Document:

Amendment Number Six to the Letter Agreement

 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”. 

 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] 
  

 -2- 

 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

	 Name:
	 	 Kevin Cloyd

	 Title:
	 	 Executive Vice President

  

 -3-Amendment Number Two to Master Repurchase Agreement

 Exhibit 10.3 
  
 AMENDMENT NO. 2 
 TO 
 MASTER REPURCHASE AGREEMENT 
  
 THIS AMENDMENT NO. 2, made as of June 29, 2004 (“Amendment No. 2”), by and among BEAR STEARNS MORTGAGE CAPITAL CORPORATION (the
“Buyer”), NC CAPITAL CORPORATION (“NC Capital”) and NC RESIDUAL II CORPORATION (“NC Residual”, and together with NC Capital, each a “Seller” and collectively the “Sellers”). 
  
 R E C I T A L S 
  
 WHEREAS, Buyer and NC Capital have previously entered into a Master
Repurchase Agreement dated as of October 31, 2003, as amended by Amendment No. 1 to the Master Repurchase Agreement dated as of January 14, 2004 (as amended, the “Agreement”); 
  
 WHEREAS, Buyer, NC Capital and NC Residual desire that NC Residual be added
as a Seller under the Agreement to be jointly and severally liable with NC Capital for all obligations of any Seller; and 
  
 WHEREAS, Buyer and Sellers desire to make certain modifications to the Agreement as described herein; 
  
 NOW, THEREFORE, in consideration of the mutual promises and covenants
hereinafter set forth, and for other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the parties hereto agree as follows: 
  
 Section 1. Definitions. Capitalized terms used herein and not otherwise defined shall have the meanings assigned in
the Agreement. Capitalized terms used in the Agreement whose definitions are modified in this Amendment No. 2 shall, for all purposes of the Agreement, be deemed to have such modified definitions. 
  
 Section 2. Conditions Precedent. Buyer shall receive from Seller,
simultaneously with the effectiveness of this Amendment No. 2, the following documents: 
  

	 	(a)	The Guaranty of Guarantor in substantially the same form as the Guaranty issued under the Agreement with such changes as are reasonably necessary to contemplate the addition of NC
Residual as a Seller and the execution of this Amendment No. 2; 

  

	 	(b)	An opinion of counsel to Sellers and Guarantor substantially in the form of the opinion delivered under the Agreement with such changes as are reasonably necessary to contemplate
the addition of NC Residual as a Seller and the execution of this Amendment No. 2. 

 Section 3. Representations, Warranties and Covenants. Paragraph 10(e)(xvii) shall be amended to
read as follows: 
  
 The aggregate outstanding Purchase Price for
all Transactions ($400,000,000 of which may be Committed Transactions if the Seller with respect to such Committed Transactions is NC Capital) shall not exceed $1,800,000,000 from the date hereof until July 31, 2004, and thereafter shall not exceed
$800,000,000 ($400,000,000 of which may be Committed Transactions); 
  
 Section 4. References to Seller. All references to Seller in the Agreement are hereby amended to mean the Sellers, jointly and severally, unless the context clearly requires otherwise. 
  
 Section 5. Joint and Several Liability of Sellers. Each Seller agrees
to be jointly and severally liable for the obligations of each Seller hereunder and all representations, warranties, covenants and agreements made by or on behalf of each Seller in the Agreement or in any exhibit hereto or any document, instrument
or certificate delivered pursuant hereto shall be deemed to have been made by each Seller, jointly and severally. Each Seller further agrees that, notwithstanding any right of Buyer to investigate fully the affairs of a Seller and notwithstanding
any knowledge of facts determined or determinable by Buyer, Buyer has the right to rely fully on the representations, warranties, covenants and agreements of each Seller contained in the Agreement and upon the accuracy of any document, instrument,
certificate or exhibit given or delivered hereunder. The joint and several obligation of each Seller hereunder is absolute, unconditional, irrevocable, present and continuing and, with respect to any payment to be made to Buyer, is a guaranty of
payment (and not of collectability) and is in no way conditional or contingent upon the continued existence of the other Sellers and is not and will not be subject to any setoffs. Any notice or other communication provided to a Seller pursuant
hereto shall be deemed to have been given each Seller and failures to be sent any notice or communication contemplated hereby shall not relieve a Seller from its joint and several liability for the obligations of each Seller hereunder. 

 
 Section 6. Notices and Other Communications. Paragraph 14 of the
Agreement shall be amended to add the following address for notice for NC Residual: 
  
 NC Residual II Corporation 
 18400 Von Karman 
 Suite 1000 
 Irvine, California 92612

 Attention: Rick Holguin 
 Telephone: (949) 250-5143 
 Telecopy: (949) 224-5750 
  
 Section 7. Expenses. Sellers shall pay on demand all fees and expenses (including, without limitation, the fees and
expenses for legal services of any kind whatsoever) incurred by Buyer in connection with this Amendment No. 2. The obligation of Sellers to pay such fees and expenses incurred prior to or in connection with the termination of the Agreement as
amended by this Amendment No. 2 shall survive such termination. 
  
 Section 8. Governing Law. This Amendment No. 2 shall be governed and construed in accordance with the laws of the State of New York applicable to agreements made and entirely performed therein. 
  

 2 

 Section 9. Interpretation. The provisions of the Agreement shall be read so as to give effect to
the provisions of this Amendment No. 2. 
  
 Section 10.
Counterparts. This Amendment No. 2 may be executed in any number of counterparts, each of which counterparts shall be deemed to be an original, and such counterparts shall constitute but one and the same instrument. 
  
 Section 11. Ratification and Confirmation. As amended by this
Amendment No. 2, the Agreement is hereby in all respects ratified and confirmed, and the Agreement as amended by this Amendment No. 2 shall be read, taken and construed as one and the same instrument. 
  

 3 

 IN WITNESS WHEREOF, Buyer and Sellers have caused their names to be signed hereto by their respective
officers thereunto duly authorized, all as of the date first above written. 
  

			
	 BEAR STEARNS MORTGAGE CAPITAL CORPORATION, as Buyer

		
	 By:
	 	 /s/ Timothy Green

	 Title:
	 	 Timothy Green

	 Date:
	 	 Senior Vice President

	
	 NC CAPITAL CORPORATION,
 as Seller

		
	 By:
	 	 /s/ Kevin Cloyd

	 Title:
	 	 Kevin Cloyd

	 Date:
	 	 President

	
	 NC RESIDUAL II CORPORATION,
 as Seller

		
	 By:
	 	 /s/ Kevin Cloyd

	 Title:
	 	 Kevin Cloyd

	 Date:
	 	 Executive Vice President

  

			
	 ACKNOWLEDGED AND AGREED:

	
	 NEW CENTURY MORTGAGE CORPORATION, as servicer

		
	 By:
	 	 /s/ Kevin Cloyd

	 Title:
	 	 Kevin Cloyd

	 Date:
	 	 Executive Vice President

  

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