EX-10.1






Exhibit 10.1




EXECUTION




FOURTH AMENDMENT TO

SECOND AMENDED AND RESTATED MASTER REPURCHASE AGREEMENT

GOVERNING PURCHASES AND SALES OF MORTGAGE LOANS




This Fourth Amendment, dated as of December 27, 2006 (this “Amendment”), to the Second
Amended and Restated Master Repurchase Agreement Governing Purchases and Sales of Mortgage Loans,
dated as of December 29, 2004 and amended as of December 28, 2005 and October 31, 2006 and further
amended as of December 19, 2006 (as amended, the “Repurchase Agreement”), is made by and
among LEHMAN BROTHERS BANK, FSB (“Buyer”), FIELDSTONE INVESTMENT CORPORATION
(“FIC”) and FIELDSTONE MORTGAGE COMPANY (“FMC”) (FIC and FMC shall be individually
and collectively referred to as “Seller”). Buyer, FMC and FIC may be collectively referred
to herein as the “Parties”.



RECITALS




WHEREAS, pursuant to the Repurchase Agreement, Buyer has agreed, subject to the terms and
conditions set forth in the Repurchase Agreement, to purchase certain Mortgage Loans owned by
Seller, including, without limitation, all rights of Seller to service and administer such Mortgage
Loans; and



WHEREAS, the Parties desire to amend the Repurchase Agreement as set forth herein.



NOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency of which are
hereby acknowledged, the Parties hereto agree as follows:



Section 1. Definitions. Capitalized terms used but not otherwise defined herein have
the meanings given them in the Repurchase Agreement.



Section 2. Amendments to Repurchase Agreement. Subject to Section 4 hereof, the
Repurchase Agreement shall be amended as follows:



(a) The term of the Repurchase Agreement shall be renewed for a period of thirty (30) days
from the date of this Amendment, until January 26, 2007, or such earlier date on which all
Purchased Mortgage Loans are required to be immediately repurchased pursuant to Section 14(a) of
the Repurchase Agreement (unless such date is extended upon mutual agreement of Buyer and Seller).
Thus, the definition of “Final Repurchase Date” shall be amended in accordance with such renewal
term.



Section 3. Representations and Warranties. Seller hereby represents and warrants to
Buyer that (a) both immediately before and after giving effect to the amendments set forth in
Section 2 of this Amendment, no Event of Default shall have occurred and be continuing, (b) the
representations and warranties of Seller set forth in Section 10 of the Repurchase Agreement are
true and complete as if made on and as of such date and as if each reference in said Section 10 to
“this Agreement” included reference to the Repurchase Agreement as amended hereby, (c) this
Amendment constitutes the legal, valid and binding obligation of Seller, enforceable against Seller
in accordance with its terms and (d) the execution and delivery by Seller of this Amendment has
been duly authorized by all requisite corporate action on the part of Seller and will not violate
any provision of Seller’s organizational documents.



Section 4. Conditions Precedent. The amendments set forth in Section 2 above shall
not become effective unless, on or before December 27, 2006, Buyer shall have received all of the
following documents, each of which shall be satisfactory in form and substance to Buyer and its
counsel:



(a) Amendment. This Amendment, duly completed, executed and delivered by Seller;



(b) Other Documents. Such other documents as Buyer may reasonably request.



Section 5. Miscellaneous.



(a) Except as expressly amended by Section 2 hereof, the Repurchase Agreement remains
unaltered and in full force and effect. Each of the Parties hereby reaffirms all terms and
covenants made in the Repurchase Agreement as amended hereby.



(b) The execution, delivery and effectiveness of this Amendment shall not operate as a waiver
of any right, power or remedy of any Party under the Repurchase Agreement, or any other document,
instrument or agreement executed and/or delivered in connection therewith.



(c) THIS AMENDMENT SHALL BE CONSTRUED, INTERPRETED AND GOVERNED BY THE LAW OF THE STATE OF NEW
YORK, WITHOUT GIVING EFFECT TO THE CONFLICT OF LAWS PRINCIPLES THEREOF.



(d) This Amendment may be executed in any number of counterparts, and all such counterparts
shall together constitute the same agreement. Any signature delivered by a party via facsimile
shall be deemed to be an original signature hereto.



[SIGNATURE PAGE TO FOLLOW]




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IN WITNESS WHEREOF, the Parties hereto have caused this Amendment to be executed as of
the day and year first above written.




SELLER:




FIELDSTONE MORTGAGE COMPANY




By: /s/ Mark C. Krebs

Name: Mark C. Krebs

Title: Sr. Vice President & Treasurer





FIELDSTONE INVESTMENT CORPORATION




By: /s/ Mark C. Krebs

Name: Mark C. Krebs

Title: Sr. Vice President & Treasurer





BUYER:




LEHMAN BROTHERS BANK, FSB




By: /s/ Stephen A. Valentino

Name: Stephen A. Valentino

Title: Authorized Signature





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