Document:

Form of Regulation S 7 3/4% Global Note

  
 Exhibit 4.9

  
 CUSIP/CINS
U80787 AA 9 
 7  3/4% Senior Subordinated Notes due 2013 
  
  

			
	No. 1	 	$1,000,000.00

  
 SYNIVERSE TECHNOLOGIES,
INC. 
  
 promises to pay to CEDE &
CO. 
  
 or registered assigns, 
  
 the principal sum of ONE MILLION AND ZERO DOLLARS

  
 Interest Payment Dates: February 15 and
August 15 
  
 Record Dates: February 1
and August 1 
  
 Dated: August 24, 2005

  

			
	 SYNIVERSE TECHNOLOGIES, INC.

		
	By:	 	/s/ Raymond L. Lawless
	 	 	 Name: Raymond L. Lawless
 Title: Chief
Financial Officer

  
 This is one of the Notes
referred to 
 in the within-mentioned Indenture: 
  

			
	THE BANK OF NEW YORK TRUST COMPANY, N.A. as Trustee
		
	By:	 	/s/ Judy Bartolini
	 	 	Authorized Signatory

  

 7  3/4% Senior Subordinated Notes due 2013 
  
 THIS GLOBAL NOTE IS HELD BY THE DEPOSITARY (AS DEFINED IN THE INDENTURE GOVERNING THIS NOTE) OR ITS NOMINEE IN CUSTODY FOR THE BENEFIT OF THE BENEFICIAL OWNERS HEREOF, AND IS NOT TRANSFERABLE TO ANY PERSON UNDER ANY
CIRCUMSTANCES EXCEPT THAT (1) THE TRUSTEE MAY MAKE SUCH NOTATIONS HEREON AS MAY BE REQUIRED PURSUANT TO SECTION 2.06 OF THE INDENTURE, (2) THIS GLOBAL NOTE MAY BE EXCHANGED IN WHOLE BUT NOT IN PART PURSUANT TO SECTION 2.06(a) OF THE
INDENTURE, (3) THIS GLOBAL NOTE MAY BE DELIVERED TO THE TRUSTEE FOR CANCELLATION PURSUANT TO SECTION 2.11 OF THE INDENTURE AND (IV) THIS GLOBAL NOTE MAY BE TRANSFERRED TO A SUCCESSOR DEPOSITARY WITH THE PRIOR WRITTEN CONSENT OF THE COMPANY.

  
 UNLESS AND UNTIL IT IS EXCHANGED IN WHOLE OR IN PART FOR NOTES IN DEFINITIVE
FORM, THIS NOTE MAY NOT BE TRANSFERRED EXCEPT AS A WHOLE BY THE DEPOSITARY TO A NOMINEE OF THE DEPOSITARY OR BY A NOMINEE OF THE DEPOSITARY TO THE DEPOSITARY OR ANOTHER NOMINEE OF THE DEPOSITARY OR BY THE DEPOSITARY OR ANY SUCH NOMINEE TO A
SUCCESSOR DEPOSITARY OR A NOMINEE OF SUCH SUCCESSOR DEPOSITARY. UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY (55 WATER STREET, NEW YORK, NEW YORK) (“DTC”), TO THE COMPANY OR ITS AGENT
FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR SUCH OTHER NAME AS MAY BE REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE &
CO. OR SUCH OTHER ENTITY AS MAY BE REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS
AN INTEREST HEREIN. 
  
 THE NOTES EVIDENCED HEREBY HAVE NOT BEEN REGISTERED UNDER
THE UNITED STATES SECURITIES ACT OF 1933 (THE “SECURITIES ACT”) AND MAY NOT BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED EXCEPT (A)(1) TO A PERSON WHOM THE SELLER REASONABLY BELIEVES IS A QUALIFIED INSTITUTIONAL BUYER WITHIN THE
MEANING OF RULE 144A UNDER THE SECURITIES ACT PURCHASING FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF A QUALIFIED INSTITUTIONAL BUYER IN A TRANSACTION MEETING THE REQUIREMENTS OF RULE 144A, (2) IN AN OFFSHORE TRANSACTION COMPLYING WITH RULE 903 OR
RULE 904 OF REGULATION S UNDER THE SECURITIES ACT, (3) PURSUANT TO AN EXEMPTION FROM REGISTRATION UNDER THE SECURITIES ACT PROVIDED BY RULE 144 THEREUNDER (IF AVAILABLE), (4) TO AN INSTITUTIONAL ACCREDITED INVESTOR IN A TRANSACTION EXEMPT
FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT OR (5) PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT AND (B) IN ACCORDANCE WITH ALL APPLICABLE BLUE SKY LAWS OF THE STATES OF THE UNITED STATES.

