Document:

exv4w1

Exhibit
4.1

	N 2805
common stock
see reverse for cert\ain definitions
cusip 502424 10 4
incorporated under the laws of the state of delaware
l-3 communications holdings, inc.
this certifies that
is the owner of
full paid and non assessable shares of the common stock of
l-3 Communications holdings. inc.

	l-3 communications holdings inc.

 

     The following abbreviations, when used in the inscription on the face of this certificate,
shall be construed as though they were written out in full according to applicable laws or
regulations:

			

	TEN COM —

	 	as tenants in common
	TEN ENT   —

	 	as tenants by the entireties
	JT TEN      —

	 	as joint tenants with right of survivorship and not as tenants in common

							

	 UNIF GIFT MIN ACT — 

	 	 
	 	Custodian
	 	 
	 

	 	 
	 	 	 	 
	 

	 	(Cust)
	 	 	 	(Minor)

	 
	 
	 
 
		 
	 
	 

	 	 	under Uniform Gifts to Minors
	 

	 	Act
	 	 
 

(State)
	 	 

Additional abbreviations may also be used though not in the above list.

	 	 	 	 	 

	     For Value Received,

	 	 
 

	 	hereby sell, assign and transfer unto 

	 	 	 

	PLEASE INSERT SOCIAL SECURITY OR OTHER

	IDENTIFYING NUMBER OF ASSIGNEE

	 
	 

	 

 

(PLEASE PRINT OR TYPEWRITE NAME AND ADDRESS, INCLUDING ZIP CODE, OF ASSIGNEE)

 

 

	 	 	 

	 
 

	 	Shares 
	of the capital stock represented by the within Certificate, and do hereby irrevocably constitute and appoint

	 	 	 

	 
 

	 	Attorney 
	to transfer the said stock on the books of the within named Corporation with full power of substitution in the premises.

	 	 	 	 	 

	Dated

	 	 
 

	 	 

	 	 	 	 	 

	 	 	 
	 	 	 
	 

	 	NOTICE:
	 	THE SIGNATURE TO THIS ASSIGNMENT MUST CORRESPOND WITH THE NAME AS WRITTEN UPON THE FACE OF THE
CERTIFICATE IN EVERY PARTICULAR, WITHOUT ALTERNATION OR ENLARGEMENT OR ANY CHANGE WHATEVER.

Signature(s) Guaranteed:

	 	 	 

	 

THE SIGNATURE(S) SHOULD BE GUARANTEED BY AN ELIGIBLE GUARANTOR INSTITUTION
(BANKS, STOCKBROKERS, SAVINGS AND LOAN ASSOCIATIONS AND CREDIT UNIONS WITH
MEMBERSHIP IN AN APPROVED
SIGNATURE GUARANTEE MEDALLION PROGRAM), PURSUANT TO S.E.C. RULE 17Ad-15.

	 	 

THE COMPANY WILL FURNISH WITHOUT CHARGE TO EACH SHAREHOLDER WHO SO REQUESTS, A SUMMARY OF THE
POWERS, DESIGNATIONS, PREFERENCES AND RELATIVE, PARTICIPATING, OPTIONAL OR OTHER SPECIAL RIGHTS OF
EACH CLASS OF STOCK OF THE COMPANY AND THE QUALIFICATIONS, LIMITATIONS OR RESTRICTIONS OF SUCH
PREFERENCES AND RIGHTS, AND THE VARIATIONS IN RIGHTS, PREFERENCES AND LIMITATIONS DETERMINED FOR
EACH SERIES. SUCH REQUEST MAY BE MADE TO THE OFFICE OF THE CORPORATE SECRETARY OF THE COMPANY OR
TO THE TRANSFER AGENT.exv10w6

Exhibit 10.6

Execution Copy

SECOND AMENDMENT TO 

MASTER REPURCHASE AGREEMENT

     THIS SECOND AMENDMENT TO MASTER REPURCHASE AGREEMENT (this “Amendment”), dated as of July 30,
2010, is made and entered into among NVR MORTGAGE FINANCE, INC., a Virginia corporation (the
“Seller”), U.S. BANK NATIONAL ASSOCIATION, as agent (in such capacity, the “Agent”) and a Buyer,
and the other Buyers (the “Buyers”).

RECITALS:

     A. The Seller and the Buyers are parties to a Master Repurchase Agreement dated as of August
5, 2008, as amended by a First Amendment to Master Repurchase Agreement dated as of August 5, 2009
(the “Repurchase Agreement”).

     B. The Seller and the Buyers now desire to extend the term of the Repurchase Agreement to
August 2, 2011, and to amend certain provisions of the Repurchase Agreement as set forth herein.

AGREEMENT:

     In consideration of the premises herein and other good and valuable consideration, the receipt
and sufficiency of which are hereby acknowledged, all parties hereto agree as follows:

     Section 1. Definitions. Capitalized terms used and not otherwise defined in this
Amendment have the meanings specified in the Repurchase Agreement.

