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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) December 19, 1996
SUPERIOR BANK FSB (as depositor under the Pooling and Servicing Agreement, dated
as of December 1, 1996, providing for the issuance of AFC Mortgage Loan Asset
Backed Certificates, Series 1996-4)
Superior Bank FSB
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(Exact name of registrant as specified in its charter)
United States 333-4492 36-1414142
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(State or Other Jurisdiction (Commission (I.R.S. Employer
of Incorporation) File Number) Identification Number)
One Lincoln Centre
Oakbrook Terrace, Illinois 60181
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(Address of Principal (Zip Code)
Executive Offices)
Registrant's telephone number, including area code (708) 916-4000
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Item 2. Acquisition or Disposition of Assets
Description of the Certificates, Sub-Pool 1 and Sub-Pool 2
On December 19, 1996, a single series of certificates, entitled AFC
Mortgage Loan Asset Backed Certificates, Series 1996-4 (the "Certificates") were
issued pursuant to a pooling and servicing agreement (the "Agreement") attached
hereto as Exhibit 4.1, dated as of December 1, 1996, among Superior Bank FSB, as
depositor (the "Depositor"), Lee Servicing Company, a division of Superior Bank
FSB, as servicer (the "Servicer") and LaSalle National Bank, as trustee (the
"Trustee"). The Certificates consist of nine classes identified as Class 1A-1,
Class 1A-2, Class 1A-3, Class 1A-4, Class 1A-5, Class 1A-6, Class 1A-7,
(collectively, the "Class 1A Certificates"), Class 2A (the "Class 2A
Certificates", together with the Class 1A Certificates, the "Class A
Certificates") and Class R (the "Class R Certificates"). The Certificates
evidence in the aggregate the entire beneficial ownership interest in a trust
fund comprised of Sub-Pool 1 and Sub-Pool 2 (the "Trust Fund"), consisting
primarily of first and second liens on single-family properties, multifamily
properties and mixed residential and commercial structures (the "Mortgage
Loans") with an aggregate principal balance of $139,998,109.91 as of December 1,
1996 (the "Cut-off Date") and an aggregate amount of $45,083,647.07 deposited on
the Closing Date in the Sub-Pool 1 Pre-Funding Account and an aggregate amount
of $36,906,502.34 deposited on the Closing Date in the Sub-Pool 2 Pre-Funding
Account. The Class A Certificates were sold by the Depositor to Merrill Lynch,
Pierce, Fenner & Smith Incorporated ("Merrill") and J.P. Morgan Securities Inc.
("J.P. Morgan"), pursuant to an underwriting agreement dated December 4, 1996
among the Depositor, Merrill and J.P. Morgan.
The Class A Certificates evidence, in the aggregate, $220,000,000
principal amount as of the Cut-off Date. The Class 1A-1 Certificates will be
entitled to payments of interest accrued on the outstanding Class 1A-1 Principal
Balance at a variable pass-through rate. The Class 1A-2 Certificates will be
entitled to payments of interest accrued on the Class 1A-2 Principal Balance at
a fixed rate of 6.43% per annum. The Class 1A-3 Certificates will be entitled to
payments of interest accrued on the Class 1A-3 Principal Balance at a fixed rate
of 6.61% per annum. The Class 1A-4 Certificates will be entitled to payments of
interest accrued on the Class 1A-4 Principal Balance at a fixed rate of 6.72%
per annum. The Class 1A-5 Certificates will be entitled to payments of interest
accrued on the Class 1A-5 Principal Balance at a fixed rate of 7.03% per annum.
The Class 1A-6 Certificates will be entitled to payments of interest accrued on
the Class 1A-6 Principal Balance at a fixed rate of 7.22% per annum. The Class
1A-7 Certificates will be entitled to payments of interest accrued on the Class
1A-7 Principal Balance at a fixed rate of 6.86% per annum. The Class 2A
Certificates will be entitled to payments of interest accrued on the outstanding
Class 2A Principal Balance at a variable pass-through rate. In addition, on each
Remittance Date, each of the Class A Certificates will be entitled to
distributions allocable to principal which will, as more fully described in the
Agreement, include the principal portion of all scheduled and unscheduled
payments received on the Mortgage Loans during an Accrual Period.
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Credit support in respect of certain losses realized on the Mortgage Loans
will be covered by a certificate insurance policy (the "Certificate Insurance
Policy") issued by Financial Guaranty Insurance Company (the "Certificate
Insurer") and, if the related Remittance Date is prior to the Cross-over Date,
Excess Spread received by the Servicer. The Certificate Insurance Policy will
irrevocably and unconditionally guaranty payment on each Remittance Date to the
Holders of the Class A Certificates of the related Class A Remittance Amount. If
the related Remittance Date is prior to the Cross-Over Date with respect to a
particular Sub-Pool, Holders of the Class A Certificates will have a right to
100% of the related Excess Spread to fund the amount by which the related Class
A Remittance Amount with respect to all Classes of related Class A Certificates
exceeds the related Available Remittance Amount for such Remittance Date. To the
extent available, the Net Excess Spread and Excess Principal with respect to a
Sub-Pool will then be applied to cover any Available Funds Shortfall with
respect to the other Sub-Pool. Capitalized terms used in the second paragraph
hereof and not otherwise defined shall have the meanings assigned to them in the
Agreement.
Items 3 through 6 and Item 8 are not included because they are not
applicable.
Item 7. Financial Statements and Exhibits
(a) Not applicable
(b) Not applicable
(c) Exhibits
4.1 Pooling and Servicing Agreement, dated as of December 1, 1996, by and
among Superior Bank FSB, as Depositor, Lee Servicing Company, a division of
Superior Bank FSB, as Servicer and LaSalle National Bank, as Trustee.
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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.
SUPERIOR BANK FSB
By: /s/ William C. Bracken
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Name: William C. Bracken
Title: Senior Vice President
and Chief Financial Officer
Dated: December 31, 1996
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EXHIBITS TABLE
4.1 Pooling and Servicing Agreement, dated as of December 1, 1996, by and
among Superior Bank FSB, as Depositor, Lee Servicing Company, a division of
Superior Bank FSB, as Servicer and LaSalle National Bank, as Trustee.
EXHIBIT 4.1
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EXECUTION COPY
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POOLING AND SERVICING AGREEMENT
Dated as of December 1, 1996
LASALLE NATIONAL BANK
(Trustee)
SUPERIOR BANK FSB
(Depositor)
and
LEE SERVICING COMPANY,
A DIVISION OF SUPERIOR BANK FSB
(Servicer)
AFC Mortgage Loan Asset Backed
Certificates, Series 1996-4
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TABLE OF CONTENTS
ARTICLE I
DEFINITIONS.............................. 2
ARTICLE II
SALE AND CONVEYANCE OF THE TRUST FUND................. 42
Section 2.01 Sale and Conveyance of Trust Fund; Priority
and Subordination of Ownership Interests.......... 42
Section 2.02 Possession of Mortgage Files...................... 42
Section 2.03 Books and Records................................. 42
Section 2.04 Delivery of Mortgage Loan Documents............... 43
Section 2.05 Acceptance by Trustee of the Trust Fund;
Certain Substitutions; Certification by Trustee... 47
Section 2.06 [Reserved]........................................ 49
Section 2.07 Execution of Certificates......................... 49
Section 2.08 Fees and Expenses of the Trustee.................. 49
Section 2.09 Application of Principal and Interest............. 49
Section 2.10 Conveyance of the Subsequent Mortgage Loans....... 50
ARTICLE III
REPRESENTATIONS AND WARRANTIES..................... 54
Section 3.01Representations of the Depositor................... 54
Section 3.02 Individual Mortgage Loans......................... 56
Section 3.03 Purchase and Substitution......................... 65
ARTICLE IV
THE CERTIFICATES............................ 68
Section 4.01 The Certificates.................................. 68
Section 4.02 Registration of Transfer and Exchange of
Certificates...................................... 68
Section 4.03 Mutilated, Destroyed, Lost or Stolen Certificates 73
Section 4.04 Persons Deemed Owners............................. 74
Section 4.05 Information Reports to be Filed by the Servicer... 74
ARTICLE V
ADMINISTRATION AND SERVICING OF THE MORTGAGE LOANS........... 75
Section 5.01 Duties of the Servicer............................ 75
Section 5.02 Liquidation of Mortgage Loans..................... 77
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Section 5.03 Establishment of Principal and Interest Accounts;
Deposits in Principal and Interest Accounts....... 78
Section 5.04 Permitted Withdrawals From the Principal and
Interest Account.................................. 79
Section 5.05 Payment of Property Taxes, Insurance and Other
Charges........................................... 81
Section 5.06 Transfer of Accounts; Monthly Statements.......... 82
Section 5.07 Maintenance of Hazard Insurance................... 82
Section 5.08 Maintenance of Mortgage Impairment Insurance
Policy............................................ 83
Section 5.09 Fidelity Bond..................................... 83
Section 5.10 Title, Management and Disposition of REO Property 84
Section 5.11 Right to Repurchase Defaulted Mortgage Loans...... 87
Section 5.12 Collection of Certain Mortgage Loan Payments...... 87
Section 5.13 Access to Certain Documentation and Information
Regarding the Mortgage Loans...................... 88
Section 5.14 Superior Liens.................................... 88
Section 5.15 Environmental Matters............................. 88
Section 5.16 Acknowledgment of Duties and Obligations.......... 89
ARTICLE VI
PAYMENTS TO THE CERTIFICATEHOLDERS................... 90
Section 6.01 Establishment of Certificate Account; Deposits
in Certificate Account............................ 90
Section 6.02 Permitted Withdrawals from Certificate Account.... 90
Section 6.03 Establishment of Trustee Expense Account;
Deposits in Trustee Expense Account; Permitted
Withdrawals from Trustee Expense Account.......... 91
Section 6.04 Payment of Monthly Premium to Certificate Insurer 93
Section 6.05 Investment of Accounts............................ 93
Section 6.06 Priority and Subordination of Distributions....... 94
Section 6.07 Insufficiency of Amount Available or Net Excess
Amount Available.................................. 111
Section 6.08 Statements........................................ 112
Section 6.09 Advances by the Servicer.......................... 116
Section 6.10 Compensating Interest............................. 117
Section 6.11 [Reserved]........................................ 118
Section 6.12 Pre-Funding Account............................... 118
Section 6.13 Interest Coverage Account......................... 119
Section 6.14 Reserve Account................................... 120
ARTICLE VII
GENERAL SERVICING PROCEDURE...................... 122
Section 7.01 Assumption Agreements............................. 122
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Section 7.02 Satisfaction of Mortgages and Release of
Mortgage Files.................................... 122
Section 7.03 Servicing Compensation............................ 124
Section 7.04 Annual Statement as to Compliance................. 124
Section 7.05 Annual Independent Public Accountants' Servicing
Report and Comfort Letter......................... 125
Section 7.06 Certificateholder's, Trustee's and Certificate
Insurer's Right to Examine Servicer Records....... 125
Section 7.07 Reports to the Trustee; Principal and Interest
Account Statements................................ 125
ARTICLE VIII
REPORTS TO BE PROVIDED BY SERVICER................... 127
Section 8.01 Financial Statements.............................. 127
ARTICLE IX
THE SERVICER.............................. 128
Section 9.01 Indemnification; Third Party Claims............... 128
Section 9.02 Merger or Consolidation of the Depositor and the
Servicer.......................................... 129
Section 9.03 Limitation on Liability of the Servicer and Others 129
Section 9.04 Servicer Not to Resign............................ 129
Section 9.05 Representations of the Servicer................... 130
Section 9.06 Accounting Upon Resignation or Termination of
Servicer.......................................... 131
ARTICLE X
DEFAULT................................ 133
Section 10.01 Events of Default................................ 133
Section 10.02 Trustee to Act; Appointment of Successor......... 136
Section 10.03 Waiver of Defaults............................... 138
ARTICLE XI
TERMINATION.............................. 139
Section 11.01 Termination...................................... 139
Section 11.02 Additional Termination Requirements.............. 141
Section 11.03 Depositor's Right to Depositor's Yield Absolute.. 142
ARTICLE XII
THE TRUSTEE.............................. 143
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Section 12.01 Duties of Trustee................................ 143
Section 12.02 Certain Matters Affecting the Trustee............ 145
Section 12.03 Trustee Not Liable for Certificates or
Mortgage Loans................................... 146
Section 12.04 Trustee May Own Certificates..................... 147
Section 12.05 Servicer to Pay Trustee's Fees and Expenses...... 147
Section 12.06 Eligibility Requirements for Trustee............. 148
Section 12.07 Resignation and Removal of the Trustee........... 148
Section 12.08 Successor Trustee................................ 149
Section 12.09 Merger or Consolidation of Trustee............... 150
Section 12.10 Appointment of Co-Trustee or Separate Trustee.... 150
Section 12.11 Tax Returns...................................... 151
Section 12.12 Appointment of Custodians........................ 151
Section 12.13 Trustee May Enforce Claims Without Possession of
Certificates..................................... 152
Section 12.14 Suits for Enforcement............................ 152
Section 12.15 Control of Remedies by Certificate Insurer and
Certificateholders............................................. 152
ARTICLE XIII
REMIC PROVISIONS............................ 153
Section 13.01 REMIC Administration.................................. 153
Section 13.02 Prohibited Transactions and Activities................ 156
Section 13.03 Servicer and Trustee Indemnification.................. 156
ARTICLE XIV
MISCELLANEOUS PROVISIONS........................ 157
Section 14.01 Acts of Certificateholders....................... 157
Section 14.02 Amendment........................................ 157
Section 14.03 Recordation of Agreement......................... 158
Section 14.04 Duration of Agreement............................ 158
Section 14.05 Governing Law.................................... 158
Section 14.06 Notices.......................................... 159
Section 14.07 Severability of Provisions....................... 160
Section 14.08 No Partnership................................... 160
Section 14.09 Counterparts..................................... 160
Section 14.10 Successors and Assigns........................... 160
Section 14.11 Headings......................................... 160
Section 14.12 The Certificate Insurer.......................... 160
Section 14.13 Paying Agent..................................... 161
Section 14.14 Actions of Certificateholders.................... 161
Section 14.15 Grant of Security Interest....................... 162
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EXHIBIT A CONTENTS OF MORTGAGE FILE
EXHIBIT B-1 FORM OF CLASS 1A CERTIFICATE
EXHIBIT B-2 FORM OF CLASS 2A CERTIFICATE
EXHIBIT B-3 FORM OF CLASS R CERTIFICATE
EXHIBIT B-4 FORM OF REVERSE OF CERTIFICATE
EXHIBIT C PRINCIPAL AND INTEREST ACCOUNT LETTER AGREEMENT
EXHIBIT D RESALE CERTIFICATION
EXHIBIT E ASSIGNMENT
EXHIBIT E(1) WIRING INSTRUCTIONS FORM
EXHIBIT F FORM OF TRUSTEE INITIAL CERTIFICATION
EXHIBIT F-1 FORM OF TRUSTEE INTERIM CERTIFICATION
EXHIBIT G FORM OF TRUSTEE FINAL CERTIFICATION
EXHIBIT H-1 MORTGAGE LOAN SCHEDULE FOR SUB-POOL 1
EXHIBIT H-2 MORTGAGE LOAN SCHEDULE FOR SUB-POOL 2
EXHIBIT I REQUEST FOR RELEASE OF DOCUMENTS
EXHIBIT J TRANSFER AFFIDAVIT
EXHIBIT J-1 FORM OF TRANSFER CERTIFICATE
EXHIBIT K SPECIAL POWER OF ATTORNEY
EXHIBIT L CUSTODIAL AGREEMENT
EXHIBIT M FORM OF LIQUIDATION REPORT
EXHIBIT N FORM OF DELINQUENCY REPORT
EXHIBIT O CERTIFICATE INSURANCE POLICY
EXHIBIT P PRINCIPAL PAYMENT TABLES
EXHIBIT Q FORM OF SERVICER'S MONTHLY REMITTANCE REPORT TO TRUSTEE
EXHIBIT R PROPOSED SUBSEQUENT MORTGAGE LOAN SCHEDULE
EXHIBIT S MORTGAGE LOANS 30 OR MORE DAYS DELINQUENT
EXHIBIT T SUBSEQUENT TRANSFER INSTRUMENT
EXHIBIT U FORM OF ADDITION NOTICE
EXHIBIT V OFFICER'S CERTIFICATE
EXHIBIT W FORM OF AGREEMENT OF APPOINTMENT AND ACCEPTANCE
OF SEPARATE TRUSTEE
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<PAGE>
Agreement dated as of December 1, 1996, among LaSalle National Bank, as
trustee (the "Trustee"), Superior Bank FSB, as depositor (the "Depositor"), and
Lee Servicing Company, a division of Superior Bank FSB, as servicer (the
"Servicer").
PRELIMINARY STATEMENT
In order to facilitate the servicing of certain Mortgage Loans by
the Servicer, the Servicer and the Depositor are entering into this Agreement
with the Trustee. The Depositor is transferring the Sub-Pool 1 Mortgage Loans
and Sub-Pool 2 Mortgage Loans to the Trustee for the benefit of the
Certificateholders under this Agreement, pursuant to which nine classes of
Certificates are being issued on the Closing Date, denominated on the face
thereof as AFC Mortgage Loan Asset Backed Certificates, Series 1996-4, Class
1A-1, Class 1A-2, Class 1A-3, Class 1A-4, Class 1A-5, Class 1A-6, Class 1A-7,
Class 2A and Class R, respectively.
The Class 1A, Class 2A and the Class R Certificates represent, in
the aggregate, a 100% undivided ownership interest in the Mortgage Loans and all
proceeds thereof due after the Cut-off Date with respect to the Initial Mortgage
Loans and due after a Subsequent Cut-off Date with respect to the Subsequent
Mortgage Loans (other than the Depositor's Yield). The Sub-Pool 1 Initial
Mortgage Loans have an aggregate outstanding principal balance of $79,916,352.93
as of the Cut-off Date, and the Sub-Pool 2 Initial Mortgage Loans have an
aggregate outstanding principal balance of $60,081,756.98 as of the Cut-off
Date, after application of payments received by the Depositor on or before such
date. The aggregate outstanding principal balance of both Sub-Pools is
$139,998,109.91 as of the Cut-off Date. Sub-Pool 1 consists of fixed rate
mortgage loans and Sub-Pool 2 consists of adjustable rate mortgage loans. The
Class 1A-1 Certificates will have a variable pass-through rate, the Class 1A-2
Certificates have a fixed Class 1A-2 Pass-Through Rate of 6.43% per annum, the
Class 1A-3 Certificates have a fixed Class 1A-3 Pass-Through Rate of 6.61% per
annum, the Class 1A-4 Certificates have a fixed Class 1A-4 Pass-Through Rate of
6.72% per annum, the Class 1A-5 Certificates have a fixed Class 1A-5
Pass-Through Rate of 7.03% per annum, the Class 1A-6 Certificates have a fixed
Class 1A-6 Pass Through Rate of 7.22% per annum and the Class 1A-7 Certificates
have a fixed Class 1A-7 Pass Through Rate of 6.86% per annum. The Class 2A
Certificates will have a variable pass-through rate. As provided herein, the
Class R Certificates are subordinate to the Class A Certificates. As provided
herein, the Servicer will make an election that the segregated pool of assets
subject to this Agreement, including the Mortgage Loans, be treated for federal
income tax purposes as a "real estate mortgage investment conduit" (a "REMIC").
The Class 1A and Class 2A Certificates will be "regular interests" and the Class
R Certificates will be the sole Class of "residual interests" in such REMIC.
The parties hereto agree as follows:
[Intentionally Left Blank]
<PAGE>
ARTICLE I
DEFINITIONS
Whenever used in this Agreement, including the Preliminary
Statement, the following words and phrases, unless the context otherwise
requires, shall have the following meanings. This Agreement relates to the Trust
Fund consisting of Sub-Pool 1 and Sub-Pool 2, evidenced by AFC Mortgage Loan
Asset Backed Certificates, Series 1996-4, Class 1A-1, Class 1A-2, Class 1A-3,
Class 1A-4, Class 1A-5, Class 1A-6, Class 1A-7, Class 2A and Class R. All
calculations of interest pursuant to this Agreement, unless otherwise specified,
are based on a 360-day year consisting of twelve 30-day months.
ACCOUNT: Any of the Certificate Accounts, Trustee Expense Accounts,
Interest Coverage Accounts, Reserve Accounts, Principal and Interest Accounts or
Pre-Funding Accounts established by the Trustee and held in trust by the Trustee
for the Certificateholders. The Trustee's obligation to establish and maintain
the Accounts is not delegable, except with respect to the Principal and Interest
Accounts.
ACCRUAL PERIOD: With respect to the Class 1A-1 and Class 2A
Certificates and with respect to any Remittance Date other than the January 1997
Remittance Date, the period commencing on the immediately preceding Remittance
Date and ending on the day immediately preceding such Remittance Date. With
respect to the January 1997 Remittance Date, the period commencing on the
Closing Date and ending on the day immediately preceding the January 1997
Remittance Date.
ADDITION NOTICE: With respect to the transfer of Subsequent Mortgage
Loans to the Trust Fund pursuant to Section 2.10 of this Agreement, a notice,
substantially in the form of Exhibit U, which shall be given not later than two
Business Days prior to the related Subsequent Transfer Date, of the Depositor's
designation of Subsequent Mortgage Loans to be sold to the Trust Fund and the
aggregate principal balance of such Subsequent Mortgage Loans.
ADDITIONAL PRINCIPAL: With respect to the Class 1A or Class 2A
Certificates and any Remittance Date, an amount equal to the lesser of (i) the
amount necessary to reduce the related Class 1A or Class 2A Principal Balance so
that the Overcollateralization Amount for the related Sub-Pool equals the
related Required Overcollateralization Amount for such Sub-Pool and (ii) the sum
of (a) the Remaining Net Excess Spread for such Sub-Pool, (b) the Available
Transfer Cashflow for such Sub-Pool and (c) the Net Excess Principal for such
Sub-Pool.
ADJUSTMENT DATE: With respect to each Sub-Pool 2 Mortgage Loan, a
date on which the Mortgage Rate may adjust, as provided in the related Mortgage
Note.
ADVERSE REMIC EVENT: As defined in Section 13.01(f).
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AFFILIATE: With respect to any Person, any other Person controlling,
controlled by or under common control with such Person. For the purposes of this
definition, "control" means the power to direct the management and policies of
such Person, directly or indirectly, whether through the ownership of voting
securities, by contract or otherwise; and the terms "controlling" and
"controlled" have meanings correlative to the foregoing.
AGREEMENT: This Pooling and Servicing Agreement and all amendments
hereof and supplements hereto.
AMOUNT AVAILABLE: With respect to any Sub-Pool and for a particular
Remittance Date, the sum of (i) the Available Remittance Amount for such
Sub-Pool (reduced by the related Monthly Premium to be paid to the Certificate
Insurer pursuant to Section 6.04), (ii) the Excess Spread with respect to such
Sub-Pool for such Remittance Date, (iii) if an Available Funds Shortfall exists
in such Sub-Pool, (a) first, the Net Excess Spread from the other Sub-Pool, to
the extent of such Available Funds Shortfall, (b) second, the Excess Principal
from the other Sub-Pool, to the extent of any remaining Available Funds
Shortfall and (c) third, any amounts in respect of any remaining Available Funds
Shortfall withdrawn from the related Reserve Account and deposited in the
related Certificate Account, (iv) (a) first, the Available Transfer Cashflow, to
the extent necessary to reach the Required Overcollateralization Amount for such
Sub-Pool and (b) second, the Net Excess Principal, to the extent necessary to
reach the Required Overcollateralization Amount for such Sub-Pool and (v) any
Insured Payments with respect to such Sub-Pool.
AMOUNTS HELD FOR FUTURE DISTRIBUTION: With respect to any Sub-Pool
and as to any Remittance Date, the aggregate amount held in the Principal and
Interest Account with respect to such Sub-Pool on account of all Monthly
Payments, or portions thereof, received in respect of scheduled principal and
interest due after the Due Period related to such Remittance Date for
application on the scheduled Due Date at the request of the Mortgagor.
ANNUAL TRUSTEE EXPENSE AMOUNT: As of each Remittance Date, with
respect to each Mortgage Loan, an amount equal to one-twelfth of the product of
0.03% multiplied by the related Principal Balance.
APPRAISED VALUE: The appraised value of the Mortgaged Property based
upon the appraisal made by or for the originator at the time of the origination
of the related Mortgage Loan, or the sales price of the Mortgaged Property at
the time of such origination, whichever is less.
ASSIGNMENT OF LEASES: With respect to any Mortgaged Property related
to the Sub-Pool 1 Multifamily Loans and Sub-Pool 1 Mixed Use Loans, any
assignment of leases, rents and profits or similar document or instrument
executed by the related Mortgagor in connection with the origination of the
related Sub-Pool 1 Multifamily Loan or Sub-Pool 1 Mixed Use Loan assigning to
the mortgagee all of the income, rents and profits derived from the ownership,
operation, leasing or disposition of all or a portion of such Mortgaged
Property.
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ASSIGNMENT OF MORTGAGE: With respect to each Mortgage Loan, an
assignment of the Mortgage, notice of transfer or equivalent instrument
sufficient under the laws of the jurisdiction wherein the related Mortgaged
Property is located to reflect of record the sale of the Mortgage to the Trustee
for the benefit of the Certificateholders.
AUTHORIZED DENOMINATIONS: Each of the Class 1A and Class 2A
Certificates are issuable only in the minimum Percentage Interest corresponding
to a minimum denomination of $100,000 or integral multiples of $1,000 in excess
thereof (except that a single Certificate for each of the Class 1A-1, Class
1A-2, Class 1A-3, Class 1A-4, Class 1A-5, Class 1A-6, Class 1A-7 and Class 2A
Certificates may be issued in a different amount which is less than the related
minimum dollar denomination).
AVAILABLE FUNDS SHORTFALL: With respect to any Sub-Pool and for a
particular Remittance Date, the amount by which the Available Remittance Amount
plus Excess Spread for such Sub-Pool is less than the Required Payments (other
than in respect of the Class A Principal Remittance Amount after the related
Cross-over Date) for such Sub-Pool.
AVAILABLE PRINCIPAL AMOUNT: With respect to any Sub-Pool and for a
particular Remittance Date, the excess, if any, of the amount described in the
definition of Class A Principal Remittance Amount without giving effect to
clause (a) thereof over the amount described in the definition of Class A
Principal Remittance Amount, after giving effect to clause (a) thereof.
AVAILABLE REMITTANCE AMOUNT: With respect to each Sub-Pool and
Remittance Date, the sum of the following: (i) the sum of all amounts described
in clauses (i) through (vii), inclusive, of Section 5.03 received by the
Servicer or any Subservicer (including any amounts paid by the Servicer or the
Depositor and excluding any Excess Spread with respect to the related Sub-Pool,
any related Amounts Held for Future Distribution, any amounts not required to be
deposited in the related Principal and Interest Account pursuant to Section 5.03
and any amounts withdrawn by the Servicer pursuant to Section 5.04(ii), (iii),
(vi) and (vii) as of the related Determination Date) during the related Due
Period and deposited into the related Certificate Account as of the related
Determination Date, (ii) the amount of any Advances and Compensating Interest
payments with respect to the related Sub-Pool remitted by the Servicer for such
Remittance Date, (iii) with respect to the final Remittance Date in connection
with the purchase of all the Mortgage Loans and REO Properties by the Servicer
or Certificate Insurer, the Termination Price remitted by the Servicer and (iv)
the amount of any Interest Coverage Addition with respect to the related
Sub-Pool for such Remittance Date. No amount included in the computation of the
Available Remittance Amount with respect to any Remittance Date by virtue of
being described by any component of the definition thereof shall be included
more than once by virtue of also being described by any other component or
otherwise.
AVAILABLE TRANSFER CASHFLOW: With respect to each Sub-Pool and for a
particular Remittance Date, an amount equal to the Remaining Net Excess Spread
for the other
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Sub-Pool remaining after the payment, if any, of Additional Principal on the
Class A Certificates related to such other Sub-Pool.
BALLOON MORTGAGE LOAN: Any Mortgage Loan that provided on the date
of origination for an amortization schedule extending beyond its stated maturity
date.
BALLOON PAYMENT: With respect to any Balloon Mortgage Loan, as of
any date of determination, the Monthly Payment payable on the stated maturity
date of such Mortgage Loan.
BOOK-ENTRY CERTIFICATE: Any Class 1A or Class 2A Certificate
registered in the name of the Depository or its nominee.
BUSINESS DAY: Any day other than (i) a Saturday or Sunday, or (ii) a
day on which banking institutions in the States of New York, Illinois or New
Jersey are authorized or obligated by law or executive order to be closed;
provided, however, that the Servicer shall provide the Trustee with a list of
dates on which banking institutions in the State of New Jersey are authorized or
obligated by law or executive order to be closed and such list shall be revised
annually thereafter and delivered to the Trustee prior to the expiration of the
most recent list provided. Failure to provide such list shall not constitute an
Event of Default; provided that the Trustee may rely on the most recently
delivered list without further investigation.
CERCLA: The Comprehensive Environmental Response, Compensation and
Liability Act of 1980, as amended.
CERTIFICATE: Any Class 1A-1 Certificate, Class 1A-2 Certificate,
Class 1A-3 Certificate, Class 1A-4 Certificate, Class 1A-5 Certificate, Class
1A-6 Certificate, Class 1A-7 Certificate, Class 2A Certificate or Class R
Certificate executed by the Trustee on behalf of the Trust Fund and
authenticated by the Trustee, substantially in the applicable form annexed
hereto as Exhibits B-1 through B-3.
CERTIFICATE ACCOUNT: With respect to each Sub-Pool, as described in
Section 6.01. With respect to Sub-Pool 1, the Certificate Account shall be known
as the Sub-Pool 1 Certificate Account and with respect to Sub-Pool 2, the
Certificate Account shall be known as the Sub-Pool 2 Certificate Account.
CERTIFICATEHOLDER or HOLDER: The Person in whose name a Certificate
is registered in the Certificate Register, except that, neither a Disqualified
Organization nor a Non-United States Person shall be a Holder of a Class R
Certificate for any purposes hereof and, solely for the purposes of giving any
consent, waiver, request or demand pursuant to this Agreement, any Certificate
registered in the name of the Depositor, the Servicer or any Subservicer, or
registered in the name of any Person known to a Responsible Officer of the
Trustee to be an Affiliate of any of them, shall be deemed not to be outstanding
and the undivided Percentage Interest evidenced thereby shall not be taken into
account in determining
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whether the requisite Percentage Interest of Certificates necessary to effect
any such consent, waiver, request or demand has been obtained. For purposes of
any consent, waiver, request or demand of Certificateholders pursuant to this
Agreement, upon the Trustee's request, the Depositor, the Servicer and any
Subservicer shall provide to the Trustee a notice identifying any of their
respective affiliates that is a Certificateholder as of the date(s) specified by
the Trustee in such request. All references to "Holders" or "Certificateholders"
shall reflect the rights of Certificate Owners as they may indirectly exercise
such rights through the Depository and participating members thereof, except as
otherwise specified herein; provided, however, that the Trustee shall be
required to recognize as a "Holder" or "Certificateholder" only the Person in
whose name a Certificate is registered in the Certificate Register.
CERTIFICATE INSURANCE POLICY: The certificate guaranty surety bond,
policy number 96010689, dated the Closing Date, issued by the Certificate
Insurer for the benefit of the Holders of the Class A Certificates, pursuant to
which the Certificate Insurer guarantees Insured Payments, a copy of which is
attached hereto as Exhibit O.
CERTIFICATE INSURER: Financial Guaranty Insurance Company, a New
York stock insurance corporation, or any successor thereof, as issuer of the
Certificate Insurance Policy.
CERTIFICATE OWNER: With respect to a Book-Entry Certificate, the
Person who is the beneficial owner of such Certificate as reflected on the books
of the Depository or on the books of a Person maintaining an account with the
Depository (directly or as an indirect participant, in accordance with the rules
of the Depository).
CERTIFICATE REGISTER: As defined in Section 4.02.
CERTIFICATE REGISTRAR: Initially, the Trustee, and thereafter, any
successor appointed pursuant to Section 4.02.
CLASS: Collectively, Certificates bearing the same numerical or
alphabetical designation (1A, 1A-1, 1A-2, 1A-3, 1A-4, 1A-5, 1A-6, 1A-7, 2A or
R).
CLASS 1A MAJORITY CERTIFICATEHOLDERS: The Holder or Holders of Class
1A-1, Class 1A-2, Class 1A-3, Class 1A-4, Class 1A-5, Class 1A-6 and Class 1A-7
Certificates possessing Voting Rights in excess of 51% in the aggregate.
CLASS 1A CERTIFICATE: Either a Class 1A-1, Class 1A-2, Class 1A-3,
Class 1A-4, Class 1A-5, Class 1A-6 or Class 1A-7 Certificate.
CLASS 1A CERTIFICATEHOLDER: A Holder of a Class 1A-1, Class 1A-2,
Class 1A-3, Class 1A-4, Class 1A-5, Class 1A-6 or Class 1A-7 Certificate.
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CLASS 1A INTEREST REMITTANCE AMOUNT: As to any Remittance Date, the
sum of the Class 1A-1 Interest Remittance Amount, the Class 1A-2 Interest
Remittance Amount, the Class 1A-3 Interest Remittance Amount, the Class 1A-4
Interest Remittance Amount, the Class 1A-5 Interest Remittance Amount, the Class
1A-6 Interest Remittance Amount and the Class 1A-7 Interest Remittance Amount.
CLASS 1A-1 CERTIFICATE: A Certificate denominated as a Class 1A-1
Certificate.
CLASS 1A-2 CERTIFICATE: A Certificate denominated as a Class 1A-2
Certificate.
CLASS 1A-3 CERTIFICATE: A Certificate denominated as a Class 1A-3
Certificate.
CLASS 1A-4 CERTIFICATE: A Certificate denominated as a Class 1A-4
Certificate.
CLASS 1A-5 CERTIFICATE: A Certificate denominated as a Class 1A-5
Certificate.
CLASS 1A-6 CERTIFICATE: A Certificate denominated as a Class 1A-6
Certificate.
CLASS 1A-7 CERTIFICATE: A Certificate denominated as a Class 1A-7
Certificate.
CLASS 1A-7 CERTIFICATE AMOUNT: As to any Remittance Date an amount
equal to the product of (x) a fraction, the numerator of which is the Class 1A-7
Principal Balance immediately preceding such Remittance Date and the denominator
of which is the aggregate Class 1A Principal Balance of all Class 1A
Certificates immediately preceding such Remittance Date and (y) the Class A
Principal Remittance Amount with respect to Sub-Pool 1 for such Remittance Date.
CLASS 1A-1 CERTIFICATEHOLDER: A Holder of a Class 1A-1 Certificate.
CLASS 1A-2 CERTIFICATEHOLDER: A Holder of a Class 1A-2 Certificate.
CLASS 1A-3 CERTIFICATEHOLDER: A Holder of a Class 1A-3 Certificate.
CLASS 1A-4 CERTIFICATEHOLDER: A Holder of a Class 1A-4 Certificate.
CLASS 1A-5 CERTIFICATEHOLDER: A Holder of a Class 1A-5 Certificate.
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CLASS 1A-6 CERTIFICATEHOLDER: A Holder of a Class 1A-6 Certificate.
CLASS 1A-7 CERTIFICATEHOLDER: A Holder of a Class 1A-7 Certificate.
CLASS 1A-1 INTEREST REMITTANCE AMOUNT: As to any Remittance Date,
the interest accrued at the Class 1A-1 Pass-Through Rate for the Accrual Period
on the Class 1A-1 Principal Balance.
CLASS 1A-2 INTEREST REMITTANCE AMOUNT: As to any Remittance Date, 30
days' interest at the Class 1A-2 Pass-Through Rate on the Class 1A-2 Principal
Balance outstanding immediately prior to such Remittance Date.
CLASS 1A-3 INTEREST REMITTANCE AMOUNT: As to any Remittance Date, 30
days' interest at the Class 1A-3 Pass-Through Rate on the Class 1A-3 Principal
Balance outstanding immediately prior to such Remittance Date.
CLASS 1A-4 INTEREST REMITTANCE AMOUNT: As to any Remittance Date, 30
days' interest at the Class 1A-4 Pass-Through Rate on the Class 1A-4 Principal
Balance outstanding immediately prior to such Remittance Date.
CLASS 1A-5 INTEREST REMITTANCE AMOUNT: As to any Remittance Date, 30
days' interest at the Class 1A-5 Pass-Through Rate on the Class 1A-5 Principal
Balance outstanding immediately prior to such Remittance Date.
CLASS 1A-6 INTEREST REMITTANCE AMOUNT: As to any Remittance Date, 30
days' interest at the Class 1A-6 Pass-Through Rate on the Class 1A-6 Principal
Balance outstanding immediately prior to such Remittance Date.
CLASS 1A-7 INTEREST REMITTANCE AMOUNT: As to any Remittance Date, 30
days' interest at the Class 1A-7 Pass-Through Rate on the Class 1A-7 Principal
Balance outstanding immediately prior to such Remittance Date.
CLASS 1A-7 LOCKOUT PERCENTAGE: As to any Remittance Date occurring
during the periods set forth below, an amount equal to as follows:
Period (dates inclusive) Class 1A-7 Lockout Percentage
------------------------ -----------------------------
January 27, 1997-December 1999........... 0%
January 2000-December 2002............... 45%
January 2003-December 2003............... 80%
January 2004-December 2004............... 100%
January 2005 and thereafter.............. 140%
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CLASS 1A-7 LOCKOUT REMITTANCE AMOUNT: As to any Remittance Date, an
amount equal to the product of (x) the Class 1A-7 Lockout Percentage and (y) the
Class 1A-7 Certificate Amount for such Remittance Date.
CLASS 1A-1 PASS-THROUGH RATE: As to any Remittance Date, the least
of (i) One-Month LIBOR plus 0.125% per annum, (ii) the weighted average of the
Mortgage Rates of the Sub-Pool 1 Mortgage Loans minus, with respect to Sub-Pool
1, the sum of (a) the Servicing Fee Rate, (b) the rate at which the Annual
Trustee Expense Amount is calculated and (c) the Premium Percentage and (iii)
10.00% per annum. For purposes of calculating the Class 1A-1 Pass-Through Rate
for any Remittance Date, because the Sub-Pool 1 Mortgage Loans provide for the
calculation of interest on a basis other than a 360-day year and the actual
number of days elapsed (an "Actual/360 Basis") (which is the basis on which
interest is calculated on the Class 1A-1 Certificates), the basis on which
interest is computed on the Sub-Pool 1 Mortgage Loans will be deemed adjusted to
an Actual/360 Basis that will result in the same amount of interest being due as
would be due using the method of computation of interest that is used to
calculate interest on the Sub-Pool 1 Mortgage Loans.
CLASS 1A-2 PASS-THROUGH RATE: The fixed annual rate of interest
payable to the Class 1A-2 Certificateholders which shall be equal to 6.43%.
CLASS 1A-3 PASS-THROUGH RATE: The fixed annual rate of interest
payable to the Class 1A-3 Certificateholders which shall be equal to 6.61%.
CLASS 1A-4 PASS-THROUGH RATE: The fixed annual rate of interest
payable to the Class 1A-4 Certificateholders which shall be equal to 6.72%.
CLASS 1A-5 PASS-THROUGH RATE: The fixed annual rate of interest
payable to the Class 1A-5 Certificateholders which shall be equal to 7.03%.
CLASS 1A-6 PASS-THROUGH RATE: The fixed annual rate of interest
payable to the Class 1A-6 Certificateholders which shall be equal to 7.22%.
CLASS 1A-7 PASS-THROUGH RATE: The fixed annual rate of interest
payable to the Class 1A-7 Certificateholders which shall be equal to 6.86%.
CLASS 1A PRINCIPAL BALANCE: With respect to the Class 1A
Certificates and as of any date of determination, the Original Class 1A
Principal Balance reduced by the sum of (A) all amounts (including that portion
of Insured Payments, if any, made in respect of principal) previously
distributed to the Class 1A Certificateholders in respect of principal on all
previous Remittance Dates on account of amounts described in clauses (c)(i)
through (iv), inclusive, and clauses (c)(v) (to the extent the payment pursuant
to clause (c)(v) is in respect of principal not previously covered by an Insured
Payment), (c)(vi) and (c)(viii) of the definition of Class A Principal
Remittance Amount, (B) all amounts previously distributed to the Class 1A
Certificateholders in respect of principal pursuant to Sections
6.06(c)(A)(X)(xvii) through (xxiii)
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and (C) all amounts previously distributed to the Class 1A Certificateholders
pursuant to the last paragraph of Section 6.06(c).
CLASS 1A-1 PRINCIPAL BALANCE: With respect to the Class 1A-1
Certificates and as of any date of determination, the Original Class 1A-1
Principal Balance reduced by the sum of (A) all amounts (including that portion
of Insured Payments, if any, made in respect of principal) previously
distributed to the Class 1A-1 Certificateholders in respect of principal on all
previous Remittance Dates on account of amounts described in clauses (c)(i)
through (iv), inclusive, and clauses (c)(v) (to the extent the payment pursuant
to clause (c)(v) is in respect of principal not previously covered by an Insured
Payment), (c)(vi) and (c)(viii) of the definition of Class A Principal
Remittance Amount, (B) all amounts previously distributed to the Class 1A-1
Certificateholders in respect of principal pursuant to Section
6.06(c)(A)(X)(xvii) and (C) all amounts previously distributed to the Class 1A-1
Certificateholders pursuant to the last paragraph of Section 6.06(c).
CLASS 1A-2 PRINCIPAL BALANCE: With respect to the Class 1A-2
Certificates and as of any date of determination, the Original Class 1A-2
Principal Balance reduced by the sum of (A) all amounts (including that portion
of Insured Payments, if any, made in respect of principal) previously
distributed to the Class 1A-2 Certificateholders in respect of principal on all
previous Remittance Dates on account of amounts described in clauses (c)(i)
through (iv), inclusive, and clauses (c)(v) (to the extent the payment pursuant
to clause (c)(v) is in respect of principal not previously covered by an Insured
Payment), (c)(vi) and (c)(viii) of the definition of Class A Principal
Remittance Amount, (B) all amounts previously distributed to the Class 1A-2
Certificateholders in respect of principal pursuant to Section
6.06(c)(A)(X)(xviii) and (C) all amounts previously distributed to the Class
1A-2 Certificateholders pursuant to the last paragraph of Section 6.06(c).
CLASS 1A-3 PRINCIPAL BALANCE: With respect to the Class 1A-3
Certificates and as of any date of determination, the Original Class 1A-3
Principal Balance reduced by the sum of (A) all amounts (including that portion
of Insured Payments, if any, made in respect of principal) previously
distributed to the Class 1A-3 Certificateholders in respect of principal on all
previous Remittance Dates on account of amounts described in clauses (c)(i)
through (iv), inclusive, and clauses (c)(v) (to the extent the payment pursuant
to clause (c)(v) is in respect of principal not previously covered by an Insured
Payment), (c)(vi) and (c)(viii) of the definition of Class A Principal
Remittance Amount, (B) all amounts previously distributed to the Class 1A-3
Certificateholders in respect of principal pursuant to Section
6.06(c)(A)(X)(xix) and (C) all amounts previously distributed to the Class 1A-3
Certificateholders pursuant to the last paragraph of Section 6.06(c).
CLASS 1A-4 PRINCIPAL BALANCE: With respect to the Class 1A-4
Certificates and as of any date of determination, the Original Class 1A-4
Principal Balance reduced by the sum of (A) all amounts (including that portion
of Insured Payments, if any, made in respect of principal) previously
distributed to the Class 1A-4 Certificateholders in respect of principal on all
previous Remittance Dates on account of amounts described in clauses (c)(i)
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through (iv), inclusive, and clauses (c)(v) (to the extent the payment pursuant
to clause (c)(v) is in respect of principal not previously covered by an Insured
Payment), (c)(vi) and (c)(viii) of the definition of Class A Principal
Remittance Amount, (B) all amounts previously distributed to the Class 1A-4
Certificateholders in respect of principal pursuant to Section 6.06(c)(A)(X)(xx)
and (C) all amounts previously distributed to the Class 1A-4 Certificateholders
pursuant to the last paragraph of Section 6.06(c).
CLASS 1A-5 PRINCIPAL BALANCE: With respect to the Class 1A-5
Certificates and as of any date of determination, the Original Class 1A-5
Principal Balance reduced by the sum of (A) all amounts (including that portion
of Insured Payments, if any, made in respect of principal) previously
distributed to the Class 1A-5 Certificateholders in respect of principal on all
previous Remittance Dates on account of amounts described in clauses (c)(i)
through (iv), inclusive, and clauses (c)(v) (to the extent the payment pursuant
to clause (c)(v) is in respect of principal not previously covered by an Insured
Payment), (c)(vi) and (c)(viii) of the definition of Class A Principal
Remittance Amount, (B) all amounts previously distributed to the Class 1A-5
Certificateholders in respect of principal pursuant to Section
6.06(c)(A)(X)(xxi) and (C) all amounts previously distributed to the Class 1A-5
Certificateholders pursuant to the last paragraph of Section 6.06(c).
CLASS 1A-6 PRINCIPAL BALANCE: With respect to the Class 1A-6
Certificates and as of any date of determination, the Original Class 1A-6
Principal Balance reduced by the sum of (A) all amounts (including that portion
of Insured Payments, if any, made in respect of principal) previously
distributed to the Class 1A-6 Certificateholders in respect of principal on all
previous Remittance Dates on account of amounts described in clauses (c)(i)
through (iv), inclusive, and clauses (c)(v) (to the extent the payment pursuant
to clause (c)(v) is in respect of principal not previously covered by an Insured
Payment), (c)(vi) and (c)(viii) of the definition of Class A Principal
Remittance Amount, (B) all amounts previously distributed to the Class 1A-6
Certificateholders in respect of principal pursuant to Section
6.06(c)(A)(X)(xxii) and (C) all amounts previously distributed to the Class 1A-6
Certificateholders pursuant to the last paragraph of Section 6.06(c).
CLASS 1A-7 PRINCIPAL BALANCE: With respect to the Class 1A-7
Certificates and as of any date of determination, the Original Class 1A-7
Principal Balance reduced by the sum of (A) all amounts (including that portion
of Insured Payments, if any, made in respect of principal) previously
distributed to the Class 1A-7 Certificateholders in respect of principal on all
previous Remittance Dates on account of amounts described in clauses (c)(i)
through (iv), inclusive, and clauses (c)(v) (to the extent the payment pursuant
to clause (c)(v) is in respect of principal not previously covered by an Insured
Payment), (c)(vi) and (c)(viii) of the definition of Class A Principal
Remittance Amount, (B) all amounts previously distributed to the Class 1A-7
Certificateholders in respect of principal pursuant to Section
6.06(c)(A)(X)(xxiii) and (C) all amounts previously distributed to the Class
1A-7 Certificateholders pursuant to the last paragraph of Section 6.06(c).
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CLASS 1A REMITTANCE AMOUNT: As of any Remittance Date, the sum of
the Class A Remittance Amount with respect to the Class 1A-1 Certificates, the
Class 1A-2 Certificates, the Class 1A-3 Certificates, the Class 1A-4
Certificates, the Class 1A-5 Certificates, the Class 1A-6 Certificates and the
Class 1A-7 Certificates.
CLASS 1A SUB-POOL FACTOR: As of any date of determination, the then
applicable Class 1A Principal Balance divided by the Original Class 1A Principal
Balance.
CLASS 2A MAJORITY CERTIFICATEHOLDERS: The Holder or Holders of Class
2A Certificates possessing Voting Rights in excess of 51% in the aggregate.
CLASS 2A CERTIFICATE: A Certificate denominated as a Class 2A
Certificate.
CLASS 2A CERTIFICATEHOLDER: A Holder of a Class 2A Certificate.
CLASS 2A INTEREST REMITTANCE AMOUNT: As to any Remittance Date, the
interest accrued at the Class 2A Pass-Through Rate for the Accrual Period on the
outstanding Class 2A Principal Balance.
CLASS 2A PASS-THROUGH RATE: As to any Remittance Date, the lesser of
(i) One-Month LIBOR plus 0.22% per annum and (ii) the weighted average of the
Mortgage Rates of the Sub-Pool 2 Mortgage Loans minus, with respect to Sub-Pool
2, the sum of (a) the Servicing Fee Rate, (b) the rate at which the Annual
Trustee Expense Amount is calculated, (c) the Premium Percentage and (d) with
respect to the Remittance Dates occurring on December 26, 1997, January 26, 1998
and each Remittance Date on and after February 25, 1998, 0.65% per annum, 0.70%
per annum and 0.85% per annum, respectively; provided, however that on any
Remittance Date on which the Servicer does not exercise its right to purchase
Mortgage Loans and REO Properties with respect to Sub-Pool 2 pursuant to Section
11.01, the rate provided in clause (i) will be One-Month LIBOR plus 0.62%. For
purposes of calculating the Class 2A Pass-Through Rate for any Remittance Date,
because the Sub-Pool 2 Mortgage Loans provide for the calculation of interest on
a basis other than a 360-day year and the actual number of days elapsed (an
"Actual/360 Basis") (which is the basis on which interest is calculated on the
Class 2A Certificates), the basis on which interest is computed on the Sub-Pool
2 Mortgage Loans will be deemed adjusted to an Actual/360 Basis that will result
in the same amount of interest being due as would be due using the method of
computation of interest that is used to calculate interest on the Sub-Pool 2
Mortgage Loans.
CLASS 2A PRINCIPAL BALANCE: With respect to the Class 2A
Certificates and as of any date of determination, the Original Class 2A
Principal Balance reduced by the sum of (A) all amounts (including that portion
of Insured Payments, if any, made in respect of principal) previously
distributed to the Class 2A Certificateholders in respect of principal on all
previous Remittance Dates on account of amounts described in clauses (c)(i)
through (iv), inclusive, and clauses (c)(v) (to the extent the payment pursuant
to clause (c)(v) is in respect of
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principal not previously covered by an Insured Payment), (c)(vi) and (c)(viii)
of the definition of Class A Principal Remittance Amount, (B) all amounts
previously distributed to the Class 2A Certificateholders in respect of
principal pursuant to Section 6.06(c)(B)(X)(iv) and (C) all amounts previously
distributed to the Class 2A Certificateholders pursuant to the last paragraph of
Section 6.06(c).
CLASS 2A REMITTANCE AMOUNT: As of any Remittance Date, the Class A
Remittance Amount with respect to the Class 2A Certificates.
CLASS 2A SUB-POOL FACTOR: As of any date of determination, the then
applicable Class 2A Principal Balance divided by the Original Class 2A Principal
Balance.
CLASS A CARRY-FORWARD AMOUNT: With respect to either the Class 1A or
Class 2A Certificates and as to any Remittance Date, the sum of (i) the amount,
if any, by which (x) the related Class 1A or Class 2A Remittance Amount as of
the immediately preceding Remittance Date exceeded (y) the amount of the actual
distribution, exclusive of any related Insured Payments made to the related
Classes of Class A Certificateholders, made pursuant to Sections
6.06(c)(A)(X)(i) through (xv) or pursuant to 6.06(c)(A)(Y)(i) through (xv), with
respect to Sub-Pool 1, or pursuant to Sections 6.06(c)(B)(X)(i) and (ii) or
pursuant to Sections 6.06(c)(B)(Y)(i) and (ii), with respect to Sub-Pool 2, on
such immediately preceding Remittance Date and (ii) interest on the amount, if
any, described in clause (i) above, to the extent that the amount in clause (i)
represents Insured Payments made by the Certificate Insurer, at the weighted
average of the Class 1A-1 Pass-Through Rate, the Class 1A-2 Pass-Through Rate,
the Class 1A-3 Pass-Through Rate, the Class 1A-4 Pass-Through Rate, the Class
1A-5 Pass-Through Rate, the Class 1A-6 Pass-Through Rate and the Class 1A-7
Pass-Through Rate with respect to Sub-Pool 1, and the Class 2A Pass-Through Rate
with respect to Sub-Pool 2 from such immediately preceding Remittance Date.
CLASS A CERTIFICATE: A certificate denominated as a Class 1A-1,
Class 1A-2, Class 1A-3, Class 1A-4, Class 1A-5, Class 1A-6, Class 1A-7 or Class
2A Certificate.
CLASS A CERTIFICATEHOLDER: A Holder of a Class 1A Certificate or a
Class 2A Certificate.
CLASS A INTEREST REMITTANCE AMOUNT: Any of the Class 1A-1
Interest Remittance Amount, the Class 1A-2 Interest Remittance Amount, the Class
1A-3 Interest Remittance Amount, the Class 1A-4 Interest Remittance Amount, the
Class 1A-5 Interest Remittance Amount, the Class 1A-6 Interest Remittance
Amount, the Class 1A-7 Interest Remittance Amount or the Class 2A Interest
Remittance Amount.
CLASS A PASS-THROUGH RATE: As to any Remittance Date, any of the
Class 1A-1 Pass-Through Rate, the Class 1A-2 Pass-Through Rate, the Class 1A-3
Pass-Through Rate, the Class 1A-4 Pass-Through Rate, the Class 1A-5 Pass-Through
Rate, the Class 1A-6 Pass-Through Rate, the Class 1A-7 Pass-Through Rate or the
Class 2A Pass-Through Rate.
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CLASS A PRINCIPAL BALANCE: As of any date of determination, the
Class 1A Principal Balance, with respect to Sub-Pool 1, or the Class 2A
Principal Balance, with respect to Sub-Pool 2.
CLASS A PRINCIPAL REMITTANCE AMOUNT: With respect to a Sub-Pool and
as to any Remittance Date (other than the Remittance Date described in the next
succeeding sentence), the amount required to be distributed on such Remittance
Date from available funds in respect of the related Class 1A or Class 2A
Certificates, such amount being equal to the least of (a) that amount required
to reach the Required Overcollateralization Amount with respect to such
Sub-Pool, or thereafter, to maintain such Required Overcollateralization Amount
on such Remittance Date, (b) the sum of (i) the related Class 1A or Class 2A
Principal Balance immediately prior to such Remittance Date and (ii) the amounts
described in clauses (c)(v) (to the extent the amount in clause (c)(v)
represents prior Insured Payments made by the Certificate Insurer with respect
to the related Sub-Pool or interest accrued thereon in accordance with the
definition of Class A Carry Forward Amount) and (c)(vii) below and (c) the sum
of (i) each payment of principal received by the Servicer or any Sub-Servicer
(exclusive of Curtailments, Principal Prepayments, the principal portion of
Amounts Held for Future Distribution and amounts described in clause (c)(iii)
hereof) during the related Due Period, including any Excess Payments, (ii) all
Curtailments and all Principal Prepayments received by the Servicer during such
related Due Period, (iii) the principal portion of all Insurance Proceeds,
Released Mortgaged Property Proceeds and Net Liquidation Proceeds received
during the related Due Period; (iv) an amount equal to the Unrecovered Class A
Portion with respect to the related Sub-Pool; (v) the Class A Carry-Forward
Amount with respect to the related Sub-Pool; (vi) (a) that portion of the
purchase price (as indicated in Section 2.05(b)) actually received by the
Trustee of any repurchased Mortgage Loan with respect to the related Sub-Pool
which represents principal and (b) the principal portion of any Substitution
Adjustments deposited in the Principal and Interest Account with respect to the
related Sub-Pool as of the related Determination Date; (vii) any amounts
recovered from the related Class 1A or Class 2A Certificateholders during the
related Due Period that constituted a Monthly Payment on a related Mortgage Loan
or an Advance with respect to the related Sub-Pool that was recovered as a
Preference Amount by a trustee in bankruptcy pursuant to the United States
Bankruptcy Code in accordance with a Final Order; and (viii) the amount, if any,
by which (a) the Class 1A or Class 2A Principal Balance with respect to the
related Class 1A or Class 2A Certificates immediately prior to such Remittance
Date minus the amounts to be distributed on such Remittance Date pursuant to
clauses (c)(i), (ii), (iii) and (iv) above and pursuant to Sections
6.06(c)(A)(X)(xvii) through (xxiii) with respect to Sub-Pool 1 or Section
6.06(c)(B)(X)(iv) with respect to Sub-Pool 2 and applied to reduce the related
Class 1A or Class 2A Principal Balance, exceeds (b) the related Scheduled Class
A Principal Balance for such Remittance Date as set forth in the related
Principal Payment Table. As to the final Remittance Date in connection with the
purchase by the Servicer of all the Mortgage Loans and REO Properties pursuant
to Section 11.01, the amount of principal required to be distributed on such
Remittance Date from available funds in respect of the related Class A
Certificates, such amount being equal to the amount described in clause (b) of
the immediately preceding sentence with respect to such Remittance Date.