  
 Capitalized terms used herein have the meanings assigned to
them in the Indenture referred to below unless otherwise indicated. 
  
 (1) INTEREST. Syniverse Technologies, Inc., a Delaware corporation (the “Company”), promises to pay interest on the principal amount of this Note at 7  3/4% per annum from August 

 
24, 2005 until maturity and shall pay the Liquidated Damages, if any, payable pursuant to the Registration Rights Agreement referred to below. The Company
will pay interest and Liquidated Damages, if any, semi-annually in arrears on February 15 and August 15 of each year, or if any such day is not a Business Day, on the next succeeding Business Day (each, an “Interest Payment
Date”). Interest on the Notes will accrue from the most recent date to which interest has been paid or, if no interest has been paid, from the date of issuance; provided that if there is no existing Default in the payment of
interest, and if this Note is authenticated between a record date referred to on the face hereof and the next succeeding Interest Payment Date, interest shall accrue from such next succeeding Interest Payment Date; provided, further, that the
first Interest Payment Date shall be February 15, 2006. The Company will pay interest (including post-petition interest in any proceeding under any Bankruptcy Law) on overdue principal and premium, if any, from time to time on demand at a rate
that is 1% per annum in excess of the rate then in effect; it will pay interest (including post-petition interest in any proceeding under any Bankruptcy Law) on overdue installments of interest and Liquidated Damages, if any, (without regard to
any applicable grace periods) from time to time on demand at the same rate to the extent lawful. Interest will be computed on the basis of a 360-day year of twelve 30-day months. 
  
 (2) METHOD OF PAYMENT. The Company will
pay interest on the Notes (except defaulted interest) and Liquidated Damages, if any, to the Persons who are registered Holders of Notes at the close of business on the February 1 or August 1 next preceding the Interest Payment Date, even
if such Notes are canceled after such record date and on or before such Interest Payment Date, except as provided in Section 2.12 of the Indenture with respect to defaulted interest. The Notes will be payable as to principal, premium, interest
and Liquidated Damages, if any, at the office or agency of the Company maintained for such purpose within the City and State of New York, or, at the option of the Company, payment of interest and Liquidated Damages, if any, may be made by check
mailed to the Holders at their addresses set forth in the register of Holders; provided that payment by wire transfer of immediately available funds will be required with respect to principal of and interest, premium and Liquidated Damages,
if any, on, all Global Notes and all other Notes the Holders of which will have provided wire transfer instructions to the Company or the Paying Agent. Such payment will be in such coin or currency of the United States of America as at the time of
payment is legal tender for payment of public and private debts. 
  
 (3) PAYING AGENT AND REGISTRAR. Initially, The Bank of New York Trust Company, N.A., the Trustee under the Indenture, will act as
Paying Agent and Registrar. The Company may change any Paying Agent or Registrar without notice to any Holder. The Company or any of its Subsidiaries may act in any such capacity. 
  
 (4) INDENTURE. The Company issued the Notes under an Indenture dated as
of August 24, 2005 (the “Indenture”) among the Company, the Guarantors and the Trustee. The terms of the Notes include those stated in the Indenture and those made part of the Indenture by reference to the Trust Indenture Act
of 1939, as amended (15 U.S. Code §§ 77aaa-77bbbb). The Notes are subject to all such terms, and Holders are referred to the Indenture and such Act for a statement of such terms. To the extent any provision of this Note conflicts with
the express provisions of the Indenture, the provisions of the Indenture shall govern and be controlling. The Notes are unsecured obligations of the Company. The Indenture does not limit the aggregate principal amount of Notes that may be issued
thereunder. 

 (5) Optional Redemption. 
  
