Document:

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                                                                EXHIBIT 10.3(b)

                               August 25, 2000

Aames Capital Corporation
350 South Grand Avenue
Los Angeles, California  90071

               Re:  Second Amended and Restated Master Repurchase Agreement
                    Governing Purchases and Sales of Mortgage Loans, dated as
                    of April 28, 2000, as amended by the First Amendment to
                    Second Amended and Restated Master Repurchase Agreement
                    Governing Purchases and Sales of Mortgage Loans dated as
                    of June 1, 2000 (together, the "Master Repurchase
                    Agreement"), between Aames Capital Corporation as Seller,
                    and Lehman Commercial Paper Inc. as Buyer.

Gentlemen:

     Reference is made to the Master Repurchase Agreement. Capitalized terms
used but not defined herein shall have the meanings set forth in the Master
Repurchase Agreement.

     Buyer hereby notifies Seller that Section 13(a)(xv) of the Agreement is
hereby deleted in its entirety and replaced with the following:

     "the Leverage Ratio of the Guarantor as calculated on the last Business
     Day of each month shall exceed (a) prior to and on June 30, 2000, 13.0
     to 1.0, (b) after June 30, 2000 and prior to and on July 31, 2000, 12.0
     to 1.0, (c) after July 31, 2000 and prior to and on August 31, 2000,
     10.99 to 1.0 and (d) after August 31, 2000 and prior to and on the
     earlier to occur of September 30, 2000 and the closing of a
     Securitization (as such term is defined in the Fee Letter), 10.00 to
     1.0;"

     If you are in agreement with the foregoing terms of this letter
agreement, please execute all of the enclosed copies and return two fully
executed copies to the undersigned.

                                       Very truly yours,

                                       LEHMAN COMMERCIAL PAPER INC.

                                       By:  /s/ Fred C. Madonna
                                          -----------------------------------
                                            Name: Fred C. Madonna
                                            Title: Authorized Signature

Accepted and Agreed to:

AAMES CAPITAL CORPORATION

By: /s/ John Kohler
------------------------------------
    Name: John Kohler
   Title: Executive Vice President<PAGE>
                                                                EXHIBIT 10.3(c)

           THIRD AMENDMENT TO SECOND AMENDED AND RESTATED MASTER
                       REPURCHASE AGREEMENT GOVERNING
                  PURCHASES AND SALES OF MORTGAGE LOANS

This Third Amendment, dated as of October 31, 2000 (the "FIRST AMENDMENT"),
to the Second Amended and Restated Master Repurchase Agreement Governing
Purchases and Sales of Mortgage Loans dated as of April 28, 2000 (as amended,
the "AGREEMENT"), is made by and between LEHMAN COMMERCIAL PAPER INC.
("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.

     THE DEFINITION OF "FINAL REPURCHASE DATE" IN SECTION 1 OF THE AGREEMENT
IS HEREBY DELETED IN ITS ENTIRETY AND REPLACED WITH THE FOLLOWING:

     "Final Repurchase Date" means November 30, 2000 or such earlier date on
     which all Purchased Mortgage Loans are required to be immediately
     repurchased pursuant to Section 14(a).

     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 First 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 First 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.

<PAGE>

     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 Second Amended and Restated
     Master Repurchase Agreement Governing Purchases and Sales of Mortgage
     Loans shall mean and refer to the Second 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 First
     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 FIRST 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 First Amendment may be executed in any number of counterparts, and
all such counterparts shall together constitute the same agreement.

