Document:

Exhibit 10.1

                                                                    Exhibit 10.1

                                                                  EXECUTION COPY

                                                                February 4, 2008

NovaStar Mortgage, Inc.
NovaStar Certificates Financing LLC
NovaStar Certificates Financing Corporation
NFI Repurchase Corporation
NMI Repurchase Corporation
NMI Property Financing, Inc.
HomeView Lending, Inc.
NovaStar Financial, Inc.
NFI Holding Corporation
8140 Ward Parkway,
Suite 300
Kansas City, Missouri 64114

     Re:  Master Repurchase Agreements Waiver

          Reference is made to those certain Master Repurchase Agreements listed
on Schedule I attached hereto (the "Agreements"). Capitalized terms used in this
letter agreement  without  definition have the meanings  ascribed to them in the
Agreements.

          Effective  as of the date  hereof  and until  February  11,  2008 (the
"Waiver  Period") and subject to the  limitations  set forth herein,  each Buyer
hereby:

     A.   1.   Agrees not to enforce the  requirements  for NovaStar  Financial,
               Inc. ("NFI") to maintain a required  Adjusted  Tangible Net Worth
               under the Agreements;

          2.   Waives  any  breach  and/or  any  event  of  default  that  would
               otherwise  arise under the  Agreements  solely as a result of the
               failure of NFI to have the required  Adjusted  Tangible Net Worth
               specified in the Agreements; or

          3.   Agrees that in the Monthly Certificates delivered by NFI, NFI may
               carve-out  the  certification  solely  relating  to the  Adjusted
               Tangible Net Worth for the  previous  month and each Buyer hereby
               waives any breach  and/or event of default  that would  otherwise
               arise under the Agreements as a result of such carve-out from the
               Monthly Certifications.

     B.   1.   Agrees,  during the Waiver Period, not to enforce the requirement
               that NovaStar  Financial,  Inc. ("NFI") maintain  Liquidity in an
               amount  not  less  than   $30,000,000  as  specified   under  the

                                                                  EXECUTION COPY

               Agreements;  provided  that  NFI  agrees  to  maintain  Liquidity
               (taking  into  account  required  haircuts) in an amount not less
               than $20,000,000;

          2.   Waives  any  breach  and/or  any  event  of  default  that  would
               otherwise  arise under the  Agreements  solely as a result of the
               failure of NFI to maintain  Liquidity  in an amount not less than
               $30,000,000 during the Waiver Period; provided that NFI maintains
               Liquidity  in an amount  not less  than  $20,000,000  during  the
               Waiver Period;

          3.   Agrees that in the Monthly  Certificates  delivered by NFI during
               the Waiver Period,  NFI may carve-out from the  certification the
               requirement  to  maintain  Liquidity  in an amount  not less than
               $30,000,000  for the  previous  month;  provided  that NFI  shall
               maintain  Liquidity  in an amount not less than  $20,000,000  for
               such month and shall certify that it has  maintained  such amount
               in the Monthly Certification.

Notwithstanding  anything  to the  contrary  herein,  all parties  bound  herein
acknowledge  and agree that the Buyers,  shall retain all rights and remedies in
order to  enforce  any Event of  Default  or other  breach  contemplated  by the
Agreements.

          Notwithstanding  the  occurrence  and  continuance of NFI's failure to
maintain the required  Adjusted  Tangible Net Worth or  maintenance of Liquidity
under the Agreements  described above, each Buyer is willing to waive certain of
its  rights;  provided  that  each  Buyer  reserves  the  right to  unilaterally
terminate this letter agreement on or prior to February 11, 2008, without notice
to any party,  based upon the  occurrence of any Event of Default or breach that
occurs under the  Agreements on or after the date hereof other than the Event of
Default  expressly  waived by the Buyers herein.  Either Buyer's exercise of the
right to terminate this letter agreement shall be effective as to both Buyers.

