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EXHIBIT 10(A)
FIRST AMENDMENT TO
THIRD AMENDED AND RESTATED REVOLVING CREDIT AGREEMENT
This First Amendment to Third Amended and Restated Revolving Credit
Agreement (the "First Amendment") is made as of March 16, 1998 by and among
SOURCE ONE MORTGAGE SERVICES CORPORATION, a Delaware corporation (the
"Company"), THE MORTGAGE AUTHORITY, INC., a Delaware corporation ("TMA"),
CENTRAL PACIFIC MORTGAGE COMPNY, a California corporation ("CPM"), the lenders
identified on the signature pages hereof, and THE FIRST NATIONAL BANK OF
CHICAGO, a national banking association ("First Chicago"), individually as a
Lender and as administrative agent for the Lenders.
RECITALS
The Company, TMA, CPM, the Agent and the Lenders are parties to a
certain Third Amended and Restated Revolving Credit Agreement, dated as of July
25, 1997, as modified by New/Modified Commitment Supplements dated as of
December 17, 1997 and March 16, 1998 (as modified so modified and as may be
further modified from time to time, the "Credit Agreement"), pursuant to which
the Lenders have agreed to provide a revolving credit facility to the Company,
TMA and CPM on the terms and conditions set forth in the Credit Agreement. Any
capitalized term not expressly defined herein shall have the meaning ascribed to
such term in the Credit Agreement.
The Company, TMA, CPM, the Agent and the Lenders desire to amend the
Credit Agreement to (i) modify the definition of Eligible Repurchased Agency
Loans and Receivables, (ii) modify the definition of Nonconforming Mortgage
Loan, and (iii) modify the Borrowing Base Sublimits relating to Nonconforming
Mortgage Loans.
AGREEMENTS
NOW, THEREFORE, the parties hereto agree as follows:
1. Nonconforming Mortgage Loans. Clause (v) of the definition of
Nonconforming Mortgage Loan in Section 1.1 of the Credit Agreement is hereby
deleted and replaced with "(v) has an original principal balance of less than
$400,000 in any event".
2. Eligible Repurchased Agency Loans and Receivables. Clause (i) of the
definition of Eligible Repurchased Agency Loans and Receivables in Section 4.2
of the Credit Agreement is hereby deleted and replaced with "(i) the Company's
purchase was in compliance with all regulations of the Federal Agency which
issued or guaranteed the Security relating to the mortgage pool from which the
Repurchased Agency Loans and Receivables were repurchased;".
3. Nonconforming Mortgage Loan Sublimits. Clause (ii) of Section 4.5 of
the Credit Agreement (Borrowing Base Sublimits) is hereby deleted and replaced
with "(ii) attributable to (A) all Nonconforming Mortgage Loans shall not exceed
ten percent (10%) of
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the Aggregate Commitment, (B) those Nonconforming Mortgage Loans which are also
HLTV Loans shall not exceed two and one half percent (2.5%) of the Aggregate
Commitment, and (C) those Nonconforming Mortgage Loans which have an original
principal balance in excess $200,000 shall not exceed on percent (1%) of the
Aggregate Commitment;".
4. Miscellaneous.
(a) All references to the Credit Agreement in the Credit
Agreement and the other Credit Documents shall be deemed to refer to the Credit
Agreement as amended by this First Amendment.
(b) The Company, TMA and CPM each hereby represents and warrants
to the Lenders that on the date of execution hereof, both prior to and after
giving effect to this First Amendment, (i) the representations and warranties of
the Company, TMA and CPM contained in the Credit Documents are accurate and
complete in all respects, and (ii) no Default or event which with the giving of
notice and/or the passage of time would constitute a Default has occurred and
is continuing.
(c) In all other respects, the Credit Agreement is and remains
unmodified and in full force and effect and is hereby ratified and confirmed.
This First Amendment may be executed in any number counterparts, all of which
taken together shall constitute one agreement, and any of the parties hereto may
execute this First Amendment by signing any such counterpart. Each of the
changes contained in this First Amendment shall become effective when Lenders
holding the applicable required percentage of the Aggregate Commitment have
executed and delivered a counterpart.
(d) This First Amendment shall be construed in accordance with
and governed by the laws of the State of Illinois.
IN WITNESS WHEREOF, the Company, TMA, CPM, the Lenders and the Agent
have executed this First Amendment as of the date first above written.
