EX-10.2






AMENDMENT NO. 6




TO MASTER REPURCHASE AGREEMENT




Amendment No. 6, dated as of November 29, 2005 (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”) and BRAVO CREDIT CORPORATION (“Bravo” and a “Seller”).



RECITALS




The Buyer and the Sellers 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 and Amendment No. 5, dates as of September 30, 2005 (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 and the Sellers 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 and the Sellers 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. Temporary Increase Period. For purposes of this Amendment, this Amendment
will be effective only for the period from and including November 29, 2005 through but not
including January 13, 2006 (the “Temporary Increase Period”).



1.1 Definitions.



(a) Section 2 of the Existing Repurchase Agreement is hereby temporarily amended by adding the
following defined terms, which amendment shall be effective solely during the Temporary Increase
Period:



“Increased Aggregate Purchase Price” means TWO HUNDRED MILLION DOLLARS ($200,000,000);
provided that the Increased Aggregate Purchase Price shall be used solely for Transactions
involving Purchased Mortgage Loans purchased by Seller from Buyer or Buyer’s Affiliate.



“Increased Purchase Price Mortgage Loan” means a Mortgage Loan which is purchased with
the proceeds of the Increased Aggregate Purchase Price. Any Mortgage Loans subject to a
Transaction will first be attributed to the Standard Aggregate Purchase Price prior to any Mortgage
Loans being attributed to the Increased Aggregate Purchase Price. To the extent that funds are no
longer available under the Standard Aggregate Purchase Price, any further Mortgage Loans subject to
a Transaction will be considered Increased Purchase Price Mortgage Loans. For purposes of this
Agreement, Mortgage Loans will be allocated first to the Standard Aggregate Purchase Price and then
the Increased Aggregate Purchase Price based on the date on which such Mortgage Loan becomes
subject to this Agreement, commencing from the earliest date to the most recent date.



“Standard Aggregate Purchase Price” means SEVEN HUNDRED FIFTY MILLION DOLLARS
($750,000,000).



(b) Section 2 of the Existing Repurchase Agreement is hereby temporarily amended by deleting
the definition of “Maximum Aggregate Purchase Price” in its entirety and replacing it with the
following language, which amendment shall be effective solely during the Temporary Increase Period:



“Maximum Aggregate Purchase Price” means the sum of (a) the Standard Aggregate
Purchase Price plus (b) the Increased Aggregate Purchase Price, which shall equal NINE HUNDRED
FIFTY MILLION DOLLARS ($950,000,000). All funds made available by Buyer to Seller under this
Agreement will first be attributed to the Standard Aggregate Purchase Price. To the extent that
funds are no longer available under the Standard Aggregate Purchase Price, any further funds made
available by Buyer to Seller under this Agreement shall be attributed to the Increased Aggregate
Purchase Price.



(c) Section 2 of the Existing Repurchase Agreement is hereby temporarily amended by deleting
the definition of “Purchase Price” in its entirety and replacing it with the following language,
which amendment shall be effective solely during the Temporary Increase Period:



“Purchase Price” means the price at which each Purchased Mortgage Loan is transferred
by Sellers to Buyer, which shall equal:



(1) with respect to each Mortgage Loan which is not an Increased Purchase Price Mortgage Loan,
the following price, as applicable:



(i) on the Purchase Date, in the case of Purchased Mortgage Loans which are Sub-Prime Mortgage
Loans, Second Lien Mortgage Loans, HELOCs and Aged Loans (other than, in all cases, Mortgage Loans
that are Repurchased Mortgage Loans) the lesser of either:



(A) the product of (1) the Market Value of such Purchased Mortgage Loan multiplied by (2) the
applicable Purchase Price Percentage for such Mortgage Loan or



(B) the outstanding principal amount thereof as set forth on the related Mortgage Loan
Schedule;



(2) on the Purchase Date, in the case of Purchased Mortgage Loans which are Repurchased
Mortgage Loans, the lesser of (1) the product of (A)(x) for the first 90 days in which the
Purchased Mortgage Loan is subject to a Transaction, 85% and (y) thereafter, 85% minus an
additional 10% for each 30-day period following the 90th day in which the Purchased Mortgage Loan
is subject to a Transaction multiplied by (B) the outstanding principal balance thereof as set
forth in the related Mortgage Loan Schedule or (2) 70% of the value reflected in the most recent
BPO; and



(3) with respect to each Mortgage Loan which is an Increased Purchase Price Mortgage Loan
(other than Repurchased Mortgage Loans), the applicable Purchase Price Percentage for such Mortgage
Loan multiplied by the lesser of: (x) the Market Value of such Purchased Mortgage Loan and (y) the
outstanding principal amount thereof as set forth on the related Mortgage Loan Schedule; or



(4) on any day after the Purchase Date, except where Buyer and the Sellers agree otherwise,
the amount determined under the immediately preceding clauses (1), (2) or (3) decreased by the
amount of any cash transferred by the Sellers to Buyer pursuant to Section 4(c) hereof or applied
to reduce the Sellers’ obligations under clause (ii) of Section 4(b) hereof or under Section 6
hereof.



Section 2. Conditions Precedent. This Amendment shall become effective on November
29, 2005, (the “Amendment Effective Date”), subject to the satisfaction of the following
conditions precedent:



(a) 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. The Sellers hereby represent and warrant
to the Buyer that they are in compliance with all the terms and provisions set forth in the
Repurchase Agreement on its part to be observed or performed, and that no Event of Default has
occurred or is continuing, and hereby confirm and reaffirm the representations and warranties
contained in Section 13 of the Repurchase Agreement.



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]




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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: Bruce S. Kaiserman

Name: Bruce S. Kaiserman

Title: Vice President





Sellers:

ENCORE CREDIT CORP.




By: William E. Moffatt

Name: William E. Moffatt

Title: Treasurer





ECC CAPITAL CORPORATION




By: William E. Moffatt

Name: William E. Moffatt

Title: Treasurer





BRAVO CREDIT CORPORATION

By: William E. Moffatt

Name: William E. Moffatt

Title: Treasurer




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