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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report: September 27, 2000
METROPOLITAN MORTGAGE & SECURITIES CO., INC.
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(Exact name of Registrant as Specified in Its Charter)
Washington 0-22041 91-0609840
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(State or other jurisdiction (Commission File (IRS Employer
of incorporation) Number) Identification Number)
601 W. 1st Avenue, Spokane, Washington 99201-5015
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(Address of Principal Executive Offices) (Zip Code)
Registrant's telephone number, including area code: (509) 838-3111
None
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(Former Name or Former Address, if Change Since Last Report)
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ITEM 5. OTHER EVENTS.
On September 27, 2000, Metropolitan Mortgage & Securities Co., Inc.
(the "Registrant"), amended (the "Amendment") its Master Repurchase Agreement
(the "Agreement") dated as of March 24, 1998, as amended, among the
Registrant, Metwest Mortgage Services, Inc. and Banc of America Mortgage
Capital Corporation ("Banc of America"). In the Amendment, Banc of America
agreed to delay, until October 31, 2000, the enforcement of any of its rights
relating to the Registrant's non-compliance with the minimum net worth and
the maximum debt to net worth ratio requirements of the Agreement. The
Amendment also reduces the amount available for purchase under the Agreement
to a maximum aggregate principal amount of $50,000,000 and changes the
termination date to November 2, 2000. The Amendment is attached hereto and
referenced as Exhibit 10.6.
ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS.
(c) Exhibits.
Exhibit 10.1 Master Repurchase Agreement (1)
Exhibit 10.2 Amendment No. 1 to the Master Repurchase
Agreement, dated as of May 26, 1998.
Exhibit 10.3 Amendment No. 1(a) to the Master Repurchase
Agreement, dated as of October 8, 1998.
Exhibit 10.4 Amendment No. 2 to the Master Repurchase
Agreement, dated as of March 8, 1999.
Exhibit 10.5 Amendment No. 3 to the Master Repurchase
Agreement, dated as of February 11, 2000.
Exhibit 10.6 Amendment No. 5 to the Master Repurchase
Agreement, dated as of September 27, 2000.
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(1) Incorporated by reference to exhibit 10(f) to the
Registrant's Form 10-Q for the quarter ended June 30,
1998, filed August 12, 1998.
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934,
the Registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
METROPOLITAN MORTGAGE & SECURITIES CO., INC.
Date: October 11, 2000 By: /s/ William D. Snider
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William D. Snider
Chief Financial Officer
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EXHIBIT INDEX
Exhibit No. Description
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Exhibit 10.1 Master Repurchase Agreement (1)
Exhibit 10.2 Amendment No. 1 to the Master Repurchase Agreement,
dated as of May 26, 1998.
Exhibit 10.3 Amendment No. 1(a) to the Master Repurchase Agreement,
dated as of October 8, 1998.
Exhibit 10.4 Amendment No. 2 to the Master Repurchase Agreement,
dated as of March 8, 1999.
Exhibit 10.5 Amendment No. 3 to the Master Repurchase Agreement,
dated as of February 11, 2000.
Exhibit 10.6 Amendment No. 5 to the Master Repurchase Agreement,
dated as of September 27, 2000.
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(1) Incorporated by reference to exhibit 10(f) to the
Registrant's Form 10-Q for the quarter ended June 30,
1998, filed August 12, 1998.
