Document:

Exhibit 10.1

          AMENDMENT TO AMENDED AND RESTATED MASTER REPURCHASE AGREEMENT

            AMENDMENT TO AMENDED AND RESTATED MASTER REPURCHASE AGREEMENT, dated
as of January 1, 2004 ("Amendment"), between American Home Mortgage Corp., a New
York corporation ("Seller"), having its principal office at 520 Broadhollow
Road, Melville, New York 11747, and CDC Mortgage Capital Inc., a New York
corporation ("Buyer"), having its principal office at 9 West 57th Street, New
York, New York 10019, under the Amended and Restated Master Repurchase
Agreement, dated as of May 14, 2003, as amended, supplemented or otherwise
modified prior to the date hereof (the "Existing Repurchase Agreement"), between
Buyer and Seller.

                              W I T N E S S E T H:

            WHEREAS, pursuant to the Existing Repurchase Agreement, between the
Seller and the Buyer, the Buyer has agreed to purchase Mortgage Loans from time
to time from the Seller, subject to the Seller's obligations to repurchase such
Mortgage Loans upon the terms and conditions set forth therein; and

            WHEREAS, the Seller has requested and the Buyer has agreed to amend
the Existing Repurchase Agreement to modify certain covenants, events of default
and representations and warranties relating to the Mortgage Loans;

            NOW THEREFORE, in consideration of the premises and to induce the
Buyer to make loans under the Existing Repurchase Agreement to the Seller, the
Seller hereby agrees with the Buyer as follows:

            Section 1. Defined Terms. Unless otherwise defined herein, terms
that are defined in the Existing Repurchase Agreement and used herein are so
used as so defined.

            Section 2. Amendments.

            (a) The definition of "Existing Financing Facilities" as set forth
in Section 2 of the Existing Repurchase Agreement is hereby deleted and replaced
in its entirety with the following:

""Existing Financing Facility" shall mean the Morgan Facility, the UBS Warburg
Facility, the RFC Facility, the Freddie Facility and the Greenwich Capital
Facility."

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            (b) Section 2 of the Existing Repurchase Agreement is hereby amended
to include the following definition:

""Greenwich Capital Facility" means the Whole Loan Purchase and Sale Agreement,
dated as of January 1, 2004, by and between American Home Mortgage Corp. and
Greenwich Capital Financial Products, Inc."

            (c) Section 11(a) of the Existing Repurchase Agreement is hereby
deleted and replaced in its entirely with the following:

"(a) Financial Statements. Seller shall deliver to Buyer:

      (1)   as soon as available and in any event within forty-five (45)
            calendar days after the end of each calendar month, the unaudited
            consolidated balance sheets of American Home Mortgage Investment
            Corp. ("AHMIC") and its consolidated Subsidiaries as at the end of
            such period and the related unaudited consolidated statements of
            income and retained earnings and of cash flows for AHMIC and its
            consolidated Subsidiaries for such period and the portion of the
            fiscal year through the end of such period, accompanied by a
            certificate of a Responsible Officer of AHMIC, which certificate
            shall state that said consolidated financial statements fairly
            present in all material respects the consolidated financial
            condition and results of operations of AHMIC and its consolidated
            Subsidiaries in accordance with GAAP, consistently applied, as at
            the end of, and for, such period (subject to normal year-end
            adjustments);

      (2)   as soon as available and in any event within ninety (90) days after
            the end of each fiscal year of AHMIC, the consolidated balance
            sheets of AHMIC and its consolidated Subsidiaries as at the end of
            such fiscal year and the related consolidated statements of income
            and retained earnings and of cash flows for AHMIC and its
            consolidated Subsidiaries for such year, setting forth in each case
            in comparative form the figures for the previous year, accompanied
            by an opinion thereon of independent certified public accountants of
            recognized national standing, which opinion shall not be qualified
            as to scope of audit or going concern and shall state that said
            consolidated financial statements fairly present the consolidated
            financial condition and results of operations of AHMIC and its
            respective consolidated Subsidiaries as at the end of, and for, such
            fiscal year in accordance with GAAP, and a certificate of such
            accountants stating that, in making the examination necessary for
            their opinion, they obtained no knowledge, except as specifically
            stated, of any Default or Event of Default;

      (3)   from time to time such other information regarding the financial
            condition, operations, or business of Seller as Buyer may reasonably
            request; and

      (4)   as soon as reasonably possible, and in any event within thirty (30)
            days after a Responsible Officer of Seller knows, or with respect to
            any Plan or Multiemployer Plan to which AHMIC or any of its
            Subsidiaries makes direct contributions, has reason to believe, that
            any of the events or conditions specified

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            below with respect to any Plan or Multiemployer Plan has occurred or
            exists, a statement signed by a senior financial officer of AHMIC
            setting forth details respecting such event or condition and the
            action, if any, that AHMIC or its ERISA Affiliate proposes to take
            with respect thereto (and a copy of any report or notice required to
            be filed with or given to PBGC by AHMIC or an ERISA Affiliate with
            respect to such event or condition):

