Document:

Exhibit
      10.3

     

    SUMMARY
      OF AMENDMENTS TO UNWRITTEN EMPLOYMENT ARRANGEMENTS WITH YURI ITKIS AND BORIS
      ITKIS

     

    
      	
              Name

            	
                

            	
              Title

            	
                

            	
              Base Salary

            	
                

            	
              Employment

              Term

            
	
              Yuri
                Itkis

            	
                

            	
              Chief
                Executive Officer

            	
                

            	
              $

            	
              200,000

            	
                

            	
              At-will

            
	 	 	 	 
	
              Boris
                Itkis

            	
                

            	
              Chief
                Technology Officer

            	
                

            	
              $

            	
              120,000

            	
                

            	
              At-willCREDIT
      AGREEMENT

    

    THIS
      CREDIT AGREEMENT (this "Agreement") is entered into as of
      June
      30,
      2006, by and between MATRIX BANCORP, INC., a Colorado corporation ("Borrower"),
      and WELLS FARGO
      BANK, NATIONAL ASSOCIATION ("Bank").

    

    RECITALS

    

    Borrower
      has requested that Bank extend or continue credit to Borrower as described
      below,
      and Bank has agreed to provide such credit to Borrower on the terms and
      conditions contained
      herein.

    

    NOW,
      THEREFORE, for valuable consideration, the receipt and sufficiency of which
      are
hereby
      acknowledged, Bank and Borrower hereby agree as follows:

    

    ARTICLE
      I

    CREDIT
      TERMS

    

    SECTION
      1.1. LINE
      OF
      CREDIT.

    

    (a) Line
      of
      Credit. Subject
      to the terms and conditions of
      this
      Agreement, Bank hereby
      agrees to make advances to Borrower from time to time up to and including June
      30, 2007,
      not
      to exceed at any time the aggregate principal amount of Twelve Million Dollars
      ($12,000,000.00)
      ("Line of Credit"), the proceeds of which shall be used for Borrower's working
      capital
      purposes. Borrower's obligation to repay advances under the Line of Credit
      shall
      be evidenced by a promissory note dated as of June 30, 2006 ("Line of Credit
      Note"), all terms of which are incorporated herein by this
      reference.

    

    (b) Borrowing
      and Repayment. Borrower
      may from time to time during the term of the Line of Credit borrow, partially
      or
      wholly repay its outstanding borrowings, and reborrow, subject
      to all of the limitations, terms and conditions contained herein or in the
      Line
      of Credit Note; provided however, that the total outstanding borrowings under
      the Line of Credit shall not at
      any
      time exceed the maximum principal amount available thereunder, as set forth
      above.

    

    SECTION
      1.2. TERM COMMITMENT.

    

    (a) Term
      Commitment. Subject
      to the terms and conditions of this Agreement, Bank hereby
      agrees to make advances to Borrower from time to time up to and including June
      30, 2007,
      not
      to exceed the aggregate principal amount of Five Million Dollars ($5,000,000.00)
      ("Term
      Commitment"), the proceeds of which shall be used to refinance existing
      indebtedness, and which shall be converted on June 30, 2007, to a term loan,
      as
      described more fully below. Borrower's
      obligation to repay advances under the Term Commitment shall be evidenced by
      a
promissory
      note dated as of June 30, 2006 ("Term Commitment Note"), all terms of which
      are
      incorporated herein by this reference.

    

    (b) Borrowing
      and Repayment. Borrower
      may from time to time up to and including June
      30,
      2007 borrow and partially or wholly repay its outstanding borrowings, and
      reborrow, subject to all the limitations, terms and conditions contained herein;
      provided however, that the total
      outstanding borrowings under the Term Commitment shall not at any time exceed
      the maximum principal amount available thereunder, as set forth above. Effective
      July 1, 2007 no further
      advance may be made. The principal amount of the Term Commitment shall be repaid
      in
      accordance with the provisions of the Term Commitment Note.

     

    
      
        
        

      

      
        -1-

        
          

        

      

      
        
        

      

    

    

    (c) Prepayment. Borrower
      may prepay principal on the Term Commitment solely in accordance
      with the provisions of the Term Commitment Note.

    

    SECTION
      1.3. INTEREST/FEES.

    

    (a) Interest. The
      outstanding principal balance of each credit subject hereto shall bear
      interest at the rate of interest set forth in each promissory note or other
      instrument or document
      executed in connection therewith.

    

    (b) Computation
      and Payment. Interest
      shall be computed on the basis of a 360-day year, actual days elapsed. Interest
      shall be payable at the times and place set forth in each promissory
      note or other instrument or document required hereby.

    

    (c) Unused
      Commitment Fee. Borrower
      shall pay to Bank a fee equal to one-eighth of
      one
      percent (0.125%) per annum (computed on the basis of a 360-day year, actual
      days
      elapsed) on the average daily unused amount of the Line of Credit, which fee
      shall be calculated
      on a calendar quarter basis by Bank and shall be due and payable by Borrower
      in
arrears
      on the last day of each March, June, September and December.

    

    SECTION
      1.4. COLLATERAL.

    

    As
      security for all indebtedness and other obligations of Borrower to Bank subject
      hereto, Borrower hereby grants to Bank security interests of first priority
      in
      all Borrower's 45,000 shares of the common stock of Matrix Capital
      Bank.

