Document:

Exhibit 10.26(B)

 

EXECUTION VERSION

 

AMENDMENT NO. 1

TO MASTER REPURCHASE AGREEMENT

 

Amendment No.
1, dated as of March 21, 2006 (this “Amendment”), among CREDIT SUISSE,
NEW YORK BRANCH (the “Administrative Agent”), FIELDSTONE MORTGAGE
COMPANY and FIELDSTONE INVESTMENT CORPORATION (each a “Seller” and
collectively the “Sellers”).

 

RECITALS

 

The
Administrative Agent and the Sellers are parties to that certain Master
Repurchase Agreement, dated as of November 8, 2005 (the “Exiting Master
Repurchase Agreement”; as amended by this Amendment, the “Master
Repurchase Agreement”). Capitalized terms used but not otherwise defined
herein shall have the meanings given to them in the Existing Master Repurchase
Agreement.

 

The
Administrative Agent and Sellers have agreed, subject to the terms and
conditions of this Amendment, that the Existing Master Repurchase Agreement be
amended to reflect certain agreed upon revisions to the terms of the Existing
Master Repurchase Agreement.

 

Accordingly,
the Administrative Agent and the Sellers hereby agree, in consideration of the
mutual premises and mutual obligations set forth herein, that the Existing
Master Repurchase Agreement is hereby amended as follows:

 

SECTION 1.           Definitions. Section 2 of the
Existing Master Repurchase Agreement is hereby amended by adding the following
defined term in its proper alphabetical order:

 

““30/40
Mortgage Loan” means a Mortgage Loan which (a) has an original term to
maturity of not more than thirty years from commencement of amortization, with
a balloon payment in year thirty based upon a forty year amortization schedule
and (b) is originated in accordance with the Underwriting Guidelines.”

 

SECTION 2.           Schedule 1. Schedule 1 of the
Existing Master Repurchase Agreement is hereby amended by deleting clauses (r)
and (y) in their entirety and replacing them with the corresponding clauses on Exhibit
A hereto.

 

SECTION 3.           Conditions Precedent. This
Amendment shall become effective on March 21, 2006 (the “Amendment Effective
Date”), subject to the satisfaction of the following conditions precedent:

 

3.1 Delivered
Documents. On the Amendment Effective Date, the Administrative Agent shall
have received the following documents, each of which shall be satisfactory to
the Administrative Agent in form and substance:

 

(a) this
Amendment, executed and delivered by the duly authorized officers of the
Administrative Agent and the Sellers; and

 

 

(b) such other
documents as the Administrative Agent or counsel to the Administrative Agent
may reasonably request.

 

SECTION 4.           Representations and Warranties.
Each Seller hereby represents and warrants to the Administrative Agent that it
is in compliance with all the terms and provisions set forth in the Master
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 13 of the Master Repurchase
Agreement.

 

SECTION 5.           Limited Effect. Except as
expressly amended and modified by this Amendment, the Existing Master
Repurchase Agreement is hereby amended by shall continue to be, and shall
remain, in full force and effect in accordance with its terms.

 

SECTION 6.           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 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 THE CHOICE OF LAW PROVISIONS THEREOF.

 

[SIGNATURE PAGE FOLLOWS]

 

2

 

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.

 

	
  Administrative
  Agent:

  	
  CREDIT
  SUISSE, NEW YORK BRANCH,

  as Administrative Agent

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Anthony
  Giordano

  	
   

  
	
   

  	
   

  	
  Name:

  	
  Anthony
  Giordano

  
	
   

  	
   

  	
  Title:

  	
  Director

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Joseph
  Soave

  	
   

  
	
   

  	
   

  	
  Name:

  	
  Joseph Soave

  
	
   

  	
   

  	
  Title:

  	
  Director

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Seller:

  	
  FIELDSTONE
  MORTGAGE COMPANY,

  as a Seller

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Mark C.
  Krebs

  	
   

  
	
   

  	
   

  	
  Name:

  	
  Mark C.
  Krebs

  
	
   

  	
   

  	
  Title:

  	
  Sr. Vice
  President & Treasurer

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Seller:

  	
  FIELDSTONE
  INVESTMENT

  CORPORATION,

  as a Seller

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Mark C.
  Krebs

  	
   

  
	
   

  	
   

  	
  Name:

  	
  Mark C.
  Krebs

  
	
   

  	
   

  	
  Title:

  	
  Sr. Vice
  President & Treasurer

  
					

 

 

Exhibit A to Amendment No. 1

 

Schedule 1

 

“(r) Origination;
Payment Terms. The Mortgage Loan was originated by or in conjunction with a
mortgagee approved by the Secretary of Housing and Urban Development pursuant
to Sections 203 and 211 of the National Housing Act, a savings and loan
association, a savings bank, a commercial bank, credit union, insurance company
or similar banking institution which is supervised and examined by a federal or
state authority. Principal and/or interest payments on the Mortgage Loan
commenced no more than 60 days after funds were disbursed in connection with
the Mortgage Loan. With respect to adjustable rate Mortgage Loans, the  Mortgage Interest Rate is adjusted on each
Interest Rate Adjustment Date to equal the Index plus the Gross Margin (rounded
up or down to the nearest .125%), subject to the Mortgage Interest  Rate Cap. The Mortgage Note is payable on the
first day of each month in equal monthly  installments of principal and/or interest
(subject to a balloon payment in the case of a 30/40  Mortgage Loan and an “interest only” period in
the case of Interest Only Loans), which  installments
of interest (a) with respect to adjustable rate Mortgage Loans are subject to
change on the Interest Rate Adjustment Date due to adjustments to the Mortgage
Interest Rate on each  Interest Rate
Adjustment Date and (b) with respect to Interest Only Loans are subject to
change on the Interest Only Adjustment Date due to adjustments to the Mortgage
Interest Rate on each Interest Only Adjustment Date, in both cases with
interest calculated and payable in arrears,  sufficient to amortize the Mortgage Loan fully
by the stated maturity date, over an original term of not more than 30 years
from commencement of amortization (except with respect to any 30/40 Mortgage
Loans). No 30/40 Mortgage Loan has a balloon payment due prior to the date
which is 15 years following the origination date. The Due Date of the first
payment under the Mortgage Note is no more than 60 days from the date of the
Mortgage Note.”

