Section 401(a. Defined Contribution Plan Effective the first pay period after Board adoption of the 2011 – 2014 MOU, the County contribution to the 401(a) Defined Contribution Plan, as referred to in Appendix B of that MOU (“Wages”, Item 3.) will be eliminated for the remaining managers in the 401 (a) Plan under the grandfathering agreement. Managers must leave their assets in the 401(a) Plan until either retirement, separation from the County of Orange, death or total and permanent disability.
Section 401(a. Section 4.01(b)(i) of the Existing Spread Agreement is hereby amended by deleting it in its entirety and replacing it with the following language: “The servicing fee rate for the Alternative Mortgage Loan is substantially similar to the servicing fee rate of the New Mortgage Loan.”
Section 401(a. Section 4.01(a) of the Existing Spread Agreement is hereby amended by adding the following paragraph to the end thereof: “Notwithstanding anything in this Section 4.01(a) to the contrary, in lieu of transferring and conveying to the Purchaser on the related Assignment Date the related Secondary Portfolio Excess Spread as described herein, the Seller may, at its option, but only to the extent that the fair market value of the aggregate Secondary Portfolio Excess Spread to be transferred is less than $200,000, and shall, if the Secondary Portfolio Excess Spread otherwise required to be transferred is prohibited by the applicable Agency, wire to the Purchaser cash in an amount equal to the fair market value of the related Secondary Portfolio Excess Spread.”
