Document:

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                                                                  Exhibit 10.15

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 THE DEFERRED COMPENSATION INCENTIVE PLAN FOR STEINWAY MUSICAL INSTRUMENTS, INC.

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                    THE DEFERRED COMPENSATION INCENTIVE PLAN
                     FOR STEINWAY MUSICAL INSTRUMENTS, INC.

                                TABLE OF CONTENTS
<TABLE>
<CAPTION>

                                                                                                   PAGE

         ARTICLE I

<S>                                                                                                  <C>
             Purpose..................................................................................1

         ARTICLE II

             Definitions..............................................................................1

         ARTICLE III

             Eligibility & Participation..............................................................3

         ARTICLE IV

             Contributions............................................................................3

         ARTICLE V

             Account Allocation & Investment..........................................................4

         ARTICLE VI

             Trust Provisions.........................................................................4

         ARTICLE VII

             Distributions............................................................................5

         ARTICLE VIII

             Vesting & Forfeiture.....................................................................6

         ARTICLE IX

             Plan Amendment and Termination...........................................................6

         ARTICLE X

             Administration...........................................................................6

         ARTICLE XI

             Miscellaneous............................................................................7

</TABLE>

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                    THE DEFERRED COMPENSATION INCENTIVE PLAN
                     FOR STEINWAY MUSICAL INSTRUMENTS, INC.

This unfunded Deferred Compensation Plan (the "Plan"), effective as of January
1, 2001, is hereby adopted and established by Steinway Musical Instruments, Inc.
(the "Company") and will be maintained by the Company for the purpose of
providing benefits for Plan Participants and their Beneficiaries, as set forth
herein.

                                    ARTICLE I

                                     PURPOSE

Section 1.1       The purpose of the Plan is to provide the opportunity for
                  a select group of executives, senior management employees and
                  Directors of the Company, who constitute a "top hat" group as
                  defined by ERISA, to receive a portion of their Compensation
                  in a tax deferred manner.

                                   ARTICLE II

                                   DEFINITIONS

As used in this instrument, the following terms shall have the meaning as
hereinafter set forth:

Section 2.1       "Account" shall mean a bookkeeping account established
                  pursuant to Article V.

Section 2.2       "Beneficiary" shall mean a person who has become eligible
                  to participate and for whom an Account is maintained, but who
                  has ceased to be an Employee of the Company, or a person
                  entitled to benefits hereunder as Beneficiary of a deceased
                  Participant or as Beneficiary of a deceased Beneficiary.

Section 2.3       "Board" or "Board of Directors" shall mean the Board of
                  Directors for Steinway Musical Instruments, Inc.

Section 2.4       "Change in Control" shall mean the occurrence of any one of
                  the following events:

        (i)       any "Person," (other than Steinway Musical Instruments,
                  Inc., or any of its Subsidiaries, or any trustee, fiduciary
                  or other person or entity holding securities under any
                  employee benefit plan or trust of the Company or any of its
                  Subsidiaries), together with all "affiliates" and
                  "associates" (as such terms are defined in Rule 12b-2 under
                  the Act) of such person, shall become the "beneficial owner"
                  (as such term is defined in Rule 13d-3 under the Act),
                  directly or indirectly, of securities of Steinway Musical
                  Instruments, Inc. representing 50 percent or more of the
                  combined voting power of the then outstanding securities of
                  Steinway Musical Instruments, Inc. having the right to vote
                  in an election of the Board of Directors of Steinway Musical
                  Instruments, Inc., ("Voting Securities") (in such case other
                  than as a result of an acquisition of securities directly
                  from the Company); or

