Amendment to Amended and Restated Credit and Security Agreement among Edison Receivables Company LLC, Merrill Lynch Mortgage Capital Inc., and School Services LLC

Summary

Edison Receivables Company LLC, Merrill Lynch Mortgage Capital Inc., and School Services LLC have agreed to amend their existing Credit and Security Agreement by extending the expiration date from June 30, 2003, to July 15, 2003. All other terms of the original agreement remain unchanged. This amendment is effective as of September 30, 2002, and is governed by New York law.

EX-10.53 20 y64230exv10w53.txt LETTER AGREEMENT Exhibit 10.53 EDISON RECEIVABLES COMPANY LLC 11TH FLOOR 529 FIFTH AVENUE NEW YORK, NEW YORK 10017 September 30, 2002 Merrill Lynch Mortgage Capital Inc. 4 World Financial Center 22nd Floor New York, New York 10080 School Services LLC c/o Leeds Weld & Co. 660 Madison Avenue 15th Floor New York, New York 10021 Re: Amendment to the Amended and Restated Credit and Security Agreement Dear Ladies and Gentlemen: This letter is in regard to that certain Amended and Restated Credit and Security Agreement, dated as of July 31, 2002 (the "Credit Agreement") among Edison Receivables Company LLC ("Edison Receivables"), as borrower, School Services LLC and Merrill Lynch Mortgage Capital Inc. ("MLMC"), as lenders, and MLMC as agent for the lenders. The parties hereto hereby agree to change the date set forth in clause (i) of the definition of "Expiration Date" in the Credit Agreement from June 30, 2003 to July 15, 2003. The Credit Agreement is hereby accordingly amended. It is understood and agreed that except as expressly provided herein, no term or provision of the Credit Agreement or any other Facility Document (as defined in the Credit Agreement) is hereby amended, modified or supplemented, and each term and provision of Merrill Lynch Mortgage Capital Inc. School Services LLC September 30, 2002 Page 2 of 2 the Credit Agreement remains in full force and effect in accordance with the provisions of the Credit Agreement. This letter agreement shall be governed by, and construed in accordance with, the laws of the State of New York. Please acknowledge your agreement with the foregoing by signing where indicated below and returning a copy to the undersigned. Best regards, EDISON RECEIVABLES COMPANY LLC, as borrower By: /s/ Christopher J. Scarlata ______________________________ Name: Christopher J. Scarlata Title: President Accepted and Agreed effective as of the 30th day of September, 2002 MERRILL LYNCH MORTGAGE CAPITAL INC., in its capacity as lender and agent By: /s/ Joseph Magnus _____________________ Name: Joseph Magnus Title: SCHOOLS SERVICES LLC, as lender By: /s/ Robert Bernstein ______________________ Name: Robert Bernstein Title: Treasurer