Document:

Amend. No 2 to Second Amend. & Restated Master Repurchase Agreement

 EXHIBIT 10.3 
  

  
  
 NEW CENTURY MORTGAGE CORPORATION 
 NC
CAPITAL CORPORATION 
 Seller 
  
  
 AND 
  
  
 CDC MORTGAGE CAPITAL INC. 
 Buyer 
  
  
 AMENDMENT NO. 2 
 Dated as of September 3, 2003 
  
  
 TO 
  
  
 SECOND AMENDED AND RESTATED MASTER 
 REPURCHASE AGREEMENT 
 Dated as of June 23, 2003 
  
  
  

  

 AMENDMENT NO. 2 (this “Amendment”), dated as of September 3, 2003, by and among New
Century Mortgage Corporation (“NCMC”), NC Capital Corporation (“NCCC” and, together with NCMC, the “Seller”), and CDC Mortgage Capital Inc. (“Buyer”), to the Second Amended and
Restated Master Repurchase Agreement, dated as of June 23, 2003 by and among Seller and Buyer, as amended (the “Agreement”). 
  
 RECITALS 
  
 WHEREAS, Seller and Buyer have entered into the Agreement; 
  
 WHEREAS the Seller has requested the Buyer to agree to amend certain provision of the Agreement as set forth in this Amendment. The Buyer hereto is
willing to agree to such amendments, but only on the terms and subject to the conditions 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 Seller and the Buyer hereby agree as follows: 
  
 Section 1.    Amendments. 
  
 (a)  Defined Terms.    Unless otherwise defined herein, terms defined in the Agreement are used herein as therein defined. 
  
 (b)  Section 11(j)(6) of the Agreement will be
amended by (i) deleting the word “or” immediately preceding clause (iii), (ii) inserting a comma after the word “Facilities” immediately preceding clause (iii), (iii) inserting the following at the end of that section:

  
 “(iv) the asset-backed commercial paper facility
described in Section 11(s)(13) and (v) the transaction described in Section 11(s)(14).” 
  
 (c)  Section 11(s) of the Agreement will be amended by (i) deleting the word “and” after clause (10) in that section,
(ii) correcting the second of the two clauses currently numbered as (11) by changing it to clause (12); (iii) adding the word “and” after clause (12) in that section and (iii) inserting the following at the end of that section: 

 
 “(13) Indebtedness with respect to an asset-backed commercial paper
facility pursuant to which (i) a wholly-owned subsidiary of Seller will issue short-term secured liquidity notes that mature within 360 days or less of issuance on a revolving basis in an aggregate principal amount not to exceed $2 billion, (ii) the
proceeds of any issuances thereunder will be used by the wholly-owned subsidiary of Seller solely for the purchase of mortgage loans or the repayment of the debt incurred thereby, (iii) the Seller will enter into a total return swap with an
institution with ratings at 

 least equal to “A-1+”, “P-1” and “F1+” from S&P, Moody’s and, if
rated by Fitch, Fitch, respectively, and a long-term credit rating of at least “AA-”, “Aa3” and “AA-” from S&P, Moody’s and, if rated by Fitch, Fitch, respectively for the payment of principal, interest and
fees due under the short-term secured liquidity notes to the extent that such obligations are not paid by the wholly-owned subsidiary of Seller and (iv) Guarantor will guaranty the Seller’s obligations of the total return swap. 
  
 (14) Indebtednesss with respect to a credit line from a third party lender of
up to $100,000,000 pursuant to which (i) a wholly-owned subsidiary of Guarantor (and an affiliate of the Seller) will borrow funds and, in turn, lend such funds .to mortgage loan brokers meeting certain credit criteria of the Seller for the purpose
of funding residential mortgage loans, (ii) such wholly-owned subsidiary of Guarantor will take a security interest in the residential mortgage loans originated in (i), and (iii) such whole-owned subsidiary of Guarantor will give a security interest
in favor of the third party lender in this clause (14).” 
  
 (c)  Section 11(u) will be deleted in its entirety and replaced with the following section: 
  

	 	“(u)	 	Subsidiaries.    (a)  Guarantor will not create or acquire any Subsidiaries other than (i) NCCC and NCMC, (ii) the Subsidiaries listed on
Schedule 2 hereto, (iii) Residual Finance Subsidiaries, (iv) Subsidiaries engaged solely in any business involving the origination, acquisition, servicing and sale of consumer obligations and (v) Subsidiaries formed for the purpose of effecting the
transaction described in Sections 11(s)(14) which, when formed, shall be added to Schedule 2 hereto, and (b) Seller will not create or acquire any Subsidiaries other than (i) the Subsidiaries listed on Schedule 2 hereto, (ii) Residual Finance
Subsidiaries, (iii) Subsidiaries acquired as a result of Investments permitted pursuant to Section 11(t)(10) and (iv) Subsidiaries formed for the purpose of effecting the transaction described in Sections 11(s)(13) which, when formed, shall be added
to Schedule 2 hereto.” 

  
 Section
2.  Effectiveness of the Amendment.    The Amendment shall become effective upon receipt by the Buyer of evidence satisfactory to the Buyer that this Amendment has been executed and delivered by the Seller.

