Document:

exv10w2

 

Exhibit 10.2

Form of Subscription Terms

Beijing Med-Pharm Corporation

600 W. Germantown Pike

Suite 400

Plymouth Meeting, Pennsylvania 19462

Ladies and Gentlemen:

The undersigned (the “Investor”) hereby confirms and agrees with you as follows:

	1.	 	The subscription terms set forth herein (this “Subscription”) are made as of the date set
forth below between Beijing Med-Pharm Corporation, a Delaware corporation (the “Company”), and
the Investor.
	 
	2.	 	As of the Closing (as defined below) and subject to the terms and conditions hereof, the
Company and the Investor agree that the Investor will purchase from the Company and the
Company will issue and sell to the Investor such number of units (the “Units”) as is set forth
on the signature page hereto (the “Signature Page”) for a purchase price of $9.395 per Unit,
with each Unit comprising one (1) share (the “Unit Shares”) of common stock, par value $0.001
per share, of the Company (the “Common Stock”) and detachable warrants to purchase two-tenths
(0.2) of a share of Common Stock at a purchase price of $9.37 per share (each, a “Warrant” and
collectively the “Warrants”), which Warrants shall be immediately exerciseable for a period of
five years and not subject to repurchase or call by the Company . The Investor acknowledges
that the offering is not a firm commitment underwriting and that the Closing will not occur
unless the Company has received Subscriptions for Units with an aggregate purchase price for
all such Units of at least $30,000,000.
	 
	3.	 	The completion of the purchase and sale of the Units shall occur at a closing (the “Closing”)
which, in accordance with Rule 15c6-1 promulgated under the Securities Exchange Act of 1934,
as amended (the “Exchange Act”), is expected to occur on or about August 21, 2007. At the
Closing, (a) the Company shall cause the Escrow Agent (as defined below) to release to the
Investor the number of Shares being purchased by the Investor, (b) the Company will deliver
the Warrants by overnight courier to the Investor at the Investor’s designated address for
delivery of the Warrants and (c) the aggregate purchase price for the Units being purchased by
the Investor will be delivered by or on behalf of the Investor to the Company.

	 	a.	 	Delivery of Funds. No later than one (1) business day after the execution of
this Agreement by the Investor and the Company, the Investor shall remit by wire
transfer the amount of funds equal to the aggregate purchase price for the Units being
purchased by the Investor to the following account (the “Escrow Account”) designated by
the Company and the Placement Agent pursuant to the terms of that certain Escrow
Agreement (the “Escrow Agreement”) dated as of August 13, 2007 by and among the
Company, the Placement Agent and The Bank of New York (the “Escrow Agent”):

	 	 	 	The Bank of New York

ABA #021-000-018

Beneficiary: GLA-111/565

Cust A/C #156152

Acct Name: BEIJING MED-PHARM SUB ESCROW

ATTN: Odell Romeo/Sharon Chut-Khan

	 	 	 	Such funds shall be held in an escrow account until the Closing and delivered by the
Escrow Agent on behalf of the Investors to the Company upon the satisfaction, in the
sole judgment of the Placement Agent, of the Company closing conditions set forth in
the Placement Agreement (as defined below). The Placement Agent shall have no
rights in or to any of the escrowed funds,

 

 

	 	 	 	unless the Placement Agent and the Escrow Agent are notified in writing by the
Company in connection with the Closing that a portion of the escrowed funds shall be
applied to the Placement Fee (as defined below). The Company and the Investor agree
to indemnify and hold the Escrow Agent harmless from and against any and all losses,
costs, damages, expenses and claims (including, without limitation, court costs and
reasonable attorneys fees) (“Losses”) arising under this Section 3 or otherwise with
respect to the funds held in escrow pursuant hereto or arising under the Escrow
Agreement, unless such Losses resulted directly from the willful misconduct or gross
negligence of the Escrow Agent.
	 