     Section 2. Amendments. The Repurchase Agreement is hereby amended as follows:

     2.1 Definitions. Section 1.2 of the Repurchase Agreement is hereby amended as
follows:

     (a) The definitions of “Conforming Mortgage Loan,” “Pre-FAS 133 Net Income,” “Pricing
Rate,” “Qualifying Balances,” “Termination Date,” and “Wet Loan” are amended and restated in
their respective entireties as follows:

     “Conforming Mortgage Loan” means a conventional first-priority Single-family
Loan that is either (i) FHA insured, (ii) VA guaranteed, (iii) guaranteed or
provided under the USDA Rural Development program, (iv) eligible for sale to an
Approved Investor in conjunction with a state or municipal housing bond
program, or (v) a conventional mortgage loan that fully conforms to all Agency
underwriting and other requirements and excluding expanded criteria loans as defined
under any Agency program.

 

 

     “Pre-FAS 133 Net Income” means the Seller’s after-tax consolidated income,
calculated in accordance with GAAP but excluding the effect of the fair value
adjustment for derivative instruments and mortgage loans held for sale.

     “Pricing Rate” means the LIBOR Rate (or, if applicable, under Section 6.7, the
Alternate Base Rate) plus the LIBOR Margin or the Default Pricing Rate, as
determined under this Agreement, provided that the Pricing Rate shall not be less
than 4.50%.

     “Qualifying Balances” means, with respect to any Buyer, for any day, the sum of
the collected balances in all identified non-interest bearing accounts of the Seller
maintained with such Buyer less (a) amounts necessary to satisfy reserve and deposit
requirements and (b) amounts required to compensate such Buyer for services rendered
in accordance with such Buyer’s system of charges for services to similar accounts.

     “Termination Date” means the earlier of (i) August 2, 2011, and (ii) the date
when the Buyers’ Commitments are terminated pursuant to this Agreement, by order of
any Governmental Authority or by operation of law.

     “Wet Loan” means a Purchased Loan originated and owned by the Seller
immediately prior to being purchased by the Buyers:

     (a) that has been closed (funded) on the Business Day on which the
Purchase Price is paid therefore, by a title agency or closing attorney, is
fully funded and would qualify as an Eligible Loan except that some or all
of its Basic Papers are in transit to, but have not yet been received by,
the Custodian so as to satisfy all requirements to permit the Seller to sell
it pursuant to this Agreement without restriction;

     (b) that the Seller reasonably expects to fully qualify as an Eligible
Loan when the original Basic Papers have been received by the Custodian;

     (c) as to which the Seller actually and reasonably expects that such
full qualification can and will be achieved on or before five (5) Business
Days after the relevant Purchase Date;

     (d) for which the Seller has delivered to the Custodian a Mortgage Loan
Transmission File on or before the Purchase Date, submission of which to the
Custodian shall constitute the Seller’s certification to the Custodian, the
Buyers and the Agent that a complete File as to such Purchased Loan,
including the Basic Papers, exists and that such File is in the possession of either the title agent or closing
attorney that closed such Purchased Loan, the Seller or that such File has
been or will be shipped to the Custodian; and

2

 

     (e) as to which no portion of the principal amount has been or will be
funded directly by any person other than the Seller and the Buyers.

Each Wet Loan that satisfies the foregoing requirements shall be an Eligible Loan
subject to the condition subsequent of physical delivery of its Mortgage Note,
Mortgage and all other Basic Papers, to the Custodian on or before five (5) Business
Days after the relevant Purchase Date. Each Wet Loan sold by the Seller shall be
irrevocably deemed purchased by the Buyers and shall automatically become a
Purchased Loan effective on the date of the related Request/Confirmation, and the
Seller shall take all steps necessary or appropriate to cause the sale to the Buyers
and delivery to the Custodian of such Wet Loan and its Basic Papers to be completed,
perfected and continued in all respects, including causing the original promissory
note evidencing such Purchased Loan to be physically delivered to the Custodian
within five (5) Business Days after the relevant Purchase Date, and, if requested by
the Agent, to give written notice to any title agent, closing attorney or other
Person in possession of the Basic Papers for such Purchased Loan of the Buyers’
purchase of such Purchased Loan. Upon the Custodian’s receipt of the Basic Papers
relative to a Wet Loan such Purchased Loan shall no longer be considered a Wet Loan.

     (b) The definitions of “Balanced Funded Amount,” “Balance Funded Rate,” and “Balance
Funded Segment,” are deleted in their respective entireties.

     (c) The following new definitions are added in the proper alphabetical order:

     “FHA Loans” means Mortgage Loans originated under the FHA single family
mortgage insurance program.

     “FIRREA” means the Financial Institutions Reform Recovery and Enforcement Act
of 1989, as amended, and the regulations promulgated thereunder.

     “HUD Compare Ratio” means the ratio of (a) the percentage of Seller’s Mortgage
Loan originations under the FHA single family mortgage insurance program that
defaulted in the first two years after origination to (b) the percentage of all
Mortgage Loan originations under the FHA single family mortgage insurance program
that defaulted in the first two years after origination, in each case nationally for
all types of loans and periods of default, determined as set forth on HUD’s
Neighborhood Watch/Early Warning System website (https://entp.hud.gov/sfnw/public/).

