Exhibit 10.23
AMENDMENT NUMBER SEVEN
to the
Amended and Restated Letter Agreement
dated as of October 1, 2004
by and among
NEW CENTURY MORTGAGE CORPORATION
NC CAPITAL CORPORATION
NEW CENTURY CREDIT CORPORATION
and
CITIGROUP GLOBAL MARKETS REALTY CORP.
This AMENDMENT NUMBER SEVEN (this
“ Amendment Number Seven ”) is made this 28th
day of September, 2005, among NEW CENTURY MORTGAGE CORPORATION,
having an address at 18400 Von Karman, Suite 1000, Irvine,
California 92612 (“ NC Mortgage ”), NC CAPITAL
CORPORATION, having an address at 18400 Von Karman, Suite 1000,
Irvine, California 92612 (“ NC Capital ”), NEW
CENTURY CREDIT CORPORATION, having an address at 18400 Von Karman,
Suite 1000, Irvine, California 92612 (“ NC Credit
”) and CITIGROUP GLOBAL MARKETS REALTY CORP., having an
address at 390 Greenwich Street, New York, New York 10013 (“
Citigroup ”) to the Amended and Restated Letter
Agreement, dated as of October 1, 2004, among NC Mortgage, NC
Capital, NC Credit and Citigroup, as amended (the “ Letter
Agreement ”).
RECITALS
WHEREAS, NC Mortgage, NC Capital and
NC Credit have requested that Citigroup agree to extend the
termination date as more expressly set forth below and Citigroup
has agreed to such request.
WHEREAS, as of the date of this
Amendment Number Seven, each of NC Mortgage, NC Capital and NC
Credit 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 Letter Agreement and the
Amended and Restated Purchase and Sale Agreement, dated as of
October 1, 2004, among NC Capital, NC Credit and Citigroup
(the “Purchase and Sale Agreement”) and is not in
default under the Letter Agreement or the Purchase and Sale
Agreement.
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
September 28, 2005, the first paragraph of Section 1(a)
of the Letter Agreement is hereby amended by deleting the words
“September 30, 2005” on the second and third lines
thereof and replacing each with “December 29,
2005”.
