Document:

EX-10.1

AMENDMENT NO. 2

TO MASTER REPURCHASE AGREEMENT

Amendment No. 2, dated as of August 22, 2005 (this “Amendment”), by and between
MERRILL LYNCH BANK USA (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 14, 2005, as amended by Amendment No. 1, dated as of July 25, 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. Applicability. Section 1 of the Existing Repurchase Agreement is
hereby amended by deleting it in its entirety and replacing it with the following language:

“SECTION 1 APPLICABILITY

From time to time the parties hereto may enter into transactions in which the respective
Seller agrees to transfer to Buyer Mortgage Loans against the transfer of funds by Buyer, with a
simultaneous agreement by Buyer to transfer to the respective Seller such Mortgage Loans at a date
certain after the related Purchase Date, against the transfer of funds by such Seller. This
Agreement is a commitment by Buyer to engage in the Transactions as set forth herein up to the
Maximum Committed Purchase Price; provided, that the Buyer shall have no commitment to enter into
any Transaction requested which would result in the aggregate Purchase Price of then outstanding
Transactions to exceed the Maximum Committed Purchase Price. Each such transaction shall be
referred to herein as a “Transaction” and shall be governed by this Repurchase Agreement,
unless otherwise agreed in writing.”

Section 2. Definitions. Section 2 of the Existing Repurchase Agreement is hereby
amended by adding the following definition in its proper alphabetical order:

““Maximum Committed Purchase Price” shall have the meaning set forth in the Pricing
Side Letter.”

Section 3. Initiation; Termination. Section 3 of the Existing Repurchase
Agreement is hereby amended by adding the following lead in paragraph to the beginning thereto:

“This Agreement is a commitment by Buyer to enter into Transactions with the Sellers for an
amount equal to the Maximum Committed Purchase Price. This Agreement is not a commitment by Buyer
to enter into Transactions with the Sellers for amounts exceeding the Maximum Committed Purchase
Price but rather sets forth the procedures to be used in connection with periodic requests for
Buyer to enter into Transactions with the Sellers. Each Seller hereby acknowledges that, beyond
the Maximum Committed Purchase Price, Buyer is under no obligation to agree to enter into, or to
enter into, any Transaction pursuant to this Agreement. The aggregate Purchase Price of Purchased
Mortgage Loans subject to outstanding Transactions shall not exceed the Maximum Purchase Price.”

Section 4. Conditions Precedent. This Amendment shall become effective on August 22,
2005 (the “Amendment Effective Date”) on which the following conditions precedent shall
have been satisfied:

(a) The Buyer shall have received the following, each of which shall be satisfactory to
the Buyer:

(i) this Amendment, executed and delivered by a duly authorized officer of each of the
Buyer and the Sellers; and

(ii) such other documents as the Buyer or counsel to the Buyer may reasonably request.

Section 5. Representations and Warranties. The Sellers hereby represent and warrant
to the Buyer that it is 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 confirms and reaffirms the representations and warranties contained in
Section 11 of the Repurchase Agreement.

Section 6. Confidentiality. The parties hereto acknowledge that this Amendment, the
Existing Repurchase Agreement, and all drafts thereof, documents relating thereto and transactions
contemplated thereby are confidential in nature and the Sellers agree that, unless otherwise
directed by a court of competent jurisdiction, it shall limit the distribution of such documents
and the discussion of such transactions to such of its officers, employees, attorneys, accountants
and agents as is required in order to fulfill its obligations under such documents and with respect
to such transactions.

Section 7. 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 8. GOVERNING LAW. THIS AMENDMENT SHALL BE 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.

Section 9. Counterparts. This Amendment may be executed in one or more counterparts
and by different parties hereto on separate counterparts, each of which, when so executed, shall
constitute one and the same agreement.

Section 10. Conflicts. The parties hereto agree that in the event there is any
conflict between the terms of this Amendment, and the terms of the Existing Repurchase Agreement,
the provisions of this Amendment shall control.