                  (A) any reportable event, as defined in Section 4043(c) of
            ERISA or any successor provision thereof and the regulations issued
            thereunder, with respect to a Plan, as to which PBGC has not by
            regulation waived the requirement of Section 4043(a) of ERISA that
            it be notified within thirty (30) days of the occurrence of such
            event (provided that a failure to meet the minimum funding standard
            of Section 412 of the Code or Section 302 of ERISA or any successor
            provision thereof, including without limitation the failure to make
            on or before its due date a required installment under Section
            412(m) of the Code or Section 302(e) of ERISA or any successor
            provision thereof, shall be a reportable event regardless of the
            issuance of any waivers in accordance with Section 412(d) of the
            Code or any successor provision thereof); and any request for a
            waiver under Section 412(d) of the Code or any successor provision
            thereof for any Plan;

                  (B) the distribution under Section 4041(c) of ERISA or any
            successor provision thereof of a notice of intent to terminate any
            Plan or any action taken by Seller or an ERISA Affiliate to
            terminate any Plan;

                  (C) the institution by PBGC of proceedings under Section 4042
            of ERISA or any successor provision thereof for the termination of,
            or the appointment of a trustee to administer, any Plan, or the
            receipt by Seller or any ERISA Affiliate of a notice from a
            Multiemployer Plan that such action has been taken by PBGC with
            respect to such Multiemployer Plan;

                  (D) the complete or partial withdrawal from a Multiemployer
            Plan by AHMIC or any ERISA Affiliate that results in liability under
            Section 4201 or 4204 of ERISA or any successor provision thereof
            (including the obligation to satisfy secondary liability as a result
            of a purchaser default) that would have a Material Adverse Effect or
            the receipt by AHMIC or any ERISA Affiliate of notice from a
            Multiemployer Plan that it is in reorganization or insolvency
            pursuant to Section 4241 or 4245 of ERISA or any successor provision
            thereof or that it intends to terminate or has terminated under
            Section 4041A of ERISA or any successor provision thereof;

                  (E) the institution of a proceeding by a fiduciary of any
            Multiemployer Plan against AHMIC or any ERISA Affiliate to enforce
            Section 515 of ERISA or any successor provision thereof, which
            proceeding is not dismissed within thirty (30) days; and

                  (F) the adoption of an amendment to any Plan that would result
            in the loss of tax-exempt status of the trust of which such Plan is
            a part if AHMIC or an

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<PAGE>

            ERISA Affiliate fails to provide timely security to such Plan in
            accordance with the provisions of Section 401(a)(29) of the Code or
            Section 307 of ERISA or any successor provision thereof.

The Seller will furnish to Buyer, at the time Seller furnishes each set of
financial statements pursuant to paragraphs (a)(1) and (a)(2) above, a
certificate of a Responsible Officer of the Seller to the effect that, to the
best of such Responsible Officer's knowledge, the Seller during such fiscal
period or year has observed or performed in all material respects all of its
covenants and other agreements, and satisfied every condition, contained in this
Agreement and the other Repurchase Documents to be observed, performed or
satisfied by it, and that such Responsible Officer has obtained no knowledge of
any Default or Event of Default except as specified in such certificate (and, if
any Default or Event of Default has occurred and is continuing, describing the
same in reasonable detail and describing the action the Seller has taken or
proposes to take with respect thereto)."

            (d) Section 11(m) of the Existing Repurchase Agreement is hereby
deleted and replaced in its entirety with the following:

"(m)  Maintenance of Profitability. Seller shall not permit, for any period of
      three (3) consecutive calendar months (each such period, a "Test Period"),
      Net Income of AHMIC and its consolidated Subsidiaries for such Test Period
      determined on a monthly basis, before income taxes for such Test Period
      and distributions made during such Test Period, to be less than $1.00."

            (e) Section 11(n) of the Existing Repurchase Agreement is hereby
deleted and replaced in its entirety with the following:

"(m)  Maintenance of Tangible Net Worth; Liquidity. Seller shall not permit
      Tangible Net Worth of AHMIC and its consolidated Subsidiaries at any time
      to be (i) as of January 31, 2004 and February 28, 2004, less than
      $285,000,000 and (ii) as of March 31, 2004 and thereafter, less than
      $300,000,000. In addition, Seller shall maintain at least $10 million of
      Cash at all times."

            (f) Section 11(o) of the Existing Repurchase Agreement is hereby
deleted and replaced in its entirety with the following:

"(m)  Maintenance of Ratio of Total Indebtedness to Tangible Net Worth. Seller
      shall not permit the ratio of Total Indebtedness to Tangible Net Worth of
      AHMIC and its consolidated Subsidiaries at any time to be greater than
      13:1."

            (g) Section 11(t) of the Existing Repurchase Agreement is hereby
deleted and replaced in its entirety with the following:

"(m)  Compliance Report. Seller shall provide Buyer no later than the
      forty-fifth (45th) day after the end of a calendar month, a compliance
      report, in the form of Exhibit IX attached hereto, demonstrating therein
      the calculations Seller utilized to determine its compliance with the
      financial covenants set forth in clauses (m), (n) and (o) of this Section
      11 as of the end of the immediately preceding month. Such compliance
      report shall be delivered

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      by Seller to Buyer in accordance with Section 17 and shall also be
      delivered by Seller to Buyer at 9 West 57th Street, New York, NY 10019
      Attn: Michael Friedman, Telecopier No.: (212) 891-6143, Telephone No.:
      (212) 891-6261."

            (h) The Existing Repurchase Agreement is hereby amended to add the
following clause (p) to Section 12:

"(m)  AHMIC engages in a "prohibited transaction" as defined in Sectin
      857(b)(6)(B)(iii) and (C) of the Code or fails at any time to maintain its
      status as a real estate investment trust."

