Document:

--------------------------------
                                                       EXECUTION VERSION
                                                --------------------------------

                               THIRD AMENDMENT TO
                               ------------------
                           MASTER REPURCHASE AGREEMENT
                           ---------------------------
                (WACHOVIA TRANSACTION WITH NRFC WA HOLDINGS, LLC)

         THIS THIRD AMENDMENT TO MASTER REPURCHASE AGREEMENT, dated as of
September 30, 2005 (this "Amendment No. 3"), is entered into by and among NRFC
WA HOLDINGS, LLC, as the seller (in such capacity, the "Seller"), WACHOVIA BANK,
NATIONAL ASSOCIATION, as the buyer (in such capacity, the "Buyer"), and
NORTHSTAR REALTY FINANCE CORP., as the guarantor (the "Guarantor"), and
consented to by NRFC SUB-REIT CORP., as the pledgor (the "Pledgor"), WELLS FARGO
BANK, NATIONAL ASSOCIATION (f/k/a Wells Fargo Bank Minnesota, N.A.), as the
custodian (in such capacity, the "Custodian"), and WACHOVIA BANK, NATIONAL
ASSOCIATION, as the swap counterparty (in such capacity, the "Swap
Counterparty"). Capitalized terms used and not otherwise defined herein shall
have the meanings given to such terms in the Repurchase Agreement (as defined
below).

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

         WHEREAS, the Seller, the Guarantor and the Buyer are parties to that
certain Master Repurchase Agreement (including all annexes, exhibits and
schedules thereto), dated as of July 13, 2005, as amended by that certain First
Amendment to Master Repurchase Agreement, dated as of August 24, 2005
("Amendment No. 1") and that certain Second Amendment to Master Repurchase
Agreement, dated as of September 20, 2005 ("Amendment No. 2") (as such Master
Repurchase Agreement is amended, modified, restated, replaced, waived,
substituted, supplemented or extended from time to time, including pursuant to
Amendment No. 1, Amendment No. 2 and this Amendment No. 3, the "Repurchase
Agreement");

         WHEREAS, the Seller desires to make certain modifications to the
Repurchase Agreement;

         WHEREAS, the Buyer is willing to modify the Repurchase Agreement as
requested by the Seller on the terms and conditions specified herein; and

         WHEREAS, the Pledgor, the Custodian and the Swap Counterparty are
parties to other Repurchase Documents and related agreements that may be
affected, directly or indirectly, by this Amendment No. 3 and desire to consent
to the amendments and modifications set forth herein.

         NOW THEREFORE, in consideration of the foregoing recitals, and other
good and valuable consideration, the receipt and sufficiency of which is hereby
acknowledged, the parties hereto, intending to be legally bound, agree as
follows:

         SECTION 1.   AMENDMENTS TO REPURCHASE AGREEMENT.
                      -----------------------------------

         (a)   The following new definitions are added to Section 1(a) of
Annex I to the Repurchase Agreement:

               (1)    "CDO Closing Date: The Business Day on which certain
               Purchased Assets are repurchased by the Seller and sold into the
               CDO Securitization."

               (2)    "Temporary Increase Amount: $200,000,000."

               (3)    "Ramp-Up Pricing: Defined in Section 24 of Annex I to the
               Repurchase Agreement."

         (b)   The following definitions in Section 1(a) of Annex I to the
Repurchase Agreement are hereby amended and restated as follows:

               (1)    "Temporary Increase Expiration Date: The earlier of (a)
               six (6) months from the date of this Amendment No. 3 (or, if such
               day is not a Business Day, the next succeeding Business Day) and
               (b) the CDO Closing Date."

               (2)    "Temporary Increase Period: The period of time from the
               date of this Amendment No. 3 to and including the Temporary
               Increase Expiration Date."

               (3)    "Temporary Increase Indebtedness: The aggregate amount of
               the Purchase Price outstanding that exceeds $150,000,000."

