SEC Contract Filing

Filing Date: 2015-02-11

Document Content:
<DOCUMENT>
<TYPE>EX-10.23.2
<SEQUENCE>2
<FILENAME>d871345dex10232.htm
<DESCRIPTION>EX-10.23.2
<TEXT>
<HTML><HEAD>
<TITLE>EX-10.23.2</TITLE>
</HEAD>
 <BODY BGCOLOR="WHITE">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Exhibit 10.23.2 </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Execution Copy </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">AMENDMENT
NO. 2 TO MASTER REPURCHASE AND SECURITIES CONTRACT </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">AMENDMENT NO. 2 TO MASTER REPURCHASE AND SECURITIES CONTRACT, dated as of
February&nbsp;5, 2015 (this &#147;<U>Amendment</U>&#148;), between and among <B>ISSUED HOLDINGS CAPITAL CORPORATION</B>, a Virginia corporation (the &#147;<U>Seller</U>&#148;), <B>WELLS FARGO BANK, N.A.</B>, a national banking association, as buyer
(in such capacity, the &#147;<U>Buyer</U>&#148;) and <B>DYNEX CAPITAL, INC.</B>, a Virginia corporation having its principal place of business at 4991 Lake Brook Drive, Suite 100, Glen Allen, VA 23060 (&#147;<U>Guarantor</U>&#148;). Capitalized
terms used but not otherwise defined herein shall have the meanings given to them in the Repurchase Agreement. </P> <P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">RECITALS </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">WHEREAS, Seller and Buyer are parties to that certain Master Repurchase and Securities Contract, dated as of August&nbsp;6, 2012 (as amended
by that certain Amendment No.&nbsp;1 to Master Repurchase and Securities Contract, dated as of October&nbsp;1, 2013, as amended hereby, and as further amended, restated, supplemented or otherwise modified and in effect from time to time, the
&#147;<U>Repurchase Agreement</U>&#148;); </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">WHEREAS, in connection with the Repurchase Agreement, (i)&nbsp;Guarantor executed and delivered
to Buyer a Guarantee Agreement, dated as of August&nbsp;6, 2012 (as amended, restated, supplemented or otherwise modified and in effect from time to time, the &#147;<U>Guarantee</U>&#148;), and (ii)&nbsp;Buyer and Seller executed and delivered a Fee
and Pricing Letter dated as of August&nbsp;6, 2012 (as amended by that certain Amendment No.&nbsp;1 to Fee and Pricing Letter, dated as of October&nbsp;1, 2013, as further amended by Amendment No.&nbsp;2 to Fee and Pricing Letter, dated as of
February&nbsp;5, 2015 (the &#147;<U>FPL Amendment</U>&#148;), and as further amended, restated, supplemented or otherwise modified and in effect from time to time, the &#147;<U>Fee and Pricing Letter</U>&#148;); and </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">WHEREAS, Seller, Buyer and Guarantor have agreed to amend certain provisions of the Repurchase Agreement in the manner set forth herein. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">THEREFORE, in consideration of the premises and for other good and valuable consideration, the receipt and sufficiency of which are hereby
acknowledged, Seller, Guarantor and Buyer each hereby agree as follows: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman"><B>SECTION 1. <U>Amendments to Repurchase Agreement</U>. </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">a) The defined term &#147;<U>Extension Fee</U>&#148;, as set forth in ARTICLE 2 of the Repurchase Agreement, is hereby deleted in its
entirety. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">b) The defined term &#147;<U>Facility Termination Date</U>&#148;, as set forth in ARTICLE 2 of the Repurchase Agreement, is
hereby amended and restated in its entirety to read as follows: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Facility Termination Date</U>&#148;: The earliest
of (a)&nbsp;August&nbsp;6, 2016, (b)&nbsp;any Accelerated Repurchase Date and (c)&nbsp;any date on which the Facility Termination Date shall otherwise occur in accordance with the Repurchase Documents or Requirements of Law. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">c) The first clause of the first sentence of <U>Section&nbsp;3.01</U> of the Repurchase Agreement is hereby amended and restated in its
entirety to read as follows: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">From time to time prior to the Facility Termination Date, </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">-1- </P>

<p Style='page-break-before:always'>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">d) <U>Section&nbsp;3.06</U> of the Repurchase Agreement is hereby amended and restated in its
entirety to read as follows: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">Section&nbsp;3.06 [<U>Reserved</U>]. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman"><B>SECTION 2. <U>Conditions Precedent</U></B>. This Amendment and its provisions shall