Document:

<PAGE>
                                                                   EXHIBIT 10.86

                              AMENDMENT NUMBER ONE
      to the Master Mortgage Loan Purchase and Interim Servicing Agreement
                           dated as of August 1, 2003
                                 by and between
                      THE NEW YORK MORTGAGE COMPANY L.L.C.
                                       and
                   GREENWICH CAPITAL FINANCIAL PRODUCTS, INC.

            This AMENDMENT NUMBER ONE is made this 24th day of November, 2003,
by and between THE NEW YORK MORTGAGE COMPANY L.L.C., having an address at 1301
Avenue of the Americas, 7th Floor, New York, New York 10019, (the "Seller") and
GREENWICH CAPITAL FINANCIAL PRODUCTS, INC., having an address at 600 Steamboat
Road, Greenwich, Connecticut 06830 (the "Purchaser"), to the Master Mortgage
Loan Purchase and Interim Servicing Agreement, dated as of August 1, 2003, by
and between the Seller and the Purchaser, as amended (the "Agreement").
Capitalized terms used but not otherwise defined herein shall have the meanings
assigned to such terms in the Agreement.

                                    RECITALS

            WHEREAS, the Purchaser and the Seller desire to amend the Agreement,
subject to the terms hereof, to modify the Agreement as specified herein with
respect to any pools of Mortgage Loans purchased by the Purchaser on or after
November 24, 2003;

            WHEREAS, the Purchaser and the Seller have agreed to amend the
Agreement as set forth herein; and

            WHEREAS, the Purchaser and the Seller each have agreed to execute
and deliver this Amendment Number One on the terms and conditions set forth
herein.

            NOW THEREFORE, for good and valuable consideration, the receipt and
sufficiency of which are hereby acknowledged, and of the mutual covenants herein
contained, the parties hereto hereby agree as follows:

      SECTION 1. Amendments.

      (a) Effective as of November 24, 2003, Section 7.02 of the Agreement is
hereby amended by deleting subpart (lx) thereof and replacing it with the
following:

            (lx) No Mortgage Loan is secured by real property or secured by a
manufactured home located in the state of Georgia unless (x) such Mortgage Loan
was originated prior to October 1, 2002 or after March 6, 2003, or (y) the
property securing the Mortgage Loan is not, nor will be, occupied by the
Mortgagor as the Mortgagor's principal dwelling. No Mortgage Loan is a "High
Cost Home Loan" as defined in the Georgia Fair Lending Act, as amended (the
"Georgia Act") or the New York Banking Law 6-1. Each Mortgage Loan that is a
"Home Loan" under the Georgia Act complies with all applicable provisions of the
Georgia Act. No Mortgage Loan secured by owner occupied real property or an
<PAGE>
owner occupied manufactured home located in the State of Georgia was originated
(or modified) on or after October 1, 2002 through and including March 6, 2003;

      (b) Effective as of ____, 2003, Section 7.02 of the Agreement is hereby
amended by deleting the word "and" at the end of subpart (lxiii) thereof, and
deleting the "." at the end of subpart (lxiv) thereof and by adding the
following subparts immediately following such subpart (lxiv):

            (lxv) With respect to each Mortgage Loan, the Seller has fully and
accurately furnished complete information on the related borrower credit files
to Equifax, Experian and Trans Union Credit Information Company, in accordance
with the Fair Credit Reporting Act and its implementing regulations, on a
monthly basis and the Seller for each Loan will furnish, in accordance with the
Fair Credit Reporting Act and its implementing regulations, accurate and
complete information on its borrower credit files to Equifax, Experian, and
Trans Union Credit Information Company, on a monthly basis;

            (lxvi) No Mortgage Loan (a) is secured by property located in the
State of New York; (b) had an unpaid principal balance at origination of
$300,000 or less, and (c) has an application date on or after April 1, 2003, the
terms of which Mortgage Loan equal or exceed either the APR or the points and
fees threshold for "high-cost home loans", as defined in Section 6-L of the New
York State Banking Law;

            (lxvii) The Seller will transmit full-file credit reporting data for
each Mortgage Loan pursuant to Fannie Mae Guide Announcement 95-19 and for each
Mortgage Loan, Seller agrees it shall report one of the following statuses each
month as follows: new origination, current, delinquent (30-, 60-, 90-days,
etc.), foreclosed, or charged-off;

            (lxviii) No Mortgage Loan is a "High Cost Home Loan" as defined in
the Arkansas Home Loan Protection Act effective July 16, 2003 (Act 1340 or
2003);

            (lxix) No Mortgage Loan is a "High Cost Home Loan" as defined in the
Kentucky high-cost loan statute effective June 24, 2003 (Ky. Rev. Stat. Section
360.100);

            (lxx) No Mortgage Loan secured by property located in the State of
Nevada is a "home loan" as defined in the Nevada Assembly Bill No. 284;

            (lxxi) No Mortgage Loan is a "manufactured housing loan" pursuant to
the NJ Act, and one hundred percent of the amount financed of any purchase money
Second Lien Mortgage Loan subject to the NJ Act was used for the purchase of the
related Mortgaged Property. No Mortgage Loan is a "High-Cost Home Loan" as
defined in the New Jersey Home Ownership Act effective November 27, 2003
(N.J.S.A. 46;10B-22 et seq.) ;

            (lxxii) Each Mortgage Loan constitutes a "qualified mortgage" under
Section 860G(a)(3)(A) of the Code and Treasury Regulation Section
1.860G-2(a)(1);

            (lxxiii) No Mortgage Loan is a subsection 10 mortgage under the
Oklahoma Home Ownership and Equity protection Act;

                                       2
<PAGE>
            (lxxiv) No Mortgage Loan is a "High-Cost Home Loan" as defined in
the New Mexico Home Loan Protection Act effective January 1, 2004 (N.M. Stat.
Ann. Sections 58-21A-1 et seq.); and

            (lxxv) No Mortgage Loan is a "High-Risk Home Loan" as defined in the
Illinois High-Risk Home Loan Act effective January 1, 2004 (815 Ill. Comp. Stat.
137/1 et seq.).

      SECTION 2. Defined Terms. Any terms capitalized but not otherwise defined
herein shall have the respective meanings set forth in the Agreement.

