Document:

Exhibit 10.3

 

March 4, 2014

 

	
Excel   Mortgage Servicing, Inc.
    	
AmeriHome   Mortgage Corporation
    
	
19500   Jamboree Road
    	
19500   Jamboree Road
    
	
Irvine,   CA 92162
    	
Irvine,   CA 92162
    
	
 
    	
 
    
	
Integrated   Real Estate Service Corporation
    	
 
    
	
19500   Jamboree Road
    	
 
    
	
Irvine,   CA 92162
    	
 
    

 

Re:  Eighth Amendment to Master Repurchase Agreement and Pricing Letter (“Eighth Amendment”).

 

This Eighth Amendment is made this 4th day of March, 2014 (the “Amendment Effective  Date”),  to  that  certain  Master  Repurchase  Agreement,  dated  August 31,  2011,  as amended  (the  “Repurchase  Agreement”)  and  the  Pricing  Letter,  dated  August 31,  2011,  as amended (the “Pricing Letter”), in each case by and among Excel Mortgage Servicing, Inc. and AmeriHome Mortgage Corporation (each a “Seller” and, collectively, “Sellers”), and EverBank (“Buyer”).  The Repurchase Agreement, the Pricing Letter and all amendments are sometimes hereinafter collectively referred to as the “Agreement.”

 

WHEREAS,  Sellers  and  Integrated  Real  Estate  Service  Corporation  (“Guarantor”) requested that Buyer amend the Agreement; and

 

WHEREAS, Sellers, Guarantor and Buyer have agreed to amend the Agreement as set forth herein.

 

NOW THEREFORE, for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto hereby agree to amend the Agreement as follows:

 

SECTION 1.    Amendments.

 

(a)                                 The following definition contained in Section 1 of the Pricing Letter is hereby amended and restated in its entirety as follows:

 

“Termination Date” shall mean June 25, 2014, or such earlier date as determined by Buyer pursuant to its rights and remedies under the Agreement.

 

(b)                         The Operating Cash Flow to Debt Service Coverage Ratio contained in Section 3 (iii) of the Pricing Letter is hereby waived as of December 31, 2013 and amended in its entirety as follows:

 

“Operating Cash Flow to Debt Service Coverage Ratio — Reserved”

 

 

(c)                          AmeriHome  Mortgage  Corporation  is  hereby  released  as  “Seller”  and “Guarantor” from the Agreement and EverBank expressly permits the sale of all AmeriHome Mortgage Corporation assets and waives any condition precedent or subsequent to the sale, including but not limited to any Certain Financial Condition Coverage Ratios in Section 3 of the Pricing Letter.

 

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

 

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

 

SECTION 4.    Representations.   In order to induce Buyer to execute and deliver this Eighth Amendment, each Seller hereby represents to Buyer that as of the date hereof, except as otherwise expressly waived by Buyer in writing, such Seller is in full compliance with all of the terms and conditions of the Agreement including without limitation, all of the representations and warranties and all of the affirmative and negative covenants, and no Default or Event of Default has occurred and is continuing under the Agreement.

 

SECTION 5.    Governing Law. This Eighth Amendment and any claim, controversy or dispute arising under or related to or in connection with this Eighth Amendment, the relationship of the parties, and/or the interpretation and enforcement of the rights and duties of the parties will be governed by the laws of the State of New York without regard to any conflicts of law principles other than Sections 5-1401 and 5-1402 of the New York General Obligations Law which shall govern.

 

SECTION 6.    Counterparts.   This Eighth Amendment may be executed in two (2) or more counterparts, each of which shall be deemed an original but all of which together shall constitute but one and the same agreement.  This Eighth Amendment, to the extent signed and delivered by facsimile or other electronic means, shall be treated in all manner and respects as an original agreement and shall be considered to have the same binding legal effect as if it were the  original  signed  version  thereof  delivered  in  person.     No  signatory  to  this  Eighth Amendment shall raise the use of a facsimile machine or other electronic means to deliver a signature or the fact that any signature or agreement was transmitted or communicated through the use of a facsimile machine or other electronic means as a defense to the formation or enforceability of a contract and each such Person forever waives any such defense.

 

SECTION 7.    Guarantor.  Guarantor acknowledges and agrees that nothing contained herein, and Guarantor’s signature hereon, shall not be deemed an acknowledgement, a course of  conduct,  a  waiver  or  an  amendment  of  the provisions  of  the  Facility  Guaranty,  which continue in full force and effect and do not require any Guarantor’s consent to the actions taken hereunder.

