Document:

Waiver and Amendment to Master Repurchase Agmt., Dated as of 01/20/05

 EXHIBIT 10.4 
  
 WAIVER AND AMENDMENT 
  
 WAIVER AND AMENDMENT, dated as of January 20, 2005 (“Waiver and Amendment”), to the Master Repurchase Agreement, dated as of June 30,
2004, as amended by Amendment No. 1, dated as of November 10, 2004, and Amendment No. 2, dated as of January 13, 2005 (collectively, the “Repurchase Agreement”), each between IXIS REAL ESTATE CAPITAL INC. (“Buyer”)
and ENCORE CREDIT CORP. (“Seller”). 
  
 RECITALS

  
 WHEREAS, the parties hereto have entered into the Repurchase
Agreement; 
  
 WHEREAS, Seller has requested that Buyer waive and
amend certain provisions under the Repurchase Agreement; and 
  
 WHEREAS, the parties hereto desire to modify the Repurchase Agreement as set forth in this Waiver and Amendment. 
  
 NOW, THEREFORE, in consideration of the premises and for other good and valuable consideration, the receipt and sufficiency of which are hereby
acknowledged, the parties hereto agree as follows: 
  
 1.
Defined Terms. 
  
 Unless otherwise defined herein, terms
defined in the Repurchase Agreement are used herein as therein defined. 
  
 2. Waivers. 
  
 Buyer hereby agrees to waive the
covenants set forth under Section 11(n) and 11(o) of the Repurchase Agreement solely during the month of January 2005. 
  
 3. Amendments. 
  
 Buyer and Seller hereby agree to the following amendments to the Repurchase Agreement: 
  
 i. Section 2 of the Repurchase Agreement is hereby amended by deleting the definition of “Maximum Amount”
in its entirety and replacing it with the following: 
  

	 	a.	““Maximum Amount” shall mean $250,000,000, provided that such amount shall mean $500,000,000 upon 10 days prior written notice from Buyer, in its sole
discretion, of its intention to increase such amount.” 

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

	 	a.	““Termination Date” shall mean the date which is 364 days from the date of the Master Repurchase Agreement, dated as of June 30, 2004, between Encore and Buyer
which shall be June 29, 2005 or such earlier date on which this Agreement shall terminate in accordance with the provisions hereof or by operation of law, as may be extended pursuant to Section 3(m), provided that upon 10 days prior written notice
from Buyer, in its sole discretion, Termination Date shall mean a date up to 364 days from the date requested in Buyer’s written notice.” 

  
 iii. Section 11(n) of the Repurchase Agreement is hereby amended by deleting the clause in its entirety and replacing it
with the following: 
  

	 	a.	“Maintenance of Tangible Net Worth. Seller shall not permit Tangible Net Worth at any time to be less than the sum of $20 million plus an amount equal to 50% of the
aggregate or positive Net Income (without deduction for quarterly losses) as calculated based on Seller’s audited financial statements for the most recent fiscal year ending after the date hereof. In addition, Seller shall maintain an amount of
(i) Cash and Cash Equivalents and (ii) available borrowing capacity, determined as the value of collateral pledged at any such time over the outstanding borrowed amount advanced at such time against such collateral under each Existing Financing
Facility (taking into account any required overcollateralization) (including, for this purpose, any renewal, extension, substitution or replacement thereof), the sum of which shall equal at least thirty percent (30%) of the Tangible Net Worth (or
$7.5 million prior to February 28, 2005) as set forth in the financial statements of Seller from time to time.” 

  
 iv. Section 11(o) of the Repurchase Agreement is hereby amended by deleting the clause in its entirety and replacing it with the following: 
  

	 	a.	“Maintenance of Ratio of Total Indebtedness to Tangible Net Worth. Seller shall not permit the ratio of Total Indebtedness to Tangible Net Worth at any time to be
greater than 20:1 (or 35:1 prior to February 28, 2005).” 