     2.2 Manner of Funding. Section 3.1 of the Repurchase Agreement is amended by adding
the following new paragraph at the end thereof:

     Notwithstanding anything to the contrary in this Agreement, the Custody Agreement or
any of the exhibits and schedules hereto or thereto, (a) Seller shall submit no more than
four (4) Mortgage Transmission Files on any Business Day; provided,

3

 

however, that during the
last five (5) Business Days of each calendar month, Seller may submit additional Mortgage
Transmission Files with prior approval from the Agent, and (b) in no event shall funds for
the purchase of any Mortgage Loan be disbursed directly to the Seller; rather, (i) funds for
the purchase of Mortgage Loans originated by any Seller shall be disbursed to the applicable
title agent or attorney through which such Mortgage Loans are closed and (ii) funds for the
purchase of Mortgage Loans that have been originated by a correspondent lender or any other
third party shall be disbursed only to such originator and only if the Basic Papers
delivered to the Custodian were accompanied by a bailee letter from the originator that
included wire transfer instructions; provided, however, that Margin Excess may be remitted
directly to Seller in accordance with Section 6.1(b).

     2.3 Pricing Rate. Section 5.1 of the Repurchase Agreement is amended by deleting the
phrase “(except with respect to the Balance Funded Rate).”

     2.4 Balance Funded Rate. Sections 5.2, 5.3, 5.4, and 5.5 of the Repurchase Agreement
are hereby amended and restated in their respective entireties as follows:

     5.2 [Reserved.]

     5.3 [Reserved.]

     5.4 [Reserved.]

     5.5 [Reserved.]

     2.5 Price Differential Payment Due Dates. Section 5.7 of the Repurchase Agreement is
amended by deleting the phrases “(and including any Balance Deficiency Fee)” and “(and Balance
Deficiency Fees).”

     2.6 Separate Agreements. Section 5.8 of the Repurchase Agreement is hereby amended
and restated in its entirety to read as follows:

     5.8. Separate Agreements. Any Buyer and the Seller may by separate agreement agree to
adjustments to such Buyer’s Price Differential based on Qualifying Balances. Any such Buyer
shall promptly inform the Agent of the separate agreement (although the terms may remain
confidential) and thereafter shall invoice the Seller separately for the Price Differential
due pursuant to such separate agreement (and the Agent shall not invoice the Seller for
Price Differential due such Buyer hereunder).

     2.7 Margin Deficit. The last sentence of Section 6.1(a) of the Repurchase Agreement
is hereby amended to read as follows:

     “The Agent will recalculate the Purchase Value of all or a portion of the Purchased
Loans (i) at the times it deems appropriate in its sole discretion and (ii) within
one Business Day after receiving a reasonable request, in writing (which may be in the
form of e-mail sent to the Agent), for such recalculation from the Required Buyers.”

4

 

     2.8 Provisions Relating to the LIBOR Rate. Section 6.7 of the Repurchase Agreement is
amended by deleting the phrase “except for those Open Transactions or any new Transactions for
which the Seller elects to apply the Balance Funded Rate pursuant to Section 5.2 of this
Agreement.”

     2.9 Facility Fee; Non-Usage Fee. Section 9.1 of the Repurchase Agreement is amended
and restated in its entirety as follows:

     9.1. Facility Fee; Non-Usage Fee. The Seller agrees to pay to the Agent (for Pro Rata
distribution to the Buyers) a facility fee (the “Facility Fee”) in an amount equal to the
sum of one quarter of one percent (0.25%) per annum of the Maximum Aggregate Commitment for
the period from the Effective Date to the Termination Date, computed for each calendar month
or portion thereof from the Effective Date until the date this Agreement terminates in
accordance with its terms. If the average Aggregate Outstanding Purchase Price is less than
50% of the Maximum Aggregate Commitment for any month, the Seller further agrees to pay to
the Agent (for pro rata distribution to the Buyers) a non-usage fee (the “Non-usage Fee”) in
an amount determined by applying a rate of 0.25% per annum to the average daily amount by
which the Maximum Aggregate Commitment exceeds the average Aggregate Outstanding Purchase
Price, computed for each calendar month or portion thereof from the Effective Date to the
date this Agreement terminates in accordance with its terms. The Facility Fee and the
Non-Usage Fee shall be payable monthly in arrears and shall be due and payable no later than
two (2) Business Days after the Agent bills the Seller therefor. If the Maximum Aggregate
Commitment shall be increased or decreased from time to time either pursuant to a provision
of this Agreement or by separate agreement between the Buyers and the Seller (excluding,
however, any change occurring as a result of or following the occurrence of a Default or an
Event of Default, in respect of which no adjustment of the Facility Fee and the Non-Usage
Fee shall be required), the amount of the Facility Fee and the calculation of the Non-Usage
Fee shall be adjusted as of the date of such change. The Facility Fee and the Non-Usage Fee
are compensation to the Buyers for committing to make funds available for revolving
purchases of Eligible Loans on the terms and subject to the conditions of this Agreement,
and are not compensation for the use or forbearance or detention of money. Each calculation
by the Agent of the amount of the Facility Fee and the Non-Usage Fee shall be conclusive and
binding absent manifest error.

