AMENDMENT NUMBER SEVEN to the Second Amended and Restated Master Loan and Security Agreement dated as of June 27, 2005 by and among NEW CENTURY MORTGAGE CORPORATION NC CAPITAL CORPORATION NEW CENTURY FINANCIAL CORPORATION and CITIGROUP GLOBAL MARKETS...
Exhibit 10.21
AMENDMENT NUMBER SEVEN
to the
Second Amended and Restated Master Loan and Security Agreement
dated as of June 27, 2005
by and among
NEW CENTURY MORTGAGE CORPORATION
NC CAPITAL CORPORATION
NEW CENTURY FINANCIAL CORPORATION
and
CITIGROUP GLOBAL MARKETS REALTY CORP.
to the
Second Amended and Restated Master Loan and Security Agreement
dated as of June 27, 2005
by and among
NEW CENTURY MORTGAGE CORPORATION
NC CAPITAL CORPORATION
NEW CENTURY FINANCIAL CORPORATION
and
CITIGROUP GLOBAL MARKETS REALTY CORP.
This AMENDMENT NUMBER SEVEN (this “Amendment Number Seven”) is made this 7th day of
July, 2006, among NEW CENTURY MORTGAGE CORPORATION, having an address at 00000 Xxx Xxxxxx, Xxxxx
0000, Xxxxxx, Xxxxxxxxxx 00000 (“NC Mortgage”), NC CAPITAL CORPORATION, having an address
at 00000 Xxx Xxxxxx, Xxxxx 0000, Xxxxxx, Xxxxxxxxxx 00000 (“NC Capital”), NEW CENTURY
FINANCIAL CORPORATION, having an address at 00000 Xxx Xxxxxx, Xxxxx 0000, Xxxxxx, Xxxxxxxxxx 00000
(“NC Financial”) and CITIGROUP GLOBAL MARKETS REALTY CORP., having an address at 000
Xxxxxxxxx Xxxxxx, Xxx Xxxx, Xxx Xxxx 00000 (“Citigroup”) to the SECOND AMENDED & RESTATED
MASTER LOAN AND SECURITY AGREEMENT, dated as of June 27, 2005, among NC Mortgage, NC Capital, NC
Financial and Citigroup, as amended (the “Agreement”).
RECITALS
WHEREAS, the parties have agreed to amend the Agreement to extend the Maturity Date as more
expressly set forth below;
WHEREAS, the parties have agreed to amend the Agreement to temporarily increase Maximum Credit
as more expressly set forth below.
WHEREAS, as of the date of this Amendment Number Seven, each of NC Mortgage, NC Capital and NC
Financial represents to Citigroup that it is in compliance with all of the representations and
warranties and all of the affirmative and negative covenants set forth in the Agreement and the
Loan Documents.
NOW THEREFORE, for good and valuable consideration, the receipt and sufficiency of which are
hereby acknowledged, and of the mutual covenants herein contained, the parties hereto hereby agree
as follows:
SECTION 1. Effective as of July 10, 2006, the Agreement shall be amended as follows:
(a) Section 1.01 of the Agreement is hereby amended by substituting “July 31, 2006” for “July
10, 2006” in the definition of “Maturity Date” thereof.
(b) Section 1.01 of the Agreement shall be amended by deleting the definition of Maximum
Credit in its entirety and replacing it with the following:
“Maximum Credit” shall mean, from the period beginning with July 10, 2006 to
and including July 31, 2006, $250,000,000, and thereafter, $150,000,000.
SECTION 2. Fees and Expenses. NC Capital agrees to pay to Citigroup all fees and out
of pocket expenses incurred by Citigroup in connection with this Amendment Number Seven (including
all reasonable fees and out of pocket costs and expenses of Citigroup’s legal counsel incurred in
connection with this Amendment Number Seven), in accordance with Section 11.03(b) of the Agreement.
SECTION 3. Defined Terms. Any terms capitalized but not otherwise defined herein
shall have the respective meanings set forth in the Agreement.
SECTION 4. Representations. In order to induce Citigroup to execute and deliver this
Amendment Number Seven, NC Capital, NC Mortgage and NC Financial hereby represent to Citigroup that
as of the date hereof, after giving effect to this Amendment Number Seven, each of NC Capital, NC
Mortgage and NC Financial is in full compliance with all of the terms and conditions of the
Agreement and no Event of Default or material adverse change has occurred under the Agreement.
SECTION 5. Limited Effect. This Amendment Number Seven shall become effective upon
the execution hereof by the parties hereto. Except as expressly amended and modified by this
Amendment Number Seven, the Agreement shall continue in full force and effect in accordance with
its terms. Reference to this Amendment Number Seven 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 6. GOVERNING LAW. THIS AMENDMENT NUMBER SEVEN 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 (OTHER THAN SECTION 5-1401 OF THE NEW YORK GENERAL OBLIGATIONS LAW).
SECTION 7. Counterparts. This Amendment Number Seven may be executed by each of the
parties hereto on any number of separate counterparts, each of which shall be an original and all
of which taken together shall constitute one and the same instrument.
[SIGNATURE PAGE FOLLOWS]
IN WITNESS WHEREOF, Citigroup, NC Capital, NC Mortgage and NC Financial have caused this
Amendment Number Seven to be executed and delivered by their duly authorized officers as of the day
and year first above written.
CITIGROUP GLOBAL MARKETS REALTY CORP. | ||||||
By: | /s/ Xxxxxx Theivakumaran | |||||
Name: Xxxxxx Theivakumaran | ||||||
Title: Authorized Agent | ||||||
NC CAPITAL CORPORATION | ||||||
By: | /s/ Xxxxx Xxxxx | |||||
Name: Xxxxx Xxxxx | ||||||
Title: President | ||||||
NEW CENTURY MORTGAGE CORPORATION | ||||||
By: | /s/ Xxxxx Xxxxx | |||||
Name: Xxxxx Xxxxx | ||||||
Title: Executive Vice President | ||||||
NEW CENTURY FINANCIAL CORPORATION | ||||||
By: | /s/ Xxxxx Xxxxx | |||||
Name: Xxxxx Xxxxx | ||||||
Title: Executive Vice President | ||||||
By: | /s/ Xxxx X. Xxxxxxx | |||||
Name: Xxxx X. Xxxxxxx | ||||||
Title: President and CEO |