EXECUTION COPY
RESIDENTIAL FUNDING CORPORATION,
Master Servicer,
VARIOUS DELAWARE STATUTORY TRUSTS,
Issuers
and
JPMORGAN CHASE BANK, NATIONAL ASSOCIATION,
Indenture Trustee
MASTER AMENDMENT NO. 1
TO
SERVICING AGREEMENTS
Dated as of August 1, 2006
THIS MASTER AMENDMENT NO. 1 TO SERVICING AGREEMENTS dated as of August 1, 2006 (this
"Amendment"), is among RESIDENTIAL FUNDING CORPORATION, a Delaware corporation, in its
capacity as master servicer (the "Master Servicer"), the Delaware statutory trusts listed
under the heading "Issuers" in the table on Exhibit A hereto (the "Issuers") and JPMORGAN
CHASE BANK, NATIONAL ASSOCIATION, in its capacity as indenture trustee for the Issuers (the
"Indenture Trustee"), and pursuant to the letter agreements attached as Exhibit B hereto, has
been agreed to and acknowledged by FINANCIAL GUARANTY INSURANCE COMPANY, a New
York-domiciled stock insurance corporation ("FGIC"), MBIA INSURANCE CORPORATION, a New York
corporation ("MBIA") and AMBAC ASSURANCE CORPORATION a New York corporation ("AMBAC," and
together with FGIC and MBIA, the "Enhancers").
WITNESSETH
WHEREAS, the Master Servicer and the Indenture Trustee have entered a servicing
agreement (collectively, the "Existing Agreements") with each of the Issuers, pursuant to
which the Master Servicer agreed to master service mortgage loans owned by the Issuers;
WHEREAS, the Master Servicer desires to convert into Residential Funding Company,
LLC, a Delaware limited liability company (the "Conversion") and the Existing Agreements do
not expressly allow for the Conversion;
WHEREAS, the Master Servicer desires to amend each of the Existing Agreements to
expressly allow for the Conversion;.
WHEREAS, Section 8.01 of each Existing Agreement provides that the effectiveness of
this Amendment is conditioned upon (a) consents being obtained from the applicable Enhancer
and the Indenture Trustee and (b) the Indenture Trustee and the applicable Enhancer
receiving the no-downgrade letters attached hereto as Exhibit C;
NOW, THEREFORE, the parties hereto agree as follows:
SECTION 1. Amendments.
(a) Section 6.02 of each Existing Agreement is hereby amended by inserting the following
paragraph after the final paragraph of Section 6.02 of such Existing Agreement:
Notwithstanding anything to the contrary set forth herein, any
Person (as defined below) into which the Master Servicer may be merged or
converted or with which it may be consolidated, or any Person resulting from
any merger, conversion or consolidation to which the Master Servicer shall be
a party, or any Person succeeding to the business of the Master Servicer,
shall be the successor of the Master Servicer, hereunder, without the
execution or filing of any paper or any further act on the part of any of the
parties hereto. "Person" shall mean any legal individual, corporation,
partnership, joint venture, association, joint-stock company, limited
liability company, trust, unincorporated organization or government or any
agency or political subdivision thereof.
SECTION 2. Effect of Amendment.
Upon execution of this Amendment, the Existing Agreements shall be, and be deemed to
be, modified and amended in accordance herewith and the respective rights, limitations,
obligations, duties, liabilities and immunities of the parties thereto shall hereafter be
determined, exercised and enforced subject in all respects to such modifications and
amendments, and all the terms and conditions of this Amendment shall be deemed to be part of
the terms and conditions of the Existing Agreements (as applicable) for any and all
purposes. In addition, the relevant provisions of the Existing Agreements shall be, and
deemed to be, modified and amended to reflect the change in the name and form of legal
organization of the Master Servicer as noted above. Except as modified and expressly
amended by this Amendment, the Existing Agreements are in all respects ratified and
confirmed, and all the terms, provisions and conditions thereof shall be and remain in full
force and effect.
SECTION 3. Binding Effect.
The provisions of this Amendment shall be binding upon and inure to the benefit of
the parties hereto, the Enhancers and each of their respective successors and assigns.
SECTION 4. Governing Law.
This Amendment shall be governed by and construed in accordance with the laws of the
State of New York and the obligations, rights and remedies of the parties hereunder shall be
determined in accordance with such laws.
SECTION 5. Severability of Provisions.
If any one or more of the covenants, agreements, provisions or terms of this
Amendment shall be for any reason whatsoever held invalid, then such covenants, agreements,
provisions or terms shall be deemed severable from the remaining covenants, agreements,
provisions or terms of this Amendment and shall in no way affect the validity or
enforceability of the other provisions of this Amendment.
SECTION 6. Section Headings.
The section headings herein are for convenience of reference only, and shall not
limit or otherwise affect the meaning hereof.
SECTION 7. Counterparts.
This Amendment may be executed in several counterparts, each of which shall be an
original and all of which shall constitute but one and the same instrument.
SECTION 8. Third Party Beneficiaries.
Each Enhancer shall be an intended third party beneficiary of this Amendment, to the
extent that this Amendment relates to a Servicing Agreement to which such Enhancer has a
consent right with respect to amendments thereto.
[Signature Pages Follow]
IN WITNESS WHEREOF, the Master Servicer and the Trustee have caused their names to be
signed hereto by their respective officers thereunto duly authorized as of the day and year
first above written.