     2.10 Compliance Certificate. Section 16.3(c) of the Repurchase Agreement is hereby
amended and restated in its entirety to read as follows:

     (c) Chief Financial Officer’s Certificate. Together with each of the monthly and
annual Financial Statements required by Section 16.3(a) and (b) above, a certificate of the
Seller’s chief financial officer in the form of Exhibit C, among other things, (i) setting
forth in reasonable detail all calculations necessary to show whether the Seller is in
compliance with the requirements of Sections 17.12, 17.13, 17.14, 17.15, and 17.22 of this
Agreement or, if the Seller is not in compliance, showing the extent of
noncompliance and specifying the period of noncompliance and what actions the Seller
proposes to take with respect thereto, and (ii) stating that the terms of this Agreement
have been reviewed by such officer or under his or her supervision, that he or she has

5

 

made or caused to be made under his or her supervision a review in reasonable detail of the
transactions and the condition of the Seller during the accounting period covered by such
Financial Statements and that such review does not disclose the existence during or at the
end of such accounting period and that such chief financial officer does not have knowledge
of the existence as of the date of such certificate of any Event of Default or Default or,
if any Event of Default or Default existed or exists, specifying the nature and period of
its existence and what action the Seller has taken, is taking, and proposes to take with
respect to it.

     2.11 Other Reports.

     (a) The opening paragraph of Section 16.5 of the Repurchase Agreement is amended and
restated in its entirety as follows:

     16.5. Other Reports. The Seller will promptly furnish to the Agent from time
to time information regarding the business and affairs of the Seller, including the
items listed below and such other information as the Agent may from time to time
reasonably request. The Agent shall request (a) such information as it deems
appropriate in its sole discretion and (b) information for which it receives a
reasonable request, in writing (which may be in the form of e-mail sent to the
Agent), from any Buyer, within one Business Day after receipt of such Buyer’s
request therefor. Each report required must be signed by a duly authorized officer
of the Seller, and the Agent and the Buyers will have no responsibility to verify or
track any of the items referenced or conclusions stated in such reports or to verify
the authority of its signer.

     (b) Section 16.5(c) of the Repurchase Agreement is amended and restated in its entirety
as follows:

     (c) Upon request, a summary report of the Seller’s then-outstanding commitments
to sell Mortgage Loans to investors, in substantially the form of Exhibit G.

     (c) Section 16.5 of the Repurchase Agreement is further amended by renumbering existing
subsections (e) through (f) as subsections (f) through (g), respectively, and adding the
following new subsection (d) thereto:

     (d) Upon request, a detail report showing for each Mortgage Loan, the type of
Mortgage Loan, the principal balance, the coupon rate, the origination date, the
Approved Investor and the price at which such Approved Investor has committed to
purchase such Mortgage Loan.

     2.12 HUD Compare Ratio. The following new Section 17.22 is added to the Repurchase
Agreement:

     17.22. HUD Compare Ratio. The HUD Compare Ratio, measured as of the last Business Day
of each calendar month, shall not be more than 150%.

6

 

     2.13 Jumbo Loans. Schedule EL to the Repurchase Agreement is amended by amending and
restating paragraph (7) thereof as follows:

     (7) In the case of a Jumbo Mortgage Loan, any of the following is true: (i) the loan to
value ratio is greater than 80%, or the combined loan to value ratio is greater than or
equal to 90%, (ii) the Customer’s FICO score is less than 680, (iii) the Jumbo Mortgage Loan
is not fully documented as to income or asset values, (iv) the Jumbo Mortgage Loan is not
eligible for purchase by two Approved Investors with short-term unsecured obligations rated
not lower than A-1/P-1, which Approved Investors have granted Seller delegated authority to
originate Jumbo Mortgage Loans, or (v) the Jumbo Mortgage Loan is not prior approved by an
Approved Investor with short-term unsecured obligations rate not lower than A-1/P-1.

     2.14 Representations Regarding Purchased Loans. Section (w)(12) of Schedule 15.3 to
the Repurchase Agreement is amended and restated in its entirety as follows:

     (12) are the subject of a Current Appraisal that complies with all applicable
requirements of FIRREA of which the Seller has possession and which the Seller will make
available to the Custodian on request, and the Seller has in its possession and will make
available to the Custodian on request evidence of value and how it was determined; or, if
any Purchased Loan is not the subject of such a Current Appraisal, (i) the Seller has
received a Property Inspection Waiver finding from the applicable FNMA/FHLMC/FHA/VA
automated underwriting program with respect to such Purchased Loan or (ii) such Purchased
Loan is exempt from appraisal delivery requirements under FNMA/FHLMC/FHA/VA underwriting
guidelines (e.g., eligible FHA streamlined refinance) and such Purchased Loan is eligible
for purchase by an Approved Investor without a Current Appraisal.

