Amendment Number Two to Residual Financing Facility Agreement between Greenwich Capital Financial Products, Inc. and NC Capital Corporation

Summary

This amendment, dated September 28, 2000, extends the termination date of the Residual Financing Facility Agreement between NC Capital Corporation (Borrower) and Greenwich Capital Financial Products, Inc. (Lender) to October 31, 2000. The amendment confirms that all other terms of the original agreement remain unchanged and that the Borrower is in compliance with the agreement. The amendment is governed by New York law and is acknowledged by New Century Mortgage Corporation and New Century Financial Corporation.

EX-10.7 8 a2029651zex-10_7.txt EXHIBIT 10.7 AMENDMENT NUMBER TWO to the RESIDUAL FINANCING FACILITY AGREEMENT dated as of the 23rd day of June 1999 by and between GREENWICH CAPITAL FINANCIAL PRODUCTS, INC., and NC CAPITAL CORPORATION This AMENDMENT NUMBER TWO is made this 28th day of September, 2000, by and between NC CAPITAL CORPORATION, having an address at 18400 Von Karman, Suite 1000, Irvine, California 92612 (the "Borrower") and GREENWICH CAPITAL FINANCIAL PRODUCTS, INC., having an address at 600 Steamboat Road, Greenwich, Connecticut 06830 (the "Lender"), to the Residual Financing Facility Agreement, dated as of the 23rd day of June 1999, by and between the Borrower and the Lender, as amended (the "Agreement"). RECITALS WHEREAS, the Lender and the Borrower desire to amend the Agreement, subject to the terms hereof, to extend the term thereof to October 31, 2000; NOW THEREFORE, for good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, and of the mutual covenants herein contained, the parties hereto hereby agree as follows: SECTION 1. AMENDMENT. Effective as of September 28, 2000, Section 1 of the Agreement is hereby amended by deleting the definition of Termination Date and replacing it with the following: "TERMINATION DATE" shall mean October 31, 2000 or such earlier date on which this Agreement shall terminate in accordance with the provisions hereof or by operation of law, as same may be extended by Lender in its sole discretion. SECTION 2. DEFINED TERMS. Any terms capitalized but not otherwise defined herein shall have the respective meanings set forth in the Agreement. SECTION 3. LIMITED EFFECT. Except as amended hereby, the Agreement shall continue in full force and effect in accordance with its terms. Reference to this Amendment 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 4. REPRESENTATIONS. In order to induce the Lender to execute and deliver this Amendment, the Borrowers hereby represent to the Lender that as of the date hereof, after giving effect to this Amendment, the Borrowers are in full compliance with all of the terms and conditions of the Agreement and no Default or Event of Default has occurred and is continuing under the Agreement. SECTION 5. GOVERNING LAW. This amendment 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. SECTION 6. COUNTERPARTS. This amendment may be executed in any number of counterparts, each of which shall constitute an original and all of which, taken together, shall constitute one instrument. 2 IN WITNESS WHEREOF, the Borrower and the Lender have caused this amendment to be executed and delivered by their duly authorized officers as of the day and year first above written. NC CAPITAL CORPORATION (Borrower) By: /s/ Patrick Flanagan ------------------------------------ Name: Patrick Flanagan ---------------------------------- Title: President ---------------------------------- GREENWICH CAPITAL FINANCIAL PRODUCTS, INC. (Lender) By: /s/ Anthony Palmisano ------------------------------------ Name: Anthony Palmisano ---------------------------------- Title: Vice President ---------------------------------- ACKNOWLEDGED AND AGREED BY: NEW CENTURY MORTGAGE CORPORATION By: /s/ Patrick Flanagan ------------------------------------ Name: Patrick Flanagan ---------------------------------- Title: EVP/COC ---------------------------------- NEW CENTURY FINANCIAL CORPORATION By: /s/ Patrick Flanagan ------------------------------------ Name: Patrick Flanagan ---------------------------------- Title: EVP ----------------------------------