 (a) Except as set forth in subparagraphs (a) and
(b) of this Paragraph 5, the Company will not have the option to redeem the Notes prior to August 15, 2009. Thereafter, the Company will have the option to redeem the Notes, in whole or in part, upon not less than 30 nor more than 60
days’ notice, at the redemption prices (expressed as percentages of principal amount) set forth below plus accrued and unpaid interest and Liquidated Damages, if any, thereon to the applicable redemption date, if redeemed during the
twelve-month period beginning on August 15 of the years indicated below, subject to the rights of Holders on the relevant record date to receive interest on the relevant interest payment date: 
  

				
	 Year

	  	Percentage

	 
	 2009
	  	103.875	%
	 2010
	  	101.938	%
	 2011 and thereafter
	  	100.000	%

  
 Unless
the Company defaults in the payment of the redemption price, interest will cease to accrue on the Notes or portions thereof called for redemption on the applicable redemption date 
  
 (b) The Notes may be redeemed, in whole or in part, at any time prior to August 15, 2009, at the option
of the Company upon not less than 30 nor more than 60 days’ notice, at a redemption price equal to 100% of the principal amount of the Notes redeemed plus the Applicable Premium as of, and accrued and unpaid interest and Liquidated Damages, if
any, to, the applicable redemption date, subject to the rights of Holders on the relevant record date to receive interest on the relevant interest payment date. 
  

(c) Notwithstanding the provisions of subparagraphs (a) and (b) of this Paragraph 5, at any time prior to August 15,
2008, the Company may redeem Notes with the net cash proceeds of one or more Equity Offerings by the Company or a contribution to the Company’s common equity capital made with the net cash proceeds of a concurrent Equity Offering by the Parent
(but excluding any Reserved Contribution); provided that at least 65% in aggregate principal amount of the Notes issued under the Indenture remains outstanding immediately after the occurrence of such redemption and that such redemption
occurs within 90 days of the date of the closing of such Equity Offering. 
  
 (6) Mandatory Redemption. 
  
 The Company will not be required to make mandatory redemption payments with respect to the Notes. 
  
 (7) Repurchase at Option of Holder. 
  
 (a) If there is a Change of Control, the Company will be required to make an offer (a “Change of Control Offer”) to
repurchase all or any part (equal to $1,000 or an integral multiple thereof) of each Holder’s Notes at a purchase price equal to 101% of the aggregate principal amount thereof plus accrued and unpaid interest and Liquidated Damages thereon, if
any, to the date of purchase (the “Change of Control Payment”). Within 30 days following any Change of Control, the Company will mail a notice to each Holder setting forth the procedures governing the Change of Control Offer as
required by the Indenture. 
  
 (b) If the Company
or a Subsidiary consummates any Asset Sales, within 30 days of each date on which the aggregate amount of Excess Proceeds exceeds $20.0 million, the Company will commence an offer to all Holders of Notes and all holders of other Indebtedness that is
pari passu with the Notes containing provisions similar to those set forth in the Indenture 

 
with respect to offers to purchase or redeem with the proceeds of sales of assets (an “Asset Sale Offer”) pursuant to Section 3.09 of
the Indenture to purchase the maximum principal amount of Notes (including any Additional Notes) and other pari passu Indebtedness that may be purchased out of the Excess Proceeds at an offer price in cash in an amount equal to 100% of the
principal amount thereof plus accrued and unpaid interest and Liquidated Damages thereon, if any, to the date fixed for the closing of such offer, in accordance with the procedures set forth in the Indenture. To the extent that the aggregate amount
of Notes (including any Additional Notes) and other pari passu Indebtedness tendered pursuant to an Asset Sale Offer is less than the Excess Proceeds, the Company (or such Subsidiary) may use such deficiency for any purpose not otherwise
prohibited by the Indenture. If the aggregate principal amount of Notes and other pari passu Indebtedness surrendered by holders thereof exceeds the amount of Excess Proceeds, the Trustee shall select the Notes and other pari passu
Indebtedness to be purchased on a pro rata basis. Holders of Notes that are the subject of an offer to purchase will receive an Asset Sale Offer from the Company prior to any related purchase date and may elect to have such Notes purchased by
completing the form entitled “Option of Holder to Elect Purchase” on the reverse of the Notes. 
  
 (8) NOTICE OF REDEMPTION. Notice of redemption will be mailed at least
30 days but not more than 60 days before the redemption date to each Holder whose Notes are to be redeemed at its registered address. Notes in denominations larger than $1,000 may be redeemed in part but only in whole multiples of $1,000, unless all
of the Notes held by a Holder are to be redeemed. On and after the redemption date interest ceases to accrue on Notes or portions thereof called for redemption. 
  