                                       1
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        (ii)      persons who, as of the Effective Date, constitute the Board
                  of Directors of Steinway Musical Instruments, Inc. (the
                  "Incumbent Directors") cease for any reason, including,
                  without limitation, as a result of a tender offer, proxy
                  contest, merger or similar transaction, to constitute at
                  least a majority of the Board, provided that any person
                  becoming a director of Steinway Musical Instruments, Inc.
                  subsequent to the Effective Date shall be considered an
                  Incumbent Director if such person's election was approved by
                  or such person was nominated for election by either (A) a
                  vote of at least a majority of the Incumbent Directors or
                  (B) a vote of at least a majority of the Incumbent Directors
                  who are members of a nominating committee comprised, in the
                  majority, of Incumbent Directors; but provided further, that
                  any such person whose initial assumption of office is in
                  connection with an actual or threatened election contest
                  relating to the election of members of the Board of
                  Directors or other actual or threatened solicitation of
                  proxies or consents by or on behalf of a Person other than
                  the Board, including by reason of agreement intended to
                  avoid or settle any such actual or threatened contest or
                  solicitation, shall not be considered an Incumbent Director;
                  or

        (iii)     the stockholders of Steinway Musical Instruments, Inc.
                  shall approve (A) any consolidation or merger of Steinway
                  Musical Instruments, Inc. where the stockholders of Steinway
                  Musical Instruments, Inc., immediately prior to the
                  consolidation or merger, would not, immediately after the
                  consolidation or merger, beneficially own (as such term is
                  defined in Rule 13d-3 under the Act), directly or
                  indirectly, shares representing in the aggregate more than
                  50 percent of the voting shares of the corporation issuing
                  cash or securities in the consolidation or merger (or of its
                  ultimate parent corporation, if any), (B) any sale, lease,
                  exchange or other transfer (in one transaction or a series
                  of transactions contemplated or arranged by any party as a
                  single plan) of all or substantially all of the assets of
                  Steinway Musical Instruments, Inc. or (C) any plan or
                  proposal for the liquidation or dissolution of Steinway
                  Musical Instruments, Inc.

Section 2.5       "Code" shall mean the Internal Revenue Code of 1986, as
                  amended.

Section 2.6       "Committee" shall mean the Compensation Committee of the Board
                  of Directors of Steinway Musical Instruments, Inc.

Section 2.7       "Company" shall mean Steinway Musical Instruments, Inc., a
                  Delaware corporation, and all affiliated companies within
                  the meaning of Section 414 of the Code.

Section 2.8       "Company Contributions" shall mean a contribution made
                  pursuant to Section 4.1.

Section 2.9       "Competitor" shall mean any person or entity including,
                  but not limited to, a corporation, association, partnership or
                  joint venture engaged in the design, manufacture, marketing,
                  distribution, sales or servicing of new or used musical
                  instruments.

Section 2.10      "Director" shall mean a member of the Board of Directors.

Section 2.11      "Disability" shall have the meaning set forth in the Savings
                  Plan for Employees of Steinway Musical Instruments, Inc. and
                  subsidiaries.

Section 2.12      "ERISA" shall mean the Employee Retirement Income Security Act
                  of 1974, as amended.

                                       2

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Section 2.13      "Fiscal Year" shall mean the Company's fiscal year used for
                  corporate tax reporting purposes.

Section 2.14      "Forfeiture" shall mean the loss of the contingent right of a
                  Participant or beneficiary to receive future payments under
                  the Plan.

Section 2.15      "Participant" shall mean any individual who participates or
                  participated in the Plan in accordance with Section 3.1.

Section 2.16      "Plan Administrator" shall mean the Committee or an individual
                  designated by the Board of Directors to administer the Plan.

Section 2.17      "Plan Year" shall mean the Fiscal Year.

Section 2.18      "Retirement" shall refer to a Participant's cessation of
                  employment at the Company upon or after the attainment of age
                  65.

Section 2.19      "Trust" shall mean the trust established by the Company in
                  accordance with the provisions of Article VI.

Section 2.20      "Trustee" shall mean the trustee or trustees under the Trust.

Section 2.21      "Year of Service" shall mean a full 12-month period during
                  which an individual has continuously performed services for
                  the Company as an employee or Director.