            (i) Paragraph (26) of Schedule 1 to the Existing Repurchase
Agreement is hereby deleted and replaced in its entirety with the following:

            "(26) Acceptable Investment. The Mortgagor is not in bankruptcy or
      insolvent and Seller has no knowledge of any circumstances or conditions
      with respect to the Mortgage, the Mortgaged Property, the Mortgagor or the
      Mortgagor's credit standing that can reasonably be expected to cause
      private institutional investors to regard the Mortgage Loan as an
      unacceptable investment, cause the Mortgage Loan to become delinquent, or
      adversely affect the value or marketability of the Mortgage Loan. No
      Mortgaged Property is located in a state, city, county or other local
      jurisdiction which the Buyer has determined in its sole good faith
      discretion would cause the related Mortgage Loan to be ineligible for
      whole loan sale or securitization in a transaction consistent with the
      prevailing sale and securitization industry (including, without
      limitation, the practice of the rating agencies) with respect to
      substantially similar mortgage loans;"

            (j) Paragraph (35) of Schedule 1 to the Existing Repurchase
Agreement is hereby deleted and replaced in its entirety with the following:

            "(35) Servicemembers Civil Relief Act. The Mortgagor has not
      notified Seller, and Seller has no knowledge of, any relief requested or
      allowed to the Mortgagor under the Servicemembers Civil Relief Act or any
      similar state statute;"

            (k) Paragraph (41) of Schedule 1 to the Existing Repurchase
Agreement is hereby deleted and replaced in its entirety with the following:

            "(41) Predatory Lending Regulations; High Cost Loans. No Mortgage
      Loan is a High Cost Loan. No Mortgage Loan is covered by the Home
      Ownership and Equity Protection Act of 1994 and no Mortgage Loan is in
      violation of any comparable state or local law. The Mortgaged Property is
      not located in a jurisdiction where a breach of this representation with
      respect to the related Mortgage Loan may result in additional assignee
      liability to Buyer, as determined by Buyer in its reasonable discretion;"

            (l) Paragraph (51) of Schedule 1 to the Existing Repurchase
Agreement is hereby deleted and replaced in its entirety with the following:

            "(51) Georgia Fair Lending Act. There is no Mortgage Loan that was
      originated on or after October 1, 2002 and before March 7, 2003 which is
      secured by property located in the State of Georgia. There is no Mortgage
      Loan that was originated on or

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      after March 7, 2003 that is a "high cost home loan" as defined under the
      Georgia Fair Lending Act;"

            (m) Paragraph (57) of Schedule 1 to the Existing Repurchase
Agreement is hereby deleted and replaced in its entirety with the following:

            "(57) Fair Credit Reporting Act. The Seller has (or has caused the
      Servicer to), in its capacity as servicer, for each Mortgage Loan, fully
      furnished, in accordance with the Fair Credit Reporting Act and its
      implementing regulations, accurate and complete information (e.g.,
      favorable and unfavorable) on its borrower credit files to Equifax,
      Experian and Trans Union Credit Information Company (three of the credit
      repositories), on a monthly basis;"

            (n) The definition of "High Cost Loan" as set forth in Schedule 1 is
hereby deleted and replaced in its entirety with the following:

            ""High Cost Loan" shall mean a Mortgage Loan classified as (a) a
      "high cost" loan under the Home Ownership and Equity Protection Act of
      1994 or (b) a "high cost home," "threshold," "covered," "high risk home,"
      "predatory" or similar loan under any other applicable state, federal or
      local law (or a similarly classified loan using different terminology
      under a law imposing heightened regulatory scrutiny or additional legal
      liability for residential mortgage loans having high interest rates,
      points and/or fees)."

            (o) A new Exhibit IX to the Existing Repurchase Agreement, attached
as Exhibit A hereto, is hereby added to the Existing Repurchase Agreement.

            Section 3. Representations and Warranties. Seller hereby represents
and warrants that the representations and warranties of the Seller contained in
Section 10 of the Existing Repurchase Agreement, as supplemented by this
Amendment, are true and correct with respect to Seller and AHMIC and as of the
date of this Amendment.

            Section 4. Effectiveness. The closing for the Amendment of the
Existing Repurchase Agreement shall be subject to the condition precedent that
the Seller and the Buyer shall have executed and delivered the related closing
documents as specified below, duly executed by all signatories as required
pursuant to the respective terms thereof:

1.    this Amendment;

2.    the Guarantee, dated as of January 1, 2004, made by AHMIC, as guarantor,
      on behalf of Seller, in favor of the Buyer;

3.    Opinion of Counsel to Seller and AHMIC, substantially in the form attached
      hereto as Exhibit B;

4.    Secretary's Certificates of Seller and AHMIC, including good standing
      certificates and certified copies of the charter and by-laws (or
      equivalent documents) of Seller and AHMIC and of all corporate or other
      authority for Seller and AHMIC with respect to the execution, delivery and
      performance of this Amendment or the Guarantee, as applicable,

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<PAGE>

      and each other document to be delivered by Seller and AHMIC in connection
      herewith; and

5.    such other documents as Buyer may request.

            Section 5. Further Assurances. The Seller hereby covenants and
agrees with the Buyer that, from and after the date hereof, at any time and from
time to time, upon the written request of the Buyer, and at the sole expense of
the Seller, the Seller will promptly and duly execute and deliver such further
instruments and documents and take such further actions as the Buyer may
reasonably request in order to effect the transactions contemplated hereby and
to preserve the full benefits of the Existing Repurchase Agreement and the
rights and powers therein granted.