(9) DENOMINATIONS, TRANSFER, EXCHANGE. The Notes are in registered
form without coupons in denominations of $1,000 and integral multiples of $1,000. The transfer of Notes may be registered and Notes may be exchanged as provided in the Indenture. The Registrar and the Trustee may require a Holder, among other
things, to furnish appropriate endorsements and transfer documents and the Company may require a Holder to pay any taxes and fees required by law or permitted by the Indenture. The Company need not exchange or register the transfer of any Note or
portion of a Note selected for redemption, except for the unredeemed portion of any Note being redeemed in part. Also, the Company need not exchange or register the transfer of any Notes for a period of 15 days before a selection of Notes to be
redeemed or during the period between a record date and the corresponding Interest Payment Date. 
  
 (10) PERSONS DEEMED OWNERS. The registered Holder of a Note may be
treated as its owner for all purposes. 
  
 (11)
AMENDMENT, SUPPLEMENT AND WAIVER. Subject to certain exceptions, the Indenture, the Note Guarantees or the Notes may be amended or supplemented with the consent of the
Holders of at least a majority in principal amount of the then outstanding Notes and Additional Notes, if any, voting as a single class, and any existing default or compliance with any provision of the Indenture, the Note Guarantees or the Notes may
be waived with the consent of the Holders of a majority in principal amount of the then outstanding Notes and Additional Notes, if any, voting as a single class. Without the consent of any Holder of a Note, the Indenture, the Note Guarantees or the
Notes may be amended or supplemented to cure any ambiguity, defect or inconsistency, to provide for uncertificated Notes in addition to or in place of certificated Notes, to provide for the assumption of the Company’s or any Guarantor’s
obligations to Holders of the Notes in case of a merger or consolidation, to make any change that would provide any additional rights or benefits to the Holders of the Notes or that does not adversely affect the legal rights under the Indenture of
any such Holder, to comply with the requirements of the SEC in order to 

 
effect or maintain the qualification of the Indenture under the Trust Indenture Act, to provide for the Issuance of Additional Notes in accordance with the
limitations set forth in the Indenture, or to allow any Guarantor to execute a supplemental indenture to the Indenture and/or a Note Guarantee with respect to the Notes. 
  
 (12) DEFAULTS AND REMEDIES. Events of
Default include if: (i) the Company defaults for 30 days in the payment when due of interest on, or Liquidated Damages with respect to, the Notes whether or not prohibited by the subordination provisions of the Indenture; (ii) the Company
defaults in the payment when due (at maturity, upon redemption or otherwise) of the principal of, or premium, if any, on the Notes, whether or not prohibited by the subordination provisions of the Indenture; (iii) the Company or any of its
Restricted Subsidiaries fails to comply with the provisions of Section 4.10 or 4.15 of the Indenture; (iv) the Company or any of its Restricted Subsidiaries fails to observe or perform any other covenant, representation, warranty or other
agreement in the Indenture for 60 days after notice to the Company by the Trustee or the Holders of at least 25% in aggregate principal amount of the Notes then outstanding voting as a single class; (v) a default occurs under any mortgage,
indenture or instrument under which there may be issued or by which there may be secured or evidenced any Indebtedness for money borrowed by the Company or any of its Restricted Subsidiaries (or the payment of which is guaranteed by the Company or
any of its Restricted Subsidiaries), whether such Indebtedness or guarantee now exists, or is created after the date of the Indenture, if that default: (A) is caused by a failure to pay principal of, or interest or premium, if any, on such
Indebtedness at the Stated Maturity thereof (a “Payment Default”); or (B) results in the acceleration of such Indebtedness prior to its express maturity, and, in each case, the principal amount of any such Indebtedness,
together with the principal amount of any other such Indebtedness under which there has been a Payment Default or the maturity of which has been so accelerated, aggregates $20.0 million or more; (vi) a final judgment or final judgments for the
payment of money are entered by a court or courts of competent jurisdiction against the Company or any of its Restricted Subsidiaries, which judgment or judgments are not paid, discharged or stayed for a period of 60 days after such judgment becomes
final and non-appealable; provided that the aggregate of all such undischarged judgments exceeds $20.0 million; (vii) the Company or any of its Significant Subsidiaries or any group of Restricted Subsidiaries that, taken as a whole,
would constitute a Significant Subsidiary pursuant to or within the meaning of Bankruptcy Law: (A) commences a voluntary case; (B) consents to the entry of an order for relief against it in an involuntary case; (C) consents to the
appointment of a custodian of it or for all or substantially all of its property; (D) makes a general assignment for the benefit of its creditors; or (E) generally is not paying its debts as they become due; (viii) a court of
competent jurisdiction enters an order or decree under any Bankruptcy Law that: (A) is for relief against the Company or any of its Significant Subsidiaries or any group of Restricted Subsidiaries that, taken as a whole, would constitute a
Significant Subsidiary in an involuntary case; (B) appoints a custodian of the Company or any of its Significant Subsidiaries or any group of Restricted Subsidiaries that, taken as a whole, would constitute a Significant Subsidiary or for all
or substantially all of the property of the Company or any of its Significant Subsidiaries or any group of Restricted Subsidiaries that, taken as a whole, would constitute a Significant Subsidiary; or (C) orders the liquidation of the Company
or any of its Significant Subsidiaries or any group of Restricted Subsidiaries that, taken as a whole, would constitute a Significant Subsidiary; and the order or decree remains unstayed and in effect for 60 consecutive days; and (ix) except as
permitted by the Indenture, any Note Guarantee (other than a Note Guarantee issued by a Subsidiary that is not a Significant Subsidiary) is held in any judicial proceeding to be unenforceable or invalid or shall cease for any reason to be in full
force and effect or any Guarantor, or any Person acting on behalf of any Guarantor, shall deny or disaffirm its obligations under its Note Guarantee (other than a Guarantee issued by a Subsidiary that is not a Significant Subsidiary). 

