Exhibit 10.6
AMENDMENT NO. 1
AMENDMENT NO. 1, dated as of September 29, 2006 (this
"Amendment"), to the Third Amended and Restated Master Repurchase Agreement,
dated as of July 15, 2005, as amended, supplemented or otherwise modified prior
to the date hereof (the "Existing Repurchase Agreement"), each among AMERICAN
HOME MORTGAGE CORP., a New York corporation ("AHMC"), AMERICAN HOME MORTGAGE
INVESTMENT CORP., a Maryland corporation ("AHMIC"), AMERICAN HOME MORTGAGE
ACCEPTANCE, INC., a Maryland corporation ("AHMA"), AMERICAN HOME MORTGAGE
HOLDINGS, INC., a Delaware corporation ("AHMH"), AMERICAN HOME MORTGAGE
SERVICING, INC. (formerly known as Columbia National, Incorporated), a Maryland
corporation ("AHMS" and, collectively with AHMC, AHMIC, AHMA and AHMH, the
"Seller" and each a "Seller Entity"), and IXIS REAL ESTATE CAPITAL INC., a New
York corporation ("Buyer").
W I T N E S S E T H:
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WHEREAS, pursuant to the Existing Repurchase Agreement between
the Seller and the Buyer, the Buyer has agreed to purchase Mortgage Loans from
time to time from the Seller, subject to the Seller's obligations to repurchase
such Mortgage Loans upon the terms and conditions set forth therein; and
WHEREAS, the Seller has requested and the Buyer has agreed to
amend the Existing Repurchase Agreement to modify certain covenants relating to
the Seller;
NOW THEREFORE, in consideration of the premises set forth herein,
and to induce the Buyer to make loans under the Existing Repurchase Agreement to
the Seller, the Seller hereby agrees with the Buyer as follows:
Section 1. Defined Terms. Unless otherwise defined herein, terms
that are defined in the Existing Repurchase Agreement and used herein are so
used as so defined.
Section 2. Amendments.
(a) Section 2 of the Existing Repurchase Agreement is hereby
amended to include the definition of "Alt-A Sub-Limit" in the appropriate
alphabetical order:
""Alt-A Sub-Limit" shall mean $100,000,000."
(b) Section 2 of the Existing Repurchase Agreement is hereby
amended by deleting clause (1) of the definition of "Asset Value" in its
entirety and replacing it with the following:
"(1) after giving effect to any requested Transaction, the
aggregate Asset Value of all Alt-A Mortgage Loans owned hereunder by Buyer as of
such date of determination may not exceed the Alt-A Sub-Limit;"
(c) Section 2 of the Existing Repurchase Agreement is hereby
amended by deleting the definition of "Check Disbursement Agreement" in its
entirety and replacing it with the following:
""Check Disbursement Agreement" shall mean the amended and
restated Letter Agreement, dated as of June 1, 2004, among each Seller Entity,
Buyer, Disbursement Agent, Deutsche Bank Trust Company Delaware and Deutsche
Bank Trust Company Americas as may be amended from time to time."
(d) Section 2 of the Existing Repurchase Agreement is hereby
amended by deleting the definition of "Class" in its entirety and replacing it
with the following:
""Class" shall mean each group of Mortgage Loans where each
Mortgage Loan within such group qualifies as at least one of the following:
"Conforming Mortgage Loan", "Jumbo Mortgage Loan", "Alt-A First Mortgage Loan",
"Alt-A Second Mortgage Loan", "Sub-Prime First Mortgage Loan", "Sub-Prime Second
Mortgage Loan", "Wet-Ink Mortgage Loan", "HELOC", "Prime First Lien Mortgage
Loan", "Prime Second Lien Mortgage Loan" or "Repurchased Mortgage Loan";
provided, that a Mortgage Loan may be within more than one Class as of any date
of determination."
(e) Section 2 of the Existing Repurchase Agreement is hereby
amended by deleting the definition of "Co-op Sub-Limit" in its entirety and
replacing it with the following:
""Co-op Sub-Limit" shall mean $25,000,000."
