Document:

Exhibit
10.1

HELICOS
BIOSCIENCES CORPORATION

Change in
Control Agreement

AGREEMENT made as of this
8th day of August, 2007 by and between Helicos BioSciences Corporation (the “Company”),
and J. William Efcavitch (the “Executive”).

1.                                       Purpose.  The Company considers it essential to the
best interests of its stockholders to promote and preserve the continuous
employment of key management personnel. 
The Board of Directors of the Company (the “Board”) recognizes that, as
is the case with many corporations, the possibility of a Change in Control (as
defined in Section 2 hereof) exists and that such possibility, and the
uncertainty and questions that it may raise among management, may result in the
departure or distraction of key management personnel to the detriment of the
Company and its stockholders.  Therefore,
the Board has determined that appropriate steps should be taken to reinforce
and encourage the continued attention and dedication of members of the Company’s
key management, including the Executive, to their assigned duties without
distraction in the face of potentially disturbing circumstances arising from
the possibility of a Change in Control. 
Nothing in this Agreement shall be construed as creating an express or
implied contract of employment and, except as otherwise agreed in writing
between the Executive and the Company, the Executive shall not have any right
to be retained in the employ of the Company.

2.                                       Change
in Control.  A “Change in Control”
shall be deemed to have occurred upon the occurrence of any one of the
following events:

(a)                                  any
“Person,” as such term is used in Sections 13(d) and 14(d) of the Securities
Exchange Act of 1934, as amended (the “Act”) (other than the Company, any of
its subsidiaries, or any trustee, fiduciary or other person or entity holding
securities under any employee benefit plan or trust of the Company or any of
its subsidiaries), together with all “affiliates” and “associates” (as such
terms are defined in Rule 12b-2 under the Act) of such person, shall become the
“beneficial owner” (as such term is defined in Rule 13d-3 under the Act),
directly or indirectly, of securities of the Company representing 50 percent or more of the combined
voting power of the Company’s then outstanding securities having the right to
vote in an election of the Company’s Board of Directors (“Voting Securities”)
(in such case other than as a result of an acquisition of securities directly
from the Company); or

(b)                                 persons
who, as of the date hereof, constitute the Company’s Board of Directors (the “Incumbent
Directors”) cease for any reason, including, without limitation, as a result of
a tender offer, proxy contest, merger or similar transaction, to constitute at
least a majority of the Board, provided that any person becoming a director of
the Company subsequent to the date hereof shall be considered an Incumbent
Director if such person’s election was approved by or such person was nominated
for election by either (A) a vote of at least a majority of the Incumbent
Directors or (B) a vote of at least a majority of the Incumbent Directors who
are members of a nominating committee comprised, in the majority, of Incumbent
Directors; but provided further, that any such person whose initial assumption
of office is in connection with an actual or threatened election contest
relating to the election of members of the Board of Directors or other actual
or threatened solicitation of proxies or consents by or on behalf of a Person
other

than the
Board, including by reason of agreement intended to avoid or settle any such
actual or threatened contest or solicitation, shall not be considered an
Incumbent Director; or

(c)                                  the
consummation of (A) any consolidation or merger of the Company where the
stockholders of the Company, immediately prior to the consolidation or merger,
would not, immediately after the consolidation or merger, beneficially own (as
such term is defined in Rule 13d-3 under the Act), directly or indirectly,
shares representing in the aggregate more than 50 percent of the voting shares
of the Company issuing cash or securities in the consolidation or merger (or of
its ultimate parent corporation, if any), or (B) any sale, lease, exchange or
other transfer (in one transaction or a series of transactions contemplated or
arranged by any party as a single plan) of all or substantially all of the
assets of the Company; or

(d)                                 the
approval by the Company’s stockholders of any plan or proposal for the
liquidation or dissolution of the Company.

3.                                       Terminating
Event.  A “Terminating Event” shall mean
any of the events provided in this Section 3:

(a)                                  Termination by the
Company.  Termination by the Company
of the employment of the Executive with the Company for any reason other than
for Cause, death or Disability.  For
purposes of this Agreement, “Cause” shall mean:

(i)                                     the
substantial and continuing failure or refusal of the Executive, after written
notice thereof, to reasonably attempt to perform his or her job duties and
responsibilities (other than failure or refusal resulting from incapacity due
to physical disability or mental illness) which failure or refusal is committed
in bad faith and is not in the best interest of the Company;

(ii)                                  gross
negligence, willful misconduct or material breach of fiduciary duty to the
Company;

(iii)                               the willful commission
of an act of embezzlement, misappropriation or fraud;

(iv)                              deliberate
and willful disregard of the written rules or policies of the Company which
results in a material and substantial loss, damage or injury to the Company;

(v)                                 the
unauthorized, deliberate and willful disclosure of any material confidential,
proprietary and/or trade secret information of the Company or its customers
which disclosure is committed in bad faith 
and is not in the best interest of the Company;

(vi)                              the
willful and deliberate commission of an act which induces any customer,
supplier, employee or consultant to adversely and substantially amend or
terminate their relationship with the Company which act is committed in bad
faith and is not in the best interest of the Company; or

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(vii)                           the conviction of, or plea
of nolo contendere by the Executive, to a crime involving  a felony of moral turpitude.

