SUBSEQUENT TRANSFER AGREEMENT

 

                                                                    Exhibit 10.2

                          SUBSEQUENT TRANSFER AGREEMENT

         Pursuant to this Subsequent Transfer Agreement, dated as of October 4,
1996, by and between AAMES CAPITAL CORPORATION (the "SELLER") and BANKERS TRUST
COMPANY OF CALIFORNIA, N.A., in its capacity as trustee for Aames Mortgage Trust
1996-C (the "TRUSTEE"), and pursuant to that certain Pooling and Servicing
Agreement dated as of September 1, 1996 (the "POOLING AND SERVICING AGREEMENT"),
by and between Seller, as seller and servicer, and Trustee, as trustee, Seller
and Trustee agree to the sale by Seller and the purchase by Trustee of
additional mortgage loans (the "SUBSEQUENT MORTGAGE LOANS") to be included in
Group I or Group II as listed on the Additional Loan Schedule attached hereto as
Schedule A.

         Capitalized terms used and not defined herein shall have their
respective meanings as set forth in the Pooling and Servicing Agreement.

         Section 1. Purchase and Conveyance of Subsequent Mortgage Loans.

         (a) Seller does hereby sell, transfer, assign, set over and convey to
                  Trustee:

                  (i) all right, title and interest of Seller in and to the
                  Subsequent Mortgage Loans owned by it and listed on Schedule A
                  hereto, including, without limitation, the related Mortgages,
                  Mortgage Files and Mortgage Notes, and all payments on, and
                  proceeds with respect to, such Subsequent Mortgage Loans
                  received on and after the Subsequent Cut-off Date except such
                  payments and proceeds as the Servicer is entitled to retain
                  pursuant to the express provisions of the Pooling and
                  Servicing Agreement;

                  (ii) all right, title and interest of Seller in the Mortgages
                  on the properties securing the Subsequent Mortgage Loans,
                  including any related Mortgaged Property acquired by or on
                  behalf of the Trust by foreclosure or deed in lieu of
                  foreclosure or otherwise;

                  (iii) all right, title and interest of Seller in and to any
                  rights in or proceeds from any insurance policies (including
                  title insurance policies) covering the Subsequent Mortgage
                  Loans, the related Mortgaged Properties or Mortgagors and any
                  amounts recovered from third parties in respect of any
                  Subsequent Mortgage Loans that became Liquidated Mortgage
                  Loans; and

                  (iv) the proceeds of all of the foregoing.

         (b) With respect to each Subsequent Mortgaged Loan, Seller,
contemporaneously with the delivery of this Agreement, has delivered or caused
to be delivered to Trustee each item set forth in Section 2.01 of the Pooling
and Servicing Agreement. The transfer to Trustee by Seller of the Subsequent
Mortgage Loans identified on Schedule A hereto shall be absolute and is intended
by Seller, the Servicer, Trustee and the Certificateholders to constitute and to
be treated as a sale by Seller.

         (c) The expenses and costs related to the delivery of the Subsequent
Mortgage Loans, this Agreement and the Pooling and Servicing Agreement shall be
borne by Seller.

         (d) Additional terms of the sale, including the purchase price, are set
forth on Attachments A and B hereto separated by Mortgage Loan Group and will be
specified in the Coverage Amount Identification Notice.

         Section 2. Representations and Warranties; Conditions Precedent.

         (a) Seller hereby affirms the representations and warrantees set forth
in Section 2.05 of the Pooling and Servicing Agreement that relate to the
Subsequent Mortgage Loans as of the date hereof. Seller hereby affirms that each
of the conditions set forth in Section 2.02 of the Pooling and Servicing
Agreement (except such conditions which are required to be satisfied as of the
end of the Commitment Period) is satisfied as of the date hereof.

         (b) All terms and conditions of the Pooling and Servicing Agreement are
hereby ratified and confirmed; provided, however, that in the event of any
conflict, the provisions of this Agreement shall control over the conflicting
provisions of the Pooling and Servicing Agreement.

         Section 3. Recordation of Agreement.

         This Agreement is subject to recordation in all appropriate public
offices for real property records in all the counties or other comparable
jurisdictions in which any or all of the Mortgaged Properties are situated, and
in any other appropriate public recording office or elsewhere, such recordation
to be effected by the Servicer and at its expense, in the event such recordation
materially and beneficially affects the interest of Certificateholders.

