Document:

Amended, Restated and Substituted Variable Funding Certificate

 Exhibit 10.7.5 
 AMENDED, RESTATED AND SUBSTITUTED VARIABLE FUNDING CERTIFICATE 
  

			
	$25,000,000	  	August 9, 2006

 THIS AMENDED, RESTATED AND SUBSTITUTED VARIABLE FUNDING CERTIFICATE HAS NOT BEEN REGISTERED UNDER
THE SECURITIES ACT OF 1933 (THE “SECURITIES ACT”). NEITHER THIS AMENDED, RESTATED AND SUBSTITUTED VARIABLE FUNDING CERTIFICATE NOR ANY PORTION HEREOF MAY BE OFFERED OR SOLD EXCEPT IN COMPLIANCE WITH THE REGISTRATION PROVISIONS OF THE
SECURITIES ACT OR PURSUANT TO AN AVAILABLE EXEMPTION FROM SUCH REGISTRATION PROVISIONS. 
 THIS AMENDED, RESTATED AND SUBSTITUTED VARIABLE
FUNDING CERTIFICATE IS NOT PERMITTED TO BE TRANSFERRED, ASSIGNED, EXCHANGED OR OTHERWISE PLEDGED OR CONVEYED EXCEPT IN COMPLIANCE WITH THE TERMS OF THE SALE AND SERVICING AGREEMENT REFERRED TO HEREIN. 
 FOR VALUE RECEIVED, NEWSTAR CP FUNDING LLC, a Delaware limited liability company (the “Seller”), promises to pay to WACHOVIA
BANK, NATIONAL ASSOCIATION, (“Swingline Purchaser”), or its successors and assigns, the principal sum of TWENTY FIVE MILLION DOLLARS ($25,000,000), or, if less, the unpaid principal amount of the aggregate advances
(“Swingline Advances”) made by the Swingline Purchaser to the Seller pursuant to the Sale and Servicing Agreement (as defined below), as set forth on the attached Schedule, on the dates specified in the Sale and Servicing
Agreement, and to pay interest on the unpaid principal amount of each Swingline Advance on each day that such unpaid principal amount is outstanding, at the Interest Rate related to such Swingline Advance as provided in the Sale and Servicing
Agreement, on each Payment Date and each other date specified in the Sale and Servicing Agreement. 
 This Amended, Restated and Substituted
Variable Funding Certificate (the “Certificate”) is issued pursuant to the Amended and Restated Sale and Servicing Agreement, dated as of April 5, 2006 (as amended, modified, supplemented or restated from time to time,
the “Sale and Servicing Agreement”), by and among NewStar CP Funding LLC, as the seller (in such capacity, the “Seller”), NewStar Financial, Inc., as the originator (in such capacity, the
“Originator”) and as the servicer (in such capacity, the “Servicer”), Wachovia Bank, National Association, as the Swingline Purchaser, each of the Conduit Purchasers and Purchaser Agents from time to
time party thereto, Wachovia Capital Markets, LLC, as the Administrative Agent, U.S. Bank National Association, as the Trustee and Lyon Financial Services, Inc. d/b/a US Bank Portfolio Services, as Backup Servicer. Capitalized terms used herein
shall have the meanings provided in the Sale and Servicing Agreement. 