          Each Buyer  hereby  expressly  reserves  all other rights and remedies
available to it under the Agreements, and all rights, remedies, obligations, and
liabilities  created or evinced  thereby with respect to future  breaches of, or
Defaults or Events of Default under,  the  Agreements.  Except as stated herein,
the  Buyers  shall not be deemed to have  waived or  modified  any of its rights
hereunder or under any other  agreement,  instrument or paper signed by NovaStar
Mortgage,  Inc.,  NovaStar  Certificates  Financing LLC,  NovaStar  Certificates
Financing Corporation,  NFI Repurchase Corporation,  NMI Repurchase Corporation,
NMI  Property  Financing,  Inc.,  HomeView  Lending,  Inc.,  NFI and NFI Holding
Corporation  (collectively,  the  "NovaStar  Parties")  unless  such  waiver  or
modification  is in  writing  and  signed by the  Buyers.  Except  as  expressly
provided herein, no failure or delay on the part of the Buyers in exercising any
right,  power or remedy  hereunder or any of the  Agreements  shall operate as a
waiver  thereof;  nor shall any single or partial  exercise  of any such  right,
power or remedy preclude any other or further  exercise  thereof or the exercise
of any other right,  power or remedy  hereunder.  This letter

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                                                                  EXECUTION COPY

agreement  shall be  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 the laws of the State of New York except to the
extent  preempted by federal law. Any  provision  hereof which is  prohibited or
unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective
to the extent of such prohibition or unenforceability  without  invalidating the
remaining   provisions   hereof  or  thereof  or   affecting   the  validity  or
enforceability of such provision in any other jurisdiction.

          This letter  agreement may be executed in any number of  counterparts,
each  of  which  (including  any  copy  hereof  delivered  by  facsimile)  shall
constitute  one and the same  original  instrument,  and either party hereto may
execute this letter agreement by signing any such counterpart.

                  [REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]

                                       3

                                                                  EXECUTION COPY

                                       Very truly yours,

                                       Wachovia Bank, N.A.,
                                            as Buyer

                                       By:    /s/ Andrew W. Riebe
                                          --------------------------------------
                                       Name:  Andrew W. Riebe
                                       Title:  Director

                                       Wachovia Investment Holdings, LLC,
                                            as Buyer

                                       By:    /s/ Goetz Rokahr
                                          --------------------------------------
                                       Name:  Goetz Rokahr
                                       Title:  Vice President

Acknowledged and Agreed:

NovaStar Mortgage, Inc., as Seller and Guarantor

By:    /s/ Rodney E. Schwatken
   --------------------------------------
Name:  Rodney E. Schwatken
Title:  Chief Financial Officer

NovaStar Certificates Financing LLC, as Seller

By:    /s/ Rodney E. Schwatken
   --------------------------------------
Name:  Rodney E. Schwatken
Title:  Chief Financial Officer

NovaStar Certificates Financing Corporation, as Seller

By:    /s/ Rodney E. Schwatken
   --------------------------------------
Name:  Rodney E. Schwatken
Title:  Chief Financial Officer

                                       4

                                                                  EXECUTION COPY

NFI Repurchase Corporation, as Seller

By:    /s/ Rodney E. Schwatken
   --------------------------------------
Name:  Rodney E. Schwatken
Title:  Chief Financial Officer

NMI Repurchase Corporation, as Seller

By:    /s/ Rodney E. Schwatken
   --------------------------------------
Name:  Rodney E. Schwatken
Title:  Chief Financial Officer

NMI Property Financing, Inc., as Seller

By:    /s/ Rodney E. Schwatken
   --------------------------------------
Name:  Rodney E. Schwatken
Title:  Chief Financial Officer

HomeView Lending, Inc., as Seller and Guarantor

By:    /s/ Rodney E. Schwatken
   --------------------------------------
Name:  Rodney E. Schwatken
Title:  Chief Financial Officer

NovaStar Financial, Inc., as Seller and Guarantor

By:    /s/ Rodney E. Schwatken
   --------------------------------------
Name:  Rodney E. Schwatken
Title:  Chief Financial Officer

NFI Holding Corporation, as Seller and Guarantor

By:    /s/ Rodney E. Schwatken
   --------------------------------------
Name:  Rodney E. Schwatken
Title:  Chief Financial Officer

                                       5

                                   SCHEDULE I

1. Master  Repurchase  Agreement  (2007 Whole Loan) dated as of May 9, 2007 (the
"Whole  Loan  Agreement"),   among  Wachovia  Bank,  National  Association,  NFI
Repurchase  Corporation,  NMI Repurchase  Corporation,  NMI Property  Financing,
Inc.,  HomeView Lending,  Inc, NovaStar Financial Inc., NFI Holding  Corporation
and NovaStar Mortgage Inc.

