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Prepared by MERRILL CORPORATION

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EXHIBIT 10.31(i)    
  

 
 

EIGHTH AMENDMENT
  TO THE MASTER LOAN AND SECURITY AGREEMENT    
  

    Eigth Amendment, dated as of July 13, 2001 (this "Amendment"), to the Master Loan and Security Agreement, dated
as of October 29, 1999 (as previously amended, supplemented or otherwise modified, the "Existing Loan Agreement", and as amended hereby, the
"Loan Agreement"), between AAMES CAPITAL CORPORATION (the "Borrower"), and MORGAN STANLEY DEAN WITTER
MORTGAGE CAPITAL INC., formerly MORGAN STANLEY MORTGAGE CAPITAL INC., (the "Lender"). 

 
 

RECITALS    
  

    The Borrower and the Lender are parties to the Existing Loan Agreement. Capitalized terms used but not otherwise defined herein shall have the meanings given
to them in the Existing Loan Agreement. 

    The
Borrower and the Lender have agreed, subject to the terms and conditions of this Amendment, that the Existing Loan Agreement be amended as set forth herein. 

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    Accordingly, the Borrower and the Lender hereby agree, in consideration of the mutual premises and mutual obligations set forth herein, that the Existing Loan Agreement is hereby
amended as follows: 

    SECTION 1.  Amendment. Section 1.01 of the Existing Loan
Agreement is hereby amended by adding the following language at the end of the definition of "Applicable Collateral Percentage": 

	 	 	 
	"First Lien Loan or Second Lien Loan that is a Class A Defaulted Loan or a Class B Defaulted Loan and has been included in the Borrowing Base for longer than 120 days but less than 270 days	 	50%"

    SECTION 2.  Conditions Precedent. This Amendment shall become effective
on the date (the "Amendment Effective Date") on which the following conditions precedent shall have been satisfied: 

    2.1 Delivered Documents. On the Amendment Effective Date, the Lender shall have received the following documents, each
of which shall be satisfactory to the Lender in form and substance: 

    (a) Amendment. This Amendment, executed and delivered by a duly authorized officer of the Borrower and the Lender; and 

    (b) Other Documents. Such other documents as the Lender or counsel to the Lender may reasonably request. 

    2.2 No Default. On the Amendment Effective Date, (i) the Borrower shall be in compliance with all the terms and
provisions set forth in the Existing Loan Agreement on its part to be observed or performed, (ii) the representations and warranties made and restated by the Borrower pursuant to
Section 3 of this Amendment shall be true and complete on and as of such date with the same force and effect as if made on and as of such date and (iii) no Default shall have occurred
and be continuing on such date. 

    SECTION 3.  Representations and Warranties. The Borrower hereby
represents and warrants to the Lender that it is in compliance with all the terms and provisions set forth in the Loan Documents on its part to be observed or performed, and that no Default has
occurred or is continuing, and hereby confirms and reaffirms the representations and warranties contained in Section 6 of the Loan Agreement. 

    SECTION 4.  Limited Effect. Except as expressly amended and modified by
this Amendment, the Existing Loan Agreement shall continue to be, and shall remain, in full force and effect in accordance with its terms; provided,
however, that reference therein and herein to the "Loan Documents" shall be deemed to include, in any event, (i) the Existing Loan Agreement, (ii) this Amendment,
(iii) the Note and (iv) the Custodial Agreement. Each reference to the Loan Agreement in any of the Loan Documents shall be deemed to be a reference to the Loan Agreement as amended
hereby. 

    SECTION 5.  Counterparts. This Amendment may be executed by each of the
parties hereto on any number of separate counterparts, each of which shall be an original and all of which taken together shall constitute one and the same instrument. 

    SECTION 6.  GOVERNING LAW. THIS AMENDMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAW OF THE STATE
OF NEW YORK WITHOUT REFERENCE TO THE CHOICE OF LAW PROVISIONS THEREOF. 

(REMAINDER OF PAGE INTENTIONALLY LEFT BLANK)

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IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be duly executed and delivered as of the day and year first above written. 

