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~EC-30-2003 TUE 05:17 PM 20TH CENTURY MORTGAGE Case 1:04-cr-00153-LTB Document 406-5
FAXNO, 3037819401 Page 1 of P. 02 Filed 01/12/2006 3
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r-iRST COLLATERAL
DeCf!mber 26, 2003
ChadE. Heinrich
Chief ExQCUtive Officer
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TW'e11tkth Century MortgAge, Incorporated
2851South Pa\'l"erRoad, Suite 800
Aurora, CO 80014
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Re: Master Mortga.geLoan Warehousingand Seouity Agreement dated Octclbe;7,.2003 and Commitmenl Letter dated October 7, 1003
Dear Mr. Heinrich, You have informed us that Twentieth Century Mortgage, Incorporated ("Company"} is in the processpf a stOcksale and have requestedour consentto the sale. First Co!.lateraI Services,Inc. ("tender") will waivE!thl&violation of paragraph 6(e) of the above referenced a~met\t and CO!'l$.E!nt changeot ownarship ~ubjectto tne (allowing conditions: to the 1. Receipt and sa.ti~factoty ~vjew of Chad E. Heinrich's credit-and pub1ic:records information. 2. Receipt of CampanY'$ current fl'oanriaI stattMnentevidencing compliance with all financial covenants. 3. ~tiKfad:Pty dot:~met\ti\ti('l1\ relating tel the stock llia1.e, including but :not limitlXi to the sale 2Igr«ment, minuws of thc bOlUdmeetings reguding the sale and any changesto the prindpQls. and any filings required by the state. 4. Execution and delivery of a Continuing GutU'antyfrom Chad E. Heinrich supported by a personal finano;!t statementsatisfactol"Y to Lender In addition, th~ Company has offered to pledge One Million DolJa1'9 ($1,000,000) additional of cas.bcollateral during the trans.ition period. Enclosed please find an Addendum to Master Mortgage Loan Warehousing Md Security Agreement that must be ext!C1.Ited returned.with jSnd this executedh:!tterand AuiliorintiCln to Withdraw F\U1d$. The II.bove-rcrerj!!nced Commitment Lli!tte.ris amend~d as fallows, subject to receipt of the $1,000,000 the exocutedaddendum and autMrizatio:n: and Pricinil Sche~u!~ Add the following: Credit: A credit wil1 b~ given monthly to ~pply against interest due in that same month equal to the averagedaily balanceof cash coUateraJ held times l.IBOR The mOtlth1y credit shaI! never exceedthe ..m=1 Qfinterest due in that month.
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Pleaseacknowledge your acceptance these conditions by signing and returning this letter by of
A memlierG! CJf~
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FCS 07467
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DEC-30-2003TUE 05:18 PM20THCENTURY MORTGAGE
Case 1:04-cr-00153-LTB
Document 406-5
Filed 01/12/2006
FAXNO. 3037619401
Page 2 of 3 P, 03
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Twenti~th Century MortgA1;C, Incorporate
December 31, 2003. Failure fo reNm this t~tter and the Addendum to MA.~terMortgase Loan Warehousing and S~curit.yAgreement And the de:lcribed collateral on or be£o1'e December 31, 2003, and/or the failure to complywith the conditionsset forth heremwilt cause: Lenderto ~ withhold its Con9mt. H you hitve any questions, please don't hesitate to can your relationship manager,BernadetteYee at (650)794.2.710. .
AGREED TO AND ACC~LED this
?l:J ?£) day ofTP(Prft~
.2UC,'b.
Twentieth Century Mortgage; 1narcporared a Colorado corporation
By
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Chad E. Heinrich Chief Executive Officer
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AUTHORIZATION TO WITHDRAW FUNDS Lender is henby authorized to withdraw OM Million Dollars ($1,000..000> from Company's operitting account number 7090-002656 Uniotl Bank as additional collaterAl under the tenns of at the Addendum to Master Mortgage Loan Wareno\.tsinsand Securtty Agreemel'lt dated December 26. 2003. DATE: DATE:
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T~~??et~ Century ~ortgage. Incorporated Twentieth Ce.ntt.uy Mortgage, Incorporated a.Colorado <:m'poratioTl
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Chad E. Heinrich Chief Executive Officer
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R.evosed
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FCS 07468
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Case 1:04-cr-00153-LTB Document 406-5 DfC-30-2003 TUE 05:19 PM 20TH CENTURY MORTGAGE
Filed 01/12/2006 Page 3 of 3P, 06 FAX NO. 3037619401
ADDENDUM 1'0 . 1\fASTt:R MO{!'LG.I\GF.r.p~N WAR~ftOl1S'MG AND SEC;URTTY AGRKK\1ENT
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addendum!l1.1Pp1ementl:mat certain Muter Mortgage Loan Warehousing and Security Agreement
4Itted October 7, 2003. by and between Twentietn Century MortgJ\ge, lncoIponted (the "Company"}, IU\dFir&t CoilartmU Scrvkcs, me., a Delaware corporatiun (the "Lcn&r"), and is dated December 26, 2003. CUmpany.heroby tkHvers tG Lender thG sum of one Million Dollars ($1,000,000) as additiona1 collateral tn $ccure th~ Obligatiot1S1. Company autbomts Lenderto commingle: use this additional colla.teral Lenderls and in b\l.sineu. account Wllit::!uti\i;ation of this additional to Lc:ndW" Lender of hav", no obligJl.tion to ComPJI-ny JUlY Company I1ny amountS earned OJ'received by on ~oUatmJ, . to PrQvided tbat n(1 Event of DefAult or Potenua.1Default under tne Agreement lw ooCUtred a.nd the olltstanding amQunt under the Credit Agreement is Jes$than Ten Million Dollars ($10,000,000, Company may, after FebfU/lr:Y2.,2004 and upon three (3) da,Y'$notice by written instructions to Lender, cither direct payment from this add!tionalcollar.eraJ agtLinstany of its Ob1!satiOllS withdraw ttll or any portion of the additional ool1ater1\.l. or
Whenan Bventof Defuultor Poreuxia) Defaultunderme Agreement OCCunI, Lender, after noUt.t:,may ilpply this a.dditioTtal collateral to toe Obligations in the order and manner that it det:IDS appropritLte its Qb!iu]utc in discretion.
AU the terms IInu conditions of the Master Mortgl!.&cLoon WfU'ehowing and Security Agrccmmtn:(=~ above IlhaUbe avplicablet<>this Addendum to MflStI~r MortgQge LaM Wnrchousing and Socwity Ag~. to
Company;
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TWENTIETHCENTURYMORTGAGE,INCORPORATED
'Co:do~~ By . ....
Lenrler:
Chad E, Hemmcn Cbief Executive Officer
By
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FCS 07469
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