Document:

Amendment No. 2 to Countrywide Credit Agreement

 Exhibit 10.18(d) 
  
 AMENDMENT NO. 2 TO 
 REVOLVING CREDIT AND SECURITY AGREEMENT 
  
 THIS
AMENDMENT NO. 2 (the .Amendment.) is made and entered into as of July 30, 2004 by and between Countrywide Warehouse Lending (.Lender.), Aames Capital Corporation and Aames Funding Corporation (jointly, the .Borrower.). This Amendment amends that
certain Revolving Credit and Security Agreement by and between Lender and Borrower dated as of June 26, 2003 (as may be amended from time to time, the .Credit Agreement.). 
  
 RECITALS 
  
 Lender and Borrower have previously entered into the Credit Agreement pursuant to which Lender may, from time to time, provide Borrower credit in the form
of a warehouse line secured by residential mortgage loans. Lender and Borrower hereby agree that the Credit Agreement shall be amended as provided herein. 
  
 In consideration of the mutual promises contained herein, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged,
Lender and Borrower hereby agree as follows: 
  

	1.	Additional Named .Borrower. Added to Credit Agreement. Lender and Borrower hereby agree to add Aames Investment Corporation, real estate investment trust formed under
the laws of Maryland (.Co-Borrower.) as an additional named .Borrower. to the Credit Agreement effective as of the date hereof. By being added as an additional named .Borrower. to the Credit Agreement and executing this Amendment below, it is
understood and agreed by Co-Borrower that Co-Borrower shall be bound by all of the rights, liabilities, covenants and obligations of .Borrower. under the Credit Agreement. This includes, without limitation, being bound by all the rights,
liabilities, covenants and obligations of .Borrower. under the Credit Agreement with respect to any Advances made by Lender to Borrower under the Credit Agreement prior to the date hereof or any Advances that Lender may make to Borrower or
Co-Borrower under the Credit Agreement on or after the date hereof. Further, Borrower and Co-Borrower hereby expressly agree to be jointly and severally liable for all rights, liabilities, covenants and obligations of .Borrower. under the Credit
Agreement, regardless of which entity incurred or is responsible for such rights, liabilities, covenants and obligations. 

  

	2.	No Other Amendments. Other than as expressly modified and amended herein, the Credit Agreement shall remain in full force and effect and nothing herein shall affect
the rights and remedies of Lender as provided under the Credit Agreement. 

  

	3.	Capitalized Terms. Any capitalized term used herein and not otherwise defined herein shall have the meaning ascribed to such term in the Credit Agreement.

 IN WITNESS WHEREOF, Lender, Co-Borrower and Borrower have caused their names to be signed hereto by their respective
officers thereunto duly authorized as of the date first written above. 
  

			
	COUNTRYWIDE WAREHOUSE LENDING
		
	By:	 	 
	 	 	 Signature

		
	 Name:
	 	 
		
	 Title:
	 	 
	
	AAMES CAPITAL CORPORATION
		
	By:	 	 
	 	 	 Signature

		
	 Name:
	 	 
		
	 Title:
	 	 
	
	AAMES FUNDING CORPORATION
		
	By:	 	 
	 	 	 Signature

		
	 Name:
	 	 
		
	 Title:
	 	 
	
	AAMES INVESTMENT CORPORATION
		
	By:	 	 
	 	 	 Signature

		
	 Name:
	 	 
		
	 Title:Amendment No. 3 to the Countrywide Commitment Letter

 EXHIBIT 10.18(f) 
  
 AMENDMENT NO. 3 TO 
 COMMITMENT LETTER 
  
 This AMENDMENT NO. 3 TO COMMITMENT LETTER
(the “Amendment”) is made and entered into as of July 30, 2004 by and between Countrywide Warehouse Lending (“Lender”), Aames Capital Corporation, Aames Funding Corporation and Aames Investment Corporation (jointly, the
“Borrower”). This Amendment amends that certain Commitment Letter by and between Lender and Borrower dated as of December 1, 2003 (the “Commitment Letter”), which supplements that certain Revolving Credit and Security Agreement
by and between Lender and Borrower dated as of July 1, 2003 (as may be amended from time to time, the “Credit Agreement”). 
  