     2.15 Compliance Certificate. Exhibit C to the Repurchase Agreement is hereby amended
and restated in its entirety as set forth on Exhibit A to this Amendment.

     2.16 Summary Report. A new Exhibit G is added to the Repurchase Agreement in the form
of Exhibit C hereto.

     2.17 Approved Investors. Schedule AI to the Repurchase Agreement is amended and
restated in its entirety to read as set forth on Exhibit B to this Amendment.

     Section 3. Representations, Warranties, Authority, No Adverse Claim.

     3.1 Reassertion of Representations and Warranties, No Default. The Seller hereby
represents and warrants that on and as of the date hereof and after giving effect to this Amendment
(a) all of the representations and warranties in the Repurchase 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 Repurchase Agreement, and (b) there will exist
no Default or Event of Default under the Repurchase Agreement, as amended by this Amendment,
on such date that the Buyers have not waived.

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     3.2 Authority, No Conflict, No Consent Required. The Seller represents and warrants
that it has the power, legal right, and authority to enter into this Amendment and has duly
authorized by proper corporate action the execution and delivery of this Amendment and none of the
agreements herein contravenes or constitutes a default under any agreement, instrument, or
indenture to which the Seller is a party or a signatory, any provision of the Seller’s articles of
incorporation or bylaws, or any other agreement or requirement of law or results in the imposition
of any Lien on any of its property under any agreement binding on or applicable to the Seller or
any of its property except, if any, in favor of the Buyers. The Seller 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 Seller of this Amendment or the performance of obligations of the
Seller herein described, except for those that the Seller has obtained or provided and as to which
the Seller has delivered certified copies of documents evidencing each such action to the Buyers.

     3.3 No Adverse Claim. The Seller hereby warrants, acknowledges, and agrees that no
events have taken place and no circumstances exist at the date hereof that would give the Seller a
basis to assert a defense, offset, or counterclaim to any claim of the Agent or the Buyers with
respect to the Seller’s obligations under the Repurchase Agreement as amended by this Amendment.

     Section 4. Conditions Precedent. The effectiveness of the amendments hereunder shall
be subject to satisfaction of the following conditions precedent:

     4.1 The Agent shall have received the following documents in a quantity sufficient that the
Seller and each Buyer may each have a fully executed original of each such document:

     (a) this Amendment duly executed by the Seller, the Agent, and the Buyers;

     (b) a Reaffirmation of Subordination Agreement, in form and substance satisfactory to
the Agent, duly executed by NVR Funding III, Inc.;

     (c) a certificate of the Secretary or an Assistant Secretary of the Seller certifying
(i) that there has been no change to Seller’s articles of incorporation or bylaws since
copies of the same were delivered to the Agent on August 5, 2008; (ii) as to a copy attached
thereto of resolutions authorizing the execution, delivery, and performance of this
Amendment; and (iii) as to the names, incumbency, and specimen signatures of the persons
authorized to execute this Amendment on behalf of the Seller; and

     (d) such other documents as the Agent reasonably requests.

     4.2 The Seller shall have paid any outstanding Agent’s Fees and any other fees then due under
Article 9 of the Repurchase Agreement.

     Section 5. Miscellaneous.

     5.1 Ratifications. The terms and provisions set forth in this Amendment shall modify
and supersede all inconsistent terms and provisions set forth in the Repurchase Agreement and

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the other Repurchase Documents. Except as expressly modified and superseded by this Amendment, the
terms and provisions of the Repurchase Agreement and each other Repurchase Document are ratified
and confirmed and shall continue in full force and effect.

     5.2 Survival. The representations and warranties made by the Seller in this Amendment
shall survive the execution and delivery of this Amendment.

     5.3 Reference to Repurchase Agreement. Each of the Repurchase Documents, including
the Repurchase Agreement and any and all other agreements, documents, or instruments now or
hereafter executed and delivered pursuant to the terms hereof or pursuant to the terms of the
Repurchase Agreement as amended hereby, is hereby amended so that any reference in such Repurchase
Document to the Repurchase Agreement shall refer to the Repurchase Agreement as amended and
modified hereby.

     5.4 Applicable Law. This Amendment shall be governed by and construed in accordance
with the laws of the State of New York as applicable to the Repurchase Agreement.

     5.5 Successors and Assigns. This Amendment is binding upon and shall inure to the
benefit of the Agent, the Buyers, the Seller, and their respective successors and assigns, except
that the Seller may not assign or transfer any of its rights or obligations hereunder without the
prior written consent of each of the Buyers.

     5.6 Counterparts. This Amendment may be executed in one or more counterparts, each of
which when so executed shall be deemed to be an original, but all of which when taken together
shall constitute one and the same instrument.

     5.7 Headings. The headings, captions, and arrangements used in this Amendment are for
convenience only and shall not affect the interpretation of this Amendment.

