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 XXXXXX 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.
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
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/ Xxxx Xxxxxx
--------------------------------
Name: Xxxx Xxxxxx
Title: Executive Vice President
BUYER:
XXXXXX COMMERCIAL PAPER INC., as Buyer
By: /s/ Xxxx X. Xxxxxxx
--------------------------------
Name: Xxxx X. Xxxxxxx
Title: Authorized Signatory