(f) Section 2 of the Existing Repurchase Agreement is hereby
amended by deleting the definition of "Co-op Jumbo Sub-Limit" in its entirety
and replacing it with the following:
""Co-op Jumbo Sub-Limit" shall mean $13,000,000."
(g) Section 2 of the Existing Repurchase Agreement is hereby
amended by deleting the definition of "Fannie Mae Flex 100 Sub-Limit" in its
entirety and replacing it with the following:
""Fannie Mae Flex 100 Sub-Limit" shall mean $3,000,000."
(h) Section 2 of the Existing Repurchase Agreement is hereby
amended by deleting the definition of "Interest-Only Sub-Limit" in its entirety
and replacing it with the following:
""Interest-Only Sub-Limit" shall mean $100,000,000."
(i) Section 2 of the Existing Repurchase Agreement is hereby
amended by deleting the definition of "Manufactured Housing Sub-Limit" in its
entirety and replacing it with the following:
""Manufactured Housing Sub-Limit" shall mean $3,000,000."
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(j) Section 2 of the Existing Repurchase Agreement is hereby
amended by deleting the definition of "Maximum Amount" in its entirety and
replacing it with the following:
""Maximum Amount" shall mean the sum of the Maximum Committed
Amount and the Maximum Uncommitted Amount."
(k) Section 2 of the Existing Repurchase Agreement is hereby
amended by deleting the definition of "Maximum Uncommitted Amount" in its
entirety and replacing it with the following:
""Maximum Uncommitted Amount" shall mean $550,000,000."
(l) Section 2 of the Existing Repurchase Agreement is hereby
amended by deleting the definition of "N/O/O Sub-Limit" in its entirety and
replacing it with the following:
""N/O/O Sub-Limit" shall mean $5,000,000."
(m) Section 2 of the Existing Repurchase Agreement is hereby
amended by deleting the definition of "Non-Conforming Sub-Limit."
(n) Section 2 of the Existing Repurchase Agreement is hereby
amended by deleting the definition of "Official Check Disbursement Agreement" in
its entirety and replacing it with the following:
""Official Check Disbursement Agreement" shall mean the amended
and restated Letter Agreement, dated as of June 1, 2004, among each Seller
Entity, Buyer, Disbursement Agent, Deutsche Bank Trust Company Delaware and
Deutsche Bank Trust Company Americas as may be amended from time to time
relating to "official" or "certified" checks."
(o) Section 2 of the Existing Repurchase Agreement is hereby
amended to include the definition of "Prime First Lien Mortgage Loan" in the
appropriate alphabetical order:
""Prime First Lien Mortgage Loan" shall mean a Mortgage Loan made
to a borrower with an "A" credit that is secured by a first lien Mortgage on the
related Mortgaged Property and is underwritten as a "prime" Mortgage Loan in the
Underwriting Guidelines."
(p) Section 2 of the Existing Repurchase Agreement is hereby
amended to include the definition of "Prime Second Lien Mortgage Loan" in the
appropriate alphabetical order:
""Prime Second Lien Mortgage Loan" shall mean a Mortgage Loan
made to a borrower with an "A" credit that is secured by a second lien Mortgage
on the related Mortgaged Property and is underwritten as a "prime" Mortgage Loan
in the Underwriting Guidelines."
