Letter Agreement Extending Master Repurchase Agreement Between Bear Stearns Mortgage Capital Corporation and NC Capital Corporation
Bear Stearns Mortgage Capital Corporation and NC Capital Corporation, along with NC Residual II Corp and New Century Credit Corp, have agreed to extend the term of their existing Master Repurchase Agreement until November 30, 2004. All other terms and conditions of the original agreement remain unchanged. This extension is confirmed in writing and accepted by both parties.
Exhibit 10.1
BEAR STEARNS MORTGAGE CAPITAL CORPORATION
383 MADISON AVENUE
NEW YORK, NEW YORK 10179
As of October 29, 2004
NC Capital Corporation
18400 Van Karman
Suite 1000
Irvine, CA 92617
Attention: Mr. Richard Holguin
| Re: | Master Repurchase Agreement between Bear Stearns Mortgage Capital Corporation and NC Capital Corporation dated as of October 31, 2003 (the “Agreement) and amended as of October 1, 2004 to include NC Residual II Corp, and New Century Credit Corporation |
Dear Mr. Holguin:
This letter will confirm the mutual agreement between Bear Stearns Mortgage Capital Corporation and NC Capital Corporation, NC Residual II Corp, New Century Credit Corp, to extend the term of the Agreement as described in paragraph 21, “Non-assignability; Termination” to November 30, 2004. The extension shall be subject to the same terms and conditions as set forth in the Agreement.
| Very truly yours, | ||
| BEAR STEARNS MORTGAGE CAPITAL CORPORATION | ||
| By: | /s/ Eileen M. Albus | |
| Name: | Eileen M. Albus | |
| Title: | Managing Director | |
| AGREED AND ACCEPTED: NC CAPITAL CORPORATION | ||
| BY: | /s/ Rick Holguin | |
| Name: | Rick Holguin | |
| Title: | Vice President | |