  
 4. Ratification of Agreement. Except for the limited waivers and amendments covered under this Waiver and Amendment, the Repurchase Agreement is in all respects ratified and confirmed, and all the terms,
provisions and conditions thereof shall be and remain in full force and effect. 
  
 5. Counterparts. This Waiver and Amendment may be executed by one or more of the parties hereto on any number of separate counterparts and all of said counterparts taken together shall be deemed to constitute
one and the same instrument. 
  

 -2- 

 6. Governing Law. THIS WAIVER AND AMENDMENT SHALL BE GOVERNED BY NEW YORK LAW WITHOUT REFERENCE
TO CHOICE OF LAW DOCTRINE. 
  
 [SIGNATURE PAGE FOLLOWS]

  

 -3- 

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

					
	IXIS REAL ESTATE CAPITAL INC.
		
	By:	 	 
	 	 	Name:	 	 
	 	 	Title:	 	 
		
	By:	 	 
	 	 	Name:	 	 
	 	 	Title:	 	 
	
	ENCORE CREDIT CORP.
		
	By:	 	 
	 	 	Name:	 	 
	 	 	Title:Amendment #2 to Commitment Letter, Dated as of 07/25/2003

 EXHIBIT 10.13 
  
 AMENDMENT NO. 2 TO 
 COMMITMENT LETTER 
  
 This AMENDMENT NO. 2 TO COMMITMENT LETTER
(the “Amendment”) is made and entered into as of July 25, 2003 by and between Countrywide Warehouse Lending (“Lender”) and Encore Credit Corp (“Borrower”). This Amendment amends that certain Commitment Letter by and
between Lender and Borrower dated as of May 13, 2002 (the “Commitment Letter”), which supplements that certain Revolving Credit and Security Agreement by and between Lender and Borrower dated as of May 13, 2002 (as may be amended from time
to time, the “Credit Agreement”). 
  
 R E C I T A L
S 
  
 Lender and Borrower have previously entered into the
Commitment Letter and Credit Agreement pursuant to which Lender may, from time to time, provide Borrower credit in the form of a warehouse line secured by residential mortgage loans. Lender and Borrower hereby agree that the Commitment Letter shall
be amended as provided herein. 
  
 In consideration of the mutual promises
contained herein, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, Lender and Borrower hereby agree as follows: 
  

	1.	Aggregate Credit Limit. Lender and Borrower agree that the Aggregate Credit Limit of the Commitment Letter shall be deleted in its entirety and replaced with the
following: 

  
 “One Hundred Twenty Million
Dollars ($125,000,000)” 
  

	2.	Schedule 3—Minimum Over/Under Account Balance. Lender and Borrower agree that the Minimum Over/Under Account Balance set forth in Schedule 3 of the Commitment
Letter shall be deleted in its entirety and replaced with the following: 

  
 “Minimum OVER/UNDER ACCOUNT BALANCE : One Million Two Hundred and Fifty Dollars ($1,250,000) Interest to be paid monthly on the Over/Under Account Minimum Balance at a rate of 30 day LIBOR less 50 basis
points.” 
  

	3.	Financial Ratios. Lender and Borrower agree that the Financial Ratios of the Commitment Letter shall be deleted in its entirety and replaced with the following:

  
 “ 
  

					
	 	 	 Minimum Tangible Net Worth:
	  	$10,000,000
	 	 	Maximum ratio for use of Warehouse Facilities, Purchase facilities, and Repurchase facilities, to Tangible Net Worth plus Subordinated Debt:	  	30:1
	 	 	 Minimum Liquidity:
	  	Borrower to maintain cash or cash equivalents in a minimum amount at least equal to the 30% of Tangible Net Worth, inclusive of the Over/Under Account Balance.
	 	 	 Profitability:
	  	Borrower must be profitable on a quarterly basis.

