Document:

Amendment No. 6 to Note Purchase Agreement, dated June 18, 2004

 Exhibit 10.1 
  
 AMENDMENT NO. 6 TO NOTE PURCHASE AGREEMENT 
  
 AMENDMENT NO. 6 dated as of June 18, 2004 (this “Amendment”) to the Committed Note Purchase and
Security Agreement, dated as of May 10, 2002, as previously amended by Amendment No. 1 thereto, dated as of June 15, 2002, by Amendment No. 2 thereto, dated as of November 21, 2002, by Amendment No. 3 thereto, dated as of June 23, 2003, and by
Amendment No. 4 thereto, dated as of May 14, 2004 (as amended, the “Note Purchase Agreement”), among NEW CENTURY FUNDING I, a Delaware statutory trust (the “Note Issuer” or the “Trust”), each Person
party thereto as a Purchaser or a Noteholder from time to time, and UBS REAL ESTATE SECURITIES INC. (f/k/a UBS Warburg Real Estate Securities Inc.) as Agent for the Purchasers and the Noteholders (the “Agent”). 
  
 RECITALS 
  
 The Note Issuer has requested that the Agent agree to amend certain provisions of the Note Purchase Agreement as set forth
in this Amendment. The Agent is willing to agree to such amendments, but only on the terms and subject to the conditions set forth below in this Amendment. These Recitals are hereby incorporated herein and made a part hereof for all purposes.

  
 NOW, THEREFORE, in consideration of the premises and for other
good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the Note Issuer and the Agent hereby agree as follows: 
  
 1. Defined Terms. Unless otherwise defined herein, all capitalized terms herein shall have the respective meanings given for such terms in the Note
Purchase Agreement. 
  
 2. Amendments. The following
amendments to the Note Purchase Agreement shall apply as of the date hereof upon the execution of this Amendment by all the parties hereto: 
  
 (a) The defined term “Cash Equivalents” is hereby amended to read as follows: 
  
 “‘Cash Equivalents’ shall mean, at any time, (a)
securities with maturities of ninety (90) days or less from the date of acquisition issued or fully guaranteed or insured by the United States Government or any agency thereof, (b) certificates of deposit and eurodollar time deposits with maturities
of ninety (90) days or less from the date of acquisition and overnight bank deposits of any commercial bank having capital and surplus in excess of $500,000,000, (c) repurchase obligations of any commercial bank satisfying the requirements of clause
(b) of this definition, having a term of not more than seven days with respect to securities issued or fully guaranteed or insured by the United States Government, (d) commercial paper of a domestic Company rated at least “A-1+” or the
equivalent 

 thereof by S&P or “P-1” or the equivalent thereof by Moody’s, and in either case
maturing within ninety (90) days after the day of acquisition, (e) securities with maturities of ninety (90) days or less from the date of acquisition issued or fully guaranteed by any state, commonwealth or territory of the United States, by any
political subdivision or taxing authority of any such state, commonwealth or territory or by any foreign government, the securities of which state, commonwealth, territory, political subdivision, taxing authority or foreign government (as the case
may be) are rated at least “A” by S&P or “A2” by Moody’s, (f) securities with maturities of ninety (90) days or less from the date of acquisition backed by standby letters of credit issued by any commercial bank
satisfying the requirements of clause (b) of this definition, or (g) shares of money market mutual or similar funds which invest exclusively in assets satisfying the requirements of clauses (a) through (f) of this definition.” 
  
 (b) The defined term “Commitment Amount” in the Note
Purchase Agreement is hereby amended to read as follows: 
  
 “‘Commitment Amount’ shall mean $1,500,000,000, subject to reduction from time to time as provided herein; provided, that if the making of any Note Purchase hereunder would result in the aggregate principal amount of
Notes outstanding hereunder to exceed $2,000,000,000, then the maximum amount of such Note Purchase (and the Commitment Amount hereunder) will be reduced such that the total amount of Notes outstanding hereunder, together with notes outstanding and
issued by the Issuer, will not exceed $2,000,000,000.” 
  
 The parties
acknowledge that the $2,000,000,000 figure reflects an additional $500,000,000 which may be advanced to the Issuer as an uncommitted amount, in the sole and absolute discretion of the Agent.” 
  