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CLASS A REMITTANCE AMOUNT: For any Class of Class A Certificates and
as to any Remittance Date, the sum of (i) the related Class A Principal
Remittance Amount and (ii) the related Class A Interest Remittance Amount.
CLASS R CERTIFICATE: A Certificate denominated as a Class R
Certificate.
CLASS R CERTIFICATEHOLDER: A Holder of a Class R Certificate.
CLOSING DATE: December 19, 1996.
CODE: The Internal Revenue Code of 1986.
COMBINED LOAN-TO-VALUE RATIO OR CLTV: With respect to any Sub-Pool 1
Mortgage Loan, the sum of the original principal balance of such Sub-Pool 1
Mortgage Loan and the outstanding principal balance of any related First Lien as
of the date of origination of the Sub-Pool 1 Mortgage Loan, divided by the
lesser of (i) the value of the related Mortgaged Property based upon the
appraisal made at the origination of the Sub-Pool 1 Mortgage Loan or (ii) the
purchase price of the Mortgaged Property if the Sub-Pool 1 Mortgage Loan
proceeds are used to purchase the Mortgaged Property.
COMPENSATING INTEREST: As defined in Section 6.10.
CROSS-OVER DATE: With respect to each Sub-Pool, the date on and
after which the related Subordinated Amount is reduced to zero.
CURTAILMENT: With respect to a Mortgage Loan, any payment of
principal received during a Due Period as part of a payment that is in excess of
four times the amount of the Monthly Payment due for such Due Period and which
is not intended to satisfy the Mortgage Loan in full, nor is intended to cure a
delinquency.
CUSTODIAL AGREEMENT: The agreement for the retention of the
Trustee's Mortgage Files initially in the form attached as Exhibit L.
CUSTODIAN: The custodian appointed pursuant to a Custodial Agreement
and Section 12.12, which is not affiliated with the Servicer or the Depositor
which initially shall be LaSalle National Bank.
CUT-OFF DATE: December 1, 1996.
CUT-OFF DATE PRINCIPAL BALANCE: With respect to any Initial Mortgage
Loan, the outstanding principal balance of such Mortgage Loan as of the close of
business on the Cut-off Date.
DEFINITIVE CERTIFICATES: As defined in Section 4.02(e).
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DELETED MORTGAGE LOAN: A Mortgage Loan replaced by a Qualified
Substitute Mortgage Loan.
DELINQUENCY CALCULATION AMOUNT: With respect to any Determination
Date and with respect to Sub-Pool 1, the sum of:
(a) 5.375% of the aggregate Principal Balance of the Sub-Pool
1 Mortgage Loans that, as of the end of the last Business Day of the month
preceding such Determination Date, are 30 to 59 days delinquent;
(b) 10.75% of the aggregate Principal Balance of the Sub-Pool
1 Mortgage Loans that, as of the end of the last Business Day of the month
preceding such Determination Date, are 60 to 89 days delinquent;
(c) 21.5% of the aggregate Principal Balance of the Sub-Pool 1
Mortgage Loans that, as of the end of the last Business Day of the month
preceding such Determination Date, are 90 or more days delinquent; and
(d) without duplication of the amounts determined under
clauses (a), (b) and (c) above, 21.5% of the aggregate Principal Balance of all
REO Property with respect to Sub-Pool 1 held by the Servicer as of the end of
the last Business Day of the month preceding such Determination Date.
With respect to any Determination Date and with respect to Sub-Pool
2, the sum of:
(a) 5.375% of the aggregate Principal Balance of the Sub-Pool
2 Mortgage Loans that, as of the end of the last Business Day of the month
preceding such Determination Date, are 30 to 59 days delinquent;
(b) 10.75% of the aggregate Principal Balance of the Sub-Pool
2 Mortgage Loans that, as of the end of the last Business Day of the month
preceding such Determination Date, are 60 to 89 days delinquent;
(c) 21.5% of the aggregate Principal Balance of the Sub-Pool 2
Mortgage Loans that, as of the end of the last Business Day of the month
preceding such Determination Date, are 90 or more days delinquent; and
(d) without duplication of the amounts determined under
clauses (a), (b) and (c) above, 21.5% of the aggregate Principal Balance of all
REO Property with respect to Sub-Pool 2 held by the Servicer as of the end of
the last Business Day of the month preceding such Determination Date.
DEPOSIT PREMIUM: As defined in the Insurance Agreement.
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DEPOSITOR: Superior Bank FSB, a federally chartered stock savings
bank, and any successor thereto.
DEPOSITOR'S YIELD: For each Mortgage Loan, the prepayment penalties
and premiums collected on such Mortgage Loan. The Depositor's Yield is retained
by the Depositor and is not part of the Trust Fund.
DEPOSITORY: The initial Depository shall be The Depository Trust
Company, the nominee of which is CEDE & Co., as the registered Holder of the
Class 1A and Class 2A Certificates. The Depository shall at all times be a
"clearing corporation" as defined in Section 8-102(3) of the Uniform Commercial
Code of the State of New York.
DEPOSITORY PARTICIPANT: A broker, dealer, bank or other financial
institution or other Person for whom from time to time a Depository effects
book-entry transfers and pledges of securities deposited with the Depository.
DETERMINATION DATE: The 22nd day of each month (or if such day is
not a Business Day, the immediately following Business Day but in no event fewer
than two Business Days prior to the Remittance Date immediately following such
22nd day).
DIRECTLY OPERATE: With respect to any REO Property relating to a
Sub-Pool 1 Multifamily Loan or Sub-Pool 1 Mixed Use Loan, the furnishing or
rendering of services to the tenants thereof, the management or operation of
such REO Property, the holding of such REO Property primarily for sale to
customers, the performance of any construction work thereon or any use of such
REO Property in a trade or business conducted by the Trust Fund REMIC other than
through an independent contractor; provided, however, that the Trustee (or the
Servicer or any Subservicer on behalf of the Trustee) shall not be considered to
Directly Operate an REO Property solely because the Trustee (or the Servicer or
any Subservicer on behalf of the Trustee) establishes rental terms, chooses
tenants, enters into or renews leases, deals with taxes and insurance, or makes
decisions as to repairs or capital expenditures with respect to such REO
Property.
DISQUALIFIED ORGANIZATION: Any of the following (i) the United
States or any possession thereof, any State or any political subdivision
thereof, or any agency or instrumentality of any of the foregoing (other than an
instrumentality which is a corporation if all of its activities are subject to
tax, and, except for the FHLMC, a majority of its board of directors is not
selected by such governmental unit), (ii) a foreign government, international
organization or any agency or instrumentality of either of the foregoing, (iii)
any organization (except certain farmer's cooperatives described in Section 521
of the Code) which is exempt from the tax imposed by Chapter 1 of the Code
unless such organization is subject to the tax imposed by Section 511 of the
Code, (iv) rural electric and telephone cooperatives described in Section 1381
of the Code or (v) any other Person so designated by the Trustee based upon an
Opinion of Counsel provided to the Trustee that the holding of any ownership
interest in a Residual Certificate by such Person may cause the Trust Fund REMIC
or any Person having an
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ownership interest in any Class of Certificates, other than such Person, to
incur liability for any federal tax imposed under the Code that would not
otherwise be imposed but for the transfer of an ownership interest in the
Residual Certificate to such Person. The terms "United States," "State" and
"international organization" shall have the meanings set forth in Section 7701
of the Code.
DUE DATE: The day of the month on which the Monthly Payment is due
from the Mortgagor on a Mortgage Loan.
DUE PERIOD: With respect to each Remittance Date, the period
commencing on the second day of the month immediately preceding the month in
which such Remittance Date occurs and ending on the first day of the month in
which such Remittance Date occurs.
ELIGIBLE ACCOUNT: Either (A) a segregated account or accounts
maintained with an institution whose deposits are insured by and held up to the
limits insured by the Bank Insurance Fund or the Savings Association Insurance
Fund of the FDIC, the unsecured and uncollateralized debt obligations of which
shall be rated "A" or better by S&P and A2 or better by Moody's and in one of
the two highest short-term rating categories by S&P and the highest short term
rating category by Moody's, and which is either (i) a federal savings and loan
association duly organized, validly existing and in good standing under the
federal banking laws, (ii) an institution duly organized, validly existing and
in good standing under the applicable banking laws of any state, (iii) a
national banking association duly organized, validly existing and in good
standing under the federal banking laws, (iv) a principal subsidiary of a bank
holding company, or (v) approved in writing by the Certificate Insurer, Moody's
and S&P or (B) a trust account or accounts (which shall be a "special deposit
account") maintained with the trust department of a federal or state chartered
depository institution or trust company, having capital and surplus of not less
than $50,000,000, acting in its fiduciary capacity. Any Eligible Accounts
maintained with the Trustee shall conform to the preceding clause (B).
EVENT OF DEFAULT: As described in Section 10.01.
EVENT OF NONPAYMENT: An event of nonpayment shall occur with respect
to each Sub-Pool and with respect to any Remittance Date if (i) on or prior to
the related CrossOver Date, the amounts remitted by the Servicer and available
to the Trustee pursuant to Sections 5.04(i), 6.05(e), 6.09 and 6.10 (to the
extent not included in 5.04(i)) for deposit in the related Certificate Account
that are not subject to an automatic stay under Section 362 of the United States
Bankruptcy Code pursuant to an order of a United States bankruptcy court of
competent jurisdiction, plus the amount of any Net Excess Spread from the other
Sub-Pool, plus the amount of any Excess Principal from the other Sub-Pool, plus
any amounts on deposit in the related Reserve Account prior to the related
Cross-Over Date, plus the amount to be paid pursuant to the last paragraph of
Section 6.06(c) (if any), will not, taken together, be sufficient to pay the sum
of (x) all of the related Class A Remittance Amount (exclusive of any related
Class A Carry-Forward Amount representing amounts previously paid to the related
Class A Certificateholders as Insured Payments, or representing interest accrued
in respect of such
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Insured Payments) and (y) the related Monthly Premium to be withdrawn from the
related Certificate Account to be paid to the Certificate Insurer pursuant to
Section 6.02(i) in respect of such Remittance Date, or (ii) after the related
Cross-Over Date, the related Available Remittance Amount remitted by the
Servicer to the Trustee pursuant to Section 5.04(i) plus that additional portion
of the Amount Available constituting Excess Spread available to pay the related
Class A Interest Remittance Amount pursuant to Sections 6.06(c)(A)(Y)(i) through
(vii) with respect to Sub-Pool 1, and Section 6.06(c)(B)(Y)(i) with respect to
Sub-Pool 2, the amounts remitted by the Servicer to the Trustee pursuant to
Sections 6.05(e), 6.09 and 6.10 (to the extent not included in 5.04(i)) for
deposit in the related Certificate Account that are not subject to an automatic
stay under Section 362 of the United States Bankruptcy Code pursuant to an order
of a United States bankruptcy court of competent jurisdiction, will not, taken
together, be sufficient to pay the sum of (x) all of the related Class A
Remittance Amount (exclusive of any related Class A Carry-Forward Amount
representing amounts previously paid to the related Class A Certificateholders,
as Insured Payments, or representing interest accrued in respect of such Insured
Payments) and (y) the related Monthly Premium to be withdrawn from the related
Certificate Account to be paid to the Certificate Insurer pursuant to Section
6.02(i) in respect of such Remittance Date, or (iii) the sum of all Realized
Losses with respect to such Sub-Pool since the Closing Date exceeds 75% of the
related Subordinated Amount as of February 25, 1997.
EXCESS PAYMENTS: With respect to a Due Period, any principal amounts
received on a Mortgage Loan in excess of the principal amount included in the
Monthly Payment due on the Due Date in such Due Period which does not constitute
either a Curtailment or a Principal Prepayment.
EXCESS PRINCIPAL: With respect to any Sub-Pool and for a particular
Remittance Date, the lesser of (i) the portion, if any, of the Available
Principal Amount for such Sub-Pool that is not required to be included in the
related Class A Principal Remittance Amount for such Sub-Pool for such
Remittance Date as a result of the application of clause (a) of the definition
of Class A Principal Remittance Amount and (ii) the amount of such portion
described in clause (i) remaining after the application of the related Available
Remittance Amount to cover the Required Payments for such Sub-Pool.
EXCESS PROCEEDS: With respect to any Mortgage Loan (including a
Mortgage Loan as to which the related Mortgaged Property has become an REO
Property) that became a Liquidated Mortgage Loan during any Due Period, the
excess, if any, of (a) the total Net Liquidation Proceeds received in respect
thereof during such Due Period, over (b) the Principal Balance of such Mortgage
Loan as of the date such Mortgage Loan became a Liquidated Mortgage Loan plus
interest thereon at the Mortgage Rate from the date through which interest was
last paid by the Mortgagor or advanced by the Servicer to but not including the
Due Date in such Due Period.
EXCESS SPREAD: With respect to Sub-Pool 1 and for a particular
Remittance Date, the sum of (a) the excess of (x) all payments received or
advanced on account of interest
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on the Sub-Pool 1 Mortgage Loans during the related Due Period over (y) the sum
of (i) the Class 1A Interest Remittance Amount for such Remittance Date, (ii)
the Sub-Pool 1 Annual Trustee Expense Amount for such Remittance Date, (iii) the
Monthly Premium for such Remittance Date and (iv) the Servicing Fee for such
Remittance Date and (b) with respect to the January 27, 1997 and February 25,
1997 Remittance Dates, Excess Spread shall also include an amount to be
determined by the Certificate Insurer and deposited into the Sub-Pool 1 Interest
Coverage Account by the Depositor on the Closing Date.
With respect to Sub-Pool 2 and for a particular Remittance Date, the
sum of (a) the excess of (x) all payments received or advanced on account of
interest on the Sub-Pool 2 Mortgage Loans during the related Due Period over (y)
the sum of (i) the Class 2A Interest Remittance Amount for such Remittance Date,
(ii) the Sub-Pool 2 Annual Trustee Expense Amount for such Remittance Date,
(iii) the Monthly Premium for such Remittance Date and (iv) the Servicing Fee
for such Remittance Date and (b) with respect to the January 27, 1997 and
February 25, 1997 Remittance Dates, Excess Spread shall also include an amount
to be determined by the Certificate Insurer and deposited into the Sub-Pool 2
Interest Coverage Account by the Depositor on the Closing Date.
FDIC: The Federal Deposit Insurance Corporation and any successor
thereto.
FHLMC: The Federal Home Loan Mortgage Corporation and any successor
thereto.
FIDELITY BOND: As described in Section 5.09.
FINAL ORDER: As defined in Section 6.06(b).
FIRST LIEN: With respect to any Sub-Pool 1 Mortgage Loan which is
secured by a second priority lien, the Mortgage Loan relating to the
corresponding Mortgaged Property having a first priority lien.
FNMA: The Federal National Mortgage Association and any successor
thereto.
FUNDING PERIOD: With respect to each Sub-Pool, the period beginning
on the Closing Date and ending on the earlier of the date on which (a) the
amount on deposit in the related Pre-Funding Account is zero or (b) the close of
business on February 14, 1997.
GROSS MARGIN: With respect to each Sub-Pool 2 Mortgage Loan, the
fixed percentage amount set forth in the related Mortgage Note to be added to
the related Index to determine the Mortgage Rate on each Adjustment Date, and
which is set forth in the related Mortgage Loan Schedule.
INDEX: With respect to the Sub-Pool 2 Mortgage Loans, the index for
the adjustment of the Mortgage Rate set forth as such in the related Mortgage
Note, such index
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being either (i) the weekly average yield on United States Treasury Securities
adjusted to a constant maturity of one year, as published in the Federal Reserve
Statistical Release H.15 (519), as most recently announced as of a date 45 days
preceding such Mortgage Loan's Adjustment Date (the "One-Year Treasury Index")
or (ii) the average of interbank offered rates for six-month U.S.
dollar-denominated deposits in the London market as published in The Wall Street
Journal "Money Rates" table, and as most recently available as of the date 45
days before such Mortgage Loan Adjustment Date if such date falls on a Friday
or, if such date does not fall on a Friday, then as most recently available as
of the Friday immediately preceding the date 45 days before each such Mortgage
Loan Adjustment Date (the "Six-Month LIBOR Index"). If the applicable Index
becomes unavailable, the Servicer, on behalf of the Trustee, will select an
alternative index for mortgage loans on single family residential properties,
based upon comparable information, over which it has no control and which is
readily verifiable by mortgagors.
INDEPENDENT PERSON: When used with respect to any specified Person,
any such Person who (a) is in fact independent of the Depositor, the Servicer
and their respective Affiliates, (b) does not have any direct financial interest
in or any material indirect financial interest in any of the Depositor or the
Servicer or any Affiliate thereof, and (c) is not connected with the Depositor
or the Servicer or any Affiliate thereof as an officer, employee, promoter,
underwriter, trustee, partner, director or Person performing similar functions;
provided, however, that a Person shall not fail to be Independent of the
Depositor or the Servicer or any Affiliate thereof solely because such Person is
the beneficial owner of 1% or less of any class of securities issued by the
Depositor or the Servicer or any Affiliate thereof, as the case may be.
INITIAL ADJUSTMENT DATE: With respect to each Sub-Pool 2 Mortgage
Loan, the first adjustment date following the origination of such Mortgage Loan.
INITIAL MORTGAGE RATE: With respect to each Sub-Pool 2 Mortgage
Loan, the Mortgage Rate in effect prior to the Initial Adjustment Date.
INITIAL MORTGAGE LOAN: A Mortgage Loan assigned and transferred to
the Trustee on the Closing Date.
INITIAL MORTGAGE LOANS: Collectively, the Initial Mortgage Loans.
INITIAL RESERVE ACCOUNT DEPOSIT: With respect to each Sub-Pool, the
amount, if any, deposited by the Depositor in the related Reserve Account on the
Closing Date pursuant to Section 6.14, which amount is $389,000 for Sub-Pool 1,
and $1,501,555 for Sub-Pool 2.
INSURANCE AGREEMENT: The agreement dated as of the Closing Date by
and among the Certificate Insurer, the Depositor, the Servicer and the Trustee,
as amended from time to time by the parties thereto, relating to, among other
things, the Premium Percentage.
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INSURANCE PROCEEDS: Proceeds paid to the Trustee or the Servicer by
any insurer (except the Certificate Insurer) or by the Servicer pursuant to a
deductible clause under a blanket policy insuring against fire and hazards of
extended coverage on all of the Mortgage Loans pursuant to Section 5.08, in
either event pursuant to any insurance policy covering a Mortgage Loan,
Mortgaged Property, or REO Property or any other insurance policy net of any
expenses which are incurred by the Servicer or the Trustee in connection with
the collection of such proceeds and not otherwise reimbursed to the Servicer,
other than proceeds to be applied to the restoration or repair of the Mortgaged
Property, or released to the Mortgagor in accordance with customary first and
second mortgage servicing procedures in the case of Sub-Pool 1 Mortgage Loans
and customary first mortgage servicing procedures in the case of Sub-Pool 2
Mortgage Loans.
INSURED PAYMENT: With respect to each Sub-Pool and as of each
Remittance Date, the amount, if any, by which (1) the related Class A Remittance
Amount (excepting clause (c)(vi) of the definition of Class A Principal
Remittance Amount to the extent such amount is due but not paid by the
Depositor) exceeds (2) the sum of (a) the related Available Remittance Amount
(minus the related Monthly Premium withdrawable from the related Certificate
Account to be paid to the Certificate Insurer pursuant to Section 6.02(i)), plus
(b) (I), if such Remittance Date is prior to the related Cross-Over Date, the
lower of (X) the Excess Spread deposited into the related Certificate Account
pursuant to Section 5.04(i) as of such Remittance Date, plus the Net Excess
Spread from the other Sub-Pool, if any, plus Excess Principal from the other
Sub-Pool, if any, and (Y) the related Subordinated Amount, or (II), if such
Remittance Date is on or after the related Cross-Over Date, that additional
portion of the Amount Available constituting Excess Spread with respect to the
related Sub-Pool available to pay the related Class A Interest Remittance Amount
pursuant to Sections 6.06(c)(A)(Y)(i) through (vii) with respect to Sub-Pool 1
and Section 6.06(c)(B)(Y)(i) with respect to Sub-Pool 2, plus (c) any amount
transferred from the related Reserve Account to the related Certificate Account
pursuant to Section 6.14(c), plus (d) the aggregate amount of any previous
Insured Payments for which the Certificate Insurer has not been reimbursed
pursuant to Section 6.06(b), together with that portion of the amounts described
in the preceding clause (1) that represents interest accrued in respect of such
Insured Payments in accordance with the definition of Class A Carry-Forward
Amount; provided, however, that the determination of Insured Payments shall not
be affected in any way by any recharacterization of the transactions
contemplated by this Agreement as a financing in any bankruptcy, insolvency or
similar proceeding to which the Depositor may be subject and the related
Available Remittance Amount shall for the purpose of this definition be deemed
to be decreased by the amount thereof that has been deposited in the related
Certificate Account but may not be withdrawn therefrom pursuant to an order of a
United States bankruptcy court of competent jurisdiction imposing a stay
pursuant to Section 362 of the United States Bankruptcy Code.
INTEREST COVERAGE ACCOUNT: With respect to each Sub-Pool, the
Account established and maintained pursuant to Section 6.13, which must be an
Eligible Account. With respect to Sub-Pool 1, the Interest Coverage Account
shall be known as the Sub-
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Pool 1 Interest Coverage Account and with respect to Sub-Pool 2, the Interest
Coverage Account shall be known as the Sub-Pool 2 Interest Coverage Account.
INTEREST COVERAGE ADDITION: With respect to the related Sub-Pool and
as to any Remittance Date, the sum of the amounts described in Sections 6.13(b)
and 6.13(c).
INTEREST COVERAGE AMOUNT: With respect to each Sub-Pool, the amount
to be paid by the Depositor to the Trustee for deposit into the related Interest
Coverage Account pursuant to Section 6.12(a) on the Closing Date, which amount
is $1,096,415.51 for Sub-Pool 1, and $779,811.33 for Sub-Pool 2.
LIQUIDATED MORTGAGE LOAN: Any defaulted Mortgage Loan or REO
Property as to which the Servicer has determined that all amounts which it
reasonably and in good faith expects to recover have been recovered from or on
account of such Mortgage Loan or REO Property.
LIQUIDATION PROCEEDS: Any cash amounts received in connection with
the liquidation of defaulted Mortgage Loans, whether through trustee's sale,
foreclosure sale, REO Disposition or otherwise, and any other amounts required
to be deposited in the Principal and Interest Account pursuant to Section 5.10.
LOAN-TO-VALUE RATIO: The fraction, expressed as a percentage, the
numerator of which is the original Principal Balance of the related Mortgage
Loan and the denominator of which is the Appraised Value at the time of
origination of the related Mortgaged Property.
MAJORITY CERTIFICATEHOLDERS: With respect to Sub-Pool 1, the Class
1A Majority Certificateholders possessing Voting Rights in excess of 51% in the
aggregate. With respect to Sub-Pool 2, the Class 2A Majority Certificateholders
possessing Voting Rights in excess of 51% in the aggregate.
MAXIMUM MORTGAGE RATE: With respect to each Sub-Pool 2 Mortgage
Loan, the maximum rate of interest set forth in the related Mortgage Note.
MINIMUM MORTGAGE RATE: With respect to each Sub-Pool 2 Mortgage
Loan, the minimum rate of interest set forth in the related Mortgage Note.
MIXED USE PROPERTY: With respect to Sub-Pool 1 Mortgage Loans, a
property which consists of a mixed residential and commercial structure.
MONTHLY ADVANCE: An advance made by the Servicer pursuant to Section
6.09.
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MONTHLY PAYMENT: The scheduled monthly payment of principal and/or
interest required to be made by a Mortgagor on the related Mortgage Loan, as set
forth in the related Mortgage Note.
MONTHLY PREMIUM: With respect to each Sub-Pool, the monthly premium
payable to the Certificate Insurer equal to the product of (i) one-twelfth the
then applicable Premium Percentage and (ii) the then outstanding related Class
1A Principal Balance or Class 2A Principal Balance.
MOODY'S: Moody's Investors Service, Inc. or any successor thereto.
MORTGAGE: The mortgage, deed of trust, Land Trust Mortgage or other
instrument creating a first or second lien in accordance with applicable law on
a Mortgaged Property.
MORTGAGE FILE: As described in Exhibit A annexed hereto.
MORTGAGE IMPAIRMENT INSURANCE POLICY: As described in Section 5.08.
MORTGAGE LOAN: An individual mortgage loan which is assigned and
transferred to the Trustee pursuant to this Agreement or a Subsequent Transfer
Instrument, together with the rights and obligations of a holder thereof and
payments thereon and proceeds therefrom, the Mortgage Loans originally subject
to this Agreement being identified on the Mortgage Loan Schedule annexed hereto
as Exhibits H-1 and H-2. As applicable, Mortgage Loan shall be deemed to refer
to the related REO Property.
MORTGAGE LOAN SCHEDULE: With respect to each Sub-Pool, the schedule
of Mortgage Loans attached hereto as Exhibit H-1 or H-2, as supplemented by each
schedule of Subsequent Mortgage Loans attached to a Subsequent Transfer
Instrument, as such schedule may be amended or supplemented from time to time,
such schedule identifying each Mortgage Loan by address of the Mortgaged
Property and the name of the Mortgagor and setting forth as to each Mortgage
Loan the following information: (i) the Principal Balance as of the Cut-off Date
or Subsequent Cut-off Date, (ii) the account number, (iii) the original
principal amount, (iv) the Loan-to-Value Ratio or Combined Loan-to-Value Ratio,
as the case may be, as of the date of origination of the related Mortgage Loan,
(v) the Due Date, (vi) the first date on which a Monthly Payment is due under
the Mortgage Note, (vii) the Monthly Payment, (viii) the maturity date of the
related Mortgage Note, (ix) the remaining number of months to maturity as of the
Cut-off Date or Subsequent Cut-off Date, (x) the applicable Mortgaged Property
State, (xi) the current Mortgage Rate and (xii) with respect to the Sub-Pool 2
Mortgage Loans only: (1) the Gross Margin, (2) the next Adjustment Date after
the Cut-off Date, (3) the Maximum Mortgage Rate, (4) the Minimum Mortgage Rate
and (5) the Index.
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MORTGAGE NOTE: The note or other evidence of indebtedness evidencing
the indebtedness of a Mortgagor under a Mortgage Loan.
MORTGAGE RATE: With respect to each Sub-Pool 1 Mortgage Loan, the
fixed annual rate of interest borne by the related Mortgage Note, as shown on
the related Mortgage Loan Schedule. With respect to each Sub-Pool 2 Mortgage
Loan, the annual rate of interest borne by the related Mortgage Note from time
to time.
MORTGAGED PROPERTY: A Single Family Property, Multifamily Property
or Mixed Use Property which secures a Mortgage Loan.
MORTGAGOR: The obligor on a Mortgage Note.
MULTIFAMILY PROPERTY: With respect to Sub-Pool 1 Mortgage Loans, a
residential property consisting of five or more dwelling units.
NET EXCESS AMOUNT AVAILABLE: With respect to any Sub-Pool and for a
particular Remittance Date, the sum of (i) the Available Remittance Amount for
such Sub-Pool (reduced by the related Monthly Premium to be paid to the
Certificate Insurer pursuant to Section 6.04) and (ii) any Insured Payments with
respect to such Sub-Pool.
NET EXCESS PRINCIPAL: With respect to any Sub-Pool and for a
particular Remittance Date, the Excess Principal for such Sub-Pool remaining
after the application thereof to cover an Available Funds Shortfall with respect
to the other Sub-Pool.
NET EXCESS SPREAD: With respect to any Sub-Pool and for a particular
Remittance Date, the Excess Spread for such Sub-Pool remaining after the
application thereof to cover an Available Funds Shortfall with respect to such
Sub-Pool.
NET LIQUIDATION PROCEEDS: Liquidation Proceeds net of (i) any
reimbursements to the Servicer made therefrom pursuant to Section 5.04(ii) and
(ii) any related accrued and unpaid Annual Trustee Expense Amounts as of the
date on which such Liquidation Proceeds were received.
NET MORTGAGE RATE: With respect to each Sub-Pool 2 Mortgage Loan,
and at any time, the per annum rate equal to the related Mortgage Rate less the
Servicing Fee Rate.
NONRECOVERABLE ADVANCES: With respect to any Mortgage Loan, (i) any
Servicing Advance or Monthly Advance previously made and not reimbursed from
late collections pursuant to Section 5.04, or (ii) a Servicing Advance proposed
to be made in respect of a Mortgage Loan or REO Property which, in the good
faith business judgment of the Servicer would not be ultimately recoverable from
late collections, Released Mortgaged Property Proceeds, Insurance Proceeds or
Liquidation Proceeds on such Mortgage Loan or REO Property.
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NON-UNITED STATES PERSON: Any Person other than a United States
Person.
NOTICE: As defined in Section 6.06(b).
OFFICER'S CERTIFICATE: A certificate delivered to the Trustee signed
by the President or an Executive Vice President or a Senior Vice President or a
Vice President or an Assistant Vice President of either the Depositor or the
Servicer, as required by this Agreement.
ONE-MONTH LIBOR: With respect to the Class 1A-1 and Class 2A
Certificates, as determined by the Trustee on the second Business Day preceding
the beginning of each Accrual Period, the London interbank offered rate for the
relevant Accrual Period for one-month U.S. dollar deposits for a term equal to
the relevant Accrual Period as such rates appear on Telerate Page 3750, as of
11:00 a.m. (London time) on such date. If such rate does not appear on Telerate
Page 3750, the rate for that day will be determined on the basis of the rates at
which deposits in United States dollars are offered by the Reference Banks at
approximately 11:00 a.m., London time, on that day to banks in the London
interbank market for a term equal to the relevant Accrual Period. The Trustee
will request the principal London office of each of the Reference Banks to
provide a quotation of its rate. If at least two such quotations are provided,
the rate for that day will be the arithmetic mean of the quotations. If fewer
than two quotations are provided as requested, the rate for that day will be the
arithmetic mean of the rates quoted by major banks in New York City, selected by
the Servicer, at approximately 11:00 a.m., New York City time, on that day for
loans in United States dollars to leading European banks for a term equal to the
relevant Accrual Period.
OPINION OF COUNSEL: A written opinion of counsel, who may, without
limitation, be counsel for the Servicer, reasonably acceptable to the Trustee
and experienced in matters relating to the subject of such opinion; except that
any opinion of counsel relating to (a) the qualification of the Trust Fund REMIC
as a REMIC or (b) compliance with the REMIC Provisions must be an opinion of
counsel who (i) does not have any direct financial interest or any material
indirect financial interest in the Servicer or in any Person known to a
Responsible Officer of the Trustee to be an Affiliate thereof and (ii) is not
connected with the Servicer as an officer, employee, director or person
performing similar functions.
ORIGINAL CLASS 1A PRINCIPAL BALANCE: $125,000,000.
ORIGINAL CLASS 1A-1 PRINCIPAL BALANCE: $52,000,000.
ORIGINAL CLASS 1A-2 PRINCIPAL BALANCE: $14,000,000.
ORIGINAL CLASS 1A-3 PRINCIPAL BALANCE: $14,500,000.
ORIGINAL CLASS 1A-4 PRINCIPAL BALANCE: $10,500,000.
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ORIGINAL CLASS 1A-5 PRINCIPAL BALANCE: $11,500,000.
ORIGINAL CLASS 1A-6 PRINCIPAL BALANCE: $12,500,000.
ORIGINAL CLASS 1A-7 PRINCIPAL BALANCE: $10,000,000.
ORIGINAL CLASS 2A PRINCIPAL BALANCE: $95,000,000.
ORIGINAL POOL PRINCIPAL BALANCE: $139,998,109.91, equal to the sum
of the Original Sub-Pool 1 Principal Balance and the Original Sub-Pool 2
Principal Balance.
ORIGINAL PRE-FUNDED AMOUNT: With respect to each Sub-Pool, the
amount deposited by the Depositor in the related Pre-Funding Account on the
Closing Date, which amount is $45,083,647.07 for Sub-Pool 1, and $36,906,502.34
for Sub-Pool 2.
ORIGINAL SUB-POOL PRINCIPAL BALANCE: Either the Original Sub-Pool 1
Principal Balance or the Original Sub-Pool 2 Principal Balance, as applicable.
ORIGINAL SUB-POOL 1 PRINCIPAL BALANCE: The aggregate Cut-off Date
Principal Balances of the Sub-Pool 1 Initial Mortgage Loans, which amount is
equal to $79,916,352.93.
ORIGINAL SUB-POOL 2 PRINCIPAL BALANCE: The aggregate Cut-off Date
Principal Balances of the Sub-Pool 2 Initial Mortgage Loans, which amount is
equal to $60,081,756.98.
OVERCOLLATERALIZATION AMOUNT: With respect to any Sub-Pool and for a
particular Remittance Date, the excess, if any, of (i) the sum of (a) the
related Sub-Pool Principal Balance, (b) the related Pre-Funded Amount and (c)
the amount, if any, on deposit in the related Reserve Account as of the close of
business on the last day of the related Due Period over (ii) the related Class A
Principal Balance after giving effect to distributions of the related Class A
Principal Remittance Amount for such Sub-Pool on such Remittance Date.
OWNER-OCCUPIED MORTGAGED PROPERTY: A Residential Dwelling that the
related Mortgagor represented an intent to occupy as such Mortgagor's primary,
secondary or vacation residence at the origination of the Mortgage Loan.
PAYING AGENT: Initially, the Trustee, and thereafter, the Trustee or
any other Person that meets the eligibility standards for the Paying Agent
specified in Section 14.13 and is authorized by the Trustee to make payments on
the Certificates on behalf of the Trustee.
PERCENTAGE INTEREST: With respect to a Class 1A-1, Class 1A-2, Class
1A-3, Class 1A-4, Class 1A-5, Class 1A-6, Class 1A-7 or Class 2A Certificate,
the portion of the Class evidenced by such Certificate, expressed as a
percentage rounded to four decimal
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places, equivalent to a fraction the numerator of which is the denomination
represented by such Certificate and the denominator of which is the Original
Class 1A-1, Class 1A-2, Class 1A-3, Class 1A-4, Class 1A-5, Class 1A-6, Class
1A-7 or Class 2A Principal Balance, as applicable. With respect to the Class R
Certificates, the portion of the Class evidenced by such Certificate as stated
on the face thereof; provided, however, that no more than 100% Percentage
Interests in the Class R Certificates shall be outstanding at any one time.
PERIODIC RATE CAP: With respect to each Sub-Pool 2 Mortgage Loan,
the provision in each Mortgage Note that limits permissible increases and
decreases in the Mortgage Rate on any Adjustment Date, (i) with respect to the
Sub-Pool 2 Mortgage Loans with a One-Year Treasury Index, to not more than two
percentage points, and (ii) with respect to the Sub-Pool 2 Mortgage Loans with a
Six-Month LIBOR Index (the "Six-Month LIBOR Loans"), to not more than one
percentage point, or, with respect to the Six-Month LIBOR Loans which are
subject to an adjustment after an initial twenty-four month period, increase to
not more than two percentage points on the initial Adjustment Date only.
PERMITTED INSTRUMENTS: As used herein, Permitted Instruments shall
include the following:
(i) direct general obligations of, or obligations fully and
unconditionally guaranteed as to the timely payment of principal and
interest by, the United States or any agency or instrumentality thereof,
provided such obligations are backed by the full faith and credit of the
United States, FHLMC senior debt obligations, and FNMA senior debt
obligations, but excluding any of such securities whose terms do not
provide for payment of a fixed dollar amount upon maturity or call for
redemption;
(ii) federal funds, certificates of deposit, time and demand
deposits and banker's acceptances of any bank or trust company
incorporated under the laws of the United States or any state thereof (in
each case having maturities of less than 365 days), provided that the
short-term debt obligations of such bank or trust company at the date of
acquisition thereof have been rated "A-1" or better by S&P and Prime-1 by
Moody's;
(iii) deposits of any bank or savings and loan association, provided
that the long-term unsecured debt obligations of such bank or savings and
loan association have been rated Baa3 or better by Moody's or "BBB-" or
better by S&P and which has combined capital, surplus and undivided
profits of at least $3,000,000, which deposits are insured by the Bank
Insurance Fund or the Savings Association Insurance Fund of the FDIC;
(iv) commercial paper (having original maturities of not more than
180 days) or demand notes rated "A-1" or better by S&P and Prime-1 by
Moody's and issued by an entity having a long-term rating of A2 or better
by Moody's;
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(v) investments in money market funds rated "AAAm" or "AAAm-G" by
S&P and Aaa by Moody's; and
(vi) investments approved by S&P, Moody's and the Certificate
Insurer in writing delivered to the Trustee;
provided that no instrument described hereunder shall evidence either the right
to receive (a) only interest with respect to the obligations underlying such
instrument or (b) both principal and interest payments derived from obligations
underlying such instrument and the interest and principal payments with respect
to such instrument provided a yield to maturity at par greater than 120% of the
yield to maturity at par of the underlying obligations; and provided, further,
that no instrument described hereunder may be purchased at a price greater than
par.
PERMITTED TRANSFEREE: Any transferee of a Class R Certificate other
than a Disqualified Organization or Non-United States Person.
PERSON: Any individual, corporation, partnership, joint venture,
association, joint-stock company, trust, national banking association,
unincorporated organization or government or any agency or political subdivision
thereof.
POOL PRINCIPAL BALANCE: As of any date of determination, the
aggregate of the Sub-Pool 1 Principal Balance and the Sub-Pool 2 Principal
Balance.
PREFERENCE AMOUNT: As defined in Section 6.06(b).
PRE-FUNDED AMOUNT: With respect to each Sub-Pool and with respect to
any Determination Date, the amount on deposit in the related Pre-Funding
Account.
PRE-FUNDING ACCOUNT: With respect to each Sub-Pool, the account
established and maintained pursuant to Section 6.12. With respect to Sub-Pool 1,
the Pre-Funding Account shall be known as the Sub-Pool 1 Pre-Funding Account and
with respect to Sub-Pool 2, the Pre-Funding Account shall be known as the
Sub-Pool 2 Pre-Funding Account.
PREMIUM PERCENTAGE: With respect to each Sub-Pool and as of any
Remittance Date, the percentage designated as such in the Insurance Agreement.
PREPAYMENT ASSUMPTION: With respect to Sub-Pool 1, 2% per annum of
the then outstanding principal balance of the Sub-Pool 1 Mortgage Loans in the
first month of the life of the Sub-Pool 1 Mortgage Loans, and an additional 1%
per annum in each month thereafter until the twenty-first month and in each
month thereafter during the life of the Sub-Pool 1 Mortgage Loans, 22% per annum
each month. With respect to Sub-Pool 2, an assumed constant rate of prepayment
equal to 24% per annum.
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PRINCIPAL AND INTEREST ACCOUNT: With respect to each Sub-Pool, the
principal and interest account established by the Servicer pursuant to Section
5.03. With respect to Sub-Pool 1, the Principal and Interest Account shall be
known as the Sub-Pool 1 Principal and Interest Account and with respect to
Sub-Pool 2, the Principal and Interest Account shall be known as the Sub-Pool 2
Principal and Interest Account.
PRINCIPAL BALANCE: With respect to any Mortgage Loan or related REO
Property, at any date of determination, (i) the Cut-off Date Principal Balance
of such Mortgage Loan (or the principal balance outstanding as of the Subsequent
Cut-off Date with respect to a Subsequent Mortgage Loan or as of the applicable
substitution date with respect to a Qualified Substitute Mortgage Loan), after
application of principal payments received on or before such Cut-off Date (or on
or before such Subsequent Cut-off Date or substitution date), minus (without
duplication) (ii) the sum of (a) the principal portion of the Monthly Payments
received during each Due Period ending prior to the most recent Remittance Date
and deposited in the related Principal and Interest Account pursuant to Section
5.03, and (b) all Principal Prepayments, Curtailments, Excess Payments,
Insurance Proceeds, Net Liquidation Proceeds, Released Mortgaged Property
Proceeds and net income from any REO Property to the extent applied by the
Servicer as recoveries of principal, which were distributed pursuant to Section
6.06 on any previous Remittance Date. The Principal Balance of any Liquidated
Mortgage Loan in the month following the month in which such loan became a
Liquidated Mortgage Loan is zero.
PRINCIPAL PAYMENT TABLE: The table with respect to each Sub-Pool set
forth as Exhibit P.
PRINCIPAL PREPAYMENT: Any payment or other recovery of principal on
a Mortgage Loan equal to the outstanding principal balance thereof, received in
advance of the final scheduled Due Date which is intended to satisfy a Mortgage
Loan in full.
PROPOSED SUBSEQUENT MORTGAGE LOAN SCHEDULE: With respect to each
Sub-Pool, the proposed schedule of mortgage loans or potential mortgage loans
from which the majority of the Subsequent Mortgage Loans will be obtained,
attached hereto as Exhibit R.
PROSPECTUS: The prospectus and prospectus supplement, as
supplemented, prepared by the Depositor in connection with the initial issuance
and sale of the Class 1A and Class 2A Certificates.
PURCHASE PRICE: As defined in Section 5.11.
QUALIFIED MORTGAGE: "Qualified Mortgage" shall have the meaning set
forth from time to time in the definition thereof at Section 860G(a)(3) of the
Code (or any successor statute thereto).
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QUALIFIED SUBSTITUTE MORTGAGE LOAN: A Mortgage Loan substituted by
the Depositor for a Deleted Mortgage Loan pursuant to Section 2.05 or 3.03,
which,
(A) with respect to any Sub-Pool 1 Mortgage Loan, (i) has a fixed
mortgage interest rate of not less than (and not more than two percentage
points higher than) the Mortgage Rate of the Deleted Mortgage Loan; (ii)
relates to the same type of Residential Dwelling as the Deleted Mortgage
Loan and has the same lien priority as the Deleted Mortgage Loan; (iii)
has a remaining term to maturity no greater than (and not more than one
year less than that of) the Deleted Mortgage Loan; (iv) has a
Loan-to-Value Ratio, or a Combined Loan-to-Value Ratio, as the case may
be, no higher than that of the Deleted Mortgage Loan; (v) has a principal
balance (after application of all payments received on or prior to the
date of substitution) equal to or less than the Principal Balance of the
Deleted Mortgage Loan as of such date; (vi) satisfies the criteria set
forth from time to time in the definition of "qualified replacement
mortgage" at Section 860G(a)(4) of the Code (or any successor statute
thereto); (vii) has the same or lower credit risk, as measured by credit
risk category, under the Depositor's underwriting guidelines; and (viii)
complies with each representation and warranty set forth in Sections 3.01,
3.02(a) and 3.02(b), and
(B) with respect to any Sub-Pool 2 Mortgage Loan, (i) has a Maximum
Mortgage Rate no lower than (and not more than two percentage points
higher than) the Maximum Mortgage Rate of the Deleted Mortgage Loan, and
has a Minimum Mortgage Rate no lower than (and not more than one
percentage point higher than) the Minimum Mortgage Rate of the Deleted
Mortgage Loan; (ii) has the same Index and Periodic Rate Cap as that of
the Deleted Mortgage Loan and a Gross Margin not less than that of the
Deleted Mortgage Loan and, if Mortgage Loans equal to 1% or more of the
Pool Stated Principal Balance of the Mortgage Loans as of the Cut-off Date
have become Deleted Mortgage Loans, not more than two percentage points
more than that of the Deleted Mortgage Loan; (iii) shall be accruing
interest at a rate no lower than and not more than 1% per annum higher
than, that of the Deleted Mortgage Loan; (iv) has a principal balance
(after application of all payments received on or prior to the date of
substitution) equal to or less than the Principal Balance of the Deleted
Mortgage Loan as of such date; (v) has a Loan-to-Value Ratio no higher
than that of the Deleted Mortgage Loan; (vi) has a remaining term to
maturity no greater than (and not more than one year less than that of)
the Deleted Mortgage Loan; (vii) satisfies the criteria set forth from
time to time in the definition of "qualified replacement mortgage" at
Section 860G(a)(4) of the Code (or any successor statute thereto); (viii)
has the same or lower credit risk, as measured by credit risk category,
under the Depositor's underwriting guidelines; (ix) has a Net Mortgage
Rate (net of any portion of the interest on such Mortgage Loan that may be
retained by the Depositor) within two percentage points of that of the
Deleted Mortgage Loan; and (x) complies with each representation and
warranty set forth in Sections 3.01, 3.02(a) and 3.02(c).
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REALIZED LOSS: With respect to each Liquidated Mortgage Loan, an
amount (not less than zero or greater than the related Principal Balance as of
the date of liquidation) equal to the outstanding Principal Balance of such
Mortgage Loan as of the date of liquidation minus that portion of Net
Liquidation Proceeds actually distributed to Class A Certificateholders pursuant
to Section 6.06(c) in respect of such Liquidated Mortgage Loan.
RECORD DATE: The Business Day immediately preceding the related
Remittance Date, with respect to the Class 1A-1 Certificates and the Class 2A
Certificates, and the last Business Day of the month immediately preceding the
month of the related Remittance Date, with respect to all other Classes of
Certificates.
REFERENCE BANKS: Such leading banks selected by the Trustee and
engaged in transactions in Eurodollar deposits in the international Eurocurrency
market.
REIMBURSABLE AMOUNTS: As of any date of determination, an amount
payable to the Servicer or the Depositor with respect to (i) Monthly Advances
and Servicing Advances not previously reimbursed and (ii) any advances
reimbursable pursuant to Section 9.01 and not previously reimbursed pursuant to
Section 6.03(c) or 6.06(c).
RELEASED MORTGAGED PROPERTY PROCEEDS: As to any Mortgage
Loan, proceeds received by the Servicer in connection with (a) a taking of an
entire Mortgaged Property by exercise of the power of eminent domain or
condemnation or (b) any release of part of the Mortgaged Property from the lien
of the related Mortgage, whether by partial condemnation, sale or otherwise;
which are not released to the Mortgagor in accordance with applicable law,
customary mortgage servicing procedures and this Agreement.
REMAINING NET EXCESS SPREAD: With respect to any Sub-Pool and for a
particular Remittance Date, the Net Excess Spread for such Sub-Pool remaining
after the application thereof to cover an Available Funds Shortfall with respect
to the other Sub-Pool.
REMIC: A "real estate mortgage investment conduit" within the
meaning of Section 860D of the Code.
REMIC PROVISIONS: Provisions of the federal income tax law relating
to real estate mortgage investment conduits, which appear at Sections 860A
through 860G of the Code, and any related provisions and proposed, temporary and
final Treasury regulations and published rulings, notices and announcements
promulgated thereunder, as the foregoing may be in effect from time to time.
REMITTANCE DATE: The 25th day of any month or if such 25th day is
not a Business Day, the first Business Day immediately following, commencing on
January 27, 1997.
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RENTS FROM REAL PROPERTY: With respect to any REO Property relating
to a Sub-Pool 1 Multifamily Loan or Sub-Pool 1 Mixed Use Loan gross income of
the character described in Section 856(d) of the Code.
REO DISPOSITION: The final sale of a Mortgaged Property acquired in
foreclosure or by deed in lieu of foreclosure.
REO PROPERTY: As defined in Section 5.10.
REQUIRED OVERCOLLATERALIZATION AMOUNT: With respect to any Sub-Pool,
the Overcollateralization Amount required by the Certificate Insurer at any time
and set forth in the Insurance Agreement with respect to each Sub-Pool.
REQUIRED PAYMENTS: With respect to any Sub-Pool and for a particular
Remittance Date, the amount required to pay the Class A Interest Remittance
Amount with respect to all Classes of Class A Certificates, the Class A
Principal Remittance Amount with respect to all Classes of Class A Certificates,
the related Annual Trustee Expense Amount and the related Monthly Premium to be
paid to the Certificate Insurer pursuant to Section 6.04.
RESERVE ACCOUNT: With respect to each Sub-Pool, and as required by
the Certificate Insurer, the Account established and maintained pursuant to
Section 6.14, which must be an Eligible Account. With respect to Sub-Pool 1, the
Reserve Account shall be known as the Sub-Pool 1 Reserve Account and with
respect to Sub-Pool 2, the Reserve Account shall be known as the Sub-Pool 2
Reserve Account.
RESIDENTIAL DWELLING: A one- to four-family dwelling, a unit in a
planned unit development, a unit in a condominium development.
RESPONSIBLE OFFICER: When used with respect to the Trustee, any
officer assigned to the Asset-Backed Securities Trust Services Department (or
any successor thereto), including any Vice President, Senior Trust Officer,
Trust Officer, Assistant Trust Officer, any Assistant Secretary, any trust
officer or any other officer of the Trustee customarily performing functions
similar to those performed by any of the above officers and having direct
responsibility for the administration of this Agreement, and also, with respect
to a particular matter, any other officer, to whom such matter is referred
because of such officer's knowledge of and familiarity with the particular
subject. When used with respect to the Depositor or the Servicer, the President
or any Executive Vice President, Senior Vice President, Vice President,
Assistant Vice President, or any Secretary or Assistant Secretary, or any
Treasurer or Assistant Treasurer.
SERIES: 1996-4.
SERVICER: Lee Servicing Company, a division of Superior Bank FSB, or
any successor appointed as provided herein.
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SERVICER'S CERTIFICATE: As defined in Section 6.08.
SERVICER'S MONTHLY REMITTANCE REPORT: A report prepared by the
Servicer substantially in the form of Exhibit Q.
SERVICING ADVANCES: All customary, reasonable and necessary "out of
pocket" costs and expenses incurred in connection with a default, delinquency or
other unanticipated event by the Servicer in the performance of its servicing
obligations, including, but not limited to, the cost of (i) the preservation,
restoration and protection of the Mortgaged Property, including without
limitation advances in respect of real estate taxes and assessments and
insurance premiums on fire, hazard and flood insurance policies, (ii) any
enforcement or judicial proceedings, including foreclosures, (iii) the
management and liquidation of an REO Property, (iv) compliance with the
obligations under Sections 5.01(e), 5.02, 5.05, 5.07, 5.15 and Article XIII,
which Servicing Advances are reimbursable to the Servicer to the extent provided
in this Agreement and (v) in connection with the liquidation of a Sub-Pool 1
Mortgage Loan, expenditures relating to the purchase or maintenance of the First
Lien pursuant to Section 5.14, for all of which costs and expenses the Servicer
is entitled to reimbursement in accordance with this Agreement. Notwithstanding
anything herein to the contrary, no Servicing Advance shall be required to be
made hereunder if such Servicing Advance would, if made, constitute a
Nonrecoverable Advance. The determination by the Servicer that it has made a
Nonrecoverable Advance or that any proposed Servicing Advance, if made, would
constitute a Nonrecoverable Advance, shall be evidenced by an Officer's
Certificate delivered to the Certificate Insurer, the Depositor and the Trustee
no later than the Business Day following such determination.
SERVICING COMPENSATION: The Servicing Fee and other amounts to which
the Servicer is entitled pursuant to Section 7.03.
SERVICING FEE: As to each Mortgage Loan (including any Mortgage Loan
as to which the related Mortgaged Property has become REO Property), the annual
fee payable to the Servicer. Such fee shall be calculated and payable monthly
only from the amounts received in respect of interest on such Mortgage Loan and
shall be computed by multiplying (i) the principal balance on which interest
accrues on the Mortgage Loan by (ii) the Servicing Fee Rate and by further
multiplying the product thereof by (iii) a fraction, the numerator of which is
the number of days in the period elapsed since the date to which interest was
last paid by the Mortgagor or advanced by the Servicer and the denominator of
which is the number of days in the annual period for which interest accrues on
the related Mortgage Loan. The Servicing Fee is payable solely from the interest
portion of (i) Monthly Payments, (ii) Liquidation Proceeds, (iii) Insurance
Proceeds or (iv) Released Mortgaged Property Proceeds collected by the Servicer,
or as otherwise provided in Section 5.04. The Servicing Fee includes any
servicing fees owed or payable to any Subservicer.
SERVICING FEE RATE: 0.65% per annum.
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SERVICING OFFICER: Any officer of the Servicer involved in, or
responsible for, the administration and servicing of the Mortgage Loans whose
name and specimen signature appears on a list of servicing officers annexed to
an Officer's Certificate furnished on the Closing Date to the Trustee and the
Certificateholders by the Servicer, as such list may from time to time be
amended.
SINGLE FAMILY PROPERTY: A one- to-four family residential property
or individual condominium unit.
S&P: Standard & Poor's Ratings Services, A Division of the
McGraw-Hill Companies, Inc., or any successor thereto.
SPECIAL POWER OF ATTORNEY: As defined in Section 2.04(f).
STARTUP DAY: The day designated as such pursuant to Section 13.01.
SUB-POOL: Either Sub-Pool 1 or Sub-Pool 2.
SUB-POOL FACTOR: With respect to each Sub-Pool and as of any date of
calculation, the related Sub-Pool Principal Balance after giving effect to the
distributions to be made on the related Remittance Date as of such date divided
by the sum of the Original Sub-Pool Principal Balance with respect to such
Sub-Pool and the Principal Balances of all Subsequent Mortgage Loans with
respect to such Sub-Pool as of the Subsequent Cut-off Date.
SUB-POOL PRINCIPAL BALANCE: Either the Sub-Pool 1 Principal Balance
or the Sub-Pool 2 Principal Balance.
SUB-POOL 1: (i) the Sub-Pool 1 Mortgage Loans as from time to time
are subject to this Agreement, together with the Mortgage Files relating thereto
and all proceeds thereof, (ii) such assets as from time to time are identified
as REO Property with respect to Sub-Pool 1 or are deposited in the Sub-Pool 1
Certificate Account, Sub-Pool 1 Principal and Interest Account, Sub-Pool 1
Trustee Expense Account, Sub-Pool 1 Pre-Funding Account, Sub-Pool 1 Interest
Coverage Account or Sub-Pool 1 Reserve Account, including any amounts on deposit
in the foregoing accounts and invested in Permitted Instruments, (iii) the
Trustee's rights under all insurance policies with respect to the Sub-Pool 1
Mortgage Loans required to be maintained pursuant to this Agreement and any
Insurance Proceeds with respect thereto, (iv) the Certificate Insurance Policy,
(v) Liquidation Proceeds with respect to Sub-Pool 1 Mortgage Loans and (vi)
Released Mortgaged Property Proceeds with respect to Sub-Pool 1 Mortgage Loans.
The Depositor's Yield and amounts received after the Cut-off Date in the case of
the Sub-Pool 1 Initial Mortgage Loans, or after a Subsequent Cut-off Date in the
case of the Sub-Pool 1 Subsequent Mortgage Loans, in respect of interest accrued
on the Sub-Pool 1 Mortgage Loans on or prior to the Cut-off Date, or a
Subsequent Cut-off Date, as the case may be, do not constitute part of Sub-Pool
1.
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SUB-POOL 1 CERTIFICATE ACCOUNT: The Certificate Account with respect
to Sub-Pool 1.
SUB-POOL 1 INITIAL MORTGAGE LOANS: The Initial Mortgage Loans with
respect to Sub-Pool 1.
SUB-POOL 1 INTEREST COVERAGE ACCOUNT: The Interest Coverage Account
with respect to Sub-Pool 1.
SUB-POOL 1 MORTGAGE LOANS: The Mortgage Loans subject to this
Agreement included in Sub-Pool 1.
SUB-POOL 1 MULTIFAMILY LOAN: A Sub-Pool 1 Mortgage Loan which is
secured by a residential property consisting of five or more dwelling units.
SUB-POOL 1 MIXED USE LOAN: A Sub-Pool 1 Mortgage Loan which is
secured by a mixed residential and commercial structure.
SUB-POOL 1 PRE-FUNDING ACCOUNT: The Pre-Funding Account with respect
to Sub-Pool 1.
SUB-POOL 1 PRINCIPAL AND INTEREST ACCOUNT: The Principal and
Interest Account with respect to Sub-Pool 1.
SUB-POOL 1 PRINCIPAL BALANCE: As of any date of determination, the
aggregate Principal Balances of the Sub-Pool 1 Mortgage Loans.
