EX-10.1






AMENDMENT NUMBER 2006-1

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 2006-1 (this “Amendment 2006-1”), is made this 14th day of
March, 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. Defined Terms. Any terms capitalized but not otherwise defined herein
shall have the respective meanings set forth in the Master Repurchase Agreement.



SECTION 2. Amendment.



The definition of “Termination Date” in Section 2 (Definitions and Interpretation) is hereby
deleted in its entirety and replaced with the following:



“Termination Date” means the earliest of (i) April 17, 2006, (ii) a Termination Event
or (iii) at Buyer’s option, upon the occurrence of an Event of Default.



SECTION 3. Conditions Precedent. This Amendment 2006-1 shall become effective on the
date on which the Buyer shall have received the following:



(a) this Amendment 2006-1, executed and delivered by duly authorized officers of each of the
Sellers and the Buyer; and



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



SECTION 4. 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 (including, without limitation, the fees and expenses of counsel for Buyer).



SECTION 5. Representations. In order to induce the Buyer to execute and deliver this
Amendment 2006-1, 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 2006-1, 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 6. Governing Law. THIS AMENDMENT 2006-1 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 7. Counterparts. This Amendment 2006-1 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 8. Limited Effect. Except as expressly amended and modified by this Amendment
2006-1, the Master Repurchase Agreement shall continue in full force and effect in accordance with
its terms. Reference to this Amendment 2006-1 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]




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IN WITNESS WHEREOF, the parties hereto have caused this Amendment 2006-1 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/ William E. Moffatt

Name: William E. Moffatt

Title: Director/Warehouse Lending







ENCORE CREDIT CORP., as a Seller



By: /s/ William E. Moffatt

Name: William E. Moffatt

Title: Director/Warehouse Lending







BRAVO CREDIT CORPORATION, as a Seller



By: /s/ William E. Moffatt

Name: William E. Moffatt

Title: Director/Warehouse Lending







WACHOVIA BANK, NATIONAL ASSOCIATION,

as Buyer



By: /s/ Justin Zakocs

Name: Justin Zakocs

Title: Vice President




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