FIRST AMENDMENT TO INTELLECTUAL PROPERTY AGREEMENT
Exhibit 10.9
FIRST AMENDMENT TO INTELLECTUAL PROPERTY AGREEMENT
This First Amendment to Intellectual Property Agreement (the “First Amendment”) is entered into as of October 1, 2012, and amends that certain Intellectual Property Agreement dated August 10, 2009 (the “Agreement”) by and between OCWEN FINANCIAL CORPORATION, a Florida corporation (“Ocwen,” or together with its Affiliates, “Ocwen Group”) and ALTISOURCE SOLUTIONS S.À X.X., a limited liability company organized under the laws of the Grand Duchy of Luxembourg (“Altisource,” or together with its Affiliates, “Altisource Group”).
Recitals
WHEREAS, pursuant to the Agreement, Altisource was to provide certain services to Ocwen for an initial term of eight (8) years, as set forth in Section 1(b) of the Agreement; and
WHEREAS, Altisource and Ocwen now desire to extend the initial term of the Agreement through August 31, 2020.
Agreement
NOW, THEREFORE, in consideration of the mutual covenants made herein, and for other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the parties hereto hereby agree as follows:
1. Amendment to Section 1, Definitions, subparagraph (b) to the Agreement. The term “Initial Term,” as defined in Section 1, Definitions, subparagraph (b) to the Agreement is hereby deleted in its entirety and replaced with the following:
“Initial Term” means the term of this Agreement that begins on the Effective Date and ends on August 31, 2020.
2. Amendment to Section 20, Miscellaneous, subparagraph (e) to the Agreement. The notice address for Altisource specified in Section 20, Miscellaneous, subparagraph (e) is hereby deleted and replaced with the following:
Altisource Solutions S.à x.x.
291 route d’Xxxxx
X-0000 Xxxxxxxxxx
Attn: Corporate Secretary
Fax No.: 000-0000-0000
With a copy to: xxxxxxxxxxxxxxxxxx@xxxxxxxxxx.xxx
3. Counterparts. This First Amendment may be signed in counterparts with the same effect as if both parties had signed one and the same document.
4. Agreement in Full Force and Effect as Amended. The terms and conditions of this First Amendment shall prevail over any conflicting terms and conditions in the Agreement. Capitalized terms that are used in this First Amendment not otherwise defined herein shall have the meanings ascribed to them in the Separation Agreement or the Agreement. Except as specifically amended or waived hereby, all of the terms and conditions of the Agreement shall remain in full force and effect. All references to the Agreement in any other document or instrument shall be deemed to mean the Agreement as amended by this First Amendment. The
parties hereto agree to be bound by the terms and obligations of the Agreement, as amended by this First Amendment, as though the terms and obligations of the Agreement were set forth herein.
IN WITNESS WHEREOF, the parties have caused this First Amendment to be executed as of the date first written above by their duly authorized representatives.
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OCWEN FINANCIAL CORPORATION | ||
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By |
/s/ Xxxxxx X. Xxxxx | |
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Name: |
Xxxxxx X. Xxxxx |
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Title: |
President and Chief Executive Officer |
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ALTISOURCE SOLUTIONS S.À X.X. | ||
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By |
/s/ Xxxxxxx X. Xxxxxx | |
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Name: |
Xxxxxxx X. Xxxxxx |
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Title: |
Manager |