A Terminating Event shall
not be deemed to have occurred pursuant to this Section 3(a) solely as a
result of the Executive being an employee of any direct or indirect successor
to the business or assets of the Company, rather than continuing as an employee
of the Company following a Change in Control. 
For purposes hereof, the Executive will be considered “Disabled” if, as
a result of the Executive’s incapacity due to physical or mental illness, the
Executive shall have been absent from his duties to the Company on a full-time
basis for 180 calendar days in the aggregate in any 12-month period.

(b)                                 Termination
by the Executive for Good Reason. 
Termination by the Executive of the Executive’s employment with the
Company for Good Reason.  For purposes of
this Agreement, “Good Reason” shall mean the occurrence of any of the following
events:

(i)                                     a
reduction in the Executive’s then-current annual base salary or bonus
opportunity or benefits; or

(ii)                                  any
failure to offer the Executive the same level of benefits offered to similarly
situated Executives; or

(iii)                               a significant diminution
in the Executive’s duties or responsibilities; or

(iv)                              the
relocation of the Executive’s primary business location to a location that is
more than fifty (50)  miles from each of
(1) the Executive’s residence in Cambridge, Massachusetts and (2) the Executive’s
residence San Carlos, California; or

(v)                                 the
failure to pay the Executive any portion of his or her current base salary,
bonus or benefits within twenty (20) days of the date such compensation is due,
based upon the payment terms currently in effect; or

(vi)                              the
failure of the Company to obtain a reasonably satisfactory agreement from any
successor to assume and agree to perform this Agreement.

4.                                       Change
in Control Payment.  In the event a
Terminating Event occurs within 12
months after a Change in Control, the following shall occur:

(a)                                  the
Company shall pay to the Executive an amount equal to the sum of (i)
three-fourths of the Executive’s annual base salary in effect immediately prior
to the Terminating Event (or the Executive’s annual base salary in effect
immediately prior to the Change in Control, if higher) and (ii) an amount equal
to the Executive’s average annual bonus over the two fiscal years (or such
shorter period to the extent necessary to reflect the Executive’s actual length
of service or the time in which the Company had a bonus plan) immediately prior
to the Change

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in Control,
payable in one lump-sum payment no later than three days following the Date of
Termination;

(b)                                 subject
to the Executive’s copayment of premium amounts at the active Executives’ rate,
the Executive shall continue to participate in the Company’s group health and
dental  program for nine months;
provided, however, that the continuation of health benefits under this Section
shall reduce and count against the Executive’s rights under the Consolidated
Omnibus Budget Reconciliation Act of 1985, as amended (“COBRA”); and

(c)                                  Notwithstanding
anything to the contrary in any applicable option agreement or stock-based
award agreement, upon a Terminating Event, all stock options and other
stock-based awards granted to the Executive by the Company shall immediately
accelerate and become exercisable or non-forfeitable as of the effective date
of such Terminating Event.

(d)                                 Anything
in this Agreement to the contrary notwithstanding, if at the time of the
Executive’s termination of employment, the Executive is considered a “specified
employee” within the meaning of Section 409A(a)(2)(B)(i) of the Internal
Revenue Code of 1986, as amended (the “Code”), and if any payment that the
Executive becomes entitled to under this Agreement is considered deferred
compensation subject to interest and additional tax imposed pursuant to Section
409A(a) of the Code as a result of the application of Section 409A(a)(2)(B)(i)
of the Code, then no such payment shall be payable prior to the date that is
the earliest of (i) six months after the Executive’s Date of Termination, (ii)
the Executive’s death, or (iii) such other date as will cause such payment not
to be subject to such interest and additional tax, and the initial payment
shall include a catch-up amount covering amounts that would otherwise have been
paid during the first six-month period but for the application of this Section
4(d).

5.                                       Additional Limitation.

(a)                                  Additional
Limitation.

(i)                                     Anything in this Agreement to the contrary
notwithstanding, in the event that any compensation, payment or distribution by
the Company to or for the benefit of the Executive, whether paid or payable or
distributed or distributable pursuant to the terms of this Agreement or
otherwise (the “Severance Payments”), would be subject to the excise tax
imposed by Section 4999 of the Code, the following provisions shall apply:

(A)                              If
the Severance Payments, reduced by the sum of (1) the Excise Tax and (2) the
total of the Federal, state, and local income and employment taxes payable by
the Executive on the amount of the Severance Payments which are in excess of
the Threshold Amount, are greater than or equal to the Threshold Amount, the
Executive shall be entitled to the full benefits payable under this Agreement.

(B)                                If
the Threshold Amount is less than (x) the Severance Payments, but greater than
(y) the Severance Payments reduced by the sum of (1) the Excise Tax and (2) the
total of the Federal, state, and local income and

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employment taxes on the amount of the
Severance Payments which are in excess of the Threshold Amount, then the
benefits payable under this Agreement shall be reduced (but not below zero) to
the extent necessary so that the maximum Severance Payments shall not exceed
the Threshold Amount.  To the extent that
there is more than one method of reducing the payments to bring them within the
Threshold Amount, the Executive shall determine which method shall be followed;
provided that if the Executive fails to make such determination within 45 days
after the Company has sent the Executive written notice of the need for such
reduction, the Company may determine the amount of such reduction in its sole
discretion.

(ii)                                  For the purposes of this Section 5(a), “Threshold
Amount” shall mean three times the Executive’s “base amount” within the meaning
of Section 280G(b)(3) of the Code and the regulations promulgated thereunder
less one dollar ($1.00); and “Excise Tax” shall mean the excise tax imposed by
Section 4999 of the Code, and any interest or penalties incurred by the
Executive with respect to such excise tax.