	 	b.	 	Delivery of Shares and Warrants. At least one (1) business day prior to the
Closing, the Company shall cause its transfer agent to deliver to the Escrow Agent a
certificate or certificates evidencing the Shares (the “Certificates”) issued in the
name of The Depository Trust Company (“DTC”) or its nominee. Simultaneously with the
delivery to the Company by the Escrow Agent of the funds held in escrow pursuant to
Section 3(a) above, the Company shall direct the Escrow Agent to deliver the
Certificates to DTC along with the information regarding the Investor’s account set
forth on Schedule 1 hereto. On the day of the Closing, the Company shall deliver the
Warrants to the Investor by overnight courier to the address designated by the Investor
on the signature page of this Subscription
	 
	 	c.	 	If the Investor is a registered investment company and is not settling its
purchase of Shares pursuant to Section 3(a) and (b) above, on or before the
Closing Date, the Company shall cause the Transfer Agent to deliver the Shares
purchased by such Investor to the account and/or at the address designated by such
Investor, and on or before the Closing Date the Company shall have delivered the
Warrants, and upon receipt by such Investor of such Shares and Warrants, such Investor
shall wire, in immediately available funds, the Purchase Amount for such Shares to an
account designated by the Company.

	4.	 	The offering and sale of the Units are being made pursuant to the Registration Statement and
the Prospectus (as such terms are defined below). The Investor acknowledges that the Company
intends to enter into subscriptions, which the Company represents will be in substantially the
same form as this Subscription, with certain other investors and intends to offer and sell
(the “Offering”) Units with an aggregate offering price of up to $55,000,000 pursuant to the
Registration Statement and Prospectus. The Company may accept or reject this Subscription or
any one or more other subscriptions with other investors in its sole discretion.
	 
	5.	 	The Company has filed or shall file with the Securities and Exchange Commission (the
“Commission”) a prospectus (the “Base Prospectus”) and a final prospectus supplement (the
“Prospectus Supplement” and together with the Base Prospectus, the “Prospectus”) with respect
to the registration statement (File No. 333-129276) reflecting the Offering, including all
amendments thereto, the exhibits and any schedules thereto, the documents otherwise deemed to
be a part thereof or included therein by the rules and regulations of the Commission (the
“Rules and Regulations”), and any registration statement relating to the Offering and filed
pursuant to Rule 462(b) under the Rules and Regulations (collectively, the “Registration
Statement”), in conformity with the Securities Act of 1933, as amended (the “Securities Act”),
including Rule 424(b) thereunder. The Investor hereby confirms that it has had full access to
the term sheet summarizing the terms and conditions of the offering (including this form of
Subscription and the form of Warrant) (the “Free Writing Prospectus”), the Base Prospectus and
the Company’s periodic reports and other information incorporated by reference therein, and
was able to read, review, download and print such materials.
	 
	6.	 	The Company has entered into a Placement Agency Agreement (the “Placement Agreement”), dated
August 17, 2007 with Philadelphia Brokerage Corporation (the “Placement Agent”), which will
act as the Company’s Placement Agent with respect to the Offering and receive a fee (the
“Placement Fee”) in connection with the sale of the Units. The Placement Agreement contains
the representations and warranties of the Company set forth in Exhibit A hereto. The Company
acknowledges and agrees that the Investor may rely on the representations and warranties made
by it to the Placement Agent in Section 2 of the Placement Agreement to the same extent as if
such representations and warranties had been

2

 

	 	 	incorporated in full herein and made directly to the Investor. Capitalized terms used, but
not otherwise defined, herein shall have the meanings ascribed to such terms in the
Placement Agreement.
	 
	7.	 	The obligations of the Company and the Investor to complete the transactions contemplated by
this Subscription shall be subject to the following:

	 	a.	 	The Company’s obligation to issue and sell the Units to the Investor shall be
subject to: (i) the acceptance by the Company of this Subscription (as may be indicated
by the Company’s execution of the Signature Page hereto), (ii) the receipt by the
Company of the purchase price for the Units being purchased hereunder as set forth on
the Signature Page and (iii) the accuracy of the representations and warranties made by
the Investor and the fulfillment of those undertakings of the Investor to be fulfilled
prior to the Closing Date.
	 
	 	b.	 	The Investor’s obligation to purchase the Units will be subject (i) the
Placement Agent not having terminated the Placement Agreement pursuant to the terms
thereof, the representations and warranties set forth in Exhibit A hereto being true
and correct and (iii) the conditions to closing in the Placement Agreement having been
satisfied or waived.

