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
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Fourth Amendment Agreement to
Omnibus Pledge and Security
Agreement
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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.
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Fourth Amendment Agreement to
Omnibus Pledge and Security
Agreement
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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:
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GMAC
Mortgage, LLC
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Wachovia Bank,
N.A.
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2000049234945
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GMAC Mortgage,
LLC
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(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:
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First Savings Mortgage
Corporation
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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
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Residential
Funding Company, LLC
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2
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Fourth Amendment Agreement to
Omnibus Pledge and Security
Agreement
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(c) Exhibit D to Schedule IV of the
Omnibus Security Agreement is hereby amended by inserting the
following:
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PATI Real
Estate Holdings, LLC
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Limited
Liability Company
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100%
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Passive Asset
Transactions, LLC
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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
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RAHI Real
Estate Holdings, LLC
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Limited
Liability Company
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100%
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RFC Asset
Holdings II, LLC
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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
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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.
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3
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Fourth Amendment Agreement to
Omnibus Pledge and Security
Agreement
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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