SUB-POOL 1 RESERVE ACCOUNT: The Reserve Account with respect to Sub-
Pool 1.
SUB-POOL 1 SUBSEQUENT MORTGAGE LOAN: A Sub-Pool 1 Mortgage Loan
assigned and transferred by the Depositor to the Trustee pursuant to Section
2.10, such Sub-Pool 1 Mortgage Loan being identified on the related Mortgage
Loan Schedule attached to a Sub-Pool 1 Subsequent Transfer Instrument.
SUB-POOL 1 SUBSEQUENT TRANSFER INSTRUMENT: Each Subsequent Transfer
Instrument dated as of a Subsequent Transfer Date executed by the Trustee and
the Depositor substantially in the form of Exhibit T, by which Sub-Pool 1
Subsequent Mortgage Loans are transferred and assigned to the Trustee.
SUB-POOL 1 TRUSTEE EXPENSE ACCOUNT: The Trustee Expense Account with
respect to Sub-Pool 1.
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SUB-POOL 2: (i) the Sub-Pool 2 Mortgage Loans as from time to time
are subject to this Agreement, together with the Mortgage Files relating thereto
and all proceeds thereof, (ii) such assets as from time to time are identified
as REO Property with respect to Sub-Pool 2 or are deposited in the Sub-Pool 2
Certificate Account, Sub-Pool 2 Principal and Interest Account, Sub-Pool 2
Trustee Expense Account, Sub-Pool 2 Pre-Funding Account, Sub-Pool 2 Interest
Coverage Account, and Sub-Pool 2 Reserve Account, including any amounts on
deposit in the foregoing accounts and invested in Permitted Instruments, (iii)
the Trustee's rights under all insurance policies with respect to the Sub-Pool 2
Mortgage Loans required to be maintained pursuant to this Agreement and any
Insurance Proceeds with respect thereto, (iv) the Certificate Insurance Policy,
(v) Liquidation Proceeds with respect to Sub-Pool 2 Mortgage Loans and (vi)
Released Mortgaged Property Proceeds with respect to Sub-Pool 2 Mortgage Loans.
The Depositor's Yield and amounts received after the Cut-off Date in the case of
the Sub-Pool 2 Initial Mortgage Loans, or after a Subsequent Cut-off Date in the
case of the Sub-Pool 2 Subsequent Mortgage Loans, in respect of interest accrued
on the Sub-Pool 2 Mortgage Loans on or prior to the Cut-off Date, or a
Subsequent Cut-off Date, as the case may be, do not constitute part of Sub-Pool
2.
SUB-POOL 2 CERTIFICATE ACCOUNT: The Certificate Account with respect
to Sub-Pool 2.
SUB-POOL 2 INITIAL MORTGAGE LOANS: The Initial Mortgage Loans with
respect to Sub-Pool 2.
SUB-POOL 2 INTEREST COVERAGE ACCOUNT: The Interest Coverage Account
with respect to Sub-Pool 2.
SUB-POOL 2 MORTGAGE LOANS. The Mortgage Loans subject to this
Agreement included in Sub-Pool 2.
SUB-POOL 2 PRE-FUNDING ACCOUNT: The Pre-Funding Account with respect
to Sub-Pool 2.
SUB-POOL 2 PRINCIPAL AND INTEREST ACCOUNT: The Principal and
Interest Account with respect to Sub-Pool 2.
SUB-POOL 2 PRINCIPAL BALANCE: As of any date of determination, the
aggregate Principal Balances of the Sub-Pool 2 Mortgage Loans.
SUB-POOL 2 RESERVE ACCOUNT: The Reserve Account with respect to Sub-
Pool 2.
SUB-POOL 2 SUBSEQUENT MORTGAGE LOAN: A Sub-Pool 2 Mortgage Loan
assigned and transferred by the Depositor to the Trustee pursuant to Section
2.10, such
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Sub-Pool 2 Mortgage Loan being identified on the related Mortgage Loan Schedule
attached to a Sub-Pool 2 Subsequent Transfer Instrument.
SUB-POOL 2 SUBSEQUENT TRANSFER INSTRUMENT: Each Subsequent Transfer
Instrument dated as of a Subsequent Transfer Date executed by the Trustee and
the Depositor substantially in the form of Exhibit T, by which Sub-Pool 2
Subsequent Mortgage Loans are transferred and assigned to the Trustee.
SUB-POOL 2 TRUSTEE EXPENSE ACCOUNT: The Trustee Expense Account with
respect to Sub-Pool 2.
SUBORDINATED AMOUNT: With respect to each Sub-Pool, the amount set
forth as such in the Insurance Agreement.
SUBSERVICER: Any Person with whom the Servicer has entered into a
Subservicing Agreement and who satisfies any requirements set forth in Section
5.01(a) in respect of the qualification of a Subservicer.
SUBSERVICING AGREEMENT: Any agreement between the Servicer and any
Subservicer relating to subservicing and/or administration of certain Mortgage
Loans as provided in Section 5.01(a), a copy of which shall be delivered, along
with any modifications thereto, to the Trustee.
SUBSEQUENT CUT-OFF DATE: With respect to those Subsequent Mortgage
Loans which are transferred and assigned to the Trustee pursuant to a Subsequent
Transfer Instrument, the close of Business on the day prior to the related
Subsequent Transfer Date.
SUBSEQUENT MORTGAGE LOAN: A Sub-Pool 1 Subsequent Mortgage Loan or a
Sub-Pool 2 Subsequent Mortgage Loan.
SUBSEQUENT TRANSFER DATE: The date on which a Subsequent Mortgage
Loan is transferred and assigned to the Trustee, which date shall be no later
than February 14, 1997.
SUBSEQUENT TRANSFER INSTRUMENT: A Sub-Pool 1 Subsequent Transfer
Instrument or a Sub-Pool 2 Subsequent Transfer Instrument.
SUBSTITUTION ADJUSTMENT: As to any date on which a substitution
occurs pursuant to Sections 2.05 or 3.03, the amount (if any) by which the
aggregate principal balances (after application of principal payments received
on or before the date of substitution) of any Qualified Substitute Mortgage
Loans as of the date of substitution, are less than the aggregate of the
Principal Balances, together with accrued and unpaid interest thereon to the
date of substitution, of the related Deleted Mortgage Loans.
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TAX MATTERS PERSON: The Person or Persons designated from time to
time to act as the "tax matters person" (within the meaning of the REMIC
Provisions).
TAX MATTERS PERSON RESIDUAL INTEREST CERTIFICATE: The interest in
the Class R Certificates held by the Tax Matters Person pursuant to Section
13.01(c).
TAX RETURN: The federal income tax return on Internal Revenue
Service Form 1066, "U.S. Real Estate Mortgage Investment Conduit Income Tax
Return," including Schedule Q thereto, Quarterly Notice to Residual Interest
Holders of REMIC Taxable Income or Net Loss Allocation, or any successor forms,
to be filed on behalf of the Trust Fund REMIC, due to its classification as a
REMIC under the REMIC Provisions, together with any and all other information
reports or returns that may be required to be furnished the Certificateholders
or filed with the Internal Revenue Service or any other governmental taxing
authority under any applicable provision of federal, state or local tax laws.
TELERATE PAGE 3750: The display page currently so designated on the
Dow Jones Telerate Service (or such other page as may replace the page on that
service for the purpose of displaying comparable rates or prices).
TERMINATION PRICE: As defined in Section 11.01.
TRANSFER AFFIDAVIT: As defined in Section 4.02(c)(ii).
TRANSFER CERTIFICATE: As defined in Section 4.02(c)(ii).
TRIGGER EVENT: With respect to Sub-Pool 1, a trigger event shall
occur if (i) with respect to any Determination Date occurring prior to November
2001, the sum of (x) the aggregate Realized Losses with respect to Sub-Pool 1
experienced as of such Determination Date and (y) the Delinquency Calculation
Amount with respect to such Determination Date exceeds $8,895,000 or (ii) with
respect to any Determination Date occurring prior to November 2006, the sum of
(x) the aggregate Realized Losses with respect to Sub-Pool 1 experienced as of
such Determination Date and (y) the Delinquency Calculation Amount with respect
thereto exceeds $11,890,000.
With respect to Sub-Pool 2, a trigger event shall occur if (i) with
respect to any Determination Date occurring prior to November 2001, the sum of
(x) the aggregate Realized Losses with respect to Sub-Pool 2 experienced as of
such Determination Date and (y) the Delinquency Calculation Amount with respect
to such Determination Date exceeds $6,430,322 or (ii) with respect to any
Determination Date occurring prior to November 2006, the sum of (x) the
aggregate Realized Losses with respect to Sub-Pool 2 experienced as of such
Determination Date and (y) the Delinquency Calculation Amount with respect
thereto exceeds $8,573,762.
TRUST: AFC Mortgage Loan Asset Backed Certificates, Series 1996-4.
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TRUST FUND: Collectively, Sub-Pool 1 and Sub-Pool 2.
TRUST FUND REMIC: The Trust Fund, exclusive of the Interest Coverage
Accounts.
TRUSTEE: LaSalle National Bank, or its successor in interest, or any
successor trustee appointed as herein provided.
TRUSTEE EXPENSE ACCOUNT: With respect to each Sub-Pool, the account
established and maintained by the Trustee in accordance with Section 6.03. With
respect to Sub-Pool 1, the Trustee Expense Account shall be known as the
Sub-Pool 1 Trustee Expense Account and with respect to Sub-Pool 2, the Trustee
Expense Account shall be known as the Sub-Pool 2 Trustee Expense Account.
TRUSTEE'S MORTGAGE FILE: The documents delivered to the Trustee or
the Custodian pursuant to Section 2.04.
UNITED STATES PERSON: A citizen or resident of the United States, a
corporation, partnership or other entity created or organized in, or under the
laws of, the United States or any political subdivision thereof, or an estate or
trust whose income from sources without the United States is includible in gross
income for United States federal income tax purposes regardless of its
connection with the conduct of a trade or business within the United States. The
term "United States" shall have the meaning set forth in Section 7701 of the
Code or successor provisions.
UNRECOVERED CLASS A PORTION: With respect to either the Class 1A or
the Class 2A Certificates and any Remittance Date, the excess, if any, of (A)
the related Class 1A or Class 2A Principal Balance minus the sum of (i) all
amounts (excluding that portion of Insured Payments with respect to the related
Sub-Pool, if any, to be made in respect of principal) to be distributed to the
related Class 1A or Class 2A Certificateholders in respect of principal on such
Remittance Date on account of amounts described in clauses (c)(i) through
(c)(iii), inclusive, and clauses (c)(v) (to the extent the amount in clause
(c)(v) represents a right to receive principal not previously covered by an
Insured Payment), (c)(vi) and (c)(viii) of the definition of Class A Principal
Remittance Amount, (ii) all other amounts to be distributed to the related Class
1A or Class 2A Certificateholders constituting Additional Principal to the
extent necessary to reach the Required Overcollateralization Amount for the
related Sub-Pool on such Remittance Date, and (iii) all amounts distributed to
the related Class 1A or Class 2A Certificateholders as a mandatory prepayment
pursuant to the last paragraph of Section 6.06(c) (only on the Remittance Date
occurring on February 25, 1997), over (B) the sum of (i) the related Sub-Pool
Principal Balance plus (ii) the related Pre-Funded Amount minus the sum of (x)
the principal portion of the Monthly Payments received during the related Due
Period and deposited in the related Principal and Interest Account pursuant to
Section 5.03, and all Principal Prepayments, Curtailments, Excess Payments,
Insurance Proceeds, Net Liquidation Proceeds, Released Mortgaged Property
Proceeds and net income from any REO Property with respect to
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Mortgage Loans with respect to the related Sub-Pool to the extent applied by the
Servicer as recoveries of principal in respect of the related Mortgage Loans,
which will be distributed to the related Class 1A or Class 2A Certificateholders
pursuant to Section 6.06 on such Remittance Date, plus (y) the aggregate of, as
to each related Mortgage Loan which became a Liquidated Mortgage Loan during the
related Due Period, an amount (not less than zero or greater than the related
Principal Balance) equal to the excess, if any, of (i) the Principal Balance of
such Liquidated Mortgage Loan over (ii) the principal portion of the related Net
Liquidation Proceeds included in item (b)(iii) of the definition of Class A
Principal Remittance Amount that will actually be distributed to the related
Class 1A or Class 2A Certificateholders on such Remittance Date, pursuant to
Sections 6.06(c)(A)(X)(ix) through (xv) and 6.06(c)(A)(Y)(ix) through (xv) with
respect to Sub-Pool 1 and Sections 6.06(c)(B)(X)(ii) and 6.06(c)(B)(Y)(ii) with
respect to Sub-Pool 2.
VOTING RIGHTS: The portion of the voting rights of all of the
Certificates which is allocated to any Certificate. As of any date of
determination, 100% of all of the Voting Rights with respect to Sub-Pool 1 shall
be allocated among Holders of Class 1A-1 Certificates, Class 1A-2 Certificates,
Class 1A-3 Certificates, Class 1A-4 Certificates, Class 1A-5 Certificates, Class
1A-6 Certificates and Class 1A-7 Certificates in the proportion that the related
Class Principal Balance bears to the sum of the Class 1A-1 Principal Balance,
the Class 1A-2 Principal Balance, the Class 1A-3 Principal Balance, the Class
1A-4 Principal Balance, the Class 1A-5 Principal Balance, the Class 1A-6
Principal Balance and the Class 1A-7 Principal Balance on such date, and
allocated among the Certificates of each such Class in accordance with their
respective Percentage Interests. As of any date of determination, 100% of all of
the Voting Rights with respect to Sub-Pool 2 shall be allocated among Holders of
Class 2A Certificates in accordance with their respective Percentage Interests.
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ARTICLE II
SALE AND CONVEYANCE OF THE TRUST FUND
Section 2.01 Sale and Conveyance of Trust Fund; Priority and
Subordination of Ownership Interests.
(a) The Depositor does hereby sell, transfer, assign, set over and
convey without recourse to the Trustee, but subject to the subordination
described below in this Section and the other terms and provisions of this
Agreement, all of the right, title and interest of the Depositor in and to the
Sub-Pool 1 and Sub-Pool 2 Mortgage Loans, together with any amounts due after
the Cut-off Date with respect to the Initial Mortgage Loans or after a
Subsequent Cut-off Date with respect to the Subsequent Mortgage Loans (other
than the Depositor's Yield), and all other assets included or to be included in
the Trust Fund for the benefit of the Certificateholders.
(b) The rights of the Certificateholders to receive payments with
respect to the Mortgage Loans in respect of the Certificates, and all ownership
interests of the Certificateholders in such payments, shall be as set forth in
this Agreement. In this regard, all rights of the Class R Certificateholders to
receive payments in respect of the Class R Certificates are subject and
subordinate to the preferential rights of the Class A Certificateholders to
receive payments in respect of the Class A Certificates, to the extent set forth
herein. In accordance with the foregoing, the ownership interest of the Class R
Certificateholders in amounts deposited in the Principal and Interest Accounts
and the Certificate Accounts from time to time shall not vest unless and until
such amounts are distributed in respect of the Class R Certificates in
accordance with the terms of this Agreement.
Section 2.02 Possession of Mortgage Files.
(a) Upon the issuance of the Certificates, and upon delivery of each
Subsequent Mortgage Loan or Qualified Substitute Mortgage Loan, the ownership of
each Mortgage Note, the Mortgage and the contents of the related Mortgage File
is vested in the Trustee for the benefit of the Certificateholders.
(b) Pursuant to Section 2.04, the Depositor has delivered or caused
to be delivered to the Trustee or the Custodian each Trustee's Mortgage File
with respect to the Initial Mortgage Loans.
Section 2.03 Books and Records.
The sale of each Mortgage Loan shall be reflected on the Depositor's
balance sheets and other financial statements as a sale of assets by the
Depositor. The Depositor shall be responsible for maintaining, and shall
maintain, a complete set of books and records for each Mortgage Loan which shall
be clearly marked to reflect the ownership of each Mortgage Loan by the Trustee
for the benefit of the Certificateholders.
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Section 2.04 Delivery of Mortgage Loan Documents.
The Depositor, contemporaneously with the delivery of this
Agreement, has delivered or caused to be delivered to the Trustee or, if a
Custodian has been appointed pursuant to Section 12.12, to the Custodian, the
Certificate Insurance Policy and each of the following documents for each
Initial Mortgage Loan. The Depositor, contemporaneously with delivery of a
Subsequent Transfer Instrument, shall deliver or cause to be delivered to the
Trustee or, if a Custodian has been appointed pursuant to Section 12.12, to the
Custodian, each of the following documents for each related Subsequent Mortgage
Loan.
(a) The original Mortgage Note, showing a complete chain of
endorsements and endorsed by the last endorsee thereof, "Pay to the order of
_____________________ [or LaSalle National Bank, as Trustee under the Pooling
and Servicing Agreement, dated as of December 1, 1996, Series 1996-4,] without
recourse" and signed, by facsimile or manual signature, by such last endorsee;
(b) Either: (i) the original Mortgage, with evidence of recording
thereon, (ii) a copy of the Mortgage certified as a true copy by a Responsible
Officer of the Depositor or by the closing attorney, or by an officer of the
title insurer or agent of the title insurer which issued the related title
insurance policy, or commitment therefor, if the original has been transmitted
for recording until such time as the original is returned by the public
recording office or (iii) a copy of the Mortgage certified by the public
recording office in those instances where the original recorded Mortgage has
been lost;
(c) Either: (i) (A) the original Assignment of Mortgage from the
last assignee of the related Mortgage assigned to the Trustee, with evidence of
recording thereon, or (B) an original assignment of mortgage from the last
assignee of the related Mortgage assigned in blank, or (ii) if an original
Assignment of Mortgage has not yet been provided in accordance with clause (i),
an Assignment of Mortgage to the Trustee, certified by an appropriate officer or
approved signatory of the Depositor or the closing attorney or any officer of
the title insurer that issued the related title insurance policy, or commitment
therefor, or its duly authorized agent, as being a true and complete copy of the
original of such Assignment of Mortgage to the Trustee submitted for recording
(provided, however, that an appropriate officer or approved signatory of the
Depositor may complete one or more blanket certificates attaching copies of one
or more Assignments of Mortgage to the Trustee relating thereto) or (iii) a copy
of such original Assignment of Mortgage to the Trustee, with evidence of
recording thereon, certified to be true and complete by the Depositor or the
appropriate public recording office, in those instances where such original
Assignment of Mortgage has been recorded but subsequently lost; any such
Assignment of Mortgage may be made by blanket assignments for Mortgage Loans
secured by the Mortgaged Properties located in the same county, if permitted by
applicable law;
(d) The original policy of title insurance or a true copy thereof
or, if such policy has not yet been delivered by the insurer, the commitment or
binder to issue same;
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(e) Either: (i) originals of all intervening assignments, if any,
showing a complete chain of assignment from the originator to the last assignee
of the related Mortgage, including any recorded warehousing assignments, with
evidence of recording thereon, or, (ii) if the original intervening assignments
have not yet been returned from the recording office, a copy of the originals of
such intervening assignments together with a certificate of a Responsible
Officer of the Depositor or the closing attorney or an officer of the title
insurer which issued the related title insurance policy, or commitment therefor,
or its duly authorized agent certifying that the copy is a true copy of the
original of such intervening assignments or (iii) a copy of the intervening
assignment certified by the public recording office in those instances where the
original recorded intervening assignment has been lost;
(f) Either: (i) the original assumption agreement and/or
modification agreement, if any, with evidence of recording thereon, or (ii) if
the original of such agreement has not yet been returned from the recording
office, a copy of such original, certified by an appropriate officer or approved
signatory of the Depositor or the closing attorney or any officer of the title
insurer that issued the related title insurance policy, or commitment therefor,
or its duly authorized agent, as being a true and complete copy of the original
of such assumption and modification agreement submitted for recording, or (iii)
a copy of an original assumption and modification agreement, with evidence of
recording thereon, certified to be true and complete by the Depositor or the
appropriate public recording office, in those instances where such original
recorded assumption or modification agreement has been lost; and
Within 45 days after the Closing Date, with respect to each Sub-Pool
1 Multifamily Loan and Sub-Pool 1 Mixed Use Loan, (i) if such item is a document
separate from the Mortgage either (A) an original copy of the related Assignment
of Leases, if any (with recording information indicated thereon), or (B) if the
original of such Assignment of Leases has not yet been returned from the
recording office, a copy of such original, certified by an appropriate officer
or approved signatory of the Depositor or the closing attorney or any officer of
the title insurer that issued the related title insurance policy, or commitment
therefor, or its duly authorized agent, as being a true and complete copy of the
original of such Assignment of Leases submitted for recording; (ii) an original
assignment of any related Assignment of Leases, if any (if such document is a
document separate from the Mortgage and not incorporated in the Assignment of
Mortgage), in blank and in recordable form; (iii) if such item is a document
separate from the Mortgage either (A) an original copy of all intervening
assignments of Assignment of Leases, if any (with recording information
indicated thereon), or (B) if the original of such intervening assignments of
Assignment of Leases has not yet been returned from the recording office, a copy
of such original, certified by an appropriate officer or approved signatory of
the Depositor or the closing attorney or any officer of the title insurer that
issued the related title insurance policy, or commitment therefor, or its duly
authorized agent, as being a true and complete copy of the original of such
intervening assignment of Assignment of Leases submitted for recording; (iv)
either, (A) a copy of the UCC-1 financing statement and any related continuation
statements, if any, each showing the Mortgagor as debtor and mortgagee as
secured party and each with evidence of filing thereon, or (B) if the copy of
the UCC-1 financing statement has not yet been returned from the filing office,
a copy of such UCC-1
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financing statement, certified by an appropriate officer or approved signatory
of the Depositor or the closing attorney or any officer of the title insurer
that issued the related title insurance policy, or commitment therefor, or its
duly authorized agent, as being a true and complete copy of the original of such
UCC-1 financing statement submitted for filing; and (v) an original executed
form UCC-2 or UCC-3 financing statement, in form suitable for filing, disclosing
the assignment in blank, of the security interest in the personal property
constituting security for repayment of the Mortgage Loan; and (vi) either (A) an
original copy of all intervening assignments of UCC-3 financing statements, if
any (with recording information indicated thereon), or (B) if the original of
such intervening assignments of UCC-3 financing statements has not yet been
returned from the recording office, a copy of such original, certified by an
appropriate officer or approved signatory of the Depositor or the closing
attorney or any officer of the title insurer that issued the related title
insurance policy, or commitment therefor, or its duly authorized agent, as being
a true and complete copy of the original of such intervening assignments of
UCC-3 financing statements submitted for recording. If in connection with any
Mortgage Loan the Depositor cannot deliver any such financing statement(s) with
evidence of filing thereon because such financing statement(s) has not yet been
returned by the public filing office where such financing statement has been
submitted for filing, then the Depositor shall deliver or cause to be delivered
a photocopy, or the secured party's carbon copy with the debtor's signature of
such financing statement(s) (certified by the Depositor to be a true and
complete copy) together with an officers' certificate stating that such
financing statement(s) has been dispatched to the appropriate public filing
office for filing.
Within 45 days after the Closing Date, the Servicer shall have
completed each Assignment of Mortgage and Assignment of Leases, if any,
originally assigned in blank to "LaSalle National Bank, as Trustee for AFC
Mortgage Loan Asset Backed Certificates, Series 1996-4, under the Pooling and
Servicing Agreement, dated as of December 1, 1996" and, within such period (or
if later, within 30 days after its receipt of the original recorded Mortgage and
intervening assignment), shall have submitted each such Assignment of Mortgage
to the appropriate public recording office for recording; provided however, that
the Servicer shall not be required to submit an Assignment of Mortgage for
recording with respect to a Mortgaged Property, where, in the Opinion of Counsel
to the Depositor (which opinion shall be delivered to the Certificate Insurer
within the 45-day or 30-day period, as applicable, specified herein), such
recordation of the Assignment of Mortgage is not required (i) to effect the sale
and conveyance of the Mortgage Loan by the Depositor to LaSalle National Bank,
as Trustee for AFC Mortgage Loan Asset Backed Certificates, Series 1996-4,
pursuant to and as provided in Section 2.01 or the granting and perfecting of
the security interest in the Mortgage Loan pursuant to and as provided in
Section 14.15 or (ii) to defeat any ownership, security interest or other
adverse claim to the Mortgage Loan by any creditor of the Depositor or by any
purported transferee of such Mortgage Loan in a purported transfer thereof by
the Depositor subsequent to such sale and conveyance. Any such Assignment of
Mortgage that is not required to be recorded pursuant to this paragraph shall be
delivered by the Depositor to the Trustee within such 45-day period. Each such
Assignment of Mortgage delivered by the Depositor to the Trustee shall, subject
to receipt of the original recorded Mortgage as described above, be in
recordable form. Within such 45-day period, the Depositor also shall deliver to
the Trustee
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an original executed power of attorney ("Special Power of Attorney"),
substantially in the form of Exhibit K, with respect to the Assignments of
Mortgage that are not required to be recorded under this paragraph, authorizing
the Trustee to record the Assignments of Mortgage if necessary or advisable to
protect the interests of the Certificateholders and the Certificate Insurer.
Pursuant to such power of attorney, the Trustee also may execute a new
Assignment of Mortgage for any Mortgage Loan if the original Assignment of
Mortgage delivered by the Depositor to the Trustee is not in recordable form at
such time as the Assignment of Mortgage is to be recorded by the Trustee.
Within 45 days after the Closing Date, the Servicer shall complete
any UCC-2 or UCC-3 financing statements with respect to the Sub-Pool 1
Multifamily Loans and Sub-Pool 1 Mixed Use Loans, such that the assignee of
creditor is listed as "LaSalle National Bank, as Trustee for AFC Mortgage Loan
Asset Backed Certificates, Series 1996-4, under the Pooling and Servicing
Agreement, dated as of December 1, 1996." The Depositor shall no later than ten
Business Days after the receipt thereof, and in any event, within one year of
the Closing Date, deliver or cause to be delivered to the Trustee or the
Custodian: (a) the original recorded Mortgage in those instances where a copy
thereof certified by the Depositor was delivered to the Trustee or the
Custodian; (b) the original recorded Assignment of Mortgage from the Depositor
to the Trustee, which, together with any intervening assignments of Mortgage,
evidences a complete chain of assignment from the originator to the Trustee in
those instances where copies thereof certified by the Depositor were delivered
to the Trustee or the Custodian; (c) the title insurance policy required in
clause (d) above; (d) the original recorded assumption and modification
agreement in those instances in which a copy was delivered; (e) the original
Assignment of Leases in those instances in which a copy was delivered and (f)
the copy of the UCC-1 financing statement and any related continuation
statements with evidence of filing thereon returned from the recording office if
a copy was previously delivered as set forth in clause (iii)(B) above.
Notwithstanding anything to the contrary contained in this Section 2.04, in
those instances where the public recording office retains the original Mortgage,
Assignment of Mortgage or the intervening assignments of the Mortgage,
Assignment of Leases or assignment of Assignment of Leases after it has been
recorded, the Depositor shall be deemed to have satisfied its obligations
hereunder upon delivery to the Trustee or the Custodian of a copy of such
Mortgage, Assignment of Mortgage or intervening assignments of the Mortgage,
Assignment of Leases or assignment of Assignment of Leases certified by the
public recording office to be a true copy of the recorded original thereof. From
time to time the Depositor may forward or cause to be forwarded to the Trustee
or the Custodian additional original documents evidencing an assumption or
modification of a Mortgage Loan. All Mortgage Loan documents held by the Trustee
or the Custodian as to each Mortgage Loan are referred to herein as the
"Trustee's Mortgage File."
All recording required pursuant to this Section 2.04 shall be
accomplished by and at the expense of the Depositor.
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Section 2.05 Acceptance by Trustee of the Trust Fund; Certain
Substitutions; Certification by Trustee.
(a) The Trustee agrees to execute and deliver on the Closing Date
and on each Subsequent Transfer Date an acknowledgment of receipt (or if a
Custodian has been appointed, a receipt by the Custodian) of, for each Mortgage
Loan transferred and assigned to the Trustee on such date, the items listed in
Section 2.04 (a) through (f) above, in the form attached as Exhibit F, and
declares that it will hold such documents and any amendments, replacements or
supplements thereto, as well as any other assets included in the definition of
Trust Fund and delivered to the Trustee or the Custodian, as Trustee in trust
upon and subject to the conditions set forth herein for the benefit of the
Certificateholders. The Trustee or Custodian (such Custodian being so obligated
under a Custodial Agreement) agrees, for the benefit of the Certificateholders,
to review (or cause to be reviewed) each Trustee's Mortgage File within 45 days
after the Closing Date (or, with respect to any Subsequent Mortgage Loan or
Qualified Substitute Mortgage Loan, within 45 days after the receipt by the
Trustee or Custodian thereof) and to deliver to the Depositor, the Servicer and
the Certificate Insurer a certification in the form attached hereto as Exhibit
F-1 to the effect that, as to each Mortgage Loan listed in the related Mortgage
Loan Schedule (other than any Mortgage Loan paid in full or any Mortgage Loan
specifically identified in such certification as not covered by such
certification) and except as noted therein, (i) all documents required to be
delivered to it pursuant to this Agreement are in its possession or in the
possession of the Custodian on its behalf (other than items listed in Section
2.04(f) above), (ii) any and all documents delivered by the Depositor pursuant
to Section 2.04 above have been reviewed by it or the Custodian on its behalf
and have not been mutilated, damaged, torn or otherwise physically altered
(handwritten additions, changes or corrections shall not constitute physical
alteration if initialled by the Mortgagor) and relate to such Mortgage Loan,
(iii) based on its examination, or the examination of the Custodian on its
behalf, and only as to the foregoing documents, the information set forth on the
related Mortgage Loan Schedule accurately reflects the information set forth in
the Trustee's Mortgage File and (iv) each Mortgage Note has been endorsed as
provided in Section 2.04 above. The Trustee or Custodian shall be under no duty
or obligation to inspect, review or examine any such documents, instruments,
certificates or other papers to determine that they are genuine, enforceable, or
appropriate for the represented purpose or that they are other than what they
purport to be on their face. Within 375 days after the Closing Date, the Trustee
shall deliver (or cause to be delivered by the Custodian, if any) to the
Servicer, the Depositor and the Certificate Insurer a final certification in the
form attached hereto as Exhibit G covering both the Initial Mortgage Loans and
all Subsequent Mortgage Loans evidencing the completeness of the Trustee's
Mortgage Files (other than items listed in Section 2.04(f) above). Following
delivery of the Final Certification, the Trustee shall (or cause the Custodian
to) provide to the Certificate Insurer, the Depositor and the Servicer no less
frequently than quarterly, and the Servicer shall provide to the Certificate
Insurer, no less frequently than quarterly, updated certifications indicating
the then current status of exceptions, until all such exceptions have been
eliminated.
(b) If the Certificate Insurer, the Trustee or the Custodian, if
any, on the Trustee's behalf during the process of reviewing the Trustee's
Mortgage Files finds any
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document constituting a part of a Trustee's Mortgage File which is not executed,
has not been received, is unrelated to the Mortgage Loan identified in the
related Mortgage Loan Schedule, or does not conform to the requirements of
Section 2.04 above or the description thereof as set forth in the related
Mortgage Loan Schedule, the Trustee, the Certificate Insurer or the Custodian
(pursuant to the Custodial Agreement), as applicable, shall promptly so notify
the Servicer, the Depositor, the Certificate Insurer, the Custodian and the
Trustee. In performing any such review, the Trustee may conclusively rely on the
Depositor as to the purported genuineness of any such document and any signature
thereon. It is understood that the scope of the Trustee's review of the Mortgage
Files is limited solely to confirming that the documents listed in Section 2.04
above (other than the items listed in Section 2.04(f) above) have been received
and further confirming that any and all documents delivered pursuant to such
Section 2.04 have been executed and relate to the Mortgage Loans identified in
the related Mortgage Loan Schedule. The Trustee shall have no responsibility for
determining whether any document is valid and binding, whether the text of any
assignment or endorsement is in proper or recordable form, whether any document
has been recorded in accordance with the requirements of any applicable
jurisdiction, or whether a blanket assignment is permitted in any applicable
jurisdiction. The Depositor agrees to use reasonable efforts to remedy a
material defect in a document constituting part of a Trustee's Mortgage File of
which it is so notified by the Trustee. If, however, within 60 days after the
Trustee's or Custodian's notice to it respecting such defect the Depositor has
not remedied the defect and the defect materially and adversely affects the
interest of the Certificateholders in the related Mortgage Loan or the interests
of the Certificate Insurer, the Depositor will on the Determination Date next
succeeding the end of such 60 day period (i) substitute in lieu of such Mortgage
Loan a Qualified Substitute Mortgage Loan in the manner and subject to the
conditions set forth in Section 3.03 or (ii) purchase such Mortgage Loan at a
purchase price equal to the Principal Balance of such Mortgage Loan as of the
date of purchase, plus all accrued and unpaid interest on such Mortgage Loan to
but not including the Due Date in the Due Period most recently ended prior to
such Determination Date computed at the Mortgage Rate plus the amount of any
unreimbursed Servicing Advances made by the Servicer with respect to such
Mortgage Loan, which purchase price shall be deposited in the Principal and
Interest Account (after deducting therefrom any amounts received in respect of
such repurchased Mortgage Loan and being held in the related Principal and
Interest Account for future distribution to the extent such amounts represent
recoveries of principal not yet applied to reduce the related Principal Balance
or interest (net of the Servicing Fee) for the period from and after the Due
Date in the Due Period most recently ended prior to such Determination Date).
For purposes of calculating the Available Remittance Amount for any Remittance
Date, amounts paid by the Depositor pursuant to this Section 2.05 in connection
with the repurchase or substitution of any Mortgage Loan that are on deposit in
the related Principal and Interest Account as of the Determination Date for such
Remittance Date shall be deemed to have been paid during the related Due Period
and shall be transferred to the related Certificate Account pursuant to Section
5.04(i) on the Determination Date for such Remittance Date.
(c) Upon receipt by the Trustee of a certification of a Servicing
Officer of the Servicer of such substitution or purchase and the deposit of the
amounts described above in the related Principal and Interest Account (which
certification shall be in the form of Exhibit I), the
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Trustee shall release (or cause to be released) to the Servicer for release to
the Depositor the related Trustee's Mortgage File and shall execute, without
recourse, representation or warranty, and deliver such instruments of transfer
presented to it by the Servicer as shall be necessary to transfer such Mortgage
Loan to the Depositor.
On the Remittance Date in January of each year, the Trustee or the
Custodian, if any, shall deliver to the Depositor, the Servicer and the
Certificate Insurer a certification detailing all releases with respect to the
Mortgage Loans for which the Trustee or the Custodian holds a Trustee's Mortgage
File pursuant to this Agreement. Such certification shall be limited to a list
of all Trustee's Mortgage Files which were released by or returned to the
Trustee or the Custodian during the prior calendar year, the date of such
release or return, the reason for such release or return, and the Person to whom
the Trustee's Mortgage File was released and the Person who returned the
Trustee's Mortgage File.
Section 2.06 [Reserved].
Section 2.07 Execution of Certificates.
The Trustee acknowledges the assignment to it of the Mortgage Loans
and the delivery of the Trustee's Mortgage Files to it and, concurrently with
such delivery, has executed and caused to be authenticated and delivered to or
upon the order of the Depositor, in exchange for the Mortgage Loans, the
Trustee's Mortgage Files and the other assets included in the definition of the
Trust Fund, Certificates in Authorized Denominations evidencing the entire
ownership of the Trust Fund.
Section 2.08 Fees and Expenses of the Trustee.
Subject to Section 12.05 hereof, the fees and expenses of the
Trustee hereunder including (i) the annual fees of the Trustee, payable annually
in advance beginning on the Closing Date and on each anniversary thereof, (ii)
any other fees, expenses, disbursements and advances to which the Trustee is
entitled, and (iii) reimbursements to the Servicer for any advances made by the
Servicer to the related Trustee Expense Account pursuant to Section 6.03, shall
be paid from the related Trustee Expense Account in the manner set forth in
Section 6.03; provided, however, that the Depositor shall be liable for any
expenses of the Trust Fund incurred prior to the Closing Date. The fees due to
the Trustee on the Closing Date pursuant to Section 2.08(i) above shall be paid
by the Depositor on the Closing Date from its own funds.
Section 2.09 Application of Principal and Interest.
In the event that Net Liquidation Proceeds or Insurance Proceeds on
a Liquidated Mortgage Loan are less than the related Principal Balance plus
accrued interest thereon, or any Mortgagor makes a partial payment of any
Monthly Payment due on a Mortgage Loan, such Net Liquidation Proceeds, Insurance
Proceeds or partial payment shall be applied to payment of the
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related Mortgage Note as provided therein, and if not so provided or if the
related Mortgaged Property has become an REO Property, first to interest accrued
at the related Mortgage Rate and then to principal.
Section 2.10 Conveyance of the Subsequent Mortgage Loans.
(a) Subject to the conditions set forth in paragraph (b) below in
consideration of the Trustee's delivery on the related Subsequent Transfer Dates
to or upon the order of the Depositor of all or a portion of the balance of
funds in the related Pre-Funding Account with respect to the related Sub-Pool,
the Depositor shall on any Subsequent Transfer Date sell, transfer, assign, set
over and convey without recourse to the Trustee but subject to the subordination
described above in Section 2.01(b) above and the other terms and provisions of
this Agreement all of the right, title and interest of the Depositor in and to
(i) the Subsequent Mortgage Loans identified on the related Mortgage Loan
Schedule attached to the related Subsequent Transfer Instrument, delivered by
the Depositor on such Subsequent Transfer Date, excepting the Depositor's Yield,
(ii) principal received and interest accruing on the Subsequent Mortgage Loans
after the related Subsequent Cut-off Date and (iii) all items with respect to
such Subsequent Mortgage Loans to be delivered pursuant to Section 2.04 above
and the other items in the related Mortgage Files; provided, however, that the
Depositor reserves and retains all right, title and interest in and to principal
(including Prepayments, Curtailments and Excess Payments) received and interest
accruing on the Subsequent Mortgage Loans on or prior to the related Subsequent
Cut-off Date. The transfer to the Trustee by the Depositor of the Subsequent
Mortgage Loans identified on the related Mortgage Loan Schedule shall be
absolute and is intended by the Depositor, the Servicer, the Trustee and the
Certificateholders to constitute and to be treated as a sale of the Subsequent
Mortgage Loans by the Depositor to the Trust Fund.
The purchase price paid by the Trustee from amounts released from
the Pre-Funding Account shall be one-hundred percent (100%) of the aggregate
principal balances of the Subsequent Mortgage Loans so transferred. This
Agreement shall constitute a fixed-price purchase contract in accordance with
Section 860G(a)(3)(A)(ii) of the Code.
(b) The Depositor shall transfer to the Trustee the Subsequent
Mortgage Loans and the other property and rights related thereto described in
Section 2.10 (a) above, and the Trustee shall release funds from the related
Pre-Funding Account, only upon the satisfaction of each of the following
conditions on or prior to the related Subsequent Transfer Date:
(i) except with respect to the first conveyance of Subsequent
Mortgage Loans to the Trustee, the Depositor shall have provided the
Trustee and the Certificate Insurer with a timely Addition Notice and
shall have provided any information reasonably requested by the Trustee or
the Certificate Insurer with respect to the Subsequent Mortgage Loans;
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(ii) the Depositor shall have delivered to the Trustee a duly
executed Subsequent Transfer Instrument, which shall include a Mortgage
Loan Schedule, listing the Subsequent Mortgage Loans;
(iii) as of each Subsequent Transfer Date, the Depositor shall not
be insolvent nor shall it have been made insolvent by such transfer nor
shall it be aware of any pending insolvency;
(iv) such sale and transfer shall not result in a material adverse
tax consequence to the Trust Fund or the Certificateholders;
(v) the Funding Period shall not have terminated;
(vi) the Depositor shall have delivered to the Trustee an Officer's
Certificate, substantially in the form of Exhibit V, confirming the
satisfaction of each condition precedent and representations specified in
this Section 2.10(b), and Section 2.10(c) with respect to Sub-Pool 1, and
Section 2.10(d) with respect to Sub-Pool 2 below in the related Subsequent
Transfer Instrument;
(vii) the Depositor shall have delivered to the Trustee and the
Certificate Insurer Opinions of Counsel addressed to the Certificate
Insurer, Moody's, S&P and the Trustee with respect to the transfer of the
Subsequent Mortgage Loans substantially in the form of the Opinions of
Counsel delivered to the Certificate Insurer and the Trustee on the
Closing Date regarding certain bankruptcy and corporate matters; and
(viii) the Trustee shall have delivered to the Certificate Insurer
and the Depositor an Opinion of Counsel addressed to the Depositor,
Moody's, S&P and the Certificate Insurer with respect to the Subsequent
Transfer Instrument substantially in the form of the Opinion of Counsel
delivered to the Certificate Insurer and the Depositor on the Closing Date
regarding certain corporate matters relating to the Trustee.
(c) Any conveyance of Sub-Pool 1 Subsequent Mortgage Loans on a
Sub-Pool 1 Subsequent Transfer Date is subject to the following representations
and warranties of the Depositor: (i) each Sub-Pool 1 Subsequent Mortgage Loan
must satisfy the representations and warranties specified in the Sub-Pool 1
Subsequent Transfer Instrument and this Agreement; (ii) the Depositor will not
select such Subsequent Mortgage Loans in a manner that it believes is adverse to
the interests of the Certificateholders; (iii) the Depositor will deliver
certain opinions of counsel with respect to the validity of the conveyance of
such Subsequent Mortgage Loans; (iv) as of the respective Subsequent Cut-off
Date, the Sub-Pool 1 Subsequent Mortgage Loans will satisfy the following
criteria: (A) such Subsequent Mortgage Loan may not be 30 or more days
contractually delinquent as of the related Subsequent Cut-off Date; (B) the
original term to maturity of such Subsequent Mortgage Loan will not be less than
120 months and will not exceed 360 months; (C) such Subsequent Mortgage Loan may
not provide for negative amortization; (D) such Subsequent Mortgage Loan will
have a Mortgage Rate not less than
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8.90%; (E) such Subsequent Mortgage Loan will be underwritten in accordance with
the criteria set forth under "The Depositor--Underwriting Criteria--Sub-Pool 1"
in the Prospectus; (F) such Subsequent Mortgage Loan will have been serviced by
the Servicer since origination or purchase by the Depositor; (G) such Subsequent
Mortgage Loan will not have a Combined Loan-to-Value Ratio greater than 90%; and
(H) such Subsequent Mortgage Loans will have (1) as of the end of the Sub-Pool 1
Funding Period, a weighted average number of months since origination of not
over 4 months and (2) not over 20% by aggregate principal balance with a first
payment date in April 1997. In addition, following the purchase of any Sub-Pool
1 Subsequent Mortgage Loan by the Trust Fund, the Sub-Pool 1 Mortgage Loans
(including the Sub-Pool 1 Subsequent Mortgage Loans) as of the end of the
Sub-Pool 1 Funding Period will: (i) have a weighted average Mortgage Rate of at
least 11.15%; (ii) have a weighted average remaining term to stated maturity of
not more than 270 months and not less than 180 months; (iii) have a weighted
average Combined Loan-to-Value Ratio of not more than 81%; (iv) have not in
excess of 57% by aggregate principal balance of Sub-Pool 1 Mortgage Loans that
are Balloon Mortgage Loans; (v) have no Sub-Pool 1 Mortgage Loan with a
principal balance in excess of $850,000; (vi) not have in excess of 15% by
aggregate principal balance of Sub-Pool 1 Mortgage Loans secured by non-owner
occupied Mortgaged Properties; (vii) not have a concentration of Mortgaged
Properties in a single zip code in excess of 4% by aggregate principal balance
of Sub-Pool 1 Mortgage Loans; (viii) not have in excess of 5% by aggregate
principal balance of Sub-Pool 1 Mortgage Loans secured by Mortgaged Properties
that are condominiums; (ix) have at least 71% by aggregate principal balance of
Sub-Pool 1 Mortgage Loans secured by fee simple interests in attached or
detached Single Family Properties (including units in de minimis PUDs) and (x)
not have in excess of 10% by aggregate principal balance of Sub-Pool 1 Mortgage
Loans secured by Multifamily Properties and Mixed Use Properties. In the sole
discretion of the Certificate Insurer, Sub-Pool 1 Subsequent Mortgage Loans with
characteristics varying from those set forth in this paragraph may be purchased
by the Trust Fund; provided, however, that the addition of such Mortgage Loans
will not materially affect the aggregate characteristics of Sub-Pool 1.
(d) Any conveyance of Sub-Pool 2 Subsequent Mortgage Loans on a
Sub-Pool 2 Subsequent Transfer Date is subject to the following representations
and warranties of the Depositor: (i) each Subsequent Mortgage Loan must satisfy
the representations and warranties specified in the Sub-Pool 2 Subsequent
Transfer Instrument and this Agreement; (ii) the Depositor will not select such
Subsequent Mortgage Loans in a manner that it believes is adverse to the
interests of the Certificateholders; (iii) the Depositor will deliver certain
opinions of counsel with respect to the validity of the conveyance of such
Subsequent Mortgage Loans; (iv) as of the respective Subsequent Cut-off Date the
Sub-Pool 2 Subsequent Mortgage Loans will satisfy the following criteria: (A)
such Sub-Pool 2 Subsequent Mortgage Loan may not be 30 or more days
contractually delinquent as of the related Sub-Pool 2 Subsequent Cut-off Date;
(B) the original term to maturity of such Sub-Pool 2 Subsequent Mortgage Loan
will not be less than 180 months and will not exceed 360 months; (C) such
Subsequent Mortgage Loan may not provide for negative amortization; (D) such
Subsequent Mortgage Loan will have a Gross Margin not less than 3.75%; (E) such
Subsequent Mortgage Loan will be underwritten in accordance with the criteria
set forth under "The Depositor--Underwriting Criteria--Sub-Pool 2" in the
Prospectus; (F) such Subsequent Mortgage Loan will have been serviced by the
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Servicer since origination or purchase by the Depositor; (G) such Subsequent
Mortgage Loan will not have a Loan-to-Value Ratio greater than 90%; and (H) such
Subsequent Mortgage Loans will have (1) as of the end of the Sub-Pool 2 Funding
Period, a weighted average number of months since origination of not over 4
months and (2) not over 20% by aggregate principal balance with a first payment
date in April 1997. In addition, following the purchase of any Sub-Pool 2
Subsequent Mortgage Loan by the Trust Fund, the Sub-Pool 2 Mortgage Loans
(including the Sub-Pool 2 Subsequent Mortgage Loans) as of the end of the
Sub-Pool 2 Funding Period will: (i) have a weighted average Gross Margin of at
least 5.60% and a weighted average coupon of at least 9.50%; (ii) have a
weighted average remaining term to stated maturity of not more than 359 months
and not less than 357 months; (iii) have a weighted average Loan-to-Value Ratio
of not more than 82%; (iv) have no Sub-Pool 2 Mortgage Loan with a principal
balance in excess of $850,000; (v) not have in excess of 10% by aggregate
principal balance of Sub-Pool 2 Mortgage Loans secured by non-owner occupied
Mortgaged Properties; (vi) not have a concentration of Mortgaged Properties in a
single zip code in excess of 5% by aggregate principal balance of Sub-Pool 2
Mortgage Loans; (vii) not have in excess of 5% by aggregate principal balance of
Sub-Pool 2 Mortgage Loans secured by Mortgaged Properties that are condominiums;
(viii) have at least 75% by aggregate principal balance of Sub-Pool 2 Mortgage
Loans secured by fee simple interests in attached or detached Single Family
Properties (including units in de minimis PUDs) and (ix) will not be secured by
Multifamily Properties or Mixed Use Properties. In the sole discretion of the
Certificate Insurer, Sub-Pool 2 Subsequent Mortgage Loans with characteristics
varying from those set forth in this paragraph may be purchased by the Trust
Fund; provided, however, that the addition of such Sub-Pool 2 Mortgage Loans
will not materially affect the aggregate characteristics of Sub-Pool 2.
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ARTICLE III
REPRESENTATIONS AND WARRANTIES
Section 3.01 Representations of the Depositor.
The Depositor hereby represents and warrants to the Trustee, the
Certificate Insurer and the Certificateholders as of the Closing Date:
(a) The Depositor is a federally chartered stock savings bank, duly
organized, validly existing and in good standing under the laws of the United
States and has all licenses necessary to carry on its business as now being
conducted and is licensed, qualified and in good standing in each Mortgaged
Property State if the laws of such state require licensing or qualification in
order to conduct business of the type conducted by the Depositor and perform its
obligations as Depositor hereunder; the Depositor has the power and authority to
execute and deliver this Agreement and to perform in accordance herewith; the
execution, delivery and performance of this Agreement (including all instruments
of transfer to be delivered pursuant to this Agreement) by the Depositor and the
consummation of the transactions contemplated hereby have been duly and validly
authorized by all necessary action; this Agreement evidences the valid, binding
and enforceable obligation of the Depositor; and all requisite action has been
taken by the Depositor to make this Agreement valid, binding and enforceable
upon the Depositor in accordance with its terms, subject to the effect of
bankruptcy, insolvency, reorganization, moratorium and other, similar laws
relating to or affecting creditors' rights generally or the application of
equitable principles in any proceeding, whether at law or in equity;
(b) All actions, approvals, consents, waivers, exemptions,
variances, franchises, orders, permits, authorizations, rights and licenses
required to be taken, given or obtained, as the case may be, by or from any
federal, state or other governmental authority or agency (other than any such
actions, approvals, etc. under any state securities laws, real estate
syndication or "Blue Sky" statutes, as to which the Depositor makes no such
representation or warranty), that are necessary in connection with the purchase
and sale of the Certificates and the execution and delivery by the Depositor of
the documents to which it is a party, have been duly taken, given or obtained,
as the case may be, are in full force and effect, are not subject to any pending
proceedings or appeals (administrative, judicial or otherwise) and either the
time within which any appeal therefrom may be taken or review thereof may be
obtained has expired or no review thereof may be obtained or appeal therefrom
taken, and are adequate to authorize the consummation of the transactions
contemplated by this Agreement and the other documents on the part of the
Depositor and the performance by the Depositor of its obligations as Depositor
or Servicer under this Agreement and such of the other documents to which it is
a party;
(c) The consummation of the transactions contemplated by this
Agreement will not result in the breach of any terms or provisions of the
charter or by-laws of the Depositor or result in the breach of any term or
provision of, or conflict with or constitute a default under
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or result in the acceleration of any obligation under, any material agreement,
indenture or loan or credit agreement or other material instrument to which the
Depositor or its property is subject, or result in the violation of any law,
rule, regulation, order, judgment or decree to which the Depositor or its
property is subject;
(d) Neither this Agreement nor the Prospectus nor any statement,
report or other document prepared by the Depositor and furnished or to be
furnished pursuant to this Agreement or in connection with the transactions
contemplated hereby contains any untrue statement of material fact or omits to
state a material fact necessary to make the statements contained herein or
therein not misleading;
(e) There is no action, suit, proceeding or investigation pending
or, to the best of the Depositor's knowledge, threatened against the Depositor
which, either in any one instance or in the aggregate, may result in any
material adverse change in the business, operations, financial condition,
properties or assets of the Depositor or in any material impairment of the right
or ability of the Depositor to carry on its business substantially as now
conducted, or in any material liability on the part of the Depositor or which
would draw into question the validity of this Agreement or the Mortgage Loans or
of any action taken or to be taken in connection with the obligations of the
Depositor contemplated herein, or which would be likely to impair materially the
ability of the Depositor to perform under the terms of this Agreement;
(f) The Depositor is not in default with respect to any order or
decree of any court or any order, regulation or demand of any federal, state,
municipal or governmental agency, which default might have consequences that
would materially and adversely affect the condition (financial or other) or
operations of the Depositor or its properties or might have consequences that
would materially and adversely affect its performance hereunder;
(g) Upon the receipt of each Trustee's Mortgage File by the Trustee
under this Agreement, the Trustee will have good title on behalf of the Trust
Fund to each Mortgage Loan (other than the Depositor's Yield and amounts
received on or after the Cut-off Date in the case of Initial Mortgage Loans or
on or after a Subsequent Cut-off Date in the case of Subsequent Mortgage Loans
in respect of interest accrued on the Mortgage Loans prior to the Cut-off Date
or prior to the Subsequent Cut-off Date, as the case may be) and such other
items comprising the corpus of the Trust Fund free and clear of any lien (other
than liens which will be simultaneously released);
(h) The transfer, assignment and conveyance of the Mortgage Notes
and the Mortgages by the Depositor pursuant to this Agreement are not subject to
the bulk transfer laws or any similar statutory provisions in effect in any
applicable jurisdiction;
(i) The origination and collection practices used by the Depositor
with respect to each Mortgage Note and Mortgage have been in all material
respects legal, proper, prudent and customary in the first and second mortgage
origination and servicing business with respect
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to Sub-Pool 1, and legal, proper, prudent and customary in the first mortgage
origination and servicing business with respect to Sub-Pool 2; and
(j) Considering the size of each Pre-Funding Account and the
frequency of prepayments, defaults, "fall-out" due to the borrower choosing
another lender or exercising its right of rescission, defective documentation
and other circumstances that would disqualify a mortgage loan from being
purchased as a Subsequent Mortgage Loan hereunder, the mortgage loans listed on
each Proposed Subsequent Mortgage Loan Schedule do not represent an unreasonably
large pool of mortgage loans from which to obtain the majority of the related
Subsequent Mortgage Loans.
Section 3.02 Individual Mortgage Loans.