(q) Section 2 of the Existing Repurchase Agreement is hereby
amended by deleting the definition of "Repurchased Mortgage Loan" in its
entirety and replacing it with the following:
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""Repurchased Mortgage Loan" shall mean an Eligible Asset with a
current outstanding principal balance not in excess of $750,000 which is a Prime
First Lien Mortgage Loan, Prime Second Lien Mortgage Loan, Conforming Mortgage
Loan, Jumbo Mortgage Loan, an Alt-A First Lien Mortgage Loan or a Sub-Prime
First Mortgage Loan but in each case is not a Wet-Ink Mortgage Loan or a Second
Lien Mortgage Loan, which has previously been sold to a warehouse lender under a
gestation or similar facility and is required to be repurchased thereunder by
the Seller for which Seller has obtained an appraisal by an appraiser
satisfactory to Buyer in its sole discretion not earlier than 30 days prior to
the requested Purchase Date for such Mortgage Loan. In no event shall Buyer be
required to purchase a "Repurchased Mortgage Loan" (a) unless Seller has
delivered to Buyer an appraisal meeting the criteria in the preceding sentence,
(b) if such Mortgage Loan is the subject of a contested foreclosure, (c) if such
Mortgage Loan has an obligor that has filed for bankruptcy relief, or (d) if
such Mortgage Loan is the subject of any fraud or suspected fraud on the part of
the obligor thereunder."
(r) Section 2 of the Existing Repurchase Agreement is hereby
amended by deleting the definition of "Side Letter" in its entirety and
replacing it with the following:
""Side Letter" shall mean that certain Amended and Restated
letter agreement, dated as of September 29, 2006 by and among Buyer and Seller,
as amended from time to time."
(s) Section 2 of the Existing Repurchase Agreement is hereby
amended by deleting the definition of "Sub-Limit" in its entirety and replacing
it with the following:
""Sub-Limit" shall mean each of the Alt-A Sub-Limit, the
Sub-Prime Sub-Limit, the Sub-Prime Second Lien Sub-Limit, the Credit Sub-Limit,
the Interest Only Sub-Limit, the Manufactured Housing Sub-Limit, the N/O/O
Sub-Limit, the Co-op Sub-Limit, the Co-op Jumbo Sub-Limit, the Fannie Mae Flex
100 Sub-Limit, the Super Jumbo Sub-Limit, the HELOC Sub-Limit, Wet-Ink
Sub-Limit, and the Repurchased Mortgage Loan Sub-Limit. For purpose of
determining a violation of a Sub-Limit hereunder, (1) at no time shall the
aggregate of the Asset Value of all Mortgage Loans subject to outstanding
transactions hereunder violate any single Sub-Limit and (2) to the extent that
there are both Committed Transactions and Uncommitted Transactions outstanding
hereunder, at no time shall the aggregate Asset Value of Mortgage Loans subject
to (a) a Committed Transaction be in excess of the applicable Sub-Limit
Percentage or (b) an Uncommitted Transaction be in excess of the applicable
Sub-Limit Percentage."
(t) Section 2 of the Existing Repurchase Agreement is hereby
amended by deleting the definition of "Sub-Prime Second Lien Sub-Limit" in its
entirety and replacing it with the following:
""Sub-Prime Second Lien Sub-Limit" shall mean $8,500,000."
(u) Section 2 of the Existing Repurchase Agreement is hereby
amended by deleting the definition of "Sub-Prime Sub-Limit" in its entirety and
replacing it with the following:
""Sub-Prime Sub-Limit" shall mean $50,000,000."
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(v) Section 2 of the Existing Repurchase Agreement is hereby
amended by deleting the definition of "Super Jumbo Sub-Limit" in its entirety
and replacing it with the following:
""Super Jumbo Sub-Limit" shall mean $50,000,000."
(w) Section 2 of the Existing Repurchase Agreement is hereby
amended by deleting the definition of "Termination Date" in its entirety and
replacing it with the following:
""Termination Date" shall mean the date which is 364 days from
the date hereof, which date shall be September 29, 2007 or such earlier date on
which this Agreement shall terminate in accordance with the provisions hereof or
by operation of law, as may be extended pursuant to Section 3(o)."
(x) Section 2 of the Existing Repurchase Agreement is hereby
amended by deleting the definition of "Wet Ink Sub-Limit" in its entirety and
replacing it with the following:
"Wet-Ink Sub-Limit" shall mean with respect to all Transactions
on any of the first five (5) Business Days and the last three (3) Business Days
of each calendar month $450,000,000 and at all other times, $375,000,000.