 (13) If any Event of Default occurs and is continuing, the Trustee or the Holders of at
least 25% in principal amount of the then outstanding Notes may declare all the Notes to be due and payable. Notwithstanding the foregoing, in the case of an Event of Default arising from certain events of bankruptcy or insolvency, all outstanding
Notes will become due and payable without further action or notice. Holders may not enforce the Indenture or the Notes except as provided in the Indenture. Subject to certain limitations, Holders of a majority in principal amount of the then
outstanding Notes may direct the Trustee in its exercise of any trust or power. The Trustee may withhold from Holders of the Notes notice of any continuing Default or Event of Default (except a Default or Event of Default relating to the payment of
principal or interest) if it determines that withholding notice is in their interest. The Holders of a majority in aggregate principal amount of the Notes then outstanding by notice to the Trustee may on behalf of the Holders of all of the Notes
waive any existing Default or Event of Default and its consequences under the Indenture except a continuing Default or Event of Default in the payment of interest on, or the principal of, the Notes. The Company is required to deliver to the Trustee
annually a statement regarding compliance with the Indenture, and the Company is required upon becoming aware of any Default or Event of Default, to deliver to the Trustee a statement specifying such Default or Event of Default. 
  
 (14) SUBORDINATION. Payment of
principal, interest and premium and Liquidated Damages, if any, on the Notes is subordinated to the prior payment of Senior Debt on the terms provided in the Indenture. 
  
 (15) TRUSTEE DEALINGS WITH
COMPANY. The Trustee, in its individual or any other capacity, may make loans to, accept deposits from, and perform services for the Company or its Affiliates, and may otherwise deal with the Company or its
Affiliates, as if it were not the Trustee. 
  
 (16) NO RECOURSE AGAINST OTHERS. A director, officer, employee, incorporator or stockholder, of the Company or any of the Guarantors, as such, will not have
any liability for any obligations of the Company or such Guarantor under the Notes, the Note Guarantees or the Indenture or for any claim based on, in respect of, or by reason of, such obligations or their creation. Each Holder by accepting a Note
waives and releases all such liability. The waiver and release are part of the consideration for the issuance of the Notes. 
  
 (17) AUTHENTICATION. This Note will not be valid until authenticated by the manual signature of the
Trustee or an authenticating agent. 
  
 (18)
ABBREVIATIONS. Customary abbreviations may be used in the name of a Holder or an assignee, such as: TEN COM (= tenants in common), TEN ENT (= tenants by the entireties), JT TEN (= joint tenants with right of
survivorship and not as tenants in common), CUST (= Custodian), and U/G/M/A (= Uniform Gifts to Minors Act). 
  
 (19) ADDITIONAL RIGHTS OF HOLDERS OF
RESTRICTED GLOBAL NOTES AND RESTRICTED DEFINITIVE NOTES. In addition to the rights provided to Holders of Notes under the
Indenture, Holders of Restricted Global Notes and Restricted Definitive Notes will have all the rights set forth in the Registration Rights Agreement dated as of August 24, 2005, among the Company, the Guarantors and the other parties named on
the signature pages thereof or, in the case of Additional Notes, Holders of Restricted Global Notes and Restricted Definitive Notes will have the rights set forth in one or more registration rights agreements, if any, among the Company, the
Guarantors and the other parties thereto, relating to rights given by the Company and the 

 
Guarantors to the purchasers of any Additional Notes (collectively, the “Registration Rights Agreement”). 
  