    

    All
      of
      the foregoing shall be evidenced by and subject to the terms of such security
      agreements, financing statements and other documents as Bank shall reasonably
      require, all in form
      and
      substance satisfactory to Bank. Borrower shall pay to Bank immediately upon
      demand
      the full amount of all charges, costs and expenses (to include fees paid to
      third parties and
      all
      allocated costs of Bank personnel), expended or incurred by Bank in connection
      with any of the foregoing security, including without limitation, filing and
      recording fees and costs of appraisals, audits and title insurance.

    

    ARTICLE
      II

    REPRESENTATIONS
      AND WARRANTIES

    

    Borrower
      makes the following representations and warranties to Bank, which
      representations and warranties shall survive the execution of this Agreement
      and
      shall continue in
      full
      force and effect until the full and final payment, and satisfaction and
      discharge, of all obligations
      of Borrower to Bank subject to this Agreement.

    

    SECTION
      2.1. LEGAL
      STATUS. Borrower is a corporation, duly organized and existing and
      in
      good standing under the laws of Colorado and is qualified or licensed to do
      business (and
      is
      in good standing as a foreign corporation, if applicable) in all jurisdictions
      in which such qualification
      or licensing is required or in which the failure to so qualify or to be so
      licensed could have
      a
      material adverse effect on Borrower.

     

    
      
        
        

      

      
        -2-

        
          

        

      

      
        
        

      

       

      SECTION
        2.2. AUTHORIZATION
        AND VALIDITY. This Agreement and each promissory
        note, contract, instrument and other document required hereby or at any time
        hereafter
        delivered to Bank in connection herewith (collectively, the "Loan Documents")
        have been duly authorized, and upon their execution and delivery in accordance
        with the provisions hereof will constitute legal, valid and binding agreements
        and obligations of Borrower or the party which executes the same, enforceable
        in
        accordance with their respective terms.

    

    

    SECTION
      2.3. NO
      VIOLATION. The execution, delivery and performance by Borrower of
      each
      of the Loan Documents do not violate any provision of any law or regulation,
      or
      contravene any provision of the Articles of Incorporation or By-Laws of
      Borrower, or result in any breach of or default under any contract, obligation,
      indenture or other instrument to which Borrower
      is a party or by which Borrower may be bound.

    

    SECTION
      2.4. LITIGATION.
      There are no pending, or to the best of Borrower's knowledge
      threatened, actions, claims, investigations, suits or proceedings by or before
      any governmental authority, arbitrator, court or administrative agency which
      could have a material adverse effect on the financial condition or operation
      of
      Borrower other than those disclosed by Borrower
      to Bank in writing prior to the date hereof.

     

    SECTION
      2.5. CORRECTNESS
      OF FINANCIAL STATEMENT. The annual financial statement
      of Borrower dated December 31, 2005, and all interim financial statements
      delivered to Bank since said date, true copies of which have been delivered
      by
      Borrower to Bank prior to the
      date
      hereof, (a) are complete and correct and present fairly the financial condition
      of Borrower, (b) disclose all liabilities of Borrower that are required to
      be
      reflected or reserved against under generally accepted accounting principles,
      whether liquidated or unliquidated, fixed or contingent, and (c) unless
      otherwise disclosed in writing to Bank or disclosed in Borrower's periodic
      public filings, have been prepared in accordance with generally accepted
      accounting principles
      consistently applied. Since the dates of such financial statements there has
      been no material
      adverse change in the financial condition of Borrower, nor has Borrower
      mortgaged, pledged, granted a security interest in or otherwise encumbered
      any
      of its assets or properties except in favor of Bank or as otherwise permitted
      by
      Bank in writing.

    

    SECTION
      2.6. INCOME
      TAX RETURNS. Borrower has no knowledge of any pending assessments
      or adjustments of its income tax payable with respect to any year.

    

    SECTION
      2.7. NO
      SUBORDINATION. There is no agreement, indenture, contract or instrument
      to which Borrower is a party or by which Borrower may be bound that requires
      the
subordination
      in right of payment of any of Borrower's obligations subject to this Agreement
      to any other obligation of Borrower.

    

    SECTION
      2.8. PERMITS,
      FRANCHISES. Borrower possesses, and will hereafter possess,
      all permits, consents, approvals, franchises and licenses required and rights
      to
      all trademarks,
      trade names, patents, and fictitious names, if any, necessary to enable it
      to
      conduct the
      business in which it is now engaged in compliance with applicable
      law.

    

    SECTION
      2.9. ERISA.
      Borrower is in compliance in all material respects with all applicable
      provisions of the Employee Retirement Income Security Act of 1974, as amended
      or
      recodified from time to time ("ERISA"); Borrower has not violated any provision
      of any defined employee pension benefit plan (as defined in ERISA) maintained
      or
      contributed to by Borrower (each,
      a
      "Plan"); no Reportable Event as defined in ERISA has occurred and is continuing
      with respect
      to any Plan initiated by Borrower; Borrower has met its minimum funding
      requirements under
      ERISA with respect to each Plan; and each Plan will be able to fulfill its
      benefit obligations as
      they
      come due in accordance with the Plan documents and under generally accepted
      accounting
      principles.

     

    
      
        
        

      

      
        -3-

        
          

        

      

      
        
        

      

    

    

    SECTION
      2.10. OTHER OBLIGATIONS. Borrower is not in default on any obligation for
borrowed
      money, any purchase money obligation or any other material lease, commitment,
      contract, instrument or obligation.

    

    SECTION
      2.11. BANK SUBSIDIARIES. As of the date of this Agreement Borrower owns
100%
      of
      all issued and outstanding common voting stock in Matrix Capital Bank. Each
      bank, if any,
      named in this Section, and each bank at any time hereafter established or
      acquired by Borrower, is referred to as a "Bank Subsidiary".

