Document:

exv10w17

 

Exhibit 10.17

AMENDMENT NUMBER SIX

to the

Second Amended and Restated Master Loan and Security Agreement

dated as of June 27, 2005

by and among

NEW CENTURY MORTGAGE CORPORATION

NC CAPITAL CORPORATION

NEW CENTURY FINANCIAL CORPORATION

and

CITIGROUP GLOBAL MARKETS REALTY CORP.

          This AMENDMENT NUMBER SIX (this “Amendment Number Six”) is made this 23rd day of June,
2006, among NEW CENTURY MORTGAGE CORPORATION, having an address at 18400 Von Karman, Suite 1000,
Irvine, California 92612 (“NC Mortgage”), NC CAPITAL CORPORATION, having an address at
18400 Von Karman, Suite 1000, Irvine, California 92612 (“NC Capital”), NEW CENTURY
FINANCIAL CORPORATION, having an address at 18400 Von Karman, Suite 1000, Irvine, California 92612
(“NC Financial”) and CITIGROUP GLOBAL MARKETS REALTY CORP., having an address at 390
Greenwich Street, New York, New York 10013 (“Citigroup”) to the SECOND AMENDED & RESTATED
MASTER LOAN AND SECURITY AGREEMENT, dated as of June 27, 2005, among NC Mortgage, NC Capital, NC
Financial and Citigroup, as amended (the “Agreement”).

RECITALS

          WHEREAS, the parties have agreed to amend the Agreement to temporarily increase Maximum Credit
as more expressly set forth below.

          WHEREAS, as of the date of this Amendment Number Six, each of NC Mortgage, NC Capital and NC
Financial 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 Agreement and the
Loan Documents.

          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 23, 2006, the Agreement shall be amended as follows:

          (a) Section 1.01 of the Agreement shall be amended by deleting the definition of Maximum
Credit in its entirety and replacing it with the following:

“Maximum Credit” shall mean, from the period beginning with June 23, 2006 to
and including July 10, 2006, $250,000,000, and thereafter, $150,000,000.

          SECTION 2. Fees and Expenses. NC Capital 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 Section 11.03(b)
of the Agreement.

          SECTION 3. Defined Terms. Any terms capitalized but not otherwise defined herein
shall have the respective meanings set forth in the Agreement.

          SECTION 4. Representations. In order to induce Citigroup to execute and deliver this
Amendment Number Six, NC Capital, NC Mortgage and NC Financial hereby represent to Citigroup that
as of the date hereof, after giving effect to this Amendment Number Six, each of NC Capital, NC
Mortgage and NC Financial is in full compliance with all of the terms and conditions of the
Agreement and no Event of Default or material adverse change has occurred under the Agreement.

          SECTION 5. 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 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 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 Agreement, any reference in any of such items to the
Agreement being sufficient to refer to the Agreement as amended hereby.

          SECTION 6. 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 SECTION 5-1401 OF THE NEW YORK GENERAL OBLIGATIONS LAW).

          SECTION 7. 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, Citigroup, NC Capital, NC Mortgage and NC Financial 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/ Bobbie Theivakumaran	 	 
	 

	 	 	 	 	 	 
	 	 	Name: Bobbie Theivakumaran	 	 
	 	 	Title:   Authorized Agent	 	 
	 
	 	 	 	 	 	 
	 	 	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	 	 
	 
	 	 	 	 	 	 
	 	 	NEW CENTURY FINANCIAL CORPORATION
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ Kevin Cloyd	 	 
	 

	 	 	 	 	 	 
	 	 	Name: Kevin Cloyd	 	 
	 	 	Title:   Executive Vice President	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ Robert K. Cole	 	 
	 

	 	 	 	 	 	 
	 	 	Name: Robert K. Cole	 	 
	 	 	Title:   CEOexv10w18

 