 R E C I T A L S 
  

	
	 Lender and Borrower have previously entered into the Commitment Letter and Credit Agreement pursuant to which Lender may, from time to time, provide Borrower
credit in the form of a warehouse line secured by residential mortgage loans. Lender and Borrower hereby agree that the Commitment Letter shall be amended as provided herein.

  
 In consideration of the mutual
promises contained herein, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, Lender and Borrower hereby agree as follows: 
  

	1.	Additional Named “Borrower.” As a result of that certain Amendment #2 to Revolving Credit and Security Agreement of even date herewith by and among Lender,
Borrower and Aames Investment Corporation, Lender, Borrower and Aames Investment Corporation acknowledge and agree that Aames Investment Corporation is effectively added as an additional named “Borrower” to the Commitment Letter. Except as
expressly provided for otherwise herein, all covenants and obligations under the Commitment Letter shall be applicable to Aames Investment Corporation. 

  

	2.	Increase In Aggregate Credit Limit. Lender, Borrower and Aames Investment Corporation agree that the Aggregate Credit Limit of the Commitment Letter shall be deleted
in its entirety and replaced with the following: 

  
 “Aggregate Credit Limit: Four Hundred Million Dollars ($400,000,000) subject to reduction by Lender as provided for herein.” 
  

	3.	Over/Under Account Minimum Balance. Lender and Borrower agree that the Over/Under Account Minimum Balance (Section 3.5 (a)) of the Commitment Letter shall be deleted
in its entirety and replaced with the following: 

  
 “Over/Under Account Minimum Balance: Five Hundred Thousand Dollars ($500,000). . Interest to be paid monthly on the Over/Under Account Minimum Balance at an annualized rate of LIBOR”. 
  

	4.	New Section – “Financial Covenants of Aames Investment Corporation.” Lender, Borrower and Aames Investment Corporation agree that the financial
covenants contained in the section titled “Financial Covenants” shall only apply to Borrower and the following new section shall be added to the Commitment Letter and shall apply to Aames Investment Corporation only:

  
 “Financial Covenants of Aames Investment
Corporation: The ongoing availability of the 
 Agreement is subject to the maintenance of the following financial covenants by Aames

 Investment Corporation: 
  
 (a) Minimum Tangible Net Worth: $425,000,000 after the initial public offering, and 
  
 (b) Maximum ratio of Total Liabilities and 

 Warehouse Debt, excluding debt related to non-recourse securitization debt (Warehouse Debt is
inclusive of outstandings on warehouse lines, repurchase facilities or off balance sheet financing) to Tangible Net Worth: 5.5:1 
  
 If Aames Investment Corporation fails to maintain the foregoing financial covenants for any reason (including, without limitation, as a result of the
initial public offering not being offered or failing to achieve sufficient capital), in addition to the rights and remedies of Lender under the Agreement for such failure, Lender shall have the right to reduce the Aggregate Credit Limit to the
previous limit of $200,000,000 in its sole discretion.” 
  

	4.	No Other Amendments; Conflicts with Previous Amendments. Other than as expressly modified and amended herein, the Commitment Letter shall remain in full force and
effect and nothing herein shall affect the rights and remedies of Lender as provided under the Commitment Letter and Credit Agreement. To the extent any amendments to the Commitment Letter contained herein conflict with any previous amendments to
the Commitment Letter, the amendments contained herein shall control. 

  

	5.	Capitalized Terms. Any capitalized term used herein and not otherwise defined herein shall have the meaning ascribed to such term in the Credit Agreement.

  

	6.	Facsimiles. Facsimile signatures shall be deemed valid and binding to the same extent as the original. 

  
 IN WITNESS WHEREOF, Lender and each Borrower have caused their names to be signed hereto by
their respective officers thereunto duly authorized as of the date first written above. 
  