 

 

IN WITNESS WHEREOF, Sellers, Guarantor and Buyer have caused  this  Eighth Amendment to be executed and delivered as of the Amendment Effective Date.

 

	
EXCEL MORTGAGE SERVICING, INC., as a Seller
    	
 
    	
EVERBANK,   as Buyer
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
By:
    	
/s/   Todd R. Taylor
    	
 
    	
By:
    	
/s/   Sean R. Delaney
    
	
Its:
    	
Todd   R. Taylor
    	
 
    	
Its:
    	
Sean   R. Delaney
    
	
Title:
    	
EVP/CFO
    	
 
    	
Title:
    	
VP
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
AMERIHOME MORTGAGE CORPORATION, as a Seller
    	
 
    	
INTEGRATED   REAL ESTATE SERVICE CORPORATION, as Guarantor
    
	
 
    	
 
    	
 
    
	
By:
    	
/s/   Todd R. Taylor
    	
 
    	
By:
    	
/s/   Todd R. Taylor
    
	
Its:
    	
Todd   R. Taylor
    	
 
    	
Its:
    	
Todd   R. Taylor
    
	
Title:
    	
EVP/CFO
    	
 
    	
Title:
    	
EVP/CFO
    

 

 

EXHIBIT A

 

COMPLIANCE CERTIFICATE

 

[PLEASE REVIEW CAREFULLY]

 

	
SELLER:
    	
 
    	
EXCEL   MORTGAGE SERVICING INC.
    
	
GUARANTORS:
    	
 
    	
INTEGRATED   REAL ESTATE SERVICE CORPORATION
    
	
BUYER:
    	
 
    	
EVERBANK
    
	
TODAY’S   DATE:
    	
 
    	
        /         /201  
    
	
REPORTING   PERIOD ENDED:
    	
 
    	
         month(s) ended          /        /20    
    

 

This certificate is delivered to Buyer under the Master Repurchase Agreement dated as of August 31, 2011, between Seller and Buyer (as amended from time to time, the “Agreement”), all the defined terms of which have the same meanings when used herein.

 

I hereby certify that: (a) I am, and at all times mentioned herein have been, the duly elected, qualified, and acting officer of Seller designated below; (b) to the best of my knowledge, the Financial Statements of Seller from the period shown about (the “Reporting Period”) and which accompany this certificate were prepared in accordance with GAAP and present fairly the financial condition of the Financial Reporting Party as of the end of the Reporting Period and the results of its operations for Reporting Period; (c) a review of the Agreement and of the activities of Seller during the Reporting Period has been made under my supervision with a view to determining Seller’s compliance with the covenants, requirements, terms, and conditions of the Agreement, and such review has not disclosed the existence during or at the end of the Reporting Period (and I have no knowledge of the existence as of the date hereof) of any Default or Event of Default, except as disclosed herein (which specifies the nature of existence of each Default or Event of   Default, if any, and what action Seller has taken, is taking, and proposes to take with respect  to  each);  (d)  all  information  set  forth  on  the attachment to this Compliance Certificate is true, correct, and complete, and the calculations set forth therein evidence that Seller is in compliance with the requirements of the Agreement at the end of the Reporting Period (or if Seller is not in compliance, showing the extent of non- compliance and specifying the period of non-compliance and what actions Seller proposes to take  with  respect  thereto);  and  (e)  Seller  was,  as  of  the  end  of  the  Reporting  Period,  in compliance and good standing with applicable Fannie Mae, Ginnie Mae, Freddie Mac, and HUD net worth requirements.

 

 

	
 
    	
By:
    	
 
    
	
 
    	
 
    	
Name:
    
	
 
    	
 
    	
Title:
    

 

 

	
SELLER:
    	
 
    	
EXCEL   MORTGAGE SERVICING INC.
    
	
(REPORTING   PERIOD) ENDED:
    	
 
    	
          /        /20   
    

 

All financial calculations set forth herein are as of the end of the Reporting Period.