      SECTION 3. Limited Effect. Except as amended hereby, the Agreement shall
continue in full force and effect in accordance with its terms. Reference to
this Amendment need not be made in the Agreement or any other instrument or
document executed in connection therewith, or in any certificate, letter or
communication issued or made pursuant to, or with respect to, the Agreement, any
reference in any of such items to the Agreement being sufficient to refer to the
Agreement as amended hereby.

      SECTION 4. Governing Law. This Amendment Number One shall be construed in
accordance with the laws of the State of New York and the obligations, rights,
and remedies of the parties hereunder shall be determined in accordance with
such laws without regard to conflict of laws doctrine applied in such state
(other than Section 5-1401 of the New York General Obligations Law).

      SECTION 5. Counterparts. This Amendment Number One 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.

                            [SIGNATURE PAGE FOLLOWS]

                                       3
<PAGE>
            IN WITNESS WHEREOF, the Seller and the Purchaser have caused this
Amendment Number One to be executed and delivered by their duly authorized
officers as of the day and year first above written.

                                     THE NEW YORK MORTGAGE COMPANY L.L.C.
                                                (Seller)

                                     By: /s/ Steven B. Schnall
                                        ---------------------------------------
                                     Name: Steven B. Schnall
                                          -------------------------------------
                                     Title: President
                                           ------------------------------------

                                     GREENWICH CAPITAL FINANCIAL PRODUCTS, INC.
                                                (Purchaser)

                                     By: /s/ Anthony Palmisano
                                        ---------------------------------------
                                     Name: Anthony Palmisano
                                          -------------------------------------
                                     Title: Vice President
                                           ------------------------------------

                                       4<PAGE>
                                                                   Exhibit 10.87

                                                                  EXECUTION COPY

                              AMENDED AND RESTATED
                             CONTRIBUTION AGREEMENT

                                  BY AND AMONG

                               STEVEN B. SCHNALL,

                  STEVEN B. SCHNALL ANNUITY TRUST U/A 3/23/04,

                                JOSEPH V. FIERRO

                                       AND

              2004 JOSEPH V. FIERRO GRANTOR RETAINED ANNUITY TRUST,

                              AS THE CONTRIBUTORS,

                                       AND

                          NEW YORK MORTGAGE TRUST, INC.
                             A MARYLAND CORPORATION,

                                 AS THE ACQUIRER

<PAGE>

                                TABLE OF CONTENTS

                                                                            Page

ARTICLE I THE CONTRIBUTION.................................................... 2
         1.1        Contribution of Contributed Interests..................... 2
         1.2        Consideration............................................. 2
         1.3        Earn-Out Provision........................................ 2
         1.4        Payment and Delivery Instructions......................... 3
         1.5        Tax Treatment of Transaction.............................. 4

ARTICLE II REPRESENTATIONS, WARRANTIES, COVENANTS AND OTHER AGREEMENTS........ 4
         2.1        Representations and Warranties by Acquirer................ 4
         2.2        Representations and Warranties by Contributors............ 5
         2.3        Covenants by Contributors................................. 7
         2.4        Satisfaction of Conditions................................ 7
         2.5        Acquirer's Indemnity...................................... 7

ARTICLE III CONDITIONS PRECEDENT TO THE CLOSING............................... 8
         3.1        Conditions to Acquirer's Obligations...................... 8
         3.2        Conditions to Contributors' Obligations................... 8

ARTICLE IV CLOSING AND CLOSING DOCUMENTS...................................... 9
         4.1        Closing................................................... 9
         4.2        Contributors' Deliveries.................................. 9
         4.3        Acquirer's Deliveries..................................... 9
         4.4        Fees and Expenses; Closing Costs.......................... 9

ARTICLE V MISCELLANEOUS...................................................... 10
         5.1        Notices.................................................. 10
         5.2        Entire Agreement; Modifications and Waivers;
                      Cumulative Remedies ................................... 11
         5.3        Exhibits................................................. 11
         5.4        Successors and Assigns................................... 11
         5.5        Article Headings......................................... 12
         5.6        Governing Law............................................ 12
         5.7        Counterparts............................................. 12
         5.8        Survival................................................. 12
         5.9        Further Acts............................................. 12
         5.10       Severability............................................. 12
         5.11       Attorneys' Fees.......................................... 13
         5.12       Confidentiality.......................................... 13
EXHIBITS
         A          Form of Assignment of Membership Interest

<PAGE>

                             CONTRIBUTION AGREEMENT

         THIS AMENDED AND RESTATED CONTRIBUTION AGREEMENT (this "Agreement") is
made as of the 25th day of March, 2004, by and among STEVEN B. SCHNALL, an
individual ("Schnall"), the STEVEN B. SCHNALL ANNUITY TRUST U/A 3/23/03, a
Delaware Trust (the "Schnall Trust"), JOSEPH V. FIERRO, an individual
("Fierro"), and 2004 JOSEPH V. FIERRO GRANTOR RETAINED ANNUITY TRUST, a Delaware
Trust (the "Fierro Trust") (Schnall, the Schnall Trust, Fierro and the Fierro
Trust collectively are the "Contributors"); and NEW YORK MORTGAGE TRUST, INC., a
Maryland corporation (the "Acquirer").

                                    RECITALS

         A. The New York Mortgage Company, LLC, a New York limited liability
company (the "Company"), was formed in 1998 as the result of a combination of
the assets and staff of its two principals' predecessor firms, New York Mortgage
Corp. and First Security Financial Services Inc. The Company is governed by the
terms of that certain Amended and Restated Operating Agreement of the Company
dated as of June 30, 1999, as amended as of August 31, 2003 and as further
amended as of March 25, 2004 (the "LLC Agreement") by and among the
Contributors.

         B. Schnall is the owner of a 53.05% membership interest in the Company
(the "Schnall Interest"). The Schnall Trust is the owner of 16.95% membership
interest in the Company (the "Schnall Trust Interest"). Schnall is the trustee
of the Schnall Trust with full discretionary dispositive power with respect to
the Schnall Trust Interest. Fierro is the owner of a 25.16% membership interest
in the Company (the "Fierro Interest"). The Fierro Trust is the owner of a 4.84%
membership interest in the Company (the "Fierro Trust Interest"). Fierro is the
trustee of the Fierro Trust with full discretionary dispositive power with
respect to the Fierro Trust Interest. Collectively, the Contributors are the
record and beneficial owners of 100% of the membership interests in the Company
(the "Contributed Interests"). The Contributors desire to contribute the
Contributed Interests to the Acquirer, and the Acquirer desires to acquire the
Contributed Interests from the Contributors, on the terms and conditions
hereinafter set forth.

