Document:

Amendment No. 1 to Amended and Restated Purchase and Sale Agreement

 Exhibit 10.2 
  
 AMENDMENT NUMBER ONE 
 to the 
 Amended and Restated Purchase and Sale Agreement 
 dated as of October 1, 2004 
 by and among 
 NC CAPITAL CORPORATION 
 NEW CENTURY CREDIT
CORPORATION 
 and 
 CITIGROUP
GLOBAL MARKETS REALTY CORP. 
  
 This AMENDMENT NUMBER ONE (this
“Amendment Number One”) is made this 28th day of January, 2005, among NC CAPITAL CORPORATION,
having an address at 18400 Von Karman, Suite 1000, Irvine, California 92612 (“NC Capital”), NEW CENTURY CREDIT CORPORATION, having an address at 18400 Von Karman, Suite 1000, Irvine, California 92612 (“NC Credit”)
and CITIGROUP GLOBAL MARKETS REALTY CORP., having an address at 390 Greenwich Street, New York, New York 10013 (“Citigroup”) to the Amended and Restated Purchase and Sale Agreement, dated as of October 1, 2004, among NC Mortgage, NC
Capital, NC Credit and Citigroup, as amended (the “Purchase and Sale Agreement”). 
  
 RECITALS 
  
 WHEREAS, NC Capital and NC Credit have requested that Citigroup agree to temporarily add Correspondent Loans to the facility as more expressly set forth below and Citigroup has agreed to such request. 
  
 WHEREAS, as of the date of this Amendment Number One, each of NC Capital and
NC Credit 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 Purchase and Sale Agreement and the Amended and Restated Letter Agreement,
dated as of October 1, 2004, among NC Capital, NC Credit, New Century Mortgage Corporation and Citigroup (the “Letter Agreement”) and is not in default under the Purchase and Sale Agreement or the Letter 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 January 28, 2005, the first sentence of the second introductory paragraph of the Purchase and Sale Agreement is hereby deleted
and replaced with the following: 
  
 The
“Purchase Price,” with respect to Standard Mortgage Loans, Special Risk Mortgage Loans, High Balance/High LTV Mortgage Loans, Fallout Mortgage Loans and Correspondent Loans, is defined in Sections 2(a), (b), (c), (d) and (i), respectively
of the Letter Agreement. 

 SECTION 2. Effective as of January 28, 2005, the third sentence of Section 4 of the Purchase and Sale
Agreement is hereby deleted and replaced with the following: 
  
 “Purchase Price,” with respect to Standard Mortgage Loans, Special Risk Mortgage Loans, High Balance/High LTV Mortgage Loans, Fallout Mortgage Loans and Correspondent Loans, is defined in Sections 2(a), (b),
(c), (d) and (i), respectively of the Letter Agreement. 
  
 SECTION 3. Effective as of January 28, 2005, the third and fourth sentences of Section 12 of the Purchase and Sale Agreement are hereby deleted and replaced with the following: 
  
 The Confirmation shall be sent by Citigroup to the related Seller and the documents contained in the
Mortgage File (as defined herein) shall be delivered to Deutsche Bank National Trust Company (“DBNTC”) and held by DBNTC pursuant to the terms of a Custodial Agreement (the “Custodial Agreement”), among the Seller, Citigroup and
DBNTC pursuant to which DBNTC shall, among other things, issue trust receipts, as defined therein (the “Trust Receipts”); provided that the documents contained in the Mortgage File to DBNTC with respect to any Correspondent Loan shall not
be required to be delivered prior to the expiration of four business days following the related Purchase Date. Except with respect to Correspondent Loans, as a condition to closing any transaction on any Purchase Date, DBNTC must deliver to
Citigroup a Trust Receipt in form and substance acceptable to Citigroup. 
  
 SECTION 4. Effective as of January 28, 2005, the Letter Amendment is hereby amended by deleting all references therein to “U.S. Bank” and substituting therefore in each place where such reference appears,
“DBNTC”. 
  
 SECTION 5. 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 One (including all reasonable fees and out of pocket costs and expenses of Citigroup’s legal counsel incurred
in connection with this Amendment Number One), in accordance with Section 5(i) of the Letter Agreement. 
  
 SECTION 6. Defined Terms. Any terms capitalized but not otherwise defined herein shall have the respective meanings set forth in the Purchase and
Sale Agreement. 
  
 SECTION 7. Representations. In order to
induce Citigroup to execute and deliver this Amendment Number One, NC Capital and NC Credit hereby represent to Citigroup that as of the date hereof, after giving effect to this Amendment Number One, each of NC Capital and NC Credit 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. 
  

 -2- 

 SECTION 8. Limited Effect. This Amendment Number One shall become effective upon the execution
hereof by the parties hereto. Except as expressly amended and modified by this Amendment Number One, the Purchase and Sale Agreement shall continue in full force and effect in accordance with its terms. Reference to this Amendment Number One need
not be made in the Purchase and Sale 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 Purchase and Sale Agreement, any
reference in any of such items to the Purchase and Sale Agreement being sufficient to refer to the Purchase and Sale Agreement as amended hereby. 
  
 SECTION 9. GOVERNING LAW. THIS AMENDMENT NUMBER ONE 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 10. Counterparts. This Amendment Number One 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, NC Capital, NC Credit and Citigroup have caused this Amendment Number One to the
Purchase and Sale Agreement 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/ Matthew R. Bollo

	 Name:
	 	 Matthew R. Bollo

	 Title:
	 	 Vice President

	
	 NC CAPITAL CORPORATION

		
	 By:
	 	 /s/ Kevin Cloyd

	 Name:
	 	 Kevin Cloyd

	 Title:
	 	 President

	
	 NEW CENTURY CREDIT CORPORATION

		
	 By:
	 	 /s/ Kevin Cloyd

	 Name:
	 	 Kevin Cloyd

	 Title:
	 	 Executive Vice President

  
 The undersigned
Guarantor under the Limited Guaranty dated as of October 1, 2004, hereby acknowledges and agrees to the amendment and modification to the Purchase and Sale Agreement made pursuant to this Amendment Number One. 
  
 NEW CENTURY MORTGAGE CORPORATION 
  

			
	 By:
	 	 /s/ Kevin Cloyd

	 Name:
	 	 Kevin Cloyd

	 Title:
	 	 Executive Vice President

  

 -4-Amendment No. 1 to Third Amended and Restated Master Loan and Security Agreement

 Exhibit 10.3 
  
 AMENDMENT NO. 1 
  
 AMENDMENT NO. 1, dated as of January 28, 2005 (this “Amendment”), to that certain Third Amended and Restated Master Loan and Security
Agreement, dated as of October 1, 2004 (as amended, supplemented or otherwise modified prior to the date hereof, the “Existing Loan Agreement”, as modified hereby and as further amended, restated, supplemented or otherwise modified
and in effect from time to time, the “Loan Agreement”), by and among NC CAPITAL CORPORATION (“NC Capital”), NEW CENTURY MORTGAGE CORPORATION (“New Century”), NC RESIDUAL II CORPORATION
(“NCRII”), NEW CENTURY CREDIT CORPORATION (“NC Credit”, together with NC Capital, New Century and NCRII, the “Borrowers”, each a “Borrower”), MORGAN STANLEY BANK
(“MSB”) and MORGAN STANLEY MORTGAGE CAPITAL INC. (“MSMCI”) (MSMCI, in its capacity as a lender, together with MSB, collectively, the “Lenders”, and in its capacity as agent for the Lenders, together
with any successors and assigns, the “Agent”). Capitalized terms used but not otherwise defined herein shall have the meanings given to them in the Loan Agreement. 
  
 RECITALS 
  
 The Borrowers, the Lenders and the Agent are parties to the Existing Loan Agreement, pursuant to which the Lenders have agreed to make and to permit to
remain outstanding certain extensions of credit on the terms and subject to the conditions of the Existing Loan Agreement. 
  
 The Borrowers, the Lenders and the Agent have agreed, subject to the terms and conditions hereof, that the Existing Loan Agreement shall be amended to
extend the termination date and revise the definitions of Applicable Collateral Percentage and Applicable Margin. 
  
 The parties hereto hereby agree, in consideration of the mutual premises and mutual obligations set forth herein, as follows: 
  
 SECTION 1. Amendments. 
  
 (a) The Existing Loan Agreement is hereby amended by deleting the definition
of “Applicable Collateral Percentage” set forth in Section 1.01 of the Existing Loan Agreement in its entirety and inserting in lieu thereof the following: 
  
 “Applicable Collateral Percentage” shall mean, except as may be reduced pursuant to Section 11.15 hereof,
for any date of determination and each type of Eligible Mortgage Loan, the applicable collateral percentage specified in the table below: 
  

			
	 Type of Eligible Mortgage Loan

	 	 Applicable Collateral Percentage

	 Unseasoned Mortgage Loan
	 	98%
	 Second Lien Mortgage Loan
	 	98%
	 30+ Delinquent Mortgage Loan
	 	85%
	 60+ Delinquent Mortgage Loan
	 	75%
	 Wet-Ink Mortgage Loan
	 	98%
	 Defaulted Mortgage Loan
	 	the applicable BPO Percentage
	 Discretionary Mortgage Loan
	 	the applicable percentage specified by the Agent one (1) Business Day prior to the applicable Funding Date”

  
  

 (b) The Existing Loan Agreement is hereby amended by deleting the definition of “Applicable
Margin” set forth in Section 1.01 of the Existing Loan Agreement in its entirety and inserting in lieu thereof the following: 
  
 “Applicable Margin” shall mean the sum of the weighted average of the applicable rates per annum for each type of Eligible Mortgage Loan
for each day that Loans shall be secured by such Eligible Mortgage Loans. For each type of Eligible Mortgage Loan, the applicable rate shall be equal to the product of (x) a fraction equal to (1) the Collateral Value of all Eligible Mortgage Loans
of such type, divided by (2) the Collateral Value of all Eligible Mortgage Loans, and (y) the applicable margin specified in the table below: 
  

			
	 Type of Eligible Mortgage Loan

	 	 Applicable Margin

	 Unseasoned Mortgage Loan
	 	0.50%
	 Second Lien Mortgage Loan
	 	0.50%
	 30+ Delinquent Mortgage Loan
	 	1.00%
	 60+ Delinquent Mortgage Loan
	 	1.00%
	 Defaulted Mortgage Loan
	 	1.45%
	 Wet-Ink Mortgage Loan
	 	0.50%
	 Discretionary Mortgage Loan
	 	the applicable percentage specified by the Agent one (1) Business Day prior to the applicable Funding Date”

  
 (c) The Existing Loan
Agreement is hereby amended by deleting the definition of “Termination Date” set forth in Section 1.01 of the Existing Loan Agreement in its entirety and inserting in lieu thereof the following: 
  
 “Termination Date” shall mean February 28, 2005, as such
date may be extended in accordance with Section 2.08 hereof, or such earlier date on which this Loan Agreement shall terminate in accordance with the provisions hereof or by operation of law. 
  

 -2- 

 SECTION 2. Conditions Precedent. This Amendment shall become effective on the first date
(the “Effective Date”) on which all of the following conditions precedent shall have been satisfied: 
  
 2.1 Delivered Documents. On the Effective Date, the Agent shall have received 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 Borrowers, the Lenders and the Agent; and 
  
 (b) Other Documents. Such other documents as the Agent or counsel to the Agent may reasonably request. 
  
 2.2 No Default. On the Effective Date, (i) each Borrower shall be in
compliance in all material respects with all of the terms and provisions set forth in the Loan Agreement and the other Loan Documents on its part to be observed or performed, (ii) the representations and warranties made and restated by such Borrower
pursuant to Section 3 of this Amendment shall be true and complete in all material respects 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 shall have occurred and be continuing on such
date. 
  
 SECTION 3. Representations and Warranties.
Each Borrower hereby represents and warrants to the Agent, as of the date hereof and as of the Effective Date, that it is in compliance in all material respects with all of the terms and provisions set forth in the Loan Documents on its part to be
observed or performed and that no Default has occurred or is continuing, and each Borrower hereby confirms and reaffirms in all material respects the representations and warranties contained in Section 6 of the Loan Agreement. 
  
 SECTION 4. Limited Effect. Except as expressly modified hereby,
the Existing Loan Agreement shall continue to be, and shall remain, in full force and effect in accordance with its terms; provided, however, that upon the Effective Date each reference therein to the “Loan Agreement” shall
be deemed to mean the Loan Agreement as defined in this Amendment, each reference in this Amendment to the “Loan Documents” shall be deemed to include, in any event, this Amendment and each reference to the Loan Agreement in any of the
Loan Documents shall be deemed to be a reference to the Loan 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 counterpart signature page to this Amendment in Portable Document Format (PDF) or by facsimile transmission shall be as effective as delivery of a manually executed original counterpart
thereof. 
  

 -3- 

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

  
  

 -4- 

 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. 
  

			
	 BORROWERS

	
	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 RESIDUAL II CORPORATION
		
	 By:
	 	 /s/ Kevin Cloyd

	 Name:
	 	Kevin Cloyd
	 Title:
	 	Executive Vice President
	
	NEW CENTURY CREDIT CORPORATION
		
	 By:
	 	 /s/ Kevin Cloyd

	 Name:
	 	Kevin Cloyd
	 Title:
	 	Executive Vice President

			
	 MORGAN STANLEY MORTGAGE 
      CAPITAL INC., as Agent and as a Lender

		
	 By:
	 	 /s/ Paul J. Najarian

	 Name:
	 	Paul J. Najarian
	 Title:
	 	Vice President
	
	MORGAN STANLEY BANK, as a Lender
		
	 By:
	 	 /s/ Paul J. Najarian

	 Name:
	 	Paul J. Najarian
	 Title:
	 	Vice President

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