(iii)                               The determination as to which of the
alternative provisions of Section 5(a)(i) shall apply to the Executive
shall be made by a nationally recognized accounting firm selected by the
Company (the “Accounting Firm”), which shall provide detailed supporting
calculations both to the Company and the Executive within 15 business days of
the Date of Termination, if applicable, or at such earlier time as is
reasonably requested by the Company or the Executive.  For purposes of determining which of the
alternative provisions of Section 5(a)(i) shall apply, the Executive shall
be deemed to pay federal income taxes at the highest marginal rate of federal
income taxation applicable to individuals for the calendar year in which the
determination is to be made, and state and local income taxes at the highest
marginal rates of individual taxation in the state and locality of the
Executive’s residence on the Date of Termination, net of the maximum reduction
in federal income taxes which could be obtained from deduction of such state
and local taxes.  Any determination by
the Accounting Firm shall be binding upon the Company and the Executive.

(b)                                 Executive acknowledges that, prior to the
date of this Agreement, he or she has received a one-time cash payment by the
Company to assist the Executive in the repayment of certain tax obligations
incurred, or that may be incurred, in connection with the Company’s
reevaluation in January 2007 of the price at which it issued options and stock
awards during 2006 (the “Reevaluation”) (as well as tax obligations associated
with such cash payment) (the “2006 Gross-Up Payment”).   Executive expressly agrees that the Gross-Up
Payment represents the Company’s sole obligation to Executive with respect to
the Reevaluation, notwithstanding the actual amount of tax obligation incurred
by the Executive in connection therewith. 
In the event that the Executive terminates his or her employment with
the Company other than for (1) Good Reason or (2) in the event the
Executive is no longer able to commute to Cambridge, Massachusetts from San
Carlos, California if his spouse or one of his minor children becomes
incapacitated due to physical or mental illness, or is terminated by the Company for Cause, in either case on or
before the earlier of (i) July 31, 2008 or (ii) a Change in Control, the

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Executive shall promptly
(but in no event later than 30 days following such termination) repay to the
Company the full amount of the 2006 Gross-Up Payment.

6.                                       Term.  This Agreement shall take effect on the date
first set forth above and shall terminate upon the earlier of (a) the
termination by the Company of the employment of the Executive for Cause or the
failure by the Executive to perform his full-time duties with the Company by
reason of his death or Disability, (b) the resignation or termination of the
Executive’s employment for any reason prior to a Change in Control, or (c) the date which is 12 months after a Change in Control if
the Executive is still employed by the Company, provided that the provisions of
Section 10 shall survive termination of this Agreement for a period of three
years.

7.                                       Withholding.  All payments made by the Company under this
Agreement shall be net of any tax or other amounts required to be withheld by
the Company under applicable law.

8.                                       Notice
and Date of Termination.

(a)                                  Notice
of Termination.  After a Change in
Control and during the term of this Agreement, any purported termination of the
Executive’s employment (other than by reason of death) shall be communicated by
written Notice of Termination from one party hereto to the other party hereto
in accordance with this Section 8.  For
purposes of this Agreement, a “Notice of Termination” shall mean a notice which
shall indicate the specific termination provision in this Agreement relied upon
and the Date of Termination.

(b)                                 Date
of Termination.  “Date of
Termination,” with respect to any purported termination of the Executive’s
employment after a Change in Control and during the term of this Agreement,
shall mean the date specified in the Notice of Termination.  In the case of a termination by the Company
other than a termination for Cause (which may be effective immediately), the
Date of Termination shall not be less than 30 days after the Notice of
Termination is given.  In the case of a
termination by the Executive, the Date of Termination shall not be less than 30
days from the date such Notice of Termination is given.  Notwithstanding the foregoing, in the event
that the Executive gives a Notice of Termination to the Company, the Company
may unilaterally accelerate the Date of Termination and such acceleration shall
not result in a termination by the Company for purposes of this Agreement.

9.                                       No
Mitigation.  The Company agrees that,
if the Executive’s employment by the Company is terminated during the term of
this Agreement, the Executive is not required to seek other employment or to
attempt in any way to reduce any amounts payable to the Executive by the
Company pursuant to Section 4 hereof. 
Further, the amount of any payment provided for in this Agreement shall
not be reduced by any compensation earned by the Executive as the result of
employment by another employer, by retirement benefits, by offset against any
amount claimed to be owed by the Executive to the Company or otherwise.

10.                                 Arbitration
of Disputes.  Any controversy or
claim arising out of or relating to this Agreement or the breach thereof or
otherwise arising out of the Executive’s employment or the termination of that
employment (including, without limitation, any claims of unlawful employment
discrimination whether based on age or otherwise) shall, to the fullest extent

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permitted by law, be
settled by arbitration in any forum and form agreed upon by the parties or, in
the absence of such an agreement, under the auspices of the American
Arbitration Association (“AAA”) in Boston,
Massachusetts in accordance with the Employment Dispute Resolution Rules
of the AAA, including, but not limited to, the rules and procedures applicable
to the selection of arbitrators.  In the
event that any person or entity other than the Executive or the Company may be
a party with regard to any such controversy or claim, such controversy or claim
shall be submitted to arbitration subject to such other person or entity’s
agreement.  Judgment upon the award
rendered by the arbitrator may be entered in any court having jurisdiction
thereof.  This Section 10 shall be
specifically enforceable. Notwithstanding the foregoing, this Section 10 shall
not preclude either party from pursuing a court action for the sole purpose of
obtaining a temporary restraining order or a preliminary injunction in
circumstances in which such relief is appropriate; provided that any other relief shall
be pursued through an arbitration proceeding pursuant to this Section 10.