Exhibit 10.18

AMENDMENT NO. 4

TO MASTER REPURCHASE AGREEMENT

          AMENDMENT NO. 4, dated as of July 6, 2006 (this “Amendment”), to that certain Master
Repurchase Agreement, dated as of December 12, 2005 (as previously amended, restated, supplemented
or otherwise modified, the “Existing Repurchase Agreement”; as modified hereby and as
further amended, restated, supplemented or otherwise modified and in effect from time to time, the
“Repurchase Agreement”), by and among NC CAPITAL CORPORATION, NEW CENTURY MORTGAGE
CORPORATION, NC ASSET HOLDING, L.P. (successor by conversion to NC Residual II Corporation),
HOME123 CORPORATION and NEW CENTURY CREDIT CORPORATION (collectively, the “Sellers”, each,
a “Seller”), MORGAN STANLEY BANK (“MSB”) and MORGAN STANLEY MORTGAGE CAPITAL INC.
(“MSMCI”, together with MSB, collectively, the “Buyers”, each, a “Buyer”,
and as the agent for the Buyers, in such capacity, the “Agent”). Capitalized terms used
but not otherwise defined herein shall have the meanings given to them in the Existing Repurchase
Agreement. Unless otherwise stated, all article and section references used herein refer to the
corresponding parts of the Existing Repurchase Agreement.

RECITALS

          The Sellers, the Buyers and the Agent are parties to the Existing Repurchase Agreement.

          The Sellers, the Buyers and the Agent have agreed, subject to the terms and conditions hereof,
that the Existing Repurchase Agreement shall be modified as set forth in this Amendment.

          NOW, THEREFORE, in consideration of the premises and for other good and valuable
consideration, the receipt and sufficiency of which is hereby acknowledged, the Sellers, the Buyers
and the Agent hereby agree as follows:

          SECTION 1. Amendments.

          1.1 Any and all references in the Repurchase Documents to “30/40 Mortgage Loan” or “30/40
Mortgage Loans” are hereby deleted and replaced with equivalent references to “40/30 Mortgage Loan”
or “40/30 Mortgage Loans.”

          1.2 Section 1.01 is hereby modified by inserting in proper alphabetical order the following
new defined term:

     “‘50/30 Mortgage Loan’ means an Eligible Mortgage Loan which has an original
term to maturity of not more than thirty years from commencement of amortization, based upon
a fifty year amortization schedule with a balloon payment in year thirty.”

 

 

          1.3 Schedule 1 is hereby modified by deleting the last two sentences of subpart (s) in their
entirety and inserting the following in lieu thereof:

   “The Mortgage Note is payable on the first day of each month in equal monthly
installments of principal and interest (except that (i) if the related Purchased Loan is an
interest-only loan, no installments of principal shall be payable during the interest-only
period and (ii) if the related Purchased Loan is a ‘balloon’ mortgage loan, a ‘balloon’
payment shall be due on the stated maturity date), which installments of interest, with
respect to adjustable rate Purchased Loans, are subject to change due to the adjustments to
the Mortgage Interest Rate on each Interest Rate Adjustment Date, with interest calculated
and payable in arrears, sufficient to amortize the Purchased Loan fully by the stated
maturity date, over an original term of not more than thirty (30) years from the
commencement of amortization (except with respect to any 40/30 Mortgage Loans and 50/30
Mortgage Loans). No 40/30 Mortgage Loan or 50/30 Mortgage Loan has a balloon payment due
prior to the date which is 30 years following the origination date.”

          1.4 Schedule 1 is hereby modified by deleting the parenthetical in the last sentence of
subpart (bb) in its entirety and inserting the following parenthetical in lieu thereof:

          “(except with respect to 40/30 Mortgage Loans or 50/30 Mortgage Loans)”

          SECTION 2. Conditions Precedent. This Amendment shall become effective on the first
date (the “Amendment Effective Date”) on which all of the following conditions precedent
shall have been satisfied:

          2.1 Delivered Documents. On the Amendment Effective Date, the Agent shall have
received all of the following documents, each of which shall be satisfactory to the Agent in form
and substance:

          (a) Amendment. This Amendment, executed and delivered by a duly authorized officer of
each of the Sellers, the Buyers and the Agent;

          (b) Other Documents. Such other documents as the Agent or counsel to the Agent may
reasonably request.