	8.	 	The Company hereby makes the following representations, warranties and covenants to the
Investor:

	 	a.	 	The Company has the requisite corporate power and authority to enter into and
to consummate the transactions contemplated by this Subscription and otherwise to carry
out its obligations hereunder. The execution and delivery of this Subscription by the
Company and the consummation by it of the transactions contemplated hereunder have been
duly authorized by all necessary action on the part of the Company. This Subscription
has been duly executed by the Company and, when delivered in accordance with the terms
hereof, will constitute the valid and binding obligation of the Company enforceable
against the Company in accordance with its terms, except as may be limited by any
bankruptcy, insolvency, reorganization, moratorium, fraudulent conveyance or other
similar laws affecting the enforcement of creditors’ rights generally or by general
principles of equity, regardless of whether such enforceability is considered in a
proceeding in equity or at law.
	 
	 	b.	 	The Company shall (i) issue a press release, disclosing all material aspects of
the transactions contemplated hereby prior to the opening of the trading markets on the
first trading day after the date on which this Agreement is executed by the Investor
and the Company and (ii) make such other filings and notices in the manner and time
required by the Commission with respect to the transactions contemplated hereby. The
Company shall not identify the Investor by name in any press release or public filing,
or otherwise publicly disclose the Investor’s name, without the Investor’s prior
written consent, unless required by law or the rules and regulations of any
self-regulatory organization which the Company or its securities are subject.

	9.	 	The Investor hereby makes the following representations, warranties and covenants to the
Company:

	 	a.	 	The Investor represents that (i) it has had full access to the Base Prospectus
and the Free Writing Prospectus, as well as the Company’s periodic reports and other
information incorporated by reference therein, prior to or in connection with its
receipt of this Subscription, (ii) it is knowledgeable, sophisticated and experienced
in making, and is qualified to make, decisions with respect to investments in
securities representing an investment decision like that involved in the purchase of
the Units, and (iii) it does not have any agreement or understanding, directly or
indirectly, with any person or entity to distribute any of the Units.
	 
	 	b.	 	The Investor has the requisite power and authority to enter into this
Subscription and to consummate the transactions contemplated hereby. The execution and
delivery of this Subscription by the Investor and the consummation by it of the
transactions contemplated hereunder have been duly authorized by all necessary action
on the part of the Investor. This

3

 

	 	 	 	Subscription has been executed by the Investor and, when delivered in accordance
with the terms hereof, will constitute a valid and binding obligation of the
Investor enforceable against the Investor in accordance with its terms, except as
enforceability may be limited by applicable bankruptcy, insolvency, reorganization,
moratorium or similar laws affecting creditors’ and contracting parties’ rights
generally and except as enforceability may be subject to general principles of
equity (regardless of whether such enforceability is considered in a proceeding in
equity or at law).
	 
	 	c.	 	The Investor understands that nothing in this Subscription or any other
materials presented to the Investor in connection with the purchase and sale of the
Units constitutes legal, tax or investment advice. The Investor has consulted such
legal, tax and investment advisors as it, in its sole discretion, has deemed necessary
or appropriate in connection with its purchase of Units.
	 
	 	d.	 	Neither the Investor nor any Person acting on behalf of, or pursuant to any
understanding with or based upon any information received from, the Investor has,
directly or indirectly, engaged in any Short Sales involving the Company’s securities
since the time that the Investor was first contacted by the
Placement Agent or the Company with respect to the transactions contemplated hereby. “Short Sales” include, without limitation, all “short
sales” as defined in Rule 200 promulgated under Regulation SHO under the Exchange Act,
whether or not against the box, and all types of direct and indirect stock pledges,
forward sale contracts, options, puts, calls, short sales, swaps, “put equivalent
positions” (as defined in Rule 16a-1(h) under the Exchange Act) and similar
arrangements (including on a total return basis), and sales and other transactions
through non-U.S. broker dealers or foreign regulated brokers. The Investor covenants
that neither it, nor any Person acting on behalf of, or pursuant to any understanding
with or based upon any information received from, the Investor will
engage in any Short Sales or derivative transactions involving the
Company’s securities prior to the time
that the transactions contemplated by this Subscription are publicly disclosed.
	 