 (20) CUSIP NUMBERS.
Pursuant to a recommendation promulgated by the Committee on Uniform Security Identification Procedures, the Company has caused CUSIP numbers to be printed on the Notes and the Trustee may use CUSIP numbers in notices of redemption as a convenience
to Holders. No representation is made as to the accuracy of such numbers either as printed on the Notes or as contained in any notice of redemption and reliance may be placed only on the other identification numbers placed thereon. 
  
 The Company will furnish to any Holder upon written request and without
charge a copy of the Indenture and/or the Registration Rights Agreement. Requests may be made to: 
  
 Syniverse Technologies, Inc. 
 One Tampa City Center, Suite 700 
 Tampa, Florida 33602 
 Attention: Robert Garcia, Jr. 

 ASSIGNMENT FORM 

	
	
	 To assign this Note, fill in the form below:

	
	(I) or (we) assign and transfer this Note
to:                                       
                                        
                                        
                                        
                
	 (Insert assignee’s legal
name)                                       
                                        
                     

	
	                                       
                                        
                                        
                                        
                                        
                                        
                   

	(Insert assignee’s soc. sec. or tax I.D.
no.)                                       
 
	
	                                       
                                        
                                        
                                        
                                        
                                        
                   

	
	                                       
                                        
                                        
                                        
                                        
                                        
                   

	
	                                       
                                        
                                        
                                        
                                        
                                        
                   

	
	                                       
                                        
                                        
                                        
                                        
                                        
                   

	(Print or type assignee’s name, address and zip
code)                                       
 
	
	 and irrevocably appoint                                 
                                        
                                        
                                        
                                        
                   

	to transfer this Note on the books of the Company. The agent may substitute another to act for him.

  

									
	Date:                                     
                                        
                        	 	 	 	 
					
	 	 	 	 	 	 	Your Signature:	 	 
	 	 	 	 	 	 	 	 	 (Sign exactly as your name appears
 on the face of this Note)

	 	 	 	 	 
				
	Signature
Guarantee*:                                      
                                       	 	 	 	 	 	 
	
	* Participant in a recognized Signature Guarantee Medallion Program (or other signature guarantor acceptable to the Trustee).

 OPTION OF HOLDER TO ELECT
PURCHASE 
  
 If you want to elect to have this Note
purchased by the Company pursuant to Section 4.10 or 4.15 of the Indenture, check the appropriate box below: 
  
  ̈ Section
4.10                     ̈ Section 4.15

  
 If you want to elect to have only part of the Note purchased
by the Company pursuant to Section 4.10 or Section 4.15 of the Indenture, state the amount you elect to have purchased: 
  
 $_______________ 
  

									
	Date:                                     
                                        
                        	 	 	 	 
					
	 	 	 	 	 	 	Your Signature:	 	 
	 	 	 	 	 	 	 	 	 (Sign exactly as your name appears
 on the face of this Note)

	 	 	 	 	 
			
	 	 	 	 	Tax Identification
No.:                                       
                                        
   
			
	Signature
Guarantee*:                                      
                                       	 	 	 	 
	
	* Participant in a recognized Signature Guarantee Medallion Program (or other signature guarantor acceptable to the Trustee).

  
  

 SCHEDULE OF EXCHANGES OF INTERESTS IN THE GLOBAL NOTE 
  
 The following exchanges of a part of this Global Note for an interest in
another Global Note or for a Definitive Note, or exchanges of a part of another Global Note or Definitive Note for an interest in this Global Note, have been made: 
  

									
	 Date of Exchange

	  	Amount
of
decrease
in
Principal
Amount 
of 
this
Global
Note

	  	Amount
of
increase
in
Principal
Amount 
of 
this
Global
Note

	  	Principal
Amount 
of this
Global
Note
following
such
decrease 
(or
increase)

	  	Signature
of
authorized
officer of
Trustee or
Custodian

  

									
	     Date of Exchange    

	  	 Amount of
decrease in
Principal Amount
of
 this Global Note

	  	 Amount of
increase in
 Principal Amount
 of
 this Global Note

	  	 Principal Amount
 of this Global Note
following such
decrease
 (or increase)

	  	Signature of
authorized officer
of Trustee or
CustodianAmendment #5 to Master Repurchase Agreement, Dated as of Nov. 7, 2005

 Exhibit 10.1 
  
 AMENDMENT NO. 5 
 TO MASTER REPURCHASE AGREEMENT 
  
 Amendment
No. 5, dated as of November 7, 2005 (this “Amendment”), by and between CREDIT SUISSE FIRST BOSTON MORTGAGE CAPITAL LLC (the “Buyer”), ENCORE CREDIT CORP., (“ECC” and a
“Seller”), ECC CAPITAL CORPORATION (“ECC Capital” and a “Seller”) and BRAVO CREDIT CORPORATION (“Bravo” and a “Seller”). 
  