(a) With respect to the Mortgage Loans, the Depositor hereby
represents and warrants to the Trustee, the Certificate Insurer and the
Certificateholders, with respect to each Initial Mortgage Loan, as of the
Closing Date, and with respect to each Subsequent Mortgage Loan, as of the
related Subsequent Transfer Date the following, subject to Section 2.10(c) and
2.10(d) above and modified to the extent stated therein in the case of
Subsequent Mortgage Loans:
(i) The information with respect to each Mortgage Loan set
forth in the related Mortgage Loan Schedule is true and correct;
(ii) All of the original or certified documentation required
to be delivered by the Depositor to the Trustee or to the Custodian on the
Closing Date or a Subsequent Transfer Date or as otherwise provided in Section
2.04 above has or will be so delivered as provided;
(iii) Each Mortgaged Property is improved by a Single Family
Property, Multifamily Property or Mixed Use Property, which, to the best of the
Depositor's knowledge, does not include cooperatives or mobile homes and does
not constitute other than real property under state law. To the best of the
Depositor's knowledge, no Mortgaged Property is a manufactured housing unit, as
defined in the FNMA/FHLMC Seller-Servicer's Guide;
(iv) Each Mortgage Loan is being serviced by the Servicer or
one or more Subservicers;
(v) Except with respect to liens released immediately prior to
the transfer herein contemplated, immediately prior to the transfer and
assignment herein contemplated, the Depositor held good and indefeasible title
to, and was the sole owner of, each Mortgage Loan subject to no liens, charges,
mortgages, encumbrances or rights of others; and immediately upon the transfer
and assignment herein contemplated, the Trustee will hold good and indefeasible
title to, and be the sole owner of, each Mortgage Loan subject to no liens,
charges, mortgages, encumbrances or rights of others;
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(vi) There is no delinquent tax or assessment lien on any
Mortgaged Property, and each Mortgaged Property is free of material damage and
is in average repair;
(vii) The Mortgage Loan is not subject to any right of
rescission, set-off, counterclaim or defense, including the defense of usury,
nor will the operation of any of the terms of the Mortgage Note or the Mortgage,
or the exercise of any right thereunder, render either the Mortgage Note or the
Mortgage unenforceable in whole or in part, or subject to any right of
rescission, set-off, counterclaim or defense, including the defense of usury,
and no such right of rescission, set-off, counterclaim or defense has been
asserted with respect thereto;
(viii) There is no mechanics' lien or claim for work, labor or
material affecting any Mortgaged Property which is or may be a lien prior to, or
equal with, the lien of such Mortgage except those which are insured against by
the title insurance policy referred to in Section 3.02(a)(x) below;
(ix) Each Mortgage Loan at the time it was made complied in
all material respects with applicable state and federal laws and regulations,
including, without limitation, usury, equal credit opportunity and disclosure
laws;
(x) With respect to each Mortgage Loan, a written commitment
for a lender's title insurance policy, issued in standard American Land Title
Association or California Land Title Association form, or other form acceptable
in a particular jurisdiction, by a title insurance company authorized to
transact business in the state in which the related Mortgaged Property is
situated, together with a condominium endorsement, if applicable, in an amount
at least equal to the original Principal Balance of such Mortgage Loan insuring
the mortgagee's interest under the related Mortgage Loan as the holder of a
valid first or second mortgage lien of record with respect to Sub-Pool 1, or a
valid first mortgage lien of record with respect to Sub-Pool 2, on the real
property described in the Mortgage, subject only to exceptions of the character
referred to in Section 3.02(a)(v) above, was effective on the date of the
origination of such Mortgage Loan, and, as of the Closing Date, such commitment
will be valid and thereafter the policy issued pursuant to such commitment shall
continue in full force and effect. With respect to each Mortgage Loan, the
mortgagee is the sole named insured of such mortgage title insurance policy, and
such mortgage title insurance policy is in full force and effect and will be in
full force and effect and inure to the benefit of the Trustee upon the
consummation of the transactions contemplated by this Agreement. No claims have
been made under such mortgage title insurance policy and no prior holder of the
related Mortgage, including the mortgagee, has done, by act or omission,
anything that would impair the coverage of such mortgage title insurance policy;
(xi) The improvements upon each Mortgaged Property are covered
by a valid and existing hazard insurance policy with a generally acceptable
carrier that provides for fire and extended coverage representing coverage
described in Sections 5.07 and 5.08;
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(xii) A flood insurance policy is in effect with respect to
each Mortgaged Property with a generally acceptable carrier in an amount
representing coverage described in Sections 5.07 or 5.08, if and to the extent
required by such Section 5.07 or 5.08;
(xiii) Each Mortgage and Mortgage Note is the legal, valid and
binding obligation of the maker thereof and is enforceable in accordance with
its terms, except only as such enforcement may be limited by bankruptcy,
insolvency, reorganization, moratorium or other similar laws affecting the
enforcement of creditors' rights generally and by general principles of equity
(whether considered in a proceeding or action in equity or at law), and all
parties to each Mortgage Loan had full legal capacity to execute all Mortgage
Loan documents and convey the estate therein purported to be conveyed;
(xiv) The Depositor has caused or will cause to be performed
any and all acts required to be performed to preserve the rights and remedies of
the Trustee in any insurance policies applicable to the Mortgage Loans
including, without limitation, any necessary notifications of insurers,
assignments of policies or interests therein, and establishments of co-insured,
joint loss payee and mortgagee rights in favor of the Trustee;
(xv) The terms of the Mortgage Note and the Mortgage have not
been impaired, altered or modified in any material respect, except by a written
instrument which has been recorded or is in the process of being recorded, if
necessary, to protect the interest of the Certificateholders and which has been
or will be delivered to the Trustee or the Custodian. The substance of any such
alteration or modification is reflected on the related Mortgage Loan Schedule.
Each original Mortgage was recorded, and all subsequent assignments of the
original Mortgage have been recorded in the appropriate jurisdictions wherein
such recordation is necessary to perfect the lien thereof as against creditors
of the Depositor (or, subject to Section 2.04 above, are in the process of being
recorded, or are, in the Opinion of Counsel to the Depositor, not required to be
recorded);
(xvi) No instrument of release or waiver has been executed in
connection with the Mortgage Loan, and no Mortgagor has been released, in whole
or in part;
(xvii) There are no defaults in complying with the terms of
the Mortgage, and all taxes, governmental assessments, insurance premiums,
water, sewer and municipal charges, leasehold payments or ground rents which
previously became due and owing have been paid, or an escrow of funds has been
established in an amount sufficient to pay for every such item which remains
unpaid and which has been assessed but is not yet due and payable. Except for
payments in the nature of escrow payments, including without limitation, taxes
and insurance payments, the Servicer has not advanced funds, or induced,
solicited or knowingly received any advance of funds by a party other than the
Mortgagor, directly or indirectly, for the payment of any amount required by the
Mortgage, except for interest accruing from the date of the Mortgage Note or
date of disbursement of the Mortgage proceeds, whichever is greater, to the day
which precedes by one month the Due Date of the first installment of principal
and interest;
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(xviii) There is no proceeding pending or threatened for the
total or partial condemnation of the Mortgaged Property, nor is such a
proceeding currently occurring, and such property is undamaged by waste, fire,
earthquake or earth movement, windstorm, flood, tornado or other casualty, so as
to affect adversely the value of the Mortgaged Property as security for the
Mortgage Loan or the use for which the premises were intended;
(xix) To the best of the Depositor's knowledge, all of the
improvements which were included for the purpose of determining the appraised
value of the Mortgaged Property lie wholly within the boundaries and building
restriction lines of such property, and no improvements on adjoining properties
encroach upon the Mortgaged Property;
(xx) To the best of the Depositor's knowledge, no improvement
located on or being part of the Mortgaged Property is in violation of any
applicable zoning law or regulation. To the best of the Depositor's knowledge,
all inspections, licenses and certificates required to be made or issued with
respect to all occupied portions of the Mortgaged Property and, with respect to
the use and occupancy of the same, including but not limited to certificates of
occupancy and fire underwriting certificates, have been made or obtained from
the appropriate authorities and the Mortgaged Property is lawfully occupied
under applicable law;
(xxi) The proceeds of the Mortgage Loan have been fully
disbursed, and there is no obligation on the part of the mortgagee to make
future advances thereunder. Any and all requirements as to completion of any
on-site or off-site improvements and as to disbursements of any escrow funds
therefor have been complied with. All costs, fees and expenses incurred in
making or closing or recording the Mortgage Loans were paid;
(xxii) Except with respect to certain of the Sub-Pool 1
Multifamily Loans and Sub-Pool 1 Mixed Use Loans, the related Mortgage Note is
not and has not been secured by any collateral, pledged account or other
security except the lien of the corresponding Mortgage and, in the case of such
Sub-Pool 1 Multifamily Loans and Sub-Pool 1 Mixed Use Loans, the related
Assignment of Leases and UCC financing statements, if any.
(xxiii) No Mortgage Loan was originated under a buydown plan;
(xxiv) There is no obligation on the part of the Depositor or
any other party to make payments in addition to those made by the Mortgagor;
(xxv) With respect to each Mortgage constituting a deed of
trust, a trustee, duly qualified under applicable law to serve as such, has been
properly designated and currently so serves and is named in such Mortgage, and
no fees or expenses are or will become payable by the Certificateholders to the
trustee under the deed of trust, except in connection with a trustee's sale
after default by the Mortgagor;
(xxvi) No Mortgage Loan has a shared appreciation feature, or
other contingent interest feature. No Mortgage Loan provides for deferred
interest or negative
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amortization. No Sub-Pool 2 Mortgage Loan requires or permits the Mortgagor to
convert the Mortgage Rate to a fixed rate;
(xxvii) All parties which have had any interest in the
Mortgage Loan, whether as mortgagee, assignee, pledgee or otherwise, are (or,
during the period in which they held and disposed of such interest, were) (1) in
compliance with any and all applicable licensing requirements of the laws of the
state wherein the Mortgaged Property is located, and (2)(A) organized under the
laws of such state, or (B) qualified to do business in such state, or (C)
federal savings and loan associations or national banks having principal offices
in such state, or (D) not doing business in such state so as to require
qualification or licensing;
(xxviii) The Mortgage contains a customary provision for the
acceleration of the payment of the unpaid principal balance of the Mortgage Loan
in the event the related Mortgaged Property is sold without the prior consent of
the mortgagee thereunder;
(xix) Any future advances made prior to (and excluding) the
Cut-off Date have been consolidated with the outstanding principal amount
secured by the Mortgage, and the secured principal amount, as consolidated,
bears a single interest rate and single repayment term reflected on the related
Mortgage Loan Schedule. The consolidated principal amount does not exceed the
original principal amount of the Mortgage Loan. The Mortgage Note does not
permit or obligate the Servicer to make future advances to the Mortgagor at the
option of the Mortgagor;
(xxx) The related Mortgage contains customary and enforceable
provisions which render the rights and remedies of the holder thereof adequate
for the realization against the Mortgaged Property of the benefits of the
security, including, (a) in the case of a Mortgage designated as a deed of
trust, by trustee's sale, and (b) otherwise by judicial foreclosure. There is no
homestead or other exemption available to the Mortgagor which would materially
interfere with the right to sell the Mortgaged Property at a trustee's sale or
the right to foreclose the Mortgage except as set forth in the Prospectus;
(xxxi) There is no default, breach, violation or event of
acceleration existing under the Mortgage or the related Mortgage Note and no
event which, with the passage of time or with notice and the expiration of any
grace or cure period, would constitute a default, breach, violation or event of
acceleration; and neither the Servicer nor the Depositor has waived any default,
breach, violation or event of acceleration;
(xxxii) All parties to the Mortgage Note and the Mortgage had
legal capacity to execute the Mortgage Note and the Mortgage and each Mortgage
Note and Mortgage have been duly and properly executed by such parties;
(xxxiii) All amounts received after the Cut-off Date with
respect to the Mortgage Loans (other than the Depositor's Yield and amounts in
respect of interest accrued on
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the Mortgage Loans on or prior to the Cut-off Date) have been deposited into the
Principal and Interest Account and are, as of the Closing Date, in the Principal
and Interest Account;
(xxxiv) Each Mortgage Loan conforms, and all such Mortgage
Loans in the aggregate conform, to the description thereof set forth in the
Prospectus;
(xxxv) The Mortgage Loans were not selected by the Depositor
for inclusion in the Trust Fund on any basis intended to adversely affect the
Trust Fund;
(xxxvi) A full appraisal was performed in connection with each
Mortgaged Property;
(xxxvii) As of the Cut-off Date, the Depositor does not know
or have reason to know of any circumstances that would cause any Mortgagor to
default under its Mortgage Loan or the related Mortgage Note;
(xxxviii) As of the Cut-Off Date, with respect to any
Mortgaged Property, the Depositor has no actual knowledge that there exist any
hazardous substances, hazardous wastes or solid wastes, as such terms are
defined in CERCLA, or other federal, state or local environmental legislation;
and
(xxxix) With respect to each Mortgaged Property subject to a
land trust (a "Land Trust Mortgage") (i) a trustee, duly qualified under
applicable law to serve as such, has been properly designated and currently so
serves and is named as such in the land trust agreement and such trustee is
named in the Land Trust Mortgage as Mortgagor; (ii) all fees and expenses of the
land trustee which have previously become due on owing have been paid and no
fees or expenses are or will become payable by the Certificateholders or the
Trust to the land trustee under the land trust agreement; (iii) the beneficiary
is solely obligated to pay any fees and expenses of the land trustee and the
priority of the lien of the Land Trust Mortgage is not and will not be primed by
the land trustee; (iv) if the Mortgaged Property is Owner-Occupied, the
Mortgaged Property is occupied by the beneficiary under the land trust agreement
and, if such land trust agreement terminates, the beneficiary will become the
owner of the Mortgaged Property; (v) the beneficiary is obligated to make
payments under the Note and will have personal liability for deficiency
judgments to the extent permitted by law; (vi) the Land Trust Mortgages were
made in compliance with their respective land trust agreements, were validly
entered into by their respective land trust trustee and did not, do not
currently, and will not in the future, violate any provision of their respective
land trust agreement, nor any agreement between or amongst the beneficiaries of
any one land trust; (vii) the Land Trust Mortgages are the first (or in the case
of Sub-Pool 1, first or second) liens on the Mortgaged Properties; no liens are
in place against the beneficial interests, or any part thereof of any Land Trust
Mortgage or collateral assignment of beneficial interest, which liens are
superior to the interest held by the Seller; and the beneficial interest, or any
part thereof, of any Land Trust Mortgage or collateral assignment of beneficial
interest has not been pledged as security for any other debt; and the land trust
trustee is forbidden, pursuant to a written agreement between the land trust
trustee and
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the Mortgagee, from using the land trust property, or any part, as security for
any other debt until the expiration date of its respective Note; and (viii) the
terms and conditions of the land trust agreement do not prevent the free and
absolute marketability of the Mortgaged Property. As of the Cut-off Date, the
Principal Balance of Land Trust Mortgage Loans with related Mortgaged Properties
subject to land trusts does not exceed 20% of the Original Pool Principal
Balance.
(xxxx) As of the Cut-off Date, no more than 5% of the Original
Pool Principal Balance are Mortgage Properties located in Maryland subject to
ground leases.
(b) With respect to the Sub-Pool 1 Mortgage Loans, the Depositor
hereby represents and warrants to the Trustee, the Certificate Insurer and the
Certificateholders, with respect to each Sub-Pool 1 Initial Mortgage Loan, as of
the Closing Date, and with respect to each Sub-Pool 1 Subsequent Mortgage Loan,
as of the related Subsequent Transfer Date the following, subject to Section
2.10(c) above and modified to the extent stated therein in the case of Sub-Pool
1 Subsequent Mortgage Loans; provided, however, that in the case of the
Subsequent Mortgage Loans, reference to the "Original Sub-Pool 1 Principal
Balance" shall mean the Original Sub-Pool 1 Principal Balance plus the aggregate
principal balance of the Sub-Pool 1 Subsequent Mortgage Loans as of the end of
the Funding Period:
(i) The Mortgage Note related to each Mortgage Loan bears a
fixed Mortgage Rate;
(ii) Mortgage Loans constituting approximately 45.69% of the
Original Sub-Pool 1 Principal Balance are balloon loans which will provide for a
final Monthly Payment substantially greater than the preceding Monthly Payments.
All of such balloon loans provide for Monthly Payments based on either a
20-year, 25-year or 30-year amortization schedule with a final balloon payment
at the end of the 15th year. Each other Mortgage Note will provide for a
schedule of substantially equal Monthly Payments which are, if timely paid,
sufficient to fully amortize the principal balance of such Mortgage Note on or
before its maturity date;
(iii) Each Mortgage is a valid and subsisting first or second
lien of record on the Mortgaged Property subject, in the case of any second
Mortgage Loan, only to a First Lien on such Mortgaged Property and subject in
all cases to the exceptions to title set forth in the title insurance policy,
with respect to the related Mortgage Loan, which exceptions are generally
acceptable to second mortgage lending companies, and such other exceptions to
which similar properties are commonly subject and which do not individually, or
in the aggregate, materially and adversely affect the benefits of the security
intended to be provided by such Mortgage;
(iv) No more than 0.99% of the Original Sub-Pool 1 Principal
Balance is secured by Mortgaged Properties located within any single zip code
area;
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(v) At least 99.61% of the Original Sub-Pool 1 Principal
Balance is secured by Mortgaged Properties that are maintained by the Mortgagors
as primary residences, and at least 93.82% of the Original Sub-Pool 1 Principal
Balance is secured by Owner Occupied Mortgaged Property;
(vi) With respect to each Mortgage Loan secured by a second
priority lien, the related First Lien requires equal monthly payments, or if it
bears an adjustable interest rate, the monthly payments for the related First
Lien may be adjusted no more frequently than monthly; with respect to
substantially all of the Mortgage Loans secured by a second priority lien, at
the time of the origination of the Mortgage Loan the related First Lien was at
least 12 months old and at least 11 Monthly Payments had been made by the
Mortgagor;
(vii) Either (a) no consent for the Mortgage Loan is required
by the holder of the related First Lien or (b) such consent has been obtained
and is contained in the Mortgage File;
(viii) With respect to any First Lien that provides for
negative amortization or deferred interest, the balance of such First Lien used
to calculate the CLTV for the Mortgage Loan is based on the maximum amount of
negative amortization or deferred interest possible under such First Lien;
(ix) The maturity date of each Mortgage Loan secured by a
second priority lien is prior to the maturity date of the related First Lien if
such First Lien provides for a balloon payment, except if the CLTV does not
exceed 55%;
(x) Approximately 67.80% of the Original Sub-Pool 1 Principal
Balance was originated and underwritten by the Depositor and the remainder of
the Mortgage Loans were purchased and re-underwritten by the Depositor in
accordance with the underwriting criteria set forth in the Prospectus;
(xi) The Mortgage Rate is not less than 8.875% and not more
than 15.850%;
(xii) As of the Cut-off Date, no payment on any Mortgage Loan
is 30 days or more delinquent (two or more payments missed); and
(xiii) Approximately 83.25% of the Original Sub-Pool 1
Principal Balance is secured by attached or detached one-family dwelling units;
approximately 0.95% of the Original Sub-Pool 1 Principal Balance is secured by
units in condominiums. No more than approximately 12.96% of the Original
Sub-Pool 1 Principal Balance is secured by dwelling units in two- to four-family
dwelling units; approximately 18.07% of the Original Sub-Pool 1 Principal
Balance will be secured by investor properties. Approximately 0.91% of the
Original Sub-Pool 1 Principal Balance is secured by Multifamily Properties, and
no more than
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approximately 1.93% of the Original Sub-Pool 1 Principal Balance is secured by
Mixed Use Properties.
(c) With respect to the Sub-Pool 2 Mortgage Loans, the Depositor
hereby represents and warrants to the Trustee, the Certificate Insurer and the
Certificateholders, with respect to each Sub-Pool 2 Initial Mortgage Loan, as of
the Closing Date, and with respect to each Sub-Pool 2 Subsequent Mortgage Loan,
as of the related Subsequent Transfer Date the following, subject to Section
2.10(d) above and modified to the extent stated therein in the case of Sub-Pool
2 Subsequent Mortgage Loans; provided, however, that in the case of the
Subsequent Mortgage Loans, reference to the "Original Sub-Pool 2 Principal
Balance" shall mean the Original Sub-Pool 2 Principal Balance plus the aggregate
principal balance of the Sub-Pool 2 Subsequent Mortgage Loans as of the end of
the Funding Period:
(i) None of the Mortgage Loans are balloon loans.
Approximately 20.61% of the Original Sub-Pool 2 Principal Balance is subject to
a One Year Treasury Index, and approximately 79.39% of the Original Sub-Pool 2
Principal Balance is subject to a Six-Month LIBOR Index. With respect to each
Mortgage Loan on each Adjustment Date, the Mortgage Rate will be adjusted to
equal the related Index plus the Gross Margin, rounded to the nearest 0.125%,
subject to the related Periodic Rate Cap, the Maximum Mortgage Rate and the
Minimum Mortgage Rate. Under each Mortgage Note, interest is payable in arrears.
The Mortgage Loans have a Mortgage Rate subject to annual or semiannual
adjustment after an initial six-month or twenty-four month period. Each Mortgage
Loan has an original term to maturity from the date on which the first Monthly
Payment is due of 360 months;
(ii) Each Mortgage is a valid and subsisting first lien of
record on the Mortgaged Property subject in all cases to the exceptions to title
set forth in the title insurance policy, and such other exceptions to which
similar properties are commonly subject and which do not individually, or in the
aggregate, materially and adversely affect the benefits of the security intended
to be provided by such Mortgage;
(iii) No more than 1.85% of the Original Sub-Pool 2 Principal
Balance is secured by Mortgaged Properties located within any single zip code
area;
(iv) 99.79% of the Original Sub-Pool 2 Principal Balance is
secured by Mortgaged Properties that are maintained by the Mortgagors as primary
residences, and at least 97.49% of the Original Sub-Pool 2 Principal Balance is
secured by Owner Occupied Mortgaged Property;
(v) Approximately 85.48% of the Original Sub-Pool 2 Principal
Balance is secured by attached or detached one-family dwelling units;
approximately 0.74% of the Original Sub-Pool 2 Principal Balance is secured by
units in condominiums. No more than approximately 13.78% of the Original
Sub-Pool 2 Principal Balance is secured by dwelling units two- to four-family
dwelling units; approximately 15.05% of the Original Sub-Pool 2 Principal
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Balance will be secured by investor properties. None of the Sub-Pool 2 Mortgage
Loans are secured by Multifamily Properties or Mixed Use Properties.
(vi) With respect to each Mortgage Loan, no loan junior in
lien priority to such Mortgage Loan and secured by the related Mortgaged
Property was originated by the Depositor at the time of origination of such
Mortgage Loan;
(vii) The Gross Margins on the Mortgage Loans range from
3.750% to 9.000% and the weighted average Gross Margin as of the Cut-off Date is
approximately 6.297%;
(viii) Approximately 54.03% of the Original Sub-Pool 2
Principal Balance were originated and underwritten by the Depositor and the
remainder of the Mortgage Loans were purchased and re-underwritten by the
Depositor in accordance with the underwriting criteria set forth in the
Prospectus;
(ix) The Mortgage Rates borne by the Mortgage Loans as of the
Cut-off Date range from 7.375% per annum to 12.625% per annum and the weighted
average Mortgage Rate as of the Cut-off Date is 10.142% per annum;
(x) Each Mortgage Loan that was originated on or after May 31,
1996 has an initial or next Adjustment Date no later than December 1, 1998;
(xi) Each Mortgage Loan bears interest based on a 360-day year
consisting of twelve 30-day months; and
(xii) As of the Cut-off Date, no payment on any Mortgage Loan
is 30 days or more delinquent (two or more payments missed). One Mortgage Loan
has been contractually delinquent (two payments missed) on one occasion prior to
the Cut-off Date.
Section 3.03 Purchase and Substitution.
It is understood and agreed that the representations and warranties
set forth in Sections 3.01 and 3.02 above with respect to the related Sub-Pool
shall survive the transfer and assignment of the Mortgage Loans to the Trustee
and delivery of the Certificates to the Certificateholders. Upon discovery by
the Depositor, the Servicer, any Subservicer, the Custodian, the Trustee, the
Certificate Insurer or any Certificateholder of a breach of any of such
representations and warranties which materially and adversely affects the value
of Mortgage Loans or the interest of the Certificateholders, or which materially
and adversely affects the interests of the Certificate Insurer or the
Certificateholders in the related Mortgage Loan in the case of a representation
and warranty relating to a particular Mortgage Loan (notwithstanding that such
representation and warranty was made to the Depositor's best knowledge), the
party discovering such breach shall give prompt written notice to the others.
The Depositor shall either (a) within 60 days of the earlier of its discovery or
its receipt of notice of any breach of
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a representation or warranty, promptly cure such breach in all material
respects, or (b) on the Determination Date next succeeding the end of the 60 day
period described in clause (a), either (1) purchase such Mortgage Loan, in the
manner and at the price specified in Section 2.05(b) above or (2) remove such
Mortgage Loan from the Trust Fund (in which case it shall become a Deleted
Mortgage Loan) and substitute one or more Qualified Substitute Mortgage Loans,
provided such substitution is effected not later than the date which is two
years after the Startup Day or at such later date, if the Depositor delivers to
the Trustee and the Certificate Insurer an Opinion of Counsel that such
substitution would not constitute a prohibited transaction under the REMIC
Provisions or cause the Trust Fund REMIC to fail to qualify as a REMIC at any
time any Certificates are outstanding. Any such substitution shall be
accompanied by payment by the Depositor of the Substitution Adjustment, if any,
to be deposited in the related Principal and Interest Account. For purposes of
calculating the related Available Remittance Amount for any Remittance Date,
amounts paid by the Depositor pursuant to this Section 3.03 in connection with
the repurchase or substitution of any Mortgage Loan that are on deposit in the
related Principal and Interest Account as of the Determination Date for such
Remittance Date shall be deemed to have been paid during the related Due Period
and shall be transferred to the related Certificate Account pursuant to Section
5.04(i) on the Determination Date for such Remittance Date.
As to any Deleted Mortgage Loan for which the Depositor substitutes
a Qualified Substitute Mortgage Loan or Loans, the Servicer shall effect such
substitution by delivering to the Trustee a certification in the form attached
hereto as Exhibit I, executed by a Servicing Officer, and the documents
constituting the Trustee's Mortgage File for such Qualified Substitute Mortgage
Loan or Loans.
The Servicer shall deposit in the related Principal and Interest
Account all payments received in connection with such Qualified Substitute
Mortgage Loan or Loans after the date of such substitution. Monthly Payments
received with respect to Qualified Substitute Mortgage Loans on or before the
date of substitution will be retained by the Depositor. The Trust Fund will own
all payments received on the Deleted Mortgage Loan on or before the date of
substitution, and the Depositor shall thereafter be entitled to retain all
amounts subsequently received in respect of such Deleted Mortgage Loan. The
Servicer shall give written notice to the Trustee and the Certificate Insurer
that such substitution has taken place and shall amend the related Mortgage Loan
Schedule to reflect the removal of such Deleted Mortgage Loan from the terms of
this Agreement and the substitution of the Qualified Substitute Mortgage Loan.
The Servicer shall promptly deliver to the Trustee a copy of the related amended
Mortgage Loan Schedule. Upon such substitution, such Qualified Substitute
Mortgage Loan or Loans shall be subject to the terms of this Agreement in all
respects, and the Depositor shall be deemed to have made with respect to such
Qualified Substitute Mortgage Loan or Loans, as of the date of substitution, the
covenants, representations and warranties set forth in Sections 3.01 and 3.02
above. On the date of such substitution, the Depositor will remit to the
Servicer, and the Servicer will deposit into the related Principal and Interest
Account, an amount equal to the Substitution Adjustment, if any.
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It is understood and agreed that the obligations of the Depositor
set forth in Sections 2.05 and 3.03 above to cure, purchase or substitute for a
defective Mortgage Loan as provided in such Sections 2.05 and 3.03 constitute
the sole remedies of the Trustee, the Certificate Insurer and the
Certificateholders respecting a breach of the representations and warranties.
Any cause of action against the Depositor relating to or arising out
of a defect in a Trustee's Mortgage File as contemplated by Section 2.05 above
or the breach of any representations and warranties made in Sections 3.01 or
3.02 above shall accrue as to any Mortgage Loan upon (i) discovery of such
defect or breach by any party and notice thereof to the Depositor or notice
thereof by the Depositor to the Trustee, (ii) failure by the Depositor to cure
such defect or breach or purchase or substitute such Mortgage Loan as specified
above, and (iii) demand upon the Depositor by the Trustee for all amounts
payable in respect of such Mortgage Loan.
Notwithstanding any contrary provision of this Agreement, with
respect to any Mortgage Loan which is not in default or as to which no default
is reasonably foreseeable, no purchase or substitution pursuant to Section
2.05(b) above or this Section 3.03 shall be made unless the Depositor provides
to the Trustee an Opinion of Counsel, addressed to the Trustee, to the effect
that such purchase or substitution would not (i) result in the imposition of
taxes on "prohibited transactions" of the Trust Fund REMIC, as defined in
Section 860F of the Code, or a tax on contributions to the Trust Fund REMIC,
under the REMIC Provisions, or (ii) cause the Trust Fund REMIC to fail to
qualify as a REMIC at any time that any Certificates are outstanding. Any
Mortgage Loan as to which purchase or substitution was delayed pursuant to this
paragraph shall be purchased or substituted (subject to compliance with such
Sections 2.05 and 3.03) upon the earlier of (a) the occurrence of a default or
imminent default with respect to such loan and (b) receipt by the Trustee of an
Opinion of Counsel to the effect that such purchase or substitution will not
result in any of the events described in clauses (i) and (ii) of the preceding
sentence. The Trustee shall give prompt written notice to Moody's, S&P and the
Certificate Insurer of any repurchase or substitution made pursuant to this
Section 3.03.
The Trustee shall have no duty to conduct any affirmative
investigation other than as specifically set forth in this Agreement as to the
occurrence of any condition requiring the repurchase or substitution of any
Mortgage Loan pursuant to this Section or the eligibility of any Mortgage Loan
for purposes of this Agreement, and may rely conclusively on any Opinion of
Counsel delivered to it under this Section 3.03.
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ARTICLE IV
THE CERTIFICATES
Section 4.01 The Certificates.
The Certificates shall be substantially in the form annexed hereto
as Exhibits B-1 through B-3, and shall, upon original issue, be executed (not in
its individual capacity, but solely as Trustee) and delivered by the Trustee to
the Certificate Registrar for authentication and delivery to or upon the order
of the Depositor, concurrently with the transfer and assignment to the Trustee
of the Mortgage Loans pursuant to Section 2.01 above. All Certificates shall be
issued in Authorized Denominations. So long as the Class 1A-1, Class 1A-2, Class
1A-3, Class 1A-4, Class 1A-5, Class 1A-6, Class 1A-7 and Class 2A Certificates
are Book-Entry Certificates, each Class of such Certificates shall be evidenced
by one or more certificates representing the entire amount of the related
Original Class Principal Balance. All Certificates shall be executed and
authenticated by manual or facsimile signature on behalf of the Trust Fund by an
authorized officer of the Trustee and on behalf of the Certificate Registrar by
an authorized officer of the Certificate Registrar. Certificates bearing the
signatures of individuals who were at the time of the execution of the
Certificates the proper officers of the Trustee shall bind the Trust Fund,
notwithstanding that such individuals or any of them have ceased to hold such
offices prior to the delivery of such Certificates or did not hold such offices
at the date of such Certificates. All Certificates issued hereunder shall be
dated the date of their authentication.
Section 4.02Registration of Transfer and Exchange of Certificates.
(a) The Trustee shall cause to be kept at its office in Chicago,
Illinois, or at its designated agent, a Certificate Register in which, subject
to such reasonable regulations as it may prescribe, it shall provide for the
registration of Certificates and of transfers and exchanges of Certificates as
herein provided. The Certificate Register shall contain the name, remittance
instructions, Class and Percentage Interest of each Certificateholder, as well
as the Series and the number in the Series. The Trustee hereby accepts
appointment as Certificate Registrar for the purpose of registering Certificates
and transfers and exchanges of Certificates as herein provided (the "Certificate
Registrar").
(b) The Class R Certificates have not been registered or qualified
under the Securities Act of 1933, as amended (the "1933 Act"), or any state
securities laws or "Blue Sky" laws. No transfer, sale, pledge or other
disposition of any Class R Certificate shall be made unless such disposition is
made pursuant to an effective registration statement under the 1933 Act and
effective registration or qualification under applicable state securities laws
or "Blue Sky" laws, or is made in a transaction which does not require such
registration or qualification. In the event that a transfer of a Class R
Certificate is to be made in reliance upon an exemption from the 1933 Act, the
Trustee or the Certificate Registrar shall require, in order to assure
compliance with the 1933 Act, that the Certificateholder desiring to effect such
disposition and
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such Certificateholder's prospective transferee each certify to the Trustee or
the Certificate Registrar in writing the facts surrounding such disposition
substantially in the form of Exhibit D. In the event that such certification of
facts does not on its face establish the availability of an exemption under the
1933 Act, the Trustee may require an Opinion of Counsel satisfactory to it that
such transfer may be made pursuant to an exemption from the 1933 Act, which
Opinion of Counsel shall not be an expense of the Trustee or the Trust Fund.
None of the Servicer, the Depositor nor the Trustee are obligated under this
Agreement to register the Class R Certificates under the 1933 Act or any other
securities law or to take any action not otherwise required under this Agreement
to permit the transfer of such Certificates without such registration or
qualification.
(c) Each Person who has or who acquires any Percentage Interest in a
Class R Certificate shall be deemed by the acceptance or acquisition of such
Percentage Interest to have agreed to be bound by the following provisions and
to have irrevocably appointed the Servicer or its designee as its
attorney-in-fact to negotiate the terms of any mandatory sale under clause (v)
below and to execute all instruments of transfer and to do all other things
necessary in connection with any such sale, and the rights of each Person
acquiring any Percentage Interest in a Class R Certificate are expressly subject
to the following provisions:
(i) Each Person holding or acquiring any Percentage Interest in
a Class R Certificate shall be a Permitted Transferee and shall promptly
notify the Servicer and the Trustee of any change or impending change in
its status as a Permitted Transferee.
(ii) No Percentage Interest in a Class R Certificate may be
transferred (including any transfer to the initial holder) and the Trustee
shall not register the transfer of the Class R Certificate unless the
Trustee shall have been furnished with (A) an affidavit (a "Transfer
Affidavit") of the proposed transferee substantially in the form attached
hereto as Exhibit J and (B) a certificate (a "Transfer Certificate") of
the transferror substantially in the form attached hereto as Exhibit J-1
to the effect that (1) such transferror has no actual knowledge that the
proposed transferee is not a Permitted Transferee and (2) no purpose of
such proposed transfer is to impede the assessment or collection of tax.
(iii) Each Person holding or acquiring any Percentage Interest
in a Class R Certificate shall agree (A) to require a Transfer Affidavit
from any other Person to whom such Person attempts to transfer its
Percentage Interest in a Class R Certificate, (B) to require a Transfer
Affidavit from any Person for whom such Person is acting as nominee,
trustee or agent in connection with any transfer of a Class R Certificate,
(C) to deliver a Transfer Certificate to the Trustee in connection with
any such attempted transfer and (D) not to transfer its Percentage
Interest in a Class R Certificate or to cause the transfer of a Percentage
Interest in a Class R Certificate to any other Person if it has actual
knowledge that such Person is not a Permitted Transferee or if any purpose
of such transfer is to impede the assessment or collection of tax.
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(iv) Each Person holding or acquiring a Percentage Interest in
a Class R Certificate, by purchasing a Percentage Interest in such
Certificate, agrees to give the Trustee and the Depositor written notice
that it is a "pass-through interest holder" within the meaning of
Temporary Treasury Regulations Section 1.67-3T(a)(2)(i)(A) immediately
upon acquiring a Percentage Interest in a Class R Certificate, if it is,
or is holding a Percentage Interest in a Class R Certificate on behalf of,
a "pass-through interest holder."
(v) Any attempted or purported transfer of any Percentage
Interest in a Class R Certificate in violation of the provisions of this
Section 4.02 shall be absolutely null and void and shall vest no rights in
the purported transferee. If any purported transferee shall become a
Holder of a Class R Certificate in violation of the provisions of this
Section 4.02, then the last preceding Permitted Transferee shall be
restored to all rights as Holder thereof retroactive to the date of
registration of transfer of such Class R Certificate. The Trustee shall
notify the Servicer upon receipt of written notice or discovery by a
Responsible Officer that the registration of transfer of a Class R
Certificate was not in fact permitted by this Section 4.02. Knowledge
shall not be imputed to the Trustee with respect to an impermissible
transfer in the absence of such a written notice or discovery by a
Responsible Officer. The Trustee shall be under no liability to any Person
for any registration of transfer of a Class R Certificate that is in fact
not permitted by this Section 4.02 or for making any payments due on such
Certificate to the Holder thereof or taking any other action with respect
to such Holder under the provisions of this Agreement so long as the
transfer was registered after receipt of the related Transfer Affidavit
and Transfer Certificate. The Trustee shall be entitled, but not obligated
to, recover from any Holder of a Class R Certificate that was in fact not
a Permitted Transferee at the time it became a Holder or, at such
subsequent time as it became other than a Permitted Transferee, all
payments made on such Class R Certificate at and after either such time.
Any such payments so recovered by the Trustee shall be paid and delivered
by the Trustee to the last preceding Holder of such Certificate.
(vi) If any purported transferee shall become a Holder of a
Class R Certificate in violation of the restrictions in this Section 4.02,
then the Servicer or its designee shall have the right, without notice to
the Holder or any prior Holder of such Class R Certificate, to sell such
Class R Certificate to a purchaser selected by the Servicer or its
designee on such reasonable terms as the Servicer or its designee may
choose. Such purchaser may be the Servicer itself or any Affiliate of the
Servicer. The proceeds of such sale, net of commissions, expenses and
taxes due, if any, will be remitted by the Servicer to the last preceding
purported transferee of such Class R Certificate, except that in the event
that the Servicer determines that the Holder or any prior Holder of such
Class R Certificate may be liable for any amount due under this Section
4.02 or any other provision of this Agreement, the Servicer may withhold a
corresponding amount from such remittance as security for such claim. The
terms and conditions of any sale under this clause (vi) shall be
determined in the sole discretion of
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the Servicer or its designee, and it shall not be liable to any Person
having a Percentage Interest in a Class R Certificate as a result of its
exercise of such discretion.
(vii) The Servicer, on behalf of the Trustee, shall make
available, upon written request from the Trustee, all information
necessary to compute any tax imposed (A) as a result of the Transfer of a
Percentage Interest in a Class R Certificate to any Person who is a
Disqualified Organization, including the information regarding "excess
inclusions" of such Class R Certificates required to be provided to the
Internal Revenue Service and certain Persons as described in Treasury
Regulations Sections 1.860D-1(b)(5) and 1.860E-2(a)(5), and (B) as a
result of any regulated investment company, real estate investment trust,
common trust fund, partnership, trust, estate or organization described in
Section 1381 of the Code that holds a Percentage Interest in a Class R
Certificate having as among its record holders at any time any Person who
is a Disqualified Organization. Reasonable compensation for providing such
information may be required by the Servicer from such Person.
Transfers of the Class R Certificates to Persons other than
Permitted Transferees are prohibited.
No transfer of a Class R Certificate or any interest therein shall
be made to any employee benefit plan or other retirement arrangement, including
individual retirement accounts and annuities, Keogh plans and collective
investment funds and separate accounts in which such plans, accounts or
arrangements are invested, that is subject to the Employment Retirement Income
Security Act of 1974, as amended ("ERISA"), or the Code (each, a "Plan"), unless
the prospective transferee of a Class R Certificate provides the Servicer and
the Trustee with a certification of facts and, at its own expense, an Opinion of
Counsel which establish to the satisfaction of the Servicer and the Trustee that
such transfer will not result in a violation of Section 406 of ERISA or Section
4975 of the Code or cause the Servicer or the Trustee to be deemed a fiduciary
of such Plan or result in the imposition of an excise tax under Section 4975 of
the Code.
None of (i) the Trust Fund, (ii) the Servicer, (iii) the Depositor
or (iv) any Subservicer shall be a Class A Certificateholder. Any attempted or
purported transfer in violation of the preceding sentence shall be absolutely
null and void and shall vest no rights in the purported transferee. If any
purported transferee shall become a Holder of a Class A Certificate in violation
of such sentence, then the last preceding Holder shall be restored to all rights
as Holder thereof retroactive to the date of registration of transfer of such
Certificate. The Trustee shall notify the Servicer of any transfer in violation
of this paragraph upon receipt of written notice thereof. The Trustee shall be
under no liability to any Person for any registration of transfer of a Class A
Certificate not permitted by this paragraph or for making any payments due on
such Certificate to the Holder thereof or taking any other action with respect
to such Holder under the provisions of this Agreement so long as the transfer
was registered without such receipt. The Trustee shall be entitled, but not
obligated, to recover from
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any Holder of a Class A Certificate that was in fact not a permitted Holder
under this paragraph, all payments made on such Certificate at and after such
time. Any such payments so recovered by the Trustee shall be paid and delivered
by the Trustee to the last preceding Holder of such Certificate.
Subject to the preceding paragraphs, upon surrender for registration
of transfer of any Certificate at the Chicago, Illinois office of the Trustee
(or at the office of the designated Certificate Registrar), the Trustee shall
execute, authenticate and deliver in the name of the designated transferee or
transferees, a new Certificate of the same Class and Percentage Interest and
dated the date of authentication by the Trustee. The Certificate Registrar shall
notify the Servicer of any such transfer.
At the option of the Certificateholders, Certificates may be
exchanged for other Certificates of Authorized Denominations of a like Class and
aggregate Percentage Interest, upon surrender of the Certificates to be
exchanged at such office. Whenever any Certificates are so surrendered for
exchange, the Trustee shall execute, authenticate and deliver the Certificates
which the Certificateholder making the exchange is entitled to receive. Every
Certificate presented or surrendered for registration of transfer or exchange
shall be accompanied by a written instrument of transfer substantially in the
form attached hereto as Exhibit E, or such other endorsement or written
instrument of transfer as is satisfactory to the Trustee, duly executed by the
Holder thereof or his attorney duly authorized in writing, together with wiring
instructions, if applicable, in the form attached hereto as Exhibit E(1).
No service charge shall be made for any registration of transfer or
exchange of Certificates, but the Certificate Registrar may require payment of a
sum sufficient to cover any tax or governmental charge that may be imposed in
connection with any transfer or exchange of Certificates.
All Certificates surrendered for registration of transfer and
exchange shall be marked "cancelled" by the Trustee.
(d) Except as provided in paragraph (e) below, the Book-Entry
Certificates shall at all times remain registered in the name of the Depository
or its nominee and at all times: (i) registration of the Class A Certificates
may not be transferred by the Trustee except to another Depository; (ii) the
Depository shall maintain book-entry records with respect to the Certificate
Owners and with respect to ownership and transfers of such Class A Certificates;
(iii) ownership and transfers of the Class A Certificates on the books of the
Depository shall be governed by applicable rules established by the Depository;
(iv) the Depository may collect its usual and customary fees, charges and
expenses from its Depository Participants; (v) the Trustee shall deal only with
the Depository for purposes of exercising the rights of Holders of Class A
Certificates under this Agreement.
All transfers by Certificate Owners of Book-Entry Certificates shall
be made in accordance with the procedures established by the Depository
Participant or brokerage firm
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representing such Certificate Owner. Each Depository Participant shall only
transfer Book-Entry Certificates of Certificate Owners it represents or of
brokerage firms for which it acts as agent in accordance with the Depository's
normal procedures.
(e) If (x)(i) the Servicer advises the Trustee in writing that the
Depository is no longer willing or able to properly discharge its
responsibilities as Depository, and (ii) the Servicer is unable to locate a
qualified successor, (y) the Servicer at its option may advise the Trustee in
writing that it elects to terminate the book-entry system through the Depository
or (z) after the occurrence of an Event of Default, the aggregate of the
Majority Certificateholders of the Sub-Pool(s) affected by such Event of Default
may advise the Trustee in writing that the continuation of a book-entry system
through the Depository, to the exclusion of Definitive Certificates, is no
longer in the best interests of the related Certificate Owners, the Trustee
shall notify all of the related Certificate Owners, through the Depository, of
the occurrence of any such event and of the availability of definitive, fully
registered Class 1A or Class 2A Certificates (the "Definitive Certificates"), as
the case may be, to the Certificate Owners requesting the same. Upon surrender
to the Trustee of the related Class A Certificates by the Depository,
accompanied by registration instructions from the Depository for registration of
transfer, the Trustee shall issue the Definitive Certificates. Neither the
Servicer nor the Trustee shall be liable for any delay in delivery of such
instructions and may conclusively rely on, and shall be protected in relying on,
such instructions. Upon the issuance of Definitive Certificates all references
herein to obligations imposed upon or to be performed by the Depository shall be
deemed to be imposed upon and performed by the Trustee to the extent applicable
with respect to such Definitive Certificates and the Trustee shall recognize the
Holders of the Definitive Certificates as Certificateholders hereunder.
Section 4.03 Mutilated, Destroyed, Lost or Stolen Certificates.
If (i) any mutilated Certificate is surrendered to the Certificate
Registrar, or the Trustee receives evidence to its satisfaction of the
destruction, loss or theft of any Certificate, and (ii) there is delivered to
the Trustee and the Certificate Registrar such security or indemnity as may
reasonably be required by each of them to save each of them harmless, then, in
the absence of notice to the Servicer, the Trustee and the Certificate Registrar
that such Certificate has been acquired by a bona fide purchaser, upon receipt
of written notice from the Servicer that it has received adequate security or
indemnity and no notice that such Certificate has been acquired by a bona fide
purchaser, the Trustee shall execute, deliver and authenticate, in exchange for
or in lieu of any such mutilated, destroyed, lost or stolen Certificate, a new
Certificate of like tenor, Class and Percentage Interest, but bearing a number
not contemporaneously outstanding. Upon the issuance of any new Certificate
under this Section 4.03, the Servicer and the Trustee may require the payment of
a sum sufficient to cover any tax or other governmental charge that may be
imposed in relation thereto and any other expenses connected therewith. Any
duplicate Certificate issued pursuant to this Section 4.03 shall constitute
complete and indefeasible evidence of ownership in the Trust Fund, as if
originally issued, whether or not the mutilated, destroyed, lost or stolen
Certificate shall be found at any time.
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Section 4.04 Persons Deemed Owners.
Prior to due presentation of a Certificate for registration of
transfer, the Servicer, the Depositor, the Trustee and the Certificate Registrar
may treat the Person in whose name any Certificate is registered as the owner of
such Certificate for the purpose of receiving remittances pursuant to Section
6.06 and for all other purposes whatsoever, and the Depositor, the Servicer, the
Trustee and the Certificate Registrar shall not be affected by notice to the
contrary.
Section 4.05 Information Reports to be Filed by the Servicer.
The Servicer or the Subservicers shall file the information reports
with respect to the receipt of mortgage interest received in a trade or
business, foreclosures and abandonments of any Mortgaged Property and the
information returns relating to cancellation of indebtedness income with respect
to any Mortgaged Property required by Sections 6050H, 6050J and 6050P of the
Code, respectively, and deliver to the Trustee an Officers' Certificate stating
that such reports and returns have been filed. Such reports and returns shall be
in form and substance sufficient to meet the reporting requirements imposed by
such Sections 6050H, 6050J and 6050P of the Code.
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ARTICLE V
ADMINISTRATION AND SERVICING OF THE MORTGAGE LOANS
Section 5.01 Duties of the Servicer.
(a) The Servicer, as independent contract servicer, shall service
and administer the Mortgage Loans and shall have full power and authority,
acting alone, to do any and all things in connection with such servicing and
administration which the Servicer may deem necessary or desirable and consistent
with the terms of this Agreement. The Servicer may enter into Subservicing
Agreements for any servicing and administration of Mortgage Loans with any
institution which is in compliance with the laws of each state necessary to
enable it to perform its obligations under such Subservicing Agreement and (x)
has been designated an approved seller-servicer by FHLMC or FNMA for first and
second mortgage loans with respect to Sub-Pool 1, and for first mortgage loans
with respect to Sub-Pool 2 or (y) is an Affiliate of the Servicer. The Servicer
shall give written notice to the Certificate Insurer and the Trustee of the
appointment of any Subservicer. Any such Subservicing Agreement shall be
consistent with and not violate the provisions of this Agreement. The Servicer
shall be entitled to terminate any Subservicing Agreement in accordance with the
terms and conditions of such Subservicing Agreement and to either itself
directly service the related Mortgage Loans or enter into a Subservicing
Agreement with a successor subservicer which qualifies hereunder.
(b) Notwithstanding any Subservicing Agreement, any of the
provisions of this Agreement relating to agreements or arrangements between the
Servicer and Subservicer or reference to actions taken through a Subservicer or
otherwise, the Servicer shall remain obligated and primarily liable to the
Trustee and Certificateholders for the servicing and administering of the
Mortgage Loans in accordance with the provisions of this Agreement without
diminution of such obligation or liability by virtue of such Subservicing
Agreements or arrangements or by virtue of indemnification from the Subservicer
and to the same extent and under the same terms and conditions as if the
Servicer alone were servicing and administering the Mortgage Loans. For purposes
of this Agreement, the Servicer shall be deemed to have received payments on
Mortgage Loans when the Subservicer has received such payments. The Servicer
shall be entitled to enter into any agreement with a Subservicer for
indemnification of the Servicer by such Subservicer, and nothing contained in
this Agreement shall be deemed to limit or modify such indemnification.
With respect to any Mortgage Note released by the Trustee to the
Servicer or to any Subservicer in accordance with the terms of this Agreement,
other than a release or satisfaction pursuant to Section 7.02, prior to such
release, the Trustee or, if a Custodian has been appointed pursuant to Section
12.12, the Custodian shall (a) complete all endorsements in blank so that the
endorsement reads "Pay to the order of LaSalle National Bank, as Trustee under
the Pooling and Servicing Agreement, dated as of December 1, 1996, Series
1996-4" and (b) complete a restrictive endorsement that reads "LaSalle National
Bank is the holder of the mortgage note for the benefit of the
Certificateholders under the Pooling and Servicing
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Agreement, dated as of December 1, 1996, Series 1996-4" with respect to those
Mortgage Notes currently endorsed "Pay to the order of holder", if any.
(c) Any Subservicing Agreement that may be entered into and any
transactions or services relating to the Mortgage Loans involving a Subservicer
in its capacity as such and not as an originator shall be deemed to be between
the Subservicer and the Servicer alone, and the Trustee, the Certificate Insurer
and Certificateholders shall not be deemed parties thereto and shall have no
claims, rights, obligations, duties or liabilities with respect to the
Subservicer except as set forth in Section 5.01(d).
(d) In the event the Servicer shall for any reason no longer be the
Servicer (including by reason of an Event of Default), the Trustee or its
designee shall, subject to Section 10.02, thereupon assume all of the rights and
obligations of the Servicer under each Subservicing Agreement that the Servicer
may have entered into, unless the Trustee elects to terminate any Subservicing
Agreement in accordance with its terms. The Trustee, its designee or the
successor servicer for the Trustee shall be deemed to have assumed all of the
Servicer's interest therein and to have replaced the Servicer as a party to each
Subservicing Agreement to the same extent as if the Subservicing Agreements had
been assigned to the assuming party, except that the Trustee (or its designee)
shall have no liability or obligations under any Subservicing Agreements with
respect to any period prior to becoming the new Servicer, whether for acts or
omissions of the Servicer or otherwise, and the Servicer shall not by virtue of
such replacement be relieved of any such liability or obligations under the
Subservicing Agreements. The Servicer at its expense and without right of
reimbursement therefor, shall, upon request of the Trustee, deliver to the
assuming party all documents and records relating to each Subservicing Agreement
and the Mortgage Loans then being serviced and an accounting of amounts
collected and held by it and otherwise use its best efforts to effect the
orderly and efficient transfer of the Subservicing Agreements to the assuming
party.
(e) Consistent with the terms of this Agreement, the Servicer may
waive, modify or vary any term of any Mortgage Loan or consent to the
postponement of strict compliance with any such term or in any manner grant
indulgence to any Mortgagor if in the Servicer's determination such waiver,
modification, postponement or indulgence is not materially adverse to the
interests of the Certificateholders and the Certificate Insurer, provided,
however, notwithstanding any provision of this Agreement to the contrary, the
Servicer shall not consent to, make or permit (i) any modification with respect
to any Mortgage Loan that would change the Mortgage Rate, reduce or increase the
principal balance (except for reductions resulting from actual payments of
principal) or change the final maturity date on such Mortgage Loan unless (A)
the related Mortgagor is in default with respect to the Mortgage Loan or, in the
judgment of the Servicer, such default is reasonably foreseeable and (B) in the
sole judgment of the Servicer such modification would increase the proceeds of
such Mortgage Loan and (C) the Certificate Insurer has consented to such
modification, or (ii) any modification, waiver or amendment of any term of any
Mortgage Loan that would both (A) effect an exchange or reissuance of such
Mortgage Loan under Section 1001 of the Code (or final or temporary Treasury
regulations, or proposed Treasury regulations with a proposed effective date
that would
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make them applicable to such modification, waiver or amendment, promulgated
thereunder) and (B) cause the Trust Fund REMIC to fail to qualify as a REMIC
under the Code or the imposition of any tax on "prohibited transactions" or
"contributions after the startup date" under the REMIC Provisions. No costs
incurred by the Servicer or any Subservicer in respect of Servicing Advances
shall for the purposes of distributions to Certificateholders be added to the
amount owing under the related Mortgage Loan. Without limiting the generality of
the foregoing, and subject to the consent of the Certificate Insurer, the
Servicer shall continue, and is hereby authorized and empowered to execute and
deliver on behalf of the Trustee and each Certificateholder, all instruments of
satisfaction or cancellation, or of partial or full release, discharge and all
other comparable instruments, with respect to the Mortgage Loans and with
respect to the Mortgaged Properties. If reasonably required by the Servicer, the
Trustee shall furnish the Servicer with any powers of attorney and other
documents necessary or appropriate to enable the Servicer to carry out its
servicing and administrative duties under this Agreement.
Notwithstanding anything to the contrary contained herein, the
Servicer, in servicing and administering the Mortgage Loans, shall employ or
cause to be employed procedures (including collection, foreclosure, REO Property
management procedures and the making of Servicing Advances) and exercise the
same care that it customarily employs and exercises in servicing and
administering mortgage loans for its own account, in accordance with accepted
first and second mortgage servicing practices of prudent lending institutions
with respect to Sub-Pool 1, and in accordance with accepted first mortgage
servicing practices of prudent lending institutions with respect to Sub-Pool 2,
and giving due consideration to the Certificate Insurer's and the
Certificateholders reliance on the Servicer.
(f) On and after such time as the Trustee receives the resignation
of, or notice of the removal of, the Servicer from its rights and obligations
hereunder with respect to a Sub-Pool, and with respect to resignation pursuant
to Section 9.04, after receipt of the Opinion of Counsel required pursuant to
such Section 9.04, the Trustee or its designee shall assume all of the rights
and obligations of the Servicer hereunder with respect to such Sub-Pool, subject
to Section 10.02. The Servicer shall, upon request of the Trustee but at the
expense of the Servicer, deliver to the Trustee all documents and records
relating to the related Mortgage Loans and an accounting of amounts collected
and held by the Servicer and otherwise use its best efforts to effect the
orderly and efficient transfer of servicing rights with respect to such Sub-Pool
and obligations to the assuming party.
Section 5.02 Liquidation of Mortgage Loans.
In the event that any payment due under any Mortgage Loan and not
postponed pursuant to Section 5.01 above is not paid when the same becomes due
and payable, or in the event the Mortgagor fails to perform any other covenant
or obligation under the Mortgage Loan and such failure continues beyond any
applicable grace period, the Servicer shall take such action as it shall deem to
be in the best interest of the Certificate Insurer and the Certificateholders.
The Servicer shall foreclose upon or otherwise comparably effect the ownership
in the name of the Trustee for the benefit of the Certificateholders on behalf
of the
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Certificateholders of Mortgaged Properties relating to defaulted Mortgage Loans
as to which no satisfactory arrangements can be made for collection of
delinquent payments in accordance with the provisions of Section 5.10, provided,
however, that the Servicer shall not be obligated to foreclose in the event that
the Servicer, in its good faith reasonable judgment, determines that it would
not be in the best interests of Certificateholders or the Certificate Insurer,
which judgment shall be evidenced by an Officer's Certificate delivered to the
Trustee and the Certificate Insurer. In connection with such foreclosure or
other conversion, the Servicer shall exercise collection and foreclosure
procedures with the same degree of care and skill in its exercise or use as it
would exercise or use under the circumstances in the conduct of its own affairs.
Any amounts advanced in connection with such foreclosure or other action shall
constitute Servicing Advances.
After a Mortgage Loan has become a Liquidated Mortgage Loan, the
Servicer shall promptly prepare and forward to the Trustee and the Certificate
Insurer and, upon request, any Certificateholder, a Liquidation Report certified
by a Responsible Officer, in the form attached hereto as Exhibit M, detailing
the Liquidation Proceeds received from the Liquidated Mortgage Loan, expenses
incurred with respect thereto, and any loss incurred in connection therewith.
Section 5.03 Establishment of Principal and Interest Accounts;
Deposits in Principal and Interest Accounts.
With respect to each Sub-Pool, the Servicer shall cause to be
established and initially maintained with the Trustee one or more Principal and
Interest Accounts, which shall be Eligible Accounts, titled, with respect to
Sub-Pool 1, "Sub-Pool 1 Principal and Interest Account, Lee Servicing Company, a
division of Superior Bank FSB, in trust for the registered holders of AFC
Mortgage Loan Asset Backed Certificates, Series 1996-4" and with respect to
Sub-Pool 2, "Sub-Pool 2 Principal and Interest Account, Lee Servicing Company, a
division of Superior Bank FSB, in trust for the registered holders of AFC
Mortgage Loan Asset Backed Certificates, Series 1996-4." Subsequent to the
Closing Date, the Servicer may transfer the related Principal and Interest
Account to another institution, provided that each Principal and Interest
Account shall be an Eligible Account and all amounts therein shall be invested
only in Permitted Instruments. The creation of any Principal and Interest
Account shall be evidenced by a letter agreement in the form of Exhibit C. A
copy of such letter agreement shall be furnished on the Closing Date to the
Trustee, the Certificate Insurer and, upon request, any Certificateholder. With
respect to each Sub-Pool, the Servicer shall deposit (without duplication) the
following amounts with respect to such Sub-Pool within one (1) Business Day of
receipt of good funds in the related Principal and Interest Account and retain
therein:
(i) all payments due after the Cut-off Date with respect to
the Initial Mortgage Loans or after a Subsequent Cut-off Date with
respect to the Subsequent Mortgage Loans on account of principal on
the Mortgage Loans and all Excess Payments, Principal Prepayments
and Curtailments received after the
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Cut-off Date, or after the Subsequent Cut-off Date, as the case may
be, and other than the Depositor's Yield;
(ii) all payments due after the Cut-off Date with respect to
the Initial Mortgage Loans, or after a Subsequent Cut-off Date with
respect to the Subsequent Mortgage Loans, on account of interest on
the Mortgage Loans;
(iii) all Net Liquidation Proceeds;
(iv) all Insurance Proceeds;
(v) all Released Mortgaged Property Proceeds;
(vi) any amounts payable in connection with the repurchase of
any Mortgage Loan and the amount of any Substitution Adjustment
pursuant to Sections 2.05 and 3.03 above; and
(vii) any amount required to be deposited in the related
Principal and Interest Account pursuant to Section 5.04 or 11.01.