COMPANY: SOURCE ONE MORTGAGE SERVICES CORPORATION
By: /s/ Xxxxxxx X. Xxxxxxxx
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Name: Xxxxxxx X. Xxxxxxxx
Title: EVP/CFO
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TMA: THE MORTGAGE AUTHORITY, INC.
By: /s/ Xxxxx X. Xxxxx
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Name: Xxxxx X. Xxxxx
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Title: VP
CPM: CENTRAL PACIFIC MORTGAGE COMPANY
By: /s/ Xxxx X. Xxxxxxx
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Name: Xxxx X. Xxxxxxx
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Title: EVP
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AGENT: THE FIRST NATIONAL BANK OF CHICAGO,
as Agent
By: /s/ Xxx X. Xxxxxxxxx
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Name: Xxx X. Xxxxxxxxx
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Title: First Vice President
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LENDERS: THE FIRST NATIONAL BANK OF CHICAGO
By: /s/ Xxx X. Xxxxxxxxx
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Name: Xxx X. Xxxxxxxxx
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Title: First Vice President
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BANK OF AMERICA NT & SA
By: /s/ Xxxxxx X. Xxxxxxx
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Name: Xxxxxx X. Xxxxxxx
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Title: Vice President
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THE BANK OF NEW YORK
By: /s/ Xxxxxxxx X. Dominus
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Name: Xxxxxxxx X. Dominus
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Title: Vice President
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BANKERS TRUST COMPANY
By: /s/ Xxxx X'Xxxxxx
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Name: Xxxx X'Xxxxxx
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Title: Managing Director
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BANQUE PARIBAS
By: /s/ Xxxxx X. Xxxxxx
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Name: Xxxxx X. Xxxxxx
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Title: Director
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By: /s/ Xxxxxx X. Xxxxx
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Name: Xxxxxx X. Xxxxx
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Title: Assistant Vice President
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CIBC, INC.
By: /s/ Xxxxxx Xxxxxxx
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Name: Xxxxxx Xxxxxxx
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Title: Executive Director
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CIBC Xxxxxxxxxxx Corp.,
AS AGENT
COMERICA BANK
By: /s/ Xxx X. Xxxxx
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Name: Xxx X. Xxxxx
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Title: Vice President
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CORESTATES BANK, N.A.
By: /s/ Xxxx X. Xxxxx
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Name: Xxxx X. Xxxxx
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Title: Vice President
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CREDIT LYONNAIS NEW YORK BRANCH
By: /s/ W. Xxx Xxxxxxx 3/12/98
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Name: W. Xxx Xxxxxxx
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Title: Vice President
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FLEET BANK N.A.
By: /s/ Xxxxxx Xxxxxxx
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Name: Xxxxxx Xxxxxxx
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Title: Vice President
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GUARANTY FEDERAL BANK, F.S.B.
By: /s/ W. Xxxxx Xxxxxxxx
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Name: W. Xxxxx Xxxxxxxx
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Title: Vice President
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XXXXXX TRUST AND SAVINGS BANK
By: /s/ Xxxxxxx X. Houlihou
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Name: Xxxxxxx X. Houlihou
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Title: Vice President
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MARINE MIDLAND BANK
By: /s/ Xxxx X. Xxxxxxxx
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Name: Xxxx X. Xxxxxxxx
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Title: Administrative Vice President
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THE MITSUBISHI TRUST AND BANKING
CORPORATION, LOS ANGELES AGENCY
By: /s/ Yasushi Satomi
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Name: Yasushi Satomi
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Title: Senior Vice President
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NATIONAL CITY BANK OF KENTUCKY
By: /s/ Xxxx Xx Xxxxx
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Name: Xxxx Xx Xxxxx
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Title: Corporate Banking Officer
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PNC BANK, KENTUCKY, INC.
By: /s/ Xxxxxx Xxxxx
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Name: Xxxxxx Xxxxx
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Title: Vice President
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XXXXX FARGO BANK, NA
By:
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Name:
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Title:
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By:
------------------------------------
Name:
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Title:
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WESTDEUTSCHE LANDESBANK GIROZENTRALE,
NEW YORK BRANCH
By: /s/ Xxxxxxx X. Xxxxxx
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Name: Xxxxxxx X. Xxxxxx
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Title: Vice President
---------------------------------
By: /s/ Xxxxx X. Xxxxxxx
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Name: Xxxxx X. Xxxxxxx
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Title: Vice President
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