                                   ARTICLE III

                          ELIGIBILITY AND PARTICIPATION

Section 3.1       The Committee shall meet at least once in each fiscal year
                  and irrevocably specify, the name of each employee who shall
                  be entitled to participate in the Plan for such year. The
                  Committee will exercise full discretion in specifying the
                  names of eligible employees.

Section 3.2       Any eligible employee described in Section 3.1 will become a
                  Participant by receiving a discretionary Company Contribution
                  pursuant to Article IV.

                                   ARTICLE IV

                                  CONTRIBUTIONS

Section 4.1       For any Plan Year, the Company may, in its sole discretion,
                  make a contribution to the Plan on behalf of eligible
                  Participants identified under Article III. The method by which
                  the amount to be allocated for the benefit of each Participant
                  from the total fund available for allocation shall be
                  determined by the Committee by taking into account such
                  factors as the Years of Service achieved and achievable
                  through age 65. Amounts contributed, if any, are considered
                  deferred contingent benefits, payable only as provided in this
                  Plan.

                                       3
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                                    ARTICLE V

                         ACCOUNT ALLOCATION & INVESTMENT

Section 5.1       The Plan Administrator shall establish and maintain a separate
                  bookkeeping Account for each Participant. The Account shall
                  reflect the amounts credited pursuant to the Plan and all
                  changes in investment values from time to time.

Section 5.2       The Company shall credit to the Account of a Participant an
                  amount equal to the amount of (i) the Company Contribution
                  allocated to such Participant under Section 4.1 and (ii) any
                  income and gains and losses thereon, both realized and
                  unrealized, from investments made pursuant to Section 5.3
                  ("Additions").

Section 5.3       Additions shall be calculated at the rate computed as if the
                  Company Contribution had been invested in a book reserve (the
                  "Investment Account") established for this purpose. For
                  purposes of computing Additions, Company Contributions shall
                  be assumed to have been invested in the Investment Account
                  from and after the date credited to the Participant's Account.
                  Any funds so credited to the Investment Account may be
                  invested and reinvested in common and preferred stocks, mutual
                  funds, mortgages, debentures, bonds, notes or other evidences
                  of indebtedness, and other forms of securities as may be
                  selected by the Company in its discretion. In the exercise of
                  the foregoing discretionary investment powers, the Company may
                  engage investment counsel and, if so desires, may delegate to
                  such counsel, full or limited authority to select the assets
                  in which funds are to be invested. The Participant agrees on
                  behalf of himself and his Beneficiaries to assume all risk in
                  connection with any decrease in value of the funds which are
                  deemed invested in accordance with the provisions of this
                  Plan.

Section 5.4       The Plan Administrator shall provide the Participant, or
                  current Beneficiary, as soon as practicable after the end of
                  such Plan Year, with an annual statement of his or her Account
                  reflecting the value of the Company Contribution credited to
                  the Account and any Additions, gains or losses thereon.

Section 5.5       Title to and beneficial ownership of any assets, whether cash
                  or investments, which the Company may earmark to provide
                  benefits under this Plan shall, at all times, remain in the
                  Company, and the Participant and his Beneficiaries shall not
                  have any property interest whatsoever in any specific assets
                  of the Employer.

                                   ARTICLE VI

                                TRUST PROVISIONS

Section 6.1       The Plan Administrator may in its discretion establish a trust
                  to hold all Company Contributions allocated to the Plan.
                  Except as otherwise provided in the terms of the Trust
                  Agreement, the Trust will be irrevocable and no portion of the
                  Trust will be used

                                       4
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                  for any purpose other than the delivery benefit payments under
                  the Plan, and the payment of expenses of the Plan and Trust.