2. Master Repurchase Agreement (2007  Non-investment  Grade) dated as of May 31,
2007  (the  "Non-Investment   Grade  Securities   Agreement"),   among  Wachovia
Investment Holdings, LLC, Wachovia Capital Markets LLC, NovaStar Mortgage, Inc.,
NovaStar Certificates Financing LLC, and NovaStar Certificates Financing Corp.

3. Master Repurchase  Agreement (2007 Investment Grade) dated as of May 31, 2007
(the "Investment  Grade Securities  Agreement"),  among Wachovia Bank,  National
Association,  Wachovia Capital Markets LLC, NovaStar  Mortgage,  Inc.,  NovaStar
Certificates Financing LLC, and NovaStar Certificates Financing Corp.

4.  Master  Repurchase  Agreement  (New York)  dated as of July 6, 2007 (the "NY
Agreement") between Wachovia Bank,  National  Association and NovaStar Mortgage,
Inc.Exhibit 10.1

                                                            Loan No. 93-0903175

                   FIRST AMENDMENT TO LOAN AGREEMENT

        THIS FIRST AMENDMENT TO LOAN AGREEMENT ("Amendment") is entered
into as of February 4, 2008, by and among NOBLE ROMAN'S, INC., an
Indiana corporation, PIZZACO, INC., an Indiana corporation and N.R.
REALTY, INC., an Indiana corporation (individually and collectively, as
the context requires, with such determination to be made by Lender in
its Sole Discretion, "Borrower"), and WELLS FARGO BANK, NATIONAL
ASSOCIATION ("Lender").

                            R E C I T A L S
                            ---------------

        A.      Borrower and Lender have entered into that certain Loan
Agreement dated as of August 25, 2005 (as amended, the "Loan
Agreement").

        B.      The parties desire to amend the Loan Agreement to modify
certain provisions of the Loan Agreement to increase the amount of the
Loan and to extend the Maturity Date, all are subject to the terms and
conditions hereinafter set forth.

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

        1.      Definitions. Capitalized terms used herein and not
defined herein shall have the meanings provided therefor in the Loan
Agreement.

        2.      Amendments to Loan Agreement. Effective as of the
Amendment Closing Date:

                (a)     Section 1.01 of the Loan Agreement is hereby
          amended by inserting the following new definitions in their
          proper alphabetical order:

          "Additional Advance" has the meaning specified in Section 2(c)
          of the First Amendment.

          "Amendment Closing Date" means the first date that all the
          conditions precedent set forth in the First Amendment are
          satisfied or waived in accordance therewith.

          "First Amendment" means the First Amendment to Loan Agreement
          dated as of February 4, 2008 between Borrower and Lender.

                (b)     The following definitions in Section 1.01 of the
          Loan Agreement shall be amended and restated in their entirety
          as follows:

<PAGE>

          "Applicable Rate" means an interest rate per annum equal to
          3.75%.

          "Commitment" means Lender's obligation to make the Loan to
          Borrower in the aggregate principal amount of TWELVE MILLION
          AND NO/100THS DOLLARS ($12,000,000.00) consisting of the sum
          of (a) $9,000,000 advanced by Lender to Borrower on the
          Closing Date pursuant to Section 2.1(a) of the Loan Agreement
          (the outstanding principal balance of which has been reduced
          to $5,375,000 as of the date hereof) and (b) the sum of
          $3,000,000 to be advanced by Lender to Borrower pursuant to
          Section 2(c) of the First Amendment.

          "Loan" means the loan in the maximum principal amount of
          $12,000,000.00 consisting of (a) the advance made by the
          Lender to Borrower in the amount of $9,000,000 on the Closing
          Date (the outstanding principal balance of which has been
          reduced to $5,375,000.00 as of the date of the First
          Amendment) and (b) the Additional Advance.

