EX-10.1






AMENDMENT NUMBER 2006-15

to the

AMENDED AND RESTATED MASTER REPURCHASE AGREEMENT

dated as of March 16, 2005

among

ECC CAPITAL CORPORATION,

BRAVO CREDIT CORPORATION,

ENCORE CREDIT CORP.

and

WACHOVIA BANK, NATIONAL ASSOCIATION




This AMENDMENT NUMBER 2006-15 (this “Amendment 2006-15”), is made this 14th
day of July, 2006, among ECC Capital Corporation (“ECC”), Bravo Credit Corporation
(“Bravo”), Encore Credit Corp. (“Encore”; each of Encore, ECC and Bravo, a
“Seller”, and jointly and severally, the “Sellers”) and Wachovia Bank, National
Association (the “Buyer”), to the Amended and Restated Master Repurchase Agreement, dated
as of March 16, 2005, as amended, among the Buyer and the Sellers (the “Master Repurchase
Agreement”).



RECITALS




WHEREAS, the Buyer and the Sellers have agreed to amend the Master Repurchase Agreement as
more specifically set forth herein.



NOW THEREFORE, for good and valuable consideration, the receipt and sufficiency of which are
hereby acknowledged, and of the mutual covenants herein contained, the parties hereto hereby agree
as follows:



SECTION 1. Amendment. Effective as of the Effective Date, the Master Repurchase
Agreement is hereby amended as follows:



(a) Section 2 (Definitions and Interpretation) is hereby amended as follows:



(i) The definition of “Maximum Aggregate Purchase Price” is deleted in its entirety and
replaced with the following:




“Maximum Aggregate Purchase Price” means $1,000,000,000, reduced by the aggregate
purchase price outstanding at any time under the Securities Repurchase Facility; provided,
that $1,000,000 of the Maximum Aggregate Purchase Price may be for the exclusive use of ECC,
$1,000,000 of the Maximum Aggregate Purchase Price may be for the exclusive use of Encore,
and $1,000,000 of the Maximum Aggregate Purchase Price may be for the exclusive use of
Bravo.



SECTION 2. Expenses. Sellers shall promptly reimburse Buyer for all out-of-pocket
costs and expenses of Buyer in connection with the preparation, execution and delivery of this
Amendment 2006-15 (including, without limitation, the fees and expenses of counsel for Buyer).



SECTION 3. Representations. In order to induce the Buyer to execute and deliver this
Amendment 2006-15, the Sellers hereby represent to the Buyer that (i) no Default or Event of
Default has occurred prior to the date hereof and is continuing on the date hereof and (ii) as of
the date hereof, after giving effect to this Amendment 2006-15, the Sellers are in full compliance
with all of the representations and warranties, covenants and any other terms and conditions of the
Master Repurchase Agreement and the other Program Documents. In addition, each Seller hereby
represents and warrants that no event has occurred that constitutes or should reasonably be
expected to constitute a Material Adverse Change with respect to it.



SECTION 4. Governing Law. THIS AMENDMENT 2006-15 SHALL BE GOVERNED BY AND 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 SUCH LAWS WITHOUT REGARD TO CONFLICT
OF LAWS DOCTRINE APPLIED IN SUCH STATE.



SECTION 5. Counterparts. This Amendment 2006-15 may be executed by each of the
parties hereto on any number of separate counterparts, each of which shall be an original and all
of which taken together shall constitute one and the same instrument. Facsimile signatures shall
have the same binding effect as original signatures.



SECTION 6. Limited Effect. Except as expressly amended and modified by this Amendment
2006-15, the Master Repurchase Agreement shall continue in full force and effect in accordance with
its terms. Reference to this Amendment 2006-15 need not be made in the Master Repurchase
Agreement or any other instrument or document executed in connection therewith or herewith, or in
any certificate, letter or communication issued or made pursuant to, or with respect to, the Master
Repurchase Agreement, any reference in any of such items to the Master Repurchase Agreement being
sufficient to refer to the Master Repurchase Agreement as amended hereby.



[SIGNATURE PAGE FOLLOWS]




1




IN WITNESS WHEREOF, the parties hereto have caused this Amendment 2006-15 to be
executed and delivered by their duly authorized officers as of the day and year first above
written.



ECC CAPITAL CORPORATION, as a Seller



By: /s/ Shahid Asghar

Name: Shahid Asghar

Title: Co-CEO and President







ENCORE CREDIT CORP., as a Seller



By: /s/ Shahid Asghar

Name: Shahid Asghar

Title: Co-CEO and President







BRAVO CREDIT CORPORATION, as a Seller



By: /s/ Shahid Asghar

Name: Shahid Asghar

Title: Co-CEO and President







WACHOVIA BANK, NATIONAL ASSOCIATION,

as Buyer



By: /s/ Justin Zakocs

Name: Justin Zakocs

Title: Vice President




2