Section 6.2       Any Trust which may be established pursuant to Section 6.1
                  shall be designed as a grantor trust, within the meaning of
                  section 671 of the Code, of which the Company is the grantor,
                  and this Plan is to be construed in accordance with that
                  intention. Notwithstanding any other provision of this Plan,
                  the Trust will remain the property of the Company and will be
                  subject to the claims of its creditors in the event of its
                  bankruptcy or insolvency. No Participant will have any
                  priority claim on the Trust or any security interest or other
                  right superior to the rights of a general creditor of the
                  Company.

                                   ARTICLE VII

                                  DISTRIBUTIONS

Section 7.1       On the first day of the month next following the earlier of
                  (i) the Participant's Retirement or (ii) Disability,
                  distribution of the vested portion of the Participant's
                  Account (as determined under Article VIII) shall commence in
                  accordance with the provisions of this Plan, in the form of
                  fifteen (15) substantially equal yearly installments.

Section 7.2       If a Participant's employment hereunder is terminated for any
                  reason other than death or disability, but before age 65, the
                  amounts credited as discretionary Company Contributions shall
                  continue to be held or invested in accordance with Article V
                  and no distribution shall occur until the Participant shall
                  have reached age 65. Upon the attainment of age 65,
                  distribution shall occur in accordance Section 7.1.

Section 7.3       If a Participant should die before distribution of the full
                  amount of his or her Account has been made to the Participant,
                  any remaining amounts shall be distributed to the
                  Participant's Beneficiary. If a Participant has not designated
                  a Beneficiary, or if no designated Beneficiary is living on
                  the date of distribution, then, notwithstanding any provision
                  herein to the contrary, such amounts shall be distributed to
                  such Participant's estate in a lump sum distribution as soon
                  as administratively feasible following such Participant's
                  death.

Section 7.4       Anything herein to the contrary notwithstanding, if, at any
                  time, a court or the Internal Revenue Service determines that
                  an amount in a Participant's Account is includible in the
                  gross income of the Participant and subject to tax, the Board
                  of Directors of the Company may, in its sole discretion,
                  permit a lump sum distribution of an amount equal to the
                  amount determined to be includible in the Participant's gross
                  income.

Section 7.5       In the event any amount to be paid to the Participant or his
                  or her Beneficiary pursuant to this Article VII would, in the
                  Company's judgment, result in nondeductibility under Section
                  162(m) of the Code, of any portion of such Participant's
                  income payable by or attributable to the Company for the year
                  in which such amount is to be paid, such amount shall not be
                  paid in such year. Such nondeductible amount shall be payable
                  in the following calendar year, as an addition to the annual
                  installment scheduled to be paid in such following calendar
                  year, if applicable, subject to the provisions of this Section
                  7.5.

                                       5
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                                  ARTICLE VIII

                              VESTING & FORFEITURE

Section 8.1       A Participant shall become 100% vested in the Company
                  Contribution, credited to his or her Account, upon the
                  completion of five (5) Years of Service. Years of Service
                  completed prior to the effective date of this Plan will be
                  considered in determining the vested portion of a
                  Participant's Account.

Section 8.2       Notwithstanding any other provision of the Plan, in the event
                  of a Change of Control of the Company, all amounts credited to
                  a Participant's Account under the Plan shall become fully and
                  immediately vested if, as a result of the Change of Control,
                  said Participant is terminated from employment without cause
                  or experiences a significant reduction of duties.

                  For purposes of the above Section 8.2, the terms "terminated
                  without cause" and "significant reduction of duties" are
                  defined in a manner consistent with the meaning given by the
                  Participant's Employment Agreement, which is hereby
                  incorporated by reference.

Section 8.3       If at any time prior to the full distribution of a
                  Participant's Account, the Participant provides services,
                  directly or indirectly, to a Competitor, whether as an
                  employee, consultant, partner, principal, agent,
                  representative or advisor, then, notwithstanding any other
                  provision of this Plan, such Participant and his or her
                  Beneficiaries will immediately forfeit any and all vested and
                  non-vested interests in the discretionary Company
                  Contributions credited to, and remaining in, his or her
                  Account, including earnings thereon.