 

“(y) No
Buydown Provisions; No Graduated Payments or Contingent Interests. Except
with respect to Agency Mortgage Loans, the Mortgage Loan does not contain
provisions pursuant to which Monthly Payments are paid or partially paid with
funds deposited in any separate account established by the applicable Seller,
the Mortgagor, or anyone on behalf of the Mortgagor, or paid by any source
other than the Mortgagor nor does it contain any other similar provisions which
may constitute a “buydown” provision. The Mortgage Loan is not a graduated
payment mortgage loan (except with respect to 30/40 Mortgage Loans) and the
Mortgage Loan does not have a shared appreciation or other contingent interest
feature.”Exhibit 10.26(D)

 

EXECUTION
VERSION

 

AMENDMENT NO. 1

TO PRICING SIDE LETTER

 

Amendment No.
1, dated as of January 23, 2006 (this “Amendment”), among CREDIT SUISSE,
NEW YORK BRANCH (the “Administrative Agent”), FIELDSTONE MORTGAGE
COMPANY and FIELDSTONE INVESTMENT CORPORATION (each a “Seller” and
collectively the “Sellers”).

 

RECITALS

 

The
Administrative Agent and the Sellers are parties to that certain Master
Repurchase Agreement, dated as of November 8, 2005 (the “Master Repurchase
Agreement”) and that certain Pricing Side Letter, dated as of November 8,
2005 (the “Existing Pricing Side Letter”; as amended by this Amendment,
the “Pricing Side Letter”). Capitalized terms used but not otherwise
defined herein shall have the meanings given to them in the Existing Pricing
Side Letter and Master Repurchase Agreement.

 

The
Administrative Agent and Sellers have agreed, subject to the terms and
conditions of this Amendment, that the Existing Pricing Side Letter be amended
to reflect certain agreed upon revisions to the terms of the Existing Pricing
Side Letter.

 

Accordingly,
the Administrative Agent and the Sellers hereby agree, in consideration of the
mutual premises and mutual obligations set forth herein, that the Existing
Pricing Side Letter is hereby amended as follows:

 

SECTION 1.           Definitions. Section 1.1 of
the Existing Pricing Side Letter is hereby amended by deleting clause (xxiv) of
the definition of “Asset Value” in its entirety and replacing it with
the following language:

 

“(xxiv) when
the Purchase Price for such Purchased Mortgage Loan is added to other Purchased
Mortgage Loans, the Outstanding Principal Balance of all Floating Rate Mortgage
Loans having a CLTV that is greater than or equal to 95% but less than or equal
to 100% is greater than or equal to 65% of the Outstanding Principal Balance of
all Floating Rate Mortgage Loans;”

 

SECTION 2.           Conditions Precedent. This
Amendment shall become effective on January 23, 2006 (the “Amendment
Effective Date”), subject to the satisfaction of the following conditions
precedent:

 

2.1           Delivered Documents. On the
Amendment Effective Date, the Administrative Agent shall have received the
following documents, each of which shall be satisfactory to the Administrative
Agent in form and substance:

 

(a) this
Amendment, executed and delivered by the duly authorized officers of the
Administrative Agent and the Sellers; and

 

 

(b) such other
documents as the Administrative Agent or counsel to the Administrative Agent
may reasonably request.

 

SECTION 3.           Representations and Warranties.
Each Seller hereby represents and warrants to the Administrative Agent that it
is in compliance with all the terms and provisions set forth in the Existing
Pricing Side Letter and Master 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 13 of the Master Repurchase Agreement.

 

SECTION 4.           Limited Effect. Except as
expressly amended and modified by this Amendment, the Existing Pricing Side
Letter 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]

 

2

 

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.

 

	
  Administrative Agent:

  	
  CREDIT SUISSE, NEW YORK BRANCH,

  as Administrative Agent

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Anthony Giordano

  	
   

  
	
   

  	
   

  	
  Name:

  	
  Anthony Giordano

  
	
   

  	
   

  	
  Title:

  	
  Director

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Joseph Soave

  	
   

  
	
   

  	
   

  	
  Name:

  	
  Joseph Soave

  
	
   

  	
   

  	
  Title:

  	
  Director

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Seller:

  	
  FIELDSTONE MORTGAGE COMPANY,

  as a Seller

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Mark C. Krebs

  	
   

  
	
   

  	
   

  	
  Name:

  	
  Mark C. Krebs

  
	
   

  	
   

  	
  Title:

  	
  Sr. Vice President & Treasurer

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Seller:

  	
  FIELDSTONE INVESTMENT

  CORPORATION,

  as a Seller

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Mark C. Krebs

  	
   

  
	
   

  	
   

  	
  Name:

  	
  Mark C. Krebs

  
	
   

  	
   

  	
  Title:

  	
  Sr. Vice President & Treasurer

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