 (c) The defined term “Late Certification Sub-Limit” is
hereby amended to read as follows: 
  
 “Late
Certification Sub-Limit” shall have the meaning ascribed to such term in the Pricing Side Letter.” 
  
 (d) The defined term “New Century Parties” is hereby amended to read as follows: 
  
 “New Century Parties” shall mean, collectively, New Century Financial, New Century Mortgage, New Century Capital
Corporation and NC Residual II Corporation. 
  
 (e) The defined
term “Seller” is hereby amended to read as follows: 
  
 “Seller” shall each of New Century Mortgage and NC Residual II Corporation, individually, and “Sellers” shall mean New Century Mortgage and NC Residual II Corporation, together. 
  

 2 

 All references in the Agreement to “the Seller” in the singular shall be to the Sellers in the plural or to
“the related Seller,” as applicable. 
  
 (f) The defined
term “Termination Date” is hereby amended to read as follows: 
  
 “Termination Date” shall mean June 21, 2004; provided that if the Note Issuer pays the facility fee due on June 21, 2004 and meets in all material respects all other requirements of the Transaction
Documents, the Termination Date shall mean June 21, 2005; provided further, that if Note Issuer pays the facility fee due on June 21, 2005 and meets in all material respects all other requirements of the Transaction documents, the Termination Date
shall mean June 21, 2006, or, in any case, such earlier date on which this Note Purchase Agreement shall terminate in accordance with the provisions hereof, including Section 13.16 hereof; provided, however, that subsequent commitments may be
provided by the Investors to the Note Issuer by written agreement.” 
  
 (g) The defined term “Total Indebtedness” is hereby amended to read as follows: 
  
 “‘Total Indebtedness’ shall mean, at any time, the aggregate Indebtedness of any Person and its subsidiaries.” less, with
respect to New Century Financial, the aggregate amount of any such Indebtedness that is reflected on the balance sheet of New Century Financial in respect of obligations incurred pursuant to a securitization transaction, solely to the extent such
obligations are secured by the assets securitized thereby and are non-recourse to New Century Financial. With respect to New Century Financial, in the event that any Indebtedness would be excluded from the calculation of Total Indebtedness but for
the existence of recourse, New Century Financial shall be entitled nonetheless to exclude the amount of such Indebtedness that is not subject to recourse. The amount of any recourse shall be the stated or determinable amount thereof or, if not
stated or determinable, the maximum reasonably anticipated liability in respect thereof as determined by New Century Financial in good faith and in accordance with GAAP.” 
  
 (h) The defined term “Wet-Ink Sub-Limit” is hereby amended to read as follows: 
  
 ‘“Wet-Ink Sub-Limit’ shall have the meaning ascribed
to such term in the Pricing Side Letter.” 
  
 (i) The
following new definitions shall be added in the Note Purchase Agreement in the appropriate alphabetical order as follows: 
  

 3 

 “‘Liquidity’ shall mean, for each relevant Person, the aggregate of all cash, Cash
Equivalents, and Overcollateralization, less the amount of Restricted Cash owned by such Person.” 
  
 “‘Overcollateralization’ shall mean, as of any date of determination for any Person, the excess of (i) the collateral value of
assets pledged by such Person to a lender under a committed warehouse or repurchase facility (after taking into account required haircuts) over (ii) the aggregate amount of the advances or loans made by the lender to the borrower under any such
committed warehouse or repurchase facility.” 
  
 “‘Restricted Cash’ shall mean, all cash and Cash Equivalents that are subject to a Lien in favor of any Person other than the Agent on behalf of the Purchasers and Noteholders, that are required to be maintained by the
such Person pursuant to a contractual obligation or as a result of the operation of law.” 
  
 (j) Section 9(k) of the Note Purchase Agreement is hereby amended to read as follows: 
  
 “(k) the Note Issuer, either Seller or any of the Note Issuer’s Affiliates shall be in default under any note, indenture, loan, guaranty, swap
agreement or any other contract to which it is a party, which default permits the acceleration of the maturity of obligations, or, in the case of any swap agreement or other contract, permits its early termination, close-out or liquidation, by any
other party to or beneficiary of such note, indenture, loan agreement, guaranty, swap agreement or other contract, in any case if the aggregate amount of the obligations accelerated or capable of being accelerated or due or that may become due as a
result of the occurrence of such default, early termination, close-out or liquidation on any date under any one or more of such note, indenture, loan agreement, guaranty, swap agreement or other contract exceeds (in the aggregate) the lesser of (i)
$10,000,000 and (ii) any lower amount applicable to such defaults as may cause an “event of default” under any Other Financing Documents.” 
  
