Exhibit 10.1

 

AMENDMENT NUMBER SIX

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 SIX (this “Amendment Number Six”) is made this 25th day of
June, 2004, 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, Amendment Number Three, dated
September 16, 2003, Amendment Number Four, dated December 29, 2003, and
Amendment Number Five, dated March 31, 2004 (collectively, 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 Number Six, 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 June 25, 2004, Section 18(e) of the Master Repurchase
Agreement is hereby amended by substituting “$10,000,000” for $2,500,000” in
clause (i) thereof.

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SECTION 2. Effective as of June 25, 2004, Section 27 of the Master Repurchase
Agreement is hereby amended by substituting “September 30, 2004” for “June 30,
2004” in clause (i) thereof.

 

SECTION 3. Representations. In order to induce the Buyer to execute and deliver
this Amendment Number Six, the Seller hereby represents to the Buyer that as of
the date hereof, after giving effect to this Amendment Number Six, 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 4. Fees and Expenses. Seller agrees to pay to Buyer all fees and out of
pocket expenses incurred by Buyer in connection with this Amendment Number Six
(including all reasonable fees and out of pocket costs and expenses of Buyer’s
legal counsel incurred in connection with this Amendment Number Six), in
accordance with Section 22 of the Master Repurchase Agreement.

 

SECTION 5. Defined Terms. Any terms capitalized but not otherwise defined herein
shall have the respective meanings set forth in the Master Repurchase 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 Master Repurchase 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 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 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, the Buyer and the Seller 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

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

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

Name:

 

James M. Young

Title:

 

Assistant Vice President

 

Each of 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
Number Six.

 

NEW CENTURY MORTGAGE CORPORATION

By:

 

/s/ KEVIN CLOYD

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

Name:

 

Kevin Cloyd

Title:

 

Executive Vice President

NEW CENTURY FINANCIAL CORPORATION

By:

 

/s/ KEVIN CLOYD

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

Name:

 

Kevin Cloyd

Title:

 

Executive Vice President

 

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