  
 Section 3.  Ratification of
Agreement.    As amended by this Amendment, the Agreement is in all respects ratified and confirmed and the Agreement as so modified by this Amendment shall be read, taken, and construed as one and the same instrument.

  
 Section 4.  Representations and
Warranties.    To induce the Buyer to enter into this Amendment, the Seller hereby represents and warrants to the Buyer that, after giving effect to the amendments provided for herein, the representations and warranties
contained in the 
  

 -2- 

 Agreement and the other Repurchase 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. 
  
 Section 5.  No Other Amendments.    Except as expressly amended hereby, the Agreement and the other Repurchase Documents shall remain in full force and effect in accordance with
their respective terms, without any waiver, amendment or modification of any provision thereof. 
  
 Section 6.  Counterparts.    This Amendment may be executed in any number of counterparts, each of which so executed
shall be deemed to be an original, but all of such counterparts shall together constitute but one and the same instrument. 
  
 Section 7.  Expenses.    The Seller agrees to pay and reimburse the Buyer for all of the out-of-pocket costs and
expenses incurred by the Buyer in connection with the preparation, execution and delivery of this Amendment, including, without limitation, the fees and disbursements of its attorneys. 
  
 Section 8.  GOVERNING LAW. 
  
 THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK, WITHOUT REGARD TO
CONFLICTS OF LAW PRINCIPLES. 
  
 [Remainder of Page Left
Intentionally Blank—Signature Pages to Follow] 
  
  

 -3- 

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

	 CDC MORTGAGE CAPITAL INC., as
     Buyer under the Agreement
	  	 NEW CENTURY MORTGAGE
     CORPORATION, as Seller under the
     Agreement

		
	         /s/    ANTHONY MALANGA
 By:                                      
                                        
                       
         Name: Anthony Malanga
         Title: Managing Director
	  	         /s/    KEVIN CLOYD
 By:                                      
                                        
            
         Name: Kevin Cloyd
         Title: Senior Vice President

		
	         /s/    KATHY LYNCH
 By:                                      
                                        
                       
         Name: Kathy Lynch
         Title: Director
	  	 NC CAPITAL CORPORATION,
     as Seller under the Agreement
  
         /s/    KEVIN CLOYD
 By:                                      
                                        
            
         Name: Kevin Cloyd
         Title: President

  

 The undersigned guarantor hereby consents and agrees to the foregoing Amendment: 
  
  
 NEW CENTURY FINANCIAL 
     CORPORATION 
  
 By:    /s/    
PATRICK FLANAGAN                             
         Name: Patrick Flanagan 
         Title: Executive Vice PresidentSpecimen Stock Certificate

 EXHIBIT 4.1 
  

	 	 	SPECIMEN	 	 	 	 
				
	 	 	 HEALTH CARE PROPERTY INVESTORS, INC.
 Incorporated under the laws of the State of Maryland
	 	 	 	********* SHARES
	 NUMBER
  

	 	7.25% Series E Cumulative Redeemable Preferred Stock	 	 	 	 SEE REVERSE FOR CERTAIN DEFINITIONS
 AND RESTRICTIONS AND OTHER
 INFORMATION
  
 CUSIP: 421915 80 2

  
 THIS IS TO CERTIFY
THAT 
  
 ************ 
  
 is the record holder of *********** 
  
 FULLY PAID AND
NON-ASSESSABLE SHARES OF 7.25% SERIES E CUMULATIVE REDEEMABLE PREFERRED STOCK, PAR
VALUE $1.00 PER SHARE, OF 
  
 HEALTH CARE PROPERTY INVESTORS, INC., transferable on the books of the Corporation by the holder hereof, in person or by duly authorized attorney, upon surrender of this Certificate duly endorsed. This
Certificate is not valid until countersigned by the Transfer Agent and Registrar. 
  
 In Witness Whereof, the Corporation has caused this Certificate to be signed in facsimile by its duly authorized officers and a facsimile of its corporate seal. 
  
 Dated
                                        
                                  
  

	 Countersigned and Registered
 The Bank of New York, Transfer Agent and Registrar
  
 By:                                      
                                      
       Authorized Signature
	 	[Corporate Seal]	 	 /s/    KENNETH B.
ROATH        

 Chairman
  
 /s/    EDWARD J. HENNING        

 Senior Vice President, General Counsel
 and Corporate
Secretary

 CLASSES OF STOCK 
  
 The Corporation is authorized to issue more than one class of capital stock consisting of Common Stock and one or more series of
Preferred Stock. The Board of Directors is authorized to determine the preferences, limitations and relative rights of each series of Preferred Stock before the issuance of any such series of Preferred Stock. The Corporation will furnish, without
charge, to any stockholder making a request therefor, a copy of the Corporation’s Charter and a full statement with respect to designations and any preferences, conversion or other rights, voting powers, restrictions, limitations as to
dividends and other distributions, qualifications and terms and conditions of redemption of the stock of each class which the Corporation has the authority to issue and, since the Corporation is authorized to issue Preferred Stock in series, (i) the
differences in the relative rights and preferences between the shares of each series to the extent set, and (ii) the authority of the Board of Directors to set such rights and preferences of subsequent series. Request for such written statement may
be directed to the Secretary of the Corporation at its principal office. 
  
