Document:

Exhibit 10.10(g)

 

AMENDMENT NUMBER
EIGHT

to the

Warehouse Loan and
Security Agreement

Dated as of
February 10, 2000

as Amended and
Restated to and including February 4, 2005

among

AAMES INVESTMENT
CORPORATION

AAMES CAPITAL
CORPORATION

AAMES FUNDING
CORPORATION

and

GREENWICH CAPITAL
FINANCIAL PRODUCTS, INC.

 

This AMENDMENT NUMBER
EIGHT is made this 1st day of March 2006, among AAMES INVESTMENT CORPORATION,
AAMES CAPITAL CORPORATION, AAMES FUNDING CORPORATION, each having an address at
350 South Grand Avenue, Los Angeles, California 90071 (each, a “Borrower”
and collectively, “the Borrowers”) and GREENWICH CAPITAL FINANCIAL
PRODUCTS, INC., having an address at 600 Steamboat Road, Greenwich, Connecticut
06830 (the “Lender”), to the Warehouse Loan and Security Agreement,
dated as of February 10, 2000 as amended and restated to and including February
4, 2005, by and between the Borrowers and the Lender, as amended (the “Agreement”).
Capitalized terms used but not otherwise defined herein shall have the meanings
assigned to such terms in the Agreement.

 

RECITALS

 

WHEREAS, the Borrowers
and the Lender have agreed to amend the Agreement to modify certain certain
financial covenants as set forth herein.

 

NOW
THEREFORE, for good and valuable consideration, the receipt and sufficiency of
which are hereby acknowledged, and for the mutual covenants herein contained,
the parties hereto hereby agree as follows:

 

SECTION 1.           Effective
as of the date hereof, Section 1 of the Agreement is hereby amended by deleting
the definition of “Termination Date” in its entirely and replacing it with the
following:

 

“Termination
Date” shall mean April 3, 2006, or such earlier date on which this Warehouse
Agreement shall terminate in accordance with the provisions hereof or by
operation of law.

 

SECTION
2.           Effective as of the date
hereof, Section 6.16 of the Agreement is hereby amended by deleting the
existing “Tangible Net Worth; Liquidity” representation and replacing it with
the following:

 

:

 

“6.16       Tangible
Net Worth; Liquidity. (a)  Aames Investment’s
Tangible Net Worth, on a consolidated basis and on any given day, shall be
equal to or greater than $250,000,000 plus 50% of any subsequent additional
capital raised in a public or private offering by Aames Investment, and (b) the
aggregate amount of Aames Investment’s cash and Cash Equivalents of (1) cash
and loans held for sale and investment (excluding securitized mortgage loan)
reduced by (2) the sum of amounts outstanding on revolving warehouse and
repurchase facilities, margin on loans held for sale and investment (excluding
securitized mortgage loans) and loans held for sale and investment which are 

 

 

ineligible to be pledged by Aames Investment under any
of its revolving warehouse and repurchase facilities shall be in an amount
equal to not less than $38,000,000.”

 

SECTION
3.           Effective as of the date
hereof, Section 7.14(b) of the Agreement is hereby amended by deleting the
existing “Maintenance of Ratio of Total Indebtedness to Tangible Net Worth”
covenant and replacing it with the following:

 

:

 

“(b)         Maintenance
of Ratio of Total Indebtedness to Tangible Net Worth. Aames Investment
shall not permit the ratio of Total Indebtedness to Tangible Net Worth at any
time, from and after December 31, 2005, to be greater than 20.00 to 1.00.”

 

SECTION
4.           Effective as of the date
hereof, Section 7.14(c) of the Agreement is hereby amended by deleting the
existing “Maintenance of Ratio of Adjusted Indebtedness to Tangible Net Worth”
covenant and replacing it with the following:

 

“(c)         Maintenance
of Ratio of Adjusted Indebtedness to Tangible Net Worth. Aames Investment
shall not permit the ratio of Adjusted Indebtedness to Tangible Net Worth at
any time, from and after December 31, 2005, to be greater than 7.0 to 1.00.”

 

SECTION 5.           Effective
as of the date hereof, Section 7.15 of the Agreement is hereby amended by
deleting the existing “Maintenance of Liquidity” covenant and replacing it with
the following:

 

“Section 7.15. Maintenance of Liquidity. The aggregate
amount of Aames Investment’s cash and Cash Equivalents of (1) cash and loans
held for sale and investment (excluding securitized mortgage loans) reduced by
(2) the sum of amounts outstanding on revolving warehouse and repurchase
facilities, margin on loans held for sale and investment (excluding securitized
mortgage loans) and loans held for sale and investment which are ineligible to
be pledged by Aames Investment under any of its revolving warehouse and
repurchase facilities shall be in an amount equal to not less than $38,000,000.”

 

SECTION 6.           Defined Terms. Any terms
capitalized but not otherwise defined herein shall have the respective meanings
set forth in the Agreement.

 

SECTION 7. Limited
Effect. Except as amended hereby, the Agreement shall continue in full
force and effect in accordance with its terms. Reference to this Amendment need
not be made in the Agreement or any other instrument or document executed in
connection therewith, or in any certificate, letter or communication issued or
made pursuant to, or with respect to, the Agreement, any reference in any of
such items to the Agreement being sufficient to refer to the Agreement as
amended hereby.

