Letter Agreement for Temporary Increase in Maximum Amount under Master Repurchase Agreement between New Century Mortgage Corporation, NC Capital Corporation, and CDC Mortgage Capital Inc. (April 28, 2004)
This letter agreement, dated April 28, 2004, is between New Century Mortgage Corporation, NC Capital Corporation (the Sellers), CDC Mortgage Capital Inc. (the Buyer), and New Century Financial Corporation as Guarantor. It temporarily increases the maximum amount available under their existing Master Repurchase Agreement to $700 million, effective until the start of business on May 16, 2004. All other terms of the original agreement remain unchanged, and the Guarantor reaffirms its guarantee. The agreement is executed by authorized representatives of all parties.
Exhibit 10.4
CDC Mortgage Capital Inc.
36th Floor
9 West 57th Street
New York, NY 10019
Attention: Raymond Sullivan
April 28, 2004
Dear Mr. Sullivan:
Reference is made to the Master Agreement dated as of June 23, 2003 among New Century Mortgage Corporation, NC Capital Corporation (collectively, the “Sellers”), and CDC Mortgage Capital Inc. (the “Buyer”), as amended (the “Agreement”). Terms used in this letter not otherwise defined shall have meaning ascribed to them in the Agreement.
Sellers would like to request a temporary increase in the Maximum Amount under the Agreement to $700,000,000 (the “Temporary Increase”) from the date hereof to the opening of business on May 16, 2004. Except for this Temporary Increase, all other terms and conditions in the Agreement and all other Repurchase Documents shall remain in full force and effect in accordance with their respective terms. New Century Financial Corporation, as Guarantor, consents to this Temporary Increase and reaffirms its Guaranty.
Kindly execute below to signify your consent to our request of Temporary Increase.
| Sincerely, |
| NEW CENTURY MORTGAGE CORPORATION |
| /s/ PATRICK FLANAGAN |
| Name: Patrick Flanagan Title: President |
| NC CAPITAL CORPORATION |
| /s/ PATRICK FLANAGAN |
| Name: Patrick Flanagan Title: Chief Executive Officer |
| NEW CENTURY FINANCIAL CORPORATION, AS GUARANTOR |
| /s/ PATRICK FLANAGAN |
| Name: Patrick Flanagan Title: Executive Vice President |
| Acknowledged and Agreed as of the date first written above |
| CDC MORTGAGE CAPITAL INC. |
| /s/ ANTHONY MALANGA |
| Name: Anthony Malanga Title: Managing Director |
| CDC MORTGAGE CAPITAL INC. |
| /s/ KATHY LYNCH |
| Name: Kathy Lynch Title: Director |