	 	e.	 	The Investor represents that, except as set forth below, (i) it has had no
position, office or other material relationship within the past three years with the
Company or persons known to it to be affiliates of the Company, (ii) it is not, and it
has no direct or indirect affiliation or association with, any NASD member or an
Associated Person (as such term is defined under the NASD Membership and Registration
Rules Section 1011) as of the date the Investor executes this Subscription, and (iii)
neither it nor any group of investors (as identified in a public filing made with the
Commission) of which it is a member, acquired, or obtained the right to acquire, 20% or
more of the Common Stock (or securities convertible or exercisable for Common Stock) or
the voting power of the Company on a post-transaction basis. Exceptions:
	 
	 	 	 	(If no exceptions, write “none.” If left blank, response will be deemed to be “none.”)
	 
	 	f.	 	The Investor, if outside the United States, will comply with all applicable
laws and regulations in each foreign jurisdiction in which it purchases, offers, sells
or delivers Units or has in its possession or distributes any offering material, in all
cases at its own expense.

	10.	 	Notwithstanding any investigation made by any party to this Subscription, all covenants,
agreements, representations and warranties made by the Company and the Investor herein will
survive the execution of this Subscription, the delivery to the Investor of the Units being
purchased and the payment therefor.

4

 

	11.	 	This Subscription may not be modified or amended except pursuant to an instrument in writing
signed by the Company and the Investor.
	 
	12.	 	In case any provision contained in this Subscription should be invalid, illegal or
unenforceable in any respect, the validity, legality and enforceability of the remaining
provisions contained herein will not in any way be affected or impaired thereby.
	 
	13.	 	This Subscription will be governed by, and construed in accordance with, the internal laws of
the Commonwealth of Pennsylvania, without giving effect to the principles of conflicts of law
that would require the application of the laws of any other jurisdiction.
	 
	14.	 	This Subscription may be executed in one or more counterparts (delivery of which may be by
facsimile or as “pdf” or similar attachments to an electronic transmission), each of which
will constitute an original, but all of which, when taken together, will constitute but one
instrument, and will become effective when one or more counterparts have been signed by each
party hereto and delivered to the other parties.
	 
	15.	 	The Investor acknowledges and agrees that such Investor’s receipt of the Company’s
counterpart to this Subscription shall constitute written confirmation of the Company’s sale
of Units to such Investor.
	 
	16.	 	In the event that the Placement Agreement is terminated by the Placement Agent pursuant to the
terms thereof, this Subscription shall terminate without any further action on the part of the
parties hereto.

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INVESTOR SIGNATURE PAGE

	 	 	 	 	 	 	 	 	 
	Number of Units:	 	 	 	 	 	@$9.395 per Unit
	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	Aggregate Purchase Price: $	 	 	 	 	 	 
	 	 	 	 	 	 

Please confirm that the foregoing correctly sets forth the agreement between us by signing in the
space provided below for that purpose.

Dated as of: August __, 2007

INVESTOR

	 	 	 	 	 	 	 	 	 
	By:

	 	 	 	 	 	 	 	 
	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	Print Name:	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	Title:
	 	 	 	 	 	 	 	 
	 	 	 	 	 

	 	 	 	 	 	 	 	 	 
	Name in which
	 	 	 	 	 	 	 	 
	Shares and Warrants

	 	 	 	 	 	 	 	 
	are to be registered:

	 	 	 	 	 	 	 	 
	 	 	 	 	 

	 	 	 	 	 	 	 	 	 
	Mailing

	 	 	 	 	 	 	 	 
	Address:
	 	 	 	 	 	 	 	 
	 	 	 	 	 

	 	 	 	 	 	 	 	 	 
	Address for

	 	 	 	 	 	 	 	 
	delivery of Warrants	 	 	 	 	 	 
	(if different):
	 	 	 	 	 	 	 	 
	 	 	 	 	 

	 	 	 	 	 	 	 	 	 
	Taxpayer

	 	 	 	 	 	 	 	 
	Identification	 	 	 	 	 	 
	Number:
	 	 	 	 	 	 	 	 
	 	 	 	 	 

Manner of Settlement: As described in Section 3 of this Subscription

Agreed and Accepted this ____ day of August 2007:

BEIJING MED-PHARM CORPORATION

	 	 	 	 	 	 	 	 	 
	By:

	 	 	 	 	 	 	 	 
	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	Title:
	 	 	 	 	 	 	 	 
	 	 	 	 	 

Acknowledged this ____ day of August 2007:

PHILADELPHIA BROKERAGE CORPORATION

	 	 	 	 	 	 	 	 	 
	By:

	 	 	 	 	 	 	 	 
	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	Title:
	 	 	 	 	 	 	 	 
	 	 	 	 	 

The sale of the Units purchased hereunder was made pursuant to a registration statement or in a
transaction in which a final prospectus would have been required to have been delivered in the
absence of Rule 172 promulgated under the Securities Act.

