Document:

Amendment No.3 to Restated Master Loan and Security Agreement

 Exhibit 10.14(d) 
  
 AMENDMENT NO. 3 
 TO THE SECOND AMENDED AND RESTATED 
 MASTER LOAN AND SECURITY AGREEMENT 
  
 AMENDMENT NO. 3, dated as of June 22, 2004 (this
“Amendment”), to the Second Amended and Restated Master Loan and Security Agreement, dated as of August 29, 2003 (as previously amended, supplemented or otherwise modified, the “Existing Loan Agreement”; as amended
hereby and as further amended, restated, supplemented or otherwise modified and in effect from time to time, the “Loan Agreement”), among AAMES CAPITAL CORPORATION (“Aames Capital”), AAMES FUNDING CORPORATION
(“Aames Funding”, together with Aames Capital, each a “Borrower”, collectively, the “Borrowers”) and MORGAN STANLEY MORTGAGE CAPITAL INC. (the “Lender”). Capitalized terms used but
not otherwise defined herein shall have the meanings given to them in the Existing Loan Agreement. 
  
 RECITALS 
  
 The Borrowers and the Lender are parties to the Existing Loan Agreement. 
  
 The Borrowers and the Lender have agreed, subject to the terms and conditions of this Amendment, to increase the amount of the Maximum Credit from $200,000,000 to $350,0000,000 (the $150,000,000 amount of such
increase, the “Increase Amount”). 
  
 Accordingly, the Borrowers and the Lender hereby agree, in consideration of the mutual premises and mutual obligations set forth herein, the receipt and sufficiency of which is hereby acknowledged, 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 deleting the definition of “Maximum Credit” in its entirety and substituting in lieu thereof the following new definition: 
  
 “Maximum Credit” shall mean $350,000,000. 
  
 SECTION 2. Conditions Precedent. This Amendment shall be
effective on the first date that all of the following conditions precedent shall have been satisfied (the “Amendment Effective Date”): 
  
 2.1 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 each Borrower and the Lender. 
  
 (b) Amended and Restated Note. In exchange for the Note delivered under the Existing Loan Agreement, an Amended and Restated Promissory Note, substantially in the form of Exhibit A hereto, executed and delivered by a duly
authorized officer of each Borrower. 

 (c) Secretary’s Certificates of Borrowers. A certificate of the Secretary or Assistant
Secretary of each Borrower, substantially in the form of Exhibit B hereto, dated as of the date hereof, and 
  
 (i) certifying that since the Effective Date of the Existing Loan Agreement there have been no changes to any of the organizational
documents of such Borrower delivered pursuant to Section 5.01 of the Existing Loan Agreement, 
  
 (ii) certifying as to the incumbency and specimen signature of each officer of such Borrower executing this Amendment, 
  
 (iii) attaching a copy of the resolutions, in form and
substance reasonably satisfactory to the Lender, of the Board of Directors of such Borrower authorizing (A) the execution, delivery and performance of this Amendment, and (B) the borrowings contemplated under the Loan Agreement, and 
  
 (iv) attaching certificates dated as of a recent date from
the Secretary of State or other appropriate authority, evidencing the good standing of such Borrower in the jurisdiction of its organization. 
  
 (d) Legal Opinions. A legal opinion of in-house counsel to the Borrowers, with respect to corporate matters, and a legal of outside counsel to the
Borrowers, with respect to enforceability and certain other matters. 
  
 (e) Fee Letter. A letter dated the date hereof between the Borrowers and the Lender (the “Fee Letter”). 
  
 (f) Other Documents. Such other documents as the Lender or counsel to the Lender may reasonably request. 
  
 2.2 Fees. On the Amendment Effective Date the Lender shall have
received payment from the Borrowers, in Dollars, in immediately available funds, without deduction, set-off or counterclaim, at the account of the Lender set forth in Section 3.01(a) of the Loan Agreement, of an amount equal to the Additional
Commitment Fee (as defined in the Fee Letter referred to above). 
  
 2.3 No Default. On the Amendment Effective Date, (i) each 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 Borrowers 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 or Event of Default
shall have occurred and be continuing on such date. 
  
 SECTION
3. Representations and Warranties. Each 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 or Event of Default has occurred or is continuing, and hereby confirms and reaffirms the representations and warranties contained in Section 6 of the Loan Agreement. 
  