          "Maturity Date" means August 31, 2013.

          "Note" means a promissory note made by Borrower in favor of
          Lender evidencing the Loan substantially in the form of
          Exhibit A, as amended by First Amendment to Note dated of even
          date with the First Amendment.

                (c)     On the Amendment Closing Date Lender shall make
          and advance of the Loan to NRI in the amount of $3,000,000.00
          (the "Additional Advance").

                (d)     All of the Schedules to the Credit Agreement are
          hereby replaced by the corresponding schedules attached
          hereto.

        3.      Repurchase of NRI Stock. Pursuant to the request of
Borrower and notwithstanding the provisions of Sections 7.06 and 7.10 of
the Loan Agreement to the contrary, and provided no Event of Default has
occurred and is continuing, Lender hereby consents to the repurchase by
NRI of issued and outstanding shares of capital stock of NRI in such
amounts and on such terms as are approved by NRI's board of directors,
provided, however, that the aggregate purchase price of all such
repurchased shares shall not exceed $3,000,000. Borrower shall promptly
give Lender notice of any such repurchase and the terms thereof.

        4.      Conditions Precedent to Effectiveness of this Amendment.
The effectiveness of this Amendment is subject to satisfaction of the
following conditions precedent:

                (a)     Lender's receipt of the following, each of which
        shall be originals or facsimiles (followed promptly by
        originals) unless otherwise specified, each properly executed by
        a Responsible Officer of the signing Loan Party, each dated the
        Amendment Closing Date (or, in the case of certificates of
        governmental officials, a recent date before the Amendment
        Closing Date) and each in form and substance satisfactory to
        Lender and its legal counsel:

                                   2
<PAGE>

               (i)     executed counterparts of this Amendment and the
               First Amendment to Promissory Note of even date herewith;

               (ii)    such certificates of resolutions or other action,
               incumbency certificates and/or other certificates of
               Responsible Officers of each Loan Party as Lender may
               require evidencing the identity, authority and capacity
               of each Responsible Officer thereof authorized to act as
               a Responsible Officer in connection with this Amendment
               and the other Loan Documents to which such Loan Party is
               a party;

               (iii)   such documents and certifications as Lender may
               reasonably require to evidence that each Loan Party is
               duly organized or formed, and that Borrower and each
               other Loan Party executing any of the Loan Documents is
               validly existing, in good standing and qualified to
               engage in business in each jurisdiction where its
               ownership, lease or operation of properties or the
               conduct of its business requires such qualification;

               (iv)    a favorable opinion or opinions of counsel to the
               Loan Parties, addressed to Lender, as to the matters set
               forth in Exhibit C to the Loan Agreement and such other
               matters concerning the Loan Parties and the Loan
               Documents as Lender may reasonably request;

               (v)     a certificate signed by a Responsible Officer of
               each Loan Party either (A) attaching copies of all
               consents, licenses and approvals required in connection
               with the execution, delivery and performance by, and the
               validity against, such Loan Party of the Loan Documents
               to which it is a party, which consents, licenses and
               approvals shall be in full force and effect or (B)
               stating that no such consents, licenses or approvals are
               so required;

               (vi)    a certificate signed by a Responsible Officer of
               Borrower certifying (A) that the conditions specified in
               Sections 4(c) and (d) below have been satisfied, and (B)
               that there has been no event or circumstance since
               December 31, 2006 that has had or could be reasonably
               expected to have, either individually or in the
               aggregate, a Material Adverse Effect;

               (vii)   such other assurances, certificates, documents,
               consents or opinions as Lender reasonably may require.

               (b)     Unless waived by Lender, Borrower shall have paid
        all Attorney Costs of Lender to the extent invoiced prior to or
        on the Amendment Closing Date, plus such additional amounts of
        Attorney Costs as shall constitute its reasonable estimate of
        Attorney Costs incurred or to be incurred by it through the
        closing proceedings (provided that such estimate shall not
        thereafter preclude a final settling of accounts between
        Borrower and Lender).