    

    ARTICLE
      III 

    CONDITIONS

    

    SECTION
      3.1. CONDITIONS OF INITIAL EXTENSION OF CREDIT. The obligation of Bank
      to
      extend any credit contemplated by this Agreement is subject to the fulfillment
      to Bank's satisfaction
      of all of the following conditions:

    

    (a) Approval
      of Bank Counsel. All
      legal
      matters incidental to the extension of credit by Bank shall be satisfactory
      to
      Bank's counsel.

    

    (b) Documentation. Bank
      shall have received, in form and substance satisfactory to Bank,
      each of the following, duly executed:

    

    (i) This
      Agreement and each promissory note or other instrument or document required
      hereby.

    (ii) Certificate
      of Incumbency.

    (iii) Corporate
      Borrowing Resolution.

    (iv) General
      Pledge Agreement.

    (v) Stock/Bond
      Assignment.

    (vi) Such
      other documents as Bank may require under any other Section of this
      Agreement.

    

    (c) Financial
      Condition. There
      shall have been no material adverse change, as determined
      by Bank, in the financial condition or business of Borrower, nor any material
      decline, as determined by Bank, in the market value of any collateral required
      hereunder or a substantial or
      material portion of the assets of Borrower.

    

    SECTION
      3.2. CONDITIONS
      OF EACH EXTENSION OF CREDIT. The obligation of Bank
      to
      make each extension of credit requested by Borrower hereunder shall be subject
      to the fulfillment
      to Bank's satisfaction of each of the following conditions:

    

    (a) Compliance. The
      representations and warranties contained herein and in each of the other Loan
      Documents shall be true on and as of the date of the signing of this Agreement
      and on the date of each extension of credit by Bank pursuant hereto, with the
      same effect as though such representations and warranties had been made on
      and
      as of each such date, and on each such date, no Event of Default as defined
      herein, and no condition, event or act
      which
      with the giving of notice or the passage of time or both would constitute such
      an Event of Default, shall have occurred and be continuing or shall
      exist.

     

    
      
        
        

      

      
        -4-

        
          

        

      

      
        
        

      

       

    

    (b) Documentation. Bank
      shall have received all additional documents which may be
      required in connection with such extension of credit.

    

    ARTICLE
      IV

    AFFIRMATIVE
      COVENANTS

    

    Borrower
      covenants that so long as Bank remains committed to extend credit to Borrower
      pursuant
      hereto, or any liabilities (whether direct or contingent, liquidated or
      unliquidated) of Borrower to Bank under any of the Loan Documents remain
      outstanding, and until payment in full of all obligations of Borrower subject
      hereto, Borrower shall, unless Bank otherwise consents in
      writing:

    

    SECTION
      4.1. PUNCTUAL PAYMENTS. Punctually pay all principal, interest, fees or other
      liabilities due under any of the Loan Documents at the times and place and
      in
      the manner specified
      therein.

    

    SECTION
      4.2. ACCOUNTING
      RECORDS. Maintain adequate books and records in accordance
      with generally accepted accounting principles consistently applied unless
      otherwise disclosed
      in writing to Bank or disclosed in Borrower's periodic public
      filings.

    

    SECTION
      4.3. FINANCIAL
      STATEMENTS. Provide to Bank all of the following, in form and detail
      satisfactory to Bank:

    

    (a) not
      later
      than 120 days after and as of the end of each fiscal year, an unqualified
audit
      report of the financial statement of Borrower, prepared by an independent
      certified public accountant
      acceptable to Bank, to include balance sheet, income statement, statement of
      cash flow,
      management report, auditor's report, all supporting schedules, footnotes and
      a
      copy of 10K
      report filed with the Securities Exchange Commision;

    

    (b)
      not
      later
      than 60 days after and as of the end of each fiscal quarter, a financial
statement
      of Borrower, to include balance sheet, income statement, statement of cash
      flow,
management
      report, auditor's report, all supporting schedules, footnotes and a copy of
      10Q
report
      filed with the Securities Exchange Commision;

    

    (c) not
      later
      than 60 days after and as of the end of each fiscal quarter, a thrift financial
      report from Subsidiary Bank;

    

    (d) not
      later
      than 60 days after the beginning of each fiscal year of the Borrower,
statements
      of forecasted consolidated and consolidating income for the Borrower for each
      fiscal
      quarter in such fiscal year and a forecasted consolidated balance sheet of
      the
      Borrower, together
      with supporting assumptions, as at the end of each fiscal quarter;

    

    (e) contemporaneously
      with each quarterly financial statement of Borrower required hereby,
      a
      compliance certificate of the president or chief financial officer of Borrower
      that said financial statements are accurate, that there exists no Event of
      Default nor any condition, act or event
      which with the giving of notice or the passage of time or both would constitute
      an Event of Default, and demonstrating compliance with the financial covenants
      contained in this Agreement;

     

    
      
        
        

      

      
        -5-

        
          

        

      

      
        
        

      

       

    

    (f) as
      soon
      as available (but without duplication of any other requirements set forth in
      this Section 4.3) a copy of all reports which are required by law to be
      furnished to any regulatory authority having jurisdiction over Borrower or
      any
      Bank Subsidiary (including without limitation Call Reports, but excluding any
      report which applicable law or regulation prohibits Borrower or a Bank
      Subsidiary from furnishing to Bank);

    

    (g) from
      time
      to time such other information as Bank may reasonably request.

