BUSINESS DAY PRIOR TO THE
REQUESTED PURCHASE DATE. SUCH REQUEST FOR BORROWING SHALL (I) ATTACH A
SCHEDULE IDENTIFYING THE ELIGIBLE MORTGAGE LOANS THAT THE SELLER PROPOSES TO
SELL TO THE BUYER AND TO BE INCLUDED IN THE MARGIN BASE IN CONNECTION WITH SUCH
TRANSACTION, (II) SPECIFY THE REQUESTED PURCHASE DATE, (III) BE ACCOMPANIED BY A
MORTGAGE LOAN DATA FILE CONTAINING INFORMATION WITH RESPECT TO THE ELIGIBLE
MORTGAGE LOANS THAT THE SELLER PROPOSES TO SELL TO THE BUYER AND TO BE INCLUDED
IN THE MARGIN BASE IN CONNECTION WITH SUCH TRANSACTION AND (IV) ATTACH AN
OFFICER'S CERTIFICATE SIGNED BY A RESPONSIBLE OFFICER OF EACH SELLER AS REQUIRED
BY SECTION 5.02(B) HEREOF.
(B)
THE SELLER SHALL RELEASE TO THE CUSTODIAN NO LATER THAN 4:00 P.M., NEW YORK
CITY TIME, TWO (2) BUSINESS DAYS PRIOR TO THE REQUESTED PURCHASE DATE, THE
MORTGAGE FILE PERTAINING TO EACH ELIGIBLE MORTGAGE LOAN TO BE SOLD TO THE BUYER
AND INCLUDED IN THE MARGIN BASE ON SUCH REQUESTED PURCHASE DATE, IN ACCORDANCE
WITH THE TERMS AND CONDITIONS OF THE CUSTODIAL AGREEMENT.
(C)
PURSUANT TO THE CUSTODIAL AGREEMENT, THE CUSTODIAN SHALL DELIVER TO THE
BUYER AND THE SELLER, NO LATER THAN 12:00 NOON, NEW YORK CITY TIME, ON EACH
PURCHASE DATE, THE TRUST
17
RECEIPT (AS DEFINED IN THE CUSTODIAL AGREEMENT) AND A MORTGAGE LOAN SCHEDULE AND
EXCEPTION REPORT IN RESPECT OF ALL ELIGIBLE MORTGAGE LOANS SOLD TO THE BUYER ON
SUCH PURCHASE DATE.
(D)
UPON ANY SELLER'S REQUEST FOR A TRANSACTION PURSUANT TO SECTION 2.02(A),
AND UPON SATISFACTION OF ALL CONDITIONS PRECEDENT SET FORTH IN SECTION 5.01 AND
5.02 WITH RESPECT THERETO, SUBJECT TO SECTION 2.02(F) BELOW, THE BUYER SHALL
ENTER INTO A TRANSACTION WITH THE SELLER ON THE REQUESTED PURCHASE DATE.
(E)
SUBJECT TO SECTION 5 HEREOF, THE AMOUNT OF PURCHASE PRICE TO BE PAID BY THE
BUYER IN CONNECTION WITH ANY TRANSACTION WILL BE MADE AVAILABLE TO THE SELLER BY
THE BUYER TRANSFERRING SUCH AMOUNT IN FUNDS IMMEDIATELY AVAILABLE TO THE SELLER,
VIA WIRE TRANSFER, TO THE FOLLOWING ACCOUNT OF THE SELLERS: BANK OF THE WEST,
FOR THE A/C OF AAMES CAPITAL CORPORATION, ACCOUNT#: 751005844, ABA# 1211-0078-2,
ATTN: AAMES CAPITAL CORPORATION, OR TO SUCH OTHER ACCOUNT AS THE SELLERS
MAY DIRECT IN WRITING TO THE BUYER.
(F)
IN THE CASE OF ANY TRANSACTION ENTERED INTO WITH RESPECT TO ANY CLASS C
DEFAULTED LOAN FOR WHICH A BPO HAS NOT BEEN DELIVERED TO THE BUYER ON OR PRIOR
TO THE RELATED PURCHASE DATE OR WITH RESPECT TO ANY PURCHASED LOAN THAT AT ANY
TIME BECOMES A CLASS C DEFAULTED LOAN, THE BUYER SHALL TRANSMIT AN INVOICE TO
THE SELLERS ON A MONTHLY BASIS IN THE AMOUNT OF $100 FOR EACH SUCH CLASS C
DEFAULTED LOAN TO BE APPLIED TO THE COST OF OBTAINING A BPO FOR EACH SUCH
CLASS C DEFAULTED LOAN (ANY EXCESS REMAINING AFTER PAYMENT OF THE COST OF SUCH
BPO TO BE REMITTED TO THE SELLERS, AND ANY SHORTFALL TOWARDS PAYMENT OF THE BPO
TO BE PAID BY THE SELLERS TO THE