EXHIBIT 10.24
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HSBC BANK USA
AND
THE NEW YORK MORTGAGE COMPANY LLC
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THIRD AMENDED
CREDIT AND SECURITY AGREEMENT
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Dated as of November 13, 2001
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THIRD AMENDED CREDIT AND SECURITY AGREEMENT
THIS AGREEMENT, dated as of the Agreement Date between THE NEW YORK
MORTGAGE COMPANY LLC, a New York limited liability company with offices at 000
Xxxx Xxxxxx Xxxxx, Xxx Xxxx, Xxx Xxxx 00000 (the "Company"), and HSBC BANK USA,
a banking corporation organized under the laws of the State of New York, with
offices at c/o Mortgage Warehouse Lending Department, Xxx XXXX Xxxxxx, 00xx
Xxxxx, Xxxxxxx, Xxx Xxxx 00000 ("HSBC"), evidences:
INTRODUCTION
This Agreement amends the Credit and Security Agreement between the
Company and HSBC dated as of March 30, 2001, as previously amended by First
Amended Credit and Security Agreement dated as of May 24, 2001 and Second
Amended Credit and Security Agreement dated as of June 18, 2001 (together,
"Prior Agreement") by increasing the Credit Amount to $30,000,000.00 and
changing certain other terms and conditions. Capitalized terms not otherwise
defined herein have the meanings given them in the Prior Agreement,
AGREEMENTS:
1. The following definitions are amended to read as follows:
Agreement Date: November 13, 2001.
Credit Amount: THIRTY MILLION AND NO/100 DOLLARS.
($30,000,000,00).
Credit Note: The Company's Third Amended Credit Note to HSBC
dated as of the Agreement Date.
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2. Section 6.18 A, is amended to read as follows:
"6.18 Financial Covenants.
A. Adjusted Net Worth. Maintain a minimum
Adjusted Net Worth of at least THREE MILLION EIGHT HUNDRED THOUSAND AND
NO/100 DOLLARS ($3,800,000.00).
3. Except as modified herein, the Prior Agreement is ratified and
confirmed. Borrower disclaims any offsets, defenses or counterclaims respecting
its obligations under the Prior Agreement.
IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be
signed by their duly authorized officers and their corporate seals to be
hereunto affixed, all as of the Agreement Date.
THE NEW YORK MORTGAGE COMPANY LLC
BY: /s/ Xxxxxx Xxxxxxx
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Xxxxxx Xxxxxxx, Member
HSBC BANK USA
BY: /s/ Xxxxx X. Xxxxx
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Xxxxx X. Xxxxx, Vice President
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STATE OF NY )
) SS.:
COUNTY OF NEW YORK )
On the day of November, 2001, before me, the undersigned, a notary
public in and for said state, personally appeared Xxxxxx Xxxxxxx, personally
known to me or proved to me on the basis of satisfactory evidence to be the
individual(s) whose name(s) is (are) subscribed to the within instrument and
acknowledged to me that he/she/they executed the same in his/her/their
capacity(ies), and that by his/her/their signature(s) on the instrument, the
individual(s), or the person upon behalf of which the individual(s) acted,
executed the instrument.
/s/ XXXXXXXX X. XXXXXX
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Notary Public
XXXXXXXX X. XXXXXX
NOTARY PUBLIC
STATE OF NEW YORK
#02ME6005356
EXPIRES 4/13/2002
STATE OF PENNSYLVANIA )
) SS.:
COUNTY OF XXXXXXXXXX )
On the 14th day of November, 2001, before me, the undersigned, a notary
public in and for said state, personally appeared Xxxxx X. Xxxxx, personally
known to me or proved to me on the basis of satisfactory evidence to be the
individual(s) whose name(s) is (are) subscribed to the within instrument and
acknowledged to me that he/she/they executed the same in his/her/their
capacity(ies), and that by his/her/their signature(s) on the instrument, the
individual(s), or the person upon behalf of which the individual(s) acted,
executed the instrument.
/s/ XxXxx Xxxxxxx
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Notary Public
Notarial Seal
XxXxx Xxxxxxx, Notary Public
Upper Merion Twp., Xxxxxxxxxx County
My Commission Expires Apr. 22, 2002
Member, Pennsylvania Association of Notaries
