OMNIBUS AMENDMENT AND CONSENT AGREEMENT
This OMNIBUS AMENDMENT AND CONSENT AGREEMENT (the “ Amendment and Consent ”)
dated as of December 29, 2006 is by and among Option One Owner Trust 2005-7 (the “ Issuer ”), Option One
Mortgage Corporation (“ OOMC ”), in its capacity as loan originator (in such capacity, the “ Loan Originator ”)
and as servicer (in such capacity, the “ Servicer ”), Option One Mortgage Capital Corporation (“ Capital ”),
Option One Loan Warehouse Corporation (the “ Depositor ”), Wells Fargo Bank, National Association, as
indenture trustee (the “ Indenture Trustee ”), and HSBC Bank USA, N.A and Bryant Park Funding LLC, as
purchasers and HSBC Securities (USA) Inc., as administrative agent (collectively, the “ Purchasers ”), and
HSBC Securities (USA) Inc., as noteholder agent (in such capacity, the “ Noteholder Agent ”). Capitalized terms
used herein but not specifically defined herein shall have the meanings given to such terms in the Sale and
Servicing Agreement (as defined below) or the Indenture (as defined below).
A. The Issuer, OOMC, as servicer and as the loan originator, the Depositor and the Indenture Trustee are
parties to that certain Sale and Servicing Agreement dated as of September 1, 2005 (as amended, the “ Sale and
Servicing Agreement ”).
B. The Issuer and the Indenture Trustee are parties to that certain Indenture dated as of September 1,
2005 (as amended, the “ Indenture ”).
C. The Noteholder Agent, the Issuer, OOMC, as servicer and the Indenture Trustee, as both indenture
trustee and custodian, are parties to that certain Custodial Agreement dated as of September 1, 2005 (as
amended, the “ Custodial Agreement ”).
D. OOMC intends to transfer and assign to its wholly-owned subsidiary, Capital, and Capital intends to
accept and assume from OOMC, a portion of OOMC’s business.
E. OOMC has requested that the Depositor, the Purchasers, the Noteholder