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FOURTH AMENDMENT AGREEMENT To Omnibus Pledge and Security Agreement and Irrevocable Proxy

Security Agreement

FOURTH AMENDMENT AGREEMENT 

To Omnibus Pledge and Security Agreement and Irrevocable Proxy | Document Parties: RESIDENTIAL CAPITAL, LLC | GMAC INVESTMENT MANAGEMENT LLC | GMAC LLC | GMAC MORTGAGE, LLC | PASSIVE ASSET TRANSACTIONS, LLC | RESIDENTIAL FUNDING COMPANY, LLC | RFC ASSET HOLDINGS II, LLC | Wells Fargo Bank, NA You are currently viewing:
This Security Agreement involves

RESIDENTIAL CAPITAL, LLC | GMAC INVESTMENT MANAGEMENT LLC | GMAC LLC | GMAC MORTGAGE, LLC | PASSIVE ASSET TRANSACTIONS, LLC | RESIDENTIAL FUNDING COMPANY, LLC | RFC ASSET HOLDINGS II, LLC | Wells Fargo Bank, NA

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Title: FOURTH AMENDMENT AGREEMENT To Omnibus Pledge and Security Agreement and Irrevocable Proxy
Date: 8/7/2009

FOURTH AMENDMENT AGREEMENT 

To Omnibus Pledge and Security Agreement and Irrevocable Proxy, Parties: residential capital  llc , gmac investment management llc , gmac llc , gmac mortgage  llc , passive asset transactions  llc , residential funding company  llc , rfc asset holdings ii  llc , wells fargo bank  na
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Exhibit 10.37

EXECUTION COPY

FOURTH AMENDMENT AGREEMENT

To Omnibus Pledge and Security Agreement and Irrevocable Proxy

Dated as of June 30, 2009

by and among

RFC ASSET HOLDINGS II, LLC,

PASSIVE ASSET TRANSACTIONS, LLC

RESIDENTIAL CAPITAL, LLC

RESIDENTIAL FUNDING COMPANY, LLC

GMAC MORTGAGE, LLC

and certain of their Affiliates from time to time parties hereto,

as Grantors,

GMAC INVESTMENT MANAGEMENT LLC,

as a Secured Party

and

GMAC LLC,

as Omnibus Agent, as Lender Agent under the Loan Agreement,

as Lender under the MSR Loan Agreement, as Credit Agent under the Credit Agreement

and as a Secured Party

 

  

  

Fourth Amendment Agreement to

Omnibus Pledge and Security Agreement


This FOURTH AMENDMENT AGREEMENT (this “ Agreement ”), dated as of June 30, 2009 (the “ Amendment Effective Date ”), is by and among RFC Asset Holdings II, LLC, a Delaware limited liability company (“ RAHI ”), and Passive Asset Transactions, LLC, a Delaware limited liability company (“ PATI ”); Residential Capital, LLC, a Delaware limited liability company (“ ResCap ”), Residential Funding Company, LLC, a Delaware limited liability company (“ RFC ”), and GMAC Mortgage, LLC, a Delaware limited liability company (“ GMAC Mortgage ” and each of RAHI, PATI, ResCap, and RFC, together with any successors and assigns, is herein a “ Grantor ” and collectively, the “ Grantors ”); GMAC Investment Management LLC, a Delaware limited liability company (together with its successors and assigns, “ GMAC IM ”), as a Secured Party; and GMAC LLC, a Delaware limited liability company, as agent for the Secured Parties (in such capacity, the “ Omnibus Agent ”), as Lender Agent under the Loan Agreement, as Lender under the MSR Loan Agreement, as Credit Agent under the Credit Agreement and as a Secured Party.

Reference is hereby made to the Omnibus Pledge and Security Agreement and Irrevocable Proxy dated as of March 18, 2009 among the Grantors, GMAC IM and the Omnibus Agent (as amended and modified through the date hereof, the “ Omnibus Security Agreement ”).

RECITALS

1. Each of the parties hereto is a party to the Omnibus Security Agreement.

2. The parties hereto desire to make certain amendments to the Omnibus Security Agreement.

3. Each of the parties hereto, by its signature hereto, hereby acknowledges, consents and agrees to the changes set forth herein.

4. In consideration of the promises and mutual agreements herein contained and for good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the parties hereto agree as follows:

ARTICLE I

DEFINED TERMS

SECTION 1.1 Capitalized terms used herein and not otherwise defined shall have the meaning set forth in the Omnibus Security Agreement.

