Document:

exv10w21

 

Exhibit 10.21

AMENDMENT NUMBER SEVEN

to the

Second Amended and Restated Master Loan and Security Agreement

dated as of June 27, 2005

by and among

NEW CENTURY MORTGAGE CORPORATION

NC CAPITAL CORPORATION

NEW CENTURY FINANCIAL CORPORATION

and

CITIGROUP GLOBAL MARKETS REALTY CORP.

          This AMENDMENT NUMBER SEVEN (this “Amendment Number Seven”) is made this 7th day of
July, 2006, among NEW CENTURY MORTGAGE CORPORATION, having an address at 18400 Von Karman, Suite
1000, Irvine, California 92612 (“NC Mortgage”), NC CAPITAL CORPORATION, having an address
at 18400 Von Karman, Suite 1000, Irvine, California 92612 (“NC Capital”), NEW CENTURY
FINANCIAL CORPORATION, having an address at 18400 Von Karman, Suite 1000, Irvine, California 92612
(“NC Financial”) and CITIGROUP GLOBAL MARKETS REALTY CORP., having an address at 390
Greenwich Street, New York, New York 10013 (“Citigroup”) to the SECOND AMENDED & RESTATED
MASTER LOAN AND SECURITY AGREEMENT, dated as of June 27, 2005, among NC Mortgage, NC Capital, NC
Financial and Citigroup, as amended (the “Agreement”).

RECITALS

          WHEREAS, the parties have agreed to amend the Agreement to extend the Maturity Date as more
expressly set forth below;

          WHEREAS, the parties have agreed to amend the Agreement to temporarily increase Maximum Credit
as more expressly set forth below.

          WHEREAS, as of the date of this Amendment Number Seven, each of NC Mortgage, NC Capital and NC
Financial 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 Agreement and the
Loan Documents.

          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 July 10, 2006, the Agreement shall be amended as follows:

          (a) Section 1.01 of the Agreement is hereby amended by substituting “July 31, 2006” for “July
10, 2006” in the definition of “Maturity Date” thereof.

          (b) Section 1.01 of the Agreement shall be amended by deleting the definition of Maximum
Credit in its entirety and replacing it with the following:

 

 

“Maximum Credit” shall mean, from the period beginning with July 10, 2006 to
and including July 31, 2006, $250,000,000, and thereafter, $150,000,000.

          SECTION 2. 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 Seven (including
all reasonable fees and out of pocket costs and expenses of Citigroup’s legal counsel incurred in
connection with this Amendment Number Seven), in accordance with Section 11.03(b) of the Agreement.

          SECTION 3. Defined Terms. Any terms capitalized but not otherwise defined herein
shall have the respective meanings set forth in the Agreement.

          SECTION 4. Representations. In order to induce Citigroup to execute and deliver this
Amendment Number Seven, NC Capital, NC Mortgage and NC Financial hereby represent to Citigroup that
as of the date hereof, after giving effect to this Amendment Number Seven, each of NC Capital, NC
Mortgage and NC Financial is in full compliance with all of the terms and conditions of the
Agreement and no Event of Default or material adverse change has occurred under the Agreement.

          SECTION 5. Limited Effect. This Amendment Number Seven shall become effective upon
the execution hereof by the parties hereto. Except as expressly amended and modified by this
Amendment Number Seven, the Agreement shall continue in full force and effect in accordance with
its terms. Reference to this Amendment Number Seven 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 6. GOVERNING LAW. THIS AMENDMENT NUMBER SEVEN 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 7. Counterparts. This Amendment Number Seven 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]

 

 

          IN WITNESS WHEREOF, Citigroup, NC Capital, NC Mortgage and NC Financial have caused this
Amendment Number Seven 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/ Bobbie Theivakumaran	 	 
	 

	 	 	 	 	 	 
	 	 	Name: Bobbie Theivakumaran	 	 
	 	 	Title:   Authorized Agent	 	 
	 
	 	 	 	 	 	 
	 	 	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	 	 
	 
	 	 	 	 	 	 
	 	 	NEW CENTURY FINANCIAL CORPORATION
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ Kevin Cloyd	 	 
	 

	 	 	 	 	 	 
	 	 	Name: Kevin Cloyd	 	 
	 	 	Title:   Executive Vice President	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ Brad A. Morrice	 	 
	 

	 	 	 	 	 	 
	 	 	Name: Brad A. Morrice	 	 
	 	 	Title:   President and CEOexv10w22

 

Exhibit 10.22

AMENDMENT NO. 1 TO MASTER REPURCHASE AGREEMENT

     AMENDMENT NO. 1 TO MASTER REPURCHASE AGREEMENT (this “Amendment”) is made and entered
into as of July 17, 2006, among DB Structured Products, Inc. (“DBSP” or the “Committed
Buyer”), Aspen Funding Corp. (“Aspen”), Newport Funding Corp. (“Newport”),
Gemini Securitization Corp., LLC (“Gemini” and, together with Aspen and Newport, each a
“Noncommitted Buyer” and collectively, the “Noncommitted Buyers” and, together with
the Committed Buyer, each a “Buyer” and collectively, the “Buyers”), and New
Century Mortgage Corporation (“NCMC”), New Century Credit Corporation (“NC
Credit”), Home123 Corporation (“Home123”) and NC Capital Corporation (“NCCC”;
together with NCMC, NC Credit and Home123, each a “Seller” and collectively, the
“Sellers”).