							
	COUNTRYWIDE WAREHOUSE LENDING	 	AAMES CAPITAL CORPORATION
				
	By:	 	  

	 	By:	 	  

	Signature	 	Signature
	Name:	 	Name:
	Title:	 	Title:
			
	 	 	 	 	AAMES FUNDING CORPORATION
				
	 	 	 	 	By:	 	  

	 	 	 	 	Signature
	 	 	 	 	Name:
	 	 	 	 	Title:
			
	 	 	 	 	AAMES INVESTMENT CORPORATION
				
	 	 	 	 	By:	 	  

	 	 	 	 	Signature
	 	 	 	 	Name:
	 	 	 	 	Title:Amendment No. 5 to Restated Master Purchase Agreement

 EXHIBIT 10.19(d) 
  
 FIFTH AMENDMENT TO AMENDED AND RESTATED MASTER REPURCHASE 
 AGREEMENT GOVERNING PURCHASES AND SALES OF MORTGAGE LOANS 
  
 This Amendment, dated as of July 30, 2004 (the “Fifth Amendment”), to the Amended and Restated Master Repurchase Agreement Governing Purchases
and Sales of Mortgage Loans, dated as of July 30, 2003 (the “Master Repurchase Agreement”), as amended by the First Amendment to Amended and Restated Master Repurchase Agreement Governing Purchases and Sales of Mortgage Loans, dated as of
November 19, 2003, the Second Amendment to Amended and Restated Master Repurchase Agreement Governing Purchases and Sales of Mortgage Loans, dated as of March 16, 2004, the Third Amendment to Amended and Restated Master Repurchase Agreement
Governing Purchases and Sales of Mortgage Loans, dated as of June 18, 2004 and the Fourth Amendment to Amended and Restated Master Repurchase Agreement Governing Purchases and Sales of Mortgage Loans, dated as of June 29, 2004 (collectively, 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 definition of “Final
Repurchase Date” in the Agreement is hereby replaced in its entirety as follows: 
  
 “Final Repurchase Date” means July 30, 2005 or such earlier date on which all Purchased Mortgage Loans are required to be immediately repurchased pursuant to Section 14(a). 
  
 1.2. The definition of “Collateral Amount Percentage” in the
Agreement is hereby replaced in its entirety as follows: 
  
 “Collateral Amount Percentage” means the amount set forth in the related Confirmation with respect to each Mortgage Loan which, (1) in determining whether a Market Value Collateral Deficit exists pursuant to the second
sentence of Section 4(a) hereof shall, for each type of Mortgage Loan set forth in the first column below, equal the applicable percentage set forth in the second column below and (2) in determining whether a Securitization Value Collateral Deficit
exists pursuant to the third sentence of Section 4(a) hereof shall, for each type of Mortgage Loan set forth in the first column below, equal the applicable percentage set forth in the third column below. 

					
	 Mortgage Loan Type

	  	Percentage for
Market Value
Collateral Deficit
Determination

	 	Percentage for
Securitization Value
Collateral Deficit
Determination

	 (a)    Purchased Mortgage Loan that has been subject to Transactions for less than 121 days
	  	103.6%	 	105.8%
			
	 (b)    Purchased Mortgage Loan that has been subject to Transactions for 121 or more days but not more than 150
days
	  	105.3%	 	107.5%

  
 1.3. The reference to
“$300,000,000” in subsection 3(f) of the Agreement is hereby replaced with a reference to “$500,000,000” so that subsection 3(f) of the Agreement shall read in its entirety as follows: 
  
 “(f) With respect to all Transactions hereunder, the aggregate Purchase
Price for all Purchased Mortgage Loans at any one time subject to then outstanding Transactions shall not exceed $500,000,000. The Purchase Price for any individual Purchased Mortgage Loan under this Agreement shall not exceed the unpaid principal
balance of such Purchased Mortgage Loan.” 
  
 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 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. 
  

 2 

 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 Amended and Restated Master Repurchase Agreement Governing Purchases and Sales of Mortgage Loans shall mean and refer to the Amended and Restated 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. 
  
 [Remainder of Page Intentionally Left Blank] 
  

 3 

 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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