                                   ARTICLE IX

                         PLAN AMENDMENT AND TERMINATION

Section 9.1       The Committee reserves the right to terminate the Plan at any
                  time. Such amendment or termination shall be effective as of
                  the date specified therein and shall be binding upon the Plan
                  Administrator, all Participants and Beneficiaries, and all
                  other persons claiming a present or future interest under the
                  Plan. If the Plan is terminated by the Company, all
                  Participant Accounts shall immediately become fully vested and
                  subject to a lump sum distribution within 120 days of the
                  effective date of such termination.

                                    ARTICLE X

                                 ADMINISTRATION

Section 10.1      The Plan shall be administered by the Plan Administrator,
                  which shall have complete authority, duty and power to
                  interpret and construe the provisions of the Plan in its
                  complete discretion. The Plan Administrator shall have the
                  duty and responsibility of maintaining records, making the
                  requisite calculations and disbursing the payments

                                       6
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                  hereunder. The interpretations, determinations and
                  calculations of the Plan Administrator shall be final and
                  binding on all persons and parties concerned. Any
                  individual(s) serving as the Plan Administrator who is a
                  Participant will not vote or act on any matter relating solely
                  to himself or herself. In such case, the members of the
                  Committee will take such actions, or the Company may appoint
                  an individual to assist the Committee with such actions. When
                  making a determination or calculation, the Plan Administrator
                  shall be entitled to rely on information furnished by a
                  Participant, a Beneficiary, the Company or the Trustee.

Section 10.2      Expenses of administration shall be paid by the Company. The
                  Committee shall be entitled to rely on all tables, valuations,
                  certificates, opinions, data and reports furnished by any
                  actuary, accountant, controller, counsel or other person
                  employed or retained by the Company with respect to the Plan.

Section 10.3      Each Participant shall keep the Company informed of his or her
                  current address and the current address of his or her
                  designated Beneficiary. The Company shall not be obligated to
                  search for any person. If such person is not located within
                  three (3) Years after the date on which payment of the
                  Participant's benefits payable under this Plan may first be
                  made, payment may be made as though the Participant or his or
                  her Beneficiary had died at the end of such three-year period.

Section 10.4      Notwithstanding any provision herein to the contrary, neither
                  the Company nor any individual acting as an employee or agent
                  of the Company shall be liable to any Participant, former
                  Participant, designated Beneficiary, or any other person for
                  any claim, loss, liability or expense incurred in connection
                  with the Plan, unless attributable to fraud or willful
                  misconduct on the part of the Company or any such employee or
                  agent of the Company.

                                   ARTICLE XI

                                  MISCELLANEOUS

Section 11.1      The Plan constitutes a mere promise by the Company to make
                  payments in accordance with the terms of the Plan and
                  Participants and Beneficiaries shall have the status of
                  general unsecured creditors of the Company. Nothing in the
                  Plan will be construed to give any employee or any other
                  person rights to any specific assets of the Company or of any
                  other person. In all events, it is the intent of the Company
                  that the Plan be treated as unfunded for tax purposes and for
                  purposes of Title of ERISA.

Section 11.2      None of the benefits, payments, proceeds or claims of any
                  Participant or Beneficiary shall be subject to any claim of
                  any creditor of any Participant or Beneficiary, nor shall any
                  Participant or Beneficiary have any right to alienate,
                  anticipate, commute, pledge, encumber or assign any of the
                  benefits or payments or proceeds which he or she may expect to
                  receive, continently or otherwise, under the Plan.

Section 11.3      Nothing contained in the Plan shall confer upon any person a
                  right to be employed or to continue in the employ of the
                  Company, or interfere in any way with the right of the Company
                  to terminate the employment of a Participant in the Plan at
                  any time, with or without cause.

