Common use of Amendment Period Clause in Contracts

Amendment Period. For purposes of this Amendment, this Section 2 will be effective only for the period from and including the date hereof through and including April 13, 2007 (the “Amendment Period”). Subject to Section 5 hereof, the Repurchase Agreement shall be amended as follows: (a) Section 12(m) is hereby amended by deleting the “Adjusted Tangible Net Worth” covenant therein in its entirety and replacing it with the following: Adjusted Tangible Net Worth Adjusted Tangible Net Worth shall, at all times, exceed the greater of (i) $275,000,000 (two hundred and seventy-five million dollars) and (ii) the dollar amount set forth in the most restrictive covenant measuring Adjusted Tangible Net Worth contained in any agreement between Seller and any purchaser or lender to whom Seller sells mortgage loans or obtains financing pursuant to a mortgage loan repurchase, warehouse lending or similar facility. (b) Section 12(m) is hereby further amended by deleting the “Profitability” financial covenant therein in its entirety and replacing it with the following: Profitability Seller shall not, for the fiscal quarter ending on March 30, 2007, have Net Income of less than negative $65,000,000 (i.e., a loss of more than $65,000,000) without regard to unrealized gains or losses from ▇▇▇▇▇▇ during such period. (c) Section 12(m) is hereby further amended by deleting the “Total Leverage Ratio” financial covenant therein in its entirety and replacing it with the following: Total Leverage Ratio Total Leverage Ratio shall not, at any time, exceed 18:1. (d) Section 12(m) is hereby further amended by deleting the “Recourse Debt Leverage Ratio” financial covenant therein in its entirety and replacing it with the following: Recourse Debt Leverage Ratio Recourse Debt Leverage Ratio shall not, at any time, exceed 7:1. (e) Section 12(m) is hereby further amended by deleting the “Minimum Liquidity” financial covenant therein in its entirety and replacing it with the following: Minimum Liquidity Liquidity of Seller shall, at all times, exceed $20,000,000. For purposes of the calculation of Liquidity for this covenant, cash and/or Cash Equivalents shall comprise at least 50% of Liquidity.

Amendment Period. For purposes of this Amendment, this Section 2 4 will be effective only for the period from and including the date hereof through and including April 13May 31, 2007 (the “Amendment Period”). Subject to Section 5 6 hereof, the Repurchase Agreement shall be amended as follows: (a) Section 12(m) is hereby amended by deleting the “Adjusted Tangible Net Worth” covenant therein in its entirety and replacing it with the following: Adjusted Tangible Net Worth Adjusted Tangible Net Worth shall, at all times, exceed the greater of (i) $275,000,000 (two hundred and seventy-five million dollars) and (ii) the dollar amount set forth in the most restrictive covenant measuring Adjusted Tangible Net Worth contained in any agreement between Seller and any purchaser or lender to whom Seller sells mortgage loans or obtains financing pursuant to a mortgage loan repurchase, warehouse lending or similar facility. (b) Section 12(m) is hereby further amended by deleting the “Profitability” financial covenant therein in its entirety and replacing it with the following: Profitability Seller shall not, for the fiscal quarter ending on March 30, 2007, have Net Income of less than negative $65,000,000 (i.e., a loss of more than $65,000,000) without regard to unrealized gains or losses from ▇▇▇▇▇▇ during such period. (c) Section 12(m) is hereby further amended by deleting the “Total Leverage Ratio” financial covenant therein in its entirety and replacing it with the following: Total Leverage Ratio Total Leverage Ratio shall not, at any time, exceed 18:1. (d) Section 12(m) is hereby further amended by deleting the “Recourse Debt Leverage Ratio” financial covenant therein in its entirety and replacing it with the following: Recourse Debt Leverage Ratio Recourse Debt Leverage Ratio shall not, at any time, exceed 7:1. (e) Section 12(m) is hereby further amended by deleting the “Minimum Liquidity” financial covenant therein in its entirety and replacing it with the following: Minimum Liquidity Liquidity of Seller shall, at all times, exceed $20,000,000. For purposes of the calculation of Liquidity for this covenant, cash and/or Cash Equivalents shall comprise at least 50% of Liquidity.

Amendment Period. For purposes of this Amendment, this Section 2 will be effective only for the period from and including the date hereof through and including April 1330, 2007 (the “Amendment Period”). Subject to Section 5 hereof, the Repurchase Agreement shall be amended as follows: (a) Section 12(m) is hereby amended by deleting the “Adjusted Tangible Net Worth” covenant therein in its entirety and replacing it with the following: Adjusted Tangible Net Worth Adjusted Tangible Net Worth shall, at all times, exceed the greater of (i) $275,000,000 (two hundred and seventy-five million dollars) and (ii) the dollar amount set forth in the most restrictive covenant measuring Adjusted Tangible Net Worth contained in any agreement between Seller and any purchaser or lender to whom Seller sells mortgage loans or obtains financing pursuant to a mortgage loan repurchase, warehouse lending or similar facility. (b) Section 12(m) is hereby further amended by deleting the “Profitability” financial covenant therein in its entirety and replacing it with the following: Profitability Seller shall not, for the fiscal quarter ending on March 30, 2007, have Net Income of less than negative $65,000,000 (i.e., a loss of more than $65,000,000) without regard to unrealized gains or losses from ▇▇▇▇▇▇ during such period. (c) Section 12(m) is hereby further amended by deleting the “Total Leverage Ratio” financial covenant therein in its entirety and replacing it with the following: Total Leverage Ratio Total Leverage Ratio shall not, at any time, exceed 18:1. (d) Section 12(m) is hereby further amended by deleting the “Recourse Debt Leverage Ratio” financial covenant therein in its entirety and replacing it with the following: Recourse Debt Leverage Ratio Recourse Debt Leverage Ratio shall not, at any time, exceed 7:1. (e) Section 12(m) is hereby further amended by deleting the “Minimum Liquidity” financial covenant therein in its entirety and replacing it with the following: Minimum Liquidity Liquidity of Seller shall, at all times, exceed $20,000,000. For purposes of the calculation of Liquidity for this covenant, cash and/or Cash Equivalents shall comprise at least 50% of Liquidity.