Document:

EX-10.1(a)

Exhibit 10.1(a)

Execution

SECOND AMENDMENT TO

SECOND AMENDED AND RESTATED MASTER REPURCHASE AGREEMENT

GOVERNING PURCHASES AND SALES OF MORTGAGE LOANS

This Second Amendment, dated as of October 31, 2006 (this “Amendment”), to the Second
Amended and Restated Master Repurchase Agreement Governing Purchases and Sales of Mortgage Loans,
dated as of December 29, 2004 and amended as of December 28, 2005 (as amended, the “Repurchase
Agreement”), is made by and among LEHMAN BROTHERS BANK, FSB (“Buyer”), FIELDSTONE
INVESTMENT CORPORATION (“FIC”) and FIELDSTONE MORTGAGE COMPANY (“FMC”) (FIC and FMC
shall be individually and collectively referred to as “Seller”). Buyer, FMC and FIC may be
collectively referred to herein as the “Parties”.

RECITALS

WHEREAS, pursuant to the Repurchase Agreement, Buyer has agreed, subject to the terms and
conditions set forth in the Repurchase Agreement, to purchase certain Mortgage Loans owned by
Seller, including, without limitation, all rights of Seller to service and administer such Mortgage
Loans; and

WHEREAS, the Parties desire to amend the Repurchase Agreement as set forth herein.

NOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency of which are
hereby acknowledged, the Parties hereto agree as follows:

Section 1. Definitions. Capitalized terms used but not otherwise defined herein have
the meanings given them in the Repurchase Agreement.

Section 2. Amendments to Repurchase Agreement. Subject to Section 4 hereof, the
Repurchase Agreement shall be amended as follows:

(a) References in the Repurchase Agreement to “this Agreement” or words of similar import
(including indirect references to the Repurchase Agreement) shall, without limitation, be deemed to
be references to the Repurchase Agreement as amended by this Amendment.

(b) Section 3(g) is hereby deleted in its entirety and replaced with the following:

(g) Maximum Facility Amount. Except as set forth herein, with
respect to all Transactions hereunder, the aggregate Purchase Price for all
Purchased Mortgage Loans at any one time subject to then outstanding
Transactions shall not exceed THREE HUNDRED MILLION DOLLARS ($300,000,000);
provided, however, that with respect to all Transactions hereunder from and
including October 31, 2006 through and including December 27, 2006, the
aggregate Purchase Price for all Purchased Mortgage Loans at any one time
subject to then outstanding Transactions shall not exceed FIVE HUNDRED
MILLION DOLLARS ($500,000,000) (the “Total Facility Amount”);

(c) Solely for the period beginning on October 31, 2006 and ending on December 27, 2006,
references to “Pricing and Fee Letter” are hereby deemed to be reference to that certain Amended
and Restated Pricing and Fee Letter between Sellers and Buyer dated as of the date of this
Amendment.

Section 3. Representations and Warranties. Seller hereby represents and warrants to
Buyer that (a) both immediately before and after giving effect to the amendments set forth in
Section 2 of this Amendment, no Event of Default shall have occurred and be continuing, (b) the
representations and warranties of Seller set forth in Section 10 of the Repurchase Agreement are
true and complete as if made on and as of such date and as if each reference in said Section 10 to
“this Agreement” included reference to the Repurchase Agreement as amended hereby, (c) this
Amendment constitutes the legal, valid and binding obligation of Seller, enforceable against Seller
in accordance with its terms and (d) the execution and delivery by Seller of this Amendment has
been duly authorized by all requisite corporate action on the part of Seller and will not violate
any provision of Seller’s organizational documents.

Section 4. Conditions Precedent. The amendments set forth in Section 2 above shall
not become effective unless, on or before October 31, 2006, Buyer shall have received all of the
following documents, each of which shall be satisfactory in form and substance to Buyer and its
counsel:

(a) Amendment. This Amendment, duly completed, executed and delivered by Seller;

(b) Pricing and Fee Letter. The Amended and Restated Pricing and Fee Letter, duly
completed, executed and delivered by Seller; and

(c) Other Documents. Such other documents as Buyer may reasonably request.