               (4)    "Maximum Amount: Means (a) during the Temporary Increase
               Period, $350,000,000 and (b) after the Temporary Increase Period,
               (i) in the event the Seller repays the Temporary Increase
               Indebtedness plus all accrued and unpaid Price Differential
               thereon and all related Breakage Costs on or before the Temporary
               Increase Expiration Date, $150,000,000 and (ii) in the event the
               Seller does not satisfy clause (b)(i) of this definition,
               $350,000,000; provided, however, on and after the Facility
               Maturity Date, the Maximum Amount shall mean the aggregate
               Purchase Price outstanding for all Transactions."

         (c)   Section 24 of Annex I to the Repurchase Agreement is hereby
amended and restated as follows:

                                       2

               "Section 24  Temporary Increase Period.
               -----------  --------------------------

               During the Temporary Increase Period, (a) with respect to
               Mortgage Assets that are eligible for the CDO Securitization and
               that the Buyer has agreed to purchase (other than Over-Advance
               Assets), the Seller may elect, on or before the related Purchase
               Date by written notice to the Buyer, the Advance Rates and the
               Pricing Spreads reflected on Schedule 1 to this Amendment No. 3
               (collectively, the "Ramp-Up Pricing") in lieu of the Advance Rate
               and Pricing Spreads contained in the Fee Letter that are
               otherwise applicable to such Mortgage Assets (each such Purchased
               Asset, a "Ramp-Up Asset"), (b) the Unused Fee shall not accrue on
               the unused portion of the Temporary Increase Amount (but it shall
               accrue on the unused portion of the Maximum Amount in effect
               prior to Amendment No. 2 (i.e., $150,000,000) subject to the
               terms of the Fee Letter) and (c) a commitment fee shall be
               payable by the Seller to the Buyer on the Temporary Increase
               Amount only in accordance with clause (b) of the second to last
               sentence of this Section 24. In the event the Seller elects the
               Ramp-Up Pricing for any Purchased Asset and any such Ramp-Up
               Assets are not repurchased by the Seller and sold into the CDO
               Securitization on or before the Temporary Increase Expiration
               Date, (i) the Ramp-Up Pricing shall cease to be effective with
               respect to each such Purchased Asset from and after the Temporary
               Increase Expiration Date and, thereafter, the Advance Rate and
               Pricing Spread for each such Purchased Asset shall be the
               applicable Pricing Spread and Advance Rate set forth in the Fee
               Letter and (ii) the Seller shall, on or before the Temporary
               Increase Expiration Date, make principal payments to the Buyer as
               necessary so that the Purchase Price outstanding for each such
               Ramp-Up Asset is equal to or less than the Purchase Price based
               on the applicable Advance Rate set forth in the Fee Letter. On or
               before the Temporary Increase Expiration Date, the Seller shall
               either (a) pay to the Buyer the aggregate outstanding Temporary
               Increase Indebtedness, any accrued Price Differential thereon and
               any related Breakage Costs or (b) provided the CDO Securitization
               has not closed, (i) the Seller shall pay to the Buyer on the
               Temporary Increase Expiration Date a commitment fee in the amount
               of the product of the Temporary Increase Amount and 48 basis
               points, (ii) the Maximum Amount shall remain at $350,000,000
               subject to the definition thereof, and (iii) the Unused Fee shall
               commence accruing based on the full amount of the Maximum Amount
               specified in the preceding clause (ii) subject to the terms of
               the Fee Letter. Notwithstanding the Buyer's agreement to this
               Amendment No. 3, including, without limitation, the preceding
               sentence, the Buyer, has, retains and does not waive any of its
               rights and/or benefits under the Repurchase Documents, including
               without limitation, the ability to determine at any time the
               Asset Value of one or more Purchased Assets."

         SECTION 2.   AMENDMENT TO CUSTODIAL AGREEMENT.
                      ---------------------------------

         (a)   Subsection 3.1(e)(i) is amended by deleting the words "a copy of"
at the beginning of this Subsection.