 

 

Schedule 1 

TO BE COMPLETED BY INVESTOR

SETTLING SHARES THROUGH DTC

Delivery by electronic book-entry at The Depository Trust Company (“DTC”), registered in the
Investor’s name and address as set forth on the Signature Page of the Subscription to which this
Schedule 1 is attached, to the Investor at the Closing.

	 	 	 	 	 	 	 	 	 
	 	 	Name of DTC Participant (broker-dealer	 	 	 	 
	 	 	at which the account or accounts to be	 	 	 	 
	 	 	credited with the Units are maintained):	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	DTC Participant Number:	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	Name of Account at DTC Participant	 	 	 	 
	 	 	that is being credited with the Shares:	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	Account Number at DTC Participant	 	 	 	 
	 	 	that is being credited with the Shares:Exhibit

                                                                    Exhibit 10.1

                               Wachovia Bank, N.A.
                            301 S. College St. NC0610
                               Charlotte, NC 28288

August 17, 2007

NovaStar Mortgage, Inc.
NovaStar Certificates Financing LLC
NovaStar Certificates Financing Corporation
NFI Repurchase Corporation
NMI Repurchase Corporation
NMI Property Financing, Inc.
HomeView Lending, Inc.
NovaStar Financial, Inc.
NFI Holding Corporation
8140 Ward Parkway,
Suite 300
Kansas City, Missouri 64114

     Re:  Master Repurchase Agreements Waiver

     Reference is made to those certain Master  Repurchase  Agreements listed on
Schedule I attached hereto (the  "Agreements").  Capitalized  terms used in this
letter without definition have the meanings ascribed to them in the Agreements.

     Each Seller and Buyer hereby  acknowledges  that Moody's  Investors Service
will downgrade the servicer quality rating of NovaStar Mortgage, Inc. ("NMI") to
SQ4+ from SQ3+ as a primary  servicer of subprime  residential  mortgage  loans.
Each Buyer hereby  waives,  for a period ending on November 1, 2007,  any breach
and/or  any  Event of  Default  that  would  otherwise  arise as a result of the
downgrade of NMI's servicer rating under the Agreements.

     The  parties  hereto  acknowledge  and  agree  that the  provisions  of the
Agreements  remain in full  force and effect and that,  except  with  respect to
those expressly waived herein, the execution of this waiver letter by each Buyer
does not operate as a waiver of any of its rights,  powers,  or privileges under
the Agreements or under any of the other related  documents,  including  without
limitation any future  breaches of, or Defaults or Events of Default under,  the
Agreements.

     This letter  agreement  constitutes  the entire  agreement  relating to the
subject  matter hereof  between the parties hereto and supersedes any prior oral
or written agreement between the parties hereto.

     This letter agreement shall be construed in accordance with the laws of the
State of New York,  and the  obligations,  rights and  remedies  of the  parties
hereunder  shall be determined  in accordance  with the laws of the State of New
York except to the extent preempted by federal law.

     This letter agreement may be executed in any number of  counterparts,  each
of which (including any copy hereof delivered by facsimile) shall constitute one
and the same  original  instrument,  and either  party  hereto may execute  this
letter agreement by signing any such counterpart.

                  [REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]

                                       2

     Please  confirm that the foregoing  specifies the terms of our agreement by
signing and  returning  the enclosed  copy of this letter  agreement to Thacher,
Proffit & Wood, Two World Financial Center, New York ,NY 10281.

