Amend. No. 4 to Master Loan & Security Agreement


  
 EXHIBIT 10.5 
  
 AMENDMENT NUMBER FOUR 
 to the 
 Master Loan and Security Agreement 
 dated as of April 1, 2000 
 by and among 
 NEW CENTURY MORTGAGE CORPORATION 
 NC CAPITAL CORPORATION 
 and 
 SALOMON BROTHERS REALTY CORP. 
  
 This AMENDMENT NUMBER FOUR
(this “Amendment”) is made this 23rd day of December, 2002, among NEW CENTURY MORTGAGE CORPORATION, having an address at 18400 Von Karman, Irvine, California 92612 (the “Servicer”), NC CAPITAL CORPORATION, having an address at
18400 Von Karman, Irvine, California 92612 (the “Borrower”) and SALOMON BROTHERS REALTY CORP., having an address at 390 Greenwich Street, New York, New York 10013 (the “Lender”) to the MASTER LOAN AND SECURITY AGREEMENT, dated as
of April 1, 2000, between the Lender, the Servicer and the Borrower (as previously amended and supplemented, the “Loan Agreement”). 
  
 RECITALS 
  
 WHEREAS, the Borrower has requested that the Lender
agree to amend the Loan Agreement to extend the term thereof and to make such additional modifications to the Loan Agreement as more expressly set forth below and the Lender has agreed to such request. 
  
 WHEREAS, the Borrower has agreed to deliver all closing documents required under the Loan Agreement including, but not limited to,
officer’s certificates, and all other documents required thereunder, and has authorized the filing of any relevant UCC financing statements by the Lender and agrees to satisfy all conditions precedent to any Advance thereunder. 

 
 WHEREAS, as of the date of this Amendment, each of the Borrower and the Servicer represents to the Lender that it is in
compliance with all of the representations and warranties and all of the affirmative and negative covenants set forth in the Loan Agreement and is not in default under the Loan 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 23, 2002, Section 1 of
the Loan Agreement is hereby amended by deleting the definition of “Maturity Date”and replacing it with the following: 






  
 “Maturity Date” shall mean December 31, 2003 or such earlier date on
which this Loan Agreement shall terminate in accordance with the provisions hereof or by operation of law. 
  
 SECTION 2.    Effective as of December 23, 2002, Section 1 of the Loan Agreement is hereby amended by deleting the definition of “Maximum Credit” and replacing it with the following: 

 
 “Maximum Credit” shall mean $50,000,000. 
  
 SECTION 3.    Effective as of December 23, 2002, Section 5.02 of the Loan Agreement is hereby amended by deleting clause (a) thereof in its entirety and
replacing it with the following: 
  
 “(a) no Default, Event of Default or event which, in the sole judgment of
the Lender, may have a Material Adverse Effect shall have occurred and be continuing;” 
  
 SECTION
4.    Effective as of December 23, 2002, Section 8 of the Loan Agreement is hereby amended by deleting clause (j) thereof in its entirety and replacing it with the following: 
  

“(j) Reserved;” 
  
 SECTION 5.    Fees and Expenses.    The Borrower agrees to pay to the Lender all fees and out of pocket expenses incurred by the Lender in connection with this Amendment (including all
reasonable fees and out of pocket costs and expenses of the Lender’s legal counsel incurred in connection with this Amendment), in accordance with Section 11.03(b) of the Loan Agreement. 
  

SECTION 6.    Defined Terms.    Any terms capitalized but not otherwise defined herein shall have the respective meanings set
forth in the Loan Agreement. 
  
 SECTION 7.    Representations.    In order
to induce the Lender to execute and deliver this Amendment, each of the Borrower and the Servicer hereby represents to the Lender that as of the date hereof, after giving effect to this Amendment, each of the Borrower and the Servicer is in full
compliance with all of the terms and conditions of the Loan Agreement and no Default or Event of Default has occurred under the Loan Agreement. 
  
 SECTION 8.    Limited Effect.    This Amendment shall become effective upon the satisfaction by the Borrower of the conditions precedent set forth in Section 5
of the Loan Agreement. Except as expressly amended and modified by this Amendment, the Loan Agreement shall continue in full force and effect in accordance with its terms. 

 
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 Reference to this Amendment need not be made in the Loan 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 Loan Agreement, any reference in any of such items to the Loan Agreement being sufficient to refer to the Loan
Agreement as amended hereby. 
  
 SECTION 9.    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
10.    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 Lender, the Borrower and the Servicer have caused this
Amendment to be executed and delivered by their duly authorized officers as of the day and year first above written. 
  
 
	 SALOMON BROTHERS REALTY CORP.
 
	 
	 By:
 	 	   /s/    EVAN J. MITNICK
 

	  	 	 Name:
 Title:  Vice
President
 

 
  
  
 
	 NC CAPITAL CORPORATION
 
	 
	 By:
 	 	 /s/    KEVIN CLOYD
 

	  	 	 Name
 Title: President
 

 
  
  
 
	 NEW CENTURY MORTGAGE CORPORATION
 
	 
	 By:
 	 	 /s/    KEVIN CLOYD  
 

	  	 	 Name
 Title: Senior Vice President
 

 

 
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