     5.8 ENTIRE AGREEMENT. THIS AMENDMENT AND THE OTHER REPURCHASE DOCUMENTS REPRESENT THE
FINAL AGREEMENT AMONG THE PARTIES HERETO AND THERETO, AND MAY NOT BE CONTRADICTED BY EVIDENCE OF
PRIOR, CONTEMPORANEOUS, OR SUBSEQUENT ORAL AGREEMENTS OF THE PARTIES HERETO. THERE ARE NO
UNWRITTEN ORAL AGREEMENTS AMONG THE PARTIES.

[Remainder of This Page Intentionally Left Blank]

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     In witness whereof the parties have caused this Amendment to be executed as of the date first
written above.

	 	 	 	 	 	 	 

	 	 	NVR MORTGAGE FINANCE, INC., as Seller	 	 
	 
	 	 	 	 	 	 
	 

	 	By:

Name:
	 	/s/ Robert A. Goethe
 

Robert A. Goethe
	 	 
	 

	 	Title:
	 	President	 	 
	 
	 	 	 	 	 	 
	 	 	U.S. BANK NATIONAL ASSOCIATION,	 	 
	 	 	as Agent and as a Buyer	 	 
	 
	 	 	 	 	 	 
	 

	 	By:

Name:
	 	/s/ Kathleen Connor
 

Kathleen Connor
	 	 
	 

	 	Title:
	 	Vice President	 	 
	 
	 	 	 	 	 	 
	 	 	BANK OF AMERICA, N.A.,	 	 
	 	 	as a Buyer	 	 
	 
	 	 	 	 	 	 
	 

	 	By:

Name:
	 	/s/ William Soo
 

William Soo
	 	 
	 

	 	Title:
	 	Vice President	 	 
	 
	 	 	 	 	 	 
	 	 	COMERICA BANK,	 	 
	 	 	as a Buyer	 	 
	 
	 	 	 	 	 	 
	 

	 	By:

Name:
	 	/s/ Heather D. Slapak
 

Heather D. Slapak
	 	 
	 

	 	Title:
	 	Vice President	 	 

Signature Page to Second Amendment to Master Repurchase Agreement

 

 

EXHIBIT A TO

SECOND AMENDMENT TO MASTER

REPURCHASE AGREEMENT

EXHIBIT C

TO MASTER REPURCHASE AGREEMENT

FORM OF OFFICER’S CERTIFICATE WITH COMPUTATIONS

TO SHOW COMPLIANCE OR NON-COMPLIANCE WITH

CERTAIN FINANCIAL COVENANTS

OFFICER’S CERTIFICATE

AGENT: U.S. Bank National Association

SELLER: NVR MORTGAGE FINANCE, INC.

SUBJECT PERIOD:                      ended                      , 20___

DATE:                     , 20___

     This certificate is delivered to the Agent and the Buyers under the Master Repurchase
Agreement dated as of August 5, 2008 (as supplemented, amended, or restated from time to time, the
“Current Repurchase Agreement”), among the Seller, the Agent, and the Buyers from time to time
party thereto. Unless they are otherwise defined in this request, terms defined in the Current
Repurchase Agreement have the same meanings here as there.

     The undersigned certifies to the Agent that on the date of this certificate:

     1. The undersigned is an incumbent officer of the Seller, holding the title stated below the
undersigned’s signature below.

     2. The Seller’s Financial Statements that are attached to this certificate were prepared in
accordance with GAAP (except that interim Financial Statements exclude notes to Financial
Statements and statements of changes to stockholders’ equity and are subject to year-end
adjustments) and (subject to the aforesaid proviso as to interim Financial Statements) present
fairly the Seller’s financial condition and results of operations as of _________for that
month (the “Subject Period”) and for the year to that date.

     3. The undersigned supervised a review of the Seller’s activities during the Subject Period in
respect of the following matters and has determined the following:

     (a) except to the extent that a representation or warranty speaks to a specific date,
the representations and warranties of the Seller in the Current Repurchase Agreement and the
other Repurchase Documents are true and correct in all material respects, other than the
changes, if any, described on the attached Annex A;

Ex A-1 

 

     (b) no event has occurred that could reasonably be expected to have a materially
adverse effect on any of the Central Elements of the Seller;

     (c) the Seller has complied with all of its obligations under the Repurchase Documents,
other than the deviations, if any, described on the attached Annex A;

     (d) no Event of Default has occurred that has not been declared by the Agent in writing
to have been cured or waived, and no Default has occurred that has not been cured before
becoming an Event of Default, other than those Events of Default and/or Defaults, if any,
described on the attached Annex A; and

     (e) compliance by the Seller with the financial covenants in Sections 17.12, 17.13,
17.14, 17.15, and 17.22 of the Current Repurchase Agreement is accurately calculated on the
attached Annex A.