(y) Section 3(a)(1) of the Existing Repurchase Agreement is
hereby amended by deleting the word "and" at the end of clause (3)(a)(1)(A) and
by adding the following in its entirety after clause (3)(a)(1)(B):
" and (C) Side Letter. The Amended and Restated Pricing Side
Letter executed by the parties thereto."
(z) Schedule 1, Part I, clause 7 of the Existing Repurchase
Agreement is hereby amended by deleting it in its entirety and replacing it with
the following:
"Compliance with Applicable Laws. Any and all requirements of any
federal, state or local law including, without limitation, usury,
truth-in-lending, real estate settlement procedures, consumer credit protection,
predatory and abusive lending, equal credit opportunity and disclosure laws
applicable to the Mortgage Loan, including, without limitation, any provisions
relating to prepayment penalties, have been complied with, the consummation of
the transactions contemplated hereby will not involve the violation of any such
laws or regulations, and the Seller shall maintain in its possession, available
for the Buyer's inspection, and shall deliver to the Buyer upon demand, evidence
of compliance with all such requirements;"
(aa) Schedule 1, Part I, clause 9 of the Existing Repurchase
Agreement is hereby amended by deleting it in its entirety and replacing it with
the following:
"Location and Type of Mortgaged Property. The Mortgaged Property
(or Underlying Mortgaged Property, in the case of a Co-op Loan) is a fee simple
property located in the state identified in the Seller Asset Schedule, the
mortgaged property consists of a single parcel of real property with a detached
single family residence erected thereon, or a two- to four-family dwelling, or
an individual residential condominium unit in a low-rise condominium
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project, or an individual unit in a planned unit development or a co-operative
unit and that no residence or dwelling is a mobile home, provided, however, that
any condominium unit or planned unit development shall not fall within any of
the "Ineligible Projects" of part XII, Section 102 of the Fannie Mae Selling
Guide and shall conform with the Underwriting Guidelines. In the case of any
Mortgaged Properties that are manufactured homes (a "Manufactured Home Mortgage
Loans"), (i) such Manufactured Home Mortgage Loan conforms with the applicable
Fannie Mae or Freddie Mac requirements regarding mortgage loans related to
manufactured dwellings, (ii) the related manufactured dwelling is permanently
affixed to the land, (iii) the related manufactured dwelling and the related
land are subject to a Mortgage properly filed in the appropriate public
recording office and naming Seller (or in the case of MERS Designated Mortgage
Loans, MERS) as mortgagee, (iv) the applicable laws of the jurisdiction in which
the related Mortgaged Property is located will deem the manufactured dwelling
located on such Mortgaged Property to be a part of the real property on which
such dwelling is located, and (v) such Manufactured Home Mortgage Loan is (x) a
qualified mortgage under Section 860G(a)(3) of the Internal Revenue Code of
1986, as amended and (y) secured by manufactured housing treated as a single
family residence under Section 25(e)(10) of the Code (i.e., such manufactured
home has a minimum of 400 square feet of living space, a minimum width in excess
of 102 inches and which is of a kind customarily used at a fixed location) and
(vi) as of the origination date of the related Mortgage Loan, the related
Mortgagor occupied the related manufactured home as its primary residence. No
portion of the Mortgaged Property (or Underlying Mortgaged Property, in the case
of a Co-op Loan) is used for commercial purposes; provided, that Mortgaged
Properties which contain a home office shall not be considered as being used for
commercial purposes as long as the Mortgaged Property has not been altered for
commercial purposes and is not storing any chemicals or raw materials other than
those commonly used for homeowner repair, maintenance and/or household
purposes;"
(bb) Schedule 1, Part I, clause 45 of the Existing Repurchase
Agreement is hereby amended by deleting it in its entirety and replacing it with
the following:
"Prepayment Penalty. With respect to each Mortgage Loan that has
a prepayment penalty feature, each such prepayment penalty is enforceable and
