Document:

Amend. #3 to Letter Agreement

  
 EXHIBIT 10.3

  
 AMENDMENT NUMBER THREE 
 to the 
 Letter Agreement 
 dated as of January 1, 2002 
 by and among

 NEW CENTURY MORTGAGE CORPORATION 
 NC CAPITAL CORPORATION 
 and 
 SALOMON BROTHERS REALTY CORP. 
  
 This AMENDMENT NUMBER
THREE (this “Amendment”) is made this 16th day of September, 2003, 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 (the “Letter Agreement”). 
  
 RECITALS 
  
 WHEREAS, New Century and NCCC have
requested that Citigroup agree to amend the Letter Agreement to temporarily increase the amount of the Mortgage Loans that may be on the facility at any one time as more expressly set forth below and Citigroup has agreed to such request. 

 
 WHEREAS, as of the date of this Amendment, 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 September 16, 2003, Paragraph 1(a) of the Letter Agreement is hereby amended by being deleted in its entirety and replaced with the following: 
  

	 	“(a)	 	In General. Citigroup agrees to make available to NCCC and New Century the Financing Line from January 1, 2002 until December 31, 2003; provided, however, that the
availability of the Financing Line may be extended beyond December 31, 2003 by mutual agreement among the parties hereto. The amount of Mortgage Loans on the Financing Line at any time shall not exceed $650,000,000; provided, however, that New
Century shall have the option to increase the amount of Mortgage Loans 

 on the Financing Line at any one time to an amount not in excess of $800,000,000 (or, during the period
commencing on September 16, 2003 and ending on the earlier of (a) September 30, 2003 or (b) the closing date for the Seller’s affiliate’s September 2003 securitization transaction, such amount shall be $1,200,000,000); provided, further,
however, that any increase in the amount of Mortgage Loans on the Financing Line in excess of $650,000,000 shall take into account the Purchase Price paid by Citigroup under the Master Repurchase Agreement (the “Repurchase Agreement”),
dated as of May 30, 2002, between Salomon Brothers Realty Corp., as Buyer and New Century Funding SB-1, as Seller such that the sum of the amount of Mortgage Loans on the Financing Line plus the Purchase Price paid by Citigroup under the Repurchase
Agreement shall not at any time exceed $800,000,000 (or during the period commencing on September 16, 2003 and ending on the earlier of (a) September 30, 2003 or (b) the closing date for the Seller’s affiliate’s September 2003
securitization transaction, $1,200,000,000).” 
  
 SECTION 2.
Effective as of September 16, 2003, Paragraph 2(a) of the Letter Agreement is hereby amended by being deleted in its entirety and replaced with the following: 
  

	 	“(a)	 	The Financing Line at any one time shall be initially limited to $650,000,000 in amount of Mortgage Loans and shall have a term of one month; provided, however, New Century shall
have the option to increase the amount of Mortgage Loans on the Financing Line at any one time to an amount not in excess of $800,000,000 (or during the period commencing on September 16, 2003 and ending on the earlier of (a) September 30, 2003 or
(b) the closing date for the Seller’s affiliate’s September 2003 securitization transaction, $1,200,000,000); provided, further, however, that any increase in the amount of Mortgage Loans on the Financing Line in excess of $650,000,000
shall take into account the Purchase Price paid by Citigroup under the Repurchase Agreement such that the sum of the amount of Mortgage Loans on the Financing Line plus the Purchase Price paid by Citigroup under the Repurchase Agreement shall not at
anytime exceed $800,000,000 (or during the period commencing on September 16, 2003 and ending on the earlier of (a) September 30, 2003 or (b) the closing date for the Seller’s affiliate’s September 2003 securitization transaction,
$1,200,000,000).” 

  
 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 (including all reasonable fees and out of pocket costs and expenses of Citigroup’s legal counsel incurred
in connection with this Amendment Number Three), 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. 
  

 -2- 

 SECTION 5. Representations. In order to induce Citigroup to execute and deliver this Amendment
Number Three, NCCC and New Century hereby represent to Citigroup that as of the date hereof, after giving effect to this Amendment Number Three, 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 Three
shall become effective upon the execution hereof by the parties hereto. Except as expressly amended and modified by this Amendment Number Three, the Letter Agreement shall continue in full force and effect in accordance with its terms. Reference to
this Amendment Number Three 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 THREE 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 8. Counterparts. This Amendment Number Three 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] 
  

 -3- 

 IN WITNESS WHEREOF, NCCC, New Century and Citigroup have caused this Amendment Number Three 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.
MITNIK        

	 Name:
	 	 Evan J. Mitnik

	 Title:
	 	  

  

	NC CAPITAL CORPORATION
		
	 By:
	 	 /s/    KEVIN
CLOYD        

	 Name:
	 	 Kevin Cloyd

	 Title:
	 	 President
  

  

	NEW CENTURY MORTGAGE CORPORATION
		
	 By:
	 	 /s/    KEVIN
CLOYD        

	 Name:
	 	 Kevin Cloyd

	 Title:
	 	 Senior 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 Three. 
  

	NEW CENTURY MORTGAGE CORPORATION
		
	 By:
	 	 /s/    KEVIN
CLOYD        

	 Name:
	 	 Kevin Cloyd

	 Title:
	 	 Senior Vice President
  

  

 -4-Amend. #3 to Master Repurchase Agreement

 Exhibit 10.4 
  
 AMENDMENT NUMBER THREE 
 to the 
 Master Repurchase Agreement 
 Dated as of May 30, 2002 
 by and between 
 NEW CENTURY FUNDING SB-1 
 and 
 CITIGROUP GLOBAL MARKETS REALTY CORP. 
  
 This AMENDMENT NUMBER THREE is made this 16th day of September, 2003, by and between
NEW CENTURY FUNDING SB-1, having an address at 18400 Von Karman, Irvine, California 92612 (the “Seller”) and CITIGROUP GLOBAL MARKETS REALTY CORP., having an address at 390 Greenwich Street, New York, New York 10013 (the
“Purchaser”), to the Master Repurchase Agreement, dated as of May 30, 2002, by and between the Seller and the Purchaser, as amended (the “Agreement”). Capitalized terms used but not otherwise defined herein shall have the
meanings assigned to such terms in the Agreement. 
  
 RECITALS

  
 WHEREAS, the Seller has requested that the Purchaser agree to
temporarily increase the Maximum Aggregate Purchase Price pursuant to the Agreement as set forth herein. 
  
 WHEREAS, as of the date of this Amendment, the Seller represents to the Purchaser 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 is not in default under the Agreement. 
  
 WHEREAS, the Seller and the Purchaser have agreed to amend the Agreement as set forth herein. 
  
 NOW THEREFORE, for good and valuable consideration, the receipt and
sufficiency of which are hereby acknowledged, and for the mutual covenants herein contained, the parties hereto hereby agree as follows: 
  
 SECTION 1. Effective as of September 16, 2003, the definition of “Maximum Aggregate Purchase Price” in Section 1 of the Agreement is hereby
amended to read in its entirety as follows: 
  
 “Maximum Aggregate Purchase Price” shall mean $150,000,000; provided that, during the period commencing on September 16, 2003 and ending on the earlier of (a) September 30, 2003 or (b) the closing date for the Seller’s
affiliate’s September 2003 securitization transaction, such amount shall be $250,000,000. 
  
 SECTION 2. Defined Terms. Any terms capitalized but not otherwise defined herein shall have the respective meanings set forth in the Agreement. 

 SECTION 3. Limited Effect. Except as amended hereby, the Agreement shall continue in full force
and effect in accordance with its terms. Reference to this Amendment 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 4. Representations. In order to induce the Purchaser to execute and deliver this Amendment Number Three, the Seller hereby represents to
the Purchaser that as of the date hereof, the Seller is in full compliance with all of the terms and conditions of the Agreement and no Default or Event of Default has occurred and is continuing under the Agreement. 
  
 SECTION 5. Governing Law. This Amendment Number Three 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 6. Counterparts. This Amendment Number Three 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. 
  
 [REMAINDER OF THIS PAGE LEFT INTENTIONALLY
BLANK] 
  

 -2- 

 IN WITNESS WHEREOF, the Seller and the Purchaser have caused this Amendment Number Three to be executed
and delivered by their duly authorized officers as of the day and year first above written. 
  

	 NEW CENTURY FUNDING SB-1
 (Seller)

		
	 By:
	  	 Christiana Bank & Trust Company not in its
 individual capacity but solely as Owner Trustee

		
	 By:
	  	 /s/     JAMES M. YOUNG

	 Name:
	  	 James M. Young

	 Title:
	  	 Assistant Vice President

  

	 CITIGROUP GLOBAL MARKETS REALTY CORP. 

(Purchaser)

		
	 By:
	  	 /s/    EVAN J. MITNICK

	 Name:
	  	 Evan J. Mitnick

	 Title:
	  	 Director

  
 Acknowledged and
Agreed: 
  

	 NEW CENTURY FINANCIAL CORPORATION

		
	 By:
	  	 /s/    PATRICK FLANAGAN

	 Name:
	  	 Patrick Flanagan

	 Title:
	  	 Executive Vice President

  

	 NEW CENTURY MORTGAGE CORPORATION

		
	 By:
	  	 /s/    PATRICK FLANAGAN

	 Name:
	  	 Patrick Flanagan

	 Title:
	  	 President

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