 

1.   ADJUSTED TANGIBLE NET WORTH

 

	
The Adjusted Tangible Net Worth of Seller is:
    	
 
    	
 
    	
 
    
	
GAAP Net Worth:
    	
 
    	
$
    	
 
    	
 
    	
 
    
	
Minus: Intangible Assets (excluding capitalized   Servicing Rights)
    	
 
    	
$
    	
 
    	
 
    	
 
    
	
Minus: Due from Shareholders or Related Parties
    	
 
    	
$
    	
 
    	
 
    	
 
    
	
Minus: Capitalized Servicing Rights
    	
 
    	
$
    	
 
    	
 
    	
 
    
	
Minus: Assets pledged to secure liabilities not   included in Indebtedness:
    	
 
    	
$
    	
 
    	
 
    	
 
    
	
Minus: Any other HUD non-acceptable assets:
    	
 
    	
$
    	
 
    	
 
    	
 
    
	
Minus: Investments in Affiliates:
    	
 
    	
$
    	
 
    	
 
    	
 
    
	
Plus: Lesser of (a) most recent MSR Appraised   Value, and (b) capitalized Servicing Rights (per above):
    	
 
    	
$
    	
 
    	
 
    	
 
    
	
Plus: Subordinated Debt:
    	
 
    	
$
    	
 
    	
 
    	
 
    
	
ADJUSTED TANGIBLE NET WORTH:
    	
 
    	
$
    	
 
    	
 
    	
 
    
	
SELLER   REQUIRED MINIMUM
    	
 
    	
$
    	
 
    	
17,000,000
    	
 
    
	
GUARANTOR   REQUIRED MINIMUM
    	
 
    	
$
    	
 
    	
17,000,000
    	
 
    
	
In compliance?
    	
 
    	
o Yes
    	
o No
    	
 
    

 

2.   INDEBTEDNESS OF SELLER

 

	
INDEBTEDNESS:
    	
 
    	
$
    	
 
    	
 
    

 

3.   LEVERAGE: ADJUSTED INDEBTEDNESS TO ADJUSTED TANGIBLE NET WORTH

 

	
Indebtedness (from 2, above)
    	
 
    	
$
    	
 
    	
 
    
	
Minus: Subordinated Debt (from 1, above)
    	
 
    	
$
    	
 
    	
 
    
	
ADJUSTED INDEBTEDNESS
    	
 
    	
$
    	
 
    	
 
    

 

 

	
Adjusted Tangible Net Worth (from 1, above)
    	
 
    	
$
    	
 
    	
 
    
	
RATIO OF ADJUSTED INDEBTEDNESS   /ADJUSTED TANGIBLE NET WORTH:
    	
 
    	
  :1
    	
 
    
	
Maximum   permitted
    	
 
    	
15:1
    	
 
    
	
In compliance?
    	
 
    	
o Yes
    	
o No
    	
 
    
	
 
    
	
4.   LIQUIDITY
    
	
 
    
	
Cash
    	
 
    	
$
    	
 
    	
 
    
	
Less: Restricted Cash
    	
 
    	
$
    	
 
    	
 
    
	
Plus: Cash Equivalents
    	
 
    	
$
    	
 
    	
 
    
	
LIQUIDITY
    	
 
    	
$
    	
 
    	
 
    
	
Minimum required
    	
 
    	
$
    	
7,000,000
    	
 
    
	
In compliance?
    	
 
    	
o Yes
    	
o No
    	
 
    
	
 
    
	
5.   PROFITABILITY RATIO
    
	
 
    
	
Net Income (prior three (3) fiscal quarters)
    	
 
    	
$
    	
 
    	
 
    
	
Net Income (fiscal quarter just ended)
    	
 
    	
$
    	
 
    	
 
    
	
Total Net Income (prior four (4) fiscal   quarters)
    	
 
    	
$
    	
 
    	
 
    
	
Minimum   required (trailing 12 months calculated quarterly)
    	
 
    	
$
    	
1.00 or more
    	
 
    
	
In compliance?
    	
 
    	
o Yes
    	
o No
    	
 
    
								

 

6.   FACILITIES (Please list all credit facilities including off balance sheet facilities)

 

	
Institution
    	
 
    	
Total Commitment
    	
 
    	
Outstanding
    	
 
    
	
EverBank Warehouse Lending
    	
 
    	
$
    	
 
    	
 
    	
$
    	
 
    	
 
    
	
 
    	
 
    	
$
    	
 
    	
 
    	
$
    	
 
    	
 
    
	
 
    	
 
    	
$
    	
 
    	
 
    	
$
    	
 
    	
 
    
	
 
    	
 
    	
$
    	
 
    	
 
    	
