Exhibit 10.4

 

As of September 9, 2005

 

IXIS Real Estate Capital Inc.

9 West 57th Street, 36th Floor

New York, New York 10019

 

Attention: Mr. Raymond Sullivan

 

  Re: Third Amended and Restated Master Repurchase Agreement, dated as of
September 10, 2004, as amended from time to time (the “Agreement”), among New
Century Mortgage Corporation (“NCMC”), NC Residual II Corporation (“NCRC”), NC
Capital Corporation (“NCCC”) and New Century Credit Corporation (“New Century”,
and together with NCMC, NCCC and NCRC, “Seller”) and IXIS Real Estate Capital
Inc. (“Buyer”).

 

Ladies and Gentlemen:

 

In general, the Termination Date under the Agreement is September 9, 2005 unless
otherwise extended pursuant to Section 3(m) of the Agreement. At the present
time, the Seller has requested that the Buyer extend the Termination Date.

 

In consideration of the mutual agreements hereinafter set forth, and for other
good and valuable consideration, the receipt and sufficiency of which are hereby
acknowledged, Seller and Buyer hereby agree as follows:

 

1. Pursuant to Section 3(m) of the Agreement, Buyer hereby extends the
Termination Date until the close of business on October 11, 2005.

 

2. In addition, the provisions of the Temporary Increase Letter, dated as of
August 25, 2005 (the “Increase Letter”), between Buyer and Seller, shall apply
during the extension period described herein.

 

3. Except as described herein, all of the terms of the Agreement are hereby
ratified and confirmed in all respects.

 

4. All capitalized terms used herein and not defined herein shall have the
respective meanings ascribed to them in the Agreement.

 

5. In the event that any provision of this agreement conflicts with any
provision of the Agreement or the Increase Letter, the terms of this agreement
shall control.

 

6. This agreement shall not be assigned by the Seller without the prior written
consent of the Buyer, which consent shall be in Buyer’s sole discretion.

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7. This agreement may be executed in any number of counterparts, each of which
shall constitute an original agreement, and all of which together shall
constitute one and the same instrument, and either party hereto may execute this
agreement by signing any such counterpart.

 

8. This agreement shall be governed and construed in accordance with the laws of
the State of New York without regard to conflicts of laws principles.

 

[SIGNATURE PAGE FOLLOWS]

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Please indicate your acceptance and agreement by signing below where indicated
and returning an originally executed copy of this agreement to Seller.

 

Very truly yours, NEW CENTURY MORTGAGE CORPORATION

 

By:  

/s/ Kevin Cloyd

   

Name: Kevin Cloyd

   

Title: Executive Vice President

 

NC CAPITAL CORPORATION

By:  

/s/ Kevin Cloyd

   

Name: Kevin Cloyd

   

Title: President

 

NC RESIDUAL II CORPORATION

By:  

/s/ Kevin Cloyd

   

Name: Kevin Cloyd

   

Title: Executive Vice President

 

NEW CENTURY CREDIT CORPORATION

By:  

/s/ Kevin Cloyd

   

Name: Kevin Cloyd

   

Title: Executive Vice President

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Acknowledged and agreed as of the date first written above:

 

IXIS REAL ESTATE CAPITAL INC.

By:  

/s/ Anthony Malanga

   

Name: Anthony Malanga

   

Title: Managing Director

 

By:  

/s/ Kathy Lynch

   

Name: Kathy Lynch

   

Title: Director