                                       7
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Section 11.4      Any action with respect to the Plan taken by the Company, the
                  Plan Administrator or the Trustee or any action authorized by
                  or taken at the direction of the Plan Administrator, the
                  Company or the Trustee shall be conclusive upon all
                  Participants and Beneficiaries entitled to benefits under the
                  Plan.

Section 11.5      Any payment to any Participant or Beneficiary in accordance
                  with the provisions of the Plan shall, to the extent thereof,
                  be in satisfaction of claims against the Company, the Plan
                  Administrator or and the Trustee under the Plan, and the Plan
                  Administrator may require such Participant or Beneficiary, as
                  a condition precedent to such payment, to execute a receipt
                  and release to such effect. If any Participant or Beneficiary
                  is determined by the Plan Administrator to be incompetent by
                  reason of physical or mental disability, including minority,
                  to give a valid receipt and release, the Plan Administrator
                  may cause the payment or payments becoming due to such person
                  to be made to another person for his or her benefit without
                  responsibility on the part of the Plan Administrator, the
                  Company or the Trustee to follow the application of such
                  funds.

Section 11.6      The Plan shall be construed, administered, and governed in all
                  respects under and by the laws of the State of Massachusetts.
                  If any provision shall be held by a court of competent
                  jurisdiction to be invalid or unenforceable, the remaining
                  provisions hereof shall continue to be fully effective.

Section 11.7      Heading and subheadings in this Plan are inserted for
                  convenience only and are not to be considered in the
                  construction of the provisions hereof.

                                       8
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IN WITNESS WHEREOF this instrument is executed and delivered on this 20TH day of
JANUARY, 2001.

STEINWAY MUSICAL INSTRUMENTS, INC.

By:               /s/ Dennis M. Hanson
                  --------------------------------------------
                  Sr. EVP & CFO
                  -----------------------------------

ATTEST:           /s/ Barbara Johnson
                  --------------------------------------------

                                       9<PAGE>

                                                                        EX 10.68

                               FIRST AMENDMENT TO
                           SUBORDINATED LOAN AGREEMENT

      THIS FIRST AMENDMENT TO SUBORDINATED LOAN AGREEMENT (the "Amendment")
dated as of July 20, 2000 is by and between NEW CENTURY MORTGAGE CORPORATION, a
corporation organized under the laws of the State of California (the
"Borrower"), and U.S. BANK NATIONAL ASSOCIATION, a national banking association
(the "Lender").

      WITNESSETH THAT:

      WHEREAS, the Borrower and the Lender are parties to a Subordinated Loan
Agreement dated as of April 28, 2000 (the "Loan Agreement"), pursuant to which
the Lender provides the Borrower with a subordinated loan facility; and

      WHEREAS, the Borrower and the Lender have agreed to amend the Loan
Agreement upon the terms and conditions herein set forth;

      NOW, THEREFORE, for value received, the receipt and sufficiency of which
are hereby acknowledged, the Borrower and the Lender agree as follows:

      1. Certain Defined Terms. Each capitalized term used herein without being
defined herein that is defined in the Loan Agreement shall have the meaning
given to it therein.

      2. Amendment to Loan Agreement. The Loan Agreement is hereby amended as
follows:

            (a) Section 3.2 of the Credit Agreement is hereby amended to add the
      following subsection at the end thereof:

            3.2(g) As an additional condition to the making of the Additional
      Subordinated Loan to be made between October 1, 2000 and December 31,
      2000, all "Purchased Receivables" (as defined in the Purchase Agreement
      dated as of July 20, 2000 between the Borrower and the Lender) shall have
      been paid in full or repurchased by the Borrower on or before the earlier
      of (i) the date of such Additional Subordinated Loan and (ii) October 7,
      2000.