                                       Very truly yours,

                                       Wachovia Bank, N.A.,
                                            as Buyer

                                       By:  /s/ Goetz Rokahr
                                          --------------------------------------
                                       Name:  Goetz Rokahr
                                       Title:  Vice President

                                       Wachovia Capital Markets, LLC,
                                            as Buyer

                                       By:  /s/ Goetz Rokahr
                                          --------------------------------------
                                       Name:  Goetz Rokahr
                                       Title:  Vice President

                                       Wachovia Investment Holdings, LLC,
                                            as Buyer

                                       By:  /s/ Goetz Rokahr
                                          --------------------------------------
                                       Name:  Goetz Rokahr
                                       Title:  Vice President

Acknowledged and Agreed:

NovaStar Mortgage, Inc., as Seller and Guarantor

By:  /s/ Todd M. Phillips
   --------------------------------------
Name:  Todd M. Phillips
Title:  Vice President, Treasurer and Controller

NovaStar Certificates Financing LLC, as Seller

By:  /s/ Todd M. Phillips
   --------------------------------------
Name:  Todd M. Phillips
Title:  Vice President, Treasurer and Controller

                                       3

NovaStar Certificates Financing Corporation, as Seller

By:  /s/ Todd M. Phillips
   --------------------------------------
Name:  Todd M. Phillips
Title:  Vice President, Treasurer and Controller

NFI Repurchase Corporation, as Seller

By:  /s/ Todd M. Phillips
   --------------------------------------
Name:  Todd M. Phillips
Title:  Vice President, Treasurer and Controller

NMI Repurchase Corporation, as Seller

By:  /s/ Todd M. Phillips
   --------------------------------------
Name:  Todd M. Phillips
Title:  Vice President, Treasurer and Controller

NMI Property Financing, Inc., as Seller

By:  /s/ Todd M. Phillips
   --------------------------------------
Name:  Todd M. Phillips
Title:  Vice President, Treasurer and Controller

HomeView Lending, Inc., as Seller and Guarantor

By:  /s/ Todd M. Phillips
   --------------------------------------
Name:  Todd M. Phillips
Title:  Vice President, Treasurer and Controller

NovaStar Financial, Inc., as Seller and Guarantor

By:  /s/ Todd M. Phillips
   --------------------------------------
Name:  Todd M. Phillips
Title:  Vice President, Treasurer and Controller

                                       4

NFI Holding Corporation, as Seller and Guarantor

By:  /s/ Todd M. Phillips
   --------------------------------------
Name:  Todd M. Phillips
Title:  Vice President, Treasurer and Controller

                                       5

                                   SCHEDULE I

1. Master Repurchase  Agreement (2007 Residual Securities) dated as of April 18,
2007 (the  "Residual  Securities  Agreement"),  among  Wachovia  Bank,  National
Association,  Wachovia Capital Markets LLC, NovaStar  Mortgage,  Inc.,  NovaStar
Certificates Financing LLC, and NovaStar Certificates Financing Corp.

2. Master  Repurchase  Agreement (2007  Servicing  Rights) dated as of April 25,
2007  (the  "Servicing  Rights   Agreement"),   among  Wachovia  Bank,  National
Association and NovaStar Mortgage, Inc..

3. Mater  Repurchase  Agreement  (2007  Whole Loan) dated as of May 9, 2007 (the
"Whole  Loan  Agreement"),   among  Wachovia  Bank,  National  Association,  NFI
Repurchase  Corporation,  NMI Repurchase  Corporation,  NMI Property  Financing,
Inc.,  HomeView Lending,  Inc, NovaStar Financial Inc., NFI Holding  Corporation
and NovaStar Mortgage Inc.

4. Master Repurchase Agreement (2007  Non-investment  Grade) dated as of May 31,
2007  (the  "Non-Investment   Grade  Securities   Agreement"),   among  Wachovia
Investment Holdings, LLC, Wachovia Capital Markets LLC, NovaStar Mortgage, Inc.,
NovaStar Certificates Financing LLC, and NovaStar Certificates Financing Corp.

5. Master Repurchase  Agreement (2007 Investment Grade) dated as of May 31, 2007
(the "Investment  Grade Securities  Agreement"),  among Wachovia Bank,  National
Association,  Wachovia Capital Markets LLC, NovaStar  Mortgage,  Inc.,  NovaStar
Certificates Financing LLC, and NovaStar Certificates Financing Corp.

6.  Master  Repurchase  Agreement  (New York)  dated as of July 6, 2007 (the "NY
Agreement") between Wachovia Bank,  National  Association and NovaStar Mortgage,
Inc.

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