will be enforced by the Seller for the benefit of the Buyer, and each prepayment
penalty is permitted pursuant to federal, state and local law. Each such
prepayment penalty is in an amount not more than the maximum amount permitted
under applicable law and no such prepayment penalty may provide for a term in
excess of five (5) years with respect to Mortgage Loans originated prior to
October, 1, 2002. With respect to Mortgage Loans originated on or after October
1, 2002, the duration of the prepayment penalty period shall not exceed three
(3) years from the date of the Mortgage Note unless the Mortgage Loan was
modified to reduce the prepayment penalty period to no more than three (3) years
from the date of the related Mortgage Note and the Mortgagor was notified in
writing of such reduction in prepayment penalty period. With respect to any
Mortgage Loan that contains a provision permitting imposition of a prepayment
penalty upon a prepayment prior to maturity: (i) the Mortgage Loan provides some
benefit to the Mortgagor (e.g., a rate or fee reduction) in exchange for
accepting such prepayment penalty, (ii) prior to the Mortgage Loan's
origination, the Mortgagor was offered the option of obtaining a mortgage loan
that did not require payment of such a penalty and (iii) the prepayment penalty
was adequately disclosed to the Mortgagor in the mortgage loan documents
pursuant to applicable state, local and federal law;"
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(cc) Schedule 1, Part I, clause 57 of the Existing Repurchase
Agreement is hereby amended by deleting it in its entirety and replacing it with
the following:
"Fair Credit Reporting Act. As to each consumer report (as
defined in the Fair Credit Reporting Act, Public Law 91-508) or other credit
information furnished by the Seller to the Buyer, that Seller has full right and
authority and is not precluded by law or contract from furnishing such
information to the Buyer and the Buyer is not precluded by the terms of the
related loan documents from furnishing the same to any subsequent or prospective
purchaser of such Mortgage. The Seller has in its capacity as servicer, for each
Mortgage Loan, fully furnished, in accordance with the Fair Credit Reporting Act
and its implementing regulations, accurate and complete information (e.g.,
favorable and unfavorable) on its borrower credit files to Equifax, Experian and
Trans Union Credit Information Company (three of the credit repositories), on a
monthly basis;"
(dd) Schedule 1, Part I, clause 59 of the Existing Repurchase
Agreement is hereby amended by deleting it in its entirety and replacing it with
the following:
"Single Premium Credit Insurance. No Mortgagor was required to
purchase any single-premium credit insurance policy (e.g., life, disability,
accident, unemployment or property insurance policy) or debt cancellation
agreement as a condition of obtaining the extension of credit. No Mortgagor
obtained a prepaid single premium credit insurance policy (e.g., life,
disability, accident, unemployment or property insurance policy) in connection
with the origination of the Mortgage Loan. No proceeds from any Mortgage Loan
were used to purchase single premium credit insurance policies or debt
cancellation agreements as part of the origination of, or as a condition to
closing, such Mortgage Loan;"
(ee) Schedule 1, Part I, clause 64 of the Existing Repurchase
Agreement is hereby amended by deleting it in its entirety and replacing it with
the following:
"No Arbitration. No Mortgagor with respect to any Mortgage Loan
originated on or after August 1, 2004 agreed to submit to arbitration to resolve
any dispute arising out of or relating in any way to the mortgage loan
transaction;"
(ff) Schedule 1, Part I of the Existing Repurchase Agreement is
hereby amended to add the clauses (65), (66), (67), (68) and (69) after clause
(64):
"(65) Origination Practices/No Steering. No Mortgagor was
encouraged or required to select a Mortgage Loan product offered by the Mortgage
Loan's originator which is a higher cost product designed for less creditworthy
borrowers, unless at the time of the Mortgage Loan's origination, such Mortgagor
did not qualify taking into account credit history and debt-to-income ratios for
a lower-cost credit product then offered by the Mortgage Loan's originator or
any affiliate of the Mortgage Loan's originator. If, at the time of loan