11.                                 Consent
to Jurisdiction.  To the extent that
any court action is permitted consistent with or to enforce Section 10 of this
Agreement, the parties hereby consent to the jurisdiction of the Superior Court
of the Commonwealth of Massachusetts and the United States District Court for
the District of Massachusetts. 
Accordingly, with respect to any such court action, the Executive (a)
submits to the personal jurisdiction of such courts; (b) consents to service of
process; and (c) waives any other requirement (whether imposed by statute, rule
of court, or otherwise) with respect to personal jurisdiction or service of
process.

12.                                 Integration.  This Agreement shall constitute the sole and
entire agreement among the parties with respect to the subject matter hereof,
and supersedes and cancels all prior, concurrent and/or contemporaneous
arrangements, understandings, promises, programs, policies, plans, practices,
offers, agreements and/or discussions, whether written or oral, by or among the
parties regarding the subject matter hereof, including, but not limited to,
those constituting or concerning employment agreements, change in control
benefits and/or severance benefits; provided, however, that this Agreement is
not intended to, and shall not, supersede, affect, limit, modify or terminate
any of the following, all of which shall remain in full force and effect in
accordance with their respective terms: (i) any written agreements, programs,
policies, plans, arrangements or practices of the Company that do not relate to
the subject matter hereof; (ii) any written stock or stock option agreements
between Executive and the Company (except as expressly modified hereby); and
(iii) any written agreements between Executive and the Company concerning
noncompetition, nonsolicitation, inventions and/or nondisclosure obligations.

13.                                 Successor
to the Executive.  This Agreement
shall inure to the benefit of and be enforceable by the Executive’s personal
representatives, executors, administrators, heirs, distributees, devisees and
legatees.  In the event of the Executive’s
death after a Terminating Event but prior to the completion by the Company of
all payments due him or her under Section 4 of this Agreement, the Company
shall continue such payments to the Executive’s beneficiary designated in
writing to the Company prior to his or her death (or to his or her estate, if
the Executive fails to make such designation).

14.                                 Enforceability.  If any portion or provision of this Agreement
shall to any extent be declared illegal or unenforceable by a court of
competent jurisdiction, then the remainder of

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this Agreement, or the
application of such portion or provision in circumstances other than those as
to which it is so declared illegal or unenforceable, shall not be affected
thereby, and each portion and provision of this Agreement shall be valid and
enforceable to the fullest extent permitted by law.

15.                                 Waiver.  No waiver of any provision hereof shall be
effective unless made in writing and signed by the waiving party.  The failure of any party to require the
performance of any term or obligation of this Agreement, or the waiver by any
party of any breach of this Agreement, shall not prevent any subsequent
enforcement of such term or obligation or be deemed a waiver of any subsequent
breach.

16.                                 Notices.  Any notices, requests, demands and other
communications provided for by this Agreement shall be sufficient if in writing
and delivered in person or sent by registered or certified mail, postage
prepaid, to the Executive at the last address the Executive has filed in
writing with the Company, or to the Company at its main office, attention of
the Board of Directors.

17.                                 Amendment.  This Agreement may be amended or modified
only by a written instrument signed by the Executive and by a duly authorized
representative of the Company.

18.                                 Effect
on Other Plans.  An election by the
Executive to resign after a Change in Control under the provisions of this
Agreement shall not be deemed a voluntary termination of employment by the
Executive for the purpose of interpreting the provisions of any of the Company’s
benefit plans, programs or policies. 
Nothing in this Agreement shall be construed to limit the rights of the
Executive under the Company’s benefit plans, programs or policies except that
the Executive shall have no rights to any severance benefits under any Company
severance pay plan.  In the event that
the Executive is party to an employment agreement with the Company providing
for change in control payments or benefits, the Executive must elect to receive
either the benefits payable under such other agreement or the benefits payable
under this Agreement, but not both.  The
Executive shall make such an election in the event of a Change in Control.

19.                                 Governing
Law.  This is a Massachusetts
contract and shall be construed under and be governed in all respects by the
laws of the Commonwealth of Massachusetts, without giving effect to the
conflict of laws principles of such Commonwealth.  With respect to any disputes concerning
federal law, such disputes shall be determined in accordance with the law as it
would be interpreted and applied by the United States Court of Appeals for the
First Circuit.

20.                                 Successors
to Company.  The Company shall
require any successor (whether direct or indirect, by purchase, merger,
consolidation or otherwise) to all or substantially all of the business or
assets of the Company to expressly assume and agree to perform this Agreement
in the same manner and to the same extent that the Company would be required to
perform if no such succession had taken place. 
Failure of the Company to obtain an assumption of this Agreement at or
prior to the effectiveness of any succession shall be a breach of this
Agreement and shall constitute Good Reason if the Executive elects to terminate
employment.

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21.                                 Gender Neutral.  Wherever used herein, a pronoun in the
masculine gender shall be considered as including the feminine gender unless
the context clearly indicates otherwise.

