Exhibit 10.38(d)

 

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NEW CENTURY MORTGAGE CORPORATION

NC CAPITAL CORPORATION

Seller

 

AND

 

CDC MORTGAGE CAPITAL INC.

Buyer

 

AMENDMENT NO. 4

Dated as of February 12, 2004

 

TO

 

SECOND AMENDED AND RESTATED MASTER REPURCHASE AGREEMENT

Dated as of June 23, 2003

 

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AMENDMENT NO. 4 (this “Amendment”), dated as of February 12, 2004, by and among
New Century Mortgage Corporation (“NCMC”), NC Capital Corporation (“NCCC” and,
together with NCMC, the “Seller”), and CDC Mortgage Capital Inc. (“Buyer”), to
the Second Amended and Restated Master Repurchase Agreement, dated as of June
23, 2003, by and among Seller and Buyer, as amended (the “Agreement”).

 

RECITALS

 

WHEREAS, Seller and Buyer have entered into the Agreement;

 

WHEREAS New Century Financial Corporation, the guarantor of the obligations of
the Seller pursuant to the Agreement (“Guarantor”) desires to invest in
Carrington Mortgage Credit Fund I, L.P. (the “Fund”), as a limited partner, and
in Carrington Capital Management, LLC (“Management LLC”), the manager of the
Fund (collectively, the “Investments”); and

 

WHEREAS, Seller has requested the Buyer to agree to amend certain provisions of
the Agreement as set forth in this Amendment in connection with the Investments.
The Buyer hereto is willing to agree to such amendments, but only on the terms
and subject to the conditions set forth in this Amendment.

 

NOW, THEREFORE, in consideration of the premises and for other good and valuable
consideration, the receipt and sufficiency of which is hereby acknowledged, the
Seller and the Buyer hereby agree as follows:

 

Section 1. Amendments.

 

(a) Section 11(d) of the Agreement shall be amended by (i) deleting the word
“and” at the end of clause (2), (ii) substitute “.” with “;” at the end of
clause (3), and (iii) adding the following new clauses at the end of the
section:

 

“(4) Guarantor may invest in the Fund and Management LLC; and

 

(5) Fund may conduct businesses contemplated in its Amended and Restated
Agreement of Limited Partnership dated as of February 6, 2004 (the “Limited
Partnership Agreement”).”

 

(b) Section 11(s) of the Agreement shall be amended by (i) deleting the word
“and” at the end of clause (13), (ii) adding the word “and” at the end of clause
(14), and (iii) adding the following new clause at the end of the section:

 

“(15) In case of the Guarantor, the Indebtedness incurred by the Fund in
implementing its investment strategies.”

 

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(c) Section 11(t) of the Agreement shall be amended by (i) deleting the word
“and” at the end of clause (12), (ii) substitute “.” with “;” at the end of
clause (13), and (iii) adding the following new clauses at the end of the
section:

 

“(14) in the case of Guarantor, Investments in the Fund and Management LLC; and

 

(15) in the case of Fund, investments permitted under the Limited Partnership
Agreement.”

 

(d) Section 11(u) of the Agreement shall be amended by (i) deleting the word
“and” in front of clause (v), and (ii) adding the following before “and (b)”:

 

“and (vi) the Fund,”

 

Section 2. Effectiveness of the Amendment. The Amendment shall become effective
upon receipt by the Buyer of evidence satisfactory to the Buyer that this
Amendment has been executed and delivered by the Seller.

 

Section 3. Ratification of Agreement. As amended by this Amendment, the
Agreement is in all respects ratified and confirmed and the Agreement as so
modified by this Amendment shall be read, taken, and construed as one and the
same instrument.

 

Section 4. Representations and Warranties. To induce the Buyer to enter into
this Amendment, the Seller hereby represents and warrants to the Buyer that,
after giving effect to the amendments provided for herein, the representations
and warranties contained in the Agreement and the other Repurchase Documents
will be true and correct in all material respects as if made on and as of the
date hereof and that no Default or Event of Default will have occurred and be
continuing.

 

Section 5. No Other Amendments. Except as expressly amended hereby, the
Agreement and the other Repurchase Documents shall remain in full force and
effect in accordance with their respective terms, without any waiver, amendment
or modification of any provision thereof.

 

Section 6. Counterparts. This Amendment may be executed in any number of
counterparts, each of which so executed shall be deemed to be an original, but
all of such counterparts shall together constitute but one and the same
instrument.

 

Section 7. Expenses. The Seller agrees to pay and reimburse the Buyer for all of
the out-of-pocket costs and expenses incurred by the Buyer in connection with
the preparation, execution and delivery of this Amendment, including, without
limitation, the fees and disbursements of its attorneys.

 

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Section 8. GOVERNING LAW.

 

THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF
THE STATE OF NEW YORK, WITHOUT REGARD TO CONFLICTS OF LAW PRINCIPLES.

 

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IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be duly
executed by their respective officers as of the day and year first above
written.

 

CDC MORTGAGE CAPITAL INC., as Buyer under the Agreement

     

NEW CENTURY MORTGAGE CORPORATION, as Seller under the Agreement

By:  

/s/ Anthony Malanga

      By:  

/s/ Kevin Cloyd

   

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Name: Anthony Malanga

         

Name: Kevin Cloyd

   

Title: Managing Director

         

Title: Senior Vice President

 

       

NC CAPITAL CORPORATION, as Seller under the Agreement

By:  

/s/ Kathy Lynch

      By:  

/s/ Kevin Cloyd

   

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Name: Kathy Lynch

         

Name: Kevin Cloyd

   

Title: Director

         

Title: President

 

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The undersigned guarantor hereby consents and agrees to the foregoing Amendment:

 

NEW CENTURY FINANCIAL CORPORATION By:  

/s/ Patrick Flanagan

   

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Name: Patrick Flanagan

   

Title: Executive Vice President