            Section 6. Counterparts. This Amendment may be executed by each of
the parties hereto on any number of separate counterparts, each of which shall
be an original and, all of which taken together shall constitute one and the
same instrument.

            Section 7. GOVERNING LAW. THIS AMENDMENT SHALL BE GOVERNED BY, AND
CONSTRUED IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK WITHOUT REFERENCE
TO THE CHOICE OF LAW PROVISIONS THEREOF.

            Section 8. Ratification of Agreement. Except as modified by this
Amendment, the Existing Repurchase Agreement is in all respects ratified and
confirmed, and all the terms, provisions and conditions thereof shall be and
remain in full force and effect. The execution of this Amendment shall in no
manner constitute a waiver or extinguishment of any rights of the Buyer under
the Existing Repurchase Agreement and all such rights are hereby reserved.

                            [SIGNATURE PAGE FOLLOWS]

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<PAGE>

            IN WITNESS WHEREOF, the parties have caused their names to be signed
hereto by their respective officers thereunto duly authorized as of the day and
year first above written.

                                       CDC MORTGAGE CAPITAL INC.

                                          By: /s/ Joe Piscina
                                             -----------------------------------
                                          Name:   Joe Piscina
                                          Title:  Managing Director

                                       CDC MORTGAGE CAPITAL INC.

                                          By: /s/ Kathy Lynch
                                             -----------------------------------
                                          Name:   Kathy Lynch
                                          Title:  Director

                                       AMERICAN HOME MORTGAGE CORP.

                                          By: /s/ Stephen A. Hozie
                                             -----------------------------------
                                          Name:  Stephen A. Hozie
                                          Title:Exhibit 10.2

                                    GUARANTEE

            GUARANTEE, dated as of January 1, 2004, made by American Home
Mortgage Investment Corp. (the "Guarantor"), on behalf of American Home Mortgage
Corp. (the "Seller"), in favor of CDC Mortgage Capital Inc. ("CDC"), a party to
the Amended and Restated Master Repurchase Agreement and the Amended and
Restated Custodial and Disbursement Agreement, each referred to below.

                                    RECITALS

            Pursuant to that certain Amended and Restated Master Repurchase
Agreement, dated as of May 14, 2003 (as amended, supplemented or otherwise
modified from time to time, the "Original Repurchase Agreement"), between CDC
and the Seller, the Seller has agreed to sell, from time to time, to CDC certain
mortgage loans (the "Mortgage Loans") as whole loans upon the terms and subject
to the conditions set forth therein. The Guarantor owns indirectly all interests
in the Seller. Pursuant to the terms of that certain Amended and Restated
Custodial and Disbursement Agreement, dated as of May 14, 2003 (the "Custodial
and Disbursement Agreement"), Deutsche Bank National Trust Company ("Deutsche
Bank") is required to (i) take possession of the Mortgages and the Mortgage
Notes, along with certain other documents specified in the Agreements, as the
Custodian of CDC and any future purchaser, on several delivery dates, in
accordance with the terms and conditions of the Custodial and Disbursement
Agreement and (ii) hold certain accounts of the Seller and CDC and disburse
certain funds in accordance with the terms of the Custodial and Disbursement
Agreement. Pursuant to that certain Amendment to the Amended and Restated Master
Repurchase Agreement, dated as of January 1, 2004 (the "Amendment", and
collectively with the Original Repurchase Agreement as amended from time to
time, the "Repurchase Agreement"), between CDC and the Seller, CDC and the
Seller have agreed to amend the Original Repurchase Agreement to modify certain
covenants, events of default and representations and warranties relating to the
Mortgage Loans.

            It is a condition precedent to CDC's entering into the Amendment
that the Guarantor shall have executed and delivered this Guarantee with respect
to any and all representations, warranties, covenants and other obligations
(collectively, the "Obligations") of the Seller with respect to CDC under each
of the Repurchase Agreement, the Custodial and Disbursement Agreement and each
other Repurchase Document.

            NOW, THEREFORE, in consideration of the premises and to induce CDC
to enter into the Amendment, the Guarantor hereby agrees, for the benefit of
CDC, as follows:

      1. Defined Terms.

            (a) Unless otherwise defined herein, terms defined in the Repurchase
Agreement and used herein shall have the meanings given to them in the
Repurchase Agreement.

            (b) The words "hereof," "herein" and "hereunder" and words of
similar import when used in this Guarantee shall refer to this Guarantee as a
whole and not to any particular provision of this Guarantee, and section and
paragraph references are to this Guarantee unless otherwise specified.

<PAGE>

            (c) The meanings given to terms defined herein shall be equally
applicable to both the singular and plural forms of such terms.

      2. Guarantee.

      (a) The Guarantor hereby, unconditionally and irrevocably, guarantees, for
the benefit of CDC and its successors, indorsees, transferees and assigns, the
prompt and complete payment and performance by the Seller when such payment is
due or performance required in accordance with the Obligations.

      (b) Anything herein to the contrary notwithstanding, the maximum liability
of the Guarantor hereunder shall in no event exceed the amount which can be
guaranteed by the Guarantor under applicable federal and state laws relating to
the insolvency of the debtors.