[Remainder of Page
Intentionally Left Blank]

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IN
WITNESS WHEREOF, this Agreement has been executed as a sealed instrument by the
Company by its duly authorized officer, and by the Executive, as of the date
first above written.

	
   

  	
  HELICOS BIOSCIENCES CORPORATION

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Stanley N. Lapidus

  
	
   

  	
   

  	
  Name:  Stanley
  N. Lapidus

  
	
   

  	
   

  	
  Title:  President
  and Chief Executive Officer

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  EXECUTIVE

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  /s/ J. William Efcavitch

  
	
   

  	
  Name:  J.
  William EfcavitchExhibit
10.23

AMENDMENT NO. 9 AND CONSENT TO REVOLVING
CREDIT AGREEMENT

AMENDMENT AND CONSENT
(this “Amendment”), dated as of June 29, 2007, among FIRSTCITY FINANCIAL
CORPORATION, a Delaware corporation (the “Borrower”), the financial
institutions which are parties to the Agreement hereinafter referred to (each a
“Lender” and collectively, the “Lenders”), and BANK OF SCOTLAND,
as agent for the Lenders under such Agreement (in such capacity, the “Agent”),
to the Revolving Credit Agreement, dated as of November 12, 2004, among the
Borrower, the Lenders and the Agent (the “Agreement”).

W  I  T  N  E  S  S
E  T  H:

WHEREAS, the Borrower has requested that certain amendments set forth
herein be made to the Agreement;

WHEREAS, subject to the terms and conditions contained below, the Agent
and the Lenders are willing to so amend the Agreement;

NOW, THEREFORE, it is agreed:

1.  Definitions.  All terms used herein which are defined in
the Agreement (including, to the extent any such terms are to be added or
amended by this Amendment, as if such terms were already added or amended by
this Amendment, unless the context shall otherwise indicate) shall have the
same meanings when used herein unless otherwise defined herein.  All references to Sections in this Amendment
shall be deemed references to Sections in the Agreement unless otherwise
specified.

2.  Effect of Amendment.  As used in the Agreement (including all
Exhibits thereto), the Notes and the other Loan Documents and all other
instruments and documents executed in connection with any of the foregoing, on and subsequent to the Amendment
Closing Date (as hereinafter defined), any reference to the Agreement shall
mean the Agreement as amended hereby.

3.  Amendments.  The Agreement is hereby amended as follows:

(a)           Annex I. Annex I to the Agreement is amended as follows
by inserting the following new definitions therein in appropriate alphabetical
order therein:

 “Fixed Rate” shall mean,
for any Loan which the Agent has consented in writing to being a Fixed Rate
Loan for a period of time, the rate of interest agreed to in writing by the
Agent and Borrower.

“Fixed Rate Loan” shall mean any Loan during any period that,
with the prior written consent of the Agent, it bears interest determined by
reference to a Fixed Rate.

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“Fixed Rate Loan Period” shall mean, for any Loan which the
Agent has consented in writing to being a Fixed Rate Loan, the period of time
agreed to in writing by the Agent and Borrower that such Loan will bear
interest at a Fixed Rate.

(b)           Section 2.2(a).  Clause (iv) of Section 2.2(a) of the
Agreement is amended and restated to read in its entirety as follows:

“(iv) if such Borrowing Date is a Payment Date,
whether such Loans shall constitute Base Rate Loans or Eurocurrency Loans or,
if the Agent in its sole discretion consents thereto, Fixed Rate Loans (if not
specified or if such date is not a Payment Date, Base Rate Loans shall be
deemed to have been requested),”

(c)           Section 2.2(b).  Clause (ii) of Section 2.2(b) of the
Agreement is amended and restated to read in its entirety as follows:

“ (ii) if such Borrowing Date is a Payment Date,
whether such Loans shall constitute Base Rate Loans or Eurocurrency Loans or,
if the Agent in its sole discretion consents thereto, Fixed Rate Loans (if not
specified or if such date is not a Payment Date, Base Rate Loans shall be
deemed to have been requested),”

(d)           Section 2.2(c).  The first sentence of Section 2.2(c) of the
Agreement is amended and restated to read in its entirety as follows:

“Agent shall promptly notify (in writing or by
telephone, confirmed as soon as possible thereafter in writing) each of Lenders
of the date and type (i.e., Acquisition Loan or Working Capital Loan) of any
proposed Loans, the amount of the Loan or Loans such Lender is being requested
to make and whether such Loans shall constitute Base Rate Loans or Eurodollar
Loans or, if the Agent in its sole discretion consents thereto, Fixed Rate
Loans.”

(e)           Section 3.1.  Subsection (a) of Section 3.1 of the
Agreement is amended and restated to read in its entirety as follows:

“(a)  Subject
to the provisions of Section 3.3, Borrower agrees to pay interest in respect of
the unpaid principal amount of the Loans from the date such Loans are made
until maturity (whether by acceleration or otherwise) for each period from and
including each Payment Date to but excluding the immediately following Payment
Date at the following rates:  (i)
Eurocurrency Loans, at a rate per annum equal LIBOR for the Eurocurrency
Interest Period then in effect, plus the Applicable Margin in effect for
such period, and (ii) Base Rate Loans, at a rate per annum equal to the sum of
the Base Rate, plus the Applicable Margin in effect for such period,
such rate to 

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change as and when the Base Rate shall change and (iii) Fixed Rate
Loans, at the Fixed Rate applicable thereto.”