 RECITALS 
  
 The Buyer and the Sellers are parties to that certain Master Repurchase Agreement, dated as of February 18, 2005, as
amended by Amendment No. 1, dated as of July 21, 2005, Amendment No. 2, dated as of August 15, 2005, Amendment No. 3, dated as of August 19, 2005 and Amendment No. 4, dated as of September 6, 2005 (the
“Existing Repurchase Agreement “; as amended by this Amendment, the “Repurchase Agreement”). Capitalized terms used but not otherwise defined herein shall have the meanings given to them in the Existing Repurchase
Agreement. 
  
 The Buyer and the Sellers have agreed, subject to
the terms and conditions of this Amendment, that the Existing Repurchase Agreement be amended to reflect certain agreed upon revisions to the terms of the Existing Repurchase Agreement. 
  
 Accordingly, the Buyer and the Sellers hereby agree, in consideration of the mutual premises and mutual obligations set
forth herein, that the Existing Repurchase Agreement is hereby amended as follows: 
  
 Section 1. Temporary Increase Period. For purposes of this Amendment, this Amendment will be effective only for the period from and including September 30, 2005 through but not including
November 30, 2005 (the “Temporary Increase Period”). 
  
 1.1 Definitions. 
  
 (a)
Section 2 of the Existing Repurchase Agreement is hereby temporarily amended by adding the following defined terms, which amendment shall be effective solely during the Temporary Increase Period: 
  
 “Increased Aggregate Purchase Price” means TWO HUNDRED
MILLION DOLLARS ($200,000,000); provided that the Increased Aggregate Purchase Price shall be used solely for Transactions involving Purchased Mortgage Loans purchased by Seller from Buyer or Buyer’s Affiliate. 
  
 “Increased Purchase Price Mortgage Loan” means a Mortgage
Loan which is purchased with the proceeds of the Increased Aggregate Purchase Price. Any Mortgage Loans subject to a Transaction will first be attributed to the Standard Aggregate Purchase Price prior to any Mortgage Loans being attributed to the
Increased Aggregate Purchase Price. To the extent that funds are no longer available under the Standard Aggregate Purchase Price, any further Mortgage Loans subject to a Transaction will be considered Increased Purchase Price Mortgage 

 Loans. For purposes of this Agreement, Mortgage Loans will be allocated first to the Standard Aggregate Purchase Price
and then the Increased Aggregate Purchase Price based on the date on which such Mortgage Loan becomes subject to this Agreement, commencing from the earliest date to the most recent date. 
  
 “Standard Aggregate Purchase Price” means SEVEN HUNDRED FIFTY MILLION DOLLARS ($750,000,000). 

 
 (b) Section 2 of the Existing Repurchase Agreement is hereby
temporarily amended by deleting the definition of “Maximum Aggregate Purchase Price” in its entirety and replacing it with the following language, which amendment shall be effective solely during the Temporary Increase Period: 

 
 “Maximum Aggregate Purchase Price” means the sum of
(a) the Standard Aggregate Purchase Price plus (b) the Increased Aggregate Purchase Price, which shall equal NINE HUNDRED FIFTY MILLION DOLLARS ($950,000,000). All funds made available by Buyer to Seller under this Agreement will first be
attributed to the Standard Aggregate Purchase Price. To the extent that funds are no longer available under the Standard Aggregate Purchase Price, any further funds made available by Buyer to Seller under this Agreement shall be attributed to the
Increased Aggregate Purchase Price. 
  