                                       3

         SECTION 3.   REPURCHASE DOCUMENTS IN FULL FORCE AND EFFECT AS MODIFIED.
                      ----------------------------------------------------------

         Except as specifically modified hereby, the Repurchase Documents shall
remain in full force and effect. All references to the Repurchase Agreement
shall be deemed to mean the Repurchase Agreement as modified by this Amendment
No. 3. This Amendment No. 3 shall not constitute a novation of the Repurchase
Agreement, but shall constitute a modification thereof. The parties hereto agree
to be bound by the terms and conditions of the Repurchase Agreement, as modified
by this Amendment No. 3, as though such terms and conditions were set forth
herein.

         SECTION 4.   REPRESENTATIONS.
                      ----------------

         Each of the Seller, the Guarantor and the Pledgor represents and
warrants, as of the date of this Amendment No. 3, as follows:

         (a)   it is duly incorporated or organized, validly existing and in
good standing under the laws of its jurisdiction of organization and each
jurisdiction where it conducts business;

         (b)   the execution, delivery and performance by it of this Amendment
No. 3 is within its corporate, company or partnership powers, has been duly
authorized and does not contravene (1) its Governing Documents or its applicable
resolutions, (2) any Applicable Law or (3) any Contractual Obligation,
Indebtedness or Guarantee Obligation;

         (c)   no consent, license, permit, approval or authorization of, or
registration, filing or declaration with, any Governmental Authority or other
Person is required in connection with the execution, delivery, performance,
validity or enforceability by or against it of this Amendment No. 3;

         (d)   this Amendment No. 3 has been duly executed and delivered by it;

         (e)   this Amendment No. 3, as well as each of the Repurchase Documents
as modified by this Amendment No. 3, 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)   no Default or Event of Default exists or will exist after giving
effect to this Amendment No. 3; and

         (g)   each of the Repurchase Documents is in full force and effect and
neither the Seller, the Guarantor nor the Pledgor have any defenses, offsets,
counterclaims, abatements, rights of rescission or other claims, legal or
equitable, available to the Seller, the Guarantor, the Pledgor or any other
Person with respect to this Amendment No. 3, the Repurchase Agreement, the
Repurchase Documents or any other instrument, document and/or agreement
described

                                       4

herein or therein, as modified and amended hereby, or with respect to the
obligation of the Seller to repay the Obligations and other amounts due under
the Repurchase Documents.

         SECTION 5.   CONDITIONS PRECEDENT.
                      ---------------------

         The effectiveness of this Amendment No. 3 is subject to the following
conditions precedent: (i) delivery to the Buyer of this Amendment No. 3 duly
executed by each of the parties hereto; (ii) delivery to the Buyer of an Opinion
of Counsel with respect to the enforceability of this Amendment No. 3 on behalf
of the Seller, the Pledgor and the Guarantor; (iii) payment of all reasonable
legal fees and expenses of Moore & Van Allen PLLC, as counsel to the Buyer, in
the amount to be set forth on a separate invoice; and (iv) such other documents,
agreements or certifications as the Buyer may reasonably require.

         SECTION 6.   MISCELLANEOUS.
                      --------------

         (a)   This Amendment No. 3 may be executed in any number of
counterparts (including by facsimile), 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 No. 3 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 No. 3 may not be amended or otherwise modified,
waived or supplemented except as provided in the Repurchase Agreement.

         (d)   The interpretive provisions of Section 1(b) of Annex I of the
Repurchase Agreement are incorporated herein mutadis mutandis.

         (e)   This Amendment No. 3 represents the final agreement among 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.

         (f)   THIS AMENDMENT NO. 3 AND THE RIGHTS AND OBLIGATIONS OF THE
PARTIES UNDER THIS AMENDMENT NO. 3 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]

                                       5

         IN WITNESS WHEREOF, the parties have caused this Amendment No. 3 to be
executed by their respective officers thereunto duly authorized, as of the date
first above written.