                                   3
<PAGE>

               (c)     The representations and warranties of Borrower
        and each other Loan Party contained in Article V or any other
        Loan Document, or which are contained in any document furnished
        at any time under or in connection herewith or therewith, shall
        be true and correct on and as of the Amendment Closing Date,
        except to the extent that such representations and warranties
        specifically refer to an earlier date, in which case they shall
        be true and correct as of such earlier date.

               (d)     No Default or Event of Default shall exist, or
        would result from the proposed Additional Advance.

        5.      Ratification. The Loan Agreement, as amended by this
Amendment, the Note, as amended by the First Amendment to Promissory
Note of even date herewith, and the other Loan Documents are each hereby
ratified and remain in full force and effect. Nothing contained herein
shall be deemed to be a novation of the Note or otherwise affect the
priority of the lien of any Loan Documents.

        6.      Release. In consideration of Lender's entering into this
Amendment, Borrower hereby fully and unconditionally releases and
forever discharges Lender, and its respective directors, officers,
employees, subsidiaries, branches, affiliates, attorneys, agents,
representatives, successors and assigns and all persons, firms,
corporations and organizations acting on any of their behalves
(collectively, the "Released Parties"), of and from any and all claims,
allegations, causes of action, costs or demands and liabilities, of
whatever kind or nature, from the beginning of the world to the date on
which this Amendment is executed, whether known or unknown, liquidated
or unliquidated, fixed or contingent, asserted or unasserted, foreseen
or unforeseen, matured or unmatured, suspected or unsuspected,
anticipated or unanticipated, which any Borrower or any Subsidiary has,
had, claims to have or to have had or hereafter claims to have or have
had against the Released Parties by reason of any act or omission on the
part of the Released Parties, or any of them, on account of or in any
way related to the Loan Agreement, including the administration or
enforcement of the Loan Agreement occurring prior to the date on which
this Amendment is executed, including all such loss or damage of any
kind heretofore sustained or that may arise as a consequence of the
dealings among the parties up to and including the date on which this
Amendment is executed (collectively, all of the foregoing are the
"Claims"). Borrower represents and warrants that it has no knowledge of
any claim by it or by any Subsidiary against the Released Parties or of
any facts or acts or omissions of the Released Parties which on the date
hereof would be the basis of a Claim by it or by any Subsidiary or any
other Loan Party against the Released Parties which is not released
hereby, and Borrower represents and warrants that the foregoing
constitutes a full and complete release of all Claims by or on behalf of
each Borrower and any Subsidiary. The inclusion of a release provision
in this Amendment shall not give rise to any inference that but for such
release, any Claim otherwise would exist.

        7.      Counterparts. This Amendment may be executed in any
number of counterparts, each of which when executed and delivered shall
be deemed to be an original, and all such counterparts together shall
constitute one and the same instrument.

                                   4
<PAGE>

IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be
duly executed as of the date first above written.

                            NOBLE ROMAN'S INC.,
                            an Indiana corporation

                            By:    /s/ Paul W. Mobley
                                   -----------------------------------------
                                   Paul W. Mobley,
                                   Chairman of the Board and Chief Executive
                                   Officer

                            PIZZACO, INC., an Indiana corporation

                            By:    /s/ Paul W. Mobley
                                   -----------------------------------------
                                   Paul W. Mobley,
                                   Chairman of the Board and Chief Executive
                                   Officer

                            N.R. REALTY, INC., an Indiana corporation

                            By:    /s/ Paul W. Mobley
                                   -----------------------------------------
                                   Paul W. Mobley,
                                   Chairman of the Board and Chief Executive
                                   Officer
<PAGE>

                            WELLS FARGO BANK, NATIONAL
                            ASSOCIATION

                            By:    /s/ Stephen Leon
                                   -----------------------------------------
                            Name:  Stephen Leon
                                   -----------------------------------------
                            Title: Managing Director
                                   -----------------------------------------

                            By:    /s/ Maureen S. Malphus
                                   -----------------------------------------
                            Name:  Maureen S. Malphus
                                   -----------------------------------------
                            Title: Vice President
                                   -----------------------------------------

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