 -2- 

 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 all references therein and herein to the “Loan Documents” shall be deemed to
include, in any event, this Amendment and each reference to the Loan Agreement in any of the Loan Documents shall be deemed to be a reference to the Existing Loan Agreement as amended hereby. The execution of this Amendment by the Lender shall not
operate as a waiver of any of its rights, powers or privileges under the Loan Agreement or under any of the other Loan Documents, except as expressly set forth herein. 
  
 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. Delivery of an executed counterpart of a signature page to this Amendment in Portable Document Format (PDF) or by
facsimile transmission shall be effective as delivery of a manually executed original counterpart thereof. 
  
 SECTION 6. GOVERNING LAW. THIS AMENDMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK.

  
 [SIGNATURES FOLLOW] 
  

 -3- 

 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. 
  

			
	BORROWERS
	
	AAMES CAPITAL CORPORATION
		
	By	 	  

	Name:	 	Jon D. Van Deuren
	Title:	 	Senior Vice President
	
	AAMES FUNDING CORPORATION
		
	By	 	  

	Name:	 	Jon D. Van Deuren
	Title:	 	Senior Vice President
	
	LENDER
	
	MORGAN STANLEY MORTGAGE CAPITAL INC.
		
	By	 	  

	Name:	 	 
	Title:	 	 

  

 Exhibit A 
  

FORM OF AMENDED AND RESTATED PROMISSORY NOTE 
  
 [See Attached] 

 THIRD AMENDED AND RESTATED PROMISSORY NOTE 
  

			
	 $350,000,000
	 	 August 29, 2003
 amended and restated June 22, 2004
 New York, New York

  
 FOR VALUE RECEIVED,
AAMES CAPITAL CORPORATION, a California corporation (“Aames Capital”) and AAMES FUNDING CORPORATION, a California corporation (“Aames Funding”, and together with Aames Capital, each a “Borrower”,
collectively the “Borrowers”), hereby promise to pay, jointly and severally, to the order of MORGAN STANLEY MORTGAGE CAPITAL INC. (the “Lender”), at the principal office of the Lender at 1221 Avenue of the Americas,
27th Floor, New York, New York, 10020, in lawful money of the United States, and in immediately available funds, the
principal sum of THREE HUNDRED FIFTY MILLION DOLLARS ($350,000,000) (or such lesser amount as shall equal the aggregate unpaid principal amount of the Loans made by the Lender to the Borrowers under the Loan Agreement), on the dates and in the
principal amounts provided in the Loan Agreement, and to pay interest on the unpaid principal amount of each such Loan, at such office, in like money and funds, for the period commencing on the date of such Loan until such Loan shall be paid in
full, at the rates per annum and on the dates provided in the Loan Agreement. 
  
 The date, amount and interest rate of each Loan made by the Lender to the Borrowers, and each payment made on account of the principal thereof, shall be recorded by the Lender on its books and, prior to any transfer
of this Note, endorsed by the Lender on the schedule attached hereto or any continuation thereof; provided, that the failure of the Lender to make any such recordation or endorsement shall not affect the obligations of the Borrowers to make a
payment when due of any amount owing under the Loan Agreement or hereunder in respect of the Loans made by the Lender. 
  
 This Note is the Note referred to in the Second Amended and Restated Master Loan and Security Agreement, dated as of August 29, 2003 (as amended,
supplemented or otherwise modified and in effect from time to time, the “Loan Agreement”) among the Borrowers and the Lender, and evidences Loans made by the Lender thereunder. Terms used but not defined in this Note have the
respective meanings assigned to them in the Loan Agreement. 
  
 The Borrowers agree, jointly and severally, to pay all the Lender’s costs of collection and enforcement (including reasonable attorneys’ fees and disbursements of Lender’s counsel) in respect of this Note when incurred,
including, without limitation, reasonable attorneys’ fees through appellate proceedings. 
  
 Notwithstanding the pledge of the Collateral, each Borrower hereby acknowledges, admits and agrees that the Borrowers’ obligations under this Note are recourse obligations of the Borrowers to which each Borrower
pledges its full faith and credit. 
  
 Each Borrower, and any
endorsers or guarantors hereof, (a) severally waive diligence, presentment, protest and demand and also notice of protest, demand, dishonor and nonpayments of this Note, (b) expressly agree that this Note, or any payment hereunder, may be

 extended from time to time, and consent to the acceptance of further Collateral, the release of any Collateral for this
Note, the release of any party primarily or secondarily liable hereon, and (c) expressly agree that it will not be necessary for the Lender, in order to enforce payment of this Note, to first institute or exhaust the Lender’s remedies against
the Borrowers or any other party liable hereon or against any Collateral for this Note. No extension of time for the payment of this Note, or any installment hereof, made by agreement by the Lender with any person now or hereafter liable for the
payment of this Note, shall affect the liability under this Note of any Borrower, even if such Borrower is not a party to such agreement; provided, however, that the Lender and each Borrower, by written agreement between them, may
affect the liability of such Borrower. 
  