application, the Mortgagor may have qualified for a lower-cost credit product
then offered by any mortgage lending affiliate of the Mortgage Loan's
originator, the Mortgage Loan's originator referred the Mortgagor's application
to such affiliate for underwriting consideration;
(66) Underwriting Methodology. The methodology used in
underwriting the extension of credit for each Mortgage Loan does not rely solely
on the extent of the Mortgagor's
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equity in the collateral as the principal determining factor in approving such
extension of credit. The methodology employed objective criteria such as the
Mortgagor's income, assets and liabilities, to the proposed mortgage payment
and, based on such methodology, the Mortgage Loan's originator made a reasonable
determination that at the time of origination the Mortgagor had the ability to
make timely payments on the Mortgage Loan. Such underwriting methodology
confirmed that at the time of origination (application/approval) the Mortgagor
had a reasonable ability to make timely payments on the Mortgage Loan;
(67) Points and Fees. No Mortgagor was charged "points and fees"
(whether or not financed) in an amount greater than (i) $1,000, or (ii) 5% of
the principal amount of such Mortgage Loan, whichever is greater. For purposes
of this representation, such 5% limitation is calculated in accordance with
Fannie Mae's anti-predatory lending requirements as set forth in the Fannie Mae
Guides and "points and fees" (x) include origination, underwriting, broker and
finder fees and charges that the mortgagee imposed as a condition of making the
Mortgage Loan, whether they are paid to the mortgagee or a third party; and (y)
exclude bona fide discount points, fees paid for actual services rendered in
connection with the origination of the Mortgage Loan (such as attorneys' fees,
notaries fees and fees paid for property appraisals, credit reports, surveys,
title examinations and extracts, flood and tax certifications, and home
inspections), the cost of mortgage insurance or credit-risk price adjustments,
the costs of title, hazard, and flood insurance policies, state and local
transfer taxes or fees, escrow deposits for the future payment of taxes and
insurance premiums, and other miscellaneous fees and charges which miscellaneous
fees and charges, in total, do not exceed 0.25% of the principal amount of such
Mortgage Loan;
(68) Fees Charges. All fees and charges (including finance
charges) and whether or not financed, assessed, collected or to be collected in
connection with the origination and servicing of each Mortgage Loan has been
disclosed in writing to the Mortgagor in accordance with applicable state and
federal law and regulation; and
(69) Second Lien Mortgage Loans. With respect to each Second Lien
Mortgage Loan: (1) the related First Lien Mortgage Loan does not permit negative
amortization; (2) where required or customary in the jurisdiction in which the
Mortgaged Property is located, the original lender has filed for record a
request for notice of any action by the related senior lienholder, and the
Seller has notified such second lienholder in writing of the existence of the
Second Lien Loan and requested notification of any action to be taken against
the Mortgagor by such senior lienholder; either (a) no consent for the Second
Lien Mortgage Loan is required by the holder of the related First Lien Loan or
(b) such consent has been obtained and is contained in the related Mortgage
File; (3) to the best of Seller's knowledge, the related First Lien Loan is in
full force and effect, and there is no default, lien, breach, violation or event
which would permit acceleration existing under such First Lien Loan or Mortgage
Note, and no event which, with the passage of time or with notice and the
expiration of any grace or cure period, would constitute a default, breach,
violation or event which would permit acceleration under such First Lien Loan;
(4) the related first lien Mortgage contains a provision which provides for
giving notice of default or breach to the Mortgagee under the Mortgage Loan and
allows such Mortgagee to cure any default under the related First Lien Mortgage;
and (5) the related Mortgaged Property was the Mortgagor's principal residence
at the time of the origination of such Second Lien Loan."