      (c) The Guarantor further agrees to pay any and all expenses (including,
without limitation, all fees and disbursements of counsel) which may be paid or
incurred by CDC in enforcing, or obtaining advice of counsel in respect of, any
rights with respect to, or collecting, any or all of the Obligations and/or
enforcing any rights with respect to, or collecting against, the Guarantor under
this Guarantee. This Guarantee shall remain in full force and effect until the
Obligations are performed and/or paid in full and the Agreements are terminated,
notwithstanding that from time to time prior thereto the Seller may be free from
any Obligations.

      (d) No actions or payments made by the Seller, the Guarantor, any other
guarantor or any other Person or received or collected by CDC from the Seller,
the Guarantor, any other guarantor or any other Person by virtue of any action
or proceeding or any set-off or appropriation or application at any time or from
time to time in reduction of or in payment of the Obligations shall be deemed to
modify, reduce, release or otherwise affect the liability of the Guarantor
hereunder which shall, notwithstanding any such payment or payments other than
payments made by the Guarantor in respect of the Obligations or payments
received or collected from the Guarantor in respect of the Obligations, remain
liable for the Obligations hereunder until the Obligations are paid in full and
the Agreements are terminated.

      (e) The Guarantor agrees that whenever, at any time, or from time to time,
it shall make any payment to CDC on account of its liability hereunder, it will
notify CDC in writing that such payment or performance is made under this
Guarantee for such purpose.

      3. Right of Set-off. The Guarantor hereby irrevocably authorizes CDC at
any time and from time to time without notice to the Guarantor, any such notice
being expressly waived by the Guarantor, to set-off and appropriate and apply
any and all deposits (general or special, time or demand, provisional or final),
in any currency, and any other credits, indebtedness or claims, in any currency,
in each case whether direct or indirect, absolute or contingent, matured or
unmatured, at any time held or owing by CDC to or for the credit or the account
of the Guarantor, or any part thereof in such amounts as CDC may elect, against
and on account of the obligations and liabilities of the Guarantor to CDC
hereunder and claims of every nature and description of CDC against the
Guarantor, in any currency, whether arising hereunder, or otherwise, as CDC may
elect, whether or not CDC has made any demand for payment and although such
obligations, liabilities and claims may be contingent or unmatured. CDC shall

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notify the Guarantor promptly of any such set-off and the application made by
CDC; provided that the failure to give such notice shall not affect the validity
of such set-off and application. The rights of CDC under this Section are in
addition to other rights and remedies (including, without limitation, other
rights of set-off) which CDC may have.

      4. No Subrogation. Notwithstanding any payment or payments made by the
Guarantor hereunder or any set off or application of funds of the Guarantor by
CDC, the Guarantor shall not be entitled to be subrogated to any of the rights
of CDC against the Seller or any other guarantor or any collateral security or
guarantee or right of offset held by CDC for the payment of the Obligations, nor
shall the Guarantor seek or be entitled to seek any contribution or
reimbursement from the Seller or any other guarantor in respect of any payments
made by the Guarantor hereunder, until all amounts owing to CDC are paid in full
and the Agreements are terminated. If any amount shall be paid to the Guarantor
on account of such subrogation rights at any time when all of the Obligations
shall not have been paid in full, such amount shall be held by the Guarantor in
trust for CDC segregated from other funds of the Guarantor, and shall, forthwith
upon receipt by the Guarantor, be turned over to CDC, in the exact form received
by the Guarantor (duly indorsed by the Guarantor to CDC, if required), to be
applied against the Obligations, whether matured or unmatured, in such order as
CDC may determine.

      5. Amendments, etc. with respect to the Obligations; Waiver of Rights. The
Guarantor shall remain obligated hereunder notwithstanding that, without any
reservation of rights against the Guarantor and without notice to or further
assent by the Guarantor, any demand for repurchase or other performance or
payment under any of the Obligations made by CDC may be rescinded by such party
and any of the Obligations continued, and the Obligations, or the liability of
any other party upon or for any part thereof, or any collateral security or
guarantee therefor or right of offset with respect thereto, may, from time to
time, in whole or in part, be renewed, extended, amended, modified, accelerated,
compromised, waived, surrendered or released by CDC, and the Agreements and any
other documents executed and delivered in connection therewith may be amended,
modified, supplemented or terminated, in whole or in part, as CDC may deem
advisable from time to time, and any collateral security, guarantee or right of
offset at any time held by CDC for the payment of the Obligations may be sold,
exchanged, waived, surrendered or released. CDC shall have no obligation to
protect, secure, perfect or insure any lien at any time held by it as security
for the Obligations or for this Guarantee or any property subject thereto. When
making any demand hereunder against the Guarantor, CDC may, but shall be under
no obligation to, make a similar demand on the Seller or any other guarantor,
and any failure by CDC to make any such demand or to collect any payments from
the Seller or any such other guarantor or any release of the Seller or such
other guarantor shall not relieve the Guarantor of its obligations or
liabilities hereunder, and shall not impair or affect the rights and remedies,
express or implied, or as a matter of law, of CDC against the Guarantor. For the
purposes hereof "demand" shall include the commencement and continuance of any
legal proceedings.