 

SECTION 8. Waiver.
For the avoidance of doubt, upon execution of this Amendment Number Eight, the
Borrowers and Lender agree that any non compliance or violation of Sections
6.16, 7.14(b) or 7.14(c) on or after December 31, 2005 up to the date of this
Amendment Number Eight are hereby waived.

 

SECTION 9. Governing
Law. This Amendment Number Eight shall be construed in accordance with the
laws of the State of New York and the obligations, rights, and remedies of the
parties hereunder shall be determined in accordance with such laws without
regard to conflict 

 

2

 

of laws doctrine applied in such state (other than Sections 5-1401 and
5-1402 of the New York General Obligations Law).

 

SECTION 10. Counterparts. This Amendment Number
Five 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.

 

[REMAINDER OF THIS PAGE LEFT INTENTIONALLY BLANK]

 

3

 

IN
WITNESS WHEREOF, the Borrowers and the Lender have caused this Amendment Number
Eight to be executed and delivered by their duly authorized officers as of the
day and year first above written.

 

	
   

  	
  AAMES CAPITAL CORPORATION

  
	
   

  	
  (Borrower)

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Jon D. Van Deuren

  	
   

  
	
   

  	
  Name: Jon D. Van Deuren

  
	
   

  	
  Title:

  	
  Executive Vice President
  - Finance and Chief 

  
	
   

  	
   

  	
   Financial Officer

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  AAMES FUNDING CORPORATION

  
	
   

  	
  (Borrower)

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Jon D. Van Deuren

  	
   

  
	
   

  	
  Name: Jon D. Van Deuren

  
	
   

  	
  Title:

  	
  Executive Vice
  President - Finance and Chief 

  
	
   

  	
   

  	
   Financial Officer

  
	
   

  	
   

  	
   

  
	
   

  	
  AAMES INVESTMENT CORPORATION

  
	
   

  	
  (Borrower)

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Jon D. Van Deuren

  	
   

  
	
   

  	
  Name: Jon D. Van Deuren

  
	
   

  	
  Title:

  	
  Executive Vice
  President - Finance and Chief 

  
	
   

  	
   

  	
  Financial Officer

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  GREENWICH CAPITAL FINANCIAL 

  
	
   

  	
  PRODUCTS. INC.

  
	
   

  	
  (Lender)

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By: James T. Raezer

  
	
   

  	
  Name: James T. Raezer

  
	
   

  	
  Title: Managing
  DirectorExhibit 10.11(d)

 

FOURTH
AMENDMENT TO MASTER REPURCHASE AGREEMENT

GOVERNING PURCHASES AND SALES OF MORTGAGE LOANS

 

This Fourth Amendment,
dated as of March 3, 2006 (this “Amendment”), to the Master
Repurchase Agreement Governing Purchases and Sales of Mortgage Loans, dated as
of January 18, 2005 as amended by the First Amendment dated June 20,
2005, Second Amendment dated October 28, 2005 and Third Amendment dated as
of January 17, 2006 (the “Agreement”), is made by and between
LEHMAN BROTHERS BANK, FSB (“Buyer”) and AAMES CAPITAL CORPORATION (“ACC”)
and AAMES INVESTMENT CORPORATION (“AIC”, collectively with ACC, “Seller”
and, together with the Buyer, the “Parties”). Capitalized terms used in
this Amendment and not otherwised defined herein shall have the meaning set
forth in the Agreement.

 

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                                 Sections
13(a)(xiv), (xv) and (xvi) of the Agreement are hereby deleted in their
entirety and replaced with the following:

 

“(xiv)                   the Leverage Ratio shall exceed 20.0 to 1.0 at any time;

 

 (xv)                         the Adjusted Leverage Ratio shall exceed
7.0 to 1.0 at any time;

 

 (xvi)                      the aggregate amount of the AIC’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 (the “Liquidity”), shall be less than $38,000,000 at any time;”

 

Section 2.                                          Waiver. Upon execution of this Amendment, each of the Parties
agree that any non-compliance with or violation of Section 13(a)(xiv),
(xv) or (xvi) of the Agreement on or after December 31, 2005 and up to the
date of this Amendment are hereby waived.

 

2.1                                 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.

 

1

 

Section 3.                                          Covenants,
Representations and Warranties of the Parties.

 

3.1                                 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.

 

Section 4.                                          Effect
upon the Agreement.

 

4.1                                 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.

 

4.2                                 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 5.                                          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 6.                                          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]

 

2

 

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:

  	
  /s/ John D. Van Deuren

  	
   

  
	
   

  	
   

  	
  Name: John D. Van Deuren

  
	
   

  	
   

  	
  Title: Executive Vice President – Finance and

  
	
   

  	
   

  	
   

  	
   Chief
  Financial Officer

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  AAMES INVESTMENT CORPORATION, as Seller

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ John D. Van Deuren

  	
   

  
	
   

  	
   

  	
  Name: John D. Van Deuren

  
	
   

  	
   

  	
  Title: Executive Vice President – Finance and

  
	
   

  	
   

  	
   

  	
   Chief
  Financial Officer

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  BUYER:

  
	
   

  	
   

  	
   

  
	
   

  	
  LEHMAN BROTHERS BANK, FSB, as Buyer

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Stephen A. Valentino

  	
   

  
	
   

  	
   

  	
  Name: Stephen A. Valentino

  
	
   

  	
   

  	
  Title: Authorized Signature

  
					

 

3

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