EIGHTH AMENDMENT TO CREDIT AGREEMENT
 
This EIGHTH AMENDMENT TO CREDIT AGREEMENT (this “Amendment”), made and entered
into as of March 31, 2006, is by and between MATRIX BANCORP, INC., a Colorado
corporation (the “Borrower”), the lenders from time to time party hereto (each a
“Lender” and collectively, the “Lenders”), and U.S. BANK NATIONAL ASSOCIATION
(“U.S. Bank”), as agent for the Lenders (in such capacity, together with any
successor agents appointed hereunder, the “Agent”).
 
RECITALS
 
A.    The Borrower, the Agent and the Lenders, entered into a Credit Agreement
dated as of December 27, 2000, as amended by a First Amendment to Credit
Agreement dated as of March 5, 2001, a Second Amendment to Credit Agreement
dated as of July 27, 2001, a Third Amendment to Credit Agreement dated as of
December 26, 2001, a Fourth Amendment to Credit Agreement dated as of March 31,
2002, a Fifth Amendment dated as of March 31, 2003, a Sixth Amendment dated as
of March 31, 2004 and a Seventh Amendment dated as of March 31, 2005 (as
amended, the “Credit Agreement”); and
 
B.    The Borrower desires to amend certain provisions of the Credit Agreement,
and the Lenders and Agent have agreed to make such amendments, subject to the
terms and conditions set forth in this Amendment.
 
AGREEMENT
 
NOW, THEREFORE, for good and valuable consideration, the receipt and adequacy of
which are hereby acknowledged, the parties hereto hereby covenant and agree to
be bound as follows:
 
Section 1.    Capitalized Terms. Capitalized terms used herein and not otherwise
defined herein shall have the meanings assigned to them in the Credit Agreement,
unless the context shall otherwise require.
 
Section 2.    Amendments.
 
Section 2.1    Definitions. Section 1.1 of the Credit Agreement is amended by
deleting the definition of “Termination Date” as it appears therein and
substituting the following in lieu thereof:
 
“Termination Date”: The earliest of (a) June 30, 2006, (b) the date on which the
Revolving Commitments are terminated pursuant to Section 7.2 hereof or (c) the
date on which the Revolving Commitment Amounts are reduced to zero pursuant to
Section 2.8 hereof.
 
Section 3.    Effectiveness of Amendments. The amendments contained in this
Amendment shall become effective as of the date first above written provided the
Agent shall have received at least two (2) counterparts of this Amendment, duly
executed by the Borrower and all of the Lenders, and the Agent shall have
received the following, each duly executed or certified:
 

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Section 3.1    This Amendment duly executed by the Borrower.
 
Section 3.2    A copy of the resolutions of the Board of Directors of the
Borrower authorizing the execution, delivery and performance of this Amendment
certified as true and accurate by its Secretary or Assistant Secretary, along
with a certification by such Secretary or Assistant Secretary (i) certifying
that there has been no amendment to the Articles of Incorporation or Bylaws of
the Borrower since true and accurate copies of the same were previously
delivered to the Lender with a certificate of the secretary of the Borrower and
(ii) identifying each officer of the Borrower authorized to execute this
Amendment and any other instrument or agreement executed by the Borrower in
connection with this Amendment (collectively, the “Amendment Documents”), and
certifying as to specimens of such officer’s signature and such officer’s
incumbency in such offices as such officer holds.
 
Section 3.3    The Consent and Agreement of Guarantors, in the form prescribed
by the Agent, duly executed by each Guarantor.
 
Section 3.4    The Borrower shall have satisfied such other conditions as
specified by the Agent and the Lenders, including payment of all unpaid legal
fees and expenses incurred by the Agent through the date of this Amendment in
connection with the Credit Agreement and the Amendment Documents.
 
Section 4.    [Reserved]. 
 
Section 5.    Representations, Warranties, Authority, No Adverse Claim.
 
Section 5.1    Reassertion of Representations and Warranties, No Default. The
Borrower hereby represents that on and as of the date hereof and after giving
effect to this Amendment (a) all of the representations and warranties contained
in the Credit Agreement are true, correct and complete in all respects as of the
date hereof as though made on and as of such date, except for changes permitted
by the terms of the Credit Agreement, and (b) there will exist no Default or
Event of Default under the Credit Agreement as amended by this Amendment on such
date which has not been waived by the Agent and the Lenders.
 
