Exhibit 10.1

 

AMENDMENT NUMBER TWO

to the

Master Repurchase Agreement

dated as of May 30, 2002

by and between

NEW CENTURY FUNDING SB-1, a Delaware statutory trust

and

SALOMON BROTHERS REALTY CORP.

 

This AMENDMENT NUMBER TWO (this “Amendment”) is made this 13th day of May, 2003,
by and between NEW CENTURY FUNDING SB-1, a Delaware statutory trust, having an
address at c/o Christiana Bank & Trust Company, 1314 King Street, Wilmington,
Delaware, 19801 (“the Seller”) and CITIGROUP GLOBAL MARKETS REALTY CORP., as
sucessor in interest to Salomon Brothers Realty Corp., having an address at 390
Greenwich Street, New York, New York 10013 (the “Buyer”) to the MASTER
REPURCHASE AGREEMENT, dated as of May 30, 2002, between the Seller and the
Buyer, as amended pursuant to Amendment Number One, dated December 23, 2002,
between the Seller and the Buyer (as amended, the “Master Repurchase
Agreement”).

 

RECITALS

 

WHEREAS, the Seller has requested that Buyer agree to amend the Master
Repurchase Agreement as set forth below and the Buyer has agreed to such
request.

 

WHEREAS, as of the date of this Amendment, the Seller represents to the Buyer
that it is in compliance with all of the representations and warranties and all
of the affirmative and negative covenants set forth in the Master Repurchase
Agreement and the Letter Agreement, dated as of May 30, 2002, between the Seller
and the Buyer, as amended pursuant to Amendment Number One, dated December 23,
2002, between the Seller and the Buyer (as amended, the “Letter Agreement”) and
not in default under the Master Repurchase Agreement or the Letter Agreement.

 

NOW THEREFORE, for good and valuable consideration, the receipt and sufficiency
of which are hereby acknowledged, and of the mutual covenants herein contained,
the parties hereto hereby agree as follows:

 

SECTION 1.    Effective as of May 13, 2003, the definition of “Indebtedness” in
Section 2 of the Master Repurchase Agreement is hereby amended by adding the
following to the end thereof:

 

“less (k) the aggregate amount of any indebtedness that is reflected on the
balance sheet of such Person in respect of obligations incurred pursuant to a
securitization transaction, solely to the extent such obligations are secured by
the assets securitized thereby and are non-recourse to such Person.”

 

SECTION 2.    Fees and Expenses.    The Seller agrees to pay to the Buyer all
fees and out of pocket expenses incurred by the Buyer in connection with this
Amendment (including all reasonable fees and out of pocket costs and expenses of
the Buyer’s legal counsel incurred in

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connection with this Amendment), in accordance with Section 22 of the Master
Repurchase Agreement.

 

SECTION 3.    Defined Terms.    Any terms capitalized but not otherwise defined
herein shall have the respective meanings set forth in the Master Repurchase
Agreement.

 

SECTION 4.    Representations.    In order to induce the Buyer to execute and
deliver this Amendment, the Seller hereby represents to the Buyer that as of the
date hereof, after giving effect to this Amendment, the Seller is in full
compliance with all of the terms and conditions of the Master Repurchase
Agreement and the Letter Agreement and no Default, Event of Default or Material
Adverse Change has occurred under the Master Repurchase Agreement.

 

SECTION 5.    Limited Effect.    This Amendment shall become effective upon the
execution hereof by the parties hereto. Except as expressly amended and modified
by this Amendment, the Master Repurchase Agreement shall continue in full force
and effect in accordance with its terms. Reference to this Amendment need not be
made in the Master Repurchase Agreement or any other instrument or document
executed in connection therewith, or in any certificate, letter or communication
issued or made pursuant to, or with respect to, the Master Repurchase Agreement,
any reference in any of such items to the Master Repurchase Agreement being
sufficient to refer to the Master Repurchase Agreement as amended hereby.

 

SECTION 6.    GOVERNING LAW.    THIS AMENDMENT SHALL BE CONSTRUED IN ACCORDANCE
WITH THE LAWS OF THE STATE OF NEW YORK AND THE OBLIGATIONS, RIGHTS, AND REMEDIES
OF THE PARTIES HEREUNDER SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAWS
WITHOUT REGARD TO CONFLICT OF LAWS DOCTRINE APPLIED IN SUCH STATE (OTHER THAN
SECTION 5-1401 OF THE NEW YORK GENERAL OBLIGATIONS LAW).

 

SECTION 7.    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.

 

[SIGNATURE PAGE FOLLOWS]

 

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IN WITNESS WHEREOF, the Buyer and the Seller have caused this Amendment to be
executed and delivered by their duly authorized officers as of the day and year
first above written.

 

CITIGROUP GLOBAL MARKETS REALTY CORP

By:

 

/S/    EVAN MITNICK        

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Name:

 

Evan Mitnick        

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Title:

 

Director      

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NEW CENTURY FUNDING SB-1

By:  

Christiana Bank & Trust Company, not in

its individual capacity but solely as trustee

By:

 

/s/    DEBRA A. BALLIET

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Name:

 

Debra A. Balliet

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Title:

 

Assistant Vice President

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The undersigned Guarantors under the Guaranty and Pledge Agreement dated as of
May 30, 2002, hereby acknowledges and agrees to the amendment and modification
to the Master Repurchase Agreement made pursuant to this Amendment.

 

NEW CENTURY MORTGAGE CORPORATION

By:

 

/S/    KEVIN CLOYD        

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Name:

 

Kevin Cloyd         

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Title:

 

Senior Vice President

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NEW CENTURY FINANCIAL CORPORATION

By:

 

/S/    PATTI DODGE        

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Name:

 

Patti Dodge         

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Title:

 

SVP/Controller

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