         C. This Agreement amends and restates that certain Contribution
Agreement, dated December 22, 2003, by and among Steven B. Schnall and Joseph V.
Fierro and New York Mortgage Trust, Inc.

                                    AGREEMENT

         NOW, THEREFORE, for and in consideration of the mutual covenants herein
contained, the parties hereto agree as follows:

                                      - 1 -

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                                   ARTICLE I

                                THE CONTRIBUTION

1.1      Contribution of Contributed Interests.

         The Contributors agree to contribute and transfer the Contributed
Interests to the Acquirer, and the Acquirer agrees to accept transfer of the
Contributed Interests pursuant to the terms and conditions set forth in this
Agreement. The Contributed Interests shall be transferred to the Acquirer free
and clear of all liens, encumbrances, security interests, prior assignments or
conveyances, conditions, restrictions, claims, and other matters affecting title
thereto.

1.2      Consideration.

         The total consideration (the "Consideration") for which the
Contributors agree to contribute and assign the Contributed Interests to the
Acquirer, and which the Acquirer agrees to pay or deliver to the Contributors,
subject to the terms of this Agreement, shall be,

         (a) to Schnall, Two Million One Hundred and Ninety Thousand Five
Hundred and Ninety Nine (2,190,599) shares of common stock of the Acquirer, par
value $0.01 per share ("Common Stock");

         (b) to the Schnall Trust, Six Hundred and Ninety Nine Thousand Nine
Hundred and Eighteen (699,918) shares of Common Stock;

         (c) to Fierro, One Million Thirty Eight Thousand Nine Hundred Ninety
Four (1,038,934) shares of Common Stock; and

         (d) to the Fierro Trust, One Hundred and Ninety Nine Thousand Eight
Hundred Fifty Nine (199,859) shares of Common Stock.

1.3      Earn-Out Provision.

         Notwithstanding anything to the contrary contained herein, 530,500 of
the shares of Common Stock issuable to Schnall under Section 1.2(a) (the
"Escrowed Schnall Shares"), 169,500 of the shares of Common Stock issuable to
the Schnall Trust under Section 1.2(b) (the "Escrowed Schnall Trust Shares"),
251,600 of the shares of Common Stock issuable to Fierro under Section 1.2(c)
(the "Escrowed Fierro Shares") and 48,400 of the shares of Common Stock issuable
to the Fierro Trust under Section 1.2(d) (the "Escrowed Fierro Trust Shares")
will be deposited into a an escrow account with an independent third party
escrow agent that is mutually acceptable to the parties hereto and held in such
escrow account until the first to occur of (i) the date on which one of the
conditions set forth below in clauses (a), (b) or (c) of this Section 1.3 is
satisfied and (ii) the date on which none of the conditions is capable of being
satisfied (the "Escrow Period"). During the Escrow Period, Schnall, the Schnall
Trust, Fierro and the Fierro Trust shall not be permitted to, directly or
indirectly, sell, offer, pledge, contract or grant any option to sell (including
without limitation any short sale), loan, transfer, establish an open "put
equivalent position" within the meaning of Rule 16a-1(h) under the Securities
Exchange Act of 1934, as amended, or otherwise dispose of, or grant any rights
with respect to, any of such

                                      - 2 -

<PAGE>

Escrowed Schnall Shares, Escrowed Schnall Trust Shares, Escrowed Fierro Shares
or Escrowed Fierro Trust Shares, or options or warrants to acquire any such
shares, or publicly announce an intention to do any of the foregoing. The
foregoing restrictions shall lapse automatically upon satisfaction of the first
to be satisfied of the conditions set forth below in clauses (a), (b) or (c) of
this Section 1.3, such satisfaction to be evidenced by written instructions from
the Acquirer accompanied by copies of the relevant audited financial statements
of the Acquirer and the relevant written report or reports of the Mortgage
Bankers Association of America (the "MBAA") or, if the MBAA is no longer
publishing such reports, by another nationally recognized trade association or
reporting institution or agency that is mutually acceptable to the parties
hereto, and the escrow agent shall promptly deliver the Escrowed Schnall Shares
directly to Schnall, the Escrowed Schnall Trust Shares directly to the Schnall
Trust, the Escrowed Fierro Shares directly to Fierro and the Escrowed Fierro
Trust Shares directly to the Fierro Trust after receipt of such written
instructions, financial statements and reports. If none of the conditions is
satisfied by the time the Acquirer's audited financial statements for the year
ended December 31, 2005 are delivered by the Acquirer's independent auditors to
the Acquirer, the Escrowed Schnall Shares, the Escrowed Schnall Trust Shares,
the Escrowed Fierro Shares and the Escrowed Fierro Trust Shares will be
delivered by the escrow agent directly to the Acquirer's transfer agent and
registrar with written instructions by the transfer agent, co-signed by the
Acquirer, to cancel such shares. Schnall, the Schnall Trust, Fierro and the
Fierro Trust shall be entitled to receive dividends on the Escrowed Schnall
Shares, the Escrowed Schnall Trust Shares, the Escrowed Fierro Shares and the
Escrowed Fierro Trust Shares, respectively, during the Escrow Period.

         (a) The dollar amount of NYMC's and its affiliates' total mortgage loan
originations during the 2004 calendar year, as a percentage of the dollar amount
of NYMC's and its affiliates' total mortgage loan originations during the 2003
calendar year, exceed the dollar amount of the total industry-wide mortgage loan
originations in the United States during the 2004 calendar year, as a percentage
of the dollar amount of the total industry-wide mortgage loan originations in
the United States during the 2003 calendar year (as reported by the MBAA); or

         (b) The dollar amount of NYMC's and its affiliates' total mortgage loan
originations during the 2004 calendar year exceed the dollar amount of NYMC's
and its affiliates' total mortgage loan originations during the 2003 calendar
year; or, if neither of the conditions set forth in (a) or (b) is satisfied,
then

         (c) The dollar amount of NYMC's and its affiliates' total mortgage loan
originations during the 2004 and 2005 calendar years, as a percentage of the
dollar amount of NYMC's and its affiliates' total mortgage loan originations
during the 2003 calendar year, exceed the dollar amount of the total
industry-wide mortgage loan originations in the United States during the 2004
and 2005 calendar years, as a percentage of the dollar amount of the total
industry-wide mortgage loan originations in the United States during the 2003
calendar year (as reported by the MBAA).

