AMENDMENT NO. 2 TO THIRD AMENDED AND RESTATED MASTER REPURCHASE AGREEMENT
Exhibit 10.1
AMENDMENT NO. 2 TO THIRD AMENDED AND RESTATED MASTER REPURCHASE AGREEMENT
AMENDMENT NO. 2 (this “Amendment”), dated as of January 10, 2005, by and among IXIS Real Estate Capital Inc. f/k/a CDC Mortgage Capital Inc., a New York corporation, having an address at 0 Xxxx 00xx Xxxxxx, 00xx Xxxxx, Xxx Xxxx, Xxx Xxxx 00000 (“Buyer”), New Century Mortgage Corporation, a California corporation, having an address at 00000 Xxx Xxxxxx, Xxxxx 0000, Xxxxxx, Xxxxxxxxxx 00000 (“NCMC”), NC Residual II Corporation, a Delaware corporation, having an address at 00000 Xxx Xxxxxx, Xxxxx 0000, Xxxxxx, Xxxxxxxxxx 00000 (“NCRC”), NC Capital Corporation, a California corporation, having an address at 00000 Xxx Xxxxxx, Xxxxx 0000, Xxxxxx, Xxxxxxxxxx 00000 (“NCCC”) and New Century Credit Corporation, a California corporation, having an address at 00000 Xxx Xxxxxx, Xxxxx 0000, Xxxxxx, Xxxxxxxxxx 00000 (“New Century”, and together with NCMC, NCCC and NCRC, “Seller”) to the Third Amended and Restated Master Repurchase Agreement, dated as of September 10, 2004, as amended by that certain Amendment and Joinder to Third Amended and Restated Master Repurchase Agreement, dated as of September 29, 2004, each by and between Seller and Buyer, (the “Agreement”). Unless otherwise defined herein, terms defined in the Agreement are used herein as therein defined.
RECITALS
WHEREAS, Seller and Buyer are parties to that certain Third Amended and Restated Master Repurchase Agreement, dated as of September 10, 2004, and that certain Amendment and Joinder to Third Amended and Restated Master Repurchase Agreement, dated as of September 29, 2004 (the “Existing Repurchase Agreement,” and as amended by this Amendment No. 2, as may be amended from time to time, the “Repurchase Agreement”);
WHEREAS the Seller has requested the Buyer to agree to amend certain provisions of the Existing Repurchase Agreement as set forth in this Amendment. The Buyer hereto is willing to agree to such amendments, but only on the terms and subject to the conditions set forth in this Amendment.
NOW, THEREFORE, in consideration of the premises and for other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the Seller and the Buyer hereby agree as follows:
Section 1. Amendments.
(a) The definition of Interest Sub-Limit is hereby deleted in its entirety and replaced with the following:
““Interest-Only Sub-Limit” shall mean $175,000,000.”
Section 2. Effectiveness of the Amendment. The Amendment shall become effective upon receipt by the Buyer of evidence satisfactory to the Buyer that this Amendment has been executed and delivered by the Seller.
Section 3. Ratification of Agreement. As amended by this Amendment, the Agreement is in all respects ratified and confirmed and the Agreement as so modified by this Amendment shall be read, taken, and construed as one and the same instrument.
Section 4. Representations and Warranties. To induce the Buyer to enter into this Amendment, the Seller hereby represents and warrants to the Buyer that, after giving effect to the amendments provided for herein, the representations and warranties contained in the Agreement and the other Repurchase Documents will be true and correct in all material respects as if made on and as of the date hereof and that no Default or Event of Default will have occurred and be continuing.
Section 5. No Other Amendments. Except as expressly amended hereby, the Agreement and the other Repurchase Documents shall remain in full force and effect in accordance with their respective terms, without any waiver, amendment or modification of any provision thereof.
Section 6. Counterparts. This Amendment may be executed in any number of counterparts, each of which so executed shall be deemed to be an original, but all of such counterparts shall together constitute but one and the same instrument.
Section 7. Expenses. The Seller agrees to pay and reimburse the Buyer for all of the out-of-pocket costs and expenses incurred by the Buyer in connection with the preparation, execution and delivery of this Amendment, including, without limitation, the fees and disbursements of its attorneys.
Section 8. GOVERNING LAW.
THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK, WITHOUT REGARD TO CONFLICTS OF LAW PRINCIPLES.
[SIGNATURE PAGE FOLLOWS]
IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be duly executed by their respective officers as of the day and year first above written.
| IXIS REAL ESTATE CAPITAL INC. | ||
| By: | /s/ Xxxxxxx Xxxxxxx | |
| Name: | Xxxxxxx Xxxxxxx | |
| Title: | Managing Director | |
| By: | /s/ Xxxxx Xxxxx | |
| Name: | Xxxxx Xxxxx | |
| Title: | Director | |
| NEW CENTURY MORTGAGE CORPORATION | ||
| By: | /s/ Xxxxx Xxxxx | |
| Name: | Xxxxx Xxxxx | |
| Title: | Executive Vice President | |
| NC CAPITAL CORPORATION | ||
| By: | /s/ Xxxxx Xxxxx | |
| Name: | Xxxxx Xxxxx | |
| Title: | President | |
| NC RESIDUAL II CORPORATION | ||
| By: | /s/ Xxxxx Xxxxx | |
| Name: | Xxxxx Xxxxx | |
| Title: | Executive Vice President | |
| NEW CENTURY CREDIT CORPORATION | ||
| By: | /s/ Xxxxx Xxxxx | |
| Name: | Xxxxx Xxxxx | |
| Title: | Executive Vice President | |