The foregoing requirements for deposit in the related Principal and
Interest Account shall be exclusive; it being understood and agreed that,
without limiting the generality of the foregoing, the Depositor's Yield, the
Servicing Fee with respect to each Mortgage Loan, late payment charges and
assumption fees, to the extent permitted by Sections 7.01 and 7.03, and Excess
Proceeds need not be deposited by the Servicer in the related Principal and
Interest Account. Any interest earnings on funds held in the related Principal
and Interest Account shall be for the account of the Servicer and may only be
withdrawn from the related Principal and Interest Account by the Servicer
immediately following its monthly remittance of the Available Remittance Amount
to the Trustee. Any reference herein to amounts on deposit in the related
Principal and Interest Account shall refer to amounts net of such investment
earnings.
Section 5.04 Permitted Withdrawals From the Principal and Interest
Account.
With respect to each Sub-Pool, the Servicer shall withdraw or cause
to be withdrawn funds from the related Principal and Interest Account for the
following purposes:
(i) to effect the remittance to the Trustee on the
Determination Date of the Excess Spread and the portion of the
Available Remittance Amount that is net of Compensating Interest and
Monthly Advances to the Trustee. For the purposes of this Section
5.04(i), the calculation of the Available Remittance Amount shall be
made without reference to the actual deposit of funds in the related
Certificate Account;
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(ii) to reimburse itself for any accrued unpaid Servicing
Fees, unreimbursed Monthly Advances and unreimbursed Servicing
Advances and any amount described in Section 6.13(b) or Section
6.13(c) deposited in the related Certificate Account and
attributable to the conveyance to the Trustee of a Subsequent
Mortgage Loan that does not have a payment date during the related
Due Period, if the Servicer is the Depositor. The Servicer's right
to reimbursement for accrued and unpaid Servicing Fees and
unreimbursed Servicing Advances shall be limited to late collections
on the related Mortgage Loan, including Liquidation Proceeds,
Released Mortgaged Property Proceeds, Insurance Proceeds and such
other amounts as may be collected by the Servicer from the related
Mortgagor with respect to a Sub-Pool or otherwise relating to the
Mortgage Loan in respect of which such unreimbursed amounts are owed
(including amounts paid by the Depositor in connection with the
purchase or substitution of Mortgage Loans pursuant to Section 2.05
or 3.03 above). The Servicer's right to reimbursement for
unreimbursed Monthly Advances and amounts described in Section
6.13(b) or Section 6.13(c) (if the Servicer is the Depositor) shall
be limited to collections of interest on any Mortgage Loan; provided
that the Servicer shall not be entitled to reimbursement from
Liquidation Proceeds for Monthly Advances made pursuant to Section
6.09(c) or Section 6.09(d), or for amounts deposited in the related
Certificate Account pursuant to Section 6.13(b) or Section 6.13(c)
and attributable to the conveyance to the Trustee of a Subsequent
Mortgage Loan that does not have a payment date during the related
Due Period. It is understood that the Servicer's right to
reimbursement pursuant hereto shall be senior to the rights of
Certificateholders unless the Depositor or any of its affiliates is
the Servicer and the Depositor is required to repurchase or
substitute a Mortgage Loan pursuant to Section 2.05 or 3.03 above,
in which case the Servicer's right to such reimbursement shall be
subordinate to the rights of Certificateholders to receive the
purchase price or substitution adjustment pursuant to such Sections
2.05 and 3.03;
(iii) to withdraw any amount received from a Mortgagor that is
recoverable and sought to be recovered as a Preference Amount by a
trustee in bankruptcy pursuant to the United States Bankruptcy Code
in accordance with a final, nonappealable order of a court having
competent jurisdiction;
(iv) (a) to make investments in Permitted Instruments and (b)
to pay to itself interest earned in respect of Permitted Instruments
or on funds deposited in the related Principal and Interest Account;
(v) to withdraw any funds deposited in the related Principal
and Interest Account that were not required to be deposited therein
(such as Servicing Compensation) or were deposited therein in error;
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(vi) to pay itself Servicing Compensation pursuant to Section
7.03 to the extent not retained or paid pursuant to Section 5.03 or
5.04(ii);
(vii) to withdraw funds necessary for the conservation and
disposition of REO Property pursuant to the third paragraph of
Section 5.10;
(viii) to remit to the Trustee any amount which was deposited
by the Certificate Insurer pursuant to Section 11.01 to cover unpaid
fees and expenses of the Trustee; and
(ix) to clear and terminate the related Principal and Interest
Account upon the termination of this Agreement with any amounts on
deposit therein being paid to the Servicer and/or the Depositor to
the extent of any Reimbursable Amounts and the remainder to the
Class R Certificateholders.
So long as no Event of Default shall have occurred and be
continuing, and consistent with any requirements of the Code, the funds held in
the related Principal and Interest Account may be invested by the Servicer (to
the extent practicable) in Permitted Instruments, as directed in writing to the
Trustee by the Servicer. In either case, funds in the related Principal and
Interest Account must be available for withdrawal without penalty, and any
Permitted Instruments must mature not later than the Business Day immediately
preceding the Determination Date next following the date of such investment
(except that if such Permitted Instrument is an obligation of the institution
that maintains the related Principal and Interest Account, then such Permitted
Instrument shall mature not later than such Determination Date) and shall not be
sold or disposed of prior to its maturity. All Permitted Instruments in which
funds in the related Principal and Interest Account are invested must be held by
or registered in the name of "Lee Servicing Company, a division of Superior Bank
FSB, in trust for the registered holders of AFC Mortgage Loan Asset Backed
Certificates, Series 1996-4." All interest or other earnings from funds on
deposit in the related Principal and Interest Account (or any Permitted
Instruments thereof) shall be the exclusive property of the Servicer, and may be
withdrawn from the related Principal and Interest Account pursuant to clause
(iv) above and the penultimate sentence of Section 5.03 above. The amount of any
losses incurred in connection with the investment of funds in the related
Principal and Interest Account in Permitted Instruments shall be deposited in
the related Principal and Interest Account by the Servicer from its own funds
immediately as realized without reimbursement therefor.
Section 5.05 Payment of Property Taxes, Insurance and Other Charges.
With respect to each Mortgage Loan, the Servicer shall maintain
accurate records reflecting fire and hazard insurance coverage.
With respect to each Mortgage Loan as to which the Servicer
maintains escrow accounts, the Servicer shall maintain accurate records
reflecting the status of ground rents, real estate taxes and assessments, water
rates and other charges which are or may become a lien upon
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the Mortgaged Property and the status of primary mortgage guaranty insurance
premiums, if any, and fire and hazard insurance coverage and shall obtain, from
time to time, all bills for the payment of such charges (including renewal
premiums) and shall effect payment thereof prior to the applicable penalty or
termination date and at a time appropriate for securing maximum discounts
allowable, employing for such purpose deposits of the Mortgagor in any escrow
account which shall have been estimated and accumulated by the Servicer in
amounts sufficient for such purposes, as allowed under the terms of the
Mortgage. To the extent that a Mortgage does not provide for escrow payments,
the Servicer shall monitor such payments to determine if they are made by the
Mortgagor. Any out-of-pocket expenses incurred by the Servicer pursuant to this
Section 5.05, including without limitation any advances of such payments, shall
constitute Servicing Advances.
Section 5.06 Transfer of Accounts; Monthly Statements.
Notwithstanding Section 5.03 above, the Principal and Interest
Accounts and each of the other Accounts shall be established, as of the Closing
Date, with the Trustee as Eligible Accounts pursuant to clause (B) of the
definition thereof. The Principal and Interest Accounts and each of the Accounts
or any of them may, upon written notice to the Trustee and the Certificate
Insurer, be transferred to a different depository institution so long as such
transfer is to an Eligible Account. The Certificate Insurer shall be provided
with a monthly statement of activity in the Principal and Interest Accounts and
the Accounts from each party holding such accounts.
Section 5.07 Maintenance of Hazard Insurance.
The Servicer shall cause to be maintained, subject to the provisions
of Section 5.08, fire and hazard insurance with extended coverage customary in
the area where the Mortgaged Property is located, in an amount which is at least
equal to the least of (a) the outstanding principal balance owing on the
Mortgage Loan, and the First Lien, with respect to Sub-Pool 1, (b) the full
insurable value of the premises securing the Mortgage Loan and (c) the minimum
amount required to compensate for damage or loss on a replacement cost basis. If
at the origination of the Mortgage Loan or at any time during the term of the
Mortgage Loan the Servicer determines that the Mortgaged Property is located in
an area identified on a Flood Hazard Boundary Map or Flood Insurance Rate Map
issued by the Flood Emergency Management Agency as having special flood hazards
and flood insurance has been made available, the Servicer will cause to be
purchased a flood insurance policy meeting the requirements of the current
guidelines of the Federal Insurance Administration with a generally acceptable
insurance carrier, in an amount representing coverage not less than the lesser
of (i) the outstanding principal balance of the Mortgage Loan or (ii) the
maximum amount of insurance which is available under the National Flood
Insurance Act of 1968, the Flood Disaster Protection Act of 1973 or the National
Flood Insurance Reform Act of 1994, as amended. The Servicer shall also
maintain, to the extent such insurance is available, on REO Property, fire and
hazard insurance in the amounts described above, liability insurance and, to the
extent required and available under the National Flood Insurance Act of 1968, as
amended, and the Servicer
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determines that such insurance is necessary in accordance with accepted first
and second mortgage servicing practices of prudent lending institutions with
respect to Sub-Pool 1, and in accordance with accepted first mortgage servicing
practices of prudent lending institutions with respect to Sub-Pool 2, flood
insurance in an amount equal to that required above. Any amounts collected by
the Servicer under any such policies (other than amounts to be applied to the
restoration or repair of the Mortgaged Property, or to be released to the
Mortgagor in accordance with customary first and second mortgage servicing
procedures with respect to Sub-Pool 1, and with customary first mortgage
servicing procedures with respect to Sub-Pool 2) shall be deposited in the
Principal and Interest Account with respect to the related Sub-Pool, subject to
retention by the Servicer to the extent such amounts constitute Servicing
Compensation or to withdrawal pursuant to Section 5.04 above. It is understood
and agreed that no earthquake or other additional insurance need be required by
the Servicer of any Mortgagor or maintained on REO Property, other than pursuant
to such applicable laws and regulations as shall at any time be in force and as
shall require such additional insurance. All policies required hereunder shall
be endorsed with standard mortgagee clauses with losses payable to the Servicer.
Any out-of-pocket expenses incurred by the Servicer pursuant to this Section
5.07, including without limitation any advances of premiums on insurance
policies required by this Section 5.07, shall constitute Servicing Advances.
Section 5.08 Maintenance of Mortgage Impairment Insurance Policy.
In the event that the Servicer shall obtain and maintain a blanket
policy insuring against fire and hazards of extended coverage on all of the
Mortgage Loans or all of the Mortgage Loans in a Sub-Pool, then, to the extent
such policy names the Servicer as loss payee and provides coverage in an amount
equal to the aggregate unpaid principal balance on the related Mortgage Loans
without co-insurance, and otherwise complies with the requirements of Section
5.07 above, the Servicer shall be deemed conclusively to have satisfied its
obligations with respect to fire and hazard insurance coverage under Section
5.07 above, it being understood and agreed that such blanket policy may contain
a deductible clause, in which case the Servicer shall, in the event that there
shall not have been maintained on the related Mortgaged Property a policy
complying with Section 5.07 above, and there shall have been a loss which would
have been covered by such policy, deposit in the related Principal and Interest
Account the difference, if any, between the amount that would have been payable
under a policy complying with Section 5.07 above and the amount paid under such
blanket policy. On the Closing Date, such blanket policy is maintained with St.
Paul Insurance Company.
Section 5.09 Fidelity Bond.
The Servicer shall maintain with a responsible company, and at its
own expense, a blanket fidelity bond and an errors and omissions insurance
policy, in a minimum amount acceptable to FNMA or FHLMC or otherwise as is
commercially available at a cost that is not generally regarded as excessive by
industry standards, with broad coverage on all officers, employees or other
persons acting in any capacity requiring such persons to handle funds, money,
documents or papers relating to the Mortgage Loans ("Servicer Employees"). Any
such
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fidelity bond and errors and omissions insurance shall protect and insure the
Servicer against losses, including losses resulting from forgery, theft,
embezzlement, fraud, errors and omissions and negligent acts of such Servicer
Employees. Such fidelity bond shall also protect and insure the Servicer against
losses in connection with the release or satisfaction of a Mortgage Loan without
having obtained payment in full of the indebtedness secured thereby. No
provision of this Section 5.09 requiring such fidelity bond and errors and
omissions insurance shall diminish or relieve the Servicer from its duties and
obligations as set forth in this Agreement. Upon the request of the Trustee or
the Certificate Insurer, the Servicer shall cause to be delivered to the Trustee
or the Certificate Insurer a certified true copy of such fidelity bond and
insurance policy.
Section 5.10 Title, Management and Disposition of REO Property.
In the event that title to any Mortgaged Property is acquired in
foreclosure or by deed in lieu of foreclosure (an "REO Property"), the deed or
certificate of sale shall be taken in the name of the Trustee for the benefit of
the Certificateholders.
The Servicer shall manage, conserve, protect and operate each REO
Property for the Certificateholders solely for the purpose of its prudent and
prompt disposition and sale. The Servicer shall, either itself or through an
agent selected by the Servicer, manage, conserve, protect and operate the REO
Property in the same manner that it manages, conserves, protects and operates
other foreclosed property for its own account, and in the same manner that
similar property in the same locality as the REO Property is managed. The
Servicer shall attempt to sell the same (and may temporarily rent the same) on
such terms and conditions as the Servicer deems to be in the best interest of
the Certificate Insurer and the Certificateholders. Any out-of-pocket expenses
incurred by the Servicer pursuant to this Section 5.10 shall be Servicing
Advances.
The Servicer shall cause to be deposited, no later than five
Business Days after the receipt thereof, in the related Principal and Interest
Account, all revenues received with respect to the conservation and disposition
of the related REO Property and shall retain, or withdraw from such amounts,
funds necessary for the proper operation, management and maintenance of the
related REO Property and the fees of any managing agent acting on behalf of the
Servicer.
The disposition of REO Property shall be carried out by the Servicer
at such price, and upon such terms and conditions, as the Servicer deems to be
in the best interest of the Certificateholders and, as soon as practicable
thereafter, the expenses of such sale shall be paid. The proceeds of sale of the
REO Property shall be promptly deposited in the related Principal and Interest
Account, net of Excess Proceeds, any related unreimbursed Servicing Advances,
accrued and unpaid Servicing Fees and unreimbursed Monthly Advances payable to
the Servicer in accordance with Section 5.04 above, for distribution to the
Certificateholders in accordance with Section 6.06.
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In the event any Mortgaged Property is acquired as aforesaid or
otherwise in connection with a default or imminent default on a Mortgage Loan,
the Servicer shall sell such Mortgaged Property for cash within two years after
its acquisition of such Mortgaged Property for purposes of Section 860(G)(a)(8)
of the Code unless the Servicer either (i) applies, at the expense of the Trust
Fund (as a Servicing Advance), more than 60 days prior to the expiration of such
two year period, and is granted an extension of time by the Internal Revenue
Service to sell such Mortgaged Property (in which case the Servicer shall sell
such Mortgaged Property prior to the expiration of any extension to such
two-year grace period) or (ii) receives an Opinion of Counsel to the effect that
the holding of such Mortgaged Property subsequent to two years after its
acquisition will not result in the imposition of taxes on "prohibited
transactions" as defined in section 860F of the Code or cause the Trust Fund
REMIC to fail to qualify as a REMIC at any time that any Class A Certificates
are outstanding. Notwithstanding any other provision of this Agreement, (i) no
Mortgaged Property acquired by the Servicer pursuant to this Section shall be
rented (or allowed to continue to be rented) or otherwise used for the
production of income by or on behalf of the Trust Fund, and (ii) no construction
shall take place on such Mortgaged Property in such a manner or pursuant to any
terms, such that in the case of either clause (i) or (ii) such action would
cause such Mortgaged Property to fail to qualify as "foreclosure property"
within the meaning of section 860G(a)(8) of the Code or result in the receipt by
the Trust Fund or any "net income from foreclosure property" which is subject to
taxation within the meaning of Sections 860G(c) and 857(b)(4)(B) of the Code.
Any out-of-pocket expenses incurred by the Servicer including any Opinions of
Counsel pursuant to this Section 5.10 shall constitute Servicing Advances. If a
period greater than two years is permitted under this Agreement and is necessary
to sell any REO Property, the Servicer shall give appropriate notice to the
Trustee and the Certificate Insurer and shall report monthly to the Trustee as
to the progress being made in selling such REO Property.
With respect to each Sub-Pool 1 Multifamily Loan and Sub-Pool 1 Mixed Use
Loan:
(i) Prior to the acquisition of title to such property, the Servicer
shall review the operation of such property and determine the nature of the
income that would be derived from such property if it were acquired by the Trust
Fund. If the Servicer determines from such review that:
(A) None of the income from Directly Operating such property would
be subject to tax as "net income from foreclosure property" within the
meaning of the REMIC Provisions or would be subject to the tax imposed on
"prohibited transactions" under Section 860F of the Code (either such tax
referred to herein as an "REO Tax"), such property may be Directly
Operated by the Servicer as REO Property;
(B) Directly Operating such property as an REO Property could result
in income from such property that would be subject to an REO Tax, but that
a lease of such property to another party to operate such property, or the
performance of some services by an Independent Contractor with respect to
such property, or another method of operating such property would not
result in income subject to an REO Tax, then the
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Servicer may (provided, that in the good faith and reasonable judgment of
the Servicer, it is commercially feasible) acquire such property as REO
Property and so lease or operate such REO Property; or
(C) It is reasonable to believe that Directly Operating such
property as REO Property could result in income subject to an REO Tax and
that no commercially reasonable feasible means exists to operate such
property as REO Property without the Trust Fund incurring or possibly
incurring an REO Tax on income from such property. The Servicer shall give
written notice to the Trustee and the Certificate Insurer summarizing a
proposed plan ("Proposed Plan") to manage such property as REO Property.
Such notice shall include potential sources of income, and to the extent
reasonably feasible, estimates of the amount of income from each such
source. Within a reasonable period of time after receipt of such notice,
the Servicer shall consult with the Trustee and the Certificate Insurer
and shall advise the Trustee and the Certificate Insurer of the Servicer's
federal income tax reporting position with respect to the various sources
of income that the Trust Fund would derive under the Proposed Plan. In
addition, the Trustee shall (to the extent feasible) advise the Servicer
and the Certificate Insurer of the estimated amount of taxes that the
Trust Fund would be required to pay with respect to each such source of
income. After the Servicer has provided the Trustee and the Certificate
Insurer with the information described in the two preceding sentences, the
Servicer shall either (A) implement the Proposed Plan (after acquiring the
respective property as REO Property) or (B) manage and operate such
property in a manner that would not result in the imposition of an REO Tax
on the income derived from such property. The Servicer's decision as to
how each REO Property shall be managed and operated shall be based in
either case on the good faith and reasonable judgment of the Servicer
after consultation with the Certificate Insurer as to which means would be
in the best interest of the Certificateholders and the Certificate Insurer
by maximizing (to the extent commercially feasible) the net after-tax REO
Proceeds received by the Trust Fund with respect to such property and, to
the extent consistent with the foregoing, in the same manner as would
prudent mortgage loan servicers and asset managers operating acquired
mortgaged property comparable to the respective property. The Servicer,
the Trustee and the Certificate Insurer may consult with counsel in
connection with determinations required under this Section 5.10(i)(C). The
cost of such consultation by the Servicer shall constitute a Servicing
Advance. Neither the Servicer nor the Trustee shall be liable to the
Certificateholders, the Trust Fund, the Trustee, the Servicer or each
other for errors in judgment made in good faith in the exercise of their
discretion while performing their respective responsibilities under this
Section 5.10(i)(C). Nothing in this Section 5.10(i)(C) is intended to
prevent the sale of a Defaulted Mortgage Loan pursuant to the terms and
subject to the conditions of Section 5.11.
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Section 5.11 Right to Repurchase Defaulted Mortgage Loans.
The Servicer, in its sole discretion, shall have the right to elect
(by written notice sent to the Trustee) to purchase on any Determination Date
for its own account from the Trust Fund any Mortgage Loan which is 90 days or
more delinquent at a price equal to the Principal Balance of such Mortgage Loan
as of the date of purchase, plus all accrued and unpaid interest on such
Mortgage Loan through the end of the Due Period in which such Determination Date
falls, computed at the Mortgage Rate plus the amount of any unreimbursed
Servicing Advances made by the Servicer with respect to such Mortgage Loan (the
"Purchase Price"). The Purchase Price for any Mortgage Loan purchased hereunder
shall be deposited by the Servicer in the related Principal and Interest Account
and the Trustee, upon receipt of a Request for Release and confirmation of such
deposit from the Servicer in the form of Exhibit I, shall release or cause to be
released to the purchaser of such Mortgage Loan the related Mortgage File and
shall execute and deliver such instruments of transfer or assignment prepared by
the purchaser of such Mortgage Loan, in each case without recourse,
representation or warranty, as shall be necessary to vest in the purchaser of
such Mortgage Loan any Mortgage Loan released pursuant hereto and the purchaser
of such Mortgage Loan shall succeed to all the Trustee's right, title and
interest in and to such Mortgage Loan and all security and documents related
thereto. Such assignment shall be an assignment outright and not for security.
The purchaser of such Mortgage Loan shall thereupon own such Mortgage Loan, and
all security and documents, free of any further obligation to the Trustee or the
Certificateholders with respect thereto.
Section 5.12 Collection of Certain Mortgage Loan Payments.
The Servicer shall make reasonable efforts to collect all payments
called for under the terms and provisions of the Mortgage Loans, and shall, to
the extent such procedures shall be consistent with this Agreement, comply with
the terms and provisions of any applicable hazard insurance policy. Consistent
with the foregoing, the Servicer may in its discretion waive or permit to be
waived any late payment charge, prepayment charge, assumption fee or any penalty
interest in connection with the prepayment of a Mortgage Loan or any other fee
or charge which the Servicer would be entitled to retain hereunder as servicing
compensation and extend the due date for payments past due on a Mortgage Note
for a period (with respect to each payment as to which the due date is extended)
not greater than 125 days without the Certificate Insurer's prior written
consent, and in no event later than the final maturity date of the Mortgage
Loan, provided that such extension would not be considered a new mortgage loan
for federal income tax purposes. In the event the Servicer shall consent to the
deferment of the Due Dates for payments past due on a Mortgage Note, the
Servicer shall nonetheless make payment of any required Monthly Advance with
respect to the payments so extended to the same extent as if such installment
were due, owing and delinquent and had not been deferred, and shall be entitled
to reimbursement therefor in accordance with Section 5.04(ii) above.
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Section 5.13 Access to Certain Documentation and Information
Regarding the Mortgage Loans.
The Servicer shall provide to the Trustee, the Certificateholders,
the Certificate Insurer and any supervisory agents or examiners of each of the
foregoing access to the documentation regarding the Mortgage Loans (such access
in the case of supervisory agents or examiners being limited to that
documentation required by applicable state and federal regulations) being
afforded without charge but only upon reasonable request and during normal
business hours at the offices of the Servicer designated by it.
Section 5.14 Superior Liens.
With respect to any Sub-Pool 1 Mortgage Loan, the Depositor or the
Servicer shall file (or cause to be filed) of record a request for notice of any
action by a superior lien-holder under a First Lien for the protection of the
Trustee's interest, where permitted by local law and whenever applicable state
law does not require that a junior lienholder be named as a party defendant in
foreclosure proceedings in order to foreclose such junior lienholder's equity of
redemption. The Servicer must also notify any superior lienholder in writing of
the existence of the Mortgage Loan and request notification of any action (as
described below) to be taken against the Mortgagor or the Mortgaged Property by
the superior lienholder.
With respect to any Sub-Pool 1 Mortgage Loan, if the Servicer is
notified that any superior lienholder has accelerated or intends to accelerate
the obligations secured by the First Lien, or has declared or intends to declare
a default under the mortgage or the promissory note secured thereby, or has
filed or intends to file an election to have the Mortgaged Property sold or
foreclosed, the Servicer shall take, on behalf of the Trust Fund, whatever
actions are necessary to protect the interests of the Certificateholders, and/or
to preserve the security of the related Mortgage Loan, subject to the
application of the REMIC Provisions. The Servicer shall advance the necessary
funds to cure the default or reinstate the superior lien, if such advance is in
the best interests of the Certificate Insurer and the Certificateholders. The
Servicer shall not make such an advance except to the extent that it determines
in its reasonable good faith judgment that the advance would either be
recoverable from the Liquidation Proceeds on the related Mortgage Loan or
increase the Net Liquidation Proceeds available to the Trust Fund. The Servicer
shall thereafter take such action as is necessary to recover the amount so
advanced. Any expenses incurred by the Servicer pursuant to this Section 5.14
shall be Servicing Advances with respect to Sub-Pool 1.
Section 5.15. Environmental Matters.
Notwithstanding any other provision of this Agreement to the
contrary, with respect to any Mortgage Loan as to which the Servicer has
received actual notice of, or has actual knowledge of, the presence of any
regulated substance, toxic substance, hazardous waste or hazardous substance or
any similar or like classification (as such terms are defined or used in CERCLA
or any federal, state or local statutes, laws, rules or regulations pertaining
to
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environmental matters) on the related Mortgaged Property, the Servicer shall
not, on behalf of the Trustee, either (i) obtain title to such Mortgaged
Property as a result of or in lieu of foreclosure or otherwise, or (ii)
otherwise acquire possession of, or take any other action, with respect to, such
Mortgaged Property, unless the Servicer has obtained the prior written consent
of the Certificate Insurer. The preceding sentence shall not apply to the
presence, use or storage on the related Mortgaged Property of hazardous
substances that are generally recognized to be appropriate to normal residential
use and maintenance of the related Mortgaged Property.
Section 5.16Acknowledgment of Duties and Obligations.
Any provision hereof to the contrary notwithstanding, the Depositor
acknowledges that (i) as of the Closing Date the Servicer is an unincorporated
division of the Depositor, (ii) actions and agreements by an unincorporated
division of the Depositor are those of the Depositor and (iii) the Depositor is
responsible for all duties and obligations of its unincorporated division
hereunder.
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ARTICLE VI
PAYMENTS TO THE CERTIFICATEHOLDERS
Section 6.01 Establishment of Certificate Account; Deposits in
Certificate Account.
With respect to each Sub-Pool, and no later than the Closing Date,
the Trustee will establish and maintain with itself one or more segregated trust
accounts that are Eligible Accounts, which shall be titled, with respect to
Sub-Pool 1, "Sub-Pool 1 Certificate Account, LaSalle National Bank, as trustee
for the registered holders of AFC Mortgage Loan Asset Backed Certificates,
Series 1996-4" and with respect to Sub-Pool 2, "Sub-Pool 2 Certificate Account,
LaSalle National Bank, as trustee for the registered holders of AFC Mortgage
Loan Asset Backed Certificates, Series 1996-4." With respect to each Sub-Pool,
the Trustee shall, promptly upon receipt, deposit in the related Certificate
Account and retain therein:
(i) the related Available Remittance Amount (net of the amount of
Monthly Advances and Compensating Interest deposited pursuant to subclause
(ii) below) remitted by the Servicer pursuant to Section 5.04(i) above;
(ii) the related Monthly Advance and related Compensating Interest
remitted to the Trustee by the Servicer;
(iii) the Excess Spread with respect to the related Sub-Pool
remitted to the Trustee by the Servicer pursuant to Section 5.04(i) above
and Insured Payments with respect to the related Sub-Pool pursuant to
Section 6.06(b);
(iv) all income or gain from investments of funds on deposit in the
related Certificate Account pursuant to Section 6.05(e) and amounts
required to be paid by the Servicer pursuant to such Section 6.05(e) in
connection with losses on investments of amounts in the related
Certificate Account;
(v) the Termination Price; and
(vi) any amount required to be deposited in the related Certificate
Account pursuant to Section 6.14(c).
Section 6.02 Permitted Withdrawals from Certificate Account.
With respect to each Sub-Pool, the Trustee shall, based upon
information set forth in the Servicer's Certificate for such Remittance Date,
withdraw amounts on deposit in the related Certificate Account on each
Remittance Date in the following order of priority:
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(i) except as to the final Remittance Date hereunder, to pay
the Certificate Insurer the related Monthly Premium pursuant to
Section 6.04;
(ii) to effect the distributions described in Section 6.06(c),
exclusive of the distributions described in the last paragraph of
Section 6.06(c);
(iii) except as to the final Remittance Date hereunder, to
make deposits in the related Trustee Expense Account pursuant to
Section 6.03(a)(i);
and also, in no particular order of priority:
(iv) to invest amounts on deposit in the related Certificate
Account in Permitted Instruments pursuant to Section 6.05;
(v) to pay on a monthly basis to the Servicer interest paid
and earnings realized on Permitted Instruments in the related
Certificate Account;
(vi) to withdraw any amount not required to be deposited in
the related Certificate Account or deposited therein in error; and
(vii) to clear and terminate the related Certificate Account
upon the termination of this Agreement in accordance with Article XI
of this Agreement.
Section 6.03 Establishment of Trustee Expense Account; Deposits in
Trustee Expense Account; Permitted Withdrawals from
Trustee Expense Account.
(a) With respect to each Sub-Pool and no later than the Closing
Date, the Trustee will establish and maintain with itself one or more segregated
trust accounts that are Eligible Accounts, which shall be titled, with respect
to Sub-Pool 1, "Sub-Pool 1 Trustee Expense Account, LaSalle National Bank, as
trustee for the registered holders of AFC Mortgage Loan Asset Backed
Certificates, Series 1996-4", and with respect to Sub-Pool 2, "Sub-Pool 2
Trustee Expense Account, LaSalle National Bank, as trustee for the registered
holders of AFC Mortgage Loan Asset Backed Certificates, Series 1996-4." With
respect to each Sub-Pool, the Trustee shall deposit into the related Trustee
Expense Account:
(i) on each Remittance Date (other than the final Remittance
Date hereunder) from the amounts on deposit in the related
Certificate Account an amount equal to the Annual Trustee Expense
Amount, subject to the provisions of Section 6.06(c); and
(ii) upon receipt, all income or gain from investments of
funds on deposit in the related Trustee Expense Account pursuant to
Section 6.05(e) and all amounts
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required to be paid by the Servicer pursuant to such Section 6.05(e)
in connection with losses on investments of amounts in the related
Trustee Expense Account.
If at any time the amount then on deposit in any Trustee Expense Account shall
be insufficient to pay in full the fees and expenses of the Trustee then due
with respect to a Sub-Pool, the Trustee shall make demand on the related
Servicer to advance the amount of such insufficiency, and the Servicer shall
promptly advance such amount. If the related Servicer fails to make such
advance, the Depositor shall do so upon demand of the Trustee. Thereafter, the
Servicer and the Depositor shall be entitled to reimbursement solely from the
related Trustee Expense Account pursuant to subclause (c)(ii) below for the
amount of any such advance from any excess available after payment of Trust Fund
expenses.
(b) The Trustee may withdraw amounts on deposit in the Trustee
Expense Account with respect to each Sub-Pool for investment in Permitted
Instruments pursuant to Section 6.05, and the Trustee shall withdraw amounts on
deposit in the related Trustee Expense Account:
(i) to pay, as described in Section 2.08 above, the Trustee's
fees and expenses allocable to or incurred in connection with the
Certificates with respect to the related Sub-Pool;
(ii) to pay on a monthly basis to the Servicer interest paid
and earnings realized on Permitted Instruments in the related
Trustee Expense Account;
(iii) to withdraw any amounts not required to be deposited in
the related Trustee Expense Account or deposited therein in error;
and
(iv) to clear and terminate the related Trustee Expense
Account upon termination of this Agreement with any amounts on
deposit therein being paid to the Servicer and/or the Depositor to
the extent of any Reimbursable Amounts and the remainder to the
Class R Certificateholders.
(c) On the twelfth Remittance Date following the Closing Date, and
on each twelfth Remittance Date thereafter, the Trustee shall determine whether
all payments required to be made pursuant to subclauses (b)(i), (b)(ii) and
(b)(iii) above, have been made, and from any amounts remaining in the related
Trustee Expense Account, the Trustee shall, based upon information set forth in
the Servicer's Certificate for such Remittance Date (in the following order of
priority):
(i) pay any amounts not previously paid and required to be
paid pursuant to subclauses (b)(i), (b)(ii) and (b)(iii) above;
(ii) reimburse the Servicer and/or the Depositor, for
Reimbursable Amounts;
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(iii) reimburse the Servicer and/or the Depositor for advances
made by it pursuant to the last paragraph of subclause (a) above;
and
(iv) remit to the Servicer as additional Servicing
Compensation any amounts remaining in the related Trustee Expense
Account after payments made pursuant to subclauses (b)(i), (b)(ii),
(b)(iii), (c)(i) and (c)(ii), above.
Section 6.04 Payment of Monthly Premium to Certificate Insurer.
With respect to each Sub-Pool and on each Remittance Date commencing
on January 27, 1997 (other than the final Remittance Date hereunder), from the
amounts on deposit in the Certificate Account with respect to the related
Sub-Pool, prior to making the remittances required pursuant to Section 6.06(c),
the Trustee shall pay the Certificate Insurer the Monthly Premium with respect
to such Sub-Pool.
Section 6.05 Investment of Accounts.
(a) So long as no Event of Default shall have occurred and be
continuing, and consistent with any requirements of the Code, all or a portion
of any Account, except the Pre-Funding Accounts held by the Trustee, shall be
invested and reinvested by the Trustee, as directed in writing, or by telephone
or facsimile transmission confirmed in writing, by the Servicer, in one or more
Permitted Instruments. Subject to the last paragraph of Section 5.04 above in
the case of the Principal and Interest Accounts, no such investment in any
Account shall mature later than the Business Day immediately preceding the next
Remittance Date. Consistent with any requirements of the Code, all or a portion
of the Reserve Accounts held by the Trustee shall be invested and reinvested by
the Trustee, as directed in writing, or by telephone or facsimile transmission
confirmed in writing, by the Holders of a majority in Percentage Interest of the
Class R Certificates in one or more Permitted Instruments. No such investment
shall mature later than the Business Day immediately preceding the next
Remittance Date.
(b) If any amounts are needed for disbursement from any Account held
by the Trustee and sufficient uninvested funds are not available to make such
disbursement, the Trustee shall cause to be sold or otherwise converted to cash
a sufficient amount of the investments in such Account. The Trustee shall not be
liable for any investment loss or other charge resulting therefrom unless the
Trustee's failure to perform in accordance with this Section 6.05 is the cause
of such loss or charge or if the Trustee is the obligor and has defaulted
thereon.
(c) Subject to Section 12.01, the Trustee shall not in any way be
held liable by reason of any insufficiency in any Account held by the Trustee
resulting from any investment loss on any Permitted Instrument included therein
(except to the extent that the Trustee is the obligor and has defaulted
thereon).
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(d) The Trustee shall invest and reinvest funds in the Accounts held
by the Trustee, to the fullest extent practicable, in such manner as the
Servicer or the Holders of a majority in Percentage Interest of the Class R
Certificates, as applicable, shall from time to time direct as set forth in
Section 6.05(a) above, but only in one or more Permitted Instruments.
(e) All income or other gain from investments in any Account held by
the Trustee shall be deposited in such Account immediately on receipt, and the
Trustee shall notify the Servicer, or the Depositor, or the Holders of a
majority in Percentage Interest of the Class R Certificates as the case may be,
of any loss resulting from such investments. Upon receipt of such notification,
the Servicer, in the case of all Accounts other than the Interest Coverage
Accounts and the Reserve Accounts, the Depositor, in the case of the Interest
Coverage Accounts and the Class R Certificateholders in the case of the Reserve
Accounts, shall promptly remit the amount of any such loss from their own funds,
without reimbursement therefor, to the Trustee for deposit in the Account or
Accounts from which the related funds were withdrawn for investment.
Section 6.06 Priority and Subordination of Distributions.
(a) The rights of the Certificateholders to receive distributions
from the proceeds of the Trust Fund, and all ownership interests of the
Certificateholders in such distributions, shall be as set forth in this
Agreement. In this regard, all rights of the Class R Certificateholders to
receive distributions in respect of the Class R Certificates shall be subject
and subordinate to the preferential rights of the Class A Certificateholders to
receive distributions in respect of the Class A Certificates, to the extent set
forth herein. In accordance with the foregoing, the ownership interests of the
Class R Certificateholders in amounts deposited in the Accounts from time to
time shall not vest unless and until such amounts are properly distributed in
respect of the Class R Certificates in accordance with the terms of this
Agreement. Notwithstanding anything contained in this Agreement to the contrary,
no Certificateholder shall be required to refund any amount properly distributed
to it pursuant to the terms of this Agreement.
(b) As soon as possible, and in no event later than 10:00 a.m.
Chicago time on the Business Day immediately preceding each Remittance Date,
subject to receipt by the Trustee of the Servicer's Certificate, the Trustee
shall furnish the Certificate Insurer and the Servicer with a completed notice
in the form set forth as Exhibit A to the Certificate Insurance Policy (the
"Notice") indicating that an Insured Payment is necessary. The Notice shall
specify the amount of Insured Payment and shall constitute a claim for an
Insured Payment pursuant to the Certificate Insurance Policy. Upon receipt of
Insured Payments on behalf of the Class A Certificateholders under the
Certificate Insurance Policy, the Trustee shall deposit such Insured Payments in
the related Certificate Account and shall distribute such Insured Payments in
accordance with Section 6.02(ii) above and Section 6.06(c) and (d).
Each Class A Certificateholder shall promptly notify the Trustee in
writing upon the receipt of a court order as described in clause (c)(vii) of the
definition of Class A Principal
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Remittance Amount. The Trustee shall promptly notify the Certificate Insurer
upon its receipt from any Certificateholder of any such court order. If the
payment of any portion or all of any amount that is insured by the Certificate
Insurer under the Certificate Insurance Policy is voided pursuant to a final
order of a court exercising proper jurisdiction in an insolvency proceeding to
the effect that the Trustee or the Class A Certificateholder, as the case may
be, is required to return any such payment or portion thereof prior to the
expiration date of the Certificate Insurance Policy because such payment was
voided under the U.S. Bankruptcy Code, with respect to which order the appeal
period has expired without an appeal having been filed (a "Final Order"), and,
as a result, the Trustee or any Class A Certificateholder is required to return
such voided payment, or any portion of such voided payment made in respect of
the Class A Certificates (a "Preference Amount"), the Certificate Insurer will
pay an amount equal to each such Preference Amount, on the second Business Day
following receipt by the Certificate Insurer of (x) a certified copy of the
Final Order, (y) an assignment, in form reasonably satisfactory to the
Certificate Insurer, irrevocably assigning to the Certificate Insurer all rights
and claims of the Trustee and/or such Class A Certificateholder relating to or
arising under such Preference Amount and appointing the Certificate Insurer as
the agent of the Trustee and/or such Class A Certificateholder in respect of
such Preference Amount, and (z) a Notice appropriately completed and executed by
the Trustee or such Class A Certificateholder, as the case may be. Such payment
shall be made to the receiver, conservator, debtor-in-possession or trustee in
bankruptcy named in the Final Order and not to the Trustee or Class A
Certificateholder directly (unless a Class A Certificateholder has previously
paid such amount to such receiver, conservator, debtor-in-possession or trustee
named in such Final Order in which case payment shall be made to the Trustee for
distribution to the Class A Certificateholder upon proof of such payment
reasonably satisfactory to the Certificate Insurer). Notwithstanding the
foregoing, in no event shall the Certificate Insurer be (i) required to make any
payment under the Certificate Insurance Policy in respect of any Preference
Amount to the extent such Preference Amount is comprised of amounts previously
paid by the Certificate Insurer thereunder, or (ii) obligated to make any
payment in respect of any Preference Amount, which payment represents a payment
of the principal amount of the Class A Certificates, prior to the time the
Certificate Insurer otherwise would have been required to make a payment in
respect of such principal.
Each Class A Certificateholder, by its purchase of the Class A
Certificates, the Servicer and the Trustee hereby agree that the Certificate
Insurer may at any time during the continuation of any proceeding relating to a
preference claim direct all matters relating to such preference claim,
including, without limitation, the direction of any appeal of any order relating
to such preference claim and the posting of any surety, supersedeas or
performance bond pending any such appeal. In addition and without limitation of
the foregoing, the Certificate Insurer shall be subrogated to the rights of the
Servicer, the Trustee and each Class A Certificateholder in the conduct of any
such preference claim, including, without limitation, all rights of any party to
an adversary proceeding action with respect to any court order issued in
connection with any such preference claim.
The Trustee shall receive, as attorney-in-fact of each Holder of a
Class A Certificate, any Insured Payment with respect to the related Sub-Pool
from the Certificate
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Insurer and disburse the same to each Holder of a Class A Certificate with
respect to the related Sub-Pool in accordance with the provisions of this
Section 6.06. Insured Payments disbursed by the Trustee from proceeds of the
Certificate Insurance Policy shall not be considered payment by the Trust Fund
nor shall such payments discharge the obligation of the Trust Fund with respect
to such Class A Certificates, and the Certificate Insurer shall become the owner
of such unpaid amounts due from the Trust Fund in respect of Class A
Certificates. The Trustee hereby agrees on behalf of each Holder of a Class A
Certificate for the benefit of the Certificate Insurer that it recognizes that
to the extent the Certificate Insurer makes Insured Payments with respect to a
Sub-Pool, either directly or indirectly (as by paying through the Trustee), to
the related Class A Certificateholders, the Certificate Insurer will be
subrogated to the rights of such Class A Certificateholders, with respect to
such Insured Payment, shall be deemed, to the extent of the payments so made, to
be a registered Class A Certificateholder and shall receive all future related
Class A Remittance Amounts with respect to such Sub-Pool until all such Insured
Payments by the Certificate Insurer have been fully reimbursed, subject to the
following paragraph. To evidence such subrogation, the Trustee shall, or shall
cause the Certificate Registrar to, note the Certificate Insurer's rights as
subrogee on the registration books maintained by the Trustee or the Certificate
Registrar upon receipt from the Certificate Insurer of proof of payment of any
Insured Payment. Except as otherwise described herein, the Certificate Insurer
shall not acquire any voting rights hereunder as a result of such subrogation.
The effect of the foregoing provisions is that, to the extent of Insured
Payments made by it, the Certificate Insurer shall be paid before payment of the
balance of the Class A Remittance Amount with respect to the related Sub-Pool
for which an Insured Payment was made, is made to the other Holders of the
related Class A Certificates, subject to the following paragraph.
It is understood and agreed that the intention of the parties is
that the Certificate Insurer shall not be entitled to reimbursement on any
Remittance Date for amounts previously paid by it with respect to a Sub-Pool
unless on such Remittance Date the related Class A Certificateholders shall also
have received the full amount of the related Class A Remittance Amount with
respect to the related Class of Class A Certificates (exclusive of any related
Class A Carry-Forward Amount, to the extent representing amounts previously paid
to such related Class A Certificateholders as Insured Payments or representing
interest accrued in respect of Insured Payments) for such Remittance Date.
(c) On or before each Remittance Date, the Servicer shall determine
the Overcollateralization Amount for each Sub-Pool after giving effect to the
distribution of the related Class A Principal Remittance Amount to the Holders
of the related Class of Class A Certificates on such Remittance Date and the
amount of the related Net Excess Spread. On each Remittance Date the Trustee
shall withdraw from each Certificate Account the related Amount Available, and
make distributions thereof, based upon the information set forth in the
Servicer's Certificate for such Remittance Date, in the following order of
priority to the extent available, except to the extent that the priority set
forth in Section 6.07 shall be applicable:
(A) With respect to the Class 1A Certificates and Sub-Pool 1:
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(X) If the Remittance Date is prior to the Cross-Over Date, the
Trustee shall distribute the indicated amounts in the following order of
priority:
(i) to the Class 1A-1 Certificateholders (including for purposes of
this Section 6.06(c), the Certificate Insurer as the subrogee thereof), an
amount equal to the lesser of:
(A) the Amount Available with respect to Sub-Pool 1; and
(B) the Class 1A Interest Remittance Amount with respect to
the Class 1A-1 Certificates;
(ii) to the Class 1A-2 Certificateholders (including for purposes of
this Section 6.06(c), the Certificate Insurer as the subrogee thereof), an
amount equal to the lesser of:
(A) the balance of the Amount Available with respect to
Sub-Pool 1 after payments described in clause (X)(i) above;
and
(B) the Class 1A Interest Remittance Amount with respect to
the Class 1A-2 Certificates;
(iii) to the Class 1A-3 Certificateholders (including for purposes
of this Section 6.06(c), the Certificate Insurer as the subrogee thereof),
an amount equal to the lesser of:
(A) the balance of the Amount Available with respect to
Sub-Pool 1 after payments described in clauses (X)(i) and (ii)
above; and
(B) the Class 1A Interest Remittance Amount with respect to
the Class 1A-3 Certificates;
(iv) to the Class 1A-4 Certificateholders (including for purposes of
this Section 6.06(c), the Certificate Insurer as the subrogee thereof), an
amount equal to the lesser of:
(A) the balance of the Amount Available with respect to
Sub-Pool 1 after payments described in clauses (X)(i) through
(iii) above; and
(B) the Class 1A Interest Remittance Amount with respect to
the Class 1A-4 Certificates;
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(v) to the Class 1A-5 Certificateholders (including for purposes of
this Section 6.06(c), the Certificate Insurer as the subrogee thereof), an
amount equal to the lesser of:
(A) the balance of the Amount Available with respect to
Sub-Pool 1 after payments described in clauses (X)(i) through
(iv) above; and
(B) the Class 1A Interest Remittance Amount with respect to
the Class 1A-5 Certificates;
(vi) to the Class 1A-6 Certificateholders (including for purposes of
this Section 6.06(c), the Certificate Insurer as the subrogee thereof), an
amount equal to the lesser of:
(A) the balance of the Amount Available with respect to
Sub-Pool 1 after payments described in clauses (X)(i) through
(v) above; and
(B) the Class 1A Interest Remittance Amount with respect to
the Class 1A-6 Certificates;
(vii) to the Class 1A-7 Certificateholders (including for purposes
of this Section 6.06(c), the Certificate Insurer as the subrogee thereof),
an amount equal to the lesser of:
(A) the balance of the Amount Available with respect to
Sub-Pool 1 after payments described in clauses (X)(i) through
(vi) above; and
(B) the Class 1A Interest Remittance Amount with respect to
the Class 1A-7 Certificates;
(viii) to the Class 1A-7 Certificateholders (including for purposes
of this Section 6.06(c), the Certificate Insurer as the subrogee thereof),
to be applied to reduce the Class 1A-7 Principal Balance until the Class
1A-7 Principal Balance has been reduced to zero and to make payments in
respect of the amounts described in clauses (c)(v) (to the extent the
amount in clause (c)(v) represents prior Insured Payments by the
Certificate Insurer or interest accrued thereon pursuant to the definition
of Class A Carry-Forward Amount) and (c)(vii) of the definition of the
Class A Principal Remittance Amount, the lesser of:
(A) the balance of the Amount Available with respect to
Sub-Pool 1 after payments described in clauses (X)(i) through
(vii) above; and
(B) the Class 1A-7 Lockout Remittance Amount;
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(ix) to the Class 1A-1 Certificateholders (including for purposes of
this Section 6.06(c), the Certificate Insurer as the subrogee thereof), to
be applied to reduce the Class 1A-1 Principal Balance, to the extent
described below, until the Class 1A-1 Principal Balance thereof is reduced
to zero and to make payments in respect of the amounts described in
clauses (c)(v) (to the extent the amount in clause (c)(v) represents prior
Insured Payments by the Certificate Insurer or interest accrued thereon
pursuant to the definition of Class A Carry-Forward Amount) and (c)(vii)
of the definition of the Class A Principal Remittance Amount, the lesser
of:
(A) the balance of the Amount Available with respect to
Sub-Pool 1 after payments described in clauses (X)(i) through
(viii) above; and
(B) the balance of the related Class A Principal Remittance
Amount after payments described in clause (X)(viii) above;
(x) at such time as the Class 1A-1 Principal Balance has been
reduced to zero, to the Class 1A-2 Certificateholders (including for
purposes of this Section 6.06(c), the Certificate Insurer as the subrogee
thereof), to be applied to reduce the Class 1A-2 Principal Balance, to the
extent described below, until the Class 1A-2 Principal Balance thereof is
reduced to zero and to make payments in respect of the amounts described
in clauses (c)(v) (to the extent the amount in clause (c)(v) represents
prior Insured Payments by the Certificate Insurer or interest accrued
thereon pursuant to the definition of Class A Carry-Forward Amount) and
(c)(vii) of the definition of the Class A Principal Remittance Amount, the
lesser of:
(A) the balance of the Amount Available with respect to
Sub-Pool 1 after payments described in clauses (X)(i) through
(ix) above; and
(B) the balance of the related Class A Principal Remittance
Amount after payments described in clauses (X)(viii) and (ix)
above;
(xi) at such time as the Class 1A-2 Principal Balance has been
reduced to zero, to the Class 1A-3 Certificateholders (including for
purposes of this Section 6.06(c), the Certificate Insurer as the subrogee
thereof), to be applied to reduce the Class 1A-3 Principal Balance, to the
extent described below, until the Class 1A-3 Principal Balance thereof is
reduced to zero and to make payments in respect of the amounts described
in clauses (c)(v) (to the extent the amount in clause (c)(v) represents
prior Insured Payments by the Certificate Insurer or interest accrued
thereon pursuant to the definition of Class A Carry-Forward Amount) and
(c)(vii) of the definition of the Class A Principal Remittance Amount, the
lesser of:
(A) the balance of the Amount Available with respect to
Sub-Pool 1 after payments described in clauses (X)(i) through
(x) above; and
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(B) the balance of the related Class A Principal Remittance
Amount after payments described in clauses (X)(viii) through
(x) above;
(xii) at such time as the Class 1A-3 Principal Balance has been
reduced to zero, to the Class 1A-4 Certificateholders (including for
purposes of this Section 6.06(c), the Certificate Insurer as the subrogee
thereof), to be applied to reduce the Class 1A-4 Principal Balance, to the
extent described below, until the Class 1A-4 Principal Balance thereof is
reduced to zero and to make payments in respect of the amounts described
in clauses (c)(v) (to the extent the amount in clause (c)(v) represents
prior Insured Payments by the Certificate Insurer or interest accrued
thereon pursuant to the definition of Class A Carry-Forward Amount) and
(c)(vii) of the definition of the Class A Principal Remittance Amount, the
lesser of:
(A) the balance of the Amount Available with respect to
Sub-Pool 1 after payments described in clauses (X)(i) through
(xi) above; and
(B) the balance of the related Class A Principal Remittance
Amount after payments described in clauses (X)(viii) through
(xi) above;
(xiii) at such time as the Class 1A-4 Principal Balance has been
reduced to zero, to the Class 1A-5 Certificateholders (including for
purposes of this Section 6.06(c), the Certificate Insurer as the subrogee
thereof), to be applied to reduce the Class 1A-5 Principal Balance, to the
extent described below, until the Class 1A-5 Principal Balance thereof is
reduced to zero and to make payments in respect of the amounts described
in clauses (c)(v) (to the extent the amount in clause (c)(v) represents
prior Insured Payments by the Certificate Insurer or interest accrued
thereon pursuant to the definition of Class A Carry-Forward Amount) and
(c)(vii) of the definition of the Class A Principal Remittance Amount, the
lesser of:
(A) the balance of the Amount Available with respect to
Sub-Pool 1 after payments described in clauses (X)(i) through
(xii) above; and
(B) the balance of the related Class A Principal Remittance
Amount after payments described in clauses (X)(viii) through
(xii) above;
(xiv) at such time as the Class 1A-5 Principal Balance has been
reduced to zero, to the Class 1A-6 Certificateholders (including for
purposes of this Section 6.06(c), the Certificate Insurer as the subrogee
thereof), to be applied to reduce the Class 1A-6 Principal Balance, to the
extent described below, until the Class 1A-6 Principal Balance thereof is
reduced to zero and to make payments in respect of the amounts described
in clauses (c)(v) (to the extent the amount in clause (c)(v) represents
prior Insured Payments by the Certificate Insurer or interest accrued
thereon pursuant to the definition of Class A Carry-Forward Amount) and
(c)(vii) of the definition of the Class A Principal Remittance Amount, the
lesser of:
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(A) the balance of the Amount Available with respect to
Sub-Pool 1 after payments described in clauses (X)(i) through
(xiii) above; and
(B) the balance of the related Class A Principal Remittance
Amount after payments described in clauses (X)(viii) through
(xiii) above;
(xv) at such time as the Class 1A-6 Principal Balance has been
reduced to zero, to the Class 1A-7 Certificateholders (including for
purposes of this Section 6.06(c), the Certificate Insurer as the subrogee
thereof), to be applied to reduce the Class 1A-7 Principal Balance, to the
extent described below, until the Class 1A-7 Principal Balance thereof is
reduced to zero and to make payments in respect of the amounts described
in clauses (c)(v) (to the extent the amount in clause (c)(v) represents
prior Insured Payments by the Certificate Insurer or interest accrued
thereon pursuant to the definition of Class A Carry-Forward Amount) and
(c)(vii) of the definition of the Class A Principal Remittance Amount, the
lesser of:
(A) the balance of the Amount Available with respect to
Sub-Pool 1 after payments described in clauses (X)(i) through
(xiii) above; and
(B) the balance of the related Class A Principal Remittance
Amount after payments described in clauses (X)(viii) through
(xiv) above;
(xvi) to the Sub-Pool 1 Trustee Expense Account, an amount equal to
the lesser of the balance of the Amount Available with respect to Sub-Pool
1 after payments described in clauses (X)(i) through (xv) above and any
accrued and unpaid Annual Trustee Expense Amount with respect to Sub-Pool
1;
(xvii) to the Class 1A-1 Certificateholders to be applied to reduce
the Class 1A-1 Principal Balance until the Class 1A-1 Principal Balance
has been reduced to zero, an amount equal to the lesser of:
(A) the balance of the Amount Available with respect to
Sub-Pool 1 after payments described in clauses (X)(i) through
(xvi) above; and
(B) the Additional Principal with respect to Sub-Pool 1;
(xviii) to the Class 1A-2 Certificateholders to be applied to reduce
the Class 1A-2 Principal Balance until the Class 1A-2 Principal Balance
has been reduced to zero, an amount equal to the lesser of:
(A) the balance of the Amount Available with respect to
Sub-Pool 1 after payments described in clauses (X)(i) through
(xvii) above; and
(B) the Additional Principal with respect to Sub-Pool 1;
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(xix) to the Class 1A-3 Certificateholders to be applied to reduce
the Class 1A-3 Principal Balance until the Class 1A-3 Principal Balance
has been reduced to zero, an amount equal to the lesser of:
(A) the balance of the Amount Available with respect to
Sub-Pool 1 after payments described in clauses (X)(i) through
(xviii) above; and
(B) the Additional Principal with respect to Sub-Pool 1;
(xx) to the Class 1A-4 Certificateholders to be applied to reduce
the Class 1A-4 Principal Balance until the Class 1A-4 Principal Balance
has been reduced to zero, an amount equal to the lesser of:
(A) the balance of the Amount Available with respect to
Sub-Pool 1 after payments described in clauses (X)(i) through
(xix) above; and
(B) the Additional Principal with respect to Sub-Pool 1;
(xxi) to the Class 1A-5 Certificateholders to be applied to reduce
the Class 1A-5 Principal Balance until the Class 1A-5 Principal Balance
has been reduced to zero, an amount equal to the lesser of:
(A) the balance of the Amount Available with respect to
Sub-Pool 1 after payments described in clauses (X)(i) through
(xx) above; and
(B) the Additional Principal with respect to Sub-Pool 1;
(xxii) to the Class 1A-6 Certificateholders to be applied to reduce
the Class 1A-6 Principal Balance until the Class 1A-6 Principal Balance
has been reduced to zero, an amount equal to the lesser of:
(A) the balance of the Amount Available with respect to
Sub-Pool 1 after payments described in clauses (X)(i) through
(xxi) above; and
(B) the Additional Principal with respect to Sub-Pool 1;
(xxiii) to the Class 1A-7 Certificateholders to be applied to reduce
the Class 1A-7 Principal Balance until the Class 1A-7 Principal Balance
has been reduced to zero, an amount equal to the lesser of:
(A) the balance of the Amount Available with respect to
Sub-Pool 1 after payments described in clauses (X)(i) through
(xxii) above; and
(B) the Additional Principal with respect to Sub-Pool 1;
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(xxiv) to the Servicer and/or the Depositor, an amount equal to the
lesser of the balance of the Amount Available with respect to Sub-Pool 1
after payments described in clauses (X)(i) through (xxiii) above and any
expenses incurred in connection with any third party claims that remain
unreimbursed;
(xxv) to the Servicer, an amount equal to the lesser of the balance
of the Amount Available with respect to Sub-Pool 1 after payments
described in clauses (X)(i) through (xxiv) above and the aggregate of any
Nonrecoverable Servicing Advances and Nonrecoverable Monthly Advances with
respect to Sub-Pool 1 previously made by the Servicer and not previously
reimbursed; and
(xxvi) to the Class R Certificateholders, the balance of the Amount
Available with respect to Sub-Pool 1, if any, after payments described in
clauses (X)(i) through (xxv) above.
