EX-10.1






AMENDMENT NO. 11




TO MASTER REPURCHASE AGREEMENT




Amendment No. 11 dated as of July 31, 2006 (this “Amendment”), by and between CREDIT
SUISSE FIRST BOSTON MORTGAGE CAPITAL LLC (the “Buyer”), ENCORE CREDIT CORP., (“ECC”
and a “Seller”), ECC CAPITAL CORPORATION (“ECC Capital” and a “Seller”),
BRAVO CREDIT CORPORATION (“Bravo” and a “Seller”, and together with ECC, ECC
Capital and Bravo, the “Sellers”).



RECITALS




The Buyer, ECC, ECC Capital and Bravo are parties to that certain Master Repurchase Agreement,
dated as of February 18, 2005, as amended by Amendment No. 1, dated as of July 21, 2005, Amendment
No. 2, dated as of August 15, 2005, Amendment No. 3, dated as of August 19, 2005, Amendment No. 4,
dated as of September 6, 2005, Amendment No. 5, dated as of September 30, 2005, Amendment No. 6,
dated as of November 29, 2005, Amendment No. 7, dated as of January 12, 2006, Amendment No. 8,
dated as of April 11, 2006, Amendment No. 9 dated as of May 1, 2006 and Amendment No. 10, dated as
of June 28, 2006 (the “Existing Repurchase Agreement”; as amended by this Amendment, the
“Repurchase Agreement”). Capitalized terms used but not otherwise defined herein shall
have the meanings given to them in the Existing Repurchase Agreement.



The Buyer, ECC, ECC Capital and Bravo have agreed, subject to the terms and conditions of this
Amendment, that the Existing Repurchase Agreement be amended to reflect certain agreed upon
revisions to the terms of the Existing Repurchase Agreement.



Accordingly, the Buyer, ECC, ECC Capital and Bravo hereby agree, in consideration of the
mutual premises and mutual obligations set forth herein, that the Existing Repurchase Agreement is
hereby amended as follows:



SECTION 1. Definitions. Section 2 of the Existing Repurchase Agreement is hereby
amended by deleting the definition of “Termination Date” in its entirety and replacing it
with the following language:



““Termination Date” means the earlier of (a) August 15, 2006, and (b) the date of the
occurrence of an Event of Default.”



SECTION 2. Conditions Precedent. This Amendment shall become effective as of July 31,
2006, (the “Amendment Effective Date”), subject to the satisfaction of the following
conditions precedent:



2.2 Delivered Documents. On the Amendment Effective Date, the Buyer shall have
received the following documents, each of which shall be satisfactory to the Buyer in form and
substance:




(i) this Amendment, executed and delivered by a duly authorized officer of the Buyer
and Seller; and




(ii) such other documents as the Buyer or counsel to the Buyer may reasonably request.



SECTION 3. Representations and Warranties. Each Seller hereby represents and warrants
to the Buyer that it is in compliance with all the terms and provisions set forth in the Existing
Repurchase Agreement on its part to be observed or performed, and that no Event of Default has
occurred or is continuing, and hereby confirms and reaffirms the representations and warranties
contained in Section 13 of the Existing Repurchase Agreement (except to the extent that such
representation or warranty expressly relates to an earlier date).



SECTION 4. Limited Effect. Except as expressly amended and modified by this
Amendment, the Existing Repurchase Agreement shall continue to be, and shall remain, in full force
and effect in accordance with its terms.



SECTION 5. Counterparts. This Amendment 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.



SECTION 6. GOVERNING LAW. THIS AMENDMENT SHALL BE GOVERNED BY, AND CONSTRUED IN
ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK WITHOUT REFERENCE TO THE CHOICE OF LAW
PROVISIONS THEREOF.



[SIGNATURE PAGE FOLLOWS]




1




IN WITNESS WHEREOF, the parties have caused their names to be signed hereto by their
authorized representatives thereunto duly authorized as of the day and year first above written.




Buyer:




CREDIT SUISSE FIRST BOSTON


MORTGAGE CAPITAL LLC,


as Buyer




By: A. Adam Loskove

Name: A. Adam Loskove

Title: Vice President





Sellers:




ENCORE CREDIT CORP.




By: Roque A. Santi

Name: Roque A. Santi

Title: Executive Vice President and Chief

Financial Officer



ECC CAPITAL CORPORATION




By: Roque A. Santi

Name: Roque A. Santi

Title: Executive Vice President and Chief

Financial Officer





BRAVO CREDIT CORPORATION




By: Roque A. Santi

Name: Roque A. Santi

Title: Executive Vice President and Chief

Financial Officer





2