    

    SECTION
      4.4. COMPLIANCE. Preserve and maintain all licenses, permits, governmental
      approvals, rights, privileges and franchises necessary for the conduct of its
      business;
      and comply with the provisions of all documents pursuant to which Borrower
      is
organized
      and/or which govern Borrower's continued existence and with the requirements
      of
      all laws, rules, regulations and orders of any governmental authority applicable
      to Borrower and/or its business.

    

    SECTION
      4.5. INSURANCE.
      Maintain and keep in force, for each business in which Borrower
      is engaged, insurance of the types and in amounts customarily carried in similar
      lines of business, including but not limited to fire, extended coverage, public
      liability, flood, property damage and workers' compensation, with all such
      insurance carried with companies and in amounts satisfactory to Bank, and
      deliver to Bank from time to time at Bank's request schedules setting
      forth all insurance then in effect.

    

    SECTION
      4.6. FACILITIES.
      Keep all properties useful or necessary to Borrower's business
      in good repair and condition, and from time to time make necessary repairs,
      renewals and
      replacements thereto so that such properties shall be fully and efficiently
      preserved and maintained.

    

    SECTION
      4.7. TAXES AND OTHER LIABILITIES. Pay and discharge when due any and
      all
      indebtedness, obligations, assessments and taxes, both real or personal,
      including without
      limitation federal and state income taxes and state and local property taxes
      and
assessments,
      except such (a) as Borrower may in good faith contest or as to which a bona
      fide
dispute
      may arise, and (b) for which Borrower has made provision, to Bank's
      satisfaction, for eventual
      payment thereof in the event Borrower is obligated to make such
      payment.

    

    SECTION
      4.8. LITIGATION. Promptly give notice in writing to Bank of any litigation
      pending or threatened against Borrower with a claim in excess of
      $3,000,000.00.

    

    SECTION
      4.9. BANK
      SUBSIDIARY FINANCIAL CONDITION. Cause each Bank Subsidiary
      to maintain its financial condition as follows using generally accepted
      accounting principles consistently applied and used consistently with prior
      practices (except to the extent modified by the definitions herein), with
      compliance determined commencing with such Bank Subsidiary's
      financial statements for the period ending December 31, 2006 with respect to
      subsection
      4.9(a) below and for the period ending September 30, 2006 for subsections 4.9(b)
      and
      (c)
      below:

    

    (a)
      ROA
      not
      less than 0.60% on a rolling four quarter basis, determined as of each
fiscal
      quarter end, with "ROA" defined as the percentage arrived at by dividing net
      income by Total
      Assets, as reported in the most recent Call Report.

    

    (b) Non-Performing
      Assets not greater than 20.0% of Primary Equity Capital, determined
      as of each fiscal quarter end, with "Non-Performing Assets" defined as the
      sum
      of: (i)
      all
      loans classified as past due 90 days or more and still accruing interest; (ii)
      all loans classified as 'non-accrual' and no longer accruing interest; and
      (iii)
      all other 'non-performing assets',
      including those classified as 'other real estate owned' and 'repossessed
      property', less amounts
      that are U.S. Government-Guaranteed or -Insured, as reported in the then most
      recent Call Report, and with "Primary Equity Capital" defined as the aggregate
      of allowance for loan and
      lease
      losses, as reported in the then most recent Call Report, plus Equity Capital
      (defined as
      the
      aggregate of perpetual preferred stock (and related surplus), common stock,
      surplus (excluding
      all surplus related to perpetual preferred stock), undivided profits and capital
      reserves,
      plus the net unrealized holding gains (or less the net realized holding losses)
      on available-for-sale securities, less goodwill and other disallowed intangible
      assets).

     

    
      
        
        

      

      
        -6-

        
          

        

      

      
        
        

      

    

    

    (c) Maintain
      its categorization as Well Capitalized as defined by regulatory agencies having
      jurisdiction, which, pursuant to Section 38 of the Federal Deposit Insurance
      Act
      (created by Section 131 of the Federal Deposit Insurance Corporation Improvement
      Act (FDICIA) of 1991) (entitled "Prompt Corrective Action") (herein, "Section
      38"),
      considers
      an institution "Well Capitalized", among other things, if its Total Risk-Based
      Capital Ratio equals or exceeds 10%, its
      Tier
      1 Risk-Based Capital equals or exceeds 6% and its Leverage equals or exceeds
      5%.
      As used
      herein, "Total Risk-Based Capital Ratio", "Tier 1 Risk-Based Capital" and
      "Leverage" shall be
      defined and calculated in conformity with Section 38.

    

    SECTION
      4.10. NOTICE TO BANK. Promptly (but in no event more than five (5) days
after
      the
      occurrence of each such event or matter) give written notice to Bank in
      reasonable detail of: (a) the occurrence of any Event of Default, or any
      condition, event or act which with the giving of notice or the passage of time
      or both would constitute an Event of Default; (b) any change
      in
      the name or the organizational structure of Borrower other than the planned
      name
change
      of
      Borrower to United Western Bancorp, Inc. which is tentatively scheduled to
      occur
      in the
      third
      or fourth quarter of 2006; provided, however, that not later than thirty days
      after the effective date of such name change, Borrower shall give notice to
      Bank
      that the name change has
      occurred, which notice shall be used by Bank to initiate the necessary changes
      to Bank's records
      ;
      (c)
      the
      occurrence and nature of any Reportable Event or Prohibited Transaction,
each
      as
      defined in ERISA, or any funding deficiency with respect to any Plan; (d) any
      termination
      or cancellation of any insurance policy which Borrower is required to maintain,
      or any
      uninsured or partially uninsured loss through liability or property damage,
      or
      through fire, theft
      or
      any other cause affecting Borrower's property in excess of an aggregate of
      $3,000,000.00; (e) any change in Executive Management of Borrower or of any
      Bank
Subsidiary,
      with "Executive Management" defined as the Chairman of the Board, President
      or
Chief
      Financial Officer; or (f) any negotiations to sell any capital stock of Borrower
      and/or any Bank Subsidiary, together with copies of any proposed buy/sell
      agreements; provided however, that
      this
      clause shall not be deemed approval by Bank of any such negotiation and shall
      not apply
      to
      information which under applicable law or regulation is prohibited from
      disclosure to Bank.