THE SELLER:                          NRFC WA HOLDINGS, LLC,
                                     a Delaware limited liability company

                                     By: /s/ Daniel R. Gilbert
                                        -------------------------------------
                                     Name:  Daniel R. Gilbert
                                          -----------------------------------
                                     Title: Executive Vice President
                                           ----------------------------------

                                     Address for Notices:

                                     NRFC WA Holdings, LLC
                                     c/o NorthStar Realty Finance Corp.
                                     527 Madison Avenue
                                     New York, New York 10022
                                     Attention:         Mark E. Chertok
                                                        Richard McCready
                                                        Daniel R. Gilbert
                                     Facsimile No.:     (212) 208-2651
                                                        (212) 319-4558
                                     Confirmation No.:  (212) 319-2618
                                                        (212) 319-2623
                                                        (212) 319-3679

                                     with a copy to:

                                     Paul Hastings Janofsky & Walker LLP
                                     75 East 55th Street
                                     New York, New York 10022
                                     Attention:         Robert J. Grados, Esq.
                                     Facsimile No.:     (212) 230-7830
                                     Confirmation No.:  (212) 318-6923

                    [SIGNATURES CONTINUED ON FOLLOWING PAGE]

                                      S-1

THE GUARANTOR:                       NORTHSTAR REALTY FINANCE CORP.,
                                     a Maryland corporation

                                     By: /s/ Daniel R. Gilbert
                                        ----------------------------------------
                                     Name:  Daniel R. Gilbert
                                          --------------------------------------
                                     Title: Executive Vice President
                                           -------------------------------------

                                     Address for Notices:

                                     NorthStar Realty Finance Corp.
                                     527 Madison Avenue
                                     New York, New York 10022
                                     Attention:         Mark E. Chertok
                                                        Richard McCready
                                                        Daniel R. Gilbert
                                     Facsimile No.:     (212) 208-2651
                                                        (212) 319-4558
                                     Confirmation No.:  (212) 319-2618
                                                        (212) 319-2623
                                                        (212) 319-3679

                                     with a copy to:

                                     Paul Hastings Janofsky & Walker LLP
                                     75 East 55th Street
                                     New York, New York  10022
                                     Attention:         Robert J. Grados, Esq.
                                     Facsimile No.:     (212) 230-7830
                                     Confirmation No.:  (212) 318-6923

                    [SIGNATURES CONTINUED ON FOLLOWING PAGE]

                                      S-2

THE BUYER:                           WACHOVIA BANK, NATIONAL
                                     ASSOCIATION, a national banking association

                                     By: /s/ Joe Cannon
                                         ---------------------------------------
                                     Name:  Joe Cannon
                                           -------------------------------------
                                     Title: Associate
                                            ------------------------------------

                                     Wachovia Bank, National Association
                                     One Wachovia Center, Mail Code: NC0166
                                     301 South College Street
                                     Charlotte, North Carolina 28288
                                     Attention:         Marianne Hickman
                                     Facsimile No.:     (704) 715-0066
                                     Confirmation No.:  (704) 715-7818

                    [SIGNATURES CONTINUED ON FOLLOWING PAGE]

                                      S-3

CONSENTED TO BY:

THE PLEDGOR:                         NRFC SUB-REIT CORP.,
                                     a Maryland corporation

                                     By: /s/ Daniel R. Gilbert
                                        ----------------------------------------
                                     Name:  Daniel R. Gilbert
                                          --------------------------------------
                                     Title: Executive Vice President
                                           -------------------------------------

                                     NRFC Sub-REIT Corp.
                                     c/o NorthStar Realty Finance Corp.
                                     527 Madison Avenue
                                     New York, New York 10022
                                     Attention:         Mark E. Chertok
                                                        Richard McCready
                                                        Daniel R. Gilbert
                                     Facsimile No.:     (212) 208-2651
                                                        (212) 319-4558
                                     Confirmation No.:  (212) 319-2618
                                                        (212) 319-2623
                                                        (212) 319-3679

                                     with a copy to:

                                     Paul Hastings Janofsky & Walker LLP
                                     75 East 55th Street
                                     New York, New York 10022
                                     Attention:         Robert J. Grados, Esq.
                                     Facsimile No.:     (212) 230-7830
                                     Confirmation No.:  (212) 318-6923

                    [SIGNATURES CONTINUED ON FOLLOWING PAGE]

                                      S-4

CONSENTED TO BY:

THE CUSTODIAN:                       WELLS FARGO BANK, NATIONAL ASSOCIATION

                                     By: /s/ Karolyn Kleingartner
                                        ----------------------------------------
                                     Name:  Karolyn Kleingartner
                                          --------------------------------------
                                     Title: Corporate Trust Officer
                                           -------------------------------------

                                     Wells Fargo Bank, National Association
                                     751 Kasota Avenue
                                     Minneapolis, Minnesota 55414
                                     Attention:         Tina Hatfield,
                                                        Assistant Vice President
                                     Facsimile No.:     (612) 466-5416
                                     Confirmation No.:  (612) 466-5252

                    [SIGNATURES CONTINUED ON FOLLOWING PAGE]

                                      S-5

THE SWAP COUNTERPARTY:               WACHOVIA BANK, NATIONAL
                                     ASSOCIATION, a national banking association

                                     By: /s/ Delene M. Travella
                                         ---------------------------------------
                                     Name:  Delene M. Travella
                                           -------------------------------------
                                     Title: Director
                                            ------------------------------------

                                     Wachovia Bank, National Association
                                     One Wachovia Center, Mail Code:  NC0166
                                     301 South College Street
                                     Charlotte, North Carolina 28202-0600
                                     Attention:         Bruce M. Young, Senior
                                                        Vice President, Risk
                                                        Management
                                     Facsimile No.:     (704) 383-0575
                                     Confirmation No.:  (704) 383-8778

                                      S-6

                                                                      SCHEDULE 1
                                                                      ----------

                                 RAMP-UP PRICING

Advance Rate: 75%

Pricing Spread: 95 basis points; provided however, during the continuance of an
Event of Default, the Pricing Spread for each Transaction shall automatically be
increased by an additional 500 basis points.

                                   Schedule 1Exhibit 10.1

 

Exhibit 10.1

MTI Technology Corporation

17595 Cartwright Road

Irvine, California 92614

October 11, 2005

			
	To:	 	The Purchasers, as defined in the Purchase Agreement (as defined below)

c/o Advent International Corporation

75 State Street

Boston, Massachusetts 02109

     Reference is made to that certain Securities Purchase Agreement, dated August 19, 2005 (the
“Purchase Agreement”), by and among MTI Technology Corporation and the Purchasers (as defined
therein). Capitalized terms used but not otherwise defined herein shall have the meanings ascribed
to them in the Purchase Agreement.

     Reference is also made to the letter, dated October 6, 2005, from the Company to the
Purchasers regarding the Company’s ongoing analysis of data regarding its financial results for the
second quarter of fiscal year 2006 (the “Letter”). We acknowledge that the Purchasers have
asserted that the information referred to in the Letter constitutes a Material Adverse Effect.
Therefore, in consideration of the mutual agreements set forth herein, the Company and the
Purchasers hereby agree as follows:

	 	1.	 	The Company agrees that the facts referred to in the Letter
constitute a Material Adverse Effect solely for purposes of Sections 3.08(a),
5.02(b)(xiv) (solely as it relates to 3.08(a)), 7.01(c), 7.01(d)(i) (solely as it
relates to Section 5.02(b)(xiv) with respect to 3.08(a)) and 7.01(d)(ii) (solely
as it relates to 3.08(a)) (the “Referenced Sections”).
	 
	 	2.	 	The Company agrees to take all actions reasonably necessary to cause
the Annual Meeting to be adjourned to a date that is not less than fifteen (15)
nor more than twenty (20) business days following the Company’s public release of
the information contained in the Letter (the “Release Date”) and to timely file
and deliver to shareholders supplemental proxy materials satisfactory to
Purchasers and their counsel. Company agrees that Purchasers shall have the
opportunity to review and comment on any supplemental proxy materials as if such
materials were a preliminary proxy statement subject to Section 6.04 of the
Purchase Agreement, including with respect to any reasonable objection thereto.
	 