      6. Guarantee Absolute and Unconditional. The Guarantor waives any and all
notice of the creation, renewal, extension or accrual of any of the Obligations
and notice of or proof of reliance by CDC upon this Guarantee or acceptance of
this Guarantee, and any creation, renewal extension or accrual of any of the
Obligations, shall conclusively be deemed to have been created, contracted or
incurred, or renewed, extended, amended or waived, in reliance upon this

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Guarantee; and all dealings between the Seller and the Guarantor, on the one
hand, and CDC and the Seller, on the other hand, likewise shall be conclusively
presumed to have been had or consummated in reliance upon this Guarantee. The
Guarantor waives diligence, presentment, protest, demand for payment and notice
of default or nonpayment to or upon the Seller or the Guarantor with respect to
the Obligations. The Guarantor understands and agrees that this Guarantee shall
be construed as a continuing, absolute and unconditional guarantee of payment
and not of collection without regard to (a) the validity, regularity or
enforceability of the Repurchase Agreement, the Custodial and Disbursement
Agreement, or any other document, any of the Obligations or any other collateral
security therefor or guarantee or right of offset with respect thereto at any
time or from time to time held by CDC, (b) any defense, set-off or counterclaim
(other than a defense of payment or performance in full) which may at any time
be available to or be asserted by the Seller against CDC, or (c) any other
circumstance whatsoever (other than a defense of payment or performance in full)
(with or without notice to or knowledge of the Seller or the Guarantor) which
constitutes, or might be construed to constitute, an equitable or legal
discharge of the Seller from the Obligations, or of the Guarantor under this
Guarantee, in bankruptcy or in any other instance. When pursuing its rights and
remedies hereunder against the Guarantor, CDC may, but shall be under no
obligation to, pursue such rights and remedies as it may have against the Seller
or any other Person or against any collateral security or guarantee for the
Obligations or any right of offset with respect thereto and any failure by CDC
to pursue such other rights or remedies or to collect any payments from the
Seller or any such other Person or to realize upon any such collateral security
or guarantee or to exercise any such right of offset, or any release of the
Seller or any such other Person or any such collateral security, guarantee or
right of offset shall not relieve the Guarantor of any liability hereunder, and
shall not impair or affect the rights and remedies, whether express, implied or
available as a matter of law, of CDC against the Guarantor. This Guarantee shall
remain in full force and effect and be binding in accordance with and to the
extent of its terms upon the Guarantor and the successors and assigns thereof,
and shall inure to the benefit of CDC, and its respective successors, indorsees,
transferees and assigns, until all the Obligations and the obligations of the
Guarantor under this Guarantee shall have been satisfied by complete performance
and payment in full and the Agreements shall be terminated, notwithstanding that
from time to time during the term of the Agreements the Guarantor may be free
from any Obligations.

      7. Reinstatement. This Guarantee shall continue to be effective, or be
reinstated, as the case may be, if at any time payment and/or performance, or
any part thereof, of any of the Obligations is rescinded or must otherwise be
restored or returned by CDC upon the insolvency, bankruptcy, dissolution,
liquidation or reorganization of the Seller or the Guarantor, or upon or as a
result of the appointment of a receiver, intervenor or conservator of, or
trustee or similar officer for, the Seller or the Guarantor or any substantial
part of their respective property, or otherwise, all as though such payments had
not been made.

      8. Payments. The Guarantor hereby guarantees that payments hereunder will
be paid to CDC without set-off or counterclaim in U.S. Dollars at the office of
CDC as specified in Section 8 of the Repurchase Agreement.

                                      -4-
<PAGE>

      9. Representations and Warranties. The Guarantor hereby represents and
warrants that:

      (a) it is duly organized, validly existing and in good standing under the
laws of the state of Maryland and has the power and authority and the legal
right to own and operate its property, to lease the property it operates as
lessee and to conduct the business in which it is currently engaged;

      (b) it has the power and authority and the legal right to execute and
deliver, and to perform its obligations under, this Guarantee, and has taken all
necessary action to authorize its execution, delivery and performance of this
Guarantee;

      (c) this Guarantee has been duly executed and delivered on behalf of the
Guarantor, and constitutes a legal, valid and binding obligation of the
Guarantor enforceable in accordance with its terms, subject to the effects of
bankruptcy, insolvency, fraudulent conveyance, reorganization, moratorium and
other similar laws relating to or affecting creditors' rights generally, general
equitable principles (whether considered on a proceeding in equity or at law)
and an implied covenant of good faith and fair dealing;

      (d) neither the execution and delivery of this Guarantee, nor the
fulfillment of or compliance with the terms and conditions of this Guarantee,
will conflict with or result in a breach of any of the terms, conditions or
provisions of the Guarantor's organizational documents or any agreement or
instrument to which the Guarantor is now a party or by which it is bound, or
constitute a default or result in an acceleration under any of the foregoing, or
result in the violation of any law, rule, regulation, order, judgment or decree
to which the Guarantor or its property is subject;

      (e) no consent or authorization of, filing with, notice to, or other act
by or in respect of, any governmental authority or any other Person (including,
without limitation, any stockholder or creditor of the Guarantor) is required in
connection with the execution, delivery, performance, validity or enforceability
of this Guarantee;

      (f) there are no actions, suits, arbitrations, investigations (including,
without limitation, any of the foregoing which are pending or threatened) or
other legal or arbitrable proceedings affecting the Guarantor or any of its
subsidiaries or affecting any of its properties before any governmental
authority which (i) questions or challenges the validity or enforceability of
the Agreements or any action to be taken in connection with the transactions
contemplated thereby, (ii) makes a claim or claims in an aggregate amount
greater than $500,000, or (iii) individually or in the aggregate, if adversely
determined, could reasonably be likely to have a Material Adverse Effect (as
defined in the Repurchase Agreement).