[SIGNATURE PAGE FOLLOWS]

1

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:

MERRILL LYNCH BANK USA, as Buyer

By: /s/ John Winchester

Name: John Winchester

Title: Director

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

2EX-10.2

A M E N D M E N T NO. 3

TO

AMENDED AND RESTATED COMMITTED NOTE PURCHASE AND SECURITY AGREEMENT

The AMENDED AND RESTATED COMMITTED NOTE PURCHASE AND SECURITY AGREEMENT, dated as of December
3, 2004, among ENCORE SPV I, a Delaware statutory trust, UBS REAL ESTATE SECURITIES INC., a
Delaware corporation, as Purchaser of Notes issued thereunder from time to time, each Person
becoming a Noteholder thereunder from time to time, and UBS REAL ESTATE SECURITIES INC., as agent
for the Purchasers and the Noteholders, as previously amended (as amended, the
“Agreement”), is hereby amended by this Amendment No. 3, dated as of August 22, 2005 (the
“Amendment”) as follows:

	 	1.	 	Amended Terms.

(a) The defined term “Note Documents” in the Agreement is hereby amended to read as
follows:

“‘Note Documents’ shall mean, collectively, this Note Purchase Agreement,
the Notes, the Loan Purchase Agreement, the Custodial Agreement, the Servicing
Agreement, the Pricing Side Letter, the Electronic Tracking Agreement and the
Personal Guaranties.”

(b) The defined term “Transaction Documents” in the Agreement is hereby amended to
read as follows:

“‘Transaction Documents’ shall mean the Note Purchase Agreement, the Notes,
the Loan Purchase Agreement, the Trust Agreement, the Administration Agreement, the
Custodial Agreement, the Servicing Agreement, the Pricing Side Letter, the
Electronic Tracking Agreement and the Personal Guaranties.”

(c) The following new definitions are hereby added to the Agreement in the appropriate
alphabetical order as follows:

“‘UBS Cash Account’ shall mean a separate cash account held by the Agent
under the conditions set forth in Section 3.16 of this Note Purchase Agreement.

‘UBS Cash Account Adjustment’ shall mean an adjustment to the UBS Cash
Account Balance pursuant to a UBS Cash Account Adjustment Notice.

‘UBS Cash Account Adjustment Notice’ shall mean the cash account adjustment
notice, in the form of Exhibit M to this Note Purchase Agreement, to be used under
the conditions set forth in Section 3.16 hereof by the Agent to notify the Note
Issuer of any adjustments to the UBS Cash Account Balance.

‘UBS Cash Account Balance’ shall mean, as of any date, the net amount of
funds in the UBS Cash Account on such date.

‘UBS Cash Account Interest Accrual’ shall mean the simple interest
calculation posted on the last Business Day of each month resulting from the
product of each Business Day’s UBS Cash Account Balance and UBS Cash Account
Interest Rate.

‘UBS Cash Account Interest Rate’ shall mean, with respect to each month,
the average opening federal funds rate for such month or such other rate agreed to
by the Note Issuer and the Agent. The opening federal funds rate on a Business Day
shall be counted as the UBS Cash Account Interest Rate until the next Business Day.

‘Withdrawal/Deposit Notice’ shall mean the withdrawal/deposit notice, in
the form of Exhibit L hereto to be used under the conditions set forth in Section
3.16 hereof by the Note Issuer to make withdrawals or deposits to the UBS Cash
Account.

(d) The following section is hereby added as Section 3.16 of the Agreement:

“3.16 UBS Cash Account. (a) The Note Issuer hereby authorizes and
directs the Agent to create a UBS Cash Account, which account shall be held by the
Agent and shall be subject to the terms and conditions of this Note Purchase
Agreement. The Agent shall notify the Note Issuer, via electronic or facsimile
transmission, of the UBS Cash Account Balance on each Business Day when the UBS
Cash Account Balance is greater than zero and on each Business Day on which a Note
Purchase occurs.

(b) The Agent shall credit the UBS Cash Account for (i) any deposits therein
by the Note Issuer upon the Note Issuer’s written direction pursuant to a
Withdrawal/Deposit Notice, (ii) any credit pursuant to a UBS Cash Account
Adjustment, (iii) any UBS Cash Account Interest Accruals and (iv) any deposits by
the Note Issuer under this Note Purchase Agreement.

(c) The Agent shall debit the UBS Cash Account for (i) any withdrawals
therefrom by the Note Issuer upon the Note Issuer’s written direction pursuant to a
Withdrawal/Deposit Notice, (ii) any debit pursuant to a UBS Cash Account Adjustment
and (iii) any fees or other amounts payable hereunder by the Note Issuer.
Notwithstanding anything to the contrary, the Agent shall not be required to debit
the UBS Cash Account pursuant to subparagraph (i) above to the extent that the
funds remaining in the UBS Cash Account immediately after the debit shall be
insufficient to pay the amounts identified in subparagraphs (ii) and (iii) above.

(d) Upon termination of this Note Purchase Agreement and payment in full of
all obligations owing by the Note Issuer under the Transaction Documents, The Agent
shall remit to the Note Issuer the UBS Cash Account Balance.

