EXHIBIT 10.48
Salomon Brothers Realty Corp.
000 Xxxxxxxxx Xxxxxx
Xxx Xxxx, Xxx Xxxx 00000
March 7, 2000
New Century Mortgage Corporation/NC Capital Corporation
00000 Xxx Xxxxxx
Xxxxxx, Xxxxxxxxxx 00000
Ladies and Gentlemen:
Reference is made to the Letter Agreement, dated September 1, 1999 (the
"Letter Agreement"), among New Century Mortgage Corporation ("New Century"), NC
Capital Corporation ("NC Capital"), Salomon Brothers Realty Corp. ("SBRC") and
Xxxxxxx Xxxxx Xxxxxx ("Salomon"), pursuant to which SBRC and Salomon have made
available to NC Capital an aggregation line with a limit of $750,000,000 in
amount of mortgage loans. SBRC and Salomon hereby acknowledge that the amount of
mortgage loans on the aggregation line in March 2000 will exceed the limit set
forth in the Letter Agreement; provided, however, that each of the mortgage
loans placed on the aggregation line which cause the aggregation line to be in
excess of the $750,000,000 limit shall be securitized in a public securitization
to be underwritten by Salomon which shall close no later than March 31, 2000.
SALOMON BROTHERS REALTY CORP.
By:
---------------------------------
Name:
Title:
XXXXXXX XXXXX XXXXXX INC.
By:
---------------------------------
Name:
Title:
Agreed and acknowledged:
NEW CENTURY MORTGAGE CORPORATION
By: /s/ Xxxx Xxxxxxxxx
------------------------
Name: Xxxx Xxxxxxxxx
Title: Vice President
NC CAPITAL CORPORATION
By: /s/ Xxxxxxx Xxxxxxxx
------------------------
Name: Xxxxxxx Xxxxxxxx
Title: President
