Delay differential equation model of a nonlinear optical--nonlinear amplifying loop mirror mode-locked laser is developed that takes into account the finite relaxation rate of the gain medium and asymmetric beam splitting at the entrance of the nonlinear mirror loop. Asymptotic linear stability analysis of the continuous wave solutions performed in the limit of large delay indicates that in a class-B laser flip instability is preceded by the modulational instability and therefore cannot give rise to stable square wave patterns. Numerically it is shown that the model can demonstrate large windows of regular fundamental and harmonic mode-locked regimes with single and multiple pulses per cavity round trip time separated by domains of irregular pulsing.
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