      (g) it has good record and marketable title in fee simple to, or a valid
leasehold interest in, all its real property, and good title to, or a valid
leasehold interest in, all its other property, and none of such property is
subject to any lien of any nature whatsoever except such as are disclosed in the
balance sheet referred to in Section 9(i) hereof;

      (h) it has filed or caused to be filed all tax returns which, to its
knowledge, are required to be filed and has paid all taxes shown to be due and
payable on said returns or on any assessments made against it or any of its
property and all other taxes, fees or other charges imposed on it or

                                      -5-
<PAGE>

any of its property by any governmental authority (other than any amount or
validity of which is currently being contested in good faith by appropriate
proceedings and with respect to which reserves in conformity with GAAP have been
provided on the books of the Guarantor); no tax lien has been filed, and, to the
knowledge of the Guarantor, no claim is being asserted, with respect to any such
tax, fee or other charge;

      (i) the consolidated balance sheet of the Guarantor as of December 31,
2003 and the related consolidated statements of income and retained earnings and
of cash flows for such fiscal year, audited by Deloitte & Touche LLP, copies of
which have heretofore been furnished to CDC, are complete and correct and
present fairly the financial condition of the Guarantor as at such date, and the
results of its operations and its cash flow for such fiscal year. All such
financial statements, including the related schedules and notes thereto, have
been prepared in accordance with GAAP applied consistently throughout the
periods involved (except as approved by such accountants or responsible officer,
as the case may be, and as disclosed therein). At the date of the most recent
balance sheet referred to above, the Guarantor had no material guarantee
obligation, contingent liability or liability for taxes, or any long-term lease
or unusual forward or long-term commitment, including, without limitation, any
interest rate or foreign currency swap or exchange transaction or other
financial derivative, which is not reflected in the foregoing statements or in
the notes thereto. During the period from December 31, 2003, to and including
the date hereof there has been no sale, transfer or other disposition by the
Guarantor of any material part of its business or property and no purchase or
other acquisition of any business or property (including any capital stock of
any other Person) material in relation to the financial condition of the
Guarantor at December 31, 2003; and

      (j) the Guarantor has not engaged in any material "prohibited
transactions" as defined in Section 857(b)(6)(B)(iii) and (C) of the Code. The
Guarantor for its current "tax year" (as defined in the Code) is and for all
prior tax years subsequent to its election to be a real estate investment trust
has been entitled to a dividends paid deduction under the requirements of
Section 857 of the Code with respect to any dividends paid by it with respect to
each such year for which it claims a deduction in its Form 1120-REIT filed with
the United States Internal Revenue Service for such year. The Guarantor will not
engage in any "prohibited transactions" and will maintain its status as a real
estate investment trust until the termination of this Guarantee.

      10. Notices. All notices, requests and demands which are required or
permitted to be given under this Guarantee shall be in writing (or by telex, fax
or similar electronic transfer confirmed in writing) and shall be deemed to have
been duly given or made (1) when delivered by hand or (2) if given by mail, when
deposited in the mails by certified mail, return receipt requested, or (3) if by
telex, fax or similar electronic transfer, when sent and receipt has been
confirmed, addressed as follows:

      (a) if to CDC or to the Seller, at their respective addresses or
transmission numbers for notices provided in Section 17 of the Repurchase
Agreement; and

      (b) if to the Guarantor, at its address or transmission number for notices
set forth under its signature below.

                                      -6-
<PAGE>

            CDC, the Seller and the Guarantor may change its address and
transmission numbers for notices by notice in the manner provided in this
Section.

      11. Severability. Any provision of this Guarantee which is prohibited or
unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective
to the extent of such prohibition or unenforceability without invalidating the
remaining provisions hereof, and any such prohibition or unenforceability in any
jurisdiction shall not invalidate or render unenforceable such provision in any
other jurisdiction.

      12. Integration. This Guarantee represents the agreement of the Guarantor
with respect to the subject matter hereof.

      13. Amendments in Writing; No Waiver; Cumulative Remedies.

      (a) None of the terms or provisions of this Guarantee may be waived,
amended, supplemented or otherwise modified except by a written instrument
executed by the Guarantor and CDC.

      (b) CDC shall not by any act, delay, indulgence, omission or otherwise be
deemed to have waived any right or remedy hereunder or to have acquiesced in any
breach of any of the terms and conditions hereof. No failure to exercise, nor
any delay in exercising, on the part of CDC, any right, power or privilege
hereunder shall operate as a waiver thereof. No single or partial exercise of
any right, power or privilege hereunder shall preclude any other or further
exercise thereof or the exercise of any other right, power or privilege. A
waiver by CDC of any right or remedy hereunder on any one occasion shall not be
construed as a bar to any right or remedy which CDC would otherwise have on any
future occasion.

            The rights and remedies herein provided are cumulative, may be
exercised singly or concurrently and are not exclusive of any other rights or
remedies provided by law.

      14. Section Headings. The section headings used in this Guarantee are for
convenience of reference only and are not to affect the construction hereof or
be taken into consideration in the interpretation hereof.

