EXHIBIT 10.1

 

AMENDMENT NUMBER FOUR

to the

Master Repurchase Agreement

dated as of May 30, 2002

by and between

NEW CENTURY FUNDING SB-1, a Delaware statutory trust

and

CITIGROUP GLOBAL MARKETS REALTY CORP.

(as successor to SALOMON BROTHERS REALTY CORP.)

 

This AMENDMENT NUMBER FOUR (this “Amendment”) is made this 29th day of December,
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 successor 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,
Amendment Number Two, dated May 13, 2003 and Amendment Number Three, dated
September 16, 2003 (the “Master Repurchase Agreement”).

 

RECITALS

 

WHEREAS, the Seller has requested that Buyer agree to amend the Master
Repurchase Agreement to extend the term thereof 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 (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 December 29, 2003, Section 27 of the Master
Repurchase Agreement is hereby amended by substituting “March 31, 2004” for
“December 31, 2003” in clause (i) thereof.

 

SECTION 2. 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

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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 3. 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 4. 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 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.

 

[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 J. MITNICK  

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Name:

  Evan J. Mitnick

Title:

  Director

NEW CENTURY FUNDING SB-1

By:

 

Christiana Bank & Trust Company, not in

its individual capacity but solely as owner trustee

By:

  /s/    JAMES M. YOUNG  

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Name:

  James M. Young

Title:

  Assistant Vice President

 

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/    PATRICK FLANAGAN  

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Name:

  Patrick Flanagan

Title:

  President NEW CENTURY FINANCIAL CORPORATION By:   /s/    PATRICK FLANAGAN  

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Name:   Patrick Flanagan

Title:

  President