(f)            Section 3.8.  Section 3.8 of the Agreement is amended by
adding the following at the end thereof:

“or (vii) if for any reason any prepayment or
repayment or conversion of any of its Fixed Rate Loans occurs on a date which
is not the last day of the Fixed Rate Loan Period applicable thereto”

(g)           Section 3.9.  Subsection (c) of Section 3.9 of the
Agreement is amended and restated to read in its entirety as follows:

“(c)         Subject
to Section 3.9(e), if Agent shall not have received written notice from
Borrower on or prior to 11:00 a.m. (Closing Office time) at least three
Business Days prior to a Payment Date that Borrower has elected to convert all
or a portion of Loans outstanding as Eurocurrency Loans to Base Rate Loans or
Fixed Rate Loans in accordance with the other provisions of this Agreement,
Borrower shall be deemed to have elected to have such Loans (or portion
thereof, as the case may be) continued as Eurocurrency Loans for a new
Eurocurrency Interest Period.”

(h)           Section 3.10.  Section 3.10 of the Agreement is amended and
restated to read in its entirety as follows:

“Section 3.10.        Conversions.  Borrower shall have the option
to convert, on any Payment Date, all or any portion of Loans from Base Rate
Loans to Eurocurrency Loans or, with the written consent of the Agent, Fixed
Rate Loans or (provided that such Loan was made in Dollars) from Eurocurrency
Loans to Base Rate Loans or, with the written consent of the Agent, Fixed Rate
Loans or Fixed Rate Loans to Base Rate Loans or Eurocurrency Loans; provided
that (i) after giving effect to any such conversion the amount outstanding as a
Eurocurrency Loans, if any, shall be equal to $1,000,000 or an integral
multiple of $100,000 in excess thereof, and the amount outstanding as Base Rate
Loans, if any, shall not be less than $20,000; and (ii) unless the Majority
Lenders specifically agree in writing, no conversion to Eurocurrency Loans
shall be permitted at any time that a Default or Event of Default exists.  Each such conversion shall be effected by
Borrower giving Agent written notice thereof (a “Notice of Conversion”)
on or prior to 11:00 a.m. (Closing Office time) at least three Business Days
prior to a Payment Date, specifying the amount of Loans to be converted and whether
such Loans are Acquisition Loans or Working Capital Loans.

(i)            Section 5.2.  The second sentence of Section 5.2 of the
Agreement is amended and restated to read in its entirety as follows:

 3
 

“Interest on Base Rate Loans hereunder and
under the Notes shall be calculated on the basis of a 365-day year and the
actual number of days elapsed and interest on Eurocurrency Loans and Fixed Rate
Loans hereunder and under the Notes shall be calculated on the basis of a
360-day year and the actual number of days elapsed. “

(j)            Section 8.18(a).  Clause (i) of Section 8.18(a) of the
Agreement are amended and restated to read in their entireties as follows:

“(i) maintain a ratio of Indebtedness to Tangible
Net Worth equal to or less than 3.50 to 1.00 for the last day of the fiscal
quarter then ended;”

4.  Consents.  The Borrower has advised the Agent that
MPortfolio Corporation, a 100% owned direct subsidiary of FC Commercial (“MPortfolio”),
desires to incur up to $4,500,000 of indebtedness (the “FNBCT Indebtedness”)
from First National Bank of Central Texas (“FNBCT”), all of which will
be used to purchase eight (8) loans previously identified to the Agent from FH
Partners, L.P.  The incurrence of such
indebtedness is prohibited by the Agreement unless it is an Approved Portfolio
Leverage Arrangement.

In
addition, Section 8.4 of the Agreement prohibits the Borrower or its
Subsidiaries from assigning, selling or transferring any of its Assets to any
Person, other than in the ordinary course of business and for fair and adequate
consideration, and Section 8.20 of the Agreement prohibits the Borrower or its
Subsidiaries from engaging in transactions with Affiliates unless the
transaction is no less favorable to the Borrower or such Subsidiary than would
be obtained in a comparable arm’s length transaction.

In
reliance upon the representations, warranties and agreements set forth herein,
the Agent hereby consents to (a) to the sale of such eight (8) loans by FH
Partners, L.P. to MPortfolio Corporation and (b) the FNBCT Indebtedness
constituting an Approved Portfolio Leverage Ratio.

5.  Representations.  In order to induce the Agent and the Lenders
to execute this Amendment, the Borrower hereby represents, warrants and
covenants to the Agent and the Lenders as of the date hereof and (if different)
as of the Amendment Closing Date (which representations, warranties and
covenants shall survive the execution, delivery and effectiveness of this
Amendment) as follows:

(a)           No Default or Event of Default exists.

(b)           Each representation and warranty made by Borrower, each
Primary Obligor, each Portfolio Entity, each Related Entity and each other Loan
Party in the Loan Documents is true and correct.

(c)           The execution and delivery of this Amendment by the
Borrower and the consummation of the transactions contemplated herein have been
duly authorized by all necessary corporate action.

 4
 

(d)           This Amendment is the legal, valid and binding obligation
of the Borrower, enforceable in accordance with its terms subject, as to
enforceability, to applicable bankruptcy, insolvency, reorganization and
similar laws affecting the enforcement of creditors’ rights generally and to
general principles of equity (regardless of whether such enforcement is
considered in a proceeding in equity or at law).