 (c) Section 2 of the
Existing Repurchase Agreement is hereby temporarily amended by deleting the definition of “Purchase Price” in its entirety and replacing it with the following language, which amendment shall be effective solely during the Temporary
Increase Period: 
  
 “Purchase Price” means the
price at which each Purchased Mortgage Loan is transferred by Sellers to Buyer, which shall equal: 
  
 (1) with respect to each Mortgage Loan which is not an Increased Purchase Price Mortgage Loan, the following price, as applicable: 
  
 (i) on the Purchase Date, in the case of Purchased Mortgage Loans which are
Sub-Prime Mortgage Loans, Second Lien Mortgage Loans, HELOCs and Aged Loans (other than, in all cases, Mortgage Loans that are Repurchased Mortgage Loans) the lesser of either: 
  
 (A) the product of (1) the Market Value of such Purchased Mortgage Loan multiplied by (2) the applicable Purchase
Price Percentage for such Mortgage Loan or 
  
 (B) the outstanding
principal amount thereof as set forth on the related Mortgage Loan Schedule; 
  
 (2) on the Purchase Date, in the case of Purchased Mortgage Loans which are Repurchased Mortgage Loans, the lesser of (1) the product of (A)(x) for the first 90 days in which the Purchased Mortgage Loan is
subject to a Transaction, 85% and (y) thereafter, 85% minus an additional 10% for each 30-day period following the 90th day in which the Purchased Mortgage Loan is subject to a Transaction multiplied by (B) the outstanding principal
balance thereof as set forth in the related Mortgage Loan Schedule or (2) 70% of the value reflected in the most recent BPO; and 
  

 -2- 

 (3) with respect to each Mortgage Loan which is an Increased Purchase Price Mortgage Loan (other than
Repurchased Mortgage Loans), the applicable Purchase Price Percentage for such Mortgage Loan multiplied by the lesser of: (x) the Market Value of such Purchased Mortgage Loan and (y) the outstanding principal amount thereof as set forth on
the related Mortgage Loan Schedule; or 
  
 (4) on any day after
the Purchase Date, except where Buyer and the Sellers agree otherwise, the amount determined under the immediately preceding clauses (1), (2) or (3) decreased by the amount of any cash transferred by the Sellers to Buyer pursuant to
Section 4(c) hereof or applied to reduce the Sellers’ obligations under clause (ii) of Section 4(b) hereof or under Section 6 hereof. 
  

Section 2. Conditions Precedent. This Amendment shall become effective on September 30, 2005, (the “Amendment Effective
Date”), subject to the satisfaction of the following conditions precedent: 
  
 (a) Delivered Documents. On the Amendment Effective Date, the Buyer shall have received the following documents, each of which shall be satisfactory to the Buyer in form and substance: 
  
 (i) this Amendment, executed and delivered by a duly authorized officer of
the Buyer and Seller; and 
  
 (ii) such other documents as the
Buyer or counsel to the Buyer may reasonably request. 
  
 Section 3. Representations and Warranties. The Sellers hereby represent and warrant to the Buyer that they are in compliance with all the terms and provisions set forth in the Repurchase Agreement on its part to be observed or
performed, and that no Event of Default has occurred or is continuing, and hereby confirm and reaffirm the representations and warranties contained in Section 13 of the Repurchase Agreement. 
  
 Section 4. Limited Effect. Except as expressly amended and
modified by this Amendment, the Existing Repurchase Agreement shall continue to be, and shall remain, in full force and effect in accordance with its terms. 
  
 Section 5. Counterparts. This Amendment may be executed by each of the parties hereto on any number of separate counterparts, each of which
shall be an original and all of which taken together shall constitute one and the same instrument. 
  
 Section 6. GOVERNING LAW. THIS AMENDMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK WITHOUT
REFERENCE TO THE CHOICE OF LAW PROVISIONS THEREOF. 
  
 [SIGNATURE PAGE FOLLOWS] 
  

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

					
	Buyer:	 	CREDIT SUISSE FIRST BOSTON
	 	 	MORTGAGE CAPITAL LLC,
	 	 	as Buyer
			
	 	 	By:	 	 /s/ Bruce S. Kaiserman

	 	 	Name:	 	Bruce S. Kaiserman
	 	 	Title:	 	Vice President
		
	Sellers:	 	ENCORE CREDIT CORP.
			
	 	 	By:	 	 /s/ William E. Moffatt

	 	 	Name:	 	William E. Moffatt
	 	 	Title:	 	Treasurer
		
	 	 	ECC CAPITAL CORPORATION
			
	 	 	By:	 	 /s/ William E. Moffatt

	 	 	Name:	 	William E. Moffatt
	 	 	Title:	 	Treasurer
		
	 	 	BRAVO CREDIT CORPORATION
			
	 	 	By:	 	 /s/ William E. Moffatt

	 	 	Name:	 	William E. Moffatt
	 	 	Title:	 	Treasurer

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