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EX-10.5 6 dex105.htm LETTER AGREEMENT, DATED AS OF JUNE 18, 2004 Letter Agreement, dated as of June 18, 2004

Exhibit 10.5

 

EXECUTION COPY

 

As of June 18, 2004

 

CDC Mortgage Capital Inc.

9 West 57th Street, 36th Floor

New York, New York 10019

 

Attention:  Mr. Raymond Sullivan

 

  Re: Second Amended and Restated Master Repurchase Agreement, dated as of June 23, 2003, as amended (the “Repurchase Agreement”), among CDC Mortgage Capital Inc. (“Buyer”) and New Century Mortgage Corporation and NC Capital Corporation (each, a “Seller”)

 

Ladies and Gentlemen:

 

In general, the Termination Date under the Repurchase Agreement is June 23, 2004 unless otherwise extended pursuant to Section 3(m) of the Repurchase Agreement, and the Seller has requested that the Buyer extend the Termination Date.

 

In consideration of the mutual agreements hereinafter set forth, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, Seller and Buyer hereby agree as follows:

 

1. Pursuant to Section 3(m) of the Repurchase Agreement, Buyer hereby extends the Termination Date until the close of business on July 7, 2004.

 

2. Except as described herein, all of the terms of the Repurchase Agreement are hereby ratified and confirmed in all respects.

 

3. All capitalized terms used herein and not defined herein shall have the respective meanings ascribed to them in the Repurchase Agreement.

 

4. In the event that any provision of this agreement conflicts with any provision of the Repurchase Agreement or the Custodial and Disbursement Agreement, the terms of this agreement shall control.

 

5. This agreement shall not be assigned by the Seller without the prior written consent of the Buyer, which consent shall be in Buyer’s sole discretion.

 

6. This agreement may be executed in any number of counterparts, each of which shall constitute an original agreement, and all of which together shall constitute one and the same instrument, and either party hereto may execute this agreement by signing any such counterpart.

7. This agreement shall be governed and construed in accordance with the laws of the State of New York without regard to conflicts of laws principles.

 

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Please indicate your acceptance and agreement by signing below where indicated and returning an originally executed copy of this agreement to Seller.

 

Very truly yours,
NEW CENTURY MORTGAGE CORPORATION
By:  

/s/ KEVIN CLOYD

    Name: Kevin Cloyd
    Title: Executive Vice President
NC CAPITAL CORPORATION
By:  

/s/ KEVIN CLOYD

    Name: Kevin Cloyd
    Title: President

 

Accepted and Agreed:

 

CDC MORTGAGE CAPITAL INC.
By:  

/s/ ANTHONY MALANGA

    Name: Anthony Malanga
    Title: Managing Director
By:  

/s/ KATHY LYNCH

    Name: Kathy Lynch
    Title: Director