Document:

Exhibit  10.1

6/24/05

Paul  Daniel
1701  Mira  Vista  Ave
Santa  Barbara,  CA  93103

Dear  Paul,

On  behalf  of Newave, Inc. and its Board of Directors, I am pleased to offer to
you  the position of Chief Financial Officer. Your start date has been scheduled
for  July  11, 2005. This will be a very exciting and challenging opportunity in
an  expanding  business environment, and your dedicated efforts will help us all
to  make  it  successful  and  rewarding  as  well.

The  material  terms  of  the  offer  are  set  forth  below:

Month  Salary:                $10,000.00
Performance  Bonus            10%  (after  1  year)
Stock  Options                250,000  warrants  with a $0.10 strike price which
                              vest  after  one  year  of  employment*
                              250,000  warrants  with  a  strike  price  of  the
                              closing bid price (on the date of hire) which vest
                              after  1  year  of  employment*
                              250,000  warrants  with  a  strike  price  of  the
                              closing bid price (on the date of hire) which vest
                              after  2  years  of  employment*
                              *All  options  and  warrants  fall  under  the
                              provisions  of  existing  management  "leak  out"
                              agreements
Health  Package               Full  medical,  dental  and  vision
Paid  Vacation                80  hours
Paid  Sick  Time              40  hours

Information  regarding  the health plans will be available to you from our Human
Resources  Department.

All  employees  of  the  company  are  "employees  at  will" unless subject to a
specified  signed  written contract specifying employment for a particular term.
Nothing  herein  or  in any discussion leading to an offer may be construed as a
contract  or  guarantee  of  employment  for  a  definite  period  of  time.

As  a  formal  indication  of  your acceptance of this position, please sign the
enclosed copy of this letter in the space below and return it to our offices. We
are  looking  forward  to  working  with  you  and  achieving  great  success.

Sincerely,                              Acceptance  of  Offer:

/s/  Michael  Hill
------------------
Michael  Hill                              /s/  Paul  Daniel
                                           -----------------
CEO/President                              Paul  Daniel
Newave,  Inc.EX-10.1

AMENDMENT NO. 3

TO MASTER REPURCHASE AGREEMENT

Amendment No. 3, dated as of August 19, 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 and Amendment No. 2,
dated as of August 15, 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 Amendments. For purposes of this Amendment, this Section
1 will be effective only for the period from and including August 22, 2005 through but not
including November 18, 2005 (the “Temporary Increase Period”).

1.1 Definitions. Section 2 of the Existing Repurchase Agreement is hereby
temporarily amended by deleting the definitions of “Market Value”, “Maximum Aggregate
Purchase Price”, “Maximum Committed Purchase Price” and in their entirety and
replacing them with the following language:

““Market Value” means, with respect to any Purchased Mortgage Loan as of any date of
determination, the whole-loan servicing released fair market value of such Purchased Mortgage Loan
on such date as determined by Buyer (or an Affiliate thereof) in its good faith discretion.
Without limiting the generality of the foregoing, each Seller acknowledges that (a) in the event
that a Purchased Mortgage Loan is not subject to a Take-out Commitment, Buyer may deem the Market
Value for such Mortgage Loan to be no greater than par and (b) the Market Value of a Purchased
Mortgage Loan may be reduced (including to zero) by Buyer if:

(i) a breach of a representation, warranty or covenant made by a Seller in this
Agreement with respect to such Purchased Mortgage Loan has occurred and is
continuing and such breach would be reasonably likely to adversely affect the value
of such Purchased Mortgage Loan;

(ii) such Purchased Mortgage Loan (other than a Repurchased Mortgage Loan) is a
Non-Performing Mortgage Loan;

(iii) such Purchased Mortgage Loan has been released from the possession of the
Custodian under the Custodial Agreement (other than to a Take-out Investor pursuant
to a Bailee Letter) for a period in excess of ten (10) calendar days;

(iv) such Purchased Mortgage Loan has been released from the possession of the
Custodian under the Custodial Agreement to a Take-out Investor pursuant to a Bailee
Letter for a period in excess of forty-five (45) calendar days;

(v) such Purchased Mortgage Loan has been subject to a Transaction hereunder
for a period of greater than (a) 120 days for all Mortgage Loans other than Aged
Loans or Repurchased Mortgage Loans and (b) 180 days with respect to each Aged Loan
or Repurchased Mortgage Loan;

(vi) such Purchased Mortgage Loan is a Wet-Ink Mortgage Loan for which the
Mortgage File has not been delivered to the Custodian on or prior to the eighth
Business Day after the related Purchase Date;

