IMPAC FUNDING CORPORATION,
as Master Servicer,
IMPAC CMB TRUST SERIES 2004-9,
as Issuer
and
XXXXX FARGO BANK, N.A.,
as Indenture Trustee,
-------------------------------
AMENDMENT NO. 1 dated as of
December 28, 2004 to the
SERVICING AGREEMENT
Dated as of October 28, 2004
-------------------------------
Mortgage Loans
Impac CMB Trust Series 2004-9
________________________________________________________________________________
________________________________________________________________________________
AMENDMENT NO. 1 made as of this 28th day of December 2004, among Impac
Funding Corporation, as Master Servicer (the "Master Servicer" ), Impac CMB
Trust Series 2004-9, as Issuer (the "Issuer") and Xxxxx Fargo Bank, N.A., as
Indenture Trustee (the "Indenture Trustee").
W I T N E S S E T H
WHEREAS, the Issuer, the Indenture Trustee and the Master Servicer
entered into a Servicing Agreement (the "Agreement") dated as of October 28,
2004, relating to the servicing of Mortgage Loans in connection with Impac CMB
Trust Series 2004-9; and
WHEREAS, the Issuer, the Master Servicer and the Indenture Trustee
desire to amend the terms of the Agreement pursuant to and in accordance with
Section 7.01 of the Agreement.
NOW, THEREFORE, in consideration of the mutual premises and agreements
herein, the Issuer, the Master Servicer and the Indenture Trustee agree as
follows:
1. Capitalized terms used herein and not defined herein shall have the
meanings assigned to such terms in the Agreement.
2. Effective as of December 28, 2004 the Servicing Agreement is hereby
amended as follows:
(A) The phrase "The Master Servicer may, on behalf of the Issuer, but
is not obligated to, repurchase from the Issuer any Mortgage Loan delinquent in
payment for a period of 90 days or longer for a price equal to the Repurchase
Price therefore," in Section 3.18 of the Servicing Agreement shall be deleted in
its entirety and replaced with the phrase "The Master Servicer, on behalf of the
Issuer, may either purchase itself or sell to a third-party, but is not
obligated to, repurchase from the Issuer any Mortgage Loan delinquent in payment
for a period of 90 days or longer for a price equal to the Repurchase Price
therefor."
(B) The phrase "Furthermore, the Master Servicer will have the option
to purchase, at any one time, 1.00% (and in any case, at least 5 Mortgage Loans)
of the Mortgage Loans, by aggregate Stated Principal Balance of the Mortgage
Loans as of such date, at a purchase price equal to the aggregate fair market
value of such Mortgage Loans," in Section 3.13(g) of the Servicing Agreement
shall be deleted in its entirety and replaced with the phrase "Furthermore, the
Master Servicer will have the option to purchase, at any one time, 1.00% (and in
any case, at least 5 Mortgage Loans) of the Mortgage Loans, by aggregate Stated
Principal Balance of the Mortgage Loans as of such date, at a price equal to the
Repurchase Price of such Mortgage Loans."
1
IN WITNESS WHEREOF, the parties have caused this Amendment to the
Servicing Agreement to be executed by their respective officers thereunto duly
authorized as of the date first above written.
IMPAC FUNDING CORPORATION,
as Master Servicer
By: /s/ Xxxx X. Xxxxxxxx
--------------------------------------------
Name: Xxxx X. Xxxxxxxx
Title: Senior Vice President
IMPAC CMB TRUST SERIES 2004-9,
as Issuer
Wilmington Trust Company, not in its individual
capacity, but solely as Owner Trustee
By: /s/ Xxxxxx X. Xxxxxxx
--------------------------------------------
Name: Xxxxxx X. Xxxxxxx
Title: Financial Services Officer
XXXXX FARGO BANK, N.A.,
as Indenture Trustee
By: /s/ Xxxxxx Xxxxxx
--------------------------------------------
Name: Xxxxxx Xxxxxx
Title: Vice President
Acknowledged and Agreed:
AMBAC ASSURANCE CORPORATION
By: /s/ Xxxx Xxxxx
--------------------------------------------
Name: Xxxx Xxxxx
Title: Managing Director
