EXHIBIT 10.10
EXECUTION COPY
CASH COLLATERAL AGREEMENT
Dated as of June 28, 2005
Among
OCWEN FINANCIAL CORPORATION
as Grantor,
THE BANK OF NEW YORK TRUST COMPANY, N.A.,
as
Collateral Trustee,
and
THE BANK OF NEW YORK TRUST COMPANY, N.A.,
as Account Bank
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TABLE OF CONTENTS
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SECTION
PAGE
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SECTION 1. Grant of
Security........................................................
1
SECTION 2. Security for
Obligations.................................................
1
SECTION 3. Delivery of Cash
Collateral..............................................
1
SECTION 4. The Cash Collateral
Account.............................................. 1
SECTION 5. Control by Collateral
Trustee............................................ 2
SECTION 6. Grantor's Rights in
Cash Collateral Account.............................. 2
SECTION 7. Priority of Security
Interest............................................ 2
SECTION 8. Statements,
Confirmations, and Notices of Adverse Claims.................
2
SECTION 9. Maintaining the Cash
Collateral Account; Minimum Cash Collateral Amount.. 3
SECTION 10. Investing of Amounts in the
Cash Collateral Account...................... 3
SECTION 11. Release of
Amounts.......................................................
3
SECTION 12. Representations and
Warranties........................................... 3
SECTION 13. Further
Assurances.......................................................
3
SECTION 14. Transfers and Other
Liens................................................ 4
SECTION 15. Collateral Trustee Appointed
Attorney-in-Fact............................ 4
SECTION 16. Collateral Trustee May
Perform........................................... 4
SECTION 17. Account Bank's and
Collateral Trustee's Duties........................... 4
SECTION 18. The Account Bank's
Responsibility........................................ 4
SECTION 19. Remedies upon Event of
Default........................................... 4
SECTION 20.
Expenses.................................................................
5
SECTION 21.
Indemnity................................................................
5
SECTION 22. Continuing Security
Interest............................................. 5
SECTION 23. Termination;
Survival....................................................
5
SECTION 24. Entire
Agreement.........................................................
5
SECTION 25.
Amendments...............................................................
6
SECTION 26. Financial
Assets.........................................................
6
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SECTION 27.
Notices..................................................................
6
SECTION 28. Binding
Effect...........................................................
6
SECTION 29. Execution in
Counterparts................................................
6
SECTION 30. Governing Law;
Terms.....................................................
6
SECTION 31.
Counterparts.............................................................
6
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CASH COLLATERAL AGREEMENT
CASH COLLATERAL AGREEMENT, dated as of June 28, 2005, among
OCWEN
FINANCIAL CORPORATION (the "Grantor"), THE
BANK OF NEW YORK TRUST COMPANY, N.A.
("BONY"), a national banking association
(together with any successor trustee
appointed pursuant to Article 6 of the
Collateral Trust Agreement, as defined
below, the "Collateral Trustee"), as
trustee for the Guaranteed Parties (as
defined below), and BONY, as securities
intermediary and depository bank (the
"Account Bank").
PRELIMINARY STATEMENTS:
(1) The Grantor has executed and delivered to the Office of
Thrift
Supervision, for the benefit of the
Guaranteed Parties, a Guaranty dated as of
the date hereof in respect of the
Guaranteed Obligations (as defined therein).
Capitalized terms used but not defined
herein are used herein as defined in the
Guaranty.
(2) In order to secure the Guaranteed Obligations, the Grantor
has
deposited the Minimum Cash Collateral
Amount in a non-interest bearing cash
collateral account (the "Cash Collateral
Account") with the Account Bank at its
office at 10161 Centurion Parkway,
Jacksonville, FL 32256, Account No. 174351,
in the name of the Grantor but under the
sole control and dominion of the
Collateral Trustee and subject to the terms
of this Agreement and the Collateral
Trust Agreement dated June 28, 2005 between
the Grantor and the Collateral
Trustee (the "Collateral Trust
Agreement").
(3) Terms defined in Article 8 or 9 of the Uniform Commercial Code
in
effect in the State of New York (the
"Code") are used in this Agreement as such
terms are defined in such Article 8 or
9.
NOW THEREFORE, in consideration of the premises, the Grantor,
the
Collateral Trustee and the Account Bank
hereby agree as follows:
SECTION 1. Grant of
Security. The Grantor hereby pledges, assigns
and grants to the Collateral Trustee, for
the benefit of the Guaranteed Parties,
a security interest (collectively, the
"Security Interest") in the Grantor's
right, title and interest to the following,
whether now or hereafter existing or
arising (the "Cash Collateral"):
(a) the Cash Collateral Account and all funds and financial assets
from
time to time credited
thereto (including, without limitation, all
Investments and Cash
Equivalents, as defined herein, and all investment
property), and all
certificates and instruments, if any, from time to time
representing or
evidencing the Cash Collateral Account;
(b) all promissory notes, certificates of deposit, deposit
accounts,
checks and other
instruments from time to time delivered to or otherwise
possessed by the
Collateral Trustee or the Account Bank for or on behalf of
the Grantor in
substitution for or in addition to any or all of the then
existing Cash
Collateral;
(c) all interest, dividends, distributions, cash, instruments and
other
property from time to
time received, receivable or otherwise distributed in
respect of or in
exchange for any or all of the then existing Cash
Collateral; and
(d) all proceeds of any and all of the foregoing Cash
Collateral.
SECTION 2. Security
for Obligations. This Agreement secures the
payment of all amounts, now or hereafter
existing, consisting of any of the
following: (i) the Guaranteed Obligations,
(ii) all other amounts payable under
or in respect of the Guaranty and (iii) all
amounts payable under or in respect
of this Agreement or the Collateral Trust
Agreement.
SECTION 3. Delivery of
Cash Collateral. All certificates or
instruments, if any, representing or
evidencing the Cash Collateral shall be
delivered to and held by or on behalf of
the Collateral Trustee pursuant hereto
and shall be in suitable form for transfer
by delivery, or shall be accompanied
by duly executed instruments of transfer or
assignment in blank, all in form and
substance satisfactory to the Collateral
Trustee. In addition, the Collateral
Trustee shall have the right at any time to
exchange certificates or instruments
representing or evidencing Cash Collateral
for certificates or instruments of
smaller or larger denominations.
SECTION 4. The Cash
Collateral Account. The Grantor and the Account
Bank represent and warrant to, and agree
with, the Collateral Trustee that:
1
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(a) The Account Bank maintains the Cash Collateral Account for
the
Grantor, and all
property (including, without limitation, all funds and
financial assets) held
by the Account Bank for the account of the Grantor
are, and will continue
to be, credited to the Cash Collateral Account in
accordance with
instructions given by the Grantor (unless otherwise provided
herein).
(b) To the extent that funds are credited to the Cash
Collateral
Account, the Cash
Collateral Account is a deposit account; and to the extent
that financial assets
are credited to the Cash Collateral Account, the Cash
Collateral Account is
a securities account. The Account Bank is (i) the bank
wit