(Y) If the Remittance Date is on or after the Cross-Over Date, the Trustee
shall distribute the indicated amounts in the following order of priority:
(i) to the Class 1A-1 Certificateholders (including for purposes of
this Section 6.06(c), the Certificate Insurer as the subrogee thereof),
the lesser of:
(A) the Amount Available with respect to Sub-Pool 1; and
(B) the Class 1A Interest Remittance Amount with respect to
the Class 1A-1 Certificates;
(ii) to the Class 1A-2 Certificateholders (including for purposes of
this Section 6.06(c), the Certificate Insurer as the subrogee thereof),
the lesser of:
(A) the balance of the Amount Available with respect to
Sub-Pool 1 after payments described in clause (Y)(i) above;
and
(B) the Class 1A Interest Remittance Amount with respect to
the Class 1A-2 Certificates;
(iii) to the Class 1A-3 Certificateholders (including for purposes
of this Section 6.06(c), the Certificate Insurer as the subrogee thereof),
the lesser of:
(A) the balance of the Amount Available with respect to
Sub-Pool 1 after payments described in clauses (Y)(i) and (ii)
above; and
(B) the Class 1A Interest Remittance Amount with respect to
the Class 1A-3 Certificates;
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(iv) to the Class 1A-4 Certificateholders (including for purposes of
this Section 6.06(c), the Certificate Insurer as the subrogee thereof),
the lesser of:
(A) the balance of the Amount Available with respect to
Sub-Pool 1 after payments described in clauses (Y)(i) through
(iii) above; and
(B) the Class 1A Interest Remittance Amount with respect to
the Class 1A-4 Certificates;
(v) to the Class 1A-5 Certificateholders (including for purposes of
this Section 6.06(c), the Certificate Insurer as the subrogee thereof),
the lesser of:
(A) the balance of the Amount Available with respect to
Sub-Pool 1 after payments described in clauses (Y)(i) through
(iv) above; and
(B) the Class 1A Interest Remittance Amount with respect to
the Class 1A-5 Certificates;
(vi) to the Class 1A-6 Certificateholders (including for purposes of
this Section 6.06(c), the Certificate Insurer as the subrogee thereof),
the lesser of:
(A) the balance of the Amount Available with respect to
Sub-Pool 1 after payments described in clauses (Y)(i) through
(v) above; and
(B) the Class 1A Interest Remittance Amount with respect to
the Class 1A-6 Certificates;
(vii) to the Class 1A-7 Certificateholders (including for purposes
of this Section 6.06(c), the Certificate Insurer as the subrogee thereof),
the lesser of:
(A) the balance of the Amount Available with respect to
Sub-Pool 1 after payments described in clauses (Y)(i) through
(vi) above; and
(B) the Class 1A Interest Remittance Amount with respect to
the Class 1A-7 Certificates;
(viii) to the Class 1A-7 Certificateholders (including for purposes
of this Section 6.06(c), the Certificate Insurer as the subrogee thereof),
to be applied to reduce the Class 1A-7 Principal Balance to the extent
described below, until the Class 1A-7 Principal Balance has been reduced
to zero and to make payments in respect of the amounts described in
clauses (c)(v) (to the extent the amounts described in clause (c)(v)
represent prior Insured Payments by the Certificate Insurer or interest
accrued thereon pursuant to the definition of Class A Carry-Forward
Amount) and (c)(vii) of the definition of Class A Principal Remittance
Amount, the lesser of:
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(A) the balance of the Net Excess Amount Available with
respect to Sub-Pool 1 after payments described in clauses
(Y)(i) through (vii) above; and
(B) the Class 1A-7 Lockout Remittance Amount;
(ix) to the Class 1A-1 Certificateholders (including for purposes of
this Section 6.06(c), the Certificate Insurer as the subrogee thereof), to
be applied to reduce the Class 1A-1 Principal Balance until the Class 1A-1
Principal Balance has been reduced to zero and to make payments in respect
of the amounts described in clauses (c)(v) (to the extent the amounts
described in clause (c)(v) represent prior Insured Payments by the
Certificate Insurer or interest accrued thereon pursuant to the definition
of Class A Carry-Forward Amount) and (c)(vii) of the definition of Class A
Principal Remittance Amount, the lesser of:
(A) the balance of the Net Excess Amount Available with
respect to Sub-Pool 1 after payments described in clauses
(Y)(i) through (viii) above; and
(B) the balance of the related Class A Principal Remittance
Amount after payments described in clause (Y)(viii) above;
(x) to the Class 1A-2 Certificateholders (including for purposes of
this Section 6.06(c), the Certificate Insurer as the subrogee thereof), to
be applied to reduce the Class 1A-2 Principal Balance until the Class 1A-2
Principal Balance has been reduced to zero and to make payments in respect
of the amounts described in clauses (c)(v) (to the extent the amounts
described in clause (c)(v) represent prior Insured Payments by the
Certificate Insurer or interest accrued thereon pursuant to the definition
of Class A Carry-Forward Amount) and (c)(vii) of the definition of Class A
Principal Remittance Amount, the lesser of:
(A) the balance of the Net Excess Amount Available with
respect to Sub-Pool 1 after payments described in clauses
(Y)(i) through (ix) above; and
(B) the balance of the related Class A Principal Remittance
Amount after payments described in clauses (Y)(viii) and (ix)
above;
(xi) to the Class 1A-3 Certificateholders (including for purposes of
this Section 6.06(c), the Certificate Insurer as the subrogee thereof), to
be applied to reduce the Class 1A-3 Principal Balance until the Class 1A-3
Principal Balance has been reduced to zero and to make payments in respect
of the amounts described in clauses (c)(v) (to the extent the amounts
described in clause (c)(v) represent prior Insured Payments by the
Certificate Insurer or interest accrued thereon pursuant to the definition
of Class A Carry-Forward
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Amount) and (c)(vii) of the definition of Class A Principal Remittance
Amount, the lesser of:
(A) the balance of the Net Excess Amount Available with
respect to Sub-Pool 1 after payments described in clauses
(Y)(i) through (x) above; and
(B) the balance of the Class A Principal Remittance Amount
after payments described in clauses (Y)(viii) through (x)
above;
(xii) to the Class 1A-4 Certificateholders (including for purposes
of this Section 6.06(c), the Certificate Insurer as the subrogee thereof),
to be applied to reduce the Class 1A-4 Principal Balance until the Class
1A-4 Principal Balance has been reduced to zero and to make payments in
respect of the amounts described in clauses (c)(v) (to the extent the
amounts described in clause (c)(v) represent prior Insured Payments by the
Certificate Insurer or interest accrued thereon pursuant to the definition
of Class A Carry-Forward Amount) and (c)(vii) of the definition of Class A
Principal Remittance Amount, the lesser of:
(A) the balance of the Net Excess Amount Available with
respect to Sub-Pool 1 after payments described in clauses
(Y)(i) through (xi) above; and
(B) the balance of the related Class A Principal Remittance
Amount after payments described in clauses (Y)(viii) through
(xi) above;
(xiii) to the Class 1A-5 Certificateholders (including for purposes
of this Section 6.06(c), the Certificate Insurer as the subrogee thereof),
to be applied to reduce the Class 1A-5 Principal Balance until the Class
1A-5 Principal Balance has been reduced to zero and to make payments in
respect of the amounts described in clauses (c)(v) (to the extent the
amounts described in clause (c)(v) represent prior Insured Payments by the
Certificate Insurer or interest accrued thereon pursuant to the definition
of Class A Carry-Forward Amount) and (c)(vii) of the definition of Class A
Principal Remittance Amount, the lesser of:
(A) the balance of the Net Excess Amount Available with
respect to Sub-Pool 1 after payments described in clauses
(Y)(i) through (xii) above; and
(B) the balance of the related Class A Principal Remittance
Amount after payments described in clauses (Y)(viii) through
(xii) above;
(xiv) to the Class 1A-6 Certificateholders (including for purposes
of this Section 6.06(c), the Certificate Insurer as the subrogee thereof),
to be applied to reduce the Class 1A-6 Principal Balance until the Class
1A-6 Principal Balance has been reduced to zero
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and to make payments in respect of the amounts described in clauses (c)(v)
(to the extent the amounts described in clause (c)(v) represent prior
Insured Payments by the Certificate Insurer or interest accrued thereon
pursuant to the definition of Class A Carry-Forward Amount) and (c)(vii)
of the definition of Class A Principal Remittance Amount, the lesser of:
(A) the balance of the Net Excess Amount Available with
respect to Sub-Pool 1 after payments described in clauses
(Y)(i) through (xiii) above; and
(B) the balance of the related Class A Principal Remittance
Amount after payments described in clauses (Y)(viii) through
(xiii) above;
(xv) to the Class 1A-7 Certificateholders (including for purposes of
this Section 6.06(c), the Certificate Insurer as the subrogee thereof), to
be applied to reduce the Class 1A-7 Principal Balance until the Class 1A-7
Principal Balance has been reduced to zero and to make payments in respect
of the amounts described in clauses (c)(v) (to the extent the amounts
described in clause (c)(v) represent prior Insured Payments by the
Certificate Insurer or interest accrued thereon pursuant to the definition
of Class A Carry-Forward Amount) and (c)(vii) of the definition of Class A
Principal Remittance Amount, the lesser of:
(A) the balance of the Net Excess Amount Available with
respect to Sub-Pool 1 after payments described in clauses
(Y)(i) through (xiv) above; and
(B) the balance of the related Class A Principal Remittance
Amount after payments described in clauses (Y)(viii) through
(xiv) above;
(xvi) to the Sub-Pool 1 Trustee Expense Account, an amount equal to
the lesser of the balance of the Amount Available with respect to Sub-Pool
1 after payments described in clauses (Y)(i) through (xv) above and any
accrued and unpaid Annual Trustee Expense Amount with respect to Sub-Pool
1;
(xvii) to the Servicer and/or the Depositor, an amount equal to the
lesser of the balance of the Amount Available with respect to Sub-Pool 1
after payments described in clauses (Y)(i) through (xvi) above and any
expenses incurred in connection with any third party claims that remain
unreimbursed;
(xviii) to the Servicer, an amount equal to the lesser of the
balance of the Amount Available with respect to Sub-Pool 1 after payments
described in clauses (Y)(i) through (xvii) above and the aggregate of any
Nonrecoverable Servicing Advances and Nonrecoverable Monthly Advances with
respect to Sub-Pool 1 previously made by the Servicer and not previously
reimbursed; and
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(xix) to the Class R Certificateholders, the balance of the Amount
Available with respect to Sub-Pool 1, if any, after payments described in
clauses (Y)(i) through (xviii) above.
(B) With respect to the Class 2A Certificates and Sub-Pool 2:
(X) If the Remittance Date is prior to the Cross-Over Date, the
Trustee shall distribute the indicated amounts in the following order of
priority:
(i) to the Class 2A Certificateholders (including for purposes of
this Section 6.06(c), the Certificate Insurer as the subrogee thereof),
the lesser of:
(A) the Amount Available with respect to Sub-Pool 2; and
(B) the Class 2A Interest Remittance Amount with respect to
the Class 2A Certificates;
(ii) to the Class 2A Certificateholders (including for purposes of
this Section 6.06(c), the Certificate Insurer as the subrogee thereof), to
be applied to reduce the Class 2A Principal Balance, to the extent
described below, until the Class 2A Principal Balance thereof is reduced
to zero and to make payments in respect of the amounts described in
clauses (c)(v) (to the extent the amount in clause (c)(v) represents prior
Insured Payments by the Certificate Insurer or interest accrued thereon
pursuant to the definition of Class A Carry-Forward Amount) and (c)(vii)
of the definition of the Class A Principal Remittance Amount, the lesser
of:
(A) the balance of the Amount Available with respect to
Sub-Pool 2 after payments described in clause (X)(i) above;
and
(B) the Class A Principal Remittance Amount with respect to
the Class 2A Certificates;
(iii) to the Sub-Pool 2 Trustee Expense Account, an amount equal to
the lesser of the balance of the Amount Available with respect to Sub-Pool
2 after payments described in clauses (X)(i) and (ii) above and any
accrued and unpaid Annual Trustee Expense Amount with respect to Sub-Pool
2;
(iv) to the Class 2A Certificateholders to be applied to reduce the
Class 2A Principal Balance until the Class 2A Principal Balance has been
reduced to zero, an amount equal to the lesser of:
(A) the balance of the Amount Available with respect to
Sub-Pool 2 after payments described in clauses (X)(i) through
(iii) above; and
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(B) the Additional Principal with respect to Sub-Pool 2;
(v) to the Servicer and/or the Depositor, an amount equal to the
lesser of the balance of the Amount Available with respect to Sub-Pool 2
after payments described in clauses (X)(i) through (iv) above and any
expenses incurred in connection with any third party claims that remain
unreimbursed;
(vi) to the Servicer, an amount equal to the lesser of the balance
of the Amount Available with respect to Sub-Pool 2 after payments
described in clauses (X)(i) through (v) above and the aggregate of any
Nonrecoverable Servicing Advances and Nonrecoverable Monthly Advances with
respect to Sub-Pool 2 previously made by the Servicer and not previously
reimbursed; and
(vii) to the Class R Certificateholders, the balance of the Amount
Available with respect to Sub-Pool 2, if any, after payments described in
clauses (X)(i) through (vi) above.
(Y) If the Remittance Date is on or after the Cross-Over Date, the Trustee
shall distribute the indicated amounts in the following order of priority:
(i) to the Class 2A Certificateholders (including for purposes of
this Section 6.06(c), the Certificate Insurer as the subrogee thereof),
the lesser of:
(A) the balance of the Amount Available with respect to
Sub-Pool 2; and
(B) the Class 2A Interest Remittance Amount with respect to
the Class 2A Certificates;
(ii) to the Class 2A Certificateholders (including for purposes of
this Section 6.06(c), the Certificate Insurer as the subrogee thereof), to
be applied to reduce the Class 2A Principal Balance until the Class 2A
Principal Balance has been reduced to zero and to make payments in respect
of the amounts described in clauses (c)(v) (to the extent the amounts
described in clause (c)(v) represent prior Insured Payments by the
Certificate Insurer or interest accrued thereon pursuant to the definition
of Class A Carry-Forward Amount) and (c)(vii) of the definition of Class A
Principal Remittance Amount below, the lesser of:
(A) the balance of the Net Excess Amount Available with
respect to Sub-Pool 2 after payments described in clause
(Y)(i) above; and
(B) the Class A Principal Remittance Amount with respect to
the Class 2A Certificates;
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(iii) to the Sub-Pool 2 Trustee Expense Account, an amount equal to
the lesser of the balance of the Amount Available with respect to Sub-Pool
2 after payments described in clauses (Y)(i) and (ii) above and any
accrued and unpaid Annual Trustee Expense Amount with respect to Sub-Pool
2;
(iv) to the Servicer and/or the Depositor, an amount equal to the
lesser of the balance of the Amount Available with respect to Sub-Pool 2
after payments described in clauses (Y)(i) through (iii) above and any
expenses incurred in connection with any third party claims that remain
unreimbursed;
(v) to the Servicer, an amount equal to the lesser of the balance of
the Amount Available with respect to Sub-Pool 2 after payments described
in clauses (Y)(i) through (iv) above and the aggregate of any
Nonrecoverable Servicing Advances and Nonrecoverable Monthly Advances with
respect to Sub-Pool 2 previously made by the Servicer and not previously
reimbursed; and
(vi) to the Class R Certificateholders, the balance of the Amount
Available with respect to Sub-Pool 2, if any, after payments described in
clauses (Y)(i) through (v) above.
As contemplated by Section 6.06(b) above, amounts distributed to the
related Class A Certificateholders pursuant to Sections 6.06(c)(A)(X)(i) through
(xv) and 6.06(c)(A)(Y)(i) through (xv) with respect to Sub-Pool 1, and Sections
6.06(c)(B)(X)(i) and (ii) and 6.06(c)(B)(Y)(i) and (ii) with respect to Sub-Pool
2 above shall be applied first to distributions to the actual
Certificateholders, to the extent of, as applicable, the related Class A
Remittance Amount with respect to the related Classes of Class A Certificates
(exclusive of any Class A Carry-Forward Amount to the extent representing
amounts previously paid to the related Classes of Class A Certificateholders, as
Insured Payments or representing interest accrued in respect of Insured
Payments), and then to reimbursement payments to the Certificate Insurer as
subrogee to such Certificateholders.
Upon the earlier to occur of (i) the February 25, 1997 Remittance
Date and (ii) the termination of this Agreement, the Trustee shall distribute
any amount remaining in the related Pre-Funding Account to the related Class 1A
or Class 2A Certificateholders, in proportion to the related Class 1A Principal
Balance and the Class 2A Principal Balance, respectively, to reduce the related
Class 1A Principal Balance and the Class 2A Principal Balance until the related
Class 1A Principal Balance and the Class 2A Principal Balance are zero.
(d) Except as otherwise provided in the next succeeding sentence and
Sections 6.06(e) and 6.07, all distributions made to the Class 1A
Certificateholders, Class 2A Certificateholders or Class R Certificateholders as
a Class on each Remittance Date will be made on a pro rata basis among the
Certificateholders of record of the respective Class on the immediately
preceding Record Date, except that the initial distribution on all Classes of
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Certificates other than the Class 1A-1 Certificates and the Class 2A
Certificates will be made to Certificateholders of record as of the Closing
Date, based on the Percentage Interest represented by their respective
Certificates, and shall be made by wire transfer of immediately available funds
to the account of such Certificateholder at a bank or other entity having
appropriate facilities therefor, if such Certificateholder shall own of record
(i) any Class R Certificate, or (ii) any Class A Certificate with an initial
related Class A Principal Balance in excess of $5,000,000 appearing in the
Certificate Register and shall have provided timely and complete wiring
instructions, and otherwise by check mailed to the address of such
Certificateholder appearing in the Certificate Register. The final distribution
on each Certificate will be made in the manner, but only upon presentment and
surrender of such Certificate at the location specified in the notice to
Certificateholders of such final distribution.
(e) Each distribution with respect to a Book-Entry Certificate shall
be paid to the Depository, which shall credit the amount of such distribution to
the accounts of its Depository Participants in accordance with its normal
procedures. Each Depository Participant shall be responsible for disbursing such
distribution to the Certificate Owners that it represents and to each indirect
participating brokerage firm (a "brokerage firm" or "indirect participating
firm") for which it acts as agent. Each brokerage firm shall be responsible for
disbursing funds to the Certificate Owners that it represents. All such credits
and disbursements with respect to a Book-Entry Certificate are to be made by the
Depository and the Depository Participants in accordance with the provisions of
the Class A Certificates. None of the Trustee, the Certificate Registrar, the
Depositor nor the Servicer shall have any responsibility therefor except as
otherwise provided by applicable law.
To the extent applicable and not contrary to the rules of the
Depository, the Trustee shall comply with the provisions of the form of the
respective Class A Certificate as set forth in Exhibits B-1 and B-2.
Section 6.07 Insufficiency of Amount Available or Net Excess
Amount Available.
If as of any Remittance Date the Amount Available, if such
Remittance Date is prior to the Cross-Over Date, or the related Net Excess
Amount Available plus that additional portion of the Amount Available
constituting Excess Spread available to pay the related Class A Interest
Remittance Amount with respect to the related Class of Class A Certificates
pursuant to Sections 6.06(c)(A)(Y)(i) through (vii) with respect to Sub-Pool 1
and Section 6.06(c)(B)(Y)(i) with respect to Sub-Pool 2 above, if such
Remittance Date is on or after the Cross-Over Date, is insufficient to pay the
related Class A Certificateholders the related Class A Interest Remittance
Amount, then the related Amount Available or related Net Excess Amount
Available, plus that additional portion of the related Amount Available
constituting Excess Spread with respect to the related Sub-Pool available to pay
the related Class A Interest Remittance Amount with respect to the related Class
of Class A Certificates pursuant to Sections 6.06(c)(A)(Y)(i) through (vii) with
respect to Sub-Pool 1, and Section 6.06(c)(B)(Y)(i) with respect to Sub-Pool 2
above, as the case may be, shall be distributed by the Trustee to the related
Class A
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Certificateholders (including the Certificate Insurer as subrogee thereof) as
follows, with respect to each Sub-Pool: first, to the extent of the related
Class A Remittance Amount with respect to the related Class of Class A
Certificates exclusive of that portion of the related Class A Carry-Forward
Amount representing amounts previously covered by Insured Payments with respect
to the related Sub-Pool or interest accrued in respect of such Insured Payments,
in proportion to the amount of interest that would have been distributed to such
related Class A Certificateholder absent such shortfall; and second, that
portion of the related Class A Carry-Forward Amount representing amounts
previously covered by Insured Payments with respect to the related Sub-Pool or
interest accrued in respect of such Insured Payments with respect to the related
Sub-Pool, in proportion to the amount of interest that would have been
distributed to such related Class A Certificateholder absent such shortfall.
Section 6.08 Statements.
On or before 10:00 a.m. New York City time on the Determination
Date, the Servicer shall deliver to the Certificate Insurer and the Trustee, by
telecopy, the receipt and legibility of which shall be confirmed telephonically,
and with hard copy thereof (and in the case of the remittance report referenced
below, such report in computer readable magnetic tape, electronic data file or
equivalent form) to be delivered on the following Business Day, a certificate
signed by a Servicing Officer and the Servicer's Monthly Remittance Report
substantially in the form attached hereto as Exhibit Q (together, the
"Servicer's Certificate") stating the date (day, month and year), the series
number of the Certificates, the date of this Agreement, and the following
information with respect to each Sub-Pool:
(i) The Available Remittance Amount for the related Remittance
Date and any portion thereof that has been deposited in the related
Certificate Account but, pursuant to an order of a United States
bankruptcy court of competent jurisdiction imposing a stay pursuant
to Section 362 of the United States Bankruptcy Code, may not be
withdrawn therefrom, the Amount Available with respect to each
Sub-Pool and the Net Excess Amount Available with respect to each
Sub-Pool;
(ii) The Class 1A Principal Balance with respect to each Class
of Class 1A Certificates, the Class 2A Principal Balance and the
related Sub-Pool Principal Balance as reported in the prior
Servicer's Certificate pursuant to subclause (xii) below, or, in the
case of the first Determination Date, the Original Class 1A
Principal Balance and the Original Class 2A Principal Balance;
(iii) The number and Principal Balances of all Mortgage Loans
which were the subject of Principal Prepayments during the related
Due Period;
(iv) The amount of all Curtailments which were received during
the Due Period;
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(v) The combined aggregate amount of (i) all Excess Payments
and (ii) the principal portion of all Monthly Payments received
during the related Due Period;
(vi) The amount of interest received on the Mortgage Loans;
(vii) The amount of the Monthly Advances to be made on the
Determination Date, the Compensating Interest payment to be made on
the Determination Date, the related Interest Coverage Addition to be
made on the Remittance Date and the amount to be deposited into the
related Certificate Account from funds on deposit in the related
Reserve Account pursuant to Section 6.14(c) on the Remittance Date;
(viii) The delinquency and foreclosure information calculated
as of the end of the month preceding the Determination Date set
forth in the form attached hereto as Exhibit N;
(ix) The Class A Principal Remittance Amount, the Class 1A
Interest Remittance Amount, the Class 2A Interest Remittance Amount
and for the related Remittance Date with the components thereof
stated separately and the portion of the Class A Principal
Remittance Amount to be distributed to the Class 1A
Certificateholders and the Class 2A Certificateholders,
respectively;
(x) With respect to each Sub-Pool, the amount of the Insured
Payment, if any, to be made on the related Remittance Date,
separately identified with respect to the Class 1A Certificates and
the Class 2A Certificates, the amount, if any, of previously
unreimbursed Insured Payments, and the aggregate portion of the
amounts described in clause (ix) above that represents unpaid
interest accrued in respect of Insured Payments in accordance with
the definition of Class A Carry-Forward Amount;
(xi) The amount to be distributed to the Class R
Certificateholders for the Remittance Date;
(xii) The Class 1A Principal Balance with respect to each
Class of Class 1A Certificates, the Class 2A Principal Balance and
the related Sub-Pool Principal Balance after giving effect to the
distribution to be made on the related Remittance Date;
(xiii) With respect to each Sub-Pool, the weighted average
maturity and the weighted average Mortgage Rate;
(xiv) The Servicing Fees and the amounts to be paid to the
Certificate Insurer as the Monthly Premium pursuant to Section
6.02(i) above and to the related Trustee Expense Account pursuant to
Section 6.03;
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(xv) The amount of all payments or reimbursements to the
Servicer pursuant to Section 5.04 (ii), (iv), (vi) and (ix) above
and the amounts, if any, withdrawn pursuant to 5.04 (v) and (vii)
above;
(xvi) The related Sub-Pool Factor determined using the related
Sub-Pool Principal Balance in subclause (xii) above, computed to
seven (7) decimal places;
(xvii) With respect to each Sub-Pool, the Excess Spread to be
deposited in the related Certificate Account pursuant to Section
6.01(iii) above;
(xviii) With respect to each Sub-Pool, the allocation of
Excess Spread to be distributed pursuant to Section 6.06(c) above to
Class 1A and Class 2A Certificateholders, to the Servicer and/or
Depositor as Reimbursable Amounts, to the Servicer as Nonrecoverable
Advances and to the Class R Certificateholders;
(xix) With respect to each Sub-Pool, the sum of all Realized
Losses since the Closing Date, the Subordinated Amount as of such
Remittance Date, and the Unrecovered Class A Portion if any;
(xx) The amounts which are reimbursable to the Servicer or the
Depositor, as appropriate, pursuant to Sections 6.02, 6.03(c), 6.04
and 6.06(c) above;
(xxi) With respect to each Sub-Pool, the number of Mortgage
Loans at the beginning and at the end of the related Due Period;
(xxii) If the related Remittance Date is the final Remittance
Date in connection with the purchase by the Servicer of all the
Mortgage Loans and REO Properties of the related Sub-Pool pursuant
to Section 11.01, the Termination Price;
(xxiii) With respect to each Sub-Pool, for the February 25,
1997 Remittance Date, the balance of the related Pre-Funded Amount
that has not been used to purchase Subsequent Mortgage Loans and
that is being distributed to the related Classes of Class A
Certificateholders as a mandatory prepayment of principal, if any,
on such Remittance Date pursuant to the last paragraph of Section
6.06(c) above;
(xxiv) With respect to each Sub-Pool, the
Overcollateralization Amount after giving effect to the distribution
of the related Class A Principal Remittance Amount on such
Remittance Date, the Required Overcollateralization Amount for such
Remittance Date and the amount of the related Additional Principal
to be distributed on such Remittance Date;
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(xxv) Such other information as the Certificate Insurer and
the Certificateholders may reasonably request and which is produced
or available in the ordinary course of the Servicer's business; and
(xxvi) The aggregate unpaid principal balance of all
delinquent Mortgage Loans repurchased by the Servicer on any
Determination Date and cumulatively since the Closing Date pursuant
to Section 5.11.
The Trustee shall forward copies of such Servicer's Certificate to
the Certificateholders and Moody's on the Remittance Date. All reports prepared
by the Trustee of such withdrawals and deposits will be based in whole or in
part upon the information provided to the Trustee by the Servicer, and the
Trustee may fully rely upon and shall have no liability with respect to such
information provided by the Servicer.
To the extent that there are inconsistencies between the telecopy of
the Servicer's Certificate and the hard copy thereof, the Trustee shall be
entitled to rely upon the telecopy.
In the case of information furnished pursuant to subclauses (ii),
(iii), (iv), (v), (ix), (x) and (xii) above, the amounts shall be expressed in a
separate section of the report as a dollar amount for each Class per $1,000
original dollar amount as of the Cut-off Date, in the case of such information
relevant to Class A Certificateholders.
(a) Within a reasonable period of time after the end of each
calendar year, the Servicer shall furnish to the Trustee for distribution to
each Person who at any time during the calendar year was a Class A
Certificateholder, if requested in writing by such Person, such information as
is reasonably necessary to provide to such Person a statement containing the
information set forth in subclauses (vi), (ix) and (xiv) above, aggregated for
such calendar year or applicable portion thereof during which such Person was a
Certificateholder. Such obligation of the Servicer shall be deemed to have been
satisfied to the extent that substantially comparable information shall be
provided by the Servicer to the Trustee or the Certificateholders pursuant to
any requirements of the Code as from time to time are in force.
(b) On each Remittance Date, the Trustee shall forward to the Class
R Certificateholders a copy of the reports forwarded to the Class A
Certificateholders in respect of such Remittance Date and a statement setting
forth the amounts actually distributed to the Class R Certificateholders on such
Remittance Date together with such other information as the Servicer deems
necessary or appropriate.
(c) Within a reasonable period of time after the end of each
calendar year, the Servicer shall furnish to the Trustee for distribution to
each Person who at any time during the calendar year was a Class R
Certificateholder, if requested in writing by such Person, such information as
is reasonably necessary to provide to such Person a statement containing the
information provided pursuant to the previous paragraph aggregated for such
calendar year or applicable portion thereof during which such Person was a Class
R Certificateholder. Such
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obligation of the Servicer shall be deemed to have been satisfied to the extent
that substantially comparable information shall be provided by the Servicer to
the Trustee or the Certificateholders pursuant to any requirements of the Code
as from time to time in force.
(d) Upon reasonable advance notice in writing, the Servicer will
provide to each Class A Certificateholder which is a savings and loan
association, bank or insurance company access to information and documentation
regarding the Mortgage Loans sufficient to permit such Class A
Certificateholders to comply with applicable regulations of the FDIC or other
regulatory authorities with respect to investment in the Class A Certificates.
(e) The Servicer shall furnish to each Certificateholder, during the
term of this Agreement, such periodic, special, or other reports or information,
whether or not provided for herein, as shall be necessary, reasonable, or
appropriate with respect to the Certificateholder, or otherwise with respect to
the purposes of this Agreement, all such reports or information to be provided
by and in accordance with such applicable instructions and directions as the
Certificateholder may reasonably require; provided, that the Servicer shall be
entitled to be reimbursed by such Certificateholder for the Servicer's actual
expenses incurred in providing such reports, if such reports are not generally
produced in the ordinary course of the Servicer's business.
(f) Reports and computer tapes furnished by the Servicer pursuant to
this Agreement shall be deemed confidential and of proprietary nature, and shall
not be copied or distributed except in connection with the purposes and
requirements of this Agreement. No Person entitled to receive copies of such
reports or tapes shall use the information therein for the purpose of soliciting
the customers of the Depositor or for any other purpose except as set forth in
this Agreement.
Section 6.09 Advances by the Servicer.
Not later than 4:00 p.m. New York time on the Determination Date,
the Servicer shall remit to the Trustee for deposit in the related Certificate
Account an amount (as indicated in the Servicer's Certificate prepared pursuant
to Section 6.08 above), to be distributed on the related Remittance Date
pursuant to Section 6.06 above, equal to the sum of, with respect to each
Sub-Pool (a) the interest portions of the aggregate amount of Monthly Payments
due but not received during the related Due Period (net of the Servicing Fee,
the Annual Trustee Expense Amount and, after the Cross-Over Date, the Excess
Spread with respect to the related Sub-Pool), plus (b) with respect to each REO
Property with respect to the related Sub-Pool, which was acquired during or
prior to the related Due Period and as to which an REO Disposition did not occur
during the related Due Period, an amount equal to the excess, if any, of
interest on the Principal Balance of such REO Property at the related Mortgage
Rate (net of the Servicing Fee, the Annual Trustee Expense Amount and, after the
Cross-Over Date, the Excess Spread with respect to the related Sub-Pool) for the
most recently ended calendar month over the net income from the REO Property
transferred to the Principal and Interest Account with respect to the related
Sub-Pool during the related Due Period pursuant to Section 5.10
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above, plus (c) with respect to a Mortgage Loan with a delinquent Balloon
Payment, an amount equal to the assumed interest portion of the aggregate amount
of the Monthly Payment that would have been due on the related Due Period (net
of the Servicing Fee, the Annual Trustee Expense Amount and, after the
Cross-Over Date, the Excess Spread with respect to the related Sub-Pool) based
on the original amortization schedule for such Mortgage Loan, plus (d) with
respect to each Remittance Date, the amount necessary on the first, second,
third, and fourth Remittance Dates to pay 30 days' interest with respect to each
non-delinquent Mortgage Loan (net of the Servicing Fee and the Annual Trustee
Expense Amount), plus (e) with respect to each Remittance Date, if pursuant to
Section 5.04(ii) above the Servicer has previously reimbursed itself for a
Monthly Advance made pursuant to Section 6.09(c) or Section 6.09(d) above, then
an amount equal to such amount previously reimbursed, such sum being defined
herein as the "Monthly Advance". In lieu of making all or a portion of such
Monthly Advance from its own funds, the Servicer may (i) cause to be made an
appropriate entry in its records relating to the Principal and Interest Account
with respect to the related Sub-Pool that any amount held in the Principal and
Interest Account with respect to the related Sub-Pool, and not required for
distribution on the immediately succeeding Remittance Date has been used by the
Servicer in discharge of its obligation to make any such Monthly Advance and
(ii) transfer such funds from the Principal and Interest Account with respect to
the related Sub-Pool, to the related Certificate Account. Any funds so applied
and transferred shall be replaced by the Servicer by deposit in the related
Principal and Interest Account no later than the close of business on the
Business Day immediately preceding the Remittance Date on which such funds are
required to be distributed pursuant to this Agreement. The Servicer may
reimburse itself pursuant to Section 5.04 above for Monthly Advances made from
its own funds. Notwithstanding the foregoing, the Monthly Advance required on
the first Remittance Date by Section 6.09(d) above shall be mandatory, and each
successive Monthly Advance pursuant to Section 6.09(d) and Section 6.09(e) above
shall be made if and to the extent the Servicer has reimbursed itself for
amounts previously advanced pursuant to such Sections 6.09(d) and 6.09(e), as
the case may be.
Section 6.10 Compensating Interest.
Not later than the close of business on each Determination Date,
with respect to each Mortgage Loan for which a Principal Prepayment or
Curtailment was received during the related Due Period, the Servicer shall remit
to the Trustee for deposit in the related Certificate Account from amounts
otherwise payable to it as Servicing Compensation (as indicated in the
Servicer's Certificate prepared pursuant to Section 6.08 above), an amount equal
to the difference between (a) 30 days' interest on the Principal Balance of each
such Mortgage Loan immediately following the Remittance Date in the related Due
Period at the Mortgage Rate, net of the Servicing Fee and the Annual Trustee
Expense Amount, and after the related Cross-Over Date, the Excess Spread with
respect to the related Sub-Pool, and (b) the amount of interest actually
received on each such Mortgage Loan for such Due Period, net of the Servicing
Fee, the Annual Trustee Expense Amount, and after the related Cross-Over Date,
the Excess Spread with respect to the related Sub-Pool.
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Section 6.11 [Reserved].
Section 6.12 Pre-Funding Account.
(a) With respect to each Sub-Pool and no later than the Closing
Date, the Trustee shall establish and maintain with itself one or more
segregated trust accounts that are Eligible Accounts, which shall be titled,
with respect to Sub-Pool 1, "Sub-Pool 1 Pre-Funding Account, LaSalle National
Bank, as trustee for the registered holders of AFC Mortgage Loan Asset Backed
Certificates, Series 1996-4 and with respect to Sub-Pool 2, "Sub-Pool 2
Pre-Funding Account, LaSalle National Bank, as trustee for the registered
holders of AFC Mortgage Loan Asset Backed Certificates, Series 1996-4." The
Trustee shall, promptly upon receipt, deposit in the related Pre-Funding Account
and retain therein the Original Pre-Funded Amount with respect to the related
Sub-Pool remitted on the Closing Date to the Trustee by the Depositor. Prior to
February 25, 1997 or any earlier Subsequent Transfer Date on which the entire
balance of the Original Pre-Funded Amount with respect to the related Sub-Pool
is applied to purchase Subsequent Mortgage Loans, the related Pre-Funding
Account will be an asset of the Trust Fund REMIC.
(b) Amounts on deposit in the related Pre-Funding Account shall be
withdrawn by the Trustee as follows:
(i) On any Subsequent Transfer Date, the Trustee, upon written
direction from the Depositor, shall withdraw from the related
Pre-Funding Account an amount equal to 100% of the Principal
Balances of the Subsequent Mortgage Loans with respect to the
related Sub-Pool transferred and assigned to the Trustee on such
Subsequent Transfer Date and pay such amount to or upon the order of
the Depositor upon satisfaction of the conditions with respect to
such transfer and assignment set forth in Section 2.10(b) above with
respect to all Subsequent Mortgage Loans, Section 2.10(c) with
respect to Sub-Pool 1 Subsequent Mortgage Loans and Section 2.10(d)
with respect to Sub-Pool 2 Subsequent Mortgage Loans;
(ii) If the related Pre-Funded Amount has not been reduced to
zero during the Funding Period, on the February 25, 1997 Remittance
Date, the Trustee shall effect the distributions described in the
last paragraph of Section 6.06(c) above;
and also, in no particular order of priority:
(iv) to withdraw any amount not required to be deposited in
the related Pre-Funding Account or deposited therein in error; and
(v) to clear and terminate the related Pre-Funding Account
upon the earliest to occur of (A) the February 25, 1997 Remittance
Date, (B) the termination of
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this Agreement and (C) the termination of the related Sub-Pool, with
any amounts remaining on deposit therein being paid to the Class R
Certificateholders.
Section 6.13 Interest Coverage Account.
(a) With respect to each Sub-Pool and no later than the Closing
Date, the Trustee shall establish and maintain with itself a separate,
segregated trust account, which shall be an Eligible Account, titled, with
respect to Sub-Pool 1, "Sub-Pool 1 Interest Coverage Account, LaSalle National
Bank, as trustee for the registered holders of AFC Mortgage Loan Asset Backed
Certificates, Series 1996-4" and with respect to Sub-Pool 2, "Sub-Pool 2
Interest Coverage Account, LaSalle National Bank, as trustee for the registered
holders of AFC Mortgage Loan Asset Backed Certificates, Series 1996-4." The
Trustee shall, promptly upon receipt, deposit in the related Interest Coverage
Account and retain therein the related Interest Coverage Amount remitted on the
Closing Date to the Trustee by the Depositor. Funds deposited in the related
Interest Coverage Account shall be held in trust by the Trustee for the
Certificateholders for the uses and purposes set forth herein. For federal
income tax purposes, the Depositor shall be the owner of the related Interest
Coverage Account and shall report all items of income, deduction, gain or loss
arising therefrom. At no time will any Interest Coverage Account be an asset of
the Trust Fund REMIC. All income and gain realized from investment of funds
deposited in each Interest Coverage Account shall be for the sole and exclusive
benefit of the Depositor and shall be remitted by the Trustee to the Depositor
on the first Business Day following each Remittance Date. The Depositor shall
deposit in the related Interest Coverage Account the amount of any net loss
incurred in respect of any such Permitted Investment immediately upon
realization of such loss.
(b) With respect to each Sub-Pool and on the January 27, 1997
Remittance Date, the Trustee shall withdraw from the related Interest Coverage
Account and deposit in the related Certificate Account an amount, as provided in
the Servicer's Monthly Remittance Report, equal to (i) 30 days' interest on the
related Original Pre-Funded Amount calculated at an annual rate equal to
11.6734% with respect to Sub-Pool 1 and 10.1421% with respect to Sub-Pool 2
minus (ii) the sum of (1) interest payments received on Subsequent Mortgage
Loans with respect to the related Sub-Pool during the related Due Period and (2)
Monthly Advances in respect of interest portions of delinquent Monthly Payments
on Subsequent Mortgage Loans with respect to the related Sub-Pool conveyed to
the Trustee during the related Due Period.
(c) With respect to each Sub-Pool and on the February 25, 1997
Remittance Date, the Trustee shall withdraw from the related Interest Coverage
Account and deposit in the related Certificate Account an amount, as provided in
the Servicer's Monthly Remittance Report, equal to (i) 30 days' interest on the
related Original Pre-Funded Amount minus the aggregate Principal Balance of
Subsequent Mortgage Loans conveyed to the Trustee having a Due Date prior to
January 1, 1997 at an annual rate equal to 11.6734% with respect to Sub-Pool 1
and 10.1421% with respect to Sub-Pool 2 minus (ii) the sum of (1) interest
payments received on Subsequent Mortgage Loans conveyed to the Trustee during
the related Due Period and (2) Monthly Advances in respect of interest portions
of delinquent Monthly Payments on Subsequent
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Mortgage Loans with respect to the related Sub-Pool conveyed to the Trustee
during the related Due Period.
(d) With respect to each Sub-Pool and on the date of conveyance of a
Subsequent Mortgage Loan to the Trustee, excess funds on deposit in the related
Interest Coverage Account in an amount equal to the product of (i) the Principal
Balance of such Subsequent Mortgage Loan and (ii) 11.6734% with respect to
Sub-Pool 1 and 10.1421% with respect to Sub-Pool 2 and (iii) a fraction, the
numerator of which is the number of days from the Subsequent Transfer Date to
February 14, 1997 and the denominator of which is 360 days, shall be remitted
immediately to the Depositor.
(e) With respect to each Sub-Pool and upon the earlier of (i) the
February 25, 1997 Remittance Date, (ii) the reduction of the related Class 1A
Principal Balance or the Class 2A Principal Balance to zero, (iii) the
termination of this Agreement in accordance with Section 11.01, (iv) the date of
the conveyance of the last Subsequent Mortgage Loan to the Trustee, as set forth
in a written letter of instruction by the Servicer to the Trustee, or (v)
termination of the related Sub-Pool, any amount remaining on deposit in the
related Interest Coverage Account after distributions pursuant to Sections
6.13(b) and 6.13(c) above shall be withdrawn by the Trustee and paid to the
Depositor.
Section 6.14 Reserve Account.
(a) If required by the Certificate Insurer for credit enhancement,
with respect to each Sub-Pool and no later than the Closing Date, the Trustee
shall establish and maintain with itself a separate, segregated trust account,
which shall be an Eligible Account, titled, with respect to Sub-Pool 1,
"Sub-Pool 1 Reserve Account, LaSalle National Bank, as trustee for the
registered holders of AFC Mortgage Loan Asset Backed Certificates, Series
1996-4" and with respect to Sub-Pool 2, "Sub-Pool 2 Reserve Account, LaSalle
National Bank, as trustee for the registered holders of AFC Mortgage Loan Asset
Backed Certificates, Series 1996-4." The Trustee shall, promptly upon receipt,
deposit in and retain in the related Reserve Account, the Initial Reserve
Account Deposit remitted on the Closing Date to the Trustee by the Depositor.
Funds deposited in the related Reserve Account shall be held in trust by the
Trustee for the Certificateholders for the uses and purposes set forth herein.
(b) Each Reserve Account will be an asset of the Trust Fund REMIC
and will be treated as a "qualified reserve fund" within the meaning of Treasury
regulations Section 1.860G-2(g)(2). If on or before the February 25, 1997
Remittance Date, the Certificate Insurer has determined that the entire amount
of funds on deposit in a Reserve Account is not required for credit enhancement,
and the Certificate Insurer shall direct the Trustee in writing, the portion of
the related Initial Reserve Account Deposit not so required shall be released to
the Class R Certificateholders on the February 25, 1997 Remittance Date. If the
Certificate Insurer does not so direct the Trustee on or before the February 25,
1997 Remittance Date, then the balance of each Reserve Account shall be
distributed by the Trustee to the Class R Certificateholders on the March 25,
1997 Remittance Date.
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(c) With respect to each Sub-Pool and on and after the February 25,
1997 Remittance Date, amounts, if any, on deposit in the related Reserve Account
shall be withdrawn on each Remittance Date by the Trustee to be applied, at the
written direction of the Servicer:
(i) (A) to deposit in the Sub-Pool 1 Certificate Account, an amount
equal to the excess of the sum of the related Class A Remittance Amount
with respect to each Class of Class 1A Certificates for such Remittance
Date over the Available Remittance Amount with respect to Sub-Pool 1 for
such Remittance Date and (B) to deposit in the Sub-Pool 2 Certificate
Account, an amount equal to the excess of the related Class A Remittance
Amount with respect to the Class 2A Certificates for such Remittance Date
over the Available Remittance Amount with respect to Sub-Pool 2 for such
Remittance Date;
and also, in no particular order of priority:
(ii) to invest amounts on deposit in the related Reserve Account in
Permitted Instruments pursuant to Section 6.05 above; and
(iii) to clear and terminate the related Reserve Account upon the
termination of this Agreement with any amounts on deposit therein being
paid to the Class R Certificateholders.
(d) Upon the earlier to occur of the Cross-Over Date with respect to
the related Sub-Pool or the Remittance Date on which all amounts due have been
paid to the related Classes of Class A Certificateholders, including the
Certificate Insurer as subrogee of the Class A Certificateholders, the Trustee,
after making any withdrawals from the related Reserve Account required pursuant
to Section 6.14(c) above, shall clear and terminate the related Reserve Account,
liquidate, upon the written direction of the Class R Certificateholders holding
an aggregate Percentage Interest equal to at least 51%, any investments therein,
and pay any uninvested funds therein or the proceeds of such liquidation to the
Class R Certificateholders.
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ARTICLE VII
GENERAL SERVICING PROCEDURE
Section 7.01 Assumption Agreements.
When a Mortgaged Property has been or is about to be conveyed by the
Mortgagor, the Servicer shall, to the extent it has knowledge of such conveyance
or prospective conveyance, exercise its rights to accelerate the maturity of the
related Mortgage Loan under any "due-on-sale" clause contained in the related
Mortgage or Mortgage Note; provided, however, that the Servicer shall not
exercise any such right if the "due-on-sale" clause, in the reasonable belief of
the Servicer, is not enforceable under applicable law. In such event, the
Servicer shall enter into an assumption and modification agreement with the
person to whom such property has been or is about to be conveyed, pursuant to
which such person becomes liable under the Mortgage Note and, unless prohibited
by applicable law or the Mortgage Documents, the Mortgagor remains liable
thereon. The Servicer is also authorized with the prior approval of the
Certificate Insurer to enter into a substitution of liability agreement with
such person, pursuant to which the original Mortgagor is released from liability
and such person is substituted as Mortgagor and becomes liable under the
Mortgage Note. The Servicer shall notify the Trustee and the Certificate Insurer
that any such substitution or assumption agreement has been completed by
forwarding to the Trustee the original of such substitution or assumption
agreement and a duplicate thereof to the Certificate Insurer, which original
shall be added by the Trustee to the related Trustee's Mortgage File and shall,
for all purposes, be considered a part of such Trustee's Mortgage File to the
same extent as all other documents and instruments constituting a part thereof.
In connection with any assumption or substitution agreement entered into
pursuant to this Section 7.01, the Servicer shall not change the Mortgage Rate
or the Monthly Payment, defer or forgive the payment of principal or interest,
reduce the outstanding principal amount or extend the final maturity date on
such Mortgage Loan. Any fee collected by the Servicer for consenting to any such
conveyance or entering into an assumption or substitution agreement shall be
retained by or paid to the Servicer as additional Servicing Compensation.
Notwithstanding the foregoing paragraph or any other provision of
this Agreement, the Servicer shall not be deemed to be in default, breach or any
other violation of its obligations hereunder by reason of any assumption of a
Mortgage Loan by operation of law or any assumption which the Servicer may be
restricted by law from preventing, for any reason whatsoever.
Section 7.02 Satisfaction of Mortgages and Release of Mortgage
Files.
The Servicer shall not grant a satisfaction or release of a Mortgage
without having obtained payment in full of the indebtedness secured by the
Mortgage or otherwise prejudice any right the Certificateholders may have under
the mortgage instruments subject to Section 5.01 above. The Servicer shall
maintain the Fidelity Bond as provided for in Section 5.09 above insuring the
Servicer against any loss it may sustain with respect to any Mortgage Loan not
satisfied in accordance with the procedures set forth herein.
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Upon the payment in full of any Mortgage Loan, or the receipt by the
Servicer of a notification that payment in full will be escrowed in a manner
customary for such purposes, the Servicer will immediately notify the Trustee
(if it holds the related Trustee's Mortgage File) or the Custodian, as the case
may be, by an Officers' Certificate in the form of Exhibit I attached hereto
(which certification shall include a statement to the effect that all amounts
received or to be received in connection with such payment which are required to
be deposited in the Principal and Interest Account pursuant to Section 5.03
above have been or will be so deposited) of a Servicing Officer and shall
request delivery to it of the Trustee's Mortgage File. Upon receipt of such
certification and request, the Trustee or such Custodian, as the case may be,
shall promptly release the related Trustee's Mortgage File to the Servicer.
Expenses incurred in connection with any instrument of satisfaction or deed of
reconveyance shall be payable only from and to the extent of Servicing
Compensation with respect to the related Sub-Pool and shall not be chargeable to
the related Principal and Interest Account or the related Certificate Account.
With respect to any Mortgage Note released by the Trustee to the
Servicer or to any Subservicer in accordance with the terms of this Agreement,
other than a release or satisfaction pursuant to the second paragraph of this
Section 7.02, prior to such release, the Trustee shall (a) complete all
endorsements in blank so that the endorsement reads "Pay to the order of LaSalle
National Bank, as Trustee under the Pooling and Servicing Agreement, dated as of
December 1, 1996, Series 1996-4" and (b) complete a restrictive endorsement that
reads "LaSalle National Bank is the holder of the mortgage note for the benefit
of the Certificateholders under the Pooling and Servicing Agreement, dated as of
December 1, 1996, Series 1996-4" with respect to those Mortgage Notes currently
endorsed "Pay to the order of holder", if any.
From time to time and as appropriate for the servicing or
foreclosure of any Mortgage Loan, including, for this purpose, collection under
any primary mortgage guaranty insurance policy, the Trustee shall, upon request
of the Servicer and delivery to the Trustee of a certification in the form of
Exhibit I attached hereto signed by a Servicing Officer, release the related
Trustee's Mortgage File or any document therein to the Servicer, and the Trustee
shall execute such documents as shall be necessary to the prosecution of any
such proceedings. Such servicing receipt shall obligate the Servicer to return
the Trustee's Mortgage File or any document released therefrom to the Trustee
when the need therefor by the Servicer no longer exists, unless the Mortgage
Loan has been liquidated and the Net Liquidation Proceeds relating to the
Mortgage Loan have been deposited in the Principal and Interest Account with
respect to each Sub-Pool, and remitted to the Trustee for deposit in the related
Certificate Account or the Trustee's Mortgage File or such document has been
delivered to an attorney, or to a public trustee or other public official as
required by law, for purposes of initiating or pursuing legal action or other
proceedings for the foreclosure of the Mortgaged Property either judicially or
non-judicially, and the Servicer has delivered to the Trustee a certificate of a
Servicing Officer certifying as to the name and address of the Person to which
such Trustee's Mortgage File or such document was delivered and the purpose or
purposes of such delivery. Upon receipt of a
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certificate of a Servicing Officer stating that such Mortgage Loan was
liquidated, the servicing receipt shall be released by the Trustee to the
Servicer.
The Trustee shall execute and deliver to the Servicer any court
pleadings, requests for trustee's sale in respect of a Mortgaged Property or to
any legal action brought to obtain judgment against any Mortgagor on the
Mortgage Note or Mortgage or to obtain a deficiency judgment, or to enforce any
other remedies or rights provided by the Mortgage Note or Mortgage or otherwise
available at law or in equity. Together with such documents or pleadings, the
Servicer shall deliver to the Trustee a certificate of a Servicing Officer
requesting that such pleadings or documents be executed by the Trustee and
certifying as to the reason such documents or pleadings are required and that
the execution and delivery thereof by the Trustee will not invalidate or
otherwise affect the lien of the Mortgage, except for the termination of such a
lien upon completion of the foreclosure or trustee's sale. The Trustee shall,
upon receipt of a written request from a Servicing Officer, execute any document
provided to the Trustee by the Servicer or take any other action requested in
such request that is, in the opinion of the Servicer as evidenced by such
request, required by any state or other jurisdiction to discharge the lien of a
Mortgage upon the satisfaction thereof and the Trustee will sign and post, but
will not guarantee receipt of, any such documents to the Servicer, or such other
party as the Servicer may direct, within five Business Days, or more promptly if
needed, of the Trustee's receipt of such certificate or documents. Such
certificate or documents shall establish to the Trustee's satisfaction that the
related Mortgage Loan has been paid in full by or on behalf of the Mortgagor and
that such payment has been deposited in the Principal and Interest Account.
Section 7.03 Servicing Compensation.
As compensation for its services under this Agreement, subject to
Section 6.10, the Servicer shall be entitled to withdraw from the Principal and
Interest Account with respect to the related Sub-Pool or to retain from interest
payments on the Mortgage Loans, the Servicer's Servicing Fee. Additional
servicing compensation in the form of assumption and other administrative fees,
interest paid on funds on deposit in the Principal and Interest Accounts,
interest paid and earnings realized on Permitted Instruments in the Principal
and Interest Accounts, Certificate Accounts and Trustee Expense Accounts,
amounts remitted pursuant to Sections 6.03(c)(iii), 6.04 and 7.01 above, late
payment charges and Excess Proceeds shall be retained by or remitted to the
Servicer to the extent not required to be remitted to the Trustee for deposit in
the Certificate Accounts. The Servicer shall be required to pay all expenses
incurred by it in connection with its servicing activities hereunder and shall
not be entitled to reimbursement therefor except as specifically provided for
herein. The Depositor's Yield is the property of the Depositor, and not the
property of the Servicer, and such ownership shall not be affected by any
termination of the Servicer.
Section 7.04 Annual Statement as to Compliance.
The Servicer will deliver to the Certificate Insurer, the Trustee,
S&P, Moody's, Merrill Lynch, Pierce, Fenner & Smith Incorporated and J.P. Morgan
Securities Inc., not later
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than the last day of the fourth month following the end of the Servicer's fiscal
year, beginning for the fiscal year ending June 30, 1997, an Officer's
Certificate stating that (i) the Servicer has fully complied with the provisions
of Articles V and VII, (ii) a review of the activities of the Servicer during
the preceding fiscal year and of performance under this Agreement has been made
under such officer's supervision, and (iii) to the best of such officers'
knowledge, based on such review, the Servicer has fulfilled all its obligations
under this Agreement throughout such year, or, if there has been a default in
the fulfillment of any such obligation, specifying each such default known to
such officers and the nature and status thereof and the action being taken by
the Servicer to cure such default.