      3. Conditions to Effectiveness of this Amendment. This Amendment shall
become effective when the Lender shall have received a counterpart of this
Amendment, duly executed by the Borrower, provided the following conditions are
satisfied:

            (a) The Lender shall have received the following, each duly executed
      or certified, as the case may be, and dated as of the date of delivery
      thereof:

<PAGE>

                  (i) copy of resolutions of the Board of Directors of each
                  Borrower, certified by its respective Secretary or Assistant
                  Secretary, authorizing or ratifying the execution, delivery
                  and performance of this Amendment and the other agreements,
                  documents and instruments related hereto;

                  (ii) a certified copy of any amendment or restatement of the
                  Articles of Incorporation or the By-laws of each Borrower made
                  or entered following the date of the most recent certified
                  copies thereof furnished to the Lender;

                  (iii) certified copies of all documents evidencing any
                  necessary corporate action, consent or governmental or
                  regulatory approval (if any) with respect to this Amendment;
                  and

                  (iv) such other documents, instruments, opinions and approvals
                  as the Lender may reasonably request.

      5. Acknowledgments. The Borrower and the Lender acknowledge that, as
amended hereby, the Loan Agreement remains in full force and effect with respect
to the Borrower and the Lender, and that each reference to the Loan Agreement in
the Loan Documents shall refer to the Loan Agreement as amended hereby. The
Borrower confirms and acknowledges that it will continue to comply with the
covenants set out in the Loan Agreement and the other Loan Documents, as amended
hereby, and that its representations and warranties set out in the Loan
Agreement and the other Loan Documents, as amended hereby, are true and correct
as of the date of this Amendment. The Borrower represents and warrants that (i)
the execution, delivery and performance of this Amendment is within its
corporate powers and has been duly authorized by all necessary corporate action;
(ii) this Amendment has been duly executed and delivered by the Borrower and
constitutes the legal, valid and binding obligation of the Borrower, enforceable
against the Borrower in accordance with its terms (subject to limitations as to
enforceability which might result from bankruptcy, insolvency, or other similar
laws affecting creditors' rights generally and general principles of equity) and
(iii) no Event of Default or Default exists.

      6. General.

            (a) The Borrower agrees to reimburse the Lender upon demand for all
      reasonable expenses (including reasonable attorneys fees and legal
      expenses) incurred by the Lender in the preparation, negotiation and
      execution of this Amendment and any other document required to be
      furnished herewith, and to pay and save the Lender harmless from all
      liability for any stamp or other taxes which may be payable with respect
      to the execution or delivery of this Amendment, which obligations of the
      Borrower shall survive any termination of the Loan Agreement.

                                      -2-
<PAGE>

            (b) This Amendment may be executed in as many counterparts as may be
      deemed necessary or convenient, and by the different parties hereto on
      separate counterparts, each of which, when so executed, shall be deemed an
      original but all such counterparts shall constitute but one and the same
      instrument.

            (c) Any provision of this Amendment which is prohibited or
      unenforceable in any jurisdiction shall, as to such jurisdiction, be
      ineffective to the extent of such prohibition or unenforceability without
      invalidating the remaining portions hereof or affecting the validity or
      enforceability of such provisions in any other jurisdiction.

            (d) This Amendment shall be governed by, and construed in accordance
      with, the internal law, and not the law of conflicts, of the State of
      Minnesota, but giving effect to federal laws applicable to national banks.

            (e) This Amendment shall be binding upon the Borrower, the Lender
      and their respective successors and assigns, and shall inure to the
      benefit of the Borrower, the Lender and the successors and assigns of the
      Lender.

                  (REMAINDER OF PAGE INTENTIONALLY LEFT BLANK)

                                      -3-
<PAGE>

            IN WITNESS WHEREOF, the parties hereto have caused this Amendment to
be executed as of the day and year first above written.

                                          NEW CENTURY MORTGAGE
                                          CORPORATION

                                          By /s/ Edward F. Gotschall
                                             -----------------------------------
                                          Its CFO
                                              ---------------------------------

                                          U.S. BANK NATIONAL ASSOCIATION

                                          By  Edwin D. Jenkins
                                             -----------------------------------
                                          Its  Senior Vice President
                                              ---------------------------------

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