	 	 	 	 	 	 	 

	 	 	NVR MORTGAGE FINANCE, INC.	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	Name:
	 	 

	 	 
	 

	 	Title:
	 	 

	 	 
	 

	 	 	 	 

	 	 

Ex A-2 

 

ANNEX A TO OFFICER’S CERTIFICATE

     1. Describe changes to representations and warranties, if any — clause 3(a) of attached
Officer’s Certificate; if none, so state:

     2. Describe deviations from compliance with obligations, if any — clause 3(c) of attached
Officer’s Certificate; if none, so state:

     2. Describe Defaults or Events of Default, if any — clause 3(d) of attached Officer’s
Certificate; if none, so state:

     3. Calculate compliance with covenants in Sections 17.12, 17.13, 17.14, 17.15, and 17.22 of
the Current Repurchase Agreement — clause 3(e) of attached Officer’s Certificate:

(a) Section 17.12. The Seller’s Adjusted Tangible Net Worth as of                      is
$                     (the minimum under Section 17.12 is $14,000,000).

Adjusted Tangible Net Worth

	 	 	 	 	 	 	 

	Consolidated Assets:
	 	$	 	 	 	 
	 
	 	 	 	 	 
	 
	 	 	 	 	 	 
	Minus Debt (excluding Qualified Subordinated Debt):
	 	$	 	 	 	 
	 
	 	 	 	 	 
	 
	 	 	 	 	 	 
	Minus Contingent Indebtedness:
	 	$	 	 	 	 
	 
	 	 	 	 	 
	 
	 	 	 	 	 	 
	Minus Intangible Assets:
	 	$	 	 	 	 
	 
	 	 	 	 	 
	 
	 	 	 	 	 	 
	ADJUSTED TANGIBLE NET WORTH:
	 	$	 	 	 	 
	 
	 	 	 	 	 

     (b) Section 17.13. The ratio of Seller’s to Total Liabilities to Adjusted Tangible Net Worth
on a consolidated basis with its Subsidiaries, measured monthly, is                      to 1.0 (the maximum ratio
under Section 17.13 is 10.0:1.0).

Ex A-3 

 

Leverage Ratio

	 	 	 	 	 	 	 	 	 	 	 

	Total Liabilities (excluding Qualified Subordinated Debt):

	 	 	 	 	$	 	 	 

	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	Adjusted Tangible Net Worth:

	 	 	 	 	$	 	 	 	 	 
	 

	 	 	 	 	 	 	 	 

	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	      LEVERAGE RATIO:

	 	
	 		 	To 1.0
	 	 

(c) Section 17.14. The Seller’s Pre-FAS 133 Net Income measured at the end of ___for the
twelve consecutive months then ended is $___(the minimum under Section 17.14 is $2,000,000).

Pre-FAS 133 Net Income

	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 
	Consolidated Net Income (in accordance with GAAP):
	 	$	 	 	 	 
	 
	 	 	 	 	 
	 
	 	 	 	 	 	 
	Plus/Minus FAS-133 Adjustment
(calculated as of the end
of the most recent fiscal quarter)
	 	$	 	 	 	 
	 
	 	 	 	 	 
	 
	 	 	 	 	 	 
	Plus/Minus Tax Adjustment
	 	$	 	 	 	 
	 
	 	 	 	 	 
	 
	 	 	 	 	 	 
	PRE-FAS 133 NET INCOME:
	 	$	 	 	 	 
	 
	 	 	 	 	 

(d) Section 17.15. The Seller’s liquidity (unrestricted cash, Cash Equivalents and unused portion
of the Maximum Aggregate Commitment), for the month ended                     , 20                    , was
$                     (the minimum under Section 17.15 is $7,500,000).

Liquidity

	 	 	 	 	 	 	 
	Unencumbered cash and cash equivalents:
	 	$	 	 	 	 
	 
	 	 	 	 	 
	 
	 	 	 	 	 	 
	Plus Unused availability against Purchased Loans
(Purchase Value — Purchase Price):
	 	$	 	 	 	 
	 
	 	 	 	 	 
	 
	LIQUIDITY:
	 	$	 	 	 	 
	 
	 	 	 	 	 

Ex A-4 

 

(d) Section 17.22. The Seller’s HUD Compare Ratio, as of the last Business Day of the period
covered by this certificate, was ___% (the maximum under Section 17.22 is 150%).

HUD Compare Ratio

	 	 	 

	Ratio (expressed as a percentage) of
	 	 
	 
	 	 
	percentage of Seller’s Mortgage Loan originations under
the FHA single family mortgage insurance program that
defaulted in the first two years after origination

	 	                    %
	 
	 	 
	to
	 	 
	 
	 	 
	percentage of all Mortgage Loan originations under the
FHA single family mortgage insurance program that
defaulted in the first two years after origination

	 	                    %
	 
	 	 
	HUD COMPARE RATIO:

	 	                    %

4. Describe and give details regarding (i) notices received by Seller requesting or demanding that
Seller repurchase (or pay indemnity or other compensation in respect of) Mortgage Loans previously
sold or otherwise disposed of by the Seller to any Investor or other Person pursuant to any express
or implied repurchase or indemnity obligation as per Section 16.5(b), and (ii) actual repurchase
and indemnity payments made by Seller to any Person. (attach schedule or explanation).