 

  

  

Fourth Amendment Agreement to

Omnibus Pledge and Security Agreement


ARTICLE II

AMENDMENTS TO THE OMNIBUS SECURITY AGREEMENT

SECTION 2.1 Amendments to Section 1 . The following definition are hereby amended and restated in their entirety to read as follows:

First Savings Warehouse Note means that Promissory Note, dated as of April 1, 2005 and that Promissory Note dated as of July 1, 2009 and issued by First Savings Mortgage Corporation in favor of RFC, as the same may be amended, supplemented, restated or otherwise modified from time to time, and including any notes given in substitution or replacement therefor.

Warehouse Loans means, as the context may require, loans made by RFC pursuant to a Warehouse Agreement to the borrower under such agreement and/or any mortgage loans or other loans or assets purchased by RFC pursuant to the First Savings Warehouse Agreement.”

SECTION 2.2 Amendment to Schedule IV .

(a) Exhibit A to Schedule IV of the Fourth Security Agreement is hereby amended by inserting the following:

 

GMAC Mortgage, LLC

  

Wachovia Bank, N.A.

  

2000049234945

  

GMAC Mortgage, LLC

(b) Exhibit C to Schedule IV of the Omnibus Security Agreement is hereby amended by amending and restating the third Pledged Note listed therein as follows:

 

First Savings Mortgage

Corporation

  

All First Savings Warehouse Notes, including, without limitation, that certain Promissory Note, dated as of April 1, 2005 and issued by First Savings Mortgage Corporation in favor of RFC and that certain Promissory Note, dated as of July 1, 2009 and issued by First Savings Mortgage Corporation in favor of RFC

  

Residential Funding Company, LLC

 

  

2

  

Fourth Amendment Agreement to

Omnibus Pledge and Security Agreement


(c) Exhibit D to Schedule IV of the Omnibus Security Agreement is hereby amended by inserting the following:

 

PATI Real Estate Holdings, LLC

  

Limited Liability Company

  

100%

  

Passive Asset Transactions, LLC

  

100% of Passive Asset Transactions, LLC’s equity interest in PATI Real Estate Holdings, LLC, constituting 100% of all the member interest in PATI Real Estate Holdings, LLC

RAHI Real Estate Holdings, LLC

  

Limited Liability Company

  

100%

  

RFC Asset Holdings II, LLC

  

100% of RFC Asset Holdings II, LLC’s equity interest in RAHI Real Estate Holdings, LLC, constituting 100% of all the member interest in RAHI Real Estate Holdings, LLC

ARTICLE III

CONDITIONS TO EFFECTIVENESS

SECTION 3.1 Amendment Effective Date . This Agreement and the provisions contained herein shall become effective as of the Amendment Effective Date.

SECTION 3.2 Opinions and Other Deliverables . The Obligors covenant and agree to deliver or cause to be delivered (a) opinions of counsel to the Obligors with respect to the transactions contemplated hereby, which opinions shall be in form and substance satisfactory to the Omnibus Agent, on or before July 8, 2009 and (b) such other documents, including but not limited to the Obligors’ board resolutions approving this Agreement, as the Omnibus Agent may reasonably request, which documents will be in form and substance satisfactory to the Omnibus Agent, on or before July 15, 2009. The Obligors acknowledge and agree that the Omnibus Agent may, upon the failure to deliver any of the items set forth in clauses (a) and (b) above in the timeframes set forth therein, declare an Event of Default.

 

  

3

  

Fourth Amendment Agreement to

Omnibus Pledge and Security Agreement


ARTICLE IV

ACKNOWLEDGEMENTS, CONSENTS, NOTICE, CONFIRMATION AND

REPRESENTATIONS AND WARRANTIES

SECTION 4.1 Notice . Each party hereto hereby acknowledges timely notice of the execution of this Agreement and of the transactions and amendments contemplated hereby. Each party hereto hereby waives any notice requirement contained in the Omnibus Security Agreement or the Specified Documents with respect to the execution of this Agreement.

SECTION 4.2 Confirmation of the Omnibus Security Agreement . The Grantors each hereby acknowledge and agree that the Omnibus Security Agreement and each other Specified Document (each as amended as of the date hereof) are each ratified and confirmed in all respects and shall remain in full force and effect


 
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