 This Third Amended and
Restated Promissory Note amends and restates in its entirety the Second Amended and Restated Promissory Note dated August 29, 2003 (the “Existing Promissory Note”) and is given as a continuation, rearrangement and extension, and not
a novation, release or satisfaction, of the Existing Promissory Note. Each Borrower hereby acknowledges and agrees that simultaneously with the Borrowers’ execution and delivery of this Second Amended and Restated Promissory Note to the Lender,
the Lender has delivered to Aames Capital the Existing Promissory Note. 
  
 Any reference herein to the Lender shall be deemed to include and apply to every subsequent holder of this Note. Reference is made to the Loan Agreement for provisions concerning optional and mandatory prepayments, Collateral, acceleration
and other material terms affecting this Note. 
  
 Each Borrower
hereby acknowledges and agrees that such Borrower shall be jointly and severally liable to the maximum extent permitted by applicable law for all representations, warranties, covenants, obligations and indemnities of the Borrowers under the Loan
Documents. 
  
 [SIGNATURE PAGE FOLLOWS] 

 This Note shall be governed by and construed under the laws of the State of New York whose laws each
Borrower expressly elects to apply to this Note. Each Borrower agrees that any action or proceeding brought to enforce or arising out of this Note may be commenced in the Supreme Court of the State of New York, Borough of Manhattan, or in the
District Court of the United States for the Southern District of New York. 
  

			
	 AAMES CAPITAL CORPORATION

		
	 By:
	 	  

	 Name:
	 	 
	 Title:
	 	 
	
	 AAMES FUNDING CORPORATION

		
	 By:
	 	  

	 Name:
	 	 
	 Title:
	 	 

 SCHEDULE OF LOANS 
  
 This Note evidences Loans made under the within-described Loan Agreement to the Borrowers, on the dates, in the principal
amounts and bearing interest at the rates set forth below, and subject to the payments and prepayments of principal set forth below: 
  

											
	 Date Made

	 	 Principal
 Amount
 of Loan

	 	 Interest
 Rate

	  	 Amount Paid
 or Prepaid

	  	Unpaid
Principal
Amount

	  	 Notation
 Made by

 Exhibit B 
  

FORM OF SECRETARY’S CERTIFICATE 
  
 Pursuant to Section 2.1(c) of that certain Amendment No. 3, dated as of June 22, 2004 (the “Third Amendment”), to the Second Amended and
Restated Master Loan and Security Agreement, dated as of August 29, 2003 (as previously amended, supplemented or otherwise modified, the “Existing Loan Agreement”; as amended hereby and as further amended, restated, supplemented or
otherwise modified and in effect from time to time, the “Loan Agreement”; capitalized terms used but not otherwise defined herein shall have the meanings assigned thereto by the Loan Agreement), among AAMES CAPITAL CORPORATION
(“Aames Capital”), AAMES FUNDING CORPORATION (“Aames Funding”, together with Aames Capital, each a “Borrower”, collectively, the “Borrowers”) and MORGAN STANLEY MORTGAGE CAPITAL
INC. (the “Lender”), the undersigned hereby certifies on behalf of [Aames Capital / Aames Funding] (the “Specified Borrower”) as follows: 
  
 (a) Since the Effective Date of the Existing Loan Agreement there have been no changes to any of the organizational
documents of the Specified Borrower delivered pursuant to Section 5.01 of the Existing Loan Agreement and each such document remains in full force and effect as of the date hereof; and 
  
 (b) Attached hereto as “Annex A” are original certificates dated as of a recent date from the Secretary of
State or other appropriate authority evidencing the good standing of the Specified Borrower in its jurisdiction of organization; 
  
 (c) Attached hereto as “Annex B” is a true, correct and complete copy of the resolutions of the Specified Borrower, together with any and
all amendments thereto, authorizing the execution, delivery and performance of this Amendment and the borrowings contemplated thereunder, such resolutions having not been amended, modified, revoked or rescinded, and the same being in full force and
effect in the attached form as of the date hereof; 
  
 (d) The
following named individuals are duly elected, qualified and acting officers of the Specified Borrower, each such individual holding the office(s) set forth opposite his respective name as of the date hereof, and the signatures set forth beside the
respective name and title of said officers and authorized signatories are true, authentic signatures: 
  

					
	 Name

	 	 Title

	 	 Signature

	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 

  
 [SIGNATURES FOLLOW]

 IN WITNESS WHEREOF, the undersigned has hereunto executed this Secretary’s Certificate as of this
     day of                     , 2004. 
  