 Notwithstanding any other provisions contained in this Certificate, if at any time the rate of interest
payable by the Seller under this Certificate, when combined with any and all other charges provided for in this Certificate, in the Sale and Servicing Agreement or in any other document (to the extent such other charges would constitute interest for
the purpose of any applicable law limiting interest that may be charged on this Certificate), exceeds the highest rate of interest permissible under applicable law (the “Maximum Lawful Rate”), then so long as the Maximum
Lawful Rate would be exceeded, the rate of interest under this Certificate shall be equal to the Maximum Lawful Rate. If at any time thereafter the rate of interest payable under this Certificate is less than the Maximum Lawful Rate, the Seller
shall continue to pay interest under this Certificate at the Maximum Lawful Rate until such time as the total interest paid by the Seller is equal to the total interest that would have been paid had applicable law not limited the interest rate
payable under this Certificate. In no event shall the total interest received by the Swingline Purchaser under this Certificate exceed the amount which the Swingline Purchaser could lawfully have received had the interest due under this Certificate
been calculated since the date of this Certificate at the Maximum Lawful Rate. 
 Payments of the principal of, and interest on, Swingline
Advances represented by this Certificate shall be made by or on behalf of the Seller to the holder hereof by wire transfer of immediately available funds in the manner and at the address specified for such purpose as provided in the Sale and
Servicing Agreement, or in such manner or at such other address as the holder of this Certificate shall have specified in writing to the Seller for such purpose, without the presentation or surrender of this Certificate or the making of any notation
on this Certificate. 
 If any payment under this Certificate falls due on a day that is not a Business Day, then such due date shall be
extended to the next succeeding Business Day and interest shall be payable on any principal so extended at the applicable Interest Rate. 
 If all or a portion of (i) the principal amount hereof or (ii) any interest payable thereon or (iii) any other amounts payable hereunder shall not be paid when due (whether at maturity, by acceleration or otherwise), such
overdue amount shall bear interest at a rate per annum that is equal to the Base Rate plus 2%, in each case from the date of such non-payment to (but excluding) the date such amount is paid in full. 
 Portions or all of the principal amount of the Certificate shall become due and payable at the time or times set forth in the Sale and Servicing
Agreement. Any portion or all of the principal amount of this Certificate may be prepaid, together with interest thereon (and, as set forth in the Sale and Servicing Agreement, certain costs and expenses of the Swingline Purchaser) at the time and
in the manner set forth in, but subject to the provisions of, the Sale and Servicing Agreement. 
 Except as provided in the Sale and
Servicing Agreement, the Seller expressly waives presentment, demand, diligence, protest and all notices of any kind whatsoever with respect to this Certificate. 

 All amounts evidenced by this Certificate, the Swingline Advances and all payments and prepayments of the
principal hereof and the respective dates and maturity dates thereof shall be endorsed by the Administrative Agent, on the schedule attached hereto and made a part hereof or on a continuation thereof, which shall be attached hereto and made a part
hereof; provided, however, that the failure of the Administrative Agent to make such a notation shall not in any way limit or otherwise affect the obligations of the Seller under this Certificate as provided in the Sale and Servicing Agreement.

 The holder hereof may sell, assign, transfer, negotiate, grant participations in or otherwise dispose of all or any portion of any
Swingline Advances made by the Swingline Purchaser and represented by this Certificate and the indebtedness evidenced by this Certificate, subject to the applicable provisions of the Sale and Servicing Agreement. 
 This Certificate is secured by the security interests granted pursuant to Section 9.1 of the Sale and Servicing Agreement. The holder of this
Certificate is entitled to the benefits of the Sale and Servicing Agreement as a Secured Party thereunder and, subject to the terms of the Sale and Servicing Agreement, such holder or the Trustee, on behalf of the Secured Parties, may enforce the
agreements of the Seller contained in the Sale and Servicing Agreement and exercise the remedies provided for by, or otherwise available in respect of, the Sale and Servicing Agreement, all in accordance with, and subject to the restrictions
contained in, the terms of the Sale and Servicing Agreement. If a Termination Event shall occur, the unpaid balance of the principal of all Swingline Advances, together with accrued interest thereon, may be declared, or shall automatically become,
as applicable, due and payable in the manner and with the effect provided in the Sale and Servicing Agreement. 
 The Seller, the Originator,
the Servicer, the Swingline Purchasers, the Trustee, and the Backup Servicer each intend that this Certificate be evidence of indebtedness of the Seller secured by the Collateral other than Real Estate Loans. The Swingline Purchaser, as a Swingline
Purchaser under the Sale and Servicing Agreement, by the acceptance hereof, agrees to treat the Certificate as indebtedness of the Seller. 
 This Certificate is one of the “Variable Funding Certificates” referred to in Section 2.1 of the Sale and Servicing Agreement. This Certificate shall be construed in accordance with and governed by the laws of the State of
New York. 
 [Remainder of Page Intentionally Left Blank] 

 IN WITNESS WHEREOF, the undersigned has executed this Certificate as on the date first written above.