 3. Representations and Warranties. To induce the Agent to enter into this Amendment, the Note Issuer hereby represents and warrants to the Agent
that, after giving effect to the amendments provided for herein, the representations and warranties contained in the Note Purchase Agreement and the other Note Documents will be true and correct in all material respects as if made on and as of the
date hereof and that no Default or Event of Default will have occurred and be continuing. 
  
 4. No Other Amendments. Except and to the extent expressly amended herein, the Note Purchase Agreement shall remain in full force and effect, without any waiver, or additional amendment or modification of any
other provision thereof. 
  
 5. Expenses. The Note Issuer
hereby agrees to cause the Administrator to pay and reimburse the Agent for all of the reasonable out-of pocket costs and expenses 
  

 4 

 incurred by the Agent in connection with the preparation, execution and delivery of this Amendment, including, without
limitation, the reasonable fees and disbursements of Dewey Ballantine LLP, counsel to the Agent. 
  
 6. Governing Law. This Amendment, in all respects, shall be governed by, and construed in accordance with, the laws of the State of New York,
including all matters of construction, validity and performance, without regard to principles of conflicts of law. 
  
 7. Counterparts. This Amendment may be executed by the parties hereto in separate counterparts, each of which when so executed and delivered shall
be an original, but all such counterparts together shall constitute but one and the same instrument. 
  
 8. Merger and Integration. Upon execution of this Amendment by the parties to the Agreement, this Amendment shall be incorporated into and merged
together with the Agreement. Except as provided herein, all provisions, terms and conditions of the Agreement shall remain in full force and effect and the Agreement as hereby amended is further ratified and reconfirmed in all respects. 

 
 9. Voting Rights. For the convenience of cross-referencing,
reference is hereby made to that certain direction letter of even date herewith (the “Direction Letter”) wherein New Century Mortgage Corporation, as the Administrator of New Century Funding I under the Administration Agreement and
the Depositor under the Trust Agreement, (a) directs Wilmington Trust Company to take all such action with respect to the Trust as is consistent with the terms and conditions of each of the Agreement and the Trust Agreement and (b) thereby
represents and warrants that (i) it is the holder of the majority of Voting Rights (as defined in the Trust Agreement) and (ii) the actions to be taken by Wilmington Trust Company pursuant to the Direction Letter and hereunder are authorized by, and
do not conflict with, the Transaction Documents. 
  
 10.
Liability. It is expressly understood and agreed by the parties that (a) this Amendment is executed and delivered by Wilmington Trust Company, not individually or personally, but solely as Owner Trustee, in the exercise of the powers and
authority conferred and vested in it, pursuant to the Trust Agreement, (b) each of the representations, undertakings and agreements herein made on the part of the Trust is made and intended not as personal representations, undertakings and
agreements by Wilmington Trust Company but is made and intended for the purpose of binding the Trust with respect thereto, (c) nothing herein contained shall be construed as creating any liability on Wilmington Trust Company, individually or
personally, to perform any covenant either expressly or impliedly contained herein, and the right to claim any and all such liability, if any, being expressly waived by the parties hereto and by any person claiming by, through or under the parties
hereto, and (d) under no circumstances shall Wilmington Trust Company be personally liable for the payment of any indebtedness or 
  

 5 

 expenses of the Trust or be liable for the breach or failure of any obligation, representation, warranty or covenant made
or undertaken by the Trust hereunder or under any other related documents. Nothing expressed or implied in the preceding sentence, however, shall alter the terms and conditions of Section 5.1 of the Trust Agreement. 
  

 6 

 IN WITNESS WHEREOF, the parties hereto have caused this Amendment No. 6 to the Note Purchase Agreement to
be duly executed and delivered as of the date specified above. 
  