(e) The Note Issuer hereby confirms and agrees that to secure its obligations
under the Transaction Documents, it hereby grants to the Agent a first priority
continuing security interest in and to the UBS Cash Account and all proceeds (as
defined in the UCC) of such account. The Note Issuer further agrees that the Agent
may issue “entitlement orders” (within the meaning of Section 8-102(a)(8) of the
UCC) or other instructions from the Agent, including, without limitation, directing
the transfer or redemption of any financial asset credited to, or the disposition
of funds held in, the UBS Cash Account for application against any obligations in
such order as the Agent shall determine in its sole discretion. It is hereby
acknowledged and agreed that the Agent is exercising exclusive control over the UBS
Cash Account as of the date hereof.”

(e) Sections 5.01(b)(xii) and 5.01(b)(xiii) of the Agreement are hereby deleted and
replaced in their entirety with the following:

“(xii) the UBS Cash Account and all monies from time to time on deposit in the UBS
Cash Account;

(xiii) all other assets of the Note Issuer; and

(xiv) any and all replacements, substitutions, distributions on or proceeds of any
and all of the foregoing.”

(f) The second sentence of Section 10.03 of the Agreement is hereby deleted and replaced in
its entirety with the following:

“Without limiting the generality of the foregoing, the Agent, without demand of
performance or other demand or notice (except as specifically provided herein) of
any kind to the Note Issuer, or any other Person, all of which are hereby expressly
waived, may forthwith apply the cash, if any, including all amounts then in the UBS
Cash Account, then held by it as part of the Collateral to the payment of any of
the Secured Obligations.”

(g) Annex 1 attached hereto is hereby added as Exhibit L to the Agreement.

(h) Annex 2 attached hereto is hereby added as Exhibit M to the Agreement.

	 	2.	 	Governing Law. This Amendment, in all respects, shall be governed by, and construed
in accordance with, the laws of the State of New York, including all matters of construction,
validity and performance, without regard to principles of conflicts of law.

	 	3.	 	Counterparts. This Amendment may be executed by the parties hereto in separate
counterparts, each of which when so executed and delivered shall be an original, but all such
counterparts together shall constitute but one and the same instrument.

	 	4.	 	Merger and Integration. Upon execution of this Amendment by the parties to the
Agreement, this Amendment shall be incorporated into and merged together with the Agreement.
Except as provided herein, all provisions, terms and conditions of the Agreement shall remain
in full force and effect and the Agreement as hereby amended is further ratified and
reconfirmed in all respects.

	 	5.	 	Capitalized Terms. Capitalized terms used herein and not defined herein have their
respective meanings as set forth in the Agreement.

[Remainder of page left intentionally blank.]

1

IN WITNESS WHEREOF, the parties hereto have caused this Amendment to the Agreement to be
duly executed and delivered as of the date specified above.

NOTE ISSUER

ENCORE SPV I

By: Encore Credit Corp.,

as Administrator

By: /s/ William E. Moffatt

Name: William E. Moffatt

Title: Treasurer

Countersigned:

By: /s/ Chris DiAngelo

	 	 	 	Chris DiAngelo, not in his individual capacity,
but solely as Special Manager

Address for Notices:

Encore SPV I

c/o Encore Credit Corp.

1833 Alton Parkway

Irvine, California 92606

Attention: John Kontoulis,
Alanna Darling, Esq.

Telecopier No: (949) 856-8799

Telephone No: (949) 856-8399

With a copy to:

Dewey Ballantine LLP

1301 Avenue of the Americas

New York, New York 10019

Attention: Chris DiAngelo

Telecopy No.: (212) 259-6719

Telephone No.: (212) 259-6718

2

AGENT

UBS REAL ESTATE SECURITIES INC.

By: /s/ Robert Carpenter

Name: Robert Carpenter

Title: Executive Director

By: /s/ Arnold J. Cohn

Name: Arnold J. Cohn

Title: Director

Address for Notices:

1285 Avenue of the Americas

New York, New York 10019

Attention: Robert Carpenter,
George A. Mangiaracina

Telecopier No: (212) 713-9597

Telephone No: (212) 713-2000

PURCHASER

UBS REAL ESTATE SECURITIES INC.

By: /s/ Robert Carpenter

Name: Robert Carpenter

Title: Executive Director

By: /s/ Arnold J. Cohn

Name: Arnold J. Cohn

Title: Director

Address for Notices:

1285 Avenue of the Americas

New York, New York 10019

Attention: Robert Carpenter,
George A. Mangiaracina

Telecopier No: (212) 713-9597

Telephone No: (212) 713-2000

3

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00090-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00090-of-00352.parquet"}]]