	 	 	BORROWER:
	

 	
 	

AAMES CAPITAL CORPORATION
	

 	
 	

By:	

 Name:

Title:
	

 	
 	
LENDER:
	

 	
 	
MORGAN STANLEY DEAN WITTER MORTGAGE CAPITAL INC. (formerly MORGAN STANLEY MORTGAGE CAPITAL INC.)
	

 	
 	

By:	

 Name:

Title:

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EXHIBIT 10.31(i)

EIGHTH AMENDMENT TO THE MASTER LOAN AND SECURITY AGREEMENT

RECITALSPrepared by MERRILL CORPORATION

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Exhibit 10.32(a)    
  

 
 

FIRST AMENDMENT TO MASTER REPURCHASE AGREEMENT GOVERNING
  PURCHASES AND SALES OF MORTGAGE LOANS    
  

    This
Amendment, dated as of June 21, 2001 (the "Amendment"), to the Master Repurchase Agreement Governing Purchases and Sales of
Mortgage Loans dated as of December 1, 2000 (as amended, the "Agreement'), is made by and between LEHMAN BROTHERS BANK, FSB
("Buyer") and AAMES CAPITAL CORPORATION ("Seller" and, together with the Buyer, the
"Parties"). 

RECITALS

    WHEREAS,
the Seller and the Buyer are parties to the Agreement, pursuant to which the Buyer has agreed, subject to the terms and conditions set forth in the Agreement, to purchase
certain Mortgage Loans owned by the Seller, including, without limitation, all rights of Seller to service and administer such Mortgage Loans. Terms used but not defined herein shall have the
respective meanings ascribed to such terms in the Agreement, as amended hereby. 

    WHEREAS,
the Parties wish to amend the Agreement to modify certain of the terms and conditions governing the purchase and sale of the Mortgage Loans. 

    NOW,
THEREFORE, for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Parties hereto agree as follows: 

    Section 1.  Amendment.

    1.1  The
definitions of "Adjusted Leverage Ratio" and "Leverage Ratio"
in Section 2 of the Agreement are hereby deleted in their entirety and replaced with the following, effective on and after March 31, 2001: 

"Adjusted Leverage Ratio" means, at any time, the ratio of (i) the aggregate principal amount of all indebtedness (other than indebtedness
incurred in connection with Mortgage Loan warehousing facilities of Guarantor and its subsidiaries) of Guarantor and its subsidiaries at such time which on a consolidated basis in accordance with GAAP
would be required to be reflected on a consolidated balance sheet of Guarantor and its subsidiaries as a liability to (ii) the sum of (1) Tangible Net Worth of Guarantor and its
subsidiaries plus (2) accrued but unpaid dividends on preferred stock of Guarantor and its subsidiaries at such time. 

"Leverage Ratio" means, at any time, the ratio of (i) the aggregate principal amount of all indebtedness of Guarantor or Seller, as applicable,
and its respective subsidiaries at such time which on a consolidated basis in accordance with GAAP would be required to be reflected on a consolidated balance sheet of Guarantor or Seller, as
applicable, and its respective subsidiaries as a liability to (ii) the sum of (1) the Tangible Net Worth of Guarantor or Seller, as applicable, and its respective subsidiaries plus
(2) with respect to Guarantor and its subsidiaries only, accrued but unpaid dividends on preferred stock at such time. 

 

    1.2  Section 13(a)
(xii)—(xviii), (xx) and (xxi) are hereby deleted in their entirety and replaced with the following and the following
new Section 13(a)(xxii) is hereby added after Section 13(a)(xxi): 

	 
	 	 

	(xii)	 	Tangible Net Worth of the Guarantor shall (x) at any time between March 31, 2001 and December 31, 2001, be less than $37,000,000 and (y) at any time thereafter, be less than $34,000,000;
	

(xiii)	
 	

commencing on and after March 31, 2001, Tangible Net Worth of the Seller shall be less than the $300,000,000;
	