(e)           No Material Adverse Change has occurred since March 31,
2007.

(f)            The proceeds of the FNBCT Indebtedness will be used to
purchase eight loans from FH Partners, L.P.

(g)           No Person other than MPortfolio has granted or will grant
any Lien to secure the repayment of the FNBTC Indebtedness.

(h)           No Person has issued or will issue any Guaranty Equivalent
or any other indemnity in respect of the FNBCT Indebtedness or otherwise has
become or will become liable in any way in respect thereof..

(i)            Promptly following the Amendment Closing Date, the
Borrower shall deliver to the Agent a copy of the loan agreement between
MPortfolio and FNBCT and all other agreements entered into and instruments
delivered in connection therewith, certified by an Executive Officer as
constituting true and complete copies of all such agreements and instruments.

5.  Effectiveness.  This Amendment shall become effective when
each of the following conditions have been fulfilled to the satisfaction of the
Agent (or waived by the Agent).

(a)           Signed Copies. 
The Borrower, the Lenders and the Agent shall have executed a copy
hereof and delivered the same to the Agent at 565 Fifth Avenue, New York,
New York 10017 (Attention:  Joseph
Fratus) or such other place directed by the Agent.

(b)           Guarantor’s Consent.  Each Guarantor shall have executed a
confirming consent, substantially in the form attached hereto as Annex A or
otherwise satisfactory to the Agent (a “Confirming Consent”), and
delivered the same to the Agent at 565 Fifth Avenue, New York, New York 10017
(Attention:  Joseph Fratus) or such other
place directed by the Agent.

(c)           No Defaults. 
No Default or Event of Default shall exist.

(d)           Accuracy of Representations.  Each representation and warranty made by the
Borrower, each Primary Obligor, each Portfolio Entity, each Related Entity and
each other Loan Party in the Agreement and the other Loan Documents shall be
true and correct in all material respects as of the Amendment Closing Date with
the same effect as though made at and as of such date (except for those that
specifically speak as of a prior date).

 5
 

The amendment to clause
(i) of Section 8.18 of the Agreement set forth in Section 3(j) hereof shall be
effective as of March 31, 2007; and the consents set forth in Section 4 hereof
and the other amendments set forth in Section 3 hereof shall be effective as of
June 29, 2007.

6.  Limited Nature of Amendments.  The amendments set forth herein are limited
precisely as written and shall not be deemed to (a) be a consent by the Agent
or the Lenders to any waiver of, or modification of, any other term or
condition of the Agreement, or any of the documents referred to in any of the
foregoing or (b) prejudice any right or rights which any of the Lenders or the
Agent may now have or may have in the future under or in connection with the
Agreement, or any of the documents referred to in any of the foregoing.  Except as expressly amended hereby, the terms
and provisions of the Agreement shall remain in full force and effect.

7.  Governing Law.  THIS AMENDMENT SHALL BE GOVERNED BY, AND
CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK WITHOUT
REFERENCE TO CHOICE OF LAW DOCTRINE THAT WOULD RESULT IN THE APPLICATION OF THE
LAWS OF ANOTHER JURISDICTION.

8.  Jurisdiction, Waiver of Jury Trial.  THE BORROWER HEREBY AGREES THAT ANY LEGAL
ACTION OR PROCEEDING AGAINST IT WITH RESPECT TO THIS AMENDMENT MAY BE BROUGHT
IN THE COURTS OF THE STATE OF NEW YORK LOCATED IN NEW YORK CITY OR OF THE
UNITED STATES OF AMERICA FOR THE SOUTHERN DISTRICT OF NEW YORK AS THE AGENT OR
ANY LENDER MAY ELECT, and, by execution and delivery hereof, the Borrower
accepts and consents for itself and in respect to its property, generally and
unconditionally, the exclusive jurisdiction of the aforesaid courts, unless
waived in writing by the Agent and the Majority Lenders.  EACH OF THE BORROWER, THE AGENT AND THE
LENDERS HEREBY KNOWINGLY, VOLUNTARILY AND INTENTIONALLY WAIVES ANY AND ALL
RIGHTS IT MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY LITIGATION BASED ON, OR
ARISING OUT OF, UNDER, OR IN CONNECTION WITH, THIS AMENDMENT OR ANY OTHER LOAN
DOCUMENT, OR ANY COURSE OF CONDUCT, COURSE OF DEALING, STATEMENTS (WHETHER
VERBAL OR WRITTEN), OR ACTIONS OF THE BORROWER, ANY AFFILIATE OF THE BORROWER,
THE AGENT OR ANY LENDER.  THIS PROVISION
IS A MATERIAL INDUCEMENT FOR THE AGENT AND THE LENDER ENTERING INTO THIS
AMENDMENT.

9.  Headings.  The descriptive headings of the various
provisions 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.

10.  Writings Only.  BORROWER HEREBY ACKNOWLEDGES AND AGREES THAT
NO TERM OR PROVISION OF THE AGREEMENT, THE NOTES OR ANY OF THE OTHER LOAN
DOCUMENTS MAY BE CHANGED, WAIVED, SUPPLEMENTED OR OTHERWISE MODIFIED VERBALLY,
BUT ONLY BY AN INSTRUMENT IN WRITING SIGNED BY THE RELEVANT PARTIES, AS FURTHER
PROVIDED IN SECTION 12.2 OF THE CREDIT AGREEMENT.

