Document:

Amendment No. 2006-13 to Amended and Restated Master Repurchase Agmt., 6/15/2006

 Exhibit 10.11 
 AMENDMENT NUMBER 2006-13 
 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 2006-13 (this “Amendment 2006-13”), is made this 15th day of June, 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) June 16, 2006, at 12:00 noon New York City time (ii) a Termination Event or (iii) at Buyer’s option, upon the occurrence of an Event of Default. 
 SECTION 3. Payment of the Repurchase Price. Notwithstanding any contrary provision of the Master Repurchase Agreement, the Repurchase Price shall
be paid by the Seller to the Buyer by wire transfer in immediately available funds no later than June 16, 2006, at 12:00 noon New York City time. 
 SECTION 4. Conditions Precedent. This Amendment 2006-13 shall become effective on the date on which the Buyer shall have received the following: 
 (a) this Amendment 2006-13, 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 5. 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 2006-13 (including, without limitation, the fees and expenses of counsel for Buyer). 
 SECTION 6.
Representations. In order to induce the Buyer to execute and deliver this Amendment 2006-13, 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 2006-13, 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 7. Governing Law. THIS AMENDMENT 2006-13 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 8. Counterparts. This Amendment 2006-13 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. Facsimile signatures shall have the same binding effect as original signatures. 
 SECTION 9. Limited Effect. Except as expressly amended and modified by this Amendment 2006-13, the Master Repurchase Agreement shall continue in
full force and effect in accordance with its terms. Reference to this Amendment 2006-13 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 2006-13 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/ Troy Gotschall

	Name:	 	Troy Gotschall
	Title:	 	EVP and CPO
	
	ENCORE CREDIT CORP., as a Seller
		
	By:	 	 /s/ Troy Gotschall

	Name:	 	Troy Gotschall
	Title:	 	President & CEO
	
	BRAVO CREDIT CORPORATION, as a Seller
		
	By:	 	 /s/ Troy Gotschall

	Name:	 	Troy Gotschall
	Title:	 	Executive Vice President
	
	WACHOVIA BANK, NATIONAL ASSOCIATION, as Buyer
		
	By:	 	 /s/ Robert J. Perret

	Name:	 	Robert J. Perret
	Title:	 	Vice President

 Amendment 2006-13 to Amendment and Restated Master Repurchase AgreementAmendment No. 2006-14 to Amended and Restated Master Repurchase Agmt., 6/16/2006

 Exhibit 10.12 
 AMENDMENT NUMBER 2006-14 
 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 2006-14 (this “Amendment 2006-14”), is made this 16th day of June, 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. Effective as of the Effective Date, the Master Repurchase Agreement is hereby amended as follows: 
 (a)
Section 2 (Definitions and Interpretation) is hereby amended as follows: 
 (i) The definition of “Maximum Aggregate Purchase
Price” is deleted in its entirety and replaced with the following: 
 “Maximum Aggregate Purchase Price” means
$1,000,000,000, reduced by the aggregate purchase price outstanding at any time under the Securities Repurchase Facility. 
 (ii) 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) December 13, 2006, (ii) a Termination Event or (iii) at Buyer’s option, upon the occurrence of an Event of Default. 

 (iii) The following definitions are added in alphabetical order: 
 “Fee Letter” means that certain fee letter, dated as of June 16, 2006, among Sellers, the Buyer and other parties as set forth
therein, as the same may be amended, supplemented or modified from time to time.” 
 “Securities Repurchase Facility”
means that certain Master Repurchase Agreement (Securities), dated as of January 31, 2006, as amended, among Wachovia Investment Holdings, LLC, ECC Capital Corporation, ECC Investment Corp. and ECR Investment Corp. 
 (b) Section 10(b)(viii) is hereby amended by adding the words “and the Fee Letter” immediately after the words “this Agreement”
therein. 
 SECTION 3. Conditions Precedent. This Amendment 2006-14 shall become effective on the date on which the Buyer shall have
received the following: 
 (a) payment by the Seller by wire transfer in immediately available funds of all fees owed to the Buyer pursuant to
the Fee Letter; 
 (b) this Amendment 2006-14, executed and delivered by duly authorized officers of each of the Sellers and the Buyer; and

 (c) 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 2006-14 (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 2006-14, 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 2006-14, 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 2006-14 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 2006-14 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. Facsimile signatures shall have the same binding effect as original signatures. 
  

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 SECTION 8. Limited Effect. Except as expressly amended and modified by this Amendment 2006-14, the
Master Repurchase Agreement shall continue in full force and effect in accordance with its terms. Reference to this Amendment 2006-14 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] 
  

 3 

 IN WITNESS WHEREOF, the parties hereto have caused this Amendment 2006-14 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/ Alanna Darling

	 Name:
	 	 Alanna Darling

	 Title:
	 	 Secretary & General Counsel

	
	ENCORE CREDIT CORP., as a Seller
		
	 By:
	 	 /s/ Alanna Darling

	 Name:
	 	 Alanna Darling

	 Title:
	 	 Secretary & General Counsel

	
	BRAVO CREDIT CORPORATION, as a Seller
		
	 By:
	 	 /s/ Alanna Darling

	 Name:
	 	 Alanna Darling

	 Title:
	 	 Secretary & General Counsel

	
	WACHOVIA BANK, NATIONAL ASSOCIATION, as Buyer
		
	 By:
	 	 /s/ Helen F. Wessling

	 Name:
	 	 Helen F. Wessling

	 Title:
	 	 Managing Director

  

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