EXHIBIT 99.6
May 13, 2002
Xxxxx X. Xxxxxxx
Mortgage Banking Services Division
Mail Station EP-MN-M5MB
000 Xxxxx Xxxxx Xxxxxx
Xxxxxxxxxxx, Xxxxxxxxx 00000
Re: Waiver and Consent
Dear Xx. Xxxxxxx:
Pursuant to Section 5.3 of the Subordinated Loan Agreement between U.S.
Bank National Association and New Century Mortgage Corporation ("NCMC") dated as
of April 28, 2000, and as amended from time to time, NCMC is prohibited from
incurring any Warehouse Debt. NCMC is currently negotiating with UBS Warburg
Real Estate Securities, Inc. ("UBS") and Bank of America, N.A. ("BofA") to enter
into separate credit facilities with total borrowing bases of $400 million and
$500 million, respectively, with the documentation for those facilities to be
dated on or about May 10 and May 13, 2002, respectively.
Therefore, we respectfully request your waiver of the aforementioned
Section 5.3 with respect to the aforementioned facilities. Please acknowledge
this waiver as provided below and return a copy of this letter to me by
facsimile as soon as possible. Upon your acknowledgment of this waiver, the
Note (as defined in the Subordinated Loan Agreement) shall hereby be amended by
changing the Maturity Date thereof from December 31, 2003 to May 22, 2002.
Sincerely,
/s/ XXXXX XXXXX
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Xxxxx Xxxxx
Senior Vice President
ACKNOWLEDGED AND AGREED:
U.S. BANK NATIONAL ASSOCIATION
By: /s/ XXXXX X. XXXXXXX
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Name: Xxxxx X. Xxxxxxx
Title: Senior Vice President