Exhibit 10.2

 

AMENDMENT NUMBER SIX

to the

Letter Agreement

dated as of January 1, 2002

by and among

NEW CENTURY MORTGAGE CORPORATION

NC CAPITAL CORPORATION

and

CITIGROUP GLOBAL MARKETS REALTY CORP.

(as successor to SALOMON BROTHERS REALTY CORP.)

 

This AMENDMENT NUMBER SIX (this “Amendment Number Six”) is made this 25th day of
June, 2004, among NEW CENTURY MORTGAGE CORPORATION, having an address at 18400
Von Karman, Irvine, California 92612 (“New Century”), NC CAPITAL CORPORATION,
having an address at 18400 Von Karman, Irvine, California 92612 (“NCCC”) 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
(“Citigroup”) to the LETTER AGREEMENT, dated as of January 1, 2002, among New
Century, NCCC and Citigroup, as amended pursuant to Amendment Number One, dated
December 23, 2002, Amendment Number Two, dated April 30, 2003, Amendment Number
Three, dated September 16, 2003, Amendment Number Four, dated December 29, 2003,
and Amendment Number Five, dated March 31, 2004 (collectively, the “Letter
Agreement”).

 

RECITALS

 

WHEREAS, New Century and NCCC have requested that Citigroup agree to amend the
Letter Agreement to extend the term thereof as more expressly set forth below
and Citigroup has agreed to such request.

 

WHEREAS, as of the date of this Amendment Number Six, each of New Century and
NCCC represents to Citigroup that it is in compliance with all of the
representations and warranties and all of the affirmative and negative covenants
set forth in the Letter Agreement and the Purchase and Sale Agreement, dated as
of January 1, 2002, among NCCC, New Century and Citigroup (the “Purchase and
Sale Agreement”) and is not in default under the Letter Agreement or the
Purchase and Sale 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 June 25, 2004, Paragraph 1(a) of the Letter Agreement
is hereby amended by replacing the two occurrences of “June 30, 2004” with
“September 30, 2004”.

 

SECTION 2. Effective as of June 25, 2004, Paragraph 4(c) of the Letter Agreement
is hereby amended by replacing the two occurrences of “December 31, 2002” with
“September 30, 2004”.

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SECTION 3. Fees and Expenses. NCCC agrees to pay to Citigroup all fees and out
of pocket expenses incurred by Citigroup in connection with this Amendment
Number Six (including all reasonable fees and out of pocket costs and expenses
of Citigroup’s legal counsel incurred in connection with this Amendment Number
Six), in accordance with Paragraph 5(i) of the Letter Agreement.

 

SECTION 4. Defined Terms. Any terms capitalized but not otherwise defined herein
shall have the respective meanings set forth in the Letter Agreement.

 

SECTION 5. Representations. In order to induce Citigroup to execute and deliver
this Amendment Number Six, NCCC and New Century hereby represent to Citigroup
that as of the date hereof, after giving effect to this Amendment Number Six,
each of NCCC and New Century is in full compliance with all of the terms and
conditions of the Letter Agreement and the Purchase and Sale Agreement and no
Termination Event or material adverse change has occurred under the Letter
Agreement and no Seller default or Seller Event of Default has occurred under
the Purchase and Sale Agreement.

 

SECTION 6. Limited Effect. This Amendment Number Six shall become effective upon
the execution hereof by the parties hereto. Except as expressly amended and
modified by this Amendment Number Six, the Letter Agreement shall continue in
full force and effect in accordance with its terms. Reference to this Amendment
Number Six need not be made in the Letter 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 Letter
Agreement, any reference in any of such items to the Letter Agreement being
sufficient to refer to the Letter Agreement as amended hereby.

 

SECTION 7. GOVERNING LAW. THIS AMENDMENT NUMBER SIX 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 SECTIONS 5-1401 AND 5-1402 OF THE NEW YORK GENERAL OBLIGATIONS LAW).

 

SECTION 8. Counterparts. This Amendment Number Six 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, NCCC, New Century and Citigroup have caused this Amendment
Number Six 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

--------------------------------------------------------------------------------

Name:

 

Evan J. Mitnick

Title:

 

Director

NC CAPITAL CORPORATION

By:

 

/s/ KEVIN CLOYD

--------------------------------------------------------------------------------

Name:

 

Kevin Cloyd

Title:

 

President

NEW CENTURY MORTGAGE CORPORATION

By:

 

/s/ KEVIN CLOYD

--------------------------------------------------------------------------------

Name:

 

Kevin Cloyd

Title:

 

Executive Vice President

 

The undersigned Guarantor under the Limited Guaranty dated as of January 1,
2002, hereby acknowledges and agrees to the amendment and modification to the
Letter Agreement made pursuant to this Amendment Number Six.

 

NEW CENTURY MORTGAGE CORPORATION

By:

 

/s/ KEVIN CLOYD

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Name:

 

Kevin Cloyd

Title:

 

Executive Vice President

 

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