(vii) such Purchased Mortgage Loan is no longer acceptable for purchase by
Buyer (or an Affiliate thereof) under any of the flow purchase or conduit programs
for which a Seller then has been approved due to a Requirement of Law relating to
consumer credit laws or otherwise;

(viii) when the Purchase Price for such Purchased Mortgage Loan is added to
other Purchased Mortgage Loans, the aggregate Purchase Price of all Repurchased
Mortgage Loans that are Purchased Mortgage Loans exceeds $3 million;

(ix) when the Purchase Price for such Purchased Mortgage Loan is added to other
Purchased Mortgage Loans, the aggregate Purchase Price of all Aged Loans (other than
Repurchased Mortgage Loans) that are Purchased Mortgage Loans exceeds $20 million;

(x) when the Purchase Price for such Purchased Mortgage Loan is added to other
Purchased Mortgage Loans, the aggregate Purchase Price of all Second Lien Mortgage
Loans (including HELOCs) that are Purchased Mortgage Loans exceeds $75 million;

(xi) when the Purchase Price for such Purchased Mortgage Loan is added to other
Purchased Mortgage Loans, the aggregate Purchase Price of all HELOCs that are
Purchased Mortgage Loans exceeds $45 million;

(xii) when the Purchase Price for such Purchased Mortgage Loan is added to
other Purchased Mortgage Loans, the aggregate Purchase Price of all Purchased
Mortgage Loans for which the credit quality is below that of a B Credit Mortgage
Loan exceeds 5% of the Maximum Aggregate Purchase Price;

(xiii) when the Purchase Price for such Purchased Mortgage Loan is added to
other Purchased Mortgage Loans, the aggregate Purchase Price of all Purchased
Mortgage Loans for which the origination date with respect to such Mortgage Loan is
greater than thirty (30) days prior to the related Purchase Date but not greater
than sixty (60) days prior to the related Purchase Date exceeds $50,000,000;

(xiv) during the first five (5) Business Days and the last five (5) Business
Days of each calendar month, when the Purchase Price for such Purchased Mortgage
Loan is added to other Purchased Mortgage Loans, the aggregate Purchase Price of all
Wet-Ink Mortgage Loans that are Purchased Mortgage Loans exceeds 40% of the Maximum
Aggregate Purchase Price;

(xv) other than during the first five (5) Business Days and the last five (5)
Business Days of each calendar month, when the Purchase Price for such Purchased
Mortgage Loan is added to other Purchased Mortgage Loans, the aggregate Purchase
Price of all Wet-Ink Mortgage Loans that are Purchased Mortgage Loans exceeds 30% of
the Maximum Aggregate Purchase Price;

(xvi) such Purchased Mortgage Loan is a Repurchased Mortgage Loan for which the
Mortgaged Property has been foreclosed upon or has been converted to REO Property.”

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

““Maximum Committed Purchase Price” shall mean THREE HUNDRED MILLION DOLLARS
($300,000,000). All funds made available by Buyer to the Sellers under this Agreement will first
be attributed to the Maximum Committed Purchase Price. For purposes of this Agreement, Mortgage
Loans will be allocated first to the Maximum Committed 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. To the extent that there is availability under the Maximum Aggregate Purchase Price,
but any Mortgage Loans proposed by the Sellers for purchase by Buyer would otherwise exceed the
Maximum Committed Purchase Price, then to the extent that such Maximum Committed Purchase Price
would be exceeded, such Mortgage Loans may be purchased by the Buyer on an uncommitted basis, in
Buyer’s sole discretion.”

1.2 Covenants. Section 14 of the Existing Repurchase Agreement is hereby
temporarily amended by adding the following subsection (ff) thereto:

(ff) “Buydown Amount. Seller shall maintain a Buydown Amount of $10 million or more.”

Section 2. Conditions Precedent. This Amendment shall become effective on August 22,
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]

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

Buyer:

CREDIT SUISSE FIRST BOSTON MORTGAGE

CAPITAL LLC, as Buyer

By: /s/ Randall Eron Shy

Name: Randall Eron Shy

Title: Vice President

Sellers:

ENCORE CREDIT CORP.

By: /s/ William E. Moffatt

Name: William E. Moffatt

Title: Treasurer

ECC CAPITAL CORPORATION

By: /s/ William E. Moffatt

Name: William E. Moffatt

Title: Treasurer

BRAVO CREDIT CORPORATION

By: /s/ William E. Moffatt

Name: William E. Moffatt

Title: Treasurer

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