Section 5. Miscellaneous.

(a) Except as expressly amended by Section 2 hereof, the Repurchase Agreement remains
unaltered and in full force and effect. Each of the Parties hereby reaffirms all terms and
covenants made in the Repurchase Agreement as amended hereby.

(b) The execution, delivery and effectiveness of this Amendment shall not operate as a waiver
of any right, power or remedy of any Party under the Repurchase Agreement, or any other document,
instrument or agreement executed and/or delivered in connection therewith.

(c) THIS AMENDMENT SHALL BE CONSTRUED, INTERPRETED AND GOVERNED BY THE LAW OF THE STATE OF NEW
YORK, WITHOUT GIVING EFFECT TO THE CONFLICT OF LAWS PRINCIPLES THEREOF.

(d) This Amendment may be executed in any number of counterparts, and all such counterparts
shall together constitute the same agreement. Any signature delivered by a party via facsimile
shall be deemed to be an original signature hereto.

[SIGNATURE PAGE TO FOLLOW]

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

SELLER:

FIELDSTONE MORTGAGE COMPANY

By: /s/ Mark C. Krebs

Name: Mark C. Krebs

Title: Sr. Vice President & Treasurer

FIELDSTONE INVESTMENT CORPORATION

By: /s/ Mark C. Krebs

Name: Mark C. Krebs

Title: Sr. Vice President & Treasurer

BUYER:

LEHMAN BROTHERS BANK, FSB

By: /s/ Fred C. Madonna

Name: Fred C. Madonna

Title: Authorized Signature

2EX-10.1(b)

Exhibit 10.1(b)

Execution

Fieldstone Mortgage Company

Fieldstone Investment Corporation

11000 Broken Land Parkway

Suite 600

Columbia, Maryland 21044

October 31, 2006

Lehman Brothers Bank, FSB

745 Seventh Avenue

7th Floor

New York, New York 10019

Re: Amended and Restated Pricing and Fee Letter

Gentlemen:

Reference is made to that certain (i) Second Amendment to the Second Amended and Restated
Master Repurchase Agreement Governing Purchases and Sales of Mortgage Loans, dated as of October
31, 2006 (as amended, modified or supplemented from time to time, the “Repurchase
Agreement”) between Fieldstone Mortgage Company (“FMC”), Fieldstone Investment
Corporation (“FIC”) (FIC and FMC shall be individually and collectively referred to herein
as “Seller”) and Lehman Brothers Bank, FSB (“Buyer”) and (ii) Pricing and Fee
Letter, dated as of December 28, 2005 between Seller and Buyer (the “Original Pricing and Fee
Letter”). All capitalized terms not otherwise defined herein shall have the meanings given to
such terms in the Repurchase Agreement.

For the purposes of the Repurchase Agreement, the “Pricing Spread” means: (a) 0.70% for each
High Purchase Price Mortgage Loan that is a Dry Ink Mortgage Loan; (b) 0.90% for each High
Purchase Price Mortgage Loan that is a Wet Ink Mortgage Loan; (c) 0.60% for each Medium Purchase
Price Mortgage Loan that is a Dry Ink Mortgage Loan; (d) 0.80% for each Medium Purchase Price
Mortgage Loan that is a Wet Ink Mortgage Loan; (e) 0.50% for each Low Purchase Price Mortgage Loan
that is a Dry Ink Mortgage Loan; and (f) 0.70% for each Low Purchase Price Mortgage Loan that is a
Wet Ink Mortgage Loan.