  

			
	NEWSTAR CP FUNDING LLC
		
	By:	 	NEWSTAR FINANCIAL, INC., as Designated Manager
		
	By:	 	/s/ John J. Frishkopf
	Name:	 	John J. Frishkopf
	Title:	 	Managing Director

 Schedule attached to Amended, Restated and Substituted Variable Funding Certificate dated August 9, 2006 of NEWSTAR
CP FUNDING LLC payable to the order of Wachovia Bank, National Association 
  

							
	 Date of
 Advance or
 Repayment
	  	 Principal
 Amount of
 Advance
	  	 Principal
 Amount of
 Repayment
	  	 Outstanding
 Principal
 AmountAmendment No. 4 and Waiver to the Servicing Agreement dated 10/20/2006

 Exhibit 10.7.6 
 AMENDMENT NO. 4 AND WAIVER TO THE AMENDED AND  
 RESTATED SALE AND SERVICING AGREEMENT
 
 THIS AMENDMENT NO. 4 AND WAIVER TO THE AMENDED AND RESTATED SALE AND SERVICING AGREEMENT, dated as of October 30,
2006 (this “Amendment”), is entered into in connection with that certain Amended and Restated Sale and Servicing Agreement, dated as of April 5, 2006 (such agreement as amended, modified, supplemented, waived or restated from time to
time, the “Agreement”), by and among NEWSTAR CP FUNDING LLC, a Delaware limited liability company, as the seller (together with its successors and assigns in such capacity, the “Seller”), NEWSTAR FINANCIAL INC., a
Delaware corporation (together with its successors and assigns, the “Company”), as the originator (together with its successors and assigns in such capacity, the “Originator”), and as the servicer (together with its
successors and assigns in such capacity, the “Servicer”), WACHOVIA BANK, NATIONAL ASSOCIATION, a national banking association (together with its successors and assigns, “Wachovia”), as the swingline purchaser
(together with its successors and assigns in such capacity, the “Swingline Purchaser”), certain conduit purchasers and purchaser agents party thereto (each, together with its successors and assigns in such capacity, a
“Conduit Purchaser” and a “Purchaser” and, collectively with the Swingline Purchaser, the “Purchasers”), WACHOVIA CAPITAL MARKETS, LLC, a Delaware limited liability company (together with its
successors and assigns, “WCM”), as the administrative agent (together with its successors and assigns in such capacity, the “Administrative Agent”), and as the Purchaser Agent with respect to Variable Funding
Capital Company LLC as Conduit Purchaser (together with its successors and assigns in such capacity, the “VFCC Agent”), U.S. BANK NATIONAL ASSOCIATION, a national banking association (together with its successors and assigns,
“US Bank”), not in its individual capacity but as the trustee (together with its successors and assigns in such capacity, the “Trustee”), and LYON FINANCIAL SERVICES, INC., a Minnesota corporation, doing business as
U.S. Bank Portfolio Services, not in its individual capacity but as the backup servicer (together with its successors and assigns in such capacity, the “Backup Servicer”). Capitalized terms used and not otherwise defined herein are
used as defined in the Agreement. 
 R E C I T A L S 
 WHEREAS, the parties hereto previously entered into the Agreement; 
 WHEREAS, the parties hereto desire to amend the Agreement in certain respects as provided herein; and 
 WHEREAS, pursuant to and in accordance with Section 13.1 thereof, the Administrative Agent and VFCC Agent, the Swingline Purchaser and the Conduit Purchasers desire to provide for a one-time waiver of certain provisions of the
Agreement in certain respects as provided herein; 