$
    	
 
    	
 
    
	
 
    	
 
    	
$
    	
 
    	
 
    	
$
    	
 
    	
 
    
	
 
    	
 
    	
$
    	
 
    	
 
    	
$
    	
 
    	
 
    
	
 
    	
 
    	
$
    	
 
    	
 
    	
$
    	
 
    	
 
    
	
 
    	
 
    	
$
    	
 
    	
 
    	
$
    	
 
    	
 
    
	
TOTALS
    	
 
    	
$
    	
 
    	
 
    	
$
    	
 
    	
 
    

 

 

7.   REPURCHASES / INDEMNIFICATIONS (R&I)

 

	
Repurchases
    	
 
    	
UPB
    	
 
    	
# of Loans
    	
 
    	
Actual or
   Estimated
   Loss
    	
 
    	
How were
   they
   recorded
   on the
   financials?
    	
 
    
	
Beginning Open R&I’s
    	
 
    	
$
    	
 
    	
 
    	
 
    	
 
    	
$
    	
 
    	
 
    	
 
    	
 
    
	
New R&I’s received this month
    	
 
    	
$
    	
 
    	
 
    	
 
    	
 
    	
$
    	
 
    	
 
    	
 
    	
 
    
	
R&I’s rescinded this month
    	
 
    	
$
    	
 
    	
 
    	
 
    	
 
    	
$
    	
 
    	
 
    	
n/a
    	
 
    
	
R&I’s settled this month
    	
 
    	
$
    	
 
    	
 
    	
 
    	
 
    	
$
    	
 
    	
 
    	
 
    	
 
    
	
Ending Open R&I’s
    	
 
    	
$
    	
 
    	
 
    	
 
    	
 
    	
$
    	
 
    	
 
    	
 
    	
 
    

 

*                 If you have a detailed schedule of loans subject to repurchases that includes the investor requesting, reason for repurchases, origination date, loan characteristics such as LTV, lien position, occupancy etc., and valuation method if you have estimated your loss exposure, please attach it with this table.

 

8.   LOAN LOSS RESERVE

 

	
 
    	
 
    	
Current Month
    	
 
    	
Year-to-Date
    	
 
    
	
Beginning loan loss reserve
    	
 
    	
$
    	
 
    	
 
    	
$
    	
 
    	
 
    
	
Additional loss provision
    	
 
    	
$
    	
 
    	
 
    	
$
    	
 
    	
 
    
	
Actual charge off
    	
 
    	
$
    	
 
    	
 
    	
$
    	
 
    	
 
    
	
Ending Loan Loss Reserve
    	
 
    	
$
    	
 
    	
 
    	
$
    	
 
    	
 
    

 

9.   LITIGATION

 

	
 
    	
 
    	
Current Month
    	
 
    	
Year-to-Date
    	
 
    
	
Pending litigations (Unit)
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
Expected losses on litigation
    	
 
    	
$
    	
 
    	
 
    	
$
    	
 
    	
 
    
								

 

10. THIRD PARTY REPORTS

 

All  reports  received from  third  parties  (such  as  the  SEC,  Fannie Mae, Ginnie Mae, Freddie Mac) subsequent to the last reporting period are attached hereto. These reports include the following (if none, write “None”):  [            ]

 

 

11. DEFAULTS OR EVENTS OF DEFAULT

 

Disclose nature and period of existence and action being taken in connection therewith; if none, write “None”: [           ]

 

12. OTHER REPORTS REQUIRED (Please attach if applicable)

 

a.                                      Indemnification & Repurchase Report for the prior year and current YTD.

 

b.                                      Hedge Reports (including: position summary report, MBS & whole loan trade detail, loan level detail report with weighted average take out price).

 

c.                                       Summary of year-to-date production, broken out by product type.Exhibit 4.1

 

	
Number
    	
Shares
    

 

	
 
    	
SEE REVERSE FOR IMPORTANT
    
	
 
    	
NOTICE ON TRANSFER RESTRICTIONS
    
	
 
    	
AND OTHER INFORMATION
    

 

CUSIP: 66704R605

 

THIS CERTIFICATE IS TRANSFERABLE

IN THE CITY OF NEW YORK, NY

 

NORTHSTAR REALTY FINANCE CORP.

a Corporation Formed Under the Laws of the State of Maryland

 

THIS CERTIFIES THAT CEDE & CO is the owner of            (           ) fully paid and nonassessable shares of 8.75% Series E Cumulative Redeemable Preferred Shares of Stock, $.01 par value per share, of

 

NorthStar Realty Finance Corp.