	 	3.	 	With respect only to the revenue and operating loss disclosed in the
Letter, the Purchasers waive the right to assert or claim a breach of, or the
inability to satisfy conditions of, the Referenced Sections.
	 
	 	4.	 	The Purchasers waive the right to assert or claim that the Company
has breached the requirement in Section 6.04 to timely call the annual meeting
based on the adjournment referenced in paragraph 2 above.

 

 

The Purchasers, as defined in the Purchase Agreement

c/o Advent International Corporation

October 11, 2005

Page 2 of 3

	 	5.	 	The Purchasers waive the right to assert or claim that they do not
have due notice of the disclosure in the Letter for the purposes only of Section
5.01(d) and Section 5.06 of the Purchase Agreement.
	 
	 	6.	 	The Purchasers will not object if, without changing the opinion
contained in paragraph 10 of the opinion required by Section 7.01(j) of the
Purchase Agreement, Morrison & Foerster provide additional commentary on its
reasoning for the unqualified opinion in such paragraph 10 and such commentary is
reasonably acceptable to the Purchasers.
	 
	 	7.	 	This letter shall only be effective and enforceable against the
Purchasers if: (i) the Release Date is within three (3) business days of the date
of this letter; (ii) at least fifteen (15) complete trading days on the Nasdaq
SmallCap Market have elapsed between the Release Date and the Closing Date; and
(iii) the Company is not in breach of Section 5.02(b)(xiv) as if the date hereof
were the Closing Date, other than with respect to the waivers in paragraphs 3, 4
and 5 above. In addition to any conditions contained in the Purchase Agreement,
the obligation of the Purchasers’ to purchase the Purchased Securities shall be
subject to the satisfaction (or waiver by each Purchaser) of the following
condition: the Purchasers shall each receive a certificate signed by the Chief
Executive Officer and the Chief Financial Officer at the Closing certifying that
the conditions to the effectiveness of this letter contained in the preceding
sentence have been satisfied.
	 
	 	8.	 	Notwithstanding anything herein to the contrary, the Purchasers
expressly retain and do not waive any rights not explicitly waived hereby,
including with respect to the Referenced Sections and any other Material Adverse
Effect (including the reasons for the financial results contained in the Letter).

     Please acknowledge your agreement with the foregoing by signing below and returning a copy to
the Company.

	 	 	 	 	 
	 	Sincerely,

MTI Technology Corporation

 	 
	 	By:  	/s/ Thomas P. Raimondi, Jr.
 	 
	 	 	Name:  	Thomas P. Raimondi, Jr. 	 
	 	 	Title:  	Chairman, President and CEO 	 

 

 

	 	 	 	 	 

The Purchasers, as defined in the Purchase Agreement

c/o Advent International Corporation

October 11, 2005

Page 3 of 3

Acknowledged and agreed to by the Purchasers as of the date first set forth above:

Digital Media & Communications III Limited Partnership

Digital Media & Communications III-A Limited Partnership

Digital Media & Communications III-B Limited Partnership

Digital Media & Communications III-C Limited Partnership

Digital Media & Communications III-D C.V.

Digital Media & Communications III-E C.V.

By:          Advent International Limited Partnership, General Partner

By:          Advent International Corporation, General Partner

By:     /s/ Michael Pehl

Name:     Michael Pehl

Title:     Partner

Advent Partners DMC III Limited Partnership

Advent Partners II Limited Partnership

By:          Advent International Corporation, General Partner

By:     /s/ Michael Pehl

Name:     Michael Pehl

Title:     Partner

EMC Corporation

By:     /s/ Michael J. Cody

Name:     Michael J. Cody

Title:     VP, Corporate Development

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00091-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00091-of-00352.parquet"}]]