1.4      Payment and Delivery Instructions.

         Schnall, for himself and the Schnall Trust, and Fierro, for himself and
the Fierro Trust, shall each provide written instructions to the Acquirer at
least 48 hours prior to the Closing

                                      - 3 -

<PAGE>

setting out delivery instructions for the delivery of the shares of Common Stock
issuable pursuant to Section 1.2(a), Section 1.2(b), Section 1.2(c) and Section
1.2(d), respectively.

1.5      Tax Treatment of Transaction.

         Notwithstanding anything to the contrary contained in this Agreement,
including without limitation the use of words and phrases such as "sell,"
"sale," purchase," and "pay," the parties hereto acknowledge and agree that it
is their assumption and intention that the transaction contemplated hereby shall
be treated for federal income tax purposes as a tax-free nonrecognition
transaction under Section 351 or 354 of the Internal Revenue Code of 1986, as
amended (the "Code"). The parties further agree to cooperate with each other in
preparing any tax returns, statements, and forms consistent with that assumption
and necessary or appropriate to effectuate that intention.

                                   ARTICLE II

           REPRESENTATIONS, WARRANTIES, COVENANTS AND OTHER AGREEMENTS

2.1      Representations and Warranties by Acquirer.

         The Acquirer hereby represents and warrants to the Contributors as of
the date of this Agreement and as of the Closing Date as follows:

         (a) Organization and Power. The Acquirer is duly organized, validly
existing, and in good standing under the laws of the State of Maryland, and has
full right, power, and authority to enter into this Agreement and to assume and
perform all of its obligations under this Agreement; and, the execution and
delivery of this Agreement and the performance by the Acquirer of its
obligations hereunder have been duly authorized by all requisite action of the
Acquirer and require no further action or approval of the Acquirer's
stockholders or of any other individuals or entities in order to constitute this
Agreement as a binding and enforceable obligation of the Acquirer.

         (b) Noncontravention. Neither the entry into nor the performance of, or
compliance with, this Agreement by the Acquirer has resulted, or will result, in
any violation of, or default under, or result in the acceleration of, any
obligation under any existing mortgage, indenture, lien agreement, note,
contract, permit, judgment, decree, order, restrictive covenant, statute, rule,
or regulation applicable to the Acquirer.

         (c) Litigation. There is no action, suit, or proceeding, pending or
known to be threatened, against or affecting the Acquirer in any court or before
any arbitrator or before any federal, state, municipal, or other governmental
department, commission, board, bureau, agency or instrumentality which (i) in
any manner raises any question affecting the validity or enforceability of this
Agreement, (ii) could materially and adversely affect the business, financial
position, or results of operations of the Acquirer, (iii) could materially and
adversely affect the ability of the Acquirer to perform its obligations
hereunder, or under any document to be delivered pursuant hereto.

                                      - 4 -

<PAGE>

         (d) Shares of Common Stock Validly Issued. The shares of Common Stock,
when issued to Schnall, the Schnall Trust, Fierro and the Fierro Trust, will
have been duly and validly authorized and issued, free of any preemptive or
similar rights, and will be fully paid and nonassessable.

         (e) Consents. Except as may otherwise be set forth in Section 3.1
hereof, each consent, approval, authorization, order, license, certificate,
permit, registration, designation, or filing by or with any governmental agency
or body necessary for the execution, delivery, and performance of this Agreement
or the transactions contemplated hereby by the Acquirer has been obtained or
will be obtained on or before the Closing Date.

2.2      Representations and Warranties by Contributors.

         Each of the Contributors hereby severally, and not jointly, makes the
following representations and warranties as of the date of this Agreement as of
the Closing Date:

         (a) Ownership, Organization and Power. Schnall is the record and
beneficial owner of the Schnall Interest. The Schnall Trust is the record owner
of the Schnall Trust Interest and Schnall is the sole trustee of the Schnall
Trust with full discretionary dispositive power with respect to the Schnall
Trust Interest. Fierro is the record and beneficial owner of the Fierro
Interest. The Fierro Trust is the record owner of the Fierro Trust Interest and
Fierro is the sole trustee of the Fierro Trust with full discretionary
dispositive power with respect to the Fierro Trust Interest. Collectively, the
Schnall Interest, the Schnall Trust Interest, the Fierro Interest and the Fierro
Trust Interest comprise 100% of the outstanding equity interests in the Company
and there are no outstanding options, warrants, subscriptions or other rights to
acquire equity interests in the Company or agreements to issue any such options,
warrants, subscriptions or other rights. The Company is a limited liability
company, duly organized, validly existing, and in good standing under the laws
of the State of New York. The Contributors have full right, power, and authority
to enter into this Agreement and to assume and perform all of their respective
obligations under this Agreement; and the execution and delivery of this
Agreement and the performance by the Contributors of their respective
obligations hereunder have been duly authorized by all requisite action of the
Contributors and require no further action or approval of the Company.

         (b) Litigation. To the knowledge of the Contributors, there is no
action, suit, or proceeding, pending or known to be threatened, against or
affecting the Contributors or the Company in any court or before any arbitrator
or before any federal, state, municipal, or other governmental department,
commission, board, bureau, agency or instrumentality which (A) in any manner
raises any question affecting the validity or enforceability of this Agreement,
(B) could materially and adversely affect the business, financial position, or
results of operations of the Company, (C) could materially and adversely affect
the ability of the Contributor to perform their respective obligations
hereunder, or under any document to be delivered pursuant hereto, (D) could
create a lien on the Contributed Interests or any interest therein, or (E) could
materially and adversely affect the Contributed Interests or the Company or any
interest therein.

         (c) No Encumbrances. (A) The Contributed Interests are held by the
Contributors free and clear of all liens, encumbrances, pledges, conditions,
restrictions, claims

                                      - 5 -

<PAGE>

and security interests and any other matters affecting title thereto, other than
such liens, encumbrances, pledges, conditions, restrictions, claims or security
interests that will be terminated or released prior to the Closing Date, and (B)
the Contributors have not granted any other person or entity an option to
purchase or a right of first refusal with respect to the Contributed Interests
nor are there any agreements or understandings between the Contributors and any
other person or entity with respect to the disposition of the Contributed
Interests.