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(ff) Schedule 1, Part II, clause 70 of the Existing Repurchase
Agreement is hereby amended by deleting the definition of "High Cost Loan" in
its entirety and replacing it with the following:
""High Cost Loan" A Mortgage Loan (a) covered by the Home
Ownership and Equity Protection Act of 1994, (b) classified as a "high cost
home," "threshold," "covered," "high risk home," "predatory" or similar loan
under any other applicable state, federal or local law (or a similarly
classified loan using different terminology under a law imposing heightened
regulatory scrutiny or additional legal liability for residential mortgage loans
having high interest rates, points and/or fees) or (c) categorized as High Cost
pursuant to Appendix E of Standard & Poor's Glossary. For avoidance of doubt,
the parties agree that this definition shall apply to any law regardless of
whether such law is presently, or in the future becomes, the subject of judicial
review or litigation."
Section 3. Representations and Warranties. Seller hereby
represents and warrants that the representations and warranties of the Seller
contained in Section 10 of the Existing Repurchase Agreement, as supplemented by
this Amendment, are true and correct with respect to each of AHMS, AHMC, AHMIC,
AHMA and AHMH and as of the date of this Amendment.
Section 4. Effectiveness. The closing for the Amendment of the
Existing Repurchase Agreement shall be subject to the condition precedent that
the Seller and the Buyer shall have executed and delivered this Amendment, duly
executed by all signatories as required pursuant to the respective terms
thereof.
Section 5. Further Assurances. The Seller hereby covenants and
agrees with the Buyer that, from and after the date hereof, at any time and from
time to time, upon the written request of the Buyer, and at the sole expense of
the Seller, the Seller will promptly and duly execute and deliver such further
instruments and documents and take such further actions as the Buyer may
reasonably request in order to effect the transactions contemplated hereby and
to preserve the full benefits of the Existing Repurchase Agreement and the
rights and powers therein granted.
Section 6. Counterparts. This Amendment may be executed by each
of the parties hereto on any number of separate counterparts, each of which
shall be an original and all of which taken together shall constitute one and
the same instrument.
SECTION 7. GOVERNING LAW. THIS AMENDMENT SHALL BE GOVERNED BY,
AND CONSTRUED IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK WITHOUT
REFERENCE TO THE CHOICE OF LAW PROVISIONS THEREOF.
Section 8. Ratification of Agreement. Except as modified by this
Amendment, the Existing Repurchase Agreement is in all respects ratified and
confirmed, and all the terms, provisions and conditions thereof shall be and
remain in full force and effect. The execution of this Amendment shall in no
manner constitute a waiver or extinguishment of any
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rights of the Buyer under the Existing Repurchase Agreement and all such rights
are hereby reserved.
[SIGNATURE PAGE FOLLOWS]
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IN WITNESS WHEREOF, the parties have caused their names to be
signed hereto by their respective officers thereunto duly authorized as of the
day and year first above written.
BUYER:
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IXIS REAL ESTATE CAPITAL INC.
By: /s/ Anthony Malanga
-------------------------------------
Name: Anthony Malanga
Title: Managing Director
By: /s/ Christopher Hayden
-------------------------------------
Name: Christopher Hayden
Title: Managing Director
SELLER:
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AMERICAN HOME MORTGAGE CORP.
By: /s/ Stephen A. Hozie
-------------------------------------
Name: Stephen A. Hozie
Title: Executive Vice President &
Chief Financial Officer
AMERICAN HOME MORTGAGE INVESTMENT CORP.
By: /s/ Stephen A. Hozie
-------------------------------------
Name: Stephen A. Hozie
Title: Executive Vice President &
Chief Financial Officer
AMERICAN HOME MORTGAGE HOLDINGS, INC.
By: /s/ Stephen A. Hozie
-------------------------------------
Name: Stephen A. Hozie
Title: Executive Vice President &
Chief Financial Officer
AMERICAN HOME MORTGAGE ACCEPTANCE, INC.
By: /s/ Stephen A. Hozie
-------------------------------------
Name: Stephen A. Hozie
Title: Executive Vice President &
Chief Financial Officer
AMERICAN HOME MORTGAGE SERVICING, INC.
f/k/a COLUMBIA NATIONAL, INCORPORATED
By: /s/ Stephen A. Hozie
-------------------------------------
Name: Stephen A. Hozie
Title: Executive Vice President &
Chief Financial Officer