 ” 
  

	4.	No Other Amendments; Conflicts with Previous Amendments. Other than as expressly modified and amended herein, the Commitment Letter shall remain in full force and
effect and nothing herein shall affect the rights and remedies of Lender as provided under the Commitment Letter and Credit Agreement. To the extent any amendments to the Commitment Letter contained herein conflict with any previous amendments to
the Commitment Letter, the amendments contained herein shall control. 

  

	5.	Capitalized Terms. Any capitalized term used herein and not otherwise defined herein shall have the meaning ascribed to such term in the Credit Agreement.

  
 6. Facsimiles: Facsimile
signatures shall be deemed valid and binding to the same extent as the original. 
  
 IN WITNESS WHEREOF, Lender and Borrower have caused their names to be signed hereto by their respective officers thereunto duly authorized as of the date first written above. 
  

									
	COUNTRYWIDE WAREHOUSE LENDING	 	 	 	ENCORE CREDIT CORP.
					
	By:	 	 	 	 	 	By:	 	 
	 	 	Signature	 	 	 	 	 	Signature
	 Name:
	 	Thomas C. Williams	 	 	 	Name:	 	 
					
	Title:	 	President	 	 	 	Title:Amendment #4 to Commitment Letter, Dated as of 08/20/2003

 EXHIBIT 10.15 
 AMENDMENT NO. 4 TO 
 COMMITMENT LETTER 
  
 This AMENDMENT #4 TO COMMITMENT LETTER (the “Amendment”) is made and entered into
as of August 20, 2003 by and between Countrywide Warehouse Lending (“Lender”) and Encore Credit Corp. (“Borrower”). This Amendment amends that certain Commitment Letter by and between Lender and Borrower dated as of May 13, 2002
(the “Commitment Letter”), which supplements that certain Revolving Credit and Security Agreement by and between Lender and Borrower dated as of May 13, 2002 (as may be amended from time to time, the “Credit Agreement”).

  
 RECITALS 
  
 Lender and Borrower have previously entered into the Commitment Letter and
Credit Agreement pursuant to which Lender may, from time to time, provide Borrower credit in the form of a warehouse line secured by residential mortgage loans. Lender and Borrower hereby agree that the Commitment Letter shall be amended as provided
herein. 
  
 In consideration of the mutual promises contained herein, and for
other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, Lender and Borrower hereby agree as follows: 
  
 Financial Ratios. Lender and Borrower agree that the Financial Ratios of the Commitment Letter listed below shall amended as follows, all
other existing Financial Ratios of the Commitment Letter shall remain unchanged: 
  

				
	 Minimum Tangible Net Worth:
	  	$	13,000,000

  

	2.	No Other Amendments; Conflicts with Previous Amendments. Other than as expressly modified and amended herein, the Commitment Letter shall remain in full force
and effect and nothing herein shall affect the rights and remedies of Lender as provided under the Commitment Letter and Credit Agreement. To the extent any amendments to the Commitment Letter contained herein conflict with any previous amendments
to the Commitment Letter, the amendments contained herein shall control. 

  

	3.	Capitalized Terms. Any capitalized term used herein and not otherwise defined herein shall have the meaning ascribed to such term in the Credit
Agreement. 

  

	4.	Facsimiles: Facsimile signatures shall be deemed valid and binding to the same extent as the original. 

  
 IN WITNESS WHEREOF, Lender and Borrower have caused their names to be signed hereto by their
respective officers thereunto duly authorized as of the date first written above. 
  

									
	COUNTRYWIDE WAREHOUSE LENDING	 	 	 	Encore Credit Corp.
					
	 By:
	 	 /s/ Thomas C. Williams
	 	 	 	 By:
	 	 /s/ John Kontoulis

	 	 	 Signature
	 	 	 	 	 	 Signature

					
	 Name:
	 	 Thomas C. Williams
	 	 	 	 Name:
	 	 John Kontoulis

	 Title
	 	 President
	 	 	 	 Title:
	 	 Chief Financial Officer

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