WITNESSETH :

     WHEREAS, the Seller and the Buyers are parties to a certain Master Repurchase Agreement dated
as of September 2, 2005 (the “Existing Agreement”; and as amended by this Amendment, the
“Master Repurchase Agreement”); and

     WHEREAS, the parties hereto desire to further amend the Existing Agreement in the manner, and
on the terms and conditions, herein provided.

     NOW, THEREFORE, in consideration of the mutual covenants herein contained, and other good and
valuable consideration, the receipt and adequacy of which are hereby expressly acknowledged, the
parties hereto agree as follows:

     1. Definitions. Unless otherwise defined herein, all terms used herein which are
defined in the Existing Agreement shall have the meanings assigned thereto in the Existing
Agreement.

     2. Amendment to Existing Agreement.

     (a) Section 1 of the Existing Agreement is hereby amended by adding the following definitions
in the appropriate alphabetical order:

     “50/30 Mortgage Loan” shall mean a Mortgage Loan which provides for
amortization of the principal thereof over a 30 year period based on a 50 year amortization
schedule.

     “40/30 Mortgage Loan” shall mean a Mortgage Loan which provides for
amortization of the principal thereof over a 30 year period based on a 40 year amortization
schedule.

     “40 Year Mortgage Loan” shall mean a Mortgage Loan (other than a 40 year Option
ARM Mortgage Loan) which provides for amortization of the principal thereof over a 40 year
period.

     “40 Year Option ARM Mortgage Loan” shall mean an Option ARM Mortgage Loan which
provides for amortization of the principal thereof over a 40 year period.

1

 

     (b) Schedule B to the Existing Agreement is hereby amended by:

     (i) deleting paragraph (n) thereof and substituting, in lieu thereof, the following:

	 	(n)	 	LTV. Each first lien Mortgage Loan has an LTV less than or equal to
100%. Each Mortgage Loan either (i) has a CLTV less than or equal to 100% or (ii) (A)
has a CLTV less than or equal to 105%, (B) has been underwritten and closed according
to the standards associated with a Fannie Mae-approved program or CitiMortgage,
Inc.-approved program or a program of another investor acceptable to the Committed
Buyer, as evidenced by a written approval from the Committed Buyer, and (C) is covered
by a mandatory takeout commitment or other takeout commitment with locked pricing from
Fannie Mae, CitiMortgage, Inc. or other investor acceptable to the Committed Buyer (and
the related Seller has provided to the Committed Buyer documentation satisfactory in
form and substance to the Committed Buyer evidencing such takeout commitment).

     (ii) deleting the following sentence of paragraph (t):

The Mortgage Note (unless it evidences an Interest-Only Mortgage Loan, Balloon Loan,
HELOC or One Time Close Loan) is payable on the first day of each month in equal
monthly installments of principal and interest (which interest is calculated and
payable in arrears), which installments of principal are sufficient to amortize the
Mortgage Loan fully by the stated maturity date over an original term of not more
than 30 years from commencement of amortization.

and substituting, in lieu thereof, the following:

The Mortgage Note (unless it evidences an Interest-Only Mortgage Loan, Balloon Loan,
HELOC, One Time Close Loan, Option ARM Mortgage Loan, 40/30 Mortgage Loan, 50/30
Mortgage Loan or 40 Year Mortgage loan) is payable on the first day of each month in
equal monthly installments of principal and interest (which interest is calculated
and payable in arrears), which installments of principal are sufficient to amortize
the Mortgage Loan fully by the stated maturity date over an original term of not
more than 30 years from commencement of amortization. The Mortgage Note (if it
evidences a 40 Year Option ARM Mortgage Loan or 40 year Mortgage Loan) is payable on
the first day of each month in installments of principal and interest (which
interest is calculated and payable in arrears), which installments are sufficient to
amortize the Mortgage Loan fully by the stated maturity date over an original term
of not more than 40 years from commencement of amortization. When installments of
principal on each Mortgage Note which evidences an Option ARM Mortgage Loan (other
than a 40 Year Option ARM Mortgage Loan), 40/30 Mortgage Loan or 50/30 Mortgage Loan
become payable, such installments will be payable in installments of principal
(potentially including a balloon payment) sufficient to amortize the Mortgage Loan
fully by the stated maturity date, over an original term of not more than 30 years
after funds were disbursed in connection with the Mortgage Loan.