      15. Successors and Assigns. This Guarantee shall be binding upon the
successors and assigns of the Guarantor and shall inure to the benefit of CDC
and its successors and assigns. This Guarantee may not be assigned by the
Guarantor without the prior written consent of CDC, which consent shall be at
CDC's sole discretion. This Guarantee may be assigned by CDC without the consent
of the Guarantor to any assignee of the Repurchase Agreement.

      16. GOVERNING LAW. THIS GUARANTEE SHALL BE GOVERNED BY, AND CONSTRUED IN
ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK WITHOUT REGARD TO CONFLICTS OF
LAW PRINCIPALS.

      17. SUBMISSION TO JURISDICTION; WAIVERS. THE GUARANTOR HEREBY IRREVOCABLY
AND UNCONDITIONALLY:

                                      -7-
<PAGE>

      (a) SUBMITS FOR ITSELF AND ITS PROPERTY IN ANY LEGAL ACTION OR PROCEEDING
RELATING TO THIS GUARANTEE AND THE OTHER REPURCHASE DOCUMENTS, OR FOR
RECOGNITION AND ENFORCEMENT OF ANY JUDGMENT IN RESPECT THEREOF, TO THE EXCLUSIVE
GENERAL JURISDICTION OF THE COURTS OF THE STATE OF NEW YORK SITTING IN THE
BOROUGH OF MANHATTAN, THE FEDERAL COURTS OF THE UNITED STATES OF AMERICA FOR THE
SOUTHERN DISTRICT OF NEW YORK, AND APPELLATE COURTS FROM ANY THEREOF;

      (b) CONSENTS THAT ANY SUCH ACTION OR PROCEEDING MAY BE BROUGHT IN SUCH
COURTS AND, TO THE EXTENT PERMITTED BY LAW, WAIVES ANY OBJECTION THAT IT MAY NOW
OR HEREAFTER HAVE TO THE VENUE OF ANY SUCH ACTION OR PROCEEDING IN ANY SUCH
COURT OR THAT SUCH ACTION OR PROCEEDING WAS BROUGHT IN AN INCONVENIENT COURT AND
AGREES NOT TO PLEAD OR CLAIM THE SAME;

      (c) AGREES THAT SERVICE OF PROCESS IN ANY SUCH ACTION OR PROCEEDING MAY BE
EFFECTED BY MAILING A COPY THEREOF BY REGISTERED OR CERTIFIED MAIL (OR ANY
SUBSTANTIALLY SIMILAR FORM OF MAIL), POSTAGE PREPAID, TO ITS ADDRESS SET FORTH
UNDER ITS SIGNATURE BELOW OR AT SUCH OTHER ADDRESS OF WHICH CDC SHALL HAVE BEEN
NOTIFIED; AND

      (d) AGREES THAT NOTHING HEREIN SHALL AFFECT THE RIGHT TO EFFECT SERVICE OF
PROCESS IN ANY OTHER MANNER PERMITTED BY LAW OR SHALL LIMIT THE RIGHT TO SUE IN
ANY OTHER JURISDICTION.

      (e) CDC AND GUARANTOR HEREBY IRREVOCABLY WAIVE, TO THE FULLEST EXTENT
PERMITTED BY APPLICABLE LAW, ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL
PROCEEDING ARISING OUT OF OR RELATING TO THIS GUARANTEE, ANY OTHER REPURCHASE
DOCUMENT, OR THE TRANSACTIONS CONTEMPLATED HEREBY OR THEREBY.

      (f) WAIVES, TO THE MAXIMUM EXTENT NOT PROHIBITED BY LAW, ANY RIGHT IT MAY
HAVE TO CLAIM OR RECOVER IN ANY LEGAL ACTION OR PROCEEDING REFERRED TO IN THIS
SECTION ANY SPECIAL, EXEMPLARY, PUNITIVE OR CONSEQUENTIAL DAMAGES.

      18. Acknowledgments. The Guarantor hereby acknowledges that:

      (a) it has been advised by counsel in the negotiation, execution and
delivery of this Guarantee;

      (b) CDC does not have any fiduciary relationship with or duty to the
Guarantor arising out of or in connection with this Guarantee, and the
relationship between the Guarantor, the Seller and CDC; and

      (c) no joint venture is created hereby or otherwise exists by virtue of
the transactions contemplated hereby among the Guarantor, the Seller and CDC.

                                      -8-
<PAGE>

      19. WAIVER OF JURY TRIAL. THE GUARANTOR HEREBY IRREVOCABLY AND
UNCONDITIONALLY WAIVES TRIAL BY JURY IN ANY LEGAL ACTION OR PROCEEDING RELATING
TO THIS GUARANTEE OR ANY OTHER DOCUMENT RELATING HERETO OR THE MORTGAGE LOANS
AND FOR ANY COUNTERCLAIM THEREIN.

<PAGE>

            IN WITNESS WHEREOF, the undersigned has caused this Guarantee to be
duly executed and delivered by its duly authorized officer as of the day and
year first above written.

                                    AMERICAN HOME MORTGAGE INVESTMENT CORP.

                                      By:  /s/ Stephen A. Hozie
                                         ---------------------------------------
                                          Name:   Stephen A. Hozie
                                          Title:  Executive Vice President
                                                  and Chief Financial Officer

                                    Address for Notices:

                                    American Home Mortgage Investment Corp.
                                    520 Broadhollow Road
                                    Melville, New York 11747
                                    Attention: Alan B. Horn
                                    Telecopier No.: (800) 209-7276
                                    Telephone No: (516) 396-7703

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