Section 5.2    Authority, No Conflict, No Consent Required. The Borrower
represents and warrants that the Borrower has the power and legal right and
authority to enter into the Amendment Documents and has duly authorized as
appropriate the execution and delivery of the Amendment Documents and other
agreements and documents executed and delivered by the Borrower in connection
herewith or therewith by proper corporate action, and none of the Amendment
Documents nor the agreements contained herein or therein contravenes or
constitutes a default under any agreement, instrument or indenture to which the
Borrower is a party or a signatory or a provision of the Borrower’s Articles of
Incorporation, Bylaws or any other agreement or requirement of law in which the
consequences of such default or violation could have a material adverse effect
on the business, operations, properties, assets or condition (financial or
otherwise) of the Borrower and its Subsidiaries taken as a whole, or result in
the imposition of any Lien on any of its property under any agreement binding on
or applicable to the Borrower or any of its property except, if any, in favor of
the Agent on behalf of the Lenders. The Borrower represents and warrants that no
consent, approval or authorization of or registration or declaration with any
Person, including but not limited to any governmental authority, is required in
connection with the execution and delivery by the Borrower of the Amendment
Documents or other agreements and documents executed and delivered by the
Borrower in connection therewith or the performance of obligations of the
Borrower therein described, except for those which the Borrower has obtained or
provided and as to which the Borrower has delivered certified copies of
documents evidencing each such action to the Agent.
 
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Section 5.3    No Adverse Claim. The Borrower warrants, acknowledges and agrees
that no events have taken place and no circumstances exist at the date hereof
which would give the Borrower a basis to assert a defense, offset or
counterclaim to any claim of the Agent or the Lenders with respect to the
Obligations or the Borrower’s obligations under the Credit Agreement as amended
by this Amendment.
 
Section 6.    Affirmation of Credit Agreement, Further References. The Agent,
the Lenders, and the Borrower each acknowledge and affirm that the Credit
Agreement, as hereby amended, is hereby ratified and confirmed in all respects
and all terms, conditions and provisions of the Credit Agreement, except as
amended by this Amendment, shall remain unmodified and in full force and effect.
All references in any document or instrument to the Credit Agreement are hereby
amended and shall refer to the Credit Agreement as amended by this Amendment.
All of the terms, conditions, provisions, agreements, requirements, promises,
obligations, duties, covenants and representations of the Borrower under such
documents and any and all other documents and agreements entered into with
respect to the obligations under the Credit Agreement are incorporated herein by
reference and are hereby ratified and affirmed in all respects by the Borrower.
 
Section 7.    Merger and Integration, Superseding Effect. This Amendment, from
and after the date hereof, embodies the entire agreement and understanding
between the parties hereto and supersedes and has merged into this Amendment all
prior oral and written agreements on the same subjects by and between the
parties hereto with the effect that this Amendment, shall control with respect
to the specific subjects hereof and thereof.
 
Section 8.    Severability. Whenever possible, each provision of this Amendment
and the other Amendment Documents and any other statement, instrument or
transaction contemplated hereby or thereby or relating hereto or thereto shall
be interpreted in such manner as to be effective, valid and enforceable under
the applicable law of any jurisdiction, but, if any provision of this Amendment,
the other Amendment Documents or any other statement, instrument or transaction
contemplated hereby or thereby or relating hereto or thereto shall be held to be
prohibited, invalid or unenforceable under the applicable law, such provision
shall be ineffective in such jurisdiction only to the extent of such
prohibition, invalidity or unenforceability, without invalidating or rendering
unenforceable the remainder of such provision or the remaining provisions of
this Amendment, the other Amendment Documents or any other statement, instrument
or transaction contemplated hereby or thereby or relating hereto or thereto in
such jurisdiction, or affecting the effectiveness, validity or enforceability of
such provision in any other jurisdiction.
 
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Section 9.    Successors. The Amendment Documents shall be binding upon the
Borrower, the Lenders, and the Agent and their respective successors and
assigns, and shall inure to the benefit of the Borrower, the Lenders, and the
Agent and the successors and assigns of the Lenders and the Agent.
 
Section 10.    Legal Expenses. As provided in Section 9.2 of the Credit
Agreement, the Borrower agrees to reimburse the Agent, upon execution of this
Amendment, for all reasonable out-of-pocket expenses (including attorney’ fees
and legal expenses of Dorsey & Whitney LLP, counsel for the Agent) incurred in
connection with the Credit Agreement, including in connection with the
negotiation, preparation and execution of the Amendment Documents and all other
documents negotiated, prepared and executed in connection with the Amendment
Documents, and in enforcing the obligations of the Borrower under the Amendment
Documents, and to pay and save the Agent and the Lenders harmless from all
liability for, any stamp or other taxes which may be payable with respect to the
execution or delivery of the Amendment Documents, which obligations of the
Borrower shall survive any termination of the Credit Agreement.
 
Section 11.    Headings. The headings of various sections of this Amendment have
been inserted for reference only and shall not be deemed to be a part of this
Amendment.
 
Section 12     Counterparts. The Amendment Documents may be executed in several
counterparts as deemed necessary or convenient, each of which, when so executed,
shall be deemed an original, provided that all such counterparts shall be
regarded as one and the same document, and either party to the Amendment
Documents may execute any such agreement by executing a counterpart of such
agreement.
 