                              [SIGNATURE PAGE FOLLOWS]

                                      2

<PAGE>

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

                                        SELLER:

                                        AAMES CAPITAL CORPORATION, as Seller

                                        By:   /s/ John Kohler
                                            --------------------------------
                                        Name:  John Kohler
                                        Title: Executive Vice President

                                        BUYER:

                                        LEHMAN COMMERCIAL PAPER INC., as Buyer

                                        By:   /s/ Fred C. Madonna
                                            --------------------------------
                                        Name:  Fred C. Madonna
                                        Title: Authorized Signatory<PAGE>
                                                                EXHIBIT 10.4(a)

                             AMENDED AND RESTATED
                               AMENDMENT NO. 2
                                      TO
                      WAREHOUSE LOAN AND SECURITY AGREEMENT

THIS AMENDED AND RESTATED AMENDMENT NO. 2 TO WAREHOUSE LOAN AND SECURITY
AGREEMENT (this "Amendment"), dated as of June 1, 2000, amends the Warehouse
Loan and Security Agreement dated as of February 10, 2000 (the "Loan
Agreement"), between Aames Capital Corporation (the "Borrower") and Greenwich
Capital Financial Products, Inc. (the "Lender").  Capitalized terms used
herein and not otherwise defined herein shall have the meanings set forth in
the Loan Agreement.

WHEREAS, the Borrower and the Lender wish to amend the Loan Agreement to
modify certain of the terms thereof.

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

1.   AMENDMENT

1.1  Effective as of March 31, 2000, Section 6.17 of the Loan Agreement is
hereby amended by deleting the existing Section 6.17 thereof and replacing it
with the following:

          "TANGIBLE NET WORTH; LIQUIDITY.  Aames Capital's Tangible Net Worth
          is not less than $315,000,000 and Aames Capital has cash, Cash
          Equivalents and unused borrowing capacity on unencumbered assets
          that could be drawn against (taking into account required haircuts)
          under committed warehouse facilities in an amount not less than
          $1,000,000."

1.2  Effective as of March 31, 2000, Section 7.16 of the Loan Agreement is
hereby amended by deleting the existing Section 7.16 thereof and replacing it
with the following:

          "MAINTENANCE OF TANGIBLE NET WORTH.  The Tangible Net Worth of
          Aames Capital shall be not less than $315,000,000 at all times
          during the term of this Warehouse Agreement."

2.   EQUITY INVESTMENT

The Borrower shall arrange for an equity investment from Capital Z into Aames
Financial Corporation in the aggregate amount of not less than FIFTY MILLION
DOLLARS ($50,000,000), gross of expenses, which investment shall be in form
and substance satisfactory to the Lender (the "EQUITY INVESTMENT").  The
failure to (a) consummate at least $25,000,000 of the Equity Investment on or
prior to June 30, 2000 or

<PAGE>

(b) consummate the entire Equity Investment on or prior to July 31, 2000,
shall constitute an Event of Default under the Loan Agreement.

3.   REPRESENTATIONS

In order to induce the Lender to execute and deliver this Amendment, the
Borrower hereby represents to the Lender that as of the date hereof, after
giving effect to this Amendment, the Borrower is in full compliance with all
of the terms and conditions of the Loan Agreement and no default or Event of
Default has occurred and is continuing under the Loan Agreement.

4.   MISCELLANEOUS

Except as specifically amended herein, the Loan Agreement shall continue in
full force and effect in accordance with its original terms.  Reference to
this specific Amendment need not be made in the Loan 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 Loan Agreement any reference in any of such items to the Loan
Agreement being sufficient to refer to the Loan Agreement as amended hereby.

                        [SIGNATURE PAGE FOLLOWS]

<PAGE>

IN WITNESS WHEREOF, the Borrower and the Lender have caused this Amendment to
be duly executed and delivered as of the date first above written.

                                    AAMES CAPITAL CORPORATION

                                    By:  /s/ John Kohler
                                         --------------------------------
                                    Name:    John Kohler
                                    Title:   Executive Vice President

                                    GREENWICH CAPITAL FINANCIAL
                                    PRODUCTS, INC.

                                    By:  /s/ Anthony Palmisano
                                         --------------------------------
                                    Name:    Anthony Palmisano
                                    Title:   Vice President

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