			
	 By:
	 	  

	 Name:
	 	 
	 Title:
	 	 

  
 The undersigned,
                                        ,
does hereby certify that he is the duly elected and presently incumbent
                                        
of the Specified Borrower and in such capacity does hereby certify to the Lender that
                                        
is the duly elected and presently incumbent Secretary of the Specified Borrower. 
  

			
	 By:
	 	  

	 Name:
	 	 
	 Title:Amendment No. 4 to the Restated Master Loan and Security Agreement

 Exhibit 10.14(e) 
  
 AMENDMENT NO. 4 
 TO THE SECOND AMENDED AND RESTATED 
 MASTER LOAN AND SECURITY AGREEMENT 
  
 AMENDMENT NO. 4, dated as of August 25, 2004 (this
“Amendment”), to the Second Amended and Restated Master Loan and Security Agreement, dated as of August 29, 2003 (as previously amended, supplemented or otherwise modified, the “Existing Loan Agreement”; as amended
hereby and as further amended, restated, supplemented or otherwise modified and in effect from time to time, the “Loan Agreement”), among AAMES CAPITAL CORPORATION (“Aames Capital”), AAMES FUNDING CORPORATION
(“Aames Funding”, together with Aames Capital, each a “Borrower”, collectively, the “Borrowers”) and MORGAN STANLEY MORTGAGE CAPITAL INC. (the “Lender”). Capitalized terms used but
not otherwise defined herein shall have the meanings given to them in the Existing Loan Agreement. 
  
 RECITALS 
  
 The Borrowers and the Lender are parties to the Existing Loan Agreement. 
  
 The Borrowers and the Lender have agreed, subject to the terms and conditions of this Amendment, to extend the Termination Date from August 27, 2004 to September 27, 2004. 
  
 Accordingly, the Borrowers and the Lender hereby agree, in consideration of
the mutual premises and mutual obligations set forth herein, the receipt and sufficiency of which is hereby acknowledged, 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 deleting the definition
of “Termination Date” in its entirety and substituting in lieu thereof the following new definition: 
  
 “Termination Date” shall mean September 27, 2004 or such earlier date on which this Loan Agreement shall terminate in
accordance with the provisions hereof or by operation of law. 
  
 SECTION 2. Conditions Precedent. This Amendment shall be effective on the first date that all of the following conditions precedent shall have been satisfied (the “Amendment Effective Date”): 
  
 2.1 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 each Borrower and the Lender. 
  
 (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) each 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 Borrowers 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 or Event of Default shall have occurred and be continuing on such date. 
  
 SECTION 3. Representations and Warranties. Each 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 or Event of 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 all references therein and herein to the “Loan Documents” shall be deemed to include, in any event, this Amendment and each reference to the Loan Agreement in any of the Loan Documents shall be deemed to be a reference
to the Existing Loan Agreement as amended hereby. The execution of this Amendment by the Lender shall not operate as a waiver of any of its rights, powers or privileges under the Loan Agreement or under any of the other Loan Documents, except as
expressly set forth herein. 
  
 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. Delivery
of an executed counterpart of a signature page to this Amendment in Portable Document Format (PDF) or by facsimile transmission shall be effective as delivery of a manually executed original counterpart thereof. 
  
 SECTION 6. GOVERNING LAW. THIS AMENDMENT SHALL BE GOVERNED BY,
AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK. 
  
 [SIGNATURES FOLLOW] 
  

 2 

 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. 
  

			
	 BORROWERS
  
 AAMES CAPITAL CORPORATION

		
	By	 	 
	 	 	 Name: Jon D. Van Deuren

	 	 	 Title: Senior Vice President

	
	AAMES FUNDING CORPORATION
		
	By	 	 
	 	 	 Name: Jon D. Van Deuren

	 	 	 Title: Senior Vice President

			
	 LENDER
  
 MORGAN STANLEY MORTGAGE CAPITAL INC.

		
	By	 	 
	 	 	 Name:

	 	 	 Title:

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