(xiv)	
 	

the Interest Coverage Ratio of the Guarantor shall exceed 1.05 to 1.0 on the last Business Day of any calendar quarter commencing with the quarter ending June 30, 2001;
	

(xv)	
 	

commencing on and after March 31, 2001, the Leverage Ratio of the Guarantor shall exceed 12.0 to 1.0;
	

(xvi)	
 	

commencing on and after March 31, 2001, the Adjusted Leverage Ratio of the Guarantor shall exceed 6.0 to 1.0;
	

(xvii)	
 	

commencing on and after March 31, 2001, the Leverage Ratio of the Seller shall exceed 3.0 to 1.0;
	

(xviii)	
 	

commencing on and after March 31, 2001, the aggregate amount of the Guarantor's cash, cash equivalents and available borrowing capacity on unencumbered assets that could be drawn against (taking into account required haircuts) under committed
warehouse or working capital facilities, on a consolidated basis and on any given day, shall be less than $17,500,000 at any time;
	

(xx)	
 	

the Seller shall be a party to committed facilities (other than this Agreement) with a maximum aggregate principal amount of commitments equal to less than $200,000,000 at any time;
	

(xxi)	
 	

for any two fiscal quarters of Guarantor after the date of this Agreement, Guarantor and its subsidiaries shall incur a loss on a consolidated basis in accordance with GAAP; or
	

(xxii)	
 	

Guarantor shall pay any dividends under its preferred stock at any time (it being understood and agreed that such dividends may accrue).

    Section 2.  Covenants, Representations and Warranties of the
Parties.

    2.1  Except
as expressly amended by Section 1 hereof, the Agreement remains unaltered and in full force and effect. Each of the Parties hereby reaffirms all
terms and covenants made in the Agreement as amended hereby. 

    2.2  Each
of the Parties hereby represents and warrants to the other that (a) this Amendment constitutes the legal, valid and binding obligation of such Party,
enforceable against such Party in 

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accordance with its terms, and (b) the execution and delivery by such Party of this Amendment has been duly authorized by all requisite corporate action on the part of such Party and will not
violate any provision of the organizational documents of such Party. 

    Section 3.  Effect upon the Agreement.

    3.1  Except
as specifically set forth herein, the Agreement shall remain in full force and effect and is hereby ratified and confirmed. All references to the
"Agreement" in the Master Repurchase Agreement Governing Purchases and Sales of Mortgage Loans shall mean and refer to the Master Repurchase Agreement Governing Purchases and Sales of Mortgage Loans
as modified and amended hereby. 

    3.2  The
execution, delivery and effectiveness of this Amendment shall not operate as a waiver of any right, power or remedy of any Party under the Agreement, or any
other document, instrument or agreement executed and/or delivered in connection therewith. 

    Section 4.  Governing Law.

    THIS
AMENDMENT SHALL BE CONSTRUED, INTERPRETED AND GOVERNED BY THE LAW OF THE STATE OF NEW YORK, WITHOUT GIVING EFFECT TO THE CONFLICT OF LAWS PRINCIPLES THEREOF. 

    Section 5.  Counterparts.

    This
Amendment may be executed in any number of counterparts, and all such counterparts shall together constitute the same agreement. 

[SIGNATURE
PAGE FOLLOWS] 

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    IN WITNESS WHEREOF, the Parties hereto have caused this Amendment to be executed as of the day and year first above written. 

	
 	
 	

SELLER:
	

 	
 	
AAMES CAPITAL CORPORATION, as Seller
	

 	
 	

By:	
 	

	 	 	 	 	Name:	 	 
	 	 	 	 	Title:	 	 
	
 	
 	

BUYER:
	

 	
 	
LEHMAN BROTHERS BANK, FSB, as Buyer
	

 	
 	

By:	
 	

	 	 	 	 	Name:	 	 
	 	 	 	 	Title:	 	 

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Exhibit 10.32(a)

FIRST AMENDMENT TO MASTER REPURCHASE AGREEMENT GOVERNING PURCHASES AND SALES OF MORTGAGE LOANS

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