			
	NOTE ISSUER
	
	NEW CENTURY FUNDING I
		
	 By:
	 	 WILMINGTON TRUST COMPANY,
 not in its individual
capacity, but solely as Owner Trustee under the Trust Agreement

		
	 By:
	 	 /s/    MARY KAY
PUPILLO        

	 	 	 Name: Mary Kay Pupillo

	 	 	 Title: Assistant Vice President

	
	 Address for Notices:

	
	 New Century Funding I

	 c/o Wilmington Trust Company

	 Rodney Square North

	 1100 North Market Street

	 Wilmington, Delaware 19890

	 Attention: Corporate Trust Administration

	 Telecopy No.: 302-636-4140 or
 302-636-4141

	 Telephone No.: 302-651-1000

	
	 With a copy to:

	
	 New Century Funding I

	 c/o New Century Mortgage Corporation

	 18400 Von Karman,

	 Suite 1000

	 Irvine, California 92612

	 Attention: Ralph Flick, Esq.

	 Telecopier No.: 949-440-7033

	 Telephone No.: 949-863-7243

  

 7 

			
	AGENT
	
	UBS REAL ESTATE SECURITIES INC.
		
	 By:
	 	 /s/    ROBERT CARPENTER        

	 	 	Name: Robert Carpenter
	 	 	Title: Director
		
	 By:
	 	 /s/    GEORGE A. MANGIARACINA        

	 	 	Name: George A. Mangiaracina
	 	 	Title: Managing Director
	
	Address for Notices:
	
	1285 Avenue of the Americas
	New York, New York 10019
	 Attention:     Robert Carpenter

	                       George A. Mangiaracina
	Telecopier No: 212-713-9597
	Telephone No: 212-713-2000
	
	PURCHASER AND NOTEHOLDER
	
	UBS REAL ESTATE SECURITIES INC.
		
	 By:
	 	 /s/    ROBERT CARPENTER        

	 	 	Name: Robert Carpenter
	 	 	Title: Director
		
	 By:
	 	 /s/    GEORGE A. MANGIARACINA        

	 	 	Name: George A. Mangiaracina
	 	 	Title: Managing Director

  
 [Signature page
for Amendment No. 6 to Note Purchase Agreement] 
  

 8 

	
	 Address for Notices:

	
	 1285 Avenue of the Americas

	 New York, New York 10019

	 Attention: Robert Carpenter

	                    George A.
Mangiaracina

	 Telecopier No: 212-713-9597

	 Telephone No: 212-713-2000

  

 9Amendment No. 3 to Loan Purchase Agreement, dated June 18, 2004

 Exhibit 10.2 
  
 Execution Version 
  
 A M E N D M E N T NO. 3 
  
 TO 
  
 LOAN PURCHASE AGREEMENT 
  
 The LOAN PURCHASE AGREEMENT, dated as of May 10, 2002 (the “Agreement”), among NEW CENTURY FUNDING I, a Delaware statutory trust, NEW CENTURY MORTGAGE CORPORATION, a California corporation (the
“Seller”), NC CAPITAL CORPORATION, a California corporation (“NCCC”) and NEW CENTURY FINANCIAL CORPORATION, a Delaware corporation (“New Century Financial” and together with the Seller and NCCC, the
“New Century Parties”), as previously amended by Amendment No. 1 thereto dated as of November 21, 2002 and by Amendment No. 2 dated as of June 23, 2003, is hereby being further amended by this Amendment No. 3 dated as of June 18,
2004 (the “Amendment”) as follows: 
  
 1.
Amended Terms. The Agreement is hereby amended as follows: 
  
 (a) Section 3.01(a) (xii) of the Agreement is hereby amended to read as follows: 
  
 “Tangible Net Worth. As of December 31, 2003, the aggregate Tangible Net Worth of New Century Financial is not less than (a) $400,000,000 plus (b) ninety percent (90%) of capital contributions made during
such fiscal year plus (c) fifty percent (50%) of positive year-to-date net income minus (d) the amount of repurchases of New Century Financial stock after December 31, 2003 in an amount not to exceed the lesser of: (i) the dollar equivalent of
1,800,000 shares (or share equivalents in the case of any stock splits/reverse splits), or (ii) $40,000,000. As used in this Agreement, “Tangible Net Worth” shall mean, with respect to any Person, as of any date of determination,
the consolidated Net Worth of such Person and its subsidiaries, less the consolidated net book value of all assets of such Person and its subsidiaries (to the extent reflected as an asset on the balance sheet of such Person or any subsidiary of such
Person at such date) which will be treated as intangibles under GAAP, including, without limitation, such items as deferred financing expenses, net leasehold improvements, goodwill, trademarks, trade names, service marks, copyrights, patents,
licenses and unamortized debt discount and expense; provided, that, residual securities owned by such Person shall not be treated as intangibles for purposes of this definition.” 
  