2

 

     and (iii) deleting paragraph (tt) and substituting, in lieu thereof, the following:

	 	(tt)	 	FICO Score. In the case of a Subprime Mortgage Loan, the FICO score of
the related Mortgagor was at least 500 on the Origination Date. In the case of an
Alt-A Mortgage Loan, either (i) the FICO score of the related Mortgagor was at least
600 on the Origination Date or (ii) such Alt-A Mortgage Loan meets the underwriting
criteria of a takeout investor acceptable to the Committed Buyer. In the case of an
Option ARM Mortgage Loan, the FICO score of the related Mortgagor was at least 620 on
the Origination Date.

     3. Limitations. The amendments set forth in Section 2 above are limited precisely as
written and shall not be deemed to (x) be a consent to any waiver of, or modification of, any other
term or condition of the Existing Agreement, or any of the documents referred to therein or (y)
prejudice any right or rights which the Buyers may now have or may have in the future under or in
connection with the Master Repurchase Agreement, or any of the documents referred to therein.
Except as expressly amended hereby, the terms and provisions of the Existing Agreement shall remain
in full force and effect.

     4. Fees and Expenses. The Seller agrees to promptly pay after being billed by a
Buyer any legal fees and expenses incurred by such Buyer in connection with the preparation and
execution of this Amendment.

     5. Representations and Warranties. Each of the parties hereto severally represents
and warrants that all acts, filings and conditions required to be done and performed and to have
happened (including, without limitation, the obtaining of necessary governmental approvals) prior
to the entering into of this Amendment to constitute this Amendment and the Existing Agreement as
amended hereby the duly authorized, legal, valid and binding obligation of such party, enforceable
in accordance with its terms, have been done, performed and have happened in due and strict
compliance with all applicable laws.

     6. Effectiveness. This Amendment shall become effective as of July 17, 2006, when:

     (a) each of the parties hereto shall have executed a counterpart hereof and
delivered the same to the Buyers;

     (b) NCFC shall have executed a Consent and Acknowledgment, substantially in
the form of Annex A hereto, and delivered the same to the Buyers;

     (c) the Buyers shall have received executed counterparts of Amendment No. 1 to
the Fee Letter; and

     (d) the Buyers shall have received any other documents relating to this
Amendment reasonably requested by the Buyers.

     7. Governing Law. THIS AMENDMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE
WITH, THE LAW OF THE STATE OF NEW YORK.

3

 

     8. Counterparts. This Amendment may be executed in several counterparts, each of
which shall be regarded as the original and all of which shall constitute one and the same
agreement.

4

 

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

	 	 	 	 	 
	 	BUYERS:

DB STRUCTURED PRODUCTS, INC.

 	 
	 	By:  	/s/ Glenn Minkoff
 	 
	 	 	Name:  	Glenn Minkoff 	 
	 	 	Title:  	Director 	 
	 

	 	 	 	 	 
	 	 	 
	 	By:  	                                              /s/ John McCarthy
 	 
	 	 	Name:  	John McCarthy 	 
	 	 	Title:  	Authorized Signatory 	 
	 

	 	 	 	 	 
	 	ASPEN FUNDING CORP.

 	 
	 	By:  	/s/ Evelyn Echevarria
 	 
	 	 	Name:  	Evelyn Echevarria 	 
	 	 	Title:  	Vice President 	 
	 

	 	 	 	 	 
	 	NEWPORT FUNDING CORP.

 	 
	 	By:  	/s/ Evelyn Echevarria
 	 
	 	 	Name:  	Evelyn Echevarria 	 
	 	 	Title:  	Vice President 	 
	 

	 	 	 	 	 
	 	GEMINI SECURITIZATION CORP., LLC

 	 
	 	By:  	Gemini Member Corp., as sole member
 	 
	 	 	 
	 	By:  	                                              /s/ R. Douglas Donaldson
 	 
	 	 	Name:  	R. Douglas Donaldson 	 
	 	 	Title:  	Treasurer 	 

 

 

	 	 	 	 	 

	 	 	 	 	 
	 	SELLERS:

NEW CENTURY MORTGAGE CORPORATION

 	 
	 	By:  	/s/ Brad A. Morrice
 	 
	 	 	Name:  	Brad A. Morrice 	 
	 	 	Title:  	President and CEO 	 
	 

	 	 	 	 	 
	 	NEW CENTURY CREDIT CORPORATION

 	 
	 	By:  	/s/ Brad A. Morrice
 	 
	 	 	Name:  	Brad A. Morrice 	 
	 	 	Title:  	CEO 	 
	 

	 	 	 	 	 
	 	HOME123 CORPORATION

 	 
	 	By:  	/s/ Brad A. Morrice
 	 
	 	 	Name:  	Brad A. Morrice 	 
	 	 	Title:  	Chairman and CEO 	 
	 

	 	 	 	 	 
	 	NC CAPITAL CORPORATION

 	 
	 	By:  	/s/ Brad A. Morrice
 	 
	 	 	Name:  	Brad A. Morrice 	 
	 	 	Title:  	Chairman and CEO

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