Ex A-5 

 

EXHIBIT B TO

SECOND AMENDMENT TO MASTER

REPURCHASE AGREEMENT

SCHEDULE AI

TO MASTER REPURCHASE AGREEMENT

Approved
Investors List 
  as of 4/1/2010

	 	 	 	 	 	 	 	 	 
	 	 	S&P	 	Moody’s	 	 	 	 
	 	 	CP	 	CP	 	Related Parent	 	 
	Investor	 	Rating	 	Rating	 	Company	 	Product Approval
	Ally Bank

	 	C
	 	NP
	 	Residential Capital, LLC (ResCap)
	 	Conforming
	Astoria Federal Savings and Loan

	 	A-2
	 	P-1
	 	 	 	Conforming/40-Year1
	Bank of America

	 	A-1+
	 	P-1
	 	 	 	Conforming/40-Year/Jumbo
	Chase Manhattan Mortgage 

Corporation

	 	A-1+
	 	P-1
	 	JPMorgan Chase Bank,
N.A.
	 	Conforming/40-Year/Jumbo
	Citimortgage, Inc.

	 	A-1
	 	P-1
	 	Citigroup, Inc.
	 	Conforming/40-Year/Jumbo
	Dollar Bank, FSB

	 	N/A
	 	N/A
	 	 	 	Conforming
	Federal Home Loan Mortgage Corp.
(Freddie Mac)

	 	A-1+
	 	P-1
	 	 	 	Conforming/40-Year/Jumbo
	Federal National Mortgage Assoc.
(Fannie Mae)

	 	A-1+
	 	P-1
	 	 	 	Conforming40-Year/Jumbo
	Government National Mortgage
Assoc.

	 	N/A
	 	N/A
	 	 	 	Conforming
	Greenwich Capital

	 	A-1+
	 	P-1
	 	Greenwich Capital
Holdings, Inc.
	 	Conforming/40-Year/Jumbo
	JPMorgan Chase Bank

	 	A-1+
	 	P-1
	 	 	 	Conforming/40-Year/Jumbo
	Lake Michigan Credit Union

	 	N/A
	 	N/A
	 	Lake Michigan
Financial Group Inc.
	 	Conforming
	SunTrust Mortgage, Inc.

	 	A-1
	 	P-1
	 	Suntrust Banks, Inc.
	 	Conforming/40-Year/Jumbo
	Wells Fargo Home Mortgage

	 	A-1+
	 	P-1
	 	Wells Fargo Bank, N.A.
	 	Conforming/40-Year/Jumbo
	     Housing Agencies
	 	 	 	 	 	 	 	 
	Housing Opportunities Commission

	 	N/A
	 	N/A
	 	 	 	Conforming/40-Year
	Maryland Community Development

	 	N/A
	 	N/A
	 	 	 	Conforming/40-Year
	Michigan Housing Finance

	 	N/A
	 	N/A
	 	 	 	Conforming/40-Year
	New Jersey Housing Finance

	 	N/A
	 	N/A
	 	 	 	Conforming/40-Year
	North Carolina Housing Finance

	 	N/A
	 	N/A
	 	 	 	Conforming/40-Year
	Pennsylvania Housing Finance

	 	N/A
	 	N/A
	 	 	 	Conforming/40-Year
	South Carolina Housing Finance

	 	N/A
	 	N/A
	 	 	 	Conforming/40-Year
	State of New York Mortgage Agency

	 	N/A
	 	N/A
	 	 	 	Conforming/40-Year
	Tennessee Housing Finance

	 	N/A
	 	N/A
	 	 	 	Conforming/40-Year
	Virginia Housing Finance

	 	N/A
	 	N/A
	 	 	 	Conforming/40-Year
	West Virginia Housing Finance

	 	N/A
	 	N/A
	 	 	 	Conforming/40-Year
	Delaware State Housing Authority

	 	N/A
	 	N/A
	 	 	 	Conforming/40-Year
	Kentucky Housing Corp.

	 	N/A
	 	N/A
	 	 	 	Conforming/40-Year
	Ohio Housing Finance Agency

	 	N/A
	 	N/A
	 	 	 	Conforming/40-Year
	Indiana Housing & Community
Development Authority

	 	N/A
	 	N/A
	 	 	 	Conforming/40-Year
	All additional state funded bond
programs

	 	N/A
	 	N/A
	 	 	 	Conforming/40-Year

 

			
	1	 	“40-Year” indicates Agency Eligible Forty Year Loans

Ex B-1 

 

EXHIBIT C TO

SECOND AMENDMENT TO MASTER

REPURCHASE AGREEMENT

EXHIBIT G

TO REPURCHASE AGREEMENT

TRADE INVENTORY

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 

	Commitment 

ID
	 	Trade

Date
	 	Coupon

Rate
	 	Price
	 	Dealer
	 	Trade Description
	 	Mandatory

/ Standby
	 	Trade

Amount
	 	Unfilled

Amount
	 	Settlement

Date
	 	Gain /

Loss

Ex C-1

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00176-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00176-of-00352.parquet"}]]