    

    ARTICLE
      V

    NEGATIVE
      COVENANTS

    

    Borrower
      further covenants that so long as Bank remains committed to extend credit to
      Borrower
      pursuant hereto, or any liabilities (whether direct or contingent, liquidated
      or
unliquidated)
      of Borrower to Bank under any of the Loan Documents remain outstanding, and
      until
      payment in full of all obligations of Borrower subject hereto, Borrower will
      not
      without Bank's
      prior written consent:

     

    
      
        
        

      

      
        -7-

        
          

        

      

      
        
        

      

       

    

    SECTION
      5.1. USE
      OF
      FUNDS. Use any of the proceeds of any credit extended hereunder
      except for the purposes stated in Article I hereof.

    

    SECTION
      5.2. OTHER
      INDEBTEDNESS. Create, incur, assume or permit to exist any indebtedness
      or liabilities in excess of one million dollars ($1,000,000) in the aggregate,
      in any fiscal year resulting from borrowings, loans or advances, whether secured
      or unsecured, matured or unmatured, liquidated or unliquidated, joint or
      several, except (a) the liabilities of Borrower
      to Bank, and (b) any other liabilities of Borrower existing as of, and disclosed
      to Bank prior to, the date hereof. Bank agrees that the liabilities and
      indebtedness that are listed in Borrower's
      2005 Annual Report and other public filings—all of
      which have
      been furnished to the Bank
      on
      or prior to the date hereof —are therefore
      considered to be disclosed to Bank pursuant to
      this
      section.

    

    SECTION
      5.3. MERGER,
      CONSOLIDATION, TRANSFER OF ASSETS. Merge into or consolidate
      with any other entity; make any substantial change in the nature of Borrower's
      business as conducted as of the date hereof; acquire all or substantially all
      of
      the assets of any other entity; nor sell, lease, transfer or otherwise dispose
      of all or a substantial or material portion of Borrower's assets except in
      the
      ordinary course of its business.

    

    SECTION
      5.4. LOANS,
      ADVANCES, INVESTMENTS. Make any loans or advances to or
      investments in any person or entity in an amount greater than $1,000,000 in
      the
      aggregate, in any
      fiscal year, except any of the foregoing existing as of, and disclosedto
      Bank
      prior to, the date
      hereof.

    

    SECTION
      5.5. DIVIDENDS,
      DISTRIBUTIONS. Declare or pay any dividend or distribution
      either in cash, stock or any other property on Borrower's stock now or hereafter
      outstanding, nor redeem, retire, repurchase or otherwise acquire any shares
      of
      any class of Borrower's
      stock now or hereafter outstanding; provided however, that so long as no Event
      of Default
      has occurred and is continuing, Borrower may pay cash dividends or distributions
      to its shareholders
      in any fiscal year not to exceed 33% of Borrower's net income for the prior
      fiscal year.

    

    SECTION
      5.6. PLEDGE
      OF
      ASSETS. Mortgage, pledge, grant or permit to exist a security
      interest in, or lien upon, all or any portion of Borrower's assets now owned
      or
      hereafter acquired,
      except in the ordinary course of Borrower's business, and except any of the
      foregoing in favor of Bank or which is existing as of, and disclosed to Bank
      in
      writing prior to, the date hereof.

     

    ARTICLE
      VI

    EVENTS
      OF DEFAULT

    

    SECTION
      6.1. The occurrence of any of the following shall constitute an "Event of
      Default" under this Agreement:

    

    (a) Borrower
      shall fail to pay when due any principal, interest, fees or other amounts
payable
      under any of the Loan Documents.

    

    (b) Any
      financial statement or certificate furnished to Bank in connection with, or
      any
      representation or warranty made by Borrower or any other party under this
      Agreement or any other
      Loan Document shall prove to be incorrect, false or misleading in any material
      respect when
      furnished or made.

     

    
      
        
        

      

      
        -8-

        
          

        

      

      
        
        

      

    

    

    (c)
      Any
      default in the performance of or compliance with any obligation, agreement
      or
      other provision contained herein or in any other Loan Document (other than
      those
      referred to in subsections (a) and (b) above), and with respect to any such
      default which by its nature can be cured, such default shall continue for a
      period of twenty (20) days from its occurrence.

    

    (d)
      Any
      material default in the payment or performance of any material obligation,
      or
      any defined event of default, under the terms of any material contract or
      instrument (other than any of the Loan Documents) pursuant to which Borrower,
      or
      any Bank Subsidiary has incurred any debt or other liability to any person
      or
      entity, including Bank.

    

    (e) The
      filing of a notice of judgment lien against Borrower or any Bank Subsidiary;
      or
      the recording of any abstract of judgment against Borrower or any Bank
      Subsidiary in any county
      in
      which Borrower or such Bank Subsidiary has an interest in real property; or
      the
service
      of a notice of levy and/or of a writ of attachment or execution, or other like
      process, against the assets of Borrower or any Bank Subsidiary; or the entry
      of
      a judgment against Borrower or any Bank Subsidiary.