In order to induce Buyer to enter into the renewal to the facility described in that certain
First Amendment to the Second Amended and Restated Master Repurchase Agreement Governing Purchases
and Sales of Mortgage Loans, dated as of December 28, 2005, between Buyer and Seller and as
compensation for services rendered or to be rendered by Buyer under the Repurchase Agreement,
Seller agreed to pay Buyer a non-refundable commitment fee in the amount of $375,000.00. Although
this fee was fully earned on the date of the Original Pricing and Fee Letter, it is payable in
twelve payments of $31,250.00 (each, a “Payment”). The first Payment was paid by Seller to
Buyer on the date of the Original Pricing and Fee Letter and the remaining eleven payments will be
or have been paid by Seller to Buyer on the first day of each month beginning with February 1, 2006
and ending with December 1, 2006. Notwithstanding anything in the foregoing to the contrary, in
order to induce Buyer to increase the Maximum Facility Amount described in the Repurchase
Agreement, and as compensation for services rendered or to be rendered by Buyer under the
Repurchase Agreement, Seller shall pay Buyer a non-refundable additional commitment fee in the
amount of $41,666.66. Although this additional fee is deemed to be fully earned on the date
hereof, it is payable in two payments of $20,833.33 (each, an “Additional Payment”). The
Additional Payment shall be made simultaneously with the Payment due on each of November 1, 2006
and December 1, 2006. Accordingly, on each of November 1, 2006 and December 1, 2006, Seller shall
pay Buyer $52,083.33, which amount consists of a Payment of $31,250.00 and an Additional Payment of
$20,833.33.

On the day following the dates March 31, 2006, June 30, 2006, September 30, 2006 and December
31, 2006 (with respect to each immediately preceding three month period), Seller shall pay to Buyer
a non-use fee (“Non-Use Fee”) equal to the product of (x) 0.125% multiplied by (y) the
fraction expressed as a percentage the numerator of which equals the number of days in the
applicable period and the denominator of which equals 365 multiplied by (z) an amount equal to (a)
the Facility Amount minus (b) the average Repurchase Price for all Transactions on each day during
the applicable period; provided, no Non-Use Fee shall be payable during the initial three (3)
months of the term of the Facility or if the amount determined for the preceding clause (b) during
any such period exceeds 50% of the Facility Amount.

Seller’s failure to comply with this letter shall constitute an Event of Default under the
Repurchase Agreement.

If Buyer terminates the Repurchase Agreement other than with respect to an Event of Default,
and at the time of termination no Event of Default had occurred or was continuing, (a) Seller shall
not be required to pay Buyer any of the remaining Payments or Additional Payments and (b) with
respect to any Payment or Additional Payment already made by Seller to Buyer for which the entire
calendar month attributed to such Payment has not been completed (an “Incomplete Month”),
Buyer shall return to Seller the portion of such Payment equal to the product of (w) the fraction
the numerator of which equals $31,250.00 and the denominator of which equals the number of days in
the Incomplete Month times (x) the number of days remaining in the Incomplete Month as of the date
of termination and Buyer shall return to Seller the portion of such Additional Payment equal to the
product of (y) the fraction the numerator of which equals $20,833.33 and the denominator of which
equals the number of days in the Incomplete Month times (z) the number of days remaining in the
Incomplete Month as of the date of termination.

The terms of this fee letter may be modified only by a subsequent letter signed by Buyer and
Seller. This fee letter is delivered to Seller with the understanding (and Buyer has relied on
Seller’s assurances) that the terms of this fee letter will be kept confidential and not disclosed
to any third party except those in confidential relationship to Seller, such as officers,
directors, legal counsel, investment bankers, or as required by law, without the express prior
written consent of Buyer.

THIS FEE LETTER SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF
NEW YORK.

This fee letter may be executed in any number of counterparts, all of which taken together
shall constitute one and the same instrument and any of the parties hereto may execute this fee
letter by signing any such counterpart. Any signature delivered by a party via facsimile shall be
deemed to be an original signature hereto.

[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]

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If you are in agreement with the foregoing, kindly sign and return to us the enclosed copy of
this fee letter.

Very truly yours,

FIELDSTONE MORTGAGE COMPANY

By: /s/ Mark C. Krebs

Name: Mark C. Krebs

Title: Sr. Vice President & Treasurer

FIELDSTONE INVESTMENT CORPORATION

By: /s/ Mark C. Krebs

Name: Mark C. Krebs

Title: Sr. Vice President & Treasurer

AGREED:

LEHMAN BROTHERS BANK, FSB

By: /s/ Fred C. Madonna

Name: Fred C. Madonna

Title: Authorized Signature

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