 6
 

11.  Counterparts.  This Amendment may be executed in any number
of counterparts, and by the different parties on the same or separate
counterparts, each of which when so executed and delivered shall be deemed to
be an original, but all of which together shall constitute one and the same
agreement.  Telecopied signatures hereto
and to the Confirming Consent shall be of the same force and effect as an
original of a manually signed copy.

[Signature page
follows.]

 7

 

IN WITNESS WHEREOF, the
parties hereto have caused this Amendment to be duly executed and delivered by
their respective duly authorized officers.

	
  

  	
  BANK OF SCOTLAND,

  
	
   

  	
  Individually and as Agent

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By

  	
   

  
	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
  Title:

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  FIRSTCITY FINANCIAL CORPORATION

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By

  	
   

  
	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
  Title:

  

 

 

[Signature Page to Amendment No. 9 to Revolving Credit Agreement]

Annex A

CONFIRMING CONSENT

Reference
is hereby made to the foregoing Amendment (the “Amendment”) to the
Revolving Credit Agreement dated as of June 20, 2007 among the Borrower, the
Lenders and the Agent; said agreement, as amended and modified by the Amendment
and from time to time hereafter further amended or otherwise modified, the “Amended
Agreement”.

Each
Guarantor hereby consents to the terms and provisions of the Amendment and
confirms and acknowledges that:

(a)  its obligations under the Loan Documents to
which it is a party remain in full force and effect and the terms “Obligations”
and “Secured Obligations” used in such Loan Documents include all Obligations
of the Borrower under the Amended Agreement; and

(b)  its consent and acknowledgement hereunder is
not required under the terms of such Loan Documents and any failure to obtain
its consent or acknowledgment to any subsequent amendment to the Agreement or
the Amended Agreement or any of the other Loan Documents will not affect the
validity of its obligations under the aforesaid Loan Documents or any other
Loan Document, and this consent and acknowledgement is being delivered for
purposes of form only.

Capitalized
terms used herein and not otherwise defined have the same meanings as in the
Amended Agreement.  This Consent is dated
as of the Amendment Closing Date (as defined in the Amendment).

	
  FIRSTCITY COMMERCIAL CORPORATION 

  
	
   

  
	
  By:

  	
   

  	
   

  
	
   

  	
  Name: James C. Holmes

  
	
   

  	
  Title: Executive Vice President

  
	
   

  
	
   

  
	
  FC CAPITAL CORP. 

  
	
   

  
	
  By:

  	
   

  	
   

  
	
   

  	
  Name: James C. Holmes

  
	
   

  	
  Title: Executive Vice President

  
	
   

  
	
   

  
	
  FIRSTCITY CONSUMER LENDING CORPORATION 

  
	
   

  
	
  By:

  	
   

  	
   

  
	
   

  	
  Name: James C. Holmes

  
	
   

  	
  Title: Executive Vice President

  
	
   

  
	
   

  

 

	
  FIRSTCITY EUROPE CORPORATION 

  
	
   

  
	
  By:

  	
   

  	
   

  
	
   

  	
  Name: James C. Holmes

  
	
   

  	
  Title: Executive Vice President

  
	
   

  
	
   

  
	
  FIRSTCITY HOLDINGS CORPORATION 

  
	
   

  
	
  By:

  	
   

  	
   

  
	
   

  	
  Name: James C. Holmes

  
	
   

  	
  Title: Executive Vice President

  
	
   

  
	
   

  
	
  FIRSTCITY HOLDINGS CORPORATION OF MINNESOTA 

  
	
   

  
	
  By:

  	
   

  	
   

  
	
   

  	
  Name: James C. Holmes

  
	
   

  	
  Title: Executive Vice President

  
	
   

  
	
   

  
	
  FIRSTCITY INTERNATIONAL CORPORATION 

  
	
   

  
	
  By:

  	
   

  	
   

  
	
   

  	
  Name: James C. Holmes

  
	
   

  	
  Title: Executive Vice President

  
	
   

  
	
   

  
	
  FIRSTCITY MEXICO, INC. 

  
	
   

  
	
  By:

  	
   

  	
   

  
	
   

  	
  Name: James C. Holmes

  
	
   

  	
  Title: Executive Vice President

  
	
   

  
	
   

  
	
  FIRSTCITY SERVICING CORPORATION 

  
	
   

  
	
  By:

  	
   

  	
   

  
	
   

  	
  Name: James C. Holmes

  
	
   

  	
  Title: Executive Vice President

  
	
   

  
	
   

  
	
  BOSQUE ASSET CORP. 

  
	
   

  
	
  By:

  	
   

  	
   

  
	
   

  	
  Name: James C. Holmes

  
	
   

  	
  Title: Executive Vice President

  
	
   

  
	
   

  

 

	
  BOSQUE LEASING, L.P. 

  
	
   

  
	
  By:

  	
   

  	
   

  
	
   

  	
  Name: James C. Holmes

  
	
   

  	
  Title: Executive Vice President

  
	
   

  
	
   

  
	
  BOSQUE LEASING GP CORP. 

  
	
   

  
	
  By:

  	
   

  	
   

  
	
   

  	
  Name: James C. Holmes

  
	
   

  	
  Title: Executive Vice President

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