 NOW, THEREFORE, based upon the above Recitals, the mutual premises and agreements contained
herein, and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto, intending to be legally bound, hereby agree as follows: 
 SECTION 1. Amendments. 
 (a)
Section 2.19(a)(viii) of the Agreement is hereby amended by inserting the following parenthetical after the words “Discretionary Sales”: 
 “(other than the Discretionary Sales of Assets (i) occurring within 90 days after any such Asset became part of the Collateral and (ii) where following any such Discretionary Sale, a portion of such
Asset remained part of the Collateral)”. 
 (b) Section 2.21(a)(iii) of the Agreement is hereby amended by inserting the following
parenthetical after the words “Discretionary Sale”: 
 “(other than the Discretionary Sales of Assets (i) occurring within
90 days after any such Asset becomes part of the Collateral and (ii) where following any such Discretionary Sale, a portion of such Asset remains part of the Collateral)”. 
 (c) Section 2.21(a)(iv) of the Agreement is hereby amended by inserting the following parenthetical after the words “preceding 12 month
period” in the first sentence thereof: 
 “(which amount shall not include the aggregate Principal Balance of any Asset sold in a
Discretionary Sale made in the preceding 12 month period where (i) the Discretionary Sale occurred within 90 days after such Asset became part of the Collateral and (ii) following such Discretionary Sale, a portion of such Asset remained
part of the Collateral)”. 
 SECTION 2. Waiver. 
 Each of the Administrative Agent and VFCC Agent, the Swingline Purchaser and the Conduit Purchaser hereby waives: 
 (a) the failure of the sum of the Principal Balances of Eligible Assets which are included in the “Buildings and Real Estate” Moody’s
Industrial Classification Group to satisfy the limit set forth in clause (r) of the definition of “Concentration Limit” and hereby agrees that such Assets shall be deemed not to exceed such Concentration Limit for all purposes of the
Agreement and the other Transaction Documents; provided that the waiver described in this clause (a) shall be effective from and as of the date hereof until January 29, 2007; and 
 (b) the occurrence of a fact such that Assets identified on Schedule I hereto would be otherwise deemed to be a Delinquent Loan by reason that all or any
portion of any one or more payments of principal or interest thereunder remains unpaid for at least 60 days from the original 

  

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due date for such payment (without giving effect to any Servicer Advance thereon or any grace period permitted in the Underlying Instrument) and hereby
agrees such Assets shall be deemed not to be Delinquent Loans for all purposes of the Sale and Servicing Agreement and the other Transaction Documents; provided that the waiver described in this clause (b) shall be effective from and as
of the date hereof until November 29, 2006. 
 For the avoidance of doubt, the waivers described in this Section 2 shall expire in
accordance with its terms and shall be of no further force and effect as of the respective dates specified in the foregoing clauses. 
 SECTION 3. Agreement in Full Force and Effect as Amended and Waived. 
 Except as specifically amended and waived
hereby, the Agreement shall remain in full force and effect. All references to the Agreement shall be deemed to mean the Agreement as modified hereby. This Amendment shall not constitute a novation of the Agreement, but shall constitute an amendment
thereof. The parties hereto agree to be bound by the terms and conditions of the Agreement, as amended and waived by this Amendment, as though such terms and conditions were set forth herein. 
 SECTION 4. Representations and Warranties. 
 Each of the Originator, the Seller and the Servicer represents and warrants with respect to itself as of the date of this Amendment as follows: 
 (a) it is duly incorporated or organized, validly existing and in good standing under the laws of its jurisdiction of incorporation or
organization; 
 (b) the execution, delivery and performance by it of this Amendment are within its powers, have been duly
authorized, and do not contravene (A) its charter, by-laws, or other organizational documents, or (B) any Applicable Law; 
 (c) no consent, license, permit, approval or authorization of, or registration, filing or declaration with any governmental authority, is required in connection with the execution, delivery, performance, validity or enforceability of this
Amendment by or against it; 
 (d) this Amendment has been duly executed and delivered by it; 
 (e) this Amendment constitutes its legal, valid and binding obligation enforceable against it in accordance with its terms, except as
enforceability may be limited by applicable bankruptcy, insolvency, reorganization, moratorium or similar laws affecting the enforcement of creditors’ rights generally or by general principles of equity; 
 (f) it is not in default under the Agreement; and 
  

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 (g) there is no Termination Event, Unmatured Termination Event, or Servicer Default.