 

(the “Corporation”) transferable on the books of the Corporation by the holder hereof in person or by its duly authorized attorney, upon surrender of this Certificate properly endorsed.  This Certificate and the shares represented hereby are issued and shall be held subject to all of the provisions of the charter of the Corporation and the Bylaws of the Corporation and any amendments thereto.  This Certificate is not valid unless countersigned and registered by the Transfer Agent and Registrar.

 

IN WITNESS WHEREOF, the Corporation has caused this Certificate to be executed on its behalf by its duly authorized officers.

 

	
DATED: May     , 2014
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
Countersigned and Registered:
    	
 
    	
 
    
	
Transfer Agent 
    	
 
    	
 
    	
(SEAL)
    
	
and Registrar
    	
 
    	
Chief Financial Officer
    
	
American Stock Transfer & Trust Company, LLC
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
By:
    	
 
    	
 
    	
 
    
	
 
    	
Authorized Signature
    	
 
    	
Executive Vice President, General Counsel and Secretary
    

 

 

IMPORTANT NOTICE

 

The Corporation will furnish to any stockholder, on request and without charge, a full statement of the information required by Section 2-211(b) of the Corporations and Associations Article of the Annotated Code of Maryland with respect to the designations and any preferences, conversion and other rights, voting powers, restrictions, limitations as to dividends and other distributions, qualifications, and terms and conditions of redemption of the stock of each class which the Corporation has authority to issue and, if the Corporation is authorized to issue any preferred or special class in series, (i) the differences in the relative rights and preferences between the shares of each series to the extent set, and (ii) the authority  of the Board of Directors to set such rights and preferences of subsequent series.  The foregoing summary does not purport to be complete and is subject to and qualified in its entirety by reference to the charter of the Corporation, a copy of which will be sent without charge to each stockholder who so requests.  Such request must be made to the Secretary of the Corporation at its principal office or to the Transfer Agent.

 

The shares represented by this certificate are subject to restrictions on transfer and ownership.  The Corporation will furnish a full statement about certain restrictions on transferability and ownership to each holder of capital stock on request and without charge.  Requests for such information may be directed to the Secretary of the Corporation at its principal office or to the Transfer Agent.

 

KEEP THIS CERTIFICATE IN A SAFE PLACE.  IF IT IS LOST, STOLEN

OR DESTROYED, THE CORPORATION WILL REQUIRE A BOND OF INDEMNITY AS A

CONDITION TO THE ISSUANCE OF A REPLACEMENT CERTIFICATE.

 

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

 

	
TEN COM
    	
-
    	
as tenants in common
    	
 
    	
UNIF GIFT MIN ACT
    	
 
    	
Custodian
    	
 
    
	
TEN ENT
    	
-
    	
as tenants by the entireties
    	
 
    	
 
    	
(Custodian)
    	
 
    	
(Minor)
    
	
JT TEN
    	
-
    	
as joint tenants with right of
    	
 
    	
under Uniform Gifts to Minors Act of
    	
 
    
	
 
    	
 
    	
survivorship and not as tenants in common
    	
 
    	
 
    	
(State)
    
	
 
    	
 
    	
 
    	
 
    	
Additional abbreviations may also be used though not in the above   list.
    
									

 

FOR VALUE RECEIVED,                                                  HEREBY SELLS, ASSIGNS AND TRANSFERS UNTO

 

	
 
    
	
(PLEASE PRINT OR TYPEWRITE NAME AND ADDRESS, INCLUDING ZIP CODE   AND SOCIAL SECURITY OR OTHER IDENTIFYING NUMBER, OF ASSIGNEE)
    

 

                                      (                            ) shares of 8.75% Series E Cumulative Redeemable Preferred Shares of Stock, $.01 par value  per share, of the Corporation represented by this Certificate and do hereby irrevocably constitute and appoint                                                                   attorney to transfer the said shares of 8.75% Series E Cumulative Redeemable Preferred Shares of Stock, $.01 par value per share, on the books of the Corporation, with full power of substitution in the premises.

 

	
Dated
    	
 
    	
 
    	
 
    	
NOTICE: The signature to this Assignment must correspond with the   name as written upon the face of the Certificate in every particular, without   alteration or enlargement or any change whatsoever.

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