Section 7.05 Annual Independent Public Accountants' Servicing Report
and Comfort Letter.
Not later than the last day of the fourth month following the end of
the Servicer's fiscal year, beginning for the fiscal year ending June 30, 1997,
the Servicer, at its expense, shall cause a firm of independent public
accountants reasonably acceptable to the Trustee and the Certificate Insurer to
furnish (1) a letter or letters to the Certificate Insurer, the Trustee, S&P,
Moody's, Merrill Lynch, Pierce, Fenner & Smith Incorporated and J.P. Morgan
Securities Inc. to the effect that such firm has with respect to the Servicer's
overall servicing operations examined such operations in accordance with the
requirements of the Uniform Single Audit Program for Mortgage Bankers, and
stating such firm's conclusions relating thereto and (2) a letter to the effect
that such firm has examined Section 6.08 of this Agreement (or the comparable
section of a substantially similar agreement of the Servicer, as Servicer, under
which certain payments to the holders of certificates are guaranteed by the
Certificate Insurer) and verified the mathematical accuracy of the amounts
reported by the Servicer and that such amounts were computed in accordance with
the terms of this Agreement (or such comparable agreement).
Section 7.06 Certificateholder's, Trustee's and Certificate
Insurer's Right to Examine Servicer Records.
Each Certificateholder, the Trustee and the Certificate Insurer
shall have the right upon reasonable prior notice, during normal business hours
and as often as reasonably required, to examine and audit any and all of the
books, records or other information of the Servicer, whether held by the
Servicer or by another on behalf of the Servicer, which may be relevant to the
performance or observance by the Servicer of the terms, covenants or conditions
of this Agreement.
Section 7.07 Reports to the Trustee; Principal and Interest Account
Statements.
If any Principal and Interest Account is not maintained with the
Trustee, then not later than 25 days after each Record Date, the Servicer shall
forward to the Trustee a statement, certified by a Servicing Officer, setting
forth the status of such Principal and Interest Account as of the close of
business on the preceding Record Date and showing, for the period covered
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by such statement, the aggregate of deposits into such Principal and Interest
Account for each category of deposit specified in Section 5.03 above, the
aggregate of withdrawals from such Principal and Interest Account for each
category of withdrawal specified in Section 5.04 above, the aggregate amount of
permitted withdrawals not made in the related Due Period, the amount of any
related Monthly Advances for the related Due Period.
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ARTICLE VIII
REPORTS TO BE PROVIDED BY SERVICER
Section 8.01 Financial Statements.
The Servicer understands that, in connection with the transfer of
the Certificates, Certificateholders may request that the Servicer make
available to prospective Certificateholders annual audited financial statements
of the Servicer for one or more of the most recently completed five fiscal years
for which such statements are available, which request shall not be unreasonably
denied.
The Servicer also agrees to make available on a reasonable basis to
the Certificate Insurer and any prospective Certificateholder a knowledgeable
financial or accounting officer for the purpose of answering reasonable
questions respecting recent developments affecting the Servicer or the financial
statements of the Servicer and to permit the Certificate Insurer and any
prospective Certificateholder to inspect the Servicer's servicing facilities
during normal business hours for the purpose of satisfying the Certificate
Insurer and such prospective Certificateholder that the Servicer has the ability
to service the Mortgage Loans in accordance with this Agreement.
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ARTICLE IX
THE SERVICER
Section 9.01 Indemnification; Third Party Claims.
(a) The Servicer agrees to indemnify and hold the Trustee, the
Certificate Insurer and each Certificateholder (and their respective Affiliates,
directors, officers, employees and agents) harmless against any and all claims,
losses, penalties, fines, forfeitures, legal fees and related costs, judgments,
and any other costs, fees and expenses that the Trustee, the Certificate
Insurer, any such Certificateholder or any such other indemnified Person may
sustain in any way related to the failure of the Servicer to perform its duties
and service the Mortgage Loans in compliance with the terms of this Agreement.
The Servicer shall immediately notify the Trustee, the Certificate Insurer and
each Certificateholder if a claim is made by a third party with respect to this
Agreement, and the Servicer shall assume (with the consent of the Trustee) the
defense of any such claim and advance all expenses in connection therewith,
including reasonable counsel fees, and promptly advance funds to pay, discharge
and satisfy any judgment or decree which may be entered against the Servicer,
the Trustee, the Certificate Insurer, a Certificateholder and/or any such other
indemnified Person in respect of such claim. The Trustee may reimburse the
Servicer from amounts otherwise distributable on the Class R Certificates for
all amounts advanced by it pursuant to the preceding sentence except when the
claim relates directly to the failure of the Servicer to service and administer
the Mortgage Loans in compliance with the terms of this Agreement.
(b) The Depositor agrees to indemnify and hold the Trustee, the
Certificate Insurer and each Certificateholder (and their respective Affiliates,
directors, officers, employees and agents) harmless against any and all claims,
losses, penalties, fines, forfeitures, legal fees and related costs, judgments,
and any other costs, fees and expenses that the Trustee, the Certificate
Insurer, any Certificateholder and/or any such other indemnified person may
sustain in any way related to the failure of the Servicer, if it is an Affiliate
thereof, or the failure of the Depositor to perform their respective duties in
compliance with the terms of this Agreement. The Depositor shall immediately
notify the Trustee, the Certificate Insurer and each Certificateholder if a
claim is made by a third party with respect to this Agreement and the Depositor
shall assume (with the consent of the Trustee) the defense of any such claim and
advance all expenses in connection therewith, including reasonable counsel fees,
and promptly advance funds to pay, discharge and satisfy any judgment or decree
which may be entered against the Servicer, the Depositor, the Trustee, the
Certificate Insurer, a Certificateholder and/or any such other indemnified
Person in respect of such claim. The Trustee may, if necessary, reimburse the
Depositor from amounts otherwise distributable on the Class R Certificates if
the claim is made with respect to this Agreement for all amounts advanced by it
pursuant to the preceding sentence, except when the claim relates directly to
the failure of a Servicer, if it is, or is an affiliate of, the Depositor, to
perform its obligations to service and administer the Mortgages in compliance
with the terms of this Agreement, or the failure of the Depositor to perform its
duties in compliance with the terms of this Agreement.
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(c) The Depositor agrees to indemnify the Trust Fund for any
liability arising from the naming of the Trust Fund as a defendant in its
capacity as an assignee of the lender in an action under the Riegle Community
Development and Regulatory Improvement Act of 1994.
Section 9.02 Merger or Consolidation of the Depositor and the
Servicer.
The Servicer and the Depositor will keep in full effect its
existence, rights and franchises as a corporation, and will obtain and preserve
its qualification to do business as a foreign corporation, in each jurisdiction
necessary to protect the validity and enforceability of this Agreement or any of
the Mortgage Loans and to perform its duties under this Agreement.
Any Person into which the Servicer may be merged or consolidated, or
any corporation resulting from any merger, conversion or consolidation to which
the Servicer shall be a party, or any Person succeeding to the business of the
Servicer, shall be an established mortgage loan servicing institution that has a
net worth of at least $15,000,000 and shall be the successor of the Servicer
without the execution or filing of any paper or any further act on the part of
any of the parties hereto, anything herein to the contrary notwithstanding;
provided, however, that the successor or surviving person to any Servicer shall
be qualified to sell mortgage loans to, and to service mortgage loans on behalf
of FNMA or FHLMC. The Servicer shall send notice of any such merger or
consolidation to the Trustee, the Rating Agencies and the Certificate Insurer.
Section 9.03 Limitation on Liability of the Servicer and Others.
The Depositor and the Servicer shall each be liable in accordance
herewith only to the extent of the obligations specifically and respectively
imposed upon and undertaken by them herein. The Servicer and any director,
officer, employee or agent of the Servicer may rely on any document of any kind
which it in good faith reasonably believes to be genuine and to have been
adopted or signed by the proper authorities respecting any matters arising
hereunder. Subject to the terms of Section 9.01, the Servicer shall have no
obligation to appear with respect to, prosecute or defend, any legal action
which is not incidental to the Servicer's duty to service the Mortgage Loans in
accordance with this Agreement.
Section 9.04 Servicer Not to Resign.
The Servicer shall not assign this Agreement or any part thereof nor
resign from the obligations and duties hereby imposed on it except (i) that the
Servicer may resign from any obligations and duties hereby imposed on it in
connection with the Class 1A Certificates upon mutual consent of the Servicer,
the Depositor, the Certificate Insurer, the Trustee and the Class 1A Majority
Certificateholders, (ii) that the Servicer may resign from any obligations and
duties hereby imposed on it in connection with the Class 2A Certificates upon
mutual consent of the Servicer, the Depositor, the Certificate Insurer, the
Trustee and the Class 2A Majority Certificateholders or (iii) upon the
determination that the Servicer's duties hereunder are no longer permissible
under applicable law and such incapacity cannot be cured by the Servicer.
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Any such determination under clause (ii) permitting the resignation of the
Servicer shall be evidenced by a written Opinion of Counsel (who may be counsel
for the Servicer) to such effect delivered to the Trustee, the Depositor and the
Certificate Insurer, which Opinion of Counsel shall be in form and substance
acceptable to the Trustee and the Certificate Insurer. No such resignation shall
become effective until a successor has assumed such Servicer's responsibilities
and obligations hereunder in accordance with Section 10.02.
Section 9.05 Representations of the Servicer.
The Servicer hereby represents and warrants to the Trustee, the
Certificate Insurer and the Certificateholders as of the Closing Date:
(a) The Servicer is a federally chartered stock savings bank and has
been duly organized and is validly existing and in good standing under the laws
of the United States and has all licenses necessary to carry on its business as
now being conducted and is licensed, qualified and in good standing in each
Mortgaged Property State if the laws of such state require licensing or
qualification in order to conduct business of the type conducted by the Servicer
and perform its obligations as Servicer or exempt from such licensing or
qualification; the Servicer has the power and authority to execute and deliver
this Agreement and to perform in accordance herewith; the execution, delivery
and performance of this Agreement (including all instruments of transfer to be
delivered pursuant to this Agreement) by the Servicer and the consummation of
the transactions contemplated hereby have been duly and validly authorized by
all necessary action; this Agreement evidences the valid, binding and
enforceable obligation of the Servicer; and all requisite action has been taken
by the Servicer to make this Agreement valid, binding and enforceable upon the
Servicer in accordance with its terms, subject to the effect of bankruptcy,
insolvency, reorganization, moratorium and other, similar laws relating to or
affecting creditors' rights generally or the application of equitable principles
in any proceeding, whether at law or in equity;
(b) All actions, approvals, consents, waivers, exemptions,
variances, franchises, orders, permits, authorizations, rights and licenses
required to be taken, given or obtained, as the case may be, by or from any
federal, state or other governmental authority or agency (other than any such
actions, approvals, etc. under any state securities laws, real estate
syndication or "Blue Sky" statutes, as to which the Servicer makes no such
representation or warranty), that are necessary in connection with the execution
and delivery by the Servicer of the documents to which it is a party, have been
duly taken, given or obtained, as the case may be, are in full force and effect,
are not subject to any pending proceedings or appeals (administrative, judicial
or otherwise) and either the time within which any appeal therefrom may be taken
or review thereof may be obtained has expired or no review thereof may be
obtained or appeal therefrom taken, and are adequate to authorize the
consummation of the transactions contemplated by this Agreement and the other
documents on the part of the Servicer and the performance by the Servicer of its
obligations as Servicer under this Agreement and such of the other documents to
which it is a party;
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(c) The consummation of the transactions contemplated by this
Agreement will not result in the breach of any terms or provisions of the
charter or by-laws of the Servicer or result in the breach of any term or
provision of, or conflict with or constitute a default under or result in the
acceleration of any obligation under, any material agreement, indenture or loan
or credit agreement or other material instrument to which the Servicer or its
property is subject, or result in the violation of any law, rule, regulation,
order, judgment or decree to which the Servicer or its property is subject;
(d) Neither this Agreement nor the Prospectus nor any statement,
report or other document prepared by the Servicer and furnished or to be
furnished pursuant to this Agreement or in connection with the transactions
contemplated hereby contains any untrue statement of material fact or omits to
state a material fact necessary to make the statements contained herein or
therein not misleading;
(e) There is no action, suit, proceeding or investigation pending
or, to the best of the Servicer's knowledge, threatened against the Servicer
which, either in any one instance or in the aggregate, may result in any
material adverse change in the business, operations, financial condition,
properties or assets of the Servicer or in any material impairment of the right
or ability of the Servicer to carry on its business substantially as now
conducted, or in any material liability on the part of the Servicer or which
would draw into question the validity of this Agreement or the Mortgage Loans or
of any action taken or to be taken in connection with the obligations of the
Servicer contemplated herein, or which would be likely to impair materially the
ability of the Servicer to perform under the terms of this Agreement; and
(f) The Servicer is not in default with respect to any order or
decree of any court or any order, regulation or demand of any federal, state,
municipal or governmental agency, which default might have consequences that
would materially and adversely affect the condition (financial or other) or
operations of the Servicer or its properties or might have consequences that
would materially and adversely affect its performance hereunder or under any
Subservicing Agreement.
Section 9.06 Accounting Upon Resignation or Termination of Servicer.
Upon resignation of the Servicer under Section 9.04 or upon termination of
the Servicer under Section 10.01, the Servicer shall:
(a) deliver to its successor or, if none shall yet have been
appointed, to the Trustee the funds in the Sub-Pool 1 Principal and Interest
Account or the Sub-Pool 2 Principal and Interest Account;
(b) deliver to its successor or, if none shall yet have been
appointed, to the Trustee all Mortgage Files and related documents and
statements held by it hereunder and a Mortgage Loan portfolio computer tape;
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(c) deliver to its successor or, if none shall yet have been
appointed, to the Trustee and, upon request, to the Certificateholders a full
accounting of all funds, including a statement showing the Monthly Payments
collected by it and a statement of monies held in trust by it for the payments
or charges with respect to the Mortgage Loans; and
(d) execute and deliver such instruments and perform all acts
reasonably requested in order to effect the orderly and efficient transfer of
servicing of the Mortgage Loans to its successor and to more fully and
definitively vest in such successor all rights, powers, duties,
responsibilities, obligations and liabilities of the Servicer under this
Agreement.
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ARTICLE X
DEFAULT
Section 10.01 Events of Default.
(a) In case one or more of the following Events of Default by the
Servicer shall occur and be continuing, that is to say, with respect to a
Sub-Pool:
(i)(A) an Event of Nonpayment which continues unremedied for a
period of one (1) Business Day after the date on which written
notice of such failure requiring the same to be remedied shall have
been given to the Servicer by the Trustee, to the Servicer and the
Trustee by the Certificate Insurer or to the Servicer, the Trustee
and the Certificate Insurer by any Certificateholder and, in the
case of an Event of Nonpayment described in clause (i) or (ii) of
the definition thereof, the insufficiency referred to in such clause
(i) or (ii) does not result from a failure by the Certificate
Insurer to perform in accordance with the terms of this Agreement
with respect to such Sub-Pool or the Certificate Insurance Policy or
a failure by the Trustee to perform in accordance with this
Agreement with respect to such Sub-Pool; (B) the failure by the
Servicer to make any required Servicing Advance with respect to a
Sub-Pool, to the extent such failure materially and adversely
affects the interest of the Certificate Insurer or the related
Certificateholders and which continues unremedied for a period of 20
days after the date on which written notice of such failure
requiring the same to be remedied shall have been given to the
Servicer by the Trustee, to the Servicer and the Trustee by the
Certificate Insurer or to the Servicer, the Trustee and the
Certificate Insurer by any Certificateholder; (C) the failure by the
Servicer to make any required Monthly Advance to the extent of the
full amount of the related Class A Interest Remittance Amount; or
(D) any other failure by the Servicer to remit to the related
Certificateholders, or to the Trustee for the benefit of the related
Certificateholders, any payment required to be made by the Servicer
under the terms of this Agreement, to the extent such failure
materially and adversely affects the interest of the Certificate
Insurer or the Certificateholders and which continues unremedied for
a period of 20 days after the date upon which written notice of such
failure requiring the same to be remedied shall have been given to
the Servicer by the Trustee, to the Servicer and the Trustee by the
Certificate Insurer or to the Servicer, the Trustee and the
Certificate Insurer by any Certificateholder; or
(ii) failure by the Servicer duly to observe or perform, in any
material respect, any other covenants, obligations or agreements of
the Servicer as set forth herein, which failure continues unremedied
for a period of 60 days after the date on which written notice of
such failure, requiring the same to be remedied, shall have been
given to the Servicer by the Trustee, to the Servicer and the
Trustee
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by the Certificate Insurer or to the Servicer, the Trustee and the
Certificate Insurer by any Certificateholder; or
(iii) a decree or order of a court or agency or supervisory
authority having jurisdiction for the appointment of a conservator
or receiver or liquidator in any insolvency, readjustment of debt,
marshalling of assets and liabilities or similar proceedings, or for
the winding-up or liquidation of its affairs, shall have been
entered against the Servicer and such decree or order shall have
remained in force, undischarged or unstayed for a period of 60 days;
or
(iv) the Servicer shall consent to the appointment of a
conservator or receiver or liquidator in any insolvency,
readjustment of debt, marshalling of assets and liabilities or
similar proceedings of or relating to the Servicer or of or relating
to all or substantially all of the Servicer's property, which
appointment shall continue unremedied for a period of 30 days after
the Servicer has received notice of such default; or
(v) the Servicer shall admit in writing its inability to pay its
debts as they become due, file a petition to take advantage of any
applicable insolvency or reorganization statute, make an assignment
for the benefit of its creditors, or voluntarily suspend payment of
its obligations, any of which shall continue unremedied for a period
of 30 days after the Servicer has received notice of such default;
(b) then, and in each and every such case so long as such Event of
Default shall not have been remedied, (x) in the case solely of clause (i)(C)
above, if such Monthly Advance is not made by 4:00 p.m. Chicago time on the
Determination Date, the Trustee, upon receipt of written notice or discovery by
a Responsible Officer of such failure, shall give immediate telephonic notice of
such failure to a Servicing Officer of the Servicer and, unless such failure is
cured, either by receipt of payment or receipt of evidence satisfactory to the
Certificate Insurer (e.g., a wire reference number communicated by the sending
bank; the Certificate Insurer shall notify the Trustee if the Certificate
Insurer receives satisfactory evidence that such funds have been sent), by 12:00
Noon New York City time on the following Business Day, the Trustee, or a
successor servicer appointed in accordance with Section 10.02, shall immediately
make such Monthly Advance and assume, pursuant to Section 10.02, the duties of a
successor Servicer with respect to such Sub-Pool, and (y) in the case of clauses
(i)(A), (i)(B), (i)(D), (ii), (iii), (iv) and (v) above, the Majority
Certificateholders of the related Sub-Pool(s) affected by such Event of Default,
by notice in writing to the Servicer and a Responsible Officer of the Trustee
and subject to the prior written consent of the Certificate Insurer, which
consent may not be unreasonably withheld, may, in addition to whatever rights
such Certificateholders may have at law or equity to damages, including
injunctive relief and specific performance, commence termination of all the
rights and obligations of the Servicer hereunder with respect to the Sub-Pool(s)
affected by such Event of Default and in and to the Mortgage Loans of the
Sub-Pool(s) affected by such Event of Default and the proceeds thereof, as
servicer. Upon
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receipt by the Servicer of a second written notice (except relative to clause
(i)(C) above) from the Majority Certificateholders of the related Sub-Pool
stating that they intend to terminate the Servicer as a result of such Event of
Default, all authority and power of the Servicer under this Agreement with
respect to such Sub-Pool, shall, subject to Section 10.02, pass to and be vested
in the Trustee or its designee and the Trustee is hereby authorized and
empowered to execute and deliver, on behalf of the Servicer, as attorney-in-fact
or otherwise, any and all documents and other instruments and do or cause to be
done all other acts or things necessary or appropriate to effect the purposes of
such notice of termination, including, but not limited to, the transfer and
endorsement or assignment of the related Mortgage Loans and related documents.
The Servicer agrees to cooperate with the Trustee in effecting the termination
of the Servicer's responsibilities and rights hereunder with respect to the
related Sub-Pool, including, without limitation, the transfer to the Trustee or
its designee for administration by it of all amounts which shall at the time be
credited by the Servicer to the related Principal and Interest Account or
thereafter received with respect to the Mortgage Loans of the related Sub-Pool.
For the purposes of exercising the remedies set forth in Section 10.01 above,
with respect to clauses (i), (iii), (iv) and (v) of Section 10.01(a) above, the
Certificate Insurer shall be deemed to be the Majority Certificateholder for a
Sub-Pool for so long as the Certificate Insurance Policy shall be in effect and
the Certificate Insurer shall be in full compliance with its payment obligations
thereunder. If, however, the Certificate Insurer fails to exercise any of its
rights under this Section 10.01 in respect of such clauses (i), (iii), (iv) and
(v), it shall not be deemed to be the Majority Certificateholder for such
Sub-Pool for the purposes of such clauses. For the purposes of clause (ii),
either the Certificate Insurer with the consent of the Trustee or the Majority
Certificateholders of the related Sub-Pool(s) affected by such Event of Default
may direct the appropriate remedial action provided in this Section.
The Trustee shall not be deemed to have knowledge of an Event of
Default (except an Event of Default pursuant to Section 10.01(a)(i)(A) above
relating to an Event of Nonpayment or the failure to make a Monthly Advance)
unless a Responsible Officer has received written notice thereof.
(c) Notwithstanding anything to the contrary contained in this
Agreement, upon the occurrence of an Event of Nonpayment known to a Responsible
Officer of the Trustee, the Trustee shall promptly notify the Certificate
Insurer of such occurrence with respect to such Sub-Pool. During the thirty (30)
day period following receipt of such notice, the Trustee and the Certificate
Insurer shall cooperate with each other to determine if the occurrence of such
Event of Nonpayment is more likely than not the result of the acts or omissions
of the Servicer or more likely than not the result of events beyond the control
of the Servicer. If the Trustee and the Certificate Insurer conclude that the
Event of Nonpayment is the result of the latter, the Servicer may not be
terminated with respect to such Sub-Pool, unless and until an Event of Default
unrelated to such Event of Nonpayment has occurred and is continuing, whether or
not the Servicer has cured such Event of Nonpayment. If the Trustee and the
Certificate Insurer conclude that the Event of Nonpayment is the result of the
former, the Certificate Insurer or the Majority Certificateholders of the
related Sub-Pool, as the case may be, may terminate the Servicer in accordance
with Section 10.01(b) above, provided that the Trustee shall have until
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the 60th day following the date of receipt of notice of the Event of Nonpayment
to either assume the servicing for the related Sub-Pool or appoint a successor
servicer for the related Sub-Pool pursuant to Section 10.02.
If the Trustee and the Certificate Insurer cannot agree, and the
basis for such disagreement is not arbitrary or unreasonable, as to the cause of
the Event of Nonpayment with respect to such Sub-Pool, the decision of the
Certificate Insurer shall control; provided, however, that if the Certificate
Insurer decides to terminate the Servicer, the Trustee shall be relieved of its
obligation to assume the servicing or to appoint a successor, which shall be the
exclusive obligation of the Certificate Insurer.
The Trustee shall promptly notify Moody's and S&P of the occurrence
of an Event of Default known to a Responsible Officer of the Trustee.
Notwithstanding any termination of the activities of a Servicer
hereunder, the Servicer shall be entitled to receive, out of any late collection
of a Monthly Payment on a Mortgage Loan which was due prior to the notice
terminating the Servicer's rights and obligations as Servicer hereunder and
received after such notice, that portion thereof to which the Servicer would
have been entitled pursuant to Sections 5.04(i) through (ix), and any other
amounts payable to the Servicer hereunder the entitlement to which arose prior
to the termination of its activities hereunder.
Section 10.02 Trustee to Act; Appointment of Successor.
On and after the time the Servicer receives a notice of termination
pursuant to Section 10.01 above, or the Trustee receives the resignation of the
Servicer evidenced by an Opinion of Counsel pursuant to Section 9.04, or the
Servicer is removed as servicer pursuant to this Article X, the Trustee shall
be, with respect to such Sub-Pool, the successor in all respects to the Servicer
in its capacity as servicer under this Agreement with respect to such Sub-Pool
and the transactions set forth or provided for herein and shall be subject to
all the responsibilities, duties and liabilities relating thereto placed on the
Servicer by the terms and provisions hereof, provided, however, that the Trustee
shall have no liability or obligation hereunder in respect of any period prior
to becoming such successor, whether for acts or omissions of any prior servicer
or otherwise. The Trustee, as successor to the Servicer, shall be obligated to
make advances pursuant to Sections 6.09, 6.10, 5.10 or 5.14 unless, and only to
the extent, the Trustee determines reasonably and in good faith that such
advances would not be recoverable pursuant to Sections 5.04(ii),
6.06(c)(A)(X)(xxiv) and (xxv) or 6.06(c)(A)(Y)(xvii) and (xviii) with respect to
Sub-Pool 1, or 6.06(c)(B)(X)(v) and (vi) or 6.06(c)(B)(Y)(iv) and (v) with
respect to Sub-Pool 2 above, such determination to be evidenced by a
certification of a Responsible Officer of the Trustee delivered to the
Certificate Insurer. Subject to its determination that such advances would not
be recoverable in accordance with the foregoing, the Trustee, as successor to
the Servicer, shall be obligated to advance any amount described in clause
(c)(vii) of the definition of Class A Principal Remittance Amount. As
compensation therefor, the Trustee, or any successor servicer appointed pursuant
to the
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following paragraph, shall be entitled to all funds relating to the Mortgage
Loans which the Servicer would have been entitled to receive from the related
Principal and Interest Account pursuant to Section 5.04 above if the Servicer
had continued to act as servicer hereunder, together with other servicing
compensation as provided in Sections 7.01 and 7.03 above. In no event shall the
Trustee or the Trust Fund acquire any rights to the Depositor's Yield.
The Trustee also shall have the right to elect to be successor to
the Servicer with respect to less than all of the responsibilities, duties and
liabilities relating thereto placed on the Servicer by the terms and provisions
hereof, and shall be entitled to select such responsibilities and duties (and
related liabilities) and appoint a successor servicer to perform the other
responsibilities (and related liabilities). In the event that the Trustee makes
such election, the aggregate compensation payable to the Trustee and the
successor servicer may be equal to (but shall not be in excess of) that set
forth in Section 7.03, the breakdown of such compensation between the Trustee
and such successor servicer to be determined by them. In the event the Trustee
makes such election, it shall provide prompt written notice to the Depositor,
which notice shall identify the successor servicer, the portion of the
responsibilities, duties and liabilities to be performed by the Trustee and the
Servicer and the portion of the compensation of the Servicer which is to be paid
to each of the Trustee and such successor servicer.
Notwithstanding the above, the Trustee may, if it shall be unwilling
to so act, or shall, if it is unable to so act or if the Majority
Certificateholders of the affected Sub-Pool(s) or the Certificate Insurer so
request in writing to the Trustee, appoint, or petition a court of competent
jurisdiction to appoint, any established mortgage loan servicing institution
acceptable to the Certificate Insurer, which acceptance shall not be
unreasonably withheld, that has a net worth of not less than $15,000,000 and
which is approved as a servicer by FNMA and FHLMC as the successor to the
Servicer hereunder in the assumption of all or any part of the responsibilities,
duties or liabilities of the Servicer hereunder. Any collections received by the
Servicer after removal or resignation shall be endorsed by it to the Trustee and
remitted directly to the Trustee or, at the direction of the Trustee, to the
successor servicer. The compensation of any successor servicer (including,
without limitation, the Trustee) so appointed shall be the aggregate Servicing
Fees, together with other Servicing Compensation in the form of assumption fees,
late payment charges or otherwise. The Trustee and such successor shall take
such action, consistent with this Agreement, as shall be necessary to effectuate
any such succession. The Servicer agrees to cooperate with the Trustee and any
successor servicer in effecting the termination of the Servicer's servicing
responsibilities and rights hereunder and shall promptly provide the Trustee or
such successor servicer, as applicable, all documents and records reasonably
requested by it to enable it to assume the Servicer's functions hereunder and
shall promptly also transfer to the Trustee or such successor servicer, as
applicable, all amounts which then have been or should have been deposited in
the related Principal and Interest Account by the Servicer or which are
thereafter received with respect to the Mortgage Loans. Neither the Trustee nor
any other successor servicer shall be held liable by reason of any failure to
make, or any delay in making, any distribution hereunder or any portion thereof
caused by (i) the failure of the Servicer to deliver, or any delay in
delivering, cash, documents or records to it, or (ii) restrictions imposed by
any regulatory authority having jurisdiction over the Servicer hereunder.
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No appointment of a successor to the Servicer hereunder shall be effective until
the Trustee shall have consented thereto, and written notice of such proposed
appointment shall have been provided by the Trustee to each Certificateholder.
The Trustee shall not resign as successor servicer until another successor
servicer reasonably acceptable to the Certificate Insurer has been appointed.
Pending appointment of a successor to the Servicer hereunder, the
Trustee shall act in such capacity as hereinabove provided. In connection with
such appointment and assumption, the Trustee may make such arrangements for the
compensation of such successor out of payments on Mortgage Loans as it and such
successor shall agree; provided, however, that no such compensation shall be in
excess of that permitted the Servicer pursuant to Section 7.03, together with
other servicing compensation in the form of assumption fees, late payment
charges or otherwise as provided in this Agreement. The Servicer, the Trustee,
any Custodian and such successor shall take such action, consistent with this
Agreement, as shall be necessary to effectuate any such succession.
Section 10.03 Waiver of Defaults.
The Majority Certificateholders with respect to a Sub-Pool, on
behalf of all Certificateholders with respect to such Sub-Pool, and subject to
the consent of the Certificate Insurer, or the Certificate Insurer, may waive
any events permitting removal of the Servicer as servicer with respect to a
Sub-Pool pursuant to this Article X; provided, however, that neither the
Majority Certificateholders nor the Certificate Insurer may waive a default in
making a required distribution on a Certificate without the consent of the
Holder of such Certificate. Upon any waiver of a past default, such default
shall cease to exist, and any Event of Default arising therefrom shall be deemed
to have been remedied for every purpose of this Agreement. No such waiver shall
extend to any subsequent or other default or impair any right consequent thereto
except to the extent expressly so waived. Notice of any such waiver shall be
given by the Trustee to Moody's and S&P.
Section 10.04 Trigger Event.
(a) Upon the determination by the Certificate Insurer that a Trigger
Event with respect to a Sub-Pool has occurred, the Certificate Insurer shall
give notice of such Trigger Event to the Servicer, the other parties hereto,
Moody's and S&P. Upon such determination, the Certificate Insurer may direct the
Trustee to terminate the Servicer with respect to the related Sub-Pool.
(b) Upon receipt of direction to remove the Servicer with respect to
the related Sub-Pool pursuant to the preceding clause (a), the Trustee shall
notify the Servicer that it has been terminated with respect to such Sub-Pool
and the Servicer shall be terminated with respect to such Sub-Pool in the same
manner as specified in Sections 10.01 and 10.02.
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ARTICLE XI
TERMINATION
Section 11.01 Termination.
Subject to Section 11.02, this Agreement shall terminate upon notice
to the Trustee of either: (a) the later of the distribution to
Certificateholders of the final payment or collection with respect to the last
Mortgage Loan (or Monthly Advances of same by the Servicer), or the disposition
of all funds with respect to the last Mortgage Loan and the remittance of all
funds due hereunder and the payment of all amounts due and payable to the
Certificate Insurer and the Trustee or (b) mutual consent of the Servicer, the
Certificate Insurer and all Certificateholders in writing; provided, however,
that in no event shall the Trust established by this Agreement terminate later
than the later of (i) twenty-one years after the death of the last lineal
descendant of Joseph P. Kennedy, late Ambassador of the United States to the
Court of St. James's, alive on the date hereof or (ii) the latest possible
maturity date specified in Section 13.01(l).
Subject to Section 11.02, the Servicer may, at its option, terminate
its rights and obligations under this Agreement (A) with respect to Sub-Pool 1,
on any date on which the Sub-Pool 1 Principal Balance is less than or equal to
5% of the sum of the Original Sub-Pool 1 Principal Balance and the Original
Pre-Funded Amount with respect to Sub-Pool 1, provided, however that on or prior
to such Remittance Date, (x) the Servicer will have terminated its rights and
obligations under this Agreement with respect to Sub-Pool 2 pursuant to clause
(B) hereof or (y) the Class 1A-7 Principal Balance on such date is less than or
equal to 5% of the Original Class 1A-7 Principal Balance, and (B) with respect
to Sub-Pool 2 on any date on which the Sub-Pool 2 Principal Balance is less than
or equal to 5% of the sum of the Original Sub-Pool 2 Principal Balance and
Original Pre-Funded Amount with respect to Sub-Pool 2, by purchasing, on the
next succeeding Remittance Date, all of the outstanding Mortgage Loans and REO
Properties in such Sub-Pool at a price (the "Termination Price") equal to the
excess, if any, of (1) the sum of (x) (i) 100% of the Principal Balance of each
outstanding Mortgage Loan, and (ii) 30 days' interest on the amount described in
clause (x) at a rate equal to, with respect to Sub-Pool 1, the sum of the
weighted average of the Class 1A Pass-Through Rates (applied to the Principal
Balances of the Sub-Pool 1 Mortgage Loans) and, with respect to Sub-Pool 2, a
rate equal to the Class 2A Pass-Through Rate (applied to the Principal Balances
of the Sub-Pool 2 Mortgage Loans), and (y) the appraised value of each REO
Property, such appraisal to be conducted by an appraiser mutually agreed upon by
the Servicer and the Trustee in their reasonable discretion (and approved by the
Certificate Insurer in its reasonable discretion), over (2) the amounts (other
than the Termination Price being calculated pursuant to this paragraph) that
will constitute the Available Remittance Amount with respect to such Sub-Pool
for such Remittance Date (including without limitation, the amounts to be
transferred to the related Certificate Account on the Determination Date
immediately preceding such Remittance Date pursuant to the second following
paragraph), to the extent such other amounts represent collections on the
Mortgage Loans and REO Properties in such Sub-Pool of principal not yet
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applied to reduce the related Principal Balance thereof or interest (adjusted to
a rate equal to, with respect to Sub-Pool 1, the sum of the weighted average of
the Class 1A Pass-Through Rates and, with respect to Sub-Pool 2, the Class 2A
Pass-Through Rate accrued from and after the respective Due Dates in the Due
Period next preceding the related Due Period. In connection with any such
purchase, the Servicer shall pay any outstanding and unpaid fees and expenses of
the Trustee and the Certificate Insurer relating to this Agreement that such
parties would otherwise have been entitled to pursuant to Sections 12.05 and
6.03(a), in the case of the Trustee, and Section 6.04, in the case of the
Certificate Insurer.
Any such purchase by the Servicer shall be accomplished by remitting
to the Trustee for deposit into the related Certificate Account on the
Determination Date immediately preceding the Remittance Date on which the
purchase is to occur the amount of the Termination Price. On the same day that
the Termination Price is deposited into the related Certificate Account, any
amounts then on deposit in the Principal and Interest Account with respect to
such Sub-Pool (other than Excess Spread, any amounts not required to have been
deposited therein pursuant to Section 5.03 and any amounts withdrawable
therefrom by the Servicer pursuant to Section 5.04(ii), (iii) and (vii)) shall
be transferred to the related Certificate Account for distribution to the
related Certificateholders on the final Remittance Date; and any amounts
received by the Servicer with respect to the Mortgage Loans and REO Properties
in such Sub-Pool subsequent to such transfer shall belong to the Person
purchasing the Mortgage Loans and REO Properties relating to such Sub-Pool. For
purposes of calculating the Available Remittance Amount with respect to a
Sub-Pool for the final Remittance Date, amounts transferred to the related
Certificate Account pursuant to the immediately preceding sentence on the
Determination Date immediately preceding such final Remittance Date shall in all
cases be deemed to have been received during the related Due Period, and such
transfer shall be made pursuant to Section 5.04(i). The Termination Price
remitted to the Trustee for deposit into the related Certificate Account shall
be in proportion to the outstanding Mortgage Loans and REO Properties in such
Sub-Pool.
Notice of any termination, specifying the Remittance Date upon which
the Trust Fund will terminate and the related Certificateholders shall surrender
their Certificates to the Trustee for payment of the final distribution and
cancellation, shall be given promptly by the Servicer by letter to the Trustee
to be forwarded to the related Certificateholders mailed during the month of
such final distribution before the Determination Date in such month, specifying
(i) the Remittance Date upon which final payment of the Certificates will be
made upon presentation and surrender of Certificates at the office of the
Trustee therein designated, (ii) the amount of any such final payment and (iii)
that the Record Date otherwise applicable to such Remittance Date is not
applicable, payments being made only upon presentation and surrender of the
Certificates at the office of the Trustee therein specified. On the final
Remittance Date, the Trustee shall distribute or credit, or cause to be
distributed or credited, the Amount Available for such Remittance Date in
accordance with Section 6.06(c). The obligations of the Certificate Insurer
under this Agreement shall terminate upon the deposit by the Servicer or the
Certificate Insurer, as applicable, with the Trustee of a sum sufficient to
purchase all of the Mortgage Loans and REO Properties as set forth above,
reduction of the Class 1A Principal Balance and
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the Class 2A Principal Balance to zero and payment of any amount set forth in
clause (c)(vii) of the definition of Class A Principal Remittance Amount.
In the event that all of the Certificateholders shall not surrender
their Certificates for cancellation within six months after the time specified
in the above-mentioned written notice, the Servicer shall give a second written
notice to the remaining Certificateholders to surrender their Certificates for
cancellation and receive the final distribution with respect thereto. If within
six months after the second notice, all of the Certificates shall not have been
surrendered for cancellation, the Trustee may take appropriate steps, or may
appoint an agent to take appropriate steps, to contact the remaining
Certificateholders concerning surrender of their Certificates and the cost
thereof shall be paid out of the funds and other assets of the Trust Fund which
remain subject hereto. If within nine months after the second notice all the
Certificates shall not have been surrendered for cancellation, the Class R
Certificateholders shall be entitled to all unclaimed funds and other assets of
the Trust Fund which remain subject hereto and the Trustee upon transfer of such
funds shall be discharged of any responsibility for such funds and the
Certificateholders shall look to the Class R Certificateholders for payment.
Section 11.02 Additional Termination Requirements.
(a) In the event the Servicer exercises its purchase option as
provided in Section 11.01 above, the Trust Fund shall be terminated in
accordance with the following additional requirements, unless the Trustee has
been furnished with an Opinion of Counsel to the effect that the failure of the
Trust Fund to comply with the requirements of this Section 11.02 will not (i)
result in the imposition of taxes on "prohibited transactions" of the Trust Fund
as defined in Section 860F of the Code, or (ii) cause the Trust Fund REMIC to
fail to qualify as a REMIC at any time that any Class A Certificates are
outstanding:
(i) The Servicer shall establish a 90-day liquidation period for
the Trust Fund REMIC, and specify the first day of such period in a
statement attached to the Trust Fund REMIC's final Tax Return
pursuant to Treasury regulations Section 1.860F-1. The Servicer also
shall satisfy all of the requirements of a qualified liquidation for
the Trust Fund REMIC, under Section 860F of the Code and the
regulations thereunder;
(ii) The Servicer shall notify the Trustee at the commencement of
such 90-day liquidation period and, at or prior to the time of
making of the final payment on the Certificates, the Servicer shall
sell or otherwise dispose of all of the remaining assets of the
Trust Fund REMIC, in accordance with the terms hereof; and
(iii) At the time of the making of the final payment on the
Certificates, the Trustee shall distribute or credit, or cause to be
distributed or credited, to the Class R Certificateholders all cash
on hand (other than cash retained to meet claims), and the Trust
Fund REMIC shall terminate at that time.
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(b) By their acceptance of the Certificates, the Holders thereof
hereby authorize the Servicer, if it chooses to do so, to specify the 90-day
liquidation period on the final Tax Return of the Trust Fund REMIC, which
authorization shall be binding upon all successor Certificateholders.
Section 11.03 Depositor's Right to Depositor's Yield Absolute.
The Depositor's right to receive the Depositor's Yield with respect
to each Mortgage Loan shall be absolute and unconditional, and shall survive
notwithstanding the termination of the rights and obligations of the Servicer
hereunder, the resignation of the Servicer or the termination of this Agreement.
The Depositor's right to receive the Depositor's Yield shall not be subject to
offset or counterclaim, whether or not such right has been assigned in whole or
in part, notwithstanding any breach of any representation or warranty of the
Depositor under this Agreement or any default by the Depositor of any of its
obligations or covenants under this Agreement. The Depositor shall have the
right to assign any or all of its rights in and to the Depositor's Yield,
without notice to or the consent of any party of this Agreement or any
Certificateholder.
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ARTICLE XII
THE TRUSTEE
Section 12.01 Duties of Trustee.
The Trustee, prior to the occurrence of an Event of Default and
after the curing of all Events of Default which may have occurred, undertakes to
perform such duties and only such duties as are specifically set forth in this
Agreement. If an Event of Default of which a Responsible Officer of the Trustee
shall have actual knowledge has occurred and has not been cured or waived, the
Trustee shall, except in those cases in which it is required by the terms of
this Agreement to follow the direction of the Certificate Insurer or the Rating
Agencies, exercise such of the rights and powers vested in it by this Agreement,
and use the same degree of care and skill in its exercise as a prudent person
would exercise or use under the circumstances in the conduct of such person's
own affairs.
The Trustee, upon receipt of all resolutions, certificates,
statements, opinions, reports, documents, orders or other instruments furnished
to the Trustee which are specifically required to be furnished pursuant to any
provision of this Agreement, shall examine them to determine whether they
conform to the requirements of this Agreement, provided, however that the
Trustee shall not be responsible for the accuracy or content of any resolution,
certificate, statement, opinion, report, document, order or other instrument
furnished by the Servicer or the Depositor hereunder. If any such instrument is
found not to conform to the requirements of this Agreement, the Trustee shall
notify the Certificate Insurer and request written instructions as to the action
the Certificate Insurer deems appropriate to have the instrument corrected, and
if the instrument is not so corrected, the Trustee will provide notice thereof
to the Certificate Insurer who shall then direct the Trustee as to the action,
if any, to be taken.
No provision of this Agreement shall be construed to relieve the
Trustee from liability for its own negligent action, its own negligent failure
to act or its own willful misconduct; provided, however, that:
(i) Prior to the occurrence of an Event of Default, and after
the curing of all such Events of Default which may have occurred,
the duties and obligations of the Trustee shall be determined solely
by the express provisions of this Agreement, the Trustee shall not
be liable except for the performance of such duties and obligations
as are specifically set forth in this Agreement, no implied
covenants or obligations shall be read into this Agreement against
the Trustee and, in the absence of bad faith on the part of the
Trustee, the Trustee may conclusively rely, as to the truth of the
statements and the correctness of the opinions expressed therein,
upon any resolutions, certificates, statements or opinions, reports,
documents, orders or instruments furnished to the Trustee and
conforming to the requirements of this Agreement;
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(ii) The Trustee shall not be personally liable for an error of
judgment made in good faith by a Responsible Officer or other
officers of the Trustee, unless it shall be proved that the Trustee
was negligent in ascertaining the pertinent facts;
(iii) The Trustee shall not be personally liable with respect
to any action taken, suffered or omitted to be taken by it in good
faith in accordance with this Agreement or at the direction of the
Certificate Insurer, the Class 1A Majority Certificateholders and
the Class 2A Majority Certificateholders or any of them relating to
the time, method and place of conducting any proceeding for any
remedy available to the Trustee, or exercising or omitting to
exercise any trust or power conferred upon the Trustee, under this
Agreement;
(iv) The Trustee shall not be required to take notice or be
deemed to have notice or knowledge of any default or Event of
Default (except a default or Event of Default set forth under
Section 10.01(i)(A) or 10.01(i)(C)) unless a Responsible Officer of
the Trustee shall have actual knowledge thereof or have received
written notice thereof. In the absence of receipt of such notice,
the Trustee may conclusively assume that there is no default or
Event of Default;
(v) The Trustee shall not be required to expend or risk its own
funds or otherwise incur financial liability for the performance of
any of its duties hereunder or the exercise of any of its rights or
powers if there is reasonable ground for believing that the
repayment of such funds or adequate indemnity against such risk or
liability is not reasonably assured to it and none of the provisions
contained in this Agreement shall in any event require the Trustee
to perform, or be responsible for the manner of performance of, any
of the obligations of the Servicer under this Agreement except
during such time, if any, as the Trustee shall be the successor to,
and be vested with the rights, duties, powers and privileges of, the
Servicer in accordance with the terms of this Agreement;
(vi) Subject to any express requirement of this Agreement and
until such time as the Trustee shall be the successor to the
Servicer and without otherwise limiting the generality of this
Section, the Trustee shall have no duty (A) to see to any recording,
filing, or depositing of this Agreement or any agreement referred to
herein or any financing statement or continuation statement
evidencing a security interest, or to see to the maintenance of any
such recording or filing or depositing or to any rerecording,
refiling or redepositing of any thereof, (B) to see to any
insurance, (C) to see to the payment or discharge of any tax,
assessment, or other governmental charge or any lien or encumbrance
of any kind owing with respect to, assessed or levied against, any
part of the Trust Fund, (D) to confirm or verify the contents of any
reports or certificates of any Servicer
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delivered to the Trustee pursuant to this Agreement believed by the
Trustee to be genuine and to have been signed or presented by the
proper party or parties; and
(vii) The Trustee shall not be deemed a fiduciary for the
Certificate Insurer in its capacity as such, except to the extent
the Certificate Insurer has made an Insured Payment and is thereby
subrogated to the rights of the Certificateholders with respect
thereto.
Section 12.02 Certain Matters Affecting the Trustee.
(a) Except as otherwise provided in Section 12.01:
(i) The Trustee may rely and shall be protected in acting or
refraining from acting upon any resolution, Officers' Certificate,
Opinion of Counsel, certificate of auditors or any other
certificate, statement, instrument, opinion, report, notice,
request, consent, order, appraisal, bond or other paper or document
believed by it to be genuine and to have been signed or presented by
the proper party or parties;
(ii) The Trustee may consult with counsel and any advice or
opinion of counsel shall be full and complete authorization and
protection in respect of any action taken or suffered or omitted by
it hereunder in good faith and in accordance with such advice or
opinion of counsel;
(iii) The Trustee shall be under no obligation to exercise any of
the trusts or powers vested in it by this Agreement or to institute,
conduct or defend by litigation hereunder or in relation hereto at
the request, order or direction of the Certificate Insurer or any of
the Certificateholders, pursuant to the provisions of this
Agreement, unless such Certificateholders or the Certificate
Insurer, as applicable, shall have offered to the Trustee reasonable
security or indemnity against the costs, expenses and liabilities
which may be incurred therein or thereby; except in those cases in
which the Trustee is required by the terms of this Agreement to
follow the direction of the Certificate Insurer, the Class 1A
Majority Certificateholders or the Class 2A Majority
Certificateholders nothing contained herein shall, however, relieve
the Trustee of the obligation, upon the occurrence of an Event of
Default (which has not been cured), to exercise such of the rights
and powers vested in it by this Agreement, and to use the same
degree of care and skill in its exercise as a prudent person would
exercise or use under the circumstances in the conduct of such
person's own affairs;
(iv) The Trustee shall not be personally liable for any action
taken, suffered or omitted by it in good faith and believed by it to
be authorized or within the discretion or rights or powers conferred
upon it by this Agreement;
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(v) Prior to the occurrence of an Event of Default hereunder and
after the curing of all Events of Default which may have occurred,
the Trustee shall not be bound to make any investigation into the
facts or matters stated in any resolution, certificate, statement,
instrument, opinion, report, notice, request, consent, order,
approval, bond or other paper or document, unless requested in
writing to do so by the Certificate Insurer, the Class 1A Majority
Certificateholders or the Class 2A Majority Certificateholders;
provided, however, that if the payment within a reasonable time to
the Trustee of the costs, expenses or liabilities likely to be
incurred by it in the making of such investigation is, in the
opinion of the Trustee, not reasonably assured to the Trustee by the
security afforded to it by the terms of this Agreement, the Trustee
may require reasonable indemnity against such cost, expense or
liability as a condition to taking any such action. The reasonable
expense of every such examination shall be paid by the Servicer or,
if paid by the Trustee, shall be repaid by the Servicer upon demand
from such Servicer's own funds;
(vi) The right of the Trustee to perform any discretionary act
enumerated in this Agreement shall not be construed as a duty, and
the Trustee shall not be answerable for other than its negligence or
willful misconduct in the performance of such act;
(vii) The Trustee shall not be required to give any bond or surety
in respect of the execution of the Trust created hereby or the
powers granted hereunder; and
(viii) The Trustee may execute any of the trusts or powers hereunder
or perform any duties hereunder either directly or by or through
agents or attorneys.
(b) Following the Startup Day, the Trustee shall not knowingly
accept any contribution of assets to the Trust Fund REMIC, unless the Trustee
shall have received from the Depositor an Opinion of Counsel to the effect that
the inclusion of such assets in the Trust Fund REMIC will not cause the Trust
Fund REMIC to fail to qualify as a REMIC at any time that any of the
Certificates are outstanding or subject the Trust Fund REMIC to any tax under
the REMIC Provisions or other applicable provisions of federal, state and local
law or ordinances.
Section 12.03 Trustee Not Liable for Certificates or Mortgage Loans.
The recitals contained herein and in the Certificates (other than
the certificate of authentication on the Certificates) shall be taken as the
statements of the Depositor, and the Trustee assumes no responsibility for their
correctness. The Trustee makes no representations as to the validity or
sufficiency of this Agreement or of the Certificates or of any Mortgage Loan or
related document (including any document comprising a part of the Mortgage
File). The Trustee shall not be accountable for the use or application by the
Depositor of any of the Certificates or of the proceeds of such Certificates, or
for the use or application of any funds paid to the Servicer in respect of the
Mortgage Loans or deposited in or withdrawn by any
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Servicer from the Principal and Interest Accounts. The Trustee shall not be
responsible for the legality or validity of the Agreement or the validity,
priority, perfection or sufficiency of the security for the Certificates issued
or intended to be issued hereunder. The Trustee shall have no responsibility for
filing any financing or continuation statement in any public office at any time
or to otherwise perfect or maintain the perfection of any security interest or
lien granted to it hereunder (unless the Trustee shall have become the successor
to the Servicer) or to prepare or file any Securities and Exchange Commission
filing for the Trust Fund or to record this Agreement.
Section 12.04 Trustee May Own Certificates.
The Trustee in its individual or any other capacity may become the
owner or pledgee of Certificates with the same rights it would have if it were
not Trustee, and may otherwise deal with the parties hereto.
Section 12.05 Servicer to Pay Trustee's Fees and Expenses.
The Servicer and the Depositor, jointly and severally, covenant and
agree to pay to the Trustee annually, from amounts on deposit in the Trustee
Expense Accounts, and the Trustee shall be entitled to, reasonable compensation
(which shall not be limited by any provision of law in regard to the
compensation of a trustee of an express trust) for all routine services rendered
by it in the execution of the trusts hereby created and in the exercise and
performance of any of the powers and routine duties hereunder of the Trustee,
and the Servicer and the Depositor will pay or reimburse the Trustee upon its
request for all reasonable expenses, disbursements and advances incurred or made
by the Trustee in accordance with any of the provisions of this Agreement
(including the reasonable compensation and the expenses and disbursements of its
counsel and of all persons not regularly in its employ) except any such expense,
disbursement or advance as may arise from its negligence or bad faith, provided
that the Trustee shall have no lien on the Trust Fund, other than the Trustee
Expense Accounts, for the payment of its fees and expenses. To the extent that
actual fees and expenses of the Trustee exceed the Annual Trustee Expense
Amounts, the Servicer and/or the Depositor shall reimburse the Trustee for such
shortfall out of its own funds without reimbursement therefor, except as
provided in Section 6.03. The Trustee and any director, officer, employee or
agent of the Trustee shall be indemnified, jointly and severally, by the
Servicer and the Depositor and held harmless against any loss, liability or
expense (including legal fees and expenses) (i) incurred in connection with any
legal action relating to this Agreement, the Prospectus or the Certificates,
other than any loss, liability or expense incurred by reason of willful
misfeasance, bad faith or negligence in the performance of duties hereunder, and
(ii) resulting from any error in any tax or information return prepared by the
Servicer. The obligations of the Servicer and the Depositor under this Section
12.05 shall survive termination of the initial Servicer and payment of the
Certificates with respect to any Sub-Pool, and shall extend to any co-trustee or
separate-trustee appointed pursuant to this Article XII.
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Section 12.06 Eligibility Requirements for Trustee.
The Trustee hereunder shall at all times be (i) a bank organized and
doing business under the laws of any state or the United States of America, (ii)
authorized under such laws to exercise corporate trust powers, including taking
title to the Trust Fund assets on behalf of the Certificateholders, (iii) having
a combined capital and surplus of at least $50,000,000, (iv) whose long-term
deposits shall be rated at least "BBB" by S&P and Baa2 by Moody's (except as
provided herein) or such lower long-term deposit rating by S&P as may be
approved in writing by the Certificate Insurer and S&P or the Certificate
Insurer and Moody's, as the case may be (v) is subject to supervision or
examination by federal or state authority and (vi) is reasonably acceptable to
the Certificate Insurer as evidenced in writing. If such bank publishes reports
of condition at least annually, pursuant to law or to the requirements of the
aforesaid supervising or examining authority, then for the purposes of this
Section 12.06, the combined capital and surplus of such bank shall be deemed to
be its combined capital and surplus as set forth in its most recent report of
condition so published. In case at any time the Trustee shall cease to be
eligible in accordance with the provisions of this Section 12.06, the Trustee
shall resign immediately in the manner and with the effect specified in Section
12.07 hereof.
Section 12.07 Resignation and Removal of the Trustee.
The Trustee may at any time resign and be discharged from the trusts
hereby created by giving written notice thereof to the Servicer, the Rating
Agencies and the Certificate Insurer, not less than 60 days before the date
specified in such notice when such resignation is to take effect. Upon receiving
such notice of resignation, the Servicer shall promptly appoint a successor
trustee which satisfies the eligibility requirements of Section 12.06 by written
instrument, in duplicate, which instrument shall be delivered to the resigning
Trustee and to the successor trustee. A copy of such instrument shall be
delivered to the Certificateholders and the Certificate Insurer by the Servicer.
Unless a successor trustee shall have been so appointed and have accepted
appointment within 60 days after the giving of such notice of resignation, the
resigning Trustee may petition any court of competent jurisdiction for the
appointment of a successor trustee.
If at any time the Trustee shall cease to be eligible in accordance
with the provisions of Section 12.06 and shall fail to resign after written
request therefor by any Servicer, or the Certificate Insurer, or if at any time
the Trustee shall become incapable of acting, or shall be adjudged bankrupt or
insolvent, or a receiver of the Trustee or of its property shall be appointed,
or any public officer shall take charge or control of the Trustee or of its
property or affairs for the purpose of rehabilitation, conservation or
liquidation, then the Servicer or the Certificate Insurer may remove the Trustee
and the Servicer shall, within 30 days after such removal, appoint, subject to
the approval of the Certificate Insurer, which approval shall not be
unreasonably withheld, a successor trustee which satisfies the eligibility
requirements of Section 12.06 by written instrument, in duplicate, which
instrument shall be delivered to the Trustee so removed and to the successor
trustee. A copy of such instrument shall be delivered to the Certificateholders,
each Rating Agency and the Certificate Insurer by the successor trustee.
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If the Trustee fails to perform in accordance with the terms of this
Agreement, the Class 1A Majority Certificateholders and the Class 2A Majority
Certificateholders or the Certificate Insurer may remove the Trustee and appoint
a successor trustee by written instrument or instruments, in triplicate, signed
by such Holders or their attorneys-in-fact duly authorized, one complete set of
which instruments shall be delivered to the Servicer, one complete set to the
Trustee so removed and one complete set to the successor Trustee so appointed. A
copy of such instrument shall be delivered to the Certificate Insurer by the
Servicer.
