, title and interest of such Contributor
in and to the membership interests and the warrants to acquire
membership interests of OFLLC set forth opposite such
Contributor's name on Appendix I hereto.
1.6.
"Initial Purchase Agreement" means the Purchase Agreement by
and between Acquiror and Lehman Brothers Inc. or its
affiliates.
1.7.
"Material Adverse Effect" means a material adverse effect on
the business, condition (financial or otherwise), or results
of operations of the Origen Entities taken as a whole.
1.8.
"Origen Entities" means OFLLC and the Origen Subsidiaries,
collectively,
and "Origen Entity" means any one of the Origen
Entities.
1.9.
"Origen Subsidiaries" means Origen Securitization Company,
L.L.C., a Delaware limited liability company, Origen
Manufactured Home Financial, L.L.C., a Delaware limited
liability company, Origen Insurance Agency, L.L.C., a Virginia
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limited liability company, Origen Special Purpose, L.L.C., a
Delaware limited liability company, Origen Special Purpose II,
L.L.C., a Delaware limited liability company, Origen Special
Purpose Manager, Inc., a Delaware corporation, Origen
Financial of South Dakota, L.L.C., a Delaware limited
liability company, Origen Special Holdings Corporation, a
Delaware corporation, Origen Credit, L.L.C., a Delaware
corporation, Origen Servicing, Inc., a Delaware corporation,
Origen M.H. Contract Company, LLC, a Delaware limited
liability company, and OF Insurance Agency, Inc., a Louisiana
corporation.
1.10.
"Parties" means the Contributors and the Acquiror
collectively, and Party means any one of the Parties.
2.
CONTRIBUTION AND ACQUISITION.
2.1.
CONTRIBUTION AND ACQUISITION. Each of the Contributors agrees,
at the Closing, to contribute, assign and transfer its
Contributor's Interest to the Acquiror and the Acquiror agrees
to accept and acquire each Contributor's Interest in exchange
for consideration, the receipt and sufficiency of which is
hereby acknowledged by the Contributors in accordance with the
terms and conditions set forth herein. The parties agree that
the Acquiror has the right to designate an alternate entity or
person to take title to any of the Contributors' Interests at
the time of Closing.
2.2.
TRANSFER OF CONTRIBUTORS' INTEREST. At the Closing, each
Contributor shall execute and deliver to Acquiror such
documents as Acquiror reasonably requests to evidence the
transfer of the Contributor's Interest.
3.
REPRESENTATIONS AND WARRANTIES OF CONTRIBUTORS CONCERNING THE
TRANSACTION. To induce the Acquiror to enter into this Agreement
and to
acquire the Contributed Interests, each Contributor, severally (and
not
jointly), makes the following representations and warranties
with
respect to itself (except that only Bingham, and none of the
other
Contributors, makes the representations and warranties contained
in
Section 3.5 below):
3.1.
ORGANIZATION AND POWER. The Contributor is a corporation or
limited liability company, as applicable, duly formed, validly
existing and in good standing under the law of its
jurisdiction of formation, all as set forth on Schedule 3.1.
The Contributor has the requisite power and authority to
execute and deliver this Agreement and any other document or
instrument required to be executed and delivered hereunder, to
perform its obligations and to consummate the transactions
contemplated hereby and thereby.
3.2.
AUTHORIZATION, NO VIOLATIONS AND NOTICES.
(a) The
execution, delivery and performance of this
Agreement by the Contributor, and the consummation of
the transactions contemplated hereby have been duly
authorized, adopted and approved by the manager(s)
and member(s) of the Contributor which is a limited
liability company and board of directors and
shareholders of the Contributor which is a
corporation, in each case to the extent required by
each entity's organizational documents and applicable
law. No other proceedings are necessary to authorize
this Agreement and the transactions contemplated
hereby. This Agreement has been duly executed by the
Contributor and is a valid and binding obligation
enforceable against it in accordance with its
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terms, except as such enforceability may be limited
by applicable bankruptcy, insolvency, reorganization,
moratorium, liquidation or similar laws relating to
the enforcement of creditors' rights and remedies or
by other equitable principles of general application.
(b) Except as
set forth on Schedule 3.2, neither the
execution, delivery, or performance by the
Contributor of this Agreement, nor the consummation
of the transactions contemplated hereby and under any
document executed pursuant hereto will:
(i)
violate, conflict with, result in a breach of
any provision of, constitute a default (or an
event that, which, with notice or lapse of
time or both, would constitute a default)
under, result in the termination of,
accelerate the performance required by, or
result in a right of termination or
acceleration, or the creation or imposition
of any lien, security interest, charge, or
encumbrance upon the Contributor's Interests
under any of the terms, conditions, or
provisions of any note, bond, mortgage,
indenture, deed of trust, license, lease,
agreement, or other instrument, or obligation
to which any Origen Entity or such
Contributor is a party, or by which any
Origen Entity or such Contributor may be
bound or affected, or to which any Origen
Entity or such Contributor or its pr