         (d) No Consents. Except as may otherwise be set forth in Section 3.1
hereof, each consent, approval, authorization, order, license, certificate,
permit, registration, designation, or filing by or with any governmental agency
or body necessary for the execution, delivery, and performance of this Agreement
or the transactions contemplated hereby by the Contributors have been obtained
or will be obtained on or before the Closing Date.

         (e) Tax Matters. (A) To the best of the know ledge of the Contributors,
(i) the Company has filed within the time periods (including any extensions of
such time periods filed by the Company) and in the manner prescribed by law all
federal, state, and local tax returns and reports, including but not limited to
income, gross receipts, intangible, real property, excise, withholding,
franchise, sales, use, employment, personal property, and other tax returns and
reports, required to be filed by the Company under the laws of the United States
and of each state or other jurisdiction in which the Company conducts business
activities requiring the filing of tax returns or reports, (ii) all tax returns
and reports filed by the Company are true and correct in all material respects,
(iii) the Company has paid in full all material taxes of whatever kind or nature
to be paid by the Company for the periods covered by such returns (unless an
extension of such periods has been properly filed for such returns), (iv) the
Company has no material tax deficiency or claim outstanding, assessed,
threatened, or proposed against it, (v) the charges, accruals, and reserves for
unpaid taxes on the books and records of the Company as of the Closing Date are
sufficient in all material respects for the payment of all unpaid federal,
state, and local taxes of the Company accrued for or applicable to all periods
ended on or before the Closing Date, (vi) there are no material tax liens,
whether imposed by the United States, any state, local, or other taxing
authority, outstanding against the Company or any of its assets, and (vii) the
federal, state, and local tax returns of the Company are not currently under
audit, nor has the Company received any notice of any federal, state, or local
audit.

              (B) The Contributors represent and warrant that the Company has
properly filed an Internal Revenue Service ("IRS") Form 8832 with the IRS
electing to be treated as a corporation for federal income tax purposes and that
such election became effective no later than January 1, 2004. The Contributors
further represent and warrant that the Company has filed or will file an IRS
Form 2553 with the IRS electing to be treated as an S corporation for federal
income tax purposes and that such election became effective no later than
January 1, 2004.

              (C) The Contributors represent and warrant that they have obtained
from their own counsel advice regarding the transaction contemplated by this
Agreement, including, without limitation, the tax consequences of the transfer
of the Contributed Interests to the Acquirer and the receipt of Common Stock
and/or cash as consideration therefor.

                                      - 6 -

<PAGE>

2.3      Covenants by Contributors.

         (a) Between the date hereof and the Closing Date, the Contributors will
(A) operate the Company only in the usual, regular, and ordinary manner
consistent with such entity's prior practice and (B) maintain the Company books
of account and records in the usual, regular, and ordinary manner, in accordance
with sound accounting principles applied on a basis consistent with the basis
used in keeping its books in prior years. From the date hereof until the Closing
Date, the Contributors shall not take any action or fail to take any action the
result of which would (1) have a material adverse effect on the Contributed
Interests, the Company or the Acquirer's ability to continue the operation
thereof after the Closing Date in substantially the same manner as presently
conducted or (2) would cause any of the representations and warranties contained
in Section 2.2 to be untrue as of the Closing Date.

         (b) The Contributors hereby covenant and agree to take all appropriate
and reasonable actions necessary or advisable to facilitate completion of the
IPO. The Contributors shall not knowingly take any action that could reasonably
be expected to have an adverse effect on the completion of the IPO.

2.4      Satisfaction of Conditions.

         The Acquirer hereby covenants and agrees that the Acquirer shall: (a)
use commercially reasonable efforts and diligence in order to satisfy all of the
conditions set forth in subsections 3.1(d), (e) and (h), and Section 3.2 hereof,
and (b) cooperate and assist in the Contributors' efforts to satisfy the
conditions set forth in subsection 3.1(c) hereof; and the Contributors shall not
have any obligation to consummate the Closing hereunder unless and until all
such conditions have been satisfied or waived by the Contributors in writing.
The Contributors hereby covenant and agree that they shall: (a) use commercially
reasonable efforts and diligence in order to satisfy all of the conditions set
forth in subsections 3.1(a), (b) and (c) hereof, and (B) cooperate and assist in
the Acquirer's efforts to satisfy the conditions set forth in subsections 3.1(d)
and subsection 3.2(c) hereof; and the Acquirer shall not have any obligation to
consummate the Closing hereunder unless and until such conditions have been
satisfied or waived by the Acquirer in writing.

2.5      Acquirer's Indemnity.

         The Acquirer agrees to indemnify and hold each of the Contributors
harmless of and from all liabilities, losses, damages, costs, claims,
obligations and expenses (including reasonable attorneys' fees) which either or
both of the Contributors may suffer or incur by reason of (a) any breach of the
Acquirer's representations, warranties, covenants or agreements contained in
this Agreement, (b) any act or cause of action occurring or accruing on or after
the Closing Date and arising from the ownership of the Contributed Interests or
the operation of the Company's business on or after the Closing Date and (c) any
guarantee by either or both of the Contributors in existence prior to or as of
the Closing Date of or relating to any liability or obligation of the Company
(the "Contributor Guarantees"). In addition, the Acquirer hereby agrees to take
all actions necessary to cause all Contributor Guarantees to be terminated or
released in full with any continuing liability or obligation on the part of the
Contributors as soon as reasonably practicable following the Closing Date.

                                      - 7 -

<PAGE>

                                  ARTICLE III

                       CONDITIONS PRECEDENT TO THE CLOSING

3.1      Conditions to Acquirer's Obligations.

         In addition to any other conditions set forth in this Agreement, the
Acquirer's obligation to consummate the Closing is subject to the timely
satisfaction of each and every one of the conditions and requirements set forth
in this Section 3.1, all of which shall be conditions precedent to the
Acquirer's obligations under this Agreement.

         (a) Contributors' Obligations. The Contributors shall have performed
all covenants, agreements and other obligations of the Contributors hereunder
which are to be performed prior to the Closing, and shall have delivered or
caused to be delivered to the Acquirer all of the documents and other
information required of the Contributors pursuant to Section 4.2.