    

    (f) Borrower
      or any Bank Subsidiary shall become insolvent, or shall suffer or consent to
      or
      apply for the appointment of a receiver, trustee, custodian or liquidator of
      itself or any
      of
      its property, or shall generally fail to pay its debts as they become due,
      or
      shall make a general
      assignment for the benefit of creditors; Borrower or any Bank Subsidiary shall
      file a voluntary
      petition in bankruptcy, or seeking reorganization, in order to effect a plan
      or
      other arrangement
      with creditors or any other relief under the Bankruptcy Reform Act, Title 11
      of
      the United
      States Code, as amended or recodified from time to time ("Bankruptcy Code"),
      or
      under any
      state
      or federal law granting relief to debtors, whether now or hereafter in effect;
      or any involuntary petition or proceeding pursuant to the Bankruptcy Code or
      any
      other applicable state or
      federal law relating to bankruptcy, reorganization or other relief for debtors
      is filed or commenced
      against Borrower or any Bank Subsidiary, or Borrower or any Bank Subsidiary
      shall file
      an
      answer admitting the jurisdiction of the court and the material allegations
      of
      any involuntary petition; or Borrower or any Bank Subsidiary shall be
      adjudicated bankrupt, or an order for relief shall be entered against Borrower
      or any Bank Subsidiary by any court of competent jurisdiction under the
      Bankruptcy Code or any other applicable state or federal law relating
      to bankruptcy, reorganization or other relief for debtors.

    

    (g) There
      shall exist or occur any event or condition which Bank in good faith
believes
      impairs, or is substantially likely to impair, the prospect of payment or
      performance by Borrower
      of its obligations under any of the Loan Documents.

    

    (h) The
      dissolution or liquidation of Borrower, or any Bank Subsidiary which is a
      corporation, partnership, joint venture or other type of entity; or Borrower,
      or
      any Bank Subsidiary, or any of its directors, stockholders or members, shall
      take action seeking to effect the dissolution or liquidation of Borrower or
      such
      Bank Subsidiary.

    

    (i) The
      issuance against Borrower, or any Bank Subsidiary of Borrower of any formal
      administrative action, temporary or permanent, by any federal or state
      regulatory agency having jurisdiction or control over Borrower or such Bank
      Subsidiary, such action taking the form of, but not limited to: (i) any formal
      directive citing conditions or activities deemed to be unsafe or unsound or
      breaches of fiduciary duty or law or regulation; (ii) a memorandum of
      understanding; (iii) a cease and desist order; (iv) the termination of insurance
      coverage of customer
      deposits by the Federal Deposit Insurance Corporation; (v) the suspension or
      removal of
      an
      executive officer or director of Borrower, or the prohibition of participation
      by any others in the
      business affairs of Borrower or such Bank Subsidiary; (vi) any capital
      maintenance agreement; or (vii) any other regulatory action, agreement or
      understanding with respect to Borrower or such Bank
      Subsidiary.

     

    
      
        
        

      

      
        -9-

        
          

        

      

      
        
        

      

    

     

    
      SECTION
        6.2. REMEDIES.
        Upon the occurrence of any Event of Default: (a) all indebtedness
        of Borrower under each of the Loan Documents, any term thereof to the contrary
        notwithstanding, shall at Bank's option and without notice become immediately
        due and payable without presentment, demand, protest or notice of dishonor,
        all
        of which are hereby expressly waived by Borrower; (b) the obligation, if
        any, of
        Bank to extend any further credit under any of the
        Loan
        Documents shall immediately cease and terminate; and (c) Bank shall have
        all
        rights, powers
        and remedies available under each of the Loan Documents, or accorded by law,
        including without limitation the right to resort to any or all security for
        any
        credit subject hereto and to exercise any or all of the rights of a beneficiary
        or secured party pursuant to applicable law.
        All
        rights, powers and remedies of Bank may be exercised at any time by Bank
        and
        from time
        to
        time after the occurrence of an Event of Default, are cumulative and not
        exclusive, and shall be in addition to any other rights, powers or remedies
        provided by law or equity.

      

      ARTICLE
        VII

      MISCELLANEOUS

      

      SECTION
        7.1. NO
        WAIVER. No delay, failure or discontinuance of Bank in exercising any
        right, power or remedy under any of the Loan Documents shall affect or operate
        as a waiver of
        such
        right, power or remedy; nor shall any single or partial exercise of any such
        right, power or remedy preclude, waive or otherwise affect any other or further
        exercise thereof or the exercise
        of any other right, power or remedy. Any waiver, permit, consent or approval
        of
        any kind by Bank of any breach of or default under any of the Loan Documents
        must be in writing and
        shall
        be effective only to the extent set forth in such writing.

      

      SECTION
        7.2. NOTICES.
        All notices, requests and demands which any party is required
        or may desire to give to any other party under any provision of this Agreement
        must be in writing delivered to each party at the following
        address:

       

      
        	 	
                 BORROWER:

              	 	
                Matrix
                  Bancorp, Inc.

                700
                  17th Street, Suite 2100 

                Denver,
                  CO 80202

                Attention:
                  Chief Financial Officer

              
	 	 	 	 
	 	
                 With
                  a copy to:

              	 	
                Matrix
                  Bancorp, Inc.