 SECTION 5. Conditions Precedent. 
 This Amendment shall become effective on the date on which each party hereto has delivered an executed signature page hereto to the Administrative Agent. 
 SECTION 6. Miscellaneous. 
 (a) This Amendment may be executed in any number of counterparts, and by the different parties hereto on the same or separate counterparts, each of which shall be deemed to be an original instrument but all of which together shall
constitute one and the same agreement. 
 (b) The descriptive headings of the various sections of this Amendment are inserted for convenience
of reference only and shall not be deemed to affect the meaning or construction of any of the provisions hereof. 
 (c) This Amendment may
not be amended or otherwise modified except as provided in the Agreement. 
 (d) The failure or unenforceability of any provision hereof
shall not affect the other provisions of this Amendment. 
 (e) Whenever the context and construction so require, all words used in the
singular number herein shall be deemed to have been used in the plural, and vice versa, and the masculine gender shall include the feminine and neuter and the neuter shall include the masculine and feminine. 
 (f) This Amendment represents the final agreement between the parties and may not be contradicted by evidence of prior, contemporaneous or subsequent
oral agreements between the parties. There are no unwritten oral agreements between the parties. 
 (g) THIS AMENDMENT AND THE
RIGHTS AND OBLIGATIONS OF THE PARTIES UNDER THIS AMENDMENT SHALL BE GOVERNED BY AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK WITHOUT REFERENCE TO ITS CONFLICT OF LAWS PROVISIONS. 
 [Remainder of Page Intentionally Left Blank] 
  

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 IN WITNESS WHEREOF, the parties have caused this Amendment to be executed by their respective officers
thereunto duly authorized, as of the date first above written. 
  

									
	THE SELLER:	 		 	NEWSTAR CP FUNDING LLC
					
		 		 		 	 By:
	 	NewStar Financial, Inc., its Designated Manager
					
		 		 		 	 By:
	 	/S/    JOHN J. FRISHKOPF
		 		 		 		 	Name: John J. Frishkopf
		 		 		 		 	Title: Managing Director

  

									
	THE ORIGINATOR AND SERVICER:	 		 	NEWSTAR FINANCIAL, INC.
					
		 		 		 	 By:
	 	/S/    JOHN J. FRISHKOPF
		 		 		 		 	Name: John J. Frishkopf
		 		 		 		 	Title: Managing Director

  

									
	THE ADMINISTRATIVE AGENT AND THE VFCC AGENT:	 		 	WACHOVIA CAPITAL MARKETS, LLC
					
		 		 		 	 By:
	 	/S/    MICHAEL ROMANZO
		 		 		 		 	Name: Michael Romanzo
		 		 		 		 	Title: Vice President

  

									
	THE PURCHASER:	 		 	VARIABLE FUNDING CAPITAL COMPANY LLC
					
		 		 		 	 By:
	 	Wachovia Capital Markets, LLC, as attorney-in-fact
					
		 		 		 	 By:
	 	/S/    DOUGLAS R. WILSON, SR.
		 		 		 		 	Name: Douglas R. Wilson, Sr.
		 		 		 		 	Title: Vice President

 [Signatures Continued on the Following Page] 
 Amendment No. 4 to Amended and Restated 
 Sale
and Servicing Agreement 

									
	THE SWINGLINE PURCHASER:	 		 	WACHOVIA BANK, NATIONAL ASSOCIATION
					
		 		 		 	 By:
	 	/S/    ANDY PHELPS
		 		 		 		 	Name: Andy Phelps
		 		 		 		 	Title: Vice President

 Amendment No. 4 to Amended and Restated 
 Sale and Servicing Agreement 

 Schedule I to 
 Amendment No. 4 and 
 Waiver dated 
 October 30, 2006 
 List of Assets 
  

				
	 Obligor Name
	  	Principal
Balance as of
10/30/06
	 Total Sleep Holding, Inc.
	  		
	 Revolver
	  	$	2,500,000
	 Term Loan A
	  	$	7,500,000

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