         For the purpose of facilitating the recordation of this Agreement as
herein provided and for other purposes, this Agreement may be executed
simultaneously in any number of counterparts, each of which counterparts shall
be deemed to be an original, and all such counterparts shall constitute but one
and the same instrument.

         Section 4. Governing Law.

         This Agreement shall be construed in accordance with the laws of the
State of California and the obligations, rights and remedies of the parties
hereunder shall be determined in accordance with such laws.

         Section 5. Successors and Assigns.

         This Agreement shall inure to the benefit of and be binding upon Seller
and Trustee and their respective successors and assigns.

                                 AAMES CAPITAL CORPORATION,
                                 as Seller

                                 By: /s/ Luis Markiz
                                    -----------------------------
                                 Name:Luis Markiz
                                 Title:Assistant Vice President and Controller

                                 BANKERS TRUST COMPANY OF
                                 CALIFORNIA, N.A., as
                                 Trustee for Aames Mortgage Trust 1996-C

                                 By: /s/ Erin Deegan
                                    -----------------------------
                                 Name:   Erin Deegan
                                 Title:  Assistant Vice President

State of California      )
                         )     ss:
County of Los Angeles    )

         On this 8th day of October, 1996, before me, a notary public in and for
said County and State, personally appeared LUIS MARKIZ, personally known to me
(or proved to me on the basis of satisfactory evidence) to be the person whose
name is subscribed to the within instrument and acknowledged to me that he
executed same in his authorized capacity, and that by his signature on the
instrument the person, or the entity upon behalf of which the person acted,
executed the instrument.

WITNESS my hand and official seal.

                                             /s/ Katherine L. Murray
                                             -------------------------
                                             Notary Public

[Notarial Seal]

State of California                      )
                                         )     ss:
County of Los Angeles                    )

         On this 4th day of October, 1996, before me, a notary public in and for
said County and State, personally appeared ERIN DEEGAN, personally known to me
(or proved to me on the basis of satisfactory evidence) to be the person whose
name is subscribed to the within instrument and acknowledged to me that she
executed same in her authorized capacity, and that by her signature on the
instrument the person, or the entity upon behalf of which the person acted,
executed the instrument.

WITNESS my hand and official seal.

                                             /s/ Whitney Knox
                                             -------------------------
                                             Notary Public

[Notarial Seal]

                                  ATTACHMENT A

                                                                   
Subsequent Transfer Date:                                         October 4, 1996

Subsequent Cut-off Date:                                          October 4, 1996

Aggregate of the Principal Balances of
   Group I Subsequent Mortgage Loans:                             $30,137,919.11

Aggregate of the Purchase Prices of Group I
   Subsequent Mortgage Loans:                                     $28,631,023.15

Number of Subsequent Mortgage Loans
   in Group I:                                                               662
A-1 ATTACHMENT B Subsequent Transfer Date: October 4, 1996 Subsequent Cut-off Date: October 4, 1996 Aggregate of the Principal Balances of Group II Subsequent Mortgage Loans: $39,542,588.37 Aggregate of the Purchase Prices of Group II Subsequent Mortgage Loans: $37,565,458.95 Number of Subsequent Mortgage Loans in Group II: 413
B-1 SCHEDULE A MORTGAGE LOAN SCHEDULE (Omitted from this Current Report of Form 8-K)

Basic Info X:

Name: SUBSEQUENT TRANSFER AGREEMENT
Type: Subsequent Transfer Agreement
Date: Oct. 29, 1996
Company: AAMES CAPITAL CORP
State: California

Other info:

Date:

  • September 1 , 1996
  • 8th day of October , 1996
  • 4th day of October , 1996
  • October 4 , 1996

Organization:

  • Subsequent Transfer Agreement
  • Aames Mortgage Trust
  • Mortgage Loan Group
  • Coverage Amount Identification Notice
  • the State of California
  • County and State
  • Notary Public [ Notarial Seal
  • Principal Balances of Group II
  • Number of Subsequent Mortgage Loans in Group II

Location:

  • N.A.
  • California
  • Los Angeles

Money:

  • $ 30,137,919.11
  • $ 28,631,023.15
  • $ 39,542,588.37
  • $ 37,565,458.95

Person:

  • Luis Markiz
  • Katherine L. Murray
  • ERIN DEEGAN
  • Whitney Knox