                700
                  17th
                  Street, Suite 2100 

                Denver,
                  CO 80202 

                Attention:
                  General
                  Counsel

              
	 	 	 	 
	 	
                BANK:

              	 	WELLS FARGO BANK, NATIONAL ASSOCIATION
                
                Correspondent
                  Banking Colorado 

                1740
                  Broadway

                Denver, CO
                  80274

              

      

    

     

    
      
        
        

      

      
        -10-

        
          

        

      

      
        
        

      

       

    

    or
      to
      such other address as any party may designate by written notice to all other
      parties. Each such notice, request and demand shall be deemed given or made
      as
      follows: (a) if sent by hand delivery,
      upon delivery; (b) if sent by mail, upon the earlier of the date of receipt
      or
      three (3) days after deposit in the U.S. mail, first class and postage prepaid;
      and (c) if sent by telecopy, upon
      receipt.

    

    SECTION
      7.3. COSTS,
      EXPENSES AND ATTORNEYS' FEES. Borrower shall pay to Bank
      immediately upon demand the full amount of all payments, advances, charges,
      costs and expenses, including reasonable attorneys' fees (to include outside
      counsel fees and all allocated costs of Bank's in-house counsel), expended
      or
      incurred by Bank in connection with (a)
      the
      negotiation and preparation of this Agreement and the other Loan Documents,
      Bank's continued
      administration hereof and thereof, and the preparation of any amendments and
      waivers hereto and thereto, (b) the enforcement of Bank's rights and/or the
      collection of any amounts
      which become due to Bank under any of the Loan Documents, and (c) the
      prosecution or
      defense of any action in any way related to any of the Loan Documents, including
      without limitation, any action for declaratory relief, whether incurred at
      the
      trial or appellate level, in an arbitration proceeding or otherwise, and
      including any of the foregoing incurred in connection with any bankruptcy
      proceeding (including without limitation, any adversary proceeding, contested
      matter or motion brought by Bank or any other person) relating to Borrower
      or
      any other person or entity.

    

    SECTION
      7.4. SUCCESSORS,
      ASSIGNMENT. This Agreement shall be binding upon and
      inure
      to the benefit of the heirs, executors, administrators, legal representatives,
      successors and assigns of the parties; provided however, that Borrower may
      not
      assign or transfer its interests
      or rights hereunder without Bank's prior written consent. Bank reserves the
      right to sell,
      assign, transfer, negotiate or grant participations in all or any part of,
      or
      any interest in, Bank's
      rights and benefits under each of
      the
      Loan
      Documents. In connection therewith, Bank may
      disclose all documents and information which Bank now has or may hereafter
      acquire relating
      to any credit subject hereto, Borrower, any Bank Subsidiary or any collateral
      required hereunder.

    

    SECTION
      7.5. ENTIRE
      AGREEMENT; AMENDMENT. This Agreement and the other Loan
      Documents constitute the entire agreement between Borrower and Bank with respect
      to each
      credit subject hereto and supersede all prior negotiations, communications,
      discussions and correspondence concerning the subject matter hereof. This
      Agreement may be amended or modified only in writing signed by each party
      hereto.

    

    SECTION
      7.6. NO
      THIRD
      PARTY BENEFICIARIES. This Agreement is made and entered
      into for the sole protection and benefit of
      the
      parties hereto and their respective permitted
      successors and assigns, and no other person or entity shall be a third party
      beneficiary of, or have any direct or indirect cause of
      action
      or
      claim in connection with, this Agreement
      or any other of the Loan Documents to which it is not a party.

    

    SECTION
      7.7. TIME.
      Time is of the essence of each and every provision of this Agreement
      and each other of the Loan Documents.

    

    SECTION
      7.8. SEVERABILITY
      OF PROVISIONS. If any provision of this Agreement shall
      be
      prohibited by or invalid under applicable law, such provision shall be
      ineffective only to the extent of such prohibition or invalidity without
      invalidating the remainder of such provision or any remaining provisions of
      this
      Agreement.

     

    
      
        
        

      

      
        -11-

        
          

        

      

      
        
        

      

    

     

    SECTION
      7.9. COUNTERPARTS.
      This Agreement may be executed in any number of counterparts,
      each of which when executed and delivered shall be deemed to be an original,
      and
      all of which when taken together shall constitute one and the same
      Agreement.

    

    SECTION
      7.10. GOVERNING
      LAW. This Agreement shall be governed by and construed
      in accordance with the laws of the State of Colorado.

     

    SECTION
      7.11. ARBITRATION.

    

    (a) Arbitration. The
      parties hereto agree, upon demand by any party, to submit to binding
      arbitration all claims, disputes and controversies between or among them (and
      their respective
      employees, officers, directors, attorneys, and other agents), whether in tort,
      contract or otherwise in any way arising out of or relating to (i) any credit
      subject hereto, or any of the Loan Documents, and their negotiation, execution,
      collateralization, administration, repayment, modification, extension,
      substitution, formation, inducement, enforcement, default or termination; or
      (ii) requests for additional credit.

    

    (b) Governing
      Rules. Any
      arbitration proceeding will (i) proceed in a location in Colorado selected
      by
      the American Arbitration Association ("AAA");
      (ii)
      be
      governed by the Federal
      Arbitration Act (Title 9 of the United States Code), notwithstanding any
      conflicting choice
      of
      law provision in any of the documents between the parties; and (iii) be
      conducted by the AAA, or such other administrator as the parties shall mutually
      agree upon, in accordance with
      the
      AAA's commercial dispute resolution procedures, unless the claim or counterclaim
      is at least
      $1,000,000.00 exclusive of claimed interest, arbitration fees and costs in
      which
      case the arbitration
      shall be conducted in accordance with the AAA's optional procedures for large,
      complex
      commercial disputes (the commercial dispute resolution procedures or the
      optional procedures
      for large, complex commercial disputes to be referred to herein, as applicable,
      as the
      "Rules"). If there is any inconsistency between the terms hereof and the Rules,
      the terms and procedures set forth herein shall control. Any party who fails
      or
      refuses to submit to arbitration
      following a demand by any other party shall bear all costs and expenses incurred
      by such
      other party in compelling arbitration of any dispute. Nothing contained herein
      shall be deemed to be a waiver by any party that is a bank of the protections
      afforded to it under 12 U.S.C.
      §91 or any similar applicable state law.