HOME EQUITY LOAN TRUST 2001-HS3 RESIDENTIAL FUNDING CORPORATION
HOME EQUITY LOAN TRUST 2002-HS3
HOME EQUITY LOAN TRUST 2003-HS1
HOME EQUITY LOAN TRUST 2003-HS2
HOME EQUITY LOAN TRUST 2003-HS3 By:_____________________________________
HOME EQUITY LOAN TRUST 2003-HS4 Name:
HOME EQUITY LOAN TRUST 2004-HS1 Title:
HOME EQUITY LOAN TRUST 2004-HS2
HOME EQUITY LOAN TRUST 2004-HS3
HOME EQUITY LOAN TRUST 2005-HS1 JPMORGAN CHASE BANK, NATIONAL ASSOCIATION,
HOME EQUITY LOAN TRUST 2005-HS2 as Indenture Trustee
HOME EQUITY LOAN TRUST 2005-HSA1
HOME EQUITY LOAN TRUST 2006-HSA2
HOME LOAN TRUST 1998-HI2
HOME LOAN TRUST 1998-HI4 By:____________________________________
HOME LOAN TRUST 1999-HI1 Name:
HOME LOAN TRUST 1999-HI4 Title:
HOME LOAN TRUST 1999-HI6
HOME LOAN TRUST 1999-HI8
HOME LOAN TRUST 2000-HI1
HOME LOAN TRUST 2000-HI2
HOME LOAN TRUST 2000-HI3
HOME LOAN TRUST 2000-HI4
HOME LOAN TRUST 2000-HI5
HOME LOAN TRUST 2001-HI1
HOME LOAN TRUST 2001-HI2
HOME LOAN TRUST 2001-HI3
HOME LOAN TRUST 2001-HI4
HOME LOAN TRUST 2002-HI1
HOME LOAN TRUST 2002-HI2
HOME LOAN TRUST 2002-HI3
HOME LOAN TRUST 2002-HI4
HOME LOAN TRUST 2002-HI5
HOME LOAN TRUST 2003-HI1
HOME LOAN TRUST 2003-HI2
HOME LOAN TRUST 2003-HI3
HOME LOAN TRUST 2003-HI4
HOME LOAN TRUST 2004-HI2
HOME LOAN TRUST 2004-HI3
HOME LOAN TRUST 2005-HI1
HOME LOAN TRUST 2005-HI2
HOME LOAN TRUST 2005-HI3
HOME LOAN TRUST 2006-HI1
HOME LOAN TRUST 2006-HI2
RAMP SERIES 2000-HL1 TRUST
By: WILMINGTON TRUST COMPANY, not in its
individual capacity, but solely as owner
trustee
By:___________________________________________
Name:
Title:
EXHIBIT A
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TRANSACTION NO. ISSUERS
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1. Home Equity Loan Trust 2001-HS3
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2. Home Equity Loan Trust 2002-HS3
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3. Home Equity Loan Trust 2003-HS1
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4. Home Equity Loan Trust 2003-HS2
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5. Home Equity Loan Trust 2003-HS3
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6. Home Equity Loan Trust 2003-HS4
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7. Home Equity Loan Trust 2004-HS1
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8. Home Equity Loan Trust 2004-HS2
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9. Home Equity Loan Trust 2004-HS3
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10. Home Equity Loan Trust 2005-HS1
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11. Home Equity Loan Trust 2005-HS2
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12. Home Equity Loan Trust 2005-HSA1
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13. Home Equity Loan Trust 2006-HSA2
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14. Home Loan Trust 1998-HI2
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15. Home Loan Trust 1998-HI4
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16. Home Loan Trust 1999-HI1
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17. Home Loan Trust 1999-HI4
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18. Home Loan Trust 1999-HI6
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19. Home Loan Trust 1999-HI8
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20. Home Loan Trust 2000-HI1
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21. Home Loan Trust 2000-HI2
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22. Home Loan Trust 2000-HI3
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23. Home Loan Trust 2000-HI4
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24. Home Loan Trust 2000-HI5
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25. Home Loan Trust 2001-HI1
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26. Home Loan Trust 2001-HI2
--------------------- ---------------------------------------------------------------
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27. Home Loan Trust 2001-HI3
--------------------- ---------------------------------------------------------------
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28. Home Loan Trust 2001-HI4
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29. Home Loan Trust 2002-HI1
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30. Home Loan Trust 2002-HI2
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31. Home Loan Trust 2002-HI3
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32. Home Loan Trust 2002-HI4
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33. Home Loan Trust 2002-HI5
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34. Home Loan Trust 2003-HI1
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35. Home Loan Trust 2003-HI2
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36. Home Loan Trust 2003-HI3
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37. Home Loan Trust 2003-HI4
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38. Home Loan Trust 2004-HI2
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39. Home Loan Trust 2004-HI3
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40. Home Loan Trust 2005-HI1
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41. Home Loan Trust 2005-HI2
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42. Home Loan Trust 2005-HI3
--------------------- ---------------------------------------------------------------
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43. Home Loan Trust 2006-HI1
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44. Home Loan Trust 2006-HI2
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45. RAMP Series 2000-HL1 Trust
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EXHIBIT B
ENHANCER CONSENTS
[ON FILE WITH THE TRUSTEE]
EXHIBIT C
NO-DOWNGRADE LETTERS
[ON FILE WITH THE TRUSTEE]