SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
-----
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15 (d)
OF THE SECURITIES EXCHANGE ACT OF 1934
Date of Report (date of earliest event reported) JUNE 17, 1999
DELTA FUNDING CORPORATION
-------------------------------------------------
(Exact name of registrant as specified in its charter)
NEW YORK 333-51545 11-2609517
- --------------------------- ------------ -------------
(State or other jurisdiction (Commission (IRS Employer
of incorporation) File Number) ID Number)
1000 WOODBURY ROAD, WOODBURY, NEW YORK 11797
- -------------------------------------------------------------------------------
(Address of principal executive offices) (Zip Code)
Registrant's Telephone Number,
including area code: (516) 364-8500
N/A
- -------------------------------------------------------------------------------
(Former name or former address, if changed since last report)
<PAGE>
Item 5. OTHER EVENTS.
This Current Report on Form 8-K is being filed to file a copy of
Amendment 1 dated as of July 13, 1999 to the Pooling and Servicing Agreement
dated as of May 31, 1999, among Delta Funding Corporation, as seller and
servicer, The First National Bank of Chicago, as trustee and Norwest Bank
Minnesota, National Association as securities administrator (the "Pooling and
Servicing Agreement"), in connection with the issuance by Delta Funding Home
Equity Loan Trust 1999-2 of Home Equity Loan Asset-Backed Certificates, Series
1999-2.
Item 7. FINANCIAL STATEMENTS, PRO FORMA FINANCIAL INFORMATION AND EXHIBITS.
(a) Not applicable.
(b) Not applicable.
(c) Exhibits:
99.1 Amendment No. 1 to Pooling and Servicing Agreement.
<PAGE>
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934,
the registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
DELTA FUNDING CORPORATION
By:/s/ LEE MILLER
--------------------------
Name: Lee Miller
Title: Senior Vice President
Dated: August 19, 1999
<PAGE>
EXHIBIT INDEX
EXHIBIT PAGE
99.1 Amendment No. 1 to the Pooling and Servicing Agreement.
EXHIBIT 99.1
EXECUTION COPY
DELTA FUNDING CORPORATION,
as Seller and Servicer,
THE FIRST NATIONAL BANK OF CHICAGO,
as Trustee,
and
NORWEST BANK MINNESOTA, NATIONAL ASSOCIATION,
as Securities Administrator
AMENDMENT NO. 1
dated as of July 13, 1999
to the
POOLING AND SERVICING AGREEMENT
dated as of May 31, 1999
Home Equity Loan Asset-Backed Certificates, Series 1999-2
AMENDMENT NO. 1, dated as of July 13, 1999 (this "Amendment") among
Delta Funding Corporation, a New York Corporation ("Delta"), as Seller (in such
capacity, the "Seller") and as the Servicer (in such capacity, the "Servicer"),
Norwest Bank Minnesota, National Association, a national banking association, as
the Securities Administrator (the "Securities Administrator"), and The First
National Bank of Chicago, a national banking association, as the Trustee (the
"Trustee") of the Pooling and Servicing Agreement, dated as of May 31, 1999,
among the the Seller, the Servicer, the Securities Administrator, and the
Trustee (as amended, modified or supplemented from time to time, the "Pooling
and Servicing Agreement").
WHEREAS, Delta desires to amend Article I of the Pooling and Servicing
Agreement;
WHEREAS, the Pooling and Servicing Agreement permits amendments and
modifications pursuant to Section 11.01 under certain circumstances without the
consent of any of the Certificateholders; and
WHEREAS, all capitalized terms used but not defined herein shall have
the meaning assigned to such terms in the Pooling and Servicing Agreement.
NOW, THEREFORE, the parties hereto agree to amend Article I of the
Pooling and Servicing Agreement by deleting the existing definition of "Required
Overcollateralization Amount" and inserting the following definition in its
place:
"As to any Distribution Date (a) through and including the Distribution Date in
September 1999, zero; (b) after the Distribution Date in September 1999 and
prior to the Stepdown Date, the product of (i) 1.15% and (ii) the aggregate
Original Class Principal Balances of the Offered Certificates; and (c) on and
after the Stepdown Date, the greater of (i) the lesser of (x) the product of
1.15% and the aggregate Original Class Principal Balances of the Offered
Certificates and (y) the product of 2.30% and the Pool Balance as of the end of
the related Due Period and (ii) the OC Floor; provided, however, that on each
Distribution Date during the continuance of (a) a Cumulative Loss Event, the
Required Overcollateralization Amount will equal 1.15% of the aggregate Original
Class Principal Balances of the Offered Certificates or (b) a Delinquency Event,
the Required Overcollateralization Amount will equal the Required
Overcollateralization Amount in effect as of the Distribution Date immediately
preceding the date on which such Delinquency Event first occurred."
All other provisions of the Pooling and Servicing Agreement dated as
of May 31, 1999 are hereby affirmed in all respects. Henceforth, "Pooling and
Servicing Agreement" shall refer to the Pooling and Servicing Agreement as
amended hereby.
Delta has delivered to the other parties hereto copies of the letters
from each Rating Agency stating that the amendment will not result in the
downgrading or withdrawal of the respective ratings assigned to the Offered
Certificates.
Neither the Trustee nor the Securities Administrator make any
representation or warranty with respect to any recital or representation herein,
nor the validity, enforceability or sufficiency of this Amendment.
This Amendment shall be governed by the laws of the State of New York
(excluding provisions regarding conflicts of laws).
<PAGE>
IN WITNESS WHEREOF, the Seller, the Servicer, the Trustee and the
Securities Administrator have caused this Agreement to be duly executed by their
respective officers all as of the day and year first above written.
DELTA FUNDING CORPORATION,
as Seller and Servicer
By /s/ DAWN CECCARINI
-------------------------
Name: Dawn Ceccarini
Title: Vice President
THE FIRST NATIONAL BANK OF CHICAGO,
as Trustee
By /s/ MARY R. FONTI
--------------------------
Name: Mary R. Fonti
Title: Assistant Vice President
NORWEST BANK MINNESOTA, NATIONAL
ASSOCIATION, as Securities
Administrator
By /s/ PETER J. MASTERMAN
---------------------------
Name: Peter J. Masterman
Title: Vice President