    

    (c) No
      Waiver of Provisional Remedies, Self-Help and Foreclosure. The
      arbitration requirement does not limit the right of any party to (i) foreclose
      against real or personal property collateral; (ii) exercise self-help remedies
      relating to collateral or proceeds of collateral such as setoff or repossession;
      or (iii) obtain provisional or ancillary remedies such as replevin, injunctive
      relief, attachment or the appointment of a receiver, before during or after
      the
      pendency of any arbitration proceeding. This exclusion does not constitute
      a
      waiver of the right or
      obligation of any party to submit any dispute to arbitration or reference
      hereunder, including those
      arising from the exercise of the actions detailed in sections (i),
      (ii)
      and
      (iii) of this paragraph.

    

    (d) Arbitrator
      Qualifications and Powers. Any
      arbitration proceeding in which the amount in controversy is $5,000,000.00
      or
      less will be decided by a single arbitrator selected according
      to the Rules, and who shall not render an award of greater than $5,000,000.00.
      Any dispute
      in which the amount in controversy exceeds $5,000,000.00 shall be decided by
      majority vote of a panel of three arbitrators; provided however, that all three
      arbitrators must actively participate
      in all hearings and deliberations. The arbitrator will be a neutral attorney
      licensed in the
      State
      of Colorado or a neutral retired judge of the state or federal judiciary of
      {State Name}, in
      either
      case with a minimum of ten years experience in the substantive law applicable
      to
      the subject
      matter of the dispute to be arbitrated. The arbitrator will determine whether
      or
      not an issue is arbitratable and will give effect to the statutes of limitation
      in determining any claim. In any
      arbitration proceeding the arbitrator will decide (by documents only or with
      a
      hearing at the arbitrator's discretion) any pre-hearing motions which are
      similar to motions to dismiss for failure to
      state
      a claim or motions for summary adjudication. The arbitrator shall resolve all
      disputes in accordance with the substantive law of Colorado and may grant any
      remedy or relief that a court of
      such
      state could order or grant within the scope hereof and such ancillary relief
      as
      is necessary
      to make effective any award. The arbitrator shall also have the power to award
      recovery of all costs and fees, to impose sanctions and to take such other
      action as the arbitrator
      deems necessary to the same extent a judge could pursuant to the Federal Rules
      of Civil
      Procedure, the Colorado Rules of Civil Procedure or other applicable law.
      Judgment upon the award rendered by the arbitrator may be entered in any court
      having jurisdiction. The institution
      and maintenance of an action for judicial relief or pursuit of a provisional
      or
      ancillary remedy shall not constitute a waiver of the right of any party,
      including the plaintiff, to submit the controversy or claim to arbitration
      if
      any other party contests such action for judicial relief.

     

    
      
        
        

      

      
        -12-

        
          

        

      

      
        
        

      

    

    

    (e) Discovery. In
      any
      arbitration proceeding, discovery will be permitted in accordance
      with the Rules. All discovery shall be expressly limited to matters directly
      relevant to the dispute being arbitrated and must be completed no later than
      20
      days before the hearing date. Any requests for an extension of the discovery
      periods, or any discovery disputes, will be subject
      to final determination by the arbitrator upon a showing that the request for
      discovery is essential for the party's presentation and that no alternative
      means for obtaining information is available.

    

    (f) Class
      Proceedings and Consolidations. No
      party
      hereto shall be entitled to join or
      consolidate disputes by or against others in any arbitration, except parties
      who
      have executed any Loan Document, or to include in any arbitration any dispute
      as
      a representative or member of a class, or to act in any arbitration in the
      interest of the general public or in a private attorney general
      capacity.

    

    (g) Payment
      Of Arbitration Costs And Fees. The
      arbitrator shall award all costs and expenses of the arbitration
      proceeding.

    

    (h) Miscellaneous. To
      the
      maximum extent practicable, the AAA, the arbitrators and the parties shall
      take
      all action required to conclude any arbitration proceeding within 180 days
      of
      the
      filing of the dispute with the AAA. No arbitrator or other party to an
      arbitration proceeding may
      disclose the existence, content or results thereof, except for disclosures
      of
      information by a party
      required in the ordinary course of its business or by applicable law or
      regulation. If more than
      one
      agreement for arbitration by or between the parties potentially applies to
      a
      dispute, the arbitration
      provision most directly related to the Loan Documents or the subject matter
      of
      the dispute shall control. This arbitration provision shall survive termination,
      amendment or expiration of any of the Loan Documents or any relationship between
      the parties.

     

    
      
        
        

      

      
        -13-

        
          

        

      

      
        
        

      

    

     

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

     

    
      	 	 	 
	MATRIX
BANCORP,
              INC.	
              WELLS
                FARGO BANK,

              NATIONAL
                ASSOCIATION

            
	 
 	 
 	 
 
	By: 
	By:	/s/ John A. Nelson 
	
              
                

              

                
                Title:  Chief
                  Accounting Officer 

              

            	
              
                
John
                A. Nelson 
                
                  Vice President

                

              

            
	
              
                

              

            	 

               

            

    

    
       

      
        
          
          

        

        
          -14-

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