 (b) Section 4.01(h) of the Agreement is hereby amended as follows: 
  
 “Limitation on Guarantees. The New Century Parties shall not
create, incur, assume or suffer to exist any Guarantees by any of them of the obligations of others, in excess of $100,000 in the aggregate, except as otherwise listed on Schedule 4 hereto. As used in this Section 4.01(h), a “Guarantee”
shall not include a guarantee by one or more of the New Century Parties of an obligation (including a capitalized lease obligation) of one or more other New Century Parties or any or any of their respective wholly-owned subsidiaries.”

 (c) Section 4.01(i) of the Agreement is hereby amended as follows: 
  
 “Maintenance of Tangible Net Worth. As of the end of each
calendar quarter following December 31, 2003, the aggregate Tangible Net Worth of New Century Financial shall be at least (w) $400,000,000 plus (x) ninety percent (90%) of capital contributions made during such fiscal year plus (y)
fifty percent (50%) of positive year-to-date net income minus (z) the amount of repurchases of New Century Financial stock after December 31, 2003 in an amount not to exceed the lesser of: (i) the dollar equivalent of 1,800,000 shares (or
share equivalents in the case of any stock splits/reverse splits), or (ii) $40,000,000.” 
  
 (d) Section 4.01(j) of the Agreement is hereby amended as follows: 
  
 “Maintenance of Ratio of Total Indebtedness to Book Equity: Liquidity. New Century Financial (i) shall not permit the consolidated ratio of
aggregate Total Indebtedness to Tangible Net Worth to be greater than 15:1 as measured as of the last day of each fiscal quarter and (ii) shall provide to the Agent on the last day of each fiscal quarter a tabulation of all borrowings pursuant to
the Other Financing Documents. At no time following the Effective Date shall New Century Financial have, on a consolidated basis, Liquidity of less than $60,000,000.” 
  
 (e) The following new paragraph (aa) is added to Section 4.01 of the Agreement: 
  
 “4.01(aa) Officer’s Certificate. New Century Financial
shall deliver to the Agent, as soon as available and in any event by the thirtieth Business Day following the end of each fiscal quarter and upon request, a certificate of the chief financial officer and secondary marketing director of New Century
Financial substantially in the form of Annex A.” 
  
 (f)
Exhibit A attached hereto is hereby attached to the Agreement as Annex A. 
  
 (g) NC Residual II Corporation is hereby added as a party to the Agreement as an additional seller (together with New Century Mortgage Corporation, jointly and severally, the “Sellers”) and as a
“New Century Party”. The defined term “New Century Parties” is hereby defined to refer, collectively, to New Century Financial Corporation, New Century Mortgage Corporation, NC Capital Corporation and NC Residual II Corporation.
All references in the Agreement to “the Seller” in the singular shall be to the Sellers in the plural or to “the related Seller,” as appropriate. 
  

 2 

 2. Representations and Warranties. Each of the New Century Parties hereby represents and warrants
to the Agent that, after giving effect to the amendments provided for herein, the representations and warranties contained in the Agreement and the other Note Documents will be true and correct in all material respects as if made on and as of the
date hereof and that no Default or Event of Default will have occurred and be continuing. 
  
 3. No Other Amendments, Effective Date. 
  
 (a) Except and to the extent expressly amended herein, the Agreement shall remain in full force and effect, without any waiver, or additional amendment or modification of any other provision thereof. 
  
 (b) The amendments effected hereby shall be deemed to apply prospectively
from and after the date hereof. 
  
 4. Expenses. The New
Century Parties agree to pay and reimburse the Agent for all of the reasonable out-of pocket costs and expenses incurred by the Agent in connection with the preparation, execution and delivery of this Amendment, including, without limitation, the
reasonable fees and disbursements of Dewey Ballantine LLP, counsel to the Agent. 
  
 5. Governing Law. This Amendment, in all respects, shall be governed by, and construed in accordance with, the laws of the State of New York, including all matters of construction, validity and performance,
without regard to principles of conflicts of law. 
  
 6.
Counterparts. This Amendment may be executed by the parties hereto in separate counterparts, each of which when so executed and delivered shall be an original, but all such counterparts together shall constitute but one and the same
instrument. 
  
 7. Merger and Integration. Upon execution
of this Amendment by the parties to the Agreement, this Amendment shall be incorporated into and merged together with the Agreement. Except as provided herein, all provisions, terms and conditions of the Agreement shall remain in full force and
effect and the Agreement as hereby amended is further ratified and reconfirmed in all respects. 
  
 8. Capitalized Terms. Capitalized terms used herein and not defined herein have their respective meanings as set forth in the Agreement and if not
therein then by reference therein to terms in the Note Purchase Agreement. 
  
 9. Voting Rights. For the convenience of cross-referencing, reference is hereby made to that certain direction letter of even date herewith (the “Direction Letter”) wherein New Century Mortgage
Corporation, as the Administrator of New Century Funding I under the Administration Agreement and the Depositor under the Trust Agreement, (a) directs Wilmington Trust Company to take all such action with respect to the Trust as is consistent with
the terms and conditions of each of the Agreement and the Trust Agreement and (b) thereby represents and warrants that (i) it is the holder of the majority of Voting Rights (as defined in the Trust Agreement) and (ii) the actions to be taken by
Wilmington Trust Company pursuant to the Direction Letter and hereunder are authorized by, and do not conflict with, the Transaction Documents. 
  

 3 

 10. Liability. It is expressly understood and agreed by the parties that (a) this Amendment is
executed and delivered by Wilmington Trust Company, not individually or personally, but solely as Owner Trustee, in the exercise of the powers and authority conferred and vested in it, pursuant to the Trust Agreement, (b) each of the
representations, undertakings and agreements herein made on the part of the Trust is made and intended not as personal representations, undertakings and agreements by Wilmington Trust Company but is made and intended for the purpose of binding the
Trust with respect thereto, (c) nothing herein contained shall be construed as creating any liability on Wilmington Trust Company, individually or personally, to perform any covenant either expressly or impliedly contained herein, and the right to
claim any and all such liability, if any, being expressly waived by the parties hereto and by any person claiming by, through or under the parties hereto, and (d) under no circumstances shall Wilmington Trust Company be personally liable for the
payment of any indebtedness or expenses of the Trust or be liable for the breach or failure of any obligation, representation, warranty or covenant made or undertaken by the Trust hereunder or under any other related documents. Nothing expressed or
implied in the preceding sentence, however, shall alter the terms and conditions of Section 5.1 of the Trust Agreement. 
  
 [Remainder of page intentionally left blank.] 
  

 4 

 Exhibit 10.2 
  
 Execution Version 
 IN WITNESS WHEREOF, the parties hereto have caused this Amendment No. 3 to the Agreement to be duly executed and delivered as of the date specified above. 
  

			
	NEW CENTURY FUNDING I
		
	 By:
	 	 WILMINGTON TRUST COMPANY, not in its individual capacity, but solely as Owner Trustee under the Trust Agreement

		
	 By:
	 	 /s/    MARY KAY
PUPILLO        

	 	 	 Name: Mary Kay Pupillo

	 	 	 Title: Assistant Vice 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

	
	NC CAPITAL CORPORATION
		
	 By:
	 	 /s/    KEVIN CLOYD        

	 	 	 Name: Kevin Cloyd

	 	 	 Title: President

	
	NC RESIDUAL II CORPORATION
		
	 By:
	 	 /s/    KEVIN CLOYD        

	 	 	 Name: Kevin Cloyd

	 	 	 Title: Executive Vice President

 EXHIBIT A 
  

Annex 1 
  
 OFFICER’S CERTIFICATE 
  
 Each of                      and
                    , hereby certify that they are the duly elected
                     and
                     , respectively, of New Century Financial Corporation, a Delaware corporation (the “NCFC”), and further
certify on behalf of NCFC as follows: 
  
 This officer’s
certificate is made in connection with the Loan Sale Agreement, dated as of May 10, 2002 (the “Agreement”) by and among NCFC, NC Capital Corporation, (“NCCC”), NC Residual II Corporation (“NCRII”),
New Century Mortgage Corporation (“New Century” and together with the NCFC, NCCC and NCRII, the “New Century Parties”) and New Century Funding I (the “Trust”), as amended by Amendment No. 1 thereto,
dated as of November 21, 2002, by Amendment No. 2 thereto, dated as of June 23, 2003, and by Amendment No. 3 thereto, dated as of June 18, 2004. 
  
 The [Chief Financial Officer] further certifies on behalf of NCFC as follows: 
  
 1. As of December 31, 20[    ], the aggregate Tangible Net Worth of the NCFC is not less than (a)
$400,000,000 plus (b) ninety percent (90%) of capital contributions made during such fiscal year plus (c) fifty percent (50%) of positive year-to-date net income minus (d) the amount of repurchases of NCFC’s stock after December 31,
20[    ] in an amount not to exceed the lesser of: (i) the dollar equivalent of 1,800,000 shares (or share equivalents in the case of any stock splits/reverse splits), or (ii) $40,000,000. 
  
 2. NCFC’s consolidated ratio of Total Indebtedness to Tangible Net Worth
is [                ], which is not greater than 15:1. 
  
 3. NCFC’s Net Income for the last Test Period, before income taxes for such Test Period and distributions made during such Test Period is
$[                    ], which is not less than $1.00. 
  
 4. Neither NCFC nor its partners, principal shareholders and owners, guaranty, endorse or are otherwise in any way
responsible for any obligations of NCFC or any other Person. 
  
 5. There has been no change in the articles of incorporation and by-laws of NCFC since the date such documents were provided to the Trust and such documents are in full force and effect on the date hereof. 
  
 6. No event has occurred since the date of the last good standing certificate
of NCFC provided to the Purchaser which has affected the good standing of NCFC under the laws of the State of Delaware. 

 7. All of the representations and warranties of NCFC contained in the Transaction Documents to which it
is a party are true and correct in all material respects as of the date hereof and NCFC has complied with the Transaction Documents to which it is a party and satisfied all of the conditions on its part to be performed or satisfied at or prior to
the date hereof. 
  
 8. NCFC has performed all of its duties and
has satisfied all the material conditions on its part to be performed or satisfied pursuant to the Transaction Documents to which it is a party on or prior to the date hereof. 
  
 9. There are no actions, suits or proceedings pending or, to my knowledge, threatened, against or affecting NCFC which, if
adversely determined either individually or in the aggregate, would adversely affect NCFC’s obligations under the Transaction Documents to which it is a party. 
  
 10. No proceedings that could result in the liquidation or dissolution of NCFC are pending or contemplated. 
  
 11. To the best of my knowledge after due inquiry and investigation, no Event
of Default has occurred prior to the date hereof or is occurring on the date hereof. 
  
 All capitalized terms used herein and not otherwise defined shall have the meaning assigned to them in the Agreement. 

 IN WITNESS WHEREOF, I have hereunto signed my name and affixed the seal of the NCFC. 
  

					
	Dated:                    
    ,        	 	 
	                     [Seal]
	 	 	 	 
	 	 	

			
	 	 	 By:
	 	  

	 	 	 Name:
	 	 
	 	 	 Title:
	 	 Chief Financial Officer

	 	 	 	 	 
	 	 	

			
	 	 	 By:
	 	  

	 	 	 Name:
	 	 
	 	 	 Title:
	 	 Secondary Marketing Director

  
 I,
                    , [Assistant] Secretary of
                    , hereby certify that
                     and
                     are the duly elected, qualified and acting Chief Financial Officer and Secondary Marketing Director, respectively, of New
Century Financial Corporation and that the signature appearing above is the genuine signature of such person. 
  
 IN WITNESS WHEREOF, I have hereunto signed my name. 
  

					
	Dated:                         ,
        	 	 	 	 
	                     [Seal]
	 	 	 	 
	 	 	

	 	 	 	 	 
	 	 	By:	 	  

	 	 	Name:

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