Section 13.    Governing Law. THE AMENDMENT DOCUMENTS SHALL BE GOVERNED BY THE
INTERNAL LAWS OF THE STATE OF MINNESOTA, WITHOUT GIVING EFFECT TO CONFLICT OF
LAW PRINCIPLES THEREOF, BUT GIVING EFFECT TO FEDERAL LAWS APPLICABLE TO NATIONAL
BANKS, THEIR HOLDING COMPANIES AND THEIR AFFILIATES.
 

 
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IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be executed
as of the date and year first above written.

        MATRIX BANCORP, INC.  
   
   
    By:      

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Name: David W. Kloos   Title: SVP and CFO

 

        U.S. BANK NATIONAL ASSOCIATION  
   
   
    By:      

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Name: Randy S. Baker
  Title: Vice President

 

[Signature Page to Eighth Amendment to Credit Agreement]
 
S - 1

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CONSENT AND AGREEMENT BY GUARANTORS
 
This Consent and Agreement by Guarantors (“Consent”) is made by the undersigned
(each a “Guarantor,” and collectively, the “Guarantors”), in favor of U.S. BANK
NATIONAL ASSOCIATION, a national banking association, as Agent for the Lenders
party to the Credit Agreement described below (the “Agent”), and such Lenders
and is dated as of March 31, 2006.
 
WHEREAS, each Guarantor executed a Guaranty (“Guaranty”) in favor of the Agent
and the Lenders dated as of December 27, 2000, by which Guarantor guaranteed the
obligations of Matrix Bancorp, Inc., a Colorado corporation, (the “Borrower”) to
the Agent and the Lenders, including, without limitation, the Borrower’s
obligations to the Agent and the Lenders under that certain Credit Agreement
dated as of December 27, 2000 by and between the Borrower, the Lenders party
thereto and the Agent (the “Credit Agreement”);
 
WHEREAS, the Borrower desires to amend the Credit Agreement to modify certain
provisions of the Credit Agreement pursuant to a Eighth Amendment to Credit
Agreement of even date herewith by and between the Borrower, the Lenders party
to the Credit Agreement, and the Agent (the “Amendment”);
 
WHEREAS, the Agent has refused to execute the Amendment unless the Guarantors
execute this Consent;
 
NOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency
of which are hereby acknowledged, and to induce the Agent and the Lenders to
amend certain provisions of the Credit Agreement, and in consideration of their
doing so, the Guarantors hereby acknowledge and consent to the amendments to the
Credit Agreement as provided under the Amendment, substantially in the form
previously provided to the Guarantors, and agree that all obligations of the
Borrower under the Credit Agreement as amended by the Amendment are subject to
their respective Guaranty.
 
Each Guarantor acknowledges and agrees that this Consent shall not in any way
extinguish any of the obligations of the Guarantor under the Guaranty, which
obligations shall continue and shall not in any circumstances be terminated,
extinguished or discharged hereby, but the terms of such Guaranty continue in
full force and effect.
 
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IN WITNESS WHEREOF, this Consent has been duly executed by the undersigned the
day and year first above written.
 

        EQUI-MOR HOLDINGS, INC.  
   
   
    By:      

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  Its  

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        MATRIX FUNDING CORPORATION  
   
   
    By:   /s/   

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Its

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MATRIX BANCORP TRADING, INC. (f/k/a Matrix Capital Markets, Inc.)
 
   
   
    By:      

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Its

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        MATRIX REALTY CORP. (f/k/a Matrix Asset Management Corp.)  
   
   
    By:      

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Its

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SECRETARY’S CERTIFICATE
 
I, _____________________, hereby certify to U.S. Bank National Association, as
“Agent” on behalf of the “Lenders” (as such terms are defined in the Credit
Agreement), on behalf of Matrix Bancorp, Inc., a Colorado corporation (the
“Company”), as follows:
 
1.    I am the duly elected and acting Secretary of the Company.
 
2.    The resolutions adopted by the Board of Directors of the Company on
December 27, 2000, a true, complete, and correct copy of which were attached to
a certificate of the Secretary of the Company dated December 27, 2000, remain in
full force and effect as of the date hereof. Such resolutions authorize the
execution and delivery by the officers of the Company listed in paragraph 4
below of the Eighth Amendment to the Credit Agreement dated as of March 31, 2006
and the other Amendments Documents (as defined in such Eighth Amendment) to
which the Company is a party.
 
3.    There has been no amendment to the Articles of Incorporation or Bylaws of
the Company since true and accurate copies of the same were delivered to the
Bank with a certificate of the Secretary of the Company dated December 27, 2000.
 
4.    The following persons are duly elected and acting incumbents in the
corporate offices indicated, and the signature set forth opposite the name of
each such person is the true and genuine specimen signature of such person:
 
 

Name and Title  
Signature
      T. Allen McConnell     Senior Vice President       David W. Kloos  
Chief Financial Officer
      IN WITNESS WHEREOF, I have executed this Secretary’s Certificate this ___
day of ____________, 2006.

 

         
____________________________________
Name: ______________________________
Title: Secretary