          2.2 No Default. On the Amendment Effective Date, (i) each Seller shall be in
compliance with all of the terms and provisions set forth in the Existing Repurchase Agreement on
its part to be observed or performed, (ii) all of the representations and warranties made and
restated by each Seller pursuant to Section 3 of this Amendment shall be true and complete on and
as of such date with the same force and effect as if made on and as of such date and (iii) no
Default or Event of Default shall have occurred and be continuing on such date.

          SECTION 3. Representations and Warranties. Each Seller hereby represents and warrants
to the Agent and the Buyers that it is in compliance with all of the terms and provisions set forth
in the Repurchase Documents on its part to be observed or performed and that no Default or Event of
Default has occurred or is continuing. Each Seller hereby confirms

-2-

 

and reaffirms the representations and warranties contained in Section 6 of the Repurchase
Agreement.

          SECTION 4. Limited Effect. Except as expressly modified by this Amendment, the
Existing Repurchase Agreement shall continue to be, and shall remain, in full force and effect in
accordance with its terms; provided, however, that upon the Amendment Effective
Date, all references therein and herein to the “Repurchase Documents” shall be deemed to include,
in any event, this Amendment and each reference to the Repurchase Agreement in any of the
Repurchase Documents shall be deemed to be a reference to the Existing Repurchase Agreement as
modified hereby.

          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. Delivery of an executed signature page of
this Amendment in Portable Document Format (PDF) or by facsimile transmission shall be effective as
delivery of an executed original counterpart of this Amendment.

          SECTION 6. GOVERNING LAW. THIS AMENDMENT SHALL BE GOVERNED BY, AND CONSTRUED AND
INTERPRETED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK.

[SIGNATURES FOLLOW]

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

	 	 	 	 	 
	 	

SELLERS 

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 	 
	 

	 	 	 	 	 
	 	

NC ASSET HOLDING, L.P.

 	 
	 	By:  	NC DELTEX, LLC, its general partner
 	 
	 	 	 
	 	By:  	NC Capital Corporation, its sole member
and manager
 	 
	 	 	          	 	 
	 	By:  	                                             /s/ Kevin Cloyd
 	 
	 	 	Name:  	Kevin Cloyd 	 
	 	 	Title:  	President 	 
	 

	 	 	 	 	 
	 	

HOME123 CORPORATION

 	 
	 	By:  	/s/ Kevin Cloyd
 	 
	 	 	Name:  	Kevin Cloyd 	 
	 	 	Title:  	Executive Vice President 	 

[Amendment
No. 4 to New Century Repurchase Agreemennt].

 

 

	 	 	 	 	 

	 	 	 	 	 
	 	

NEW CENTURY 
CREDIT CORPORATION

 	 
	 	By:  	/s/ Kevin Cloyd
 	 
	 	 	Name:  	Kevin Cloyd 	 
	 	 	Title:  	President 	 

[Amendment
No. 4 to New Century Repurchase Agreemennt].

 

 

	 	 	 	 	 

	 	 	 	 	 
	 	

MORGAN STANLEY BANK,
as a Buyer

 	 
	 	By:  	/s/ Deborah P. Goodman
 	 
	 	 	Name:  	Deborah P. Goodman 	 
	 	 	Title:  	VP 	 
	 

	 	 	 	 	 
	 	

MORGAN STANLEY MORTGAGE CAPITAL INC.,
 as a Buyer and as the Agent

 	 
	 	By:  	/s/ Deborah P. Goodman
 	 
	 	 	Name:  	Deborah P. Goodman 	 
	 	 	Title:  	VP 	 
	 

[Amendment
No. 4 to New Century Repurchase Agreemennt].

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