         (b) Contributors' Representations and Warranties. The Contributors'
representations and warranties set forth in Section 2.2 shall be true and
correct as if made again on the Closing Date.

         (c) No Injunction. On the Closing Date, there shall be no effective
injunction, writ, preliminary restraining order or other order issued by a court
of competent jurisdiction restraining or prohibiting the consummation of the
transactions contemplated hereby.

         (d) Completion of IPO. The IPO shall have been completed.

3.2      Conditions to Contributors' Obligations.

         In addition to any other conditions set forth in this Agreement, the
Contributors' obligations to consummate the Closing are subject to the timely
satisfaction of each and every one of the conditions and requirements set forth
in this Section 3.2, all of which shall be conditions precedent to the
Contributors' obligations under this Agreement.

         (a) Acquirer's Obligations. The Acquirer shall have performed all
covenants, agreements and other obligations of the Acquirer hereunder which are
to be performed prior to the Closing, and shall have delivered or caused to be
delivered to the Contributor, all of the documents and other information
required of the Acquirer pursuant to Section 4.3.

         (b) Acquirer's Representations and Warranties. The Acquirer's
representations and warranties set forth in Section 2.1 shall be true and
correct as if made again on the Closing Date.

         (c) Completion of IPO. The IPO shall have been completed.

                                      - 8 -

<PAGE>

                                   ARTICLE IV

                          CLOSING AND CLOSING DOCUMENTS

4.1      Closing.

         The consummation and closing (the "Closing") of the transactions
contemplated under this Agreement shall take place at the offices of the
Acquirer in New York, New York, or such other place as is mutually agreeable to
the parties, on the date of the closing of the IPO (the "Closing Date");
provided, that this Agreement shall be terminated and the parties shall have no
obligations hereunder if the IPO closing does not occur by April 30, 2004.

4.2      Contributors' Deliveries.

         At the Closing, the Contributors shall deliver the following to the
Acquirer in addition to all other items required to be delivered to the Acquirer
by the Contributors:

         (a) Contribution and Assignment of Contributed Interests. Each
Contributor shall have executed and delivered a Contribution and Assignment, in
substantially the form of Exhibit A attached hereto, contributing, assigning,
granting and conveying to the Acquirer good and indefeasible title to the
Contributed Interests owned by such Contributor, free and clear of all liens,
encumbrances, security interests, prior assignments, conditions, restrictions,
claims, and other matters affecting title thereto.

         (b) Bring-Down Certificate. A certificate signed by both Contributors
that all conditions to the Acquirer's obligations set forth in Section 3.1
hereof have been satisfied.

4.3      Acquirer's Deliveries.

         At the Closing, the Acquirer shall deliver the following:

         (a) Certificates for Shares of Common Stock. If certificates are
issued, certificates representing shares of Common Stock duly issued by the
Acquirer in the name of the Contributors as of the Closing Date representing the
shares of Common Stock to which the Contributors are entitled pursuant to
Section 1.2 of this Agreement.

         (b) Bring-Down Certificate. A certificate signed by an authorized
officer of the Acquirer that all conditions to the Contributors' obligations set
forth in Section 3.2 hereof have been satisfied.

4.4      Fees and Expenses; Closing Costs.

         The Acquirer shall pay all fees, expenses and closing costs relating to
the transactions contemplated by this Agreement.

                                      - 9 -

<PAGE>

                                   ARTICLE V

                                  MISCELLANEOUS

5.1      Notices.

         Any notice provided for by this Agreement and any other notice, demand,
or communication required hereunder shall be in writing and either delivered in
person (including by confirmed facsimile transmission) or sent by hand delivered
against receipt or sent by recognized overnight delivery service or by certified
or registered mail, postage prepaid, with return receipt requested. All notices
shall be addressed as follows:

                  Acquirer:
                  ---------

                  New York Mortgage Trust, Inc.
                  1301 Avenue of the Americas
                  New York, New York  10019
                  Attention:  President
                  Fax No.: (212) 655-6269

                  with a copy to:
                  ---------------

                  Hunton & Williams LLP
                  Riverfront Plaza, East Tower
                  951 E. Byrd Street
                  Richmond, Virginia 23219
                  Attention:  Daniel M. LeBey, Esq.
                  Fax No.: (804) 788-8218

                  Contributors:
                  -------------

                  Steven B. Schnall
                  c/o The New York Mortgage Company, LLC
                  1301 Avenue of Americas
                  New York, New York  10019
                  Fax No.: (212) 634-9420

                  Steven B. Schnall Annuity Trust U/A March 23, 2004
                  c/o The New York Mortgage Company, LLC
                  1301 Avenue of Americas
                  New York, New York  10019
                  Fax No.: (212) 634-9420

                                     - 10 -

<PAGE>

                  Joseph V. Fierro
                  c/o The New York Mortgage Company, LLC
                  1301 Avenue of Americas
                  New York, New York  10019
                  Fax No.: (212) 634-9420

                  and

                  2004 Joseph V. Fierro Grantor Retained Annuity Trust
                  c/o The New York Mortgage Company, LLC
                  1301 Avenue of Americas
                  New York, New York  10019
                  Fax No.: (212) 634-9420

         Any address or name specified above may be changed by a notice given by
the addressee to the other party. Any notice, demand or other communication
shall be deemed given and effective as of the date of delivery in person or
receipt set forth on the return receipt. The inability to deliver because of
changed address of which no notice was given, or rejection or other refusal to
accept any notice, demand or other communication, shall be deemed to be receipt
of the notice, demand or other communication as of the date of such attempt to
deliver or rejection or refusal to accept.

5.2      Entire Agreement; Modifications and Waivers; Cumulative Remedies.

         This Agreement supersedes any existing letter of intent between the
parties, constitutes the entire agreement among the parties hereto and may not
be modified or amended except by instrument in writing signed by the parties
hereto, and no provisions or conditions may be waived other than by a writing
signed by the party waiving such provisions or conditions. No delay or omission
in the exercise of any right or remedy accruing to the Contributors or the
Acquirer upon any breach under this Agreement shall impair such right or remedy
or be construed as a waiver of any such breach theretofore or thereafter
occurring. The waiver by the Contributors or the Acquirer of any breach of any
term, covenant, or condition herein stated shall not be deemed to be a waiver of
any other breach, or of a subsequent breach of the same or any other term,
covenant, or condition herein contained. All rights, powers, options, or
remedies afforded to Contributors or the Acquirer either hereunder or by law
shall be cumulative and not alternative, and the exercise of one right, power,
option, or remedy shall not bar other rights, powers, options, or remedies
allowed herein or by law, unless expressly provided to the contrary herein.

5.3      Exhibits.

         All exhibits referred to in this Agreement and attached hereto are
hereby incorporated in this Agreement by reference.

5.4      Successors and Assigns.

                                     - 11 -

<PAGE>

         Upon the request of the Acquirer, the Contributors agree to transfer at
Closing the Contributed Interests (or portions thereof) to the Acquirer or to
one or more wholly-controlled affiliates of the Acquirer. Except as set forth
above or elsewhere in this Agreement, this Agreement may not be assigned by the
Acquirer or the Contributors without the prior approval of the other party
hereto. This Agreement shall be binding upon, and inure to the benefit of, the
Contributors, the Acquirer, and their respective legal representatives,
successors, and permitted assigns.

5.5      Article Headings.

         Article headings and article and section numbers are inserted herein
only as a matter of convenience and in no way define, limit, or prescribe the
scope or intent of this Agreement or any part hereof and shall not be considered
in interpreting or construing this Agreement.

5.6      Governing Law.

         This Agreement shall be construed and interpreted in accordance with
the laws of the State of New York, without regard to conflicts of laws
principles.

5.7      Counterparts.

         This Agreement may be executed in any number of counterparts and by any
party hereto on a separate counterpart, each of which when so executed and
delivered shall be deemed an original and all of which taken together shall
constitute but one and the same instrument.

5.8      Survival.

         All representations and warranties contained in this Agreement, and all
covenants and agreements contained in the Agreement which contemplate
performance after the Closing Date (including, without limitation, those
covenants and agreements contained in Section 2.5 hereof) shall survive the
Closing.

5.9      Further Acts.

         In addition to the acts, instruments and agreements recited herein and
contemplated to be performed, executed and delivered by the Acquirer and the
Contributors, the Acquirer and Contributors shall perform, execute, and deliver
or cause to be performed, executed, and delivered at the Closing or after the
Closing, any and all further acts, instruments, and agreements and provide such
further assurances as the other parties may reasonably require to consummate the
transaction contemplated hereunder.

5.10     Severability.

         In case any one or more of the provisions contained in this Agreement
shall for any reason be held to be invalid, illegal, or unenforceable in any
respect, such invalidity, illegality, or unenforceability shall not affect any
other provision hereof, and this Agreement shall be construed as if such
invalid, illegal, or unenforceable provision had never been contained herein.

                                     - 12 -

<PAGE>

5.11     Attorneys' Fees.

         Should a party employ an attorney or attorneys to enforce any of the
provisions hereof or to protect its interest in any manner arising under this
Agreement, or to recover damages for breach of this Agreement, any
non-prevailing party in any action pursued in a court of competent jurisdiction
(the finality of which is not legally contested) shall pay to the prevailing
party all reasonable costs, damages, and expenses, including reasonable
attorneys' fees, expended or incurred in connection therewith.

5.12     Confidentiality.

         The Contributors acknowledge that the matters relating to the Acquirer,
the IPO, this Agreement, and the other documents, terms, conditions and
information related thereto (collectively, the "Information") are confidential
in nature. Therefore, the Contributors covenant and agree to keep the
Information confidential and will not (except as required by applicable law,
regulation or legal process including applicable securities laws), without the
Acquirer's prior written consent, disclose any Information in any manner
whatsoever; provided, however, that the Information may be revealed only to the
Contributors' key employees, legal counsel and financial advisors, each of whom
shall be informed of the confidential nature of the Information and shall agree
to act in accordance with the terms of this Section 5.12. In the event that the
Contributors or their key employees, legal counsel or financial advisors
(collectively, the "Information Group") are requested pursuant to, or required
by, applicable law (other than in connection with the IPO), regulation or legal
process to disclose any of the Information, the applicable member of the
Information Group will notify the Acquirer promptly so that it may seek a
protective order or other appropriate remedy or, in its sole discretion, waive
compliance with the terms of this Section 5.12. In the event that no such
protective order or other remedy is obtained, or that the Acquirer waives
compliance with the terms of this Section 5.12, the applicable member of the
Information Group may furnish only that portion of the Information which it is
advised by counsel is legally required and will exercise all reasonable efforts
to obtain reliable assurance that confidential treatment will be accorded the
Information. The Contributors acknowledge that remedies at law may be inadequate
to protect the Acquirer against any actual or threatened breach of this Section
5.12, and, without prejudice to any other rights and remedies otherwise
available, the Contributors agree to the granting of injunctive relief in favor
of the Acquirer without proof of actual damages. Notwithstanding any other
express or implied agreement to the contrary, the parties agree and acknowledge
that each of them and each of their employees, representatives, and other agents
may disclose to any and all persons, without limitation of any kind, the tax
treatment and tax structure of the transaction and all materials of any kind
(including opinions or other tax analyses) that are provided to any of them
relating to such tax treatment and tax structure, except to the extent that
confidentiality is reasonably necessary to comply with U.S. federal or state
securities laws. For purposes of this paragraph, the terms "tax treatment" and
"tax structure" have the meanings specified in Treasury Regulation section
1.6011-4(c).

                  [REMAINDER OF PAGE INTENTIONALLY LEFT BLANK.]

                     [SIGNATURES APPEAR ON FOLLOWING PAGE.]

                                     - 13 -

<PAGE>

         IN WITNESS WHEREOF, this Agreement has been entered into effective as
of the 25th day of March, 2003.

         CONTRIBUTORS:           STEVEN B. SCHNALL, a member of The New York
                                 Mortgage Company, LLC

                                 /s/ Steven B. Schnall
                                 --------------------------------------------
                                 Member of The New York Mortgage Company, LLC

                                 STEVEN B. SCHNALL ANNUITY TRUST U/A
                                 MARCH 23,2004, a member of The New York
                                 Mortgage Company, LLC

                                 By: /s/ Steven B. Schnall
                                     ----------------------------------------
                                     Name:  Steven B. Schnall
                                     Title: Trustee

                                 JOSEPH V. FIERRO, a member of The New York
                                 Mortgage Company, LLC

                                 /s/ Joseph V. Fierro
                                     ----------------------------------------
                                 Member of The New York Mortgage Company, LLC

                                 2004 JOSEPH V. FIERRO GRANTOR RETAINED
                                 ANNUITY TRUST, a member of The New York
                                 Mortgage Company, LLC

                                 By: /s/ Joseph V. Fierro
                                     ----------------------------------------
                                     Name:  Joseph V. Fierro
                                     Title: Trustee

         ACQUIRER:               NEW YORK MORTGAGE TRUST, INC., a Maryland
                                 corporation

                                 By: /s/ David A. Akre
                                     ----------------------------------------
                                 Name:  David A. Akre
                                 Title: Co-Chief Executive Officer

                                     - 14 -

<PAGE>

                                    EXHIBIT A

                           CONTRIBUTION AND ASSIGNMENT

         Steven B. Schnall (the "Contributor"), the record and the beneficial
owner of a 53.05% limited liability company membership interest (the
"Contributed Interest") in The New York Mortgage Company, LLC, a New York
limited liability company, for good and valuable consideration paid to the
Contributor by New York Mortgage Trust, Inc., a Maryland corporation
("Assignee"), pursuant to the Amended and Restated Contribution Agreement dated
as of March 25, 2004, by and between the Contributors (as defined in such
Contribution Agreement) and Assignee (the "Agreement") and for other good and
valuable consideration, the receipt and adequacy of which are hereby
acknowledged, does hereby contribute, assign, transfer, convey and deliver to
the Assignee good and indefeasible title to the Contributed Interest, free and
clear of all liens, encumbrances, security interests, prior assignments,
conditions, restrictions, claims, and other matters affecting title thereto.

         Capitalized terms used but not defined herein shall have the respective
meanings ascribed to them in the Agreement.

         IN WITNESS WHEREOF, the parties hereto have caused this Contribution
and Assignment to be signed by a duly authorized officer this __ day of _______,
2004.

                                      CONTRIBUTOR

                                      STEVEN B. SCHNALL

                                      _____________________________

<PAGE>

                                    EXHIBIT A

                           CONTRIBUTION AND ASSIGNMENT

         Steven B. Schnall Annuity Trust U/A 3/23/04 (the "Contributor"), the
record owner of a 16.95% limited liability company membership interest (the
"Contributed Interest") in The New York Mortgage Company, LLC, a New York
limited liability company, for good and valuable consideration paid to the
Contributor by New York Mortgage Trust, Inc., a Maryland corporation
("Assignee"), pursuant to the Amended and Restated Contribution Agreement dated
as of March 25, 2004, by and between the Contributors (as defined in such
Contribution Agreement) and Assignee (the "Agreement") and for other good and
valuable consideration, the receipt and adequacy of which are hereby
acknowledged, does hereby contribute, assign, transfer, convey and deliver to
the Assignee good and indefeasible title to the Contributed Interest, free and
clear of all liens, encumbrances, security interests, prior assignments,
conditions, restrictions, claims, and other matters affecting title thereto.

         Capitalized terms used but not defined herein shall have the respective
meanings ascribed to them in the Agreement.

         IN WITNESS WHEREOF, the parties hereto have caused this Contribution
and Assignment to be signed by a duly authorized officer this ___ day of ______,
2004.

                                    CONTRIBUTOR

                                    STEVEN B. SCHNALL ANNUITY TRUST U/A 3/23/04

                                    By: ___________________________________
                                    Name:  Steven B. Schnall
                                    Title: Trustee

<PAGE>

                                    EXHIBIT A

                           CONTRIBUTION AND ASSIGNMENT

         Joseph V. Fierro (the "Contributor"), the record and the beneficial
owner of a 25.16% limited liability company membership interest (the
"Contributed Interest") in The New York Mortgage Company, LLC, a New York
limited liability company, for good and valuable consideration paid to the
Contributor by New York Mortgage Trust, Inc., a Maryland corporation
("Assignee"), pursuant to the Amended and Restated Contribution Agreement dated
as of March 25, 2004, by and between the Contributors (as defined in such
Contribution Agreement) and Assignee (the "Agreement") and for other good and
valuable consideration, the receipt and adequacy of which are hereby
acknowledged, does hereby contribute, assign, transfer, convey and deliver to
the Assignee good and indefeasible title to the Contributed Interest, free and
clear of all liens, encumbrances, security interests, prior assignments,
conditions, restrictions, claims, and other matters affecting title thereto.

         Capitalized terms used but not defined herein shall have the respective
meanings ascribed to them in the Agreement.

         IN WITNESS WHEREOF, the parties hereto have caused this Contribution
and Assignment to be signed by a duly authorized officer this __ day of _______,
2004.

                                      CONTRIBUTOR

                                      JOSEPH V. FIERRO

                                      _________________________________

<PAGE>

                                    EXHIBIT A

                           CONTRIBUTION AND ASSIGNMENT

         2004 Joseph V. Fierro Grantor Retained Annuity Trust (the
"Contributor"), the record owner of a 4.84% limited liability company membership
interest (the "Contributed Interest") in The New York Mortgage Company, LLC, a
New York limited liability company, for good and valuable consideration paid to
the Contributor by New York Mortgage Trust, Inc., a Maryland corporation
("Assignee"), pursuant to the Amended and Restated Contribution Agreement dated
as of March 25, 2004, by and between the Contributors (as defined in such
Contribution Agreement) and Assignee (the "Agreement") and for other good and
valuable consideration, the receipt and adequacy of which are hereby
acknowledged, does hereby contribute, assign, transfer, convey and deliver to
the Assignee good and indefeasible title to the Contributed Interest, free and
clear of all liens, encumbrances, security interests, prior assignments,
conditions, restrictions, claims, and other matters affecting title thereto.

         Capitalized terms used but not defined herein shall have the respective
meanings ascribed to them in the Agreement.

         IN WITNESS WHEREOF, the parties hereto have caused this Contribution
and Assignment to be signed by a duly authorized officer this ___ day of ______,
2004.

                                      CONTRIBUTOR

                                      2004 JOSEPH V. FIERRO GRANTOR RETAINED
                                      ANNUITY TRUST

                                      By: ____________________________________
                                      Name:  Joseph V. Fierro
                                      Title: Trustee

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