The Depositor may, in its discretion, remove the Trustee with the
consent of the Certificate Insurer, which consent shall not be unreasonably
withheld, without cause. The Servicer shall, within 30 days after such removal,
appoint, subject to the approval of the Certificate Insurer, which approval
shall not be unreasonably withheld, a successor trustee which satisfies the
eligibility requirements of Section 12.06 by written instrument, in duplicate,
which instrument shall be delivered to the Trustee so removed and to the
successor trustee. A copy of such instrument shall be delivered to the
Certificateholders, each Rating Agency and the Certificate Insurer by the
successor trustee.
Any resignation or removal of the Trustee and appointment of a
successor trustee pursuant to any of the provisions of this Section shall become
effective upon acceptance of appointment by the successor trustee which
satisfies the eligibility requirements of Section 12.06 as provided in Section
12.08.
Section 12.08 Successor Trustee.
Any successor trustee appointed as provided in Section 12.07 shall
execute, acknowledge and deliver to the Servicer and to its predecessor trustee
an instrument accepting such appointment hereunder, and thereupon the
resignation or removal of the predecessor trustee shall become effective and
such successor trustee, without any further act, deed or conveyance, shall
become fully vested with all the rights, powers, duties and obligations of its
predecessor hereunder, with the like effect as if originally named as trustee
herein. The predecessor trustee shall, to the extent necessary, deliver to the
successor trustee, or Custodian, if any, all Mortgage Files and related
documents and statements held by it hereunder, and the Servicer and the
predecessor trustee shall execute and deliver such instruments and do such other
things as may reasonably be required for more fully and certainly vesting and
confirming in the successor trustee all such rights, powers, duties and
obligations.
No successor trustee shall accept appointment as provided in this
Section 12.08 unless at the time of such acceptance such successor trustee shall
be eligible under the provisions of Section 12.06 and its appointment shall not
adversely affect the then current rating of the Certificates.
Upon acceptance of appointment by a successor trustee as provided in
this Section 12.08, the Servicer shall mail notice of the succession of such
trustee hereunder to all Holders of Certificates at their addresses as shown in
the Certificate Register. If the Servicer fails to
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mail such notice within 10 days after acceptance of appointment by the successor
trustee, the successor trustee shall cause such notice to be mailed at the
expense of the Servicer.
Section 12.09 Merger or Consolidation of Trustee.
Any Person into which the Trustee may be merged or converted or with
which it may be consolidated or any corporation or banking association resulting
from any merger, conversion or consolidation to which the Trustee shall be a
party, or any corporation or bank succeeding to all or substantially all of the
corporate trust business of the Trustee, shall be the successor of the Trustee
hereunder, provided such corporation or bank shall be eligible under the
provisions of Section 12.06, without the execution or filing of any paper or any
further act on the part of any of the parties hereto, anything herein to the
contrary notwithstanding.
Section 12.10 Appointment of Co-Trustee or Separate Trustee.
Notwithstanding any other provisions hereof, at any time, for the
purpose of meeting any legal requirements of any jurisdiction in which any part
of the Trust Fund or property securing the same may at the time be located, the
Servicer and the Trustee acting jointly shall have the power and shall execute
and deliver all instruments to appoint one or more Persons approved by the
Trustee to act as co-trustee or co-trustees, jointly with the Trustee, or
separate trustee or separate trustees, of all or any part of the Trust Fund, and
to vest in such Person or Persons, in such capacity, such title to the Trust
Fund, or any part thereof, and, subject to the other provisions of this Section
12.10, such powers, duties, obligations, rights and trusts as the Servicer and
the Trustee may consider necessary or desirable. Any such co-trustee or separate
trustee shall be approved by the Certificate Insurer. If the Servicer shall not
have joined in such appointment within 15 days after the receipt by it of a
request so to do, or in case an Event of Default shall have occurred and be
continuing, the Trustee alone shall have the power to make such appointment. No
co-trustee or separate trustee hereunder shall be required to meet the terms of
eligibility as a successor trustee under Section 12.06 and no notice to Holders
of Certificates of the appointment of co-trustee(s) or separate trustee(s) shall
be required under Section 12.08.
In the case of any appointment of a co-trustee or separate trustee
pursuant to this Section 12.10, all rights, powers, duties and obligations
conferred or imposed upon the Trustee shall be conferred or imposed upon and
exercised or performed by the Trustee and such separate trustee or co-trustee
jointly, except to the extent that under any law of any jurisdiction in which
any particular act or acts are to be performed (whether as Trustee hereunder or
as successor to the Servicer hereunder), the Trustee shall be incompetent or
unqualified to perform such act or acts, in which event such rights, powers,
duties and obligations (including the holding of title to the Trust Fund or any
portion thereof in any such jurisdiction) shall be exercised and performed by
such separate trustee or co-trustee at the direction of the Trustee.
Any notice, request or other writing given to the Trustee shall be
deemed to have been given to each of the then separate trustees and co-trustees,
as effectively as if given to each
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of them. Every instrument appointing any separate trustee or co-trustee shall
refer to this Agreement and the conditions of this Article XII. Each separate
trustee and co-trustee, upon its acceptance of the trusts conferred, shall be
vested with the estates or property specified in its instrument of appointment,
either jointly with the Trustee or separately, as may be provided therein,
subject to all the provisions of this Agreement, specifically including every
provision of this Agreement relating to the conduct of, affecting the liability
of, or affording protection to, the Trustee. Every such instrument shall be
filed with the Trustee, and a copy thereof shall be forwarded by the Trustee to
the Certificate Insurer.
Any separate trustee or co-trustee may, at any time, constitute the
Trustee, its agent or attorney-in-fact, with full power and authority, to the
extent not prohibited by law, to do any lawful act under or in respect of this
Agreement on its behalf and in its name. The Trustee shall not be responsible
for any action or inaction of any such separate trustee or co-trustee. If any
separate trustee or co-trustee shall die, become incapable of acting, resign or
be removed, all of its estates, properties, rights, remedies and trusts shall
vest in and be exercised by the Trustee, to the extent permitted by law, without
the appointment of a new or successor trustee.
Section 12.11 Tax Returns.
The Trustee, upon request, will promptly furnish the Servicer with
all such information as may reasonably be required in connection with the
Servicer's preparation of all Tax Returns of the Trust Fund REMIC or for the
purpose of the Servicer's responding to reasonable requests for information made
by Certificateholders in connection with tax matters and, within five (5)
Business Days of a request therefor, shall (i) sign on behalf of the Trust Fund
REMIC any Tax Return that the Trustee is required to sign pursuant to applicable
federal, state or local tax laws, and (ii) cause such Tax Return to be returned
in a timely manner to the Servicer for distribution to Certificateholders or
filed with a government authority if required.
Section 12.12 Appointment of Custodians.
The Trustee may, with the consent of the Servicer and the
Certificate Insurer, appoint one or more Custodians to hold all or a portion of
the Trustee's Mortgage Files as agent for the Trustee, by entering into a
Custodial Agreement. Subject to this Article XII, the Trustee agrees to comply
with the terms of each Custodial Agreement and to enforce the terms and
provisions thereof against the Custodian for the benefit of the
Certificateholders and the Certificate Insurer. Each Custodian shall be a
depository institution subject to supervision by federal or state authority and
shall be qualified to do business in the jurisdiction in which it holds any
Trustee's Mortgage File. Each Custodial Agreement may be amended only as
provided in Section 14.02.
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Section 12.13 Trustee May Enforce Claims Without Possession of
Certificates.
All rights of action and claims under this Agreement or the
Certificates may be prosecuted and enforced by the Trustee without the
possession of any of the Certificates or the production thereof in any
proceeding relating thereto, any such proceeding instituted by the Trustee shall
be brought in its own name or in its capacity as Trustee. Any recovery of
judgment shall, after provision for the payment of the reasonable compensation,
expenses, disbursements and advances of the Trustee, its agents and counsel, be
for the ratable benefit of the Certificateholders in respect of which such
judgment has been recovered.
Section 12.14 Suits for Enforcement.
In case an Event of Default or other default by the Servicer
hereunder shall occur and be continuing, the Trustee, in its discretion, but
subject to Section 10.01, may proceed to protect and enforce its rights and the
rights of the Certificateholders under this Agreement by a suit, action or
proceeding in equity or at law or otherwise, whether for the specific
performance of any covenant or agreement contained in this Agreement or in aid
of the execution of any power granted in this Agreement or for the enforcement
of any other legal, equitable or other remedy, as the Trustee, being advised by
counsel, shall deem most effectual to protect and enforce any of the rights of
the Trustee or the Certificateholders.
Section 12.15 Control of Remedies by Certificate Insurer and
Certificateholders.
Notwithstanding anything herein to the contrary, the Certificate
Insurer or the Class 1A and Class 2A Majority Certificateholders, with the
consent of the Certificate Insurer, may direct the time, method and place of
conducting any proceeding relating to the Trust Fund or the Certificates or for
any remedy available to the Trustee with respect to the Certificates or
exercising any trust or power conferred on the Trustee with respect to the
Certificates or the Trust Fund; provided, that:
(i) such direction shall not be unlawful or in conflict with this
Agreement;
(ii) the Trustee shall have been provided with indemnity
satisfactory to it;
(iii) the Trustee may take any other action deemed proper by the
Trustee which is not inconsistent with such direction; and
(iv) that the Trustee need not take any action which it determines
might involve it in liability or may be unjustly prejudicial to the Holders not
so directing.
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ARTICLE XIII
REMIC PROVISIONS
Section 13.01 REMIC Administration.
(a) The Servicer shall make an election to treat the Trust Fund
REMIC as a REMIC under the Code and, if necessary, under applicable state law.
Such elections will be made on Form 1066 or other appropriate federal tax or
information return or any appropriate state return for the taxable year ending
on the last day of the calendar year in which the Certificates are issued. For
the purposes of the REMIC election in respect of the Trust Fund REMIC, the Class
1A-1, Class 1A-2, Class 1A-3, Class 1A-4, Class 1A-5, Class 1A-6, Class 1A-7 and
Class 2A Certificates shall be designated as the "regular interests" and the
Class R Certificates shall be designated as the sole class of "residual
interests" in the Trust Fund REMIC. The Servicer shall not permit the creation
of any "interests" in the Trust Fund REMIC (within the meaning of Section 860G
of the Code) other the than interests represented by the Certificates.
(b) The Closing Date is hereby designated as the "Startup Day" of
the Trust Fund REMIC within the meaning of Section 860G(a)(9) of the Code.
(c) The Servicer shall hold the Tax Matters Person Residual Interest
Certificate representing a 0.01% Percentage Interest of the Class R Certificates
and is designated as the Tax Matters Person of the Trust Fund REMIC, as provided
under Treasury regulations Section 1.860F-4(d) and temporary Treasury
regulations Section 301.6231(a)(7)-1T. The Servicer, as Tax Matters Person,
shall (i) act on behalf of the Trust Fund REMIC, in relation to any tax matter
or controversy involving such REMIC and (ii) represent the Trust Fund REMIC in
any administrative or judicial proceeding relating to an examination or audit by
any governmental taxing authority with respect thereto. To the extent authorized
under the Code and the regulations promulgated thereunder, each Holder of a
Class R Certificate hereby irrevocably appoints and authorizes the Servicer to
be its attorney-in-fact for purposes of signing any Tax Returns required to be
filed on behalf of the Trust Fund REMIC. The legal expenses and costs of any
such action described in this subsection and any liability resulting therefrom
shall constitute Servicing Advances and the Servicer shall be entitled to
reimbursement therefor unless such legal expenses and costs are incurred by
reason of the Servicer's willful misfeasance, bad faith or gross negligence.
(d) The Servicer shall prepare or cause to be prepared all of the
Tax Returns in respect of the Trust Fund REMIC created hereunder and deliver
such Tax Returns to the Trustee for signing and the Trustee shall sign and
promptly return to the Servicer for filing such Tax Returns in order that the
Servicer may file such Tax Returns in a timely manner. The expenses of preparing
and filing such returns shall be borne by the Servicer without any right of
reimbursement therefor.
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(e) The Servicer shall perform on behalf of the Trust Fund all
reporting and other tax compliance duties that are the responsibility of the
Trust Fund under the Code, REMIC Provisions or other compliance guidance issued
by the Internal Revenue Service or any state or local taxing authority. Among
its other duties, as required by the Code, the REMIC Provisions or other such
compliance guidance, the Servicer shall provide (i) to any Transferor of a Class
R Certificate such information as is necessary for the application of any tax
relating to the transfer of a Class R Certificate to any Person who is not a
Permitted Transferee, (ii) to Certificateholders such information or reports as
are required by the Code or the REMIC Provisions including reports relating to
interest, original issue discount and market discount or premium (using the
Prepayment Assumption) and (iii) to the Internal Revenue Service the name,
title, address and telephone number of the person who will serve as the
representative of the Trust Fund.
(f) To the extent that the affairs of the Trust Fund are within its
control and the scope of its specific responsibilities under this Agreement, the
Servicer shall take such action and shall cause the Trust Fund REMIC created
under this Agreement to take such action as shall be reasonably necessary to
create or maintain the status thereof as a REMIC under the REMIC Provisions (and
the Trustee shall assist it, to the extent reasonably requested by it). The
Servicer shall not knowingly or intentionally take any action, cause the Trust
Fund REMIC to take any action or fail to take (or fail to cause to be taken) any
action that, under the REMIC Provisions, if taken or not taken, as the case may
be, could (i) endanger the status of the Trust Fund REMIC as a REMIC or (ii)
result in the imposition of a tax upon the Trust Fund REMIC (including but not
limited to the tax on prohibited transactions as defined in Section 860F(a)(2)
of the Code and the tax on contributions to a REMIC set forth in Section 860G(d)
of the Code) (either such event, an "Adverse REMIC Event") unless the Servicer
has received an Opinion of Counsel to the effect that the contemplated action
will not, with respect to the Trust Fund REMIC created hereunder, endanger such
status or result in the imposition of such a tax. If the Servicer has delivered
to the Trustee an Opinion of Counsel indicating that an action or omission of
the Trustee not otherwise required hereby may result in an Adverse REMIC Event,
the Trustee shall not take such action, or omit taking such action, as the case
may be. In addition, prior to taking any action with respect to the Trust Fund
REMIC or its assets, or causing the Trust Fund REMIC to take any action, which
is not expressly permitted under the terms of this Agreement, the Trustee shall
consult with the Servicer or its designee with respect to whether such action
may cause an Adverse REMIC Event and the Trustee shall not take any such action
or cause the Trust Fund REMIC to take any such action as to which the Servicer
has advised it in writing that an Adverse REMIC Event may occur. If the Trustee
so consults with the Servicer and the Servicer fails to respond within three
Business Days, the Trustee may take such action, provided that such action would
not otherwise constitute a breach of this Agreement. The Servicer may consult
with counsel as to the rendering of such written advice, and the cost of such
consultation and the production of any Opinions of Counsel, or written advice,
shall be borne by the party seeking to take the action not otherwise permitted
by this Agreement; provided, however that in no event shall the Trustee be
liable or responsible for such costs. The Trustee may conclusively presume that
any action taken or omitted at the written direction or request of the Servicer
will not result in an Adverse REMIC Event, and the Trustee shall not
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be liable or responsible for any Adverse REMIC Event arising out of or resulting
from any such action or omission.
(g) In the event that any tax is imposed on "prohibited
transactions" of the Trust Fund REMIC created hereunder as defined in Section
860F(a)(2) of the Code, on "net income from foreclosure property" of the Trust
Fund REMIC, as defined in Section 860G(c) of the Code, on any contributions to
the Trust Fund REMIC after the Startup Day pursuant to Section 860G(d) of the
Code, or any other tax is imposed by the Code or any applicable provisions of
state or local tax laws, such tax shall be charged (i) against the party the
actions of which gave rise to such taxes and (ii) otherwise against amounts on
deposit in the related Certificate Account and shall be paid by withdrawal
therefrom.
(h) On or before April 15 of each calendar year, commencing April
15, 1997, the Servicer shall deliver to the Trustee a Certificate from a
Responsible Officer of the Servicer stating the Servicer's compliance with this
Article XIII.
(i) The Trustee and the Servicer shall, for federal income tax
purposes, maintain books and records with respect to the Trust Fund REMIC on a
calendar year and on an accrual basis, to the extent such books and records are
maintained pursuant to this Agreement.
(j) After the 90-day period commencing on the Startup Day, the
Servicer shall not accept any contributions of assets to the Trust Fund REMIC,
unless it shall have received an Opinion of Counsel to the effect that the
inclusion of such assets in the Trust Fund will not cause the Trust Fund REMIC
to fail to qualify as a REMIC at any time that any Certificates are outstanding
or subject the Trust Fund REMIC to any tax under the REMIC Provisions or other
applicable provisions of federal, state and local law or ordinances.
(k) Neither the Servicer nor the Trustee shall enter into any
arrangement by which the Trust Fund REMIC will receive a fee or other
compensation for services nor permit the Trust Fund REMIC to receive any income
from assets other than "qualified mortgages" as defined in Section 860G(a)(3) of
the Code or "permitted investments" as defined in Section 860G(a)(5) of the
Code.
(l) Solely for purposes of Section 1.860G-1(a)(4)(iii) of the
Treasury regulations, the "latest possible maturity date" of the Class A
Certificates and the date by which the Class 1A Principal Balance and the Class
2A Principal Balance would be reduced to zero is February 25, 2027 which is the
Remittance Date immediately following the latest scheduled maturity of any
Mortgage Loan.
(m) Upon any termination of, or appointment of any successor to, the
Servicer with respect to the last Sub-Pool covered under this Agreement
hereunder, the Servicer shall promptly, upon the request of the Trustee,
transfer all of the related Tax Matters Person Residual Interest Certificates to
the successor Servicer. If a successor Servicer has not been appointed by the
Trustee, the Servicer shall promptly, upon the request of the Trustee, transfer
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all of the related Tax Matters Person Residual Interest Certificates to the
Depositor who shall serve as the related Tax Matters Person until such time as
the Trustee appoints a successor Servicer. Any entity appointed by the Trustee
as successor Servicer shall agree to hold the related Tax Matters Person
Residual Interest Certificates as a condition to its appointment as Servicer.
(n) All expenses incurred by the Servicer in performing its duties
under this Article XIII (other than as provided in Section 13.01(d) and expenses
for salaries of its own employees and overhead) shall constitute Servicing
Advances under this Agreement.
Section 13.02 Prohibited Transactions and Activities.
Neither the Depositor, the Trustee nor the Servicer shall sell,
dispose of or substitute for any of the Mortgage Loans (except in connection
with (i) the foreclosure of a Mortgage Loan, including but not limited to, the
acquisition or sale of a Mortgaged Property acquired by deed in lieu of
foreclosure, (ii) the bankruptcy of the Trust Fund, (iii) the termination of the
Trust Fund REMIC pursuant to Article XI or (iv) a purchase of Mortgage Loans
pursuant to Articles II or III), nor acquire any assets for the Trust Fund, nor
sell or dispose of any investments in the Certificate Account for gain, nor
accept any contributions to the Trust Fund REMIC after the Closing Date unless
it has received an Opinion of Counsel (at the expense of the party seeking to
cause such sale, disposition, substitution or acquisition) indicating that such
sale, disposition, substitution or acquisition will not (a) affect adversely the
status of the Trust Fund REMIC as a REMIC or (b) cause the Trust Fund REMIC to
be subject to a tax on "prohibited transactions" or "contributions" pursuant to
the REMIC Provisions.
Section 13.03 Servicer and Trustee Indemnification.
(a) The Trustee agrees to indemnify the Trust Fund, the Depositor
and the Servicer for any taxes and costs including, without limitation, any
reasonable attorneys' fees imposed on or incurred by the Trust Fund, the
Depositor or the Servicer, as a result of a breach of the Trustee's covenants
set forth in Article XII or this Article XIII.
(b) The Servicer agrees to indemnify the Trust Fund, the Depositor
and the Trustee for any taxes and costs including, without limitation, any
reasonable attorneys' fees imposed on or incurred by the Trust Fund, the
Depositor or the Trustee, as a result of a breach of the Servicer's covenants
set forth in Articles V, VII, IX or this Article XIII with respect to compliance
with the REMIC Provisions, including without limitation, any penalties arising
from the Trustee's execution of Tax Returns prepared by the Servicer that
contain material errors or omissions.
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ARTICLE XIV
MISCELLANEOUS PROVISIONS
Section 14.01 Acts of Certificateholders.
Except as otherwise specifically provided herein, whenever
Certificateholder action, consent or approval is required under this Agreement,
such action, consent or approval shall be deemed to have been taken or given on
behalf of, and shall be binding upon, all Certificateholders with respect to a
Sub-Pool if the Majority Certificateholders of the related Sub-Pool agree to
take such action or give such consent or approval.
Section 14.02 Amendment.
(a) This Agreement may be amended from time to time by the
Depositor, the Trustee and the Servicer by written agreement upon the prior
written consent of the Certificate Insurer, without notice to or consent of the
Certificateholders, to cure any error or ambiguity, to correct or supplement any
provisions herein which may be inconsistent with any other provisions hereof, to
evidence any succession to the Servicer, to comply with any changes in the Code,
to amend this Agreement to modify, eliminate or add to any of its provisions to
such extent as shall be necessary or appropriate to maintain the qualification
of the Trust Fund REMIC as a REMIC under the Code or to make any other
provisions with respect to matters or questions arising under this Agreement
which shall not be inconsistent with the provisions of this Agreement, or any
Custodial Agreement; provided, however, that such action shall not, as evidenced
by an Opinion of Counsel, at the expense of the party requesting the change,
delivered to the Trustee, adversely affect in any material respect the interests
of any Certificateholder; and provided further, that no such amendment shall
reduce in any manner the amount of, or delay the timing of, payments received on
Mortgage Loans which are required to be distributed on any Certificate without
the consent of the Holder of such Certificate, or change the rights or
obligations of any other party hereto without the consent of such party. The
Trustee shall give prompt written notice to the Rating Agencies of any amendment
made pursuant to this Section 14.02.
(b) This Agreement may be amended from time to time by the
Depositor, the Trustee and the Servicer and with the consent of the Certificate
Insurer and (i) the Class 1A Majority Certificateholders in the case of an
amendment affecting the Class 1A Certificates and (ii) the Class 2A Majority
Certificateholders in the case of an amendment affecting the Class 2A
Certificates; provided, however, that no such amendment shall be made unless the
Trustee receives an Opinion of Counsel, at the expense of the party requesting
the change, that such change will not adversely affect the status of the Trust
Fund REMIC as a REMIC or cause a tax to be imposed on the Trust Fund REMIC, and
provided further, that no such amendment shall reduce in any manner the amount
of, or delay the timing of, payments received on Mortgage Loans which are
required to be distributed on any Certificate without the consent of the Holder
of such Certificate or reduce the percentage for each Class the Holders of which
are required
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to consent to any such amendment without the consent of the Holders of 100% of
each Class of Certificates affected thereby.
(c) It shall not be necessary for the consent of Holders under this
Section to approve the particular form of any proposed amendment, but it shall
be sufficient if such consent shall approve the substance thereof. The manner of
obtaining such consents and of evidencing the authorization of the execution
thereof by Certificateholders shall be subject to such reasonable requirements
as the Trustee may prescribe.
Prior to the execution of any amendment to this Agreement, the
Trustee shall be entitled to receive and rely upon an Opinion of Counsel stating
that the execution of such amendment is authorized or permitted by this
Agreement. The Trustee may, but shall not be obligated to, enter into any such
amendment which affects the Trustee's own rights, duties or immunities under
this Agreement.
In connection with the solicitation of consents of
Certificateholders pursuant to this Section 14.02, upon written request of the
Depositor, the Trustee shall provide written copies of the current Certificate
Register to the Depositor.
Section 14.03 Recordation of Agreement.
To the extent permitted by applicable law, this Agreement, or a
memorandum thereof if permitted under applicable law, is subject to recordation
in all appropriate public offices for real property records in all of the
counties or other comparable jurisdictions in which any or all of the properties
subject to the Mortgages are situated, and in any other appropriate public
recording office or elsewhere, such recordation to be effected by the Servicer
at the Certificateholders' expense on direction of the Majority
Certificateholders of both Sub-Pools, but only when accompanied by an Opinion of
Counsel to the effect that such recordation materially and beneficially affects
the interests of the Certificateholders or is necessary for the administration
or servicing of the Mortgage Loans.
Section 14.04 Duration of Agreement.
This Agreement shall continue in existence and effect until
terminated as herein provided.
Section 14.05 Governing Law.
This Agreement shall be construed in accordance with the laws of the
State of New York and the obligations, rights and remedies of the parties
hereunder shall be determined in accordance with such laws, without giving
effect to principles of conflicts of law.
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Section 14.06 Notices.
(a) All demands, notices and communications hereunder shall be in
writing and shall be deemed to have been duly given if personally delivered at
or mailed by overnight mail, certified mail or registered mail, postage prepaid,
to (i) in the case of Superior Bank, as Depositor, One Lincoln Centre, Oakbrook
Terrace, Illinois 60181, Attention: William C. Bracken, or such other addresses
as may hereafter be furnished to the Certificateholders in writing by the
Depositor, (ii) in the case of Lee Servicing Company, a division of Superior
Bank FSB, as Servicer, One Lincoln Centre, Oakbrook Terrace, Illinois 60181,
Attention: William C. Bracken, or such other addresses as may hereafter be
furnished to the Certificateholders in writing by the Servicer, (iii) in the
case of the Trustee, LaSalle National Bank, 135 S. LaSalle Street, Suite 1740,
Chicago, Illinois 60674-4107, Attention: Asset-Backed Securities Trust Services
Department - AFC 1996-4, (iv) in the case of the Certificateholders, as set
forth in the Certificate Register, (v) in the case of Moody's, 99 Church Street,
New York, New York 10007 Attention: Home Equity Loan Monitoring Group, (vi) in
the case of S&P, 26 Broadway, 15th Floor, New York, New York 10004 Attention:
Residential Mortgage Surveillance Group, and (vii) in the case of the
Certificate Insurer, Financial Guaranty Insurance Company, 115 Broadway, New
York, New York 10006, Attention: Group Leader -- Research and Risk Management.
Any such notices shall be deemed to be effective with respect to any party
hereto upon the receipt of such notice by such party, except that notices to the
Certificateholders shall be effective upon mailing or personal delivery.
(b) The Trustee shall use its best efforts to promptly provide
notice to each Rating Agency with respect to each of the following of which it
has actual knowledge:
1. Any material change or amendment to this Agreement;
2. The occurrence of any Event of Default that has not been cured;
3. The resignation or termination of the Servicer or the Trustee and
the appointment of any successor;
4. The repurchase or substitution of Mortgage Loans; and
5. The final payment to Certificateholders.
In addition, the Trustee shall promptly furnish to each Rating
Agency copies of the following:
1. Each report to Certificateholders described in Section 6.08;
2. Each annual statement as to compliance described in Section 7.04;
and
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3. Each annual independent public accountants' servicing report
described in Section 7.05.
Section 14.07 Severability of Provisions.
If any one or more of the covenants, agreements, provisions or terms
of this Agreement shall be held invalid for any reason whatsoever, then such
covenants, agreements, provisions or terms shall be deemed severable from the
remaining covenants, agreements, provisions or terms of this Agreement and shall
in no way affect the validity or enforceability of the other covenants,
agreements, provisions or terms of this Agreement.
Section 14.08 No Partnership.
Nothing herein contained shall be deemed or construed to create a
co-partnership or joint venture between the parties hereto and the services of
the Servicer shall be rendered as an independent contractor and not as agent for
the Certificateholders.
Section 14.09 Counterparts.
This Agreement may be executed in one or more counterparts and by
the different parties hereto on separate counterparts, each of which, when so
executed, shall be deemed to be an original; such counterparts, together, shall
constitute one and the same agreement.
Section 14.10 Successors and Assigns.
This Agreement shall inure to the benefit of and be binding upon the
Servicer, the Depositor, the Trustee and the Certificateholders and their
respective successors and assigns.
Section 14.11 Headings.
The headings of the various sections of this Agreement have been
inserted for convenience of reference only and shall not be deemed to be part of
this Agreement.
Section 14.12 The Certificate Insurer.
The Certificate Insurer shall be a third-party beneficiary of this
Agreement, entitled to enforce any provisions hereof as if a party hereto. Any
right conferred to the Certificate Insurer with respect to a Sub-Pool shall be
suspended during any period in which the Certificate Insurer is in default in
its payment obligations under the Certificate Insurance Policy. At such time as
the Certificates with respect to a Sub-Pool are no longer outstanding hereunder,
and no amounts owed to the Certificate Insurer hereunder with respect to such
Sub-Pool remain unpaid, the Certificate Insurer's rights hereunder with respect
to such Sub-Pool shall terminate.
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Section 14.13 Paying Agent.
The Trustee hereby accepts appointment as Paying Agent. The Trustee
may, subject to the eligibility requirements for the Trustee set forth in
Section 12.06, other than Section 12.06(iv), appoint one or more other Paying
Agents or successor Paying Agents.
Each Paying Agent, immediately upon such appointment, shall signify
its acceptance of the duties and obligations imposed upon it by this Agreement
by written instrument of acceptance deposited with the Trustee with a copy being
sent to the Certificate Insurer.
Each such Paying Agent other than the Trustee shall execute and
deliver to the Trustee an instrument in which such Paying Agent shall agree with
the Trustee, subject to the provisions of Section 6.06, that such Paying Agent
will:
(1) allocate all sums received for distribution to the Holders of
Certificates of each Class for which it is acting as Paying
Agent on each Remittance Date among such Holders in the
proportion specified by the Trustee; and
(2) hold all sums held by it for the distribution of amounts due
with respect to the Certificates in trust for the benefit of
the Holders entitled thereto until such sums shall be paid to
such Holders or otherwise disposed of as herein provided and
pay such sums to such Persons as herein provided.
Any Paying Agent other than the Trustee may at any time resign and
be discharged of the duties and obligations created by this Agreement by giving
at least sixty (60) days written notice to the Trustee. Any such Paying Agent
may be removed at any time by an instrument filed with such Paying Agent signed
by the Trustee.
In the event of the resignation or removal of any Paying Agent other
than the Trustee such Paying Agent shall pay over, assign and deliver any moneys
held by it as Paying Agent to its successor, or if there be no successor, to the
Trustee.
Upon the appointment, removal or notice of resignation of any Paying
Agent, the Trustee shall notify the Certificate Insurer and the
Certificateholders by mailing notice thereof to their addresses appearing on the
Certificate Register.
Section 14.14 Actions of Certificateholders.
(a) Any request, demand, authorization, direction, notice, consent,
waiver or other action provided by this Agreement to be given or taken by
Certificateholders may be embodied in and evidenced by one or more instruments
of substantially similar tenor signed by such Certificateholders in person or by
agent duly appointed in writing; and except as herein otherwise expressly
provided, such action shall become effective when such instrument or
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instruments are delivered to the Trustee and, where required, to the Depositor
or the Servicer. Proof of execution of any such instrument or of a writing
appointing any such agent shall be sufficient for any purpose of this Agreement
and conclusive in favor of the Trustee, the Depositor and the Servicer, if made
in the manner provided in this Section.
(b) The fact and date of the execution by any Certificateholder of
any such instrument or writing may be proved in any reasonable manner which the
Trustee deems sufficient.
(c) Any request, demand, authorization, direction, notice, consent,
waiver or other act by a Certificateholder shall bind every Holder of every
Certificate issued upon the registration of transfer thereof or in exchange
therefor or in lieu thereof, in respect of anything done, or omitted to be done,
by the Trustee, the Depositor or either Servicer in reliance thereon, whether or
not notation of such action is made upon such Certificate.
(d) The Trustee may require additional proof of any matter referred
to in this Section 14.14 as it shall deem necessary.
Section 14.15 Grant of Security Interest.
It is the express intent of the parties hereto that the conveyance
of the Mortgage Loans and all other assets constituting the Trust Fund, by the
Depositor to the Trustee be, and be construed as, a sale of the Mortgage Loans
and such other assets constituting the Trust Fund by the Depositor and not a
pledge by the Depositor to secure a debt or other obligation of the Depositor.
However, in the event that, notwithstanding the aforementioned intent of the
parties, the Mortgage Loans and other assets constituting the Trust Fund are
held to be property of the Depositor, then it is the express intent of the
parties that such conveyance be deemed as a pledge of the Mortgage Loans and all
other assets constituting the Trust Fund to the Trustee to secure a debt or
other obligation of the Depositor and this Agreement shall be deemed to be a
security agreement within the meaning of the Uniform Commercial Code and the
conveyances provided for in Section 2.01 hereof shall be deemed a grant by the
Depositor to the Trustee of a security interest in all of the Depositor's right,
title and interest in and to the Mortgage Loans and all other assets
constituting the Trust Fund. Accordingly, the Depositor hereby grants to the
Trustee a security interest in the Mortgage Loans and all other assets
constituting the Trust Fund for the purpose of securing to the Trustee the
performance by the Depositor of the obligations under this Agreement.
Notwithstanding the foregoing, the parties hereto intend the conveyances
pursuant to Section 2.01 to be a true, absolute and unconditional sale of the
Mortgage Loans and all other assets constituting the Trust Fund by the Depositor
to the Trustee. The Depositor and the Trustee (at the written direction and
expense of the Depositor) shall take such actions as may be necessary to ensure
that if this Agreement were deemed to create a security interest, such security
interest would be deemed to be a perfected security interest of first priority
under applicable law and will be maintained as such for the term of this
Agreement. Without limiting the generality of the foregoing, the Servicer shall
file, or shall cause to be filed, all filings necessary to maintain the
effectiveness of any original filings necessary under the Uniform
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Commercial Code to perfect the Trustee's security interest in or lien on the
Mortgage Loans, including, without limitation, (x) continuation statements and
(y) such other statements as may be occasioned by (i) any change of name of the
Depositor or Trustee, (ii) any change of location of the place of business or
the chief executive office of the Depositor or (iii) any transfer of any
interest of the Depositor in any Mortgage Loan.
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IN WITNESS WHEREOF, the Servicer, the Trustee and the Depositor have
caused their names to be signed hereto by their respective officers thereunto
duly authorized as of the day and year first above written.
SUPERIOR BANK FSB, in all of its capacities as
contemplated hereby
By: /s/ William C. Bracken
--------------------------------------------
Name: William C. Bracken
Title: Chief Financial Officer
Senior Vice President
LEE SERVICING COMPANY, a division of Superior
Bank FSB, as Servicer
By: /s/ William C. Bracken
--------------------------------------------
Name: William C. Bracken
Title: Chief Financial Officer
Senior Vice President
LASALLE NATIONAL BANK, as Trustee
By: /s/ Shashank Mishra
--------------------------------------------
Name: Shashank Mishra
Title: Vice President
<PAGE>
State of )
) ss.:
County of )
On the __th day of December, 1996 before me, a Notary Public in and for
the State of Illinois, personally appeared William C. Bracken known to me to be
a Senior Vice President of Superior Bank FSB, that executed the within
instrument and also known to me to be the person who executed it on behalf of
said corporation, and acknowledged to me that such corporation executed the
within instrument.
IN WITNESS WHEREOF, I have hereunto set my hand and affixed my official
seal the day and year in this certificate first above written.
______________________________________
[SEAL] Notary Public
My Commission expires ____________
<PAGE>
State of )
) ss.:
County of )
On the __th day of December, 1996 before me, a Notary Public in and for
the State of Illinois, personally appeared William C. Bracken known to me to be
a Senior Vice President of Lee Servicing Company, a division of Superior Bank
FSB, the corporation that executed the within instrument and also known to me to
be the person who executed it on behalf of said corporation, and acknowledged to
me that such corporation executed the within instrument.
IN WITNESS WHEREOF, I have hereunto set my hand and affixed my official
seal the day and year in this certificate first above written.
______________________________________
[SEAL] Notary Public
My Commission expires ____________
<PAGE>
State of )
) ss.:
County of )
On the __th day of December, 1996 before me, a Notary Public in and for
the State of Illinois, personally appeared Shashank Mishra known to me to be
Vice President of LaSalle National Bank, the banking corporation that executed
the within instrument and also known to me to be the person who executed it on
behalf of said banking corporation, and acknowledged to me that such corporation
executed the within instrument.
IN WITNESS WHEREOF, I have hereunto set my hand and affixed my official
seal the day and year in this certificate first above written.
______________________________________
[SEAL] Notary Public
My Commission expires ____________
<PAGE>
EXHIBIT A
CONTENTS OF MORTGAGE FILE
With respect to each Mortgage Loan, the Mortgage File shall include each
of the following items, all of which shall be available for inspection by the
Certificateholders, to the extent required by applicable laws:
1. The original Mortgage Note, showing a complete chain of endorsements
and endorsed by the last endorsee thereof "Pay to the order of
_________ [or LaSalle National Bank, as Trustee under the Pooling and
Servicing Agreement, dated as of December 1, 1996, Series 1996-4]
without recourse" and signed, by facsimile or manual signature, by
such last endorsee.
2. Either: (i) the original Mortgage, with evidence of recording thereon,
(ii) a copy of the Mortgage certified as a true copy by a Responsible
Officer of the Depositor or by the closing attorney, or by an officer
of the title insurer or agent of the title insurer which issued the
related title insurance policy, or commitment therefor, if the
original has been transmitted for recording until such time as the
original is returned by the public recording office or (iii) a copy of
the Mortgage certified by the public recording office in those
instances where the original recorded Mortgage has been lost.
3. Either: (a) (1) the original Assignment of Mortgage from the last
assignee of the related Mortgage assigned to the Trustee, with
evidence of recording thereon, or (2) an original assignment of
mortgage from the last assignee of the related Mortgage assigned in
blank, or (b) if an original Assignment of Mortgage has not yet been
provided in accordance with clause (a), an Assignment of Mortgage to
the Trustee, certified by an appropriate officer or approved signatory
of the Depositor or the closing attorney or any officer of the title
insurer that issued the related title insurance policy, or commitment
therefor, or its duly authorized agent, as being a true and complete
copy of the original of such Assignment of Mortgage to the Trustee
submitted for recording (provided, however, that an appropriate
officer or approved signatory of the Depositor may complete one or
more blanket certificates attaching copies of one or more Assignments
of Mortgage to the Trustee relating thereto) or (c) a copy of such
original Assignment of Mortgage to the Trustee, with evidence of
recording thereon, certified to be true and complete by the Depositor
or the appropriate public recording office, in those instances where
such original Assignment of Mortgage has been recorded but
subsequently lost; any such Assignment of Mortgage may be made by
blanket assignments for Mortgage Loans secured by the Mortgaged
Properties located in the same county, if permitted by applicable law.
4. The original policy of title insurance or a true copy thereof or, if
such policy has not yet been delivered by the insurer, the commitment
or binder to issue same.
<PAGE>
5. Originals of all assumption and modification agreements, if any, or a
copy certified as a true copy by a Responsible Officer of the
Depositor if the original has been transmitted for recording until
such time as the original is returned by the public recording office.
6. Either: (i) originals of all intervening assignments, if any, showing
a complete chain of title from the originator to the last assignee of
the related Mortgage, including any recorded warehousing assignments,
with evidence of recording thereon, or, (ii) if the original
intervening assignments have not yet been returned from the recording
office, a copy of the originals of such intervening assignments
together with a certificate of a Responsible Officer of the Depositor
or the closing attorney or an officer of the title insurer which
issued the related title insurance policy, or commitment therefor, or
its duly authorized agent certifying that the copy is a true copy of
the original of such intervening assignments or (iii) a copy of the
intervening assignment certified by the public recording office in
those instances where the original recorded intervening assignment has
been lost.
7. Proof of hazard insurance in the form of the declaration page of a
hazard insurance policy together with a direction to the insurer or
agent to add the name of the mortgagee, its successors and assigns, as
mortgagee/loss payee, or hazard insurance policy endorsement that
names the Depositor, its successors and assigns, as a mortgagee/loss
payee, and, if such endorsement does not show the amount insured by
the related hazard insurance policy, some evidence of such amount
except with respect to those Mortgage Loans purchased by the Depositor
from an investor as to which such proof of hazard insurance shall be
delivered not later than 180 days after the Closing Date and, if
required by law, flood insurance policy, with extended coverage of the
hazard insurance policy.
8. With respect to each Sub-Pool 1 Multifamily Loan and Sub-Pool 1 Mixed
Use Loan, (i) if such item is a document separate from the Mortgage
either (a) an original copy of the related Assignment of Leases, if
any (with recording information indicated thereon), or (b) if the
original of such Assignment of Leases has not yet been returned from
the filing office, a copy of such original, certified by an
appropriate officer or approved signatory of the Depositor or the
closing attorney or any officer of the title insurer that issued the
related title insurance policy, or commitment therefor, or its duly
authorized agent, as being a true and complete copy of the original of
such Assignment of Leases submitted for filing; (ii) an original
assignment of any related Assignment of Leases, if any (if such
document is a document separate from the Mortgage and not incorporated
in the Assignment of Mortgage), in blank and in recordable form; (iii)
if such item is a document separate from the Mortgage either (A) an
original copy of all intervening assignments of Assignment of Leases,
if any (with recording information indicated thereon), or (B) if the
original of such intervening assignments of Assignment of Leases has
not yet been returned from the
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<PAGE>
recording office, a copy of such original, certified by an appropriate
officer or approved signatory of the Depositor or the closing attorney
or any officer of the title insurer that issued the related title
insurance policy, or commitment therefor, or its duly authorized
agent, as being a true and complete copy of the original of such
intervening assignment of Assignment of Leases submitted for
recording; (iv) either (a) a copy of the UCC-1 financing statement and
any related continuation statements, if any, each showing the
Mortgagor as debtor and mortgagee as secured party and each with
evidence of filing thereon, or (b) if the copy of the UCC-1 financing
statement has not yet been returned from the filing office, a copy of
such UCC-1 financing statement, certified by an appropriate officer or
approved signatory of the Depositor or the closing attorney or any
officer of the title insurer that issued the related title insurance
policy, or commitment therefor, or its duly authorized agent, as being
a true and complete copy of the original of such UCC-1 financing
statement submitted for filing; (v) an original executed form UCC-2 or
UCC-3 financing statement, in form suitable for filing, disclosing the
assignment in blank, of the security interest in the personal property
constituting security for repayment of the Mortgage Loan; and (vi)
either (A) an original copy of all intervening assignments of UCC-3
financing statements, if any (with evidence of filing thereon), or (B)
if the original of such intervening assignments of UCC-3 financing
statements has not yet been returned from the filing office, a copy of
such original, certified by an appropriate officer or approved
signatory of the Depositor or the closing attorney or any officer of
the title insurer that issued the related title insurance policy, or
commitment therefor, or its duly authorized agent, as being a true and
complete copy of the original of such intervening assignments of UCC-3
financing statements submitted for recording. If in connection with
any Mortgage Loan the Depositor cannot deliver any such financing
statement(s) with evidence of filing thereon because such financing
statement(s) has not yet been returned by the public filing office
where such financing statement(s) has been submitted for filing, then
the Depositor shall deliver or cause to be delivered a photocopy of
such financing statement(s) (certified by the Depositor to be a true
and complete copy) together with an officers' certificate stating that
such financing statement(s) has been dispatched to the appropriate
public filing office for filing.
9. Mortgage Loan closing statement and any other truth-in-lending or real
estate settlement procedure forms required by law.
10. Residential loan application.
11. Verification of employment and income, and tax returns, if any.
12. Credit report on the mortgagor.
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<PAGE>
13. The full appraisal made in connection with the origination of the
related Mortg age Loan with photographs of the subject property and of
comparable properties, constituting evidence sufficient to indicate
that the Mortgaged Property relates to a Residential Dwelling.
14. With respect to Sub-Pool 1, to the extent that such Sub-Pool 1
Mortgage Loan is secured by a second priority lien, a verification of
the first mortgage.
15. All other papers and records developed or originated by the Depositor
or others, required to document the Mortgage Loan or to service the
Mortgage Loan.
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<PAGE>
EXHIBIT B-1
[FORM OF CLASS 1A CERTIFICATE]
[DTC LEGEND]
AFC Mortgage Loan Asset Backed Certificate
Series 1996-4 Original Class 1A
Class 1A[-1][-2][-3][-4][-5] Principal Balance:
[-6][-7] $___________.
No.________________
Original Dollar Amount as of the Closing
Date of Pooling and Date Represented by this Certificate:
Servicing Agreement: $_______________.
December 1, 1996
Percentage Interest of
Servicer: this Certificate:
Lee Servicing Company, a %
division of Superior Bank
FSB
Original Sub-Pool 1 Principal
First Remittance Date: Balance: $79,916,352.93
January 27, 1997
Original Sub-Pool 1 Pre-Funded Amount:
Closing Date: $45,083,647.07
December 19, 1996
Latest Scheduled Maturity Date of any Sub-
Class 1A[-1][-2][-3][-4] Pool 1 Subsequent Mortgage Loan:
[-5][-6][-7] ___________ 1, 20__
Pass-Through Rate:
[variable][____%] Trustee: LaSalle National Bank
CUSIP #:
This certifies that is the registered owner of the percentage
interest (the "Percentage Interest") specified above in that certain beneficial
ownership interest evidenced by all the Class 1A[-1][-2][-3][-4][-5][-6][-7]
Certificates of the above referenced series (the "Class
1A[-1][-2][-3][-4][-5][-6][-7] Certificates") in a Trust Fund consisting
primarily of certain residential first and second mortgage loans (the "Mortgage
Loans") serviced by Lee Servicing Company, a division of Superior Bank FSB (the
"Servicer"). The Mortgage Loans were originated or acquired by Superior Bank FSB
(the "Depositor"). The Trust Fund will be created by the Depositor and the
Mortgage Loans will be serviced by the Servicer pursuant to the terms and
conditions of that certain Pooling and Servicing Agreement dated as of December
1, 1996 (the "Agreement") by and among the Servicer, the Depositor and LaSalle
National Bank, as trustee (the "Trustee"), certain of the pertinent provisions
of which are set forth herein. The
<PAGE>
Cut-off Date with respect to the Sub-Pool 1 Initial Mortgage Loans is December
1, 1996. To the extent not defined herein, the capitalized terms used herein
have the meanings assigned in the Agreement. This Certificate is issued under
and is subject to the terms, provisions and conditions of the Agreement, to
which terms and provisions the Holder of this Certificate by virtue of the
acceptance hereof assents and by which such Holder is bound.
On each Remittance Date, commencing on January 27, 1997, the Trustee
or Paying Agent shall distribute to the Person in whose name this Certificate is
registered on the Business Day immediately preceding such Remittance Date with
respect to the Class 1A-1 Certificates and the Class 2A Certificates, and the
last Business Day of the month next preceding the month of such distribution
(each, a "Record Date"), an amount equal to the product of the Percentage
Interest evidenced by this Certificate and the amount required to be distributed
to Holders of Class 1A[-1][-2][-3][-4][-5][-6][-7] Certificates on such
Remittance Date pursuant to Section 6.06 of the Agreement.
Distributions on this Certificate will be made by the Trustee or
Paying Agent by wire transfer of immediately available funds to the account of
the Person entitled thereto as shall appear on the Certificate Register without
the presentation or surrender of this Certificate or the making of any notation
thereon, at a bank or other entity having appropriate facilities therefor, if
such Person shall own of record (i) any Class R Certificate or (ii) any Class A
Certificate with an initial related Class A Principal Balance in excess of
$5,000,000, and shall have so notified the Trustee in writing at least five
Business Days prior to the related Remittance Date, or otherwise by check mailed
to the address of such Person appearing in the Certificate Register.
Notwithstanding the above, the initial distribution on all Classes of
Certificates other than the Class 1A-1 Certificates and the Class 2A
Certificates will be made to Certificateholders of record as of the Closing Date
and the final distribution on this Certificate will be made after due notice by
the Servicer of the pendency of such distribution and only upon presentation and
surrender of this Certificate at the office or agency maintained for that
purpose by the Certificate Registrar in Chicago, Illinois.
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<PAGE>
IN WITNESS WHEREOF, the Trustee on behalf of the Trust has caused
this Certificate to be duly executed under its official seal.
LASALLE NATIONAL BANK,
as Trustee
By:_________________________________
Authorized Officer
Dated:________________________
(Seal)
CERTIFICATE OF AUTHENTICATION
This is a Class 1A[-1][-2][-3]][-4][-5][-6][-7] Certificate referred to in
the within-mentioned Agreement.
LASALLE NATIONAL BANK, as Certificate Registrar
By:____________________________
Authorized Officer
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<PAGE>
EXHIBIT B-2
[FORM OF CLASS 2A CERTIFICATE]
[DTC LEGEND]
AFC Mortgage Loan Asset Backed Certificate
Series 1996-4 Original Class 2A
Class 2A Principal Balance:
$___________.
No.___________
Original Dollar Amount as of the Closing
Date of Pooling and Date Represented by this Certificate:
Servicing Agreement: $_______________.
December 1, 1996
Percentage Interest of
Servicer: this Certificate:
Lee Servicing Company, a %
division of Superior Bank
FSB Original Sub-Pool 2 Principal
Balance: $60,081,756.98
First Remittance Date:
January 27, 1997 Original Sub-Pool 2 Pre-Funded Amount:
$36,906,502.34.
Closing Date:
December 19, 1996 Latest Scheduled Maturity Date of any Sub-
Pool 2 Subsequent Mortgage Loan:
CUSIP #: ___________ 1, 20__
Trustee: LaSalle National Bank
This certifies that is the registered owner of the percentage
interest (the "Percentage Interest") specified above in that certain beneficial
ownership interest evidenced by all the Class 2A Certificates of the above
referenced series (the "Class 2A Certificates") in a Trust Fund consisting
primarily of certain residential first and second mortgage loans (the "Mortgage
Loans") serviced by Lee Servicing Company, a division of Superior Bank FSB (the
"Servicer"). The Mortgage Loans were originated or acquired by Superior Bank FSB
(the "Depositor"). The Trust Fund will be created by the Depositor and the
Mortgage Loans will be serviced by the Servicer pursuant to the terms and
conditions of that certain Pooling and Servicing Agreement dated as of December
1, 1996 (the "Agreement") by and among the Servicer, the Depositor and LaSalle
National Bank, as trustee (the "Trustee"), certain of the pertinent provisions
of which are set forth herein. The Cut-off Date with respect to the Sub-Pool 2
Initial Mortgage Loans is December 1, 1996. To the extent not defined herein,
the capitalized terms used herein have the meanings assigned in the Agreement.
This Certificate is issued under and is subject to the terms, provisions and
conditions of the Agreement, to which
<PAGE>
terms and provisions the Holder of this Certificate by virtue of the acceptance
hereof assents and by which such Holder is bound.
On each Remittance Date, commencing on January 27, 1997, the Trustee
or Paying Agent shall distribute to the Person in whose name this Certificate is
registered on the Business Day immediately preceding such Remittance Date with
respect to the Class 1A-1 Certificates and the Class 2A Certificates, and the
last Business Day of the month next preceding the month of such distribution
(each, a "Record Date"), an amount equal to the product of the Percentage
Interest evidenced by this Certificate and the amount required to be distributed
to Holders of Class 2A Certificates on such Remittance Date pursuant to Section
6.06 of the Agreement.
Distributions on this Certificate will be made by the Trustee or
Paying Agent by wire transfer of immediately available funds to the account of
the Person entitled thereto as shall appear on the Certificate Register without
the presentation or surrender of this Certificate or the making of any notation
thereon, at a bank or other entity having appropriate facilities therefor, if
such Person shall own of record (i) any Class R Certificate or (ii) any Class A
Certificate with an initial related Class A Principal Balance in excess of
$5,000,000, and shall have so notified the Trustee in writing at least five
Business Days prior to the related Remittance Date, or otherwise by check mailed
to the address of such Person appearing in the Certificate Register.
Notwithstanding the above, the final distribution on this Certificate will be
made after due notice by the Servicer of the pendency of such distribution and
only upon presentation and surrender of this Certificate at the office or agency
maintained for that purpose by the Certificate Registrar in Chicago, Illinois.
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<PAGE>
IN WITNESS WHEREOF, the Trustee on behalf of the Trust has caused
this Certificate to be duly executed under its official seal.
LASALLE NATIONAL BANK,
as Trustee
By:_________________________
Authorized Officer
Dated:________________________
(Seal)
CERTIFICATE OF AUTHENTICATION
This is a Class 2A Certificate referred to in the within-mentioned
Agreement.
LASALLE NATIONAL BANK, as Certificate Registrar
By:____________________________________
Authorized Officer
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<PAGE>
EXHIBIT B-3
[FORM OF CLASS R CERTIFICATE]
THIS CERTIFICATE HAS NOT BEEN REGISTERED OR QUALIFIED UNDER THE SECURITIES ACT
OF 1933, AS AMENDED (THE "1933 ACT"), OR THE SECURITIES LAW OF ANY STATE. ANY
RESALE, TRANSFER OR OTHER DISPOSITION OF THIS CERTIFICATE WITHOUT SUCH
REGISTRATION OR QUALIFICATION MAY BE MADE ONLY IN A TRANSACTION WHICH DOES NOT
REQUIRE SUCH REGISTRATION OR QUALIFICATION AND IN ACCORDANCE WITH THE PROVISIONS
OF SECTION 4.02 OF THE POOLING AND SERVICING AGREEMENT REFERRED TO HEREIN.
SOLELY FOR U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE IS A "RESIDUAL
INTEREST" IN A "REAL ESTATE MORTGAGE INVESTMENT CONDUIT," AS THOSE TERMS ARE
DEFINED, RESPECTIVELY, IN SECTIONS 860G AND 860D OF THE INTERNAL REVENUE CODE OF
1986, AS AMENDED (THE "CODE").
ANY RESALE, TRANSFER OR OTHER DISPOSITION OF THIS CLASS R CERTIFICATE MAY BE
MADE ONLY IF (1) THE PROPOSED TRANSFEREE PROVIDES TO THE TRUSTEE AN AFFIDAVIT
STATING AMONG OTHER THINGS THAT SUCH TRANSFEREE IS A PERMITTED TRANSFEREE (AS
DEFINED IN THE POOLING AND SERVICING AGREEMENT) OR AN AGENT OF A PERMITTED
TRANSFEREE AND (2) THE PROPOSED TRANSFEROR PROVIDES TO THE TRUSTEE A CERTIFICATE
TO THE EFFECT THAT SUCH TRANSFEROR HAS NO KNOWLEDGE THAT THE PROPOSED TRANSFEREE
IS NOT A PERMITTED TRANSFEREE AND NO PURPOSE OF SUCH PROPOSED TRANSFER IS TO
IMPEDE THE ASSESSMENT OR COLLECTION OF TAX. NOTWITHSTANDING THE REGISTRATION IN
THE CERTIFICATE REGISTER OF ANY TRANSFER OF THIS CLASS R CERTIFICATE TO A PERSON
OTHER THAN A PERMITTED TRANSFEREE OR AN AGENT OF A PERMITTED TRANSFEREE SUCH
REGISTRATION SHALL BE DEEMED TO BE OF NO LEGAL FORCE OR EFFECT WHATSOEVER AND
SUCH PERSON SHALL NOT BE DEEMED TO BE A CERTIFICATEHOLDER FOR ANY PURPOSE
HEREUNDER, INCLUDING, BUT NOT LIMITED TO, THE RECEIPT OF DISTRIBUTIONS ON THIS
CERTIFICATE.
NO TRANSFER OF THIS CERTIFICATE MAY BE MADE TO A NON-UNITED STATES PERSON AS
SUCH TERM IS DEFINED IN THE POOLING AND SERVICING AGREEMENT REFERRED TO HEREIN.
NO TRANSFER OF THIS CERTIFICATE OR ANY INTEREST HEREIN SHALL BE MADE TO ANY
EMPLOYEE BENEFIT PLAN OR OTHER RETIREMENT ARRANGEMENT, INCLUDING INDIVIDUAL
RETIREMENT ACCOUNTS AND ANNUITIES, KEOGH PLANS AND COLLECTIVE INVESTMENT FUNDS
AND SEPARATE ACCOUNTS IN WHICH SUCH PLANS, ACCOUNTS OR ARRANGEMENTS ARE INVESTED
THAT IS SUBJECT TO THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS
AMENDED ("ERISA"), OR THE INTERNAL REVENUE CODE OF 1986 (THE "CODE"), UNLESS THE
SERVICER AND THE TRUSTEE ARE PROVIDED WITH A
<PAGE>
CERTIFICATION AND AN OPINION OF COUNSEL WHICH ESTABLISHES TO THE SATISFACTION OF
THE SERVICER AND THE TRUSTEE THAT SUCH TRANSFER WILL NOT RESULT IN A