 RESTRICTION ON OWNERSHIP AND TRANSFER 
  
 The shares of Series E Preferred Stock represented by this certificate are subject to restrictions on beneficial and constructive ownership and transfer for the purpose of the Corporation’s maintenance of its status as a real estate
investment trust under the Internal Revenue Code of 1986, as amended (the “Code”). Subject to certain further restrictions and except as expressly provided in the Articles Supplementary for the Series E Preferred Stock, (i) no person may
beneficially own shares of the Corporation’s Series E Preferred Stock in excess of 9.8% (by value or by number of shares, whichever is more restrictive) of the outstanding Series E Preferred Stock of the Corporation; (ii) no person may
constructively own shares of the Corporation’s Series E Preferred Stock in excess of 9.8% (by value or by number of shares, whichever is more restrictive) of the outstanding Series E Preferred Stock of the Corporation; (iii) no person may
beneficially or constructively own Series E Preferred Stock that, taking into account any other capital stock of the Corporation beneficially or constructively owned by such person, would result in the Corporation being “closely held”
under Section 856(h) of the Code or otherwise cause the Corporation to fail to qualify as a REIT; and (iv) no person may transfer Series E Preferred Stock if such transfer would result in the capital stock of the Corporation being owned by fewer
than 100 persons. Any person who beneficially or constructively owns or attempts to beneficially or constructively own Series E Preferred Stock which causes or will cause a person to beneficially or constructively own Series E Preferred Stock in
excess of the above limitations must immediately notify the Corporation. If any of the restrictions on transfer or ownership are violated, the Series E Preferred Stock represented hereby in excess of such restrictions will be automatically
transferred to the trustee of a trust for the benefit of one or more charitable beneficiaries. In addition, the Corporation may redeem shares upon the terms and conditions specified by the Board of Directors in its sole discretion if the Board of
Directors determines that ownership or a transfer or other event may violate the restrictions described above. Furthermore, upon the occurrence of certain events, attempted transfers in violation of the restrictions described above may be void ab
initio. All terms in this legend which are defined in the Articles Supplementary for the Series E Preferred Stock shall have the meanings ascribed to them in such Articles Supplementary, as the same may be amended from time to time, a copy of which,
including the restrictions on transfer and ownership, will be furnished to each holder of Series E Preferred Stock on request and without charge. Requests for such a copy may be directed to the Secretary of the Corporation at its principal
office. 
  
 The following
abbreviations, when used in the inscription on the face of this certificate, shall be construed as though they were written out in full according to applicable laws or regulations: 
  

								
	TEN COM	    	 –
	 	as tenants in common	  	UNIF GIFT MIN ACT	  	–	 	 	 	 Custodian
	 	 
	 	 	 	 	 	 	 	 	 	
	 	 	

	TEN ENT	    	 –
	 	as tenants by the entireties	  	 	  	 	 	        (Cust)        	 	 	 	        (Minor)        
	JT TEN	    	 –
	 	as joint tenants with right	  	 	  	 	 	 under Uniform Gifts to Minors

	 	    	 	 	of survivorship and not as	  	 	  	 	 	 Act                                      
                                      
 

	 	    	 	 	tenants in common	  	 	  	 	 	 	 	(State)	 	 

  
 Additional
abbreviations may also be used though not in the above list. 
  
 For value received,
                                        
                                        
                                        
                     hereby sell, assign and transfer unto 
  

	PLEASE INSERT SOCIAL SECURITY OR OTHER
IDENTIFYING NUMBER OF ASSIGNEE	 	 	 	 
	
	 	 	 	 
			
	 	 	 	 	 
	
	 	 	 	 

  

 (PLEASE PRINT OR TYPEWRITE NAME AND ADDRESS, INCLUDING ZIP CODE, OF ASSIGNEE) 
  

 

  

	
	 	shares

 of the 7.25% Series E Cumulative Redeemable Preferred Stock represented by the within Certificate, and do hereby
irrevocably constitute and appoint _______________________________________________________________________________ Attorney to transfer the said stock on the books of the within named Corporation with full power of substitution in the premises.

  
 DATED
                                        

  

			
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	 NOTICE:
	    	THE SIGNATURE TO THIS ASSIGNMENT MUST CORRESPOND WITH THE NAME(S) AS WRITTEN UPON THE FACE OF THE CERTIFICATE IN EVERY PARTICULAR, WITHOUT ALTERATION OR ENLARGEMENT OR ANY CHANGE
WHATEVER.	    	 

  

	
	Signature(s) Guaranteed:
                                        
                                        
                                        
        
		
	THE SIGNATURE(S) MUST BE GUARANTEED BY AN ELIGIBLE GUARANTOR INSTITUTION (BANKS, BROKERS, SAVINGS ASSOCIATIONS AND CREDIT
UNIONS WITH MEMBERSHIP IN AN APPROVED SIGNATURE GUARANTEE MEDALLION PROGRAM), PURSUANT TO S.E.C. RULE 17Ad-15.

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