May 11, 2007 Brad Morrice President and Chief Executive Officer New Century Financial Corporation 18400 Von Karman, Suite 1000 Irvine, CA 92612 Re: Agreement for Interim Management and Restructuring Services – First Amendment Dear Brad:Agreement for Interim Management and Restructuring Services • June 4th, 2007 • New Century Financial Corp • Real estate investment trusts
This letter represents the first amendment (“First Amendment”) to the agreement between AP Services, LLC, a Michigan limited liability company (“APS”) and New Century Financial Corporation (the “Company”) dated March 22, 2007 (the “Engagement Letter”). This First Amendment shall be effective as of May 11, 2007 (the “Effective Date”). The Engagement Letter shall remain effective with respect to all periods and events prior to the Effective Date and, except as expressly modified by this First Amendment, the Engagement Letter shall remain in full force and effect after such date.
