EXHIBIT 10.1
EXECUTION COPY
As of July 1, 2004
CDC Mortgage Capital Inc.
9 West 57 th Street, 36 th Floor
New York, New York 10019
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Attention :
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Mr. Raymond
Sullivan
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Re:
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Second Amended
and Restated Master Repurchase Agreement, dated as of June 23,
2003, as amended (the “ Repurchase Agreement ”),
among CDC Mortgage Capital Inc. (“ Buyer ”) and
New Century Mortgage Corporation and NC Capital Corporation (each,
a “ Seller ”)
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Ladies and Gentlemen:
In general, the Termination Date
under the Repurchase Agreement is June 23, 2004 unless otherwise
extended pursuant to Section 3(m) of the Repurchase Agreement and
pursuant to Waiver and Amendment No. 5 to the Repurchase Agreement
(“ Amendment No. 5 ”), certain covenants under
the Repurchase Agreement were waived for the period ending on May
15, 2004. Seller and Buyer have entered into an extension letter,
dated as of June 18, 2004, whereby the Termination Date has been
extended until the close of business on July 7, 2004 and certain
waivers of the covenants until the close of business on July 7,
2004 . At the present time, the Seller has again requested that the
Buyer extend the Termination Date and such waivers.
In consideration of the mutual
agreements hereinafter set forth, and for other good and valuable
consideration, the receipt and sufficiency of which are hereby
acknowledged, Seller and Buyer hereby agree as follows:
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1.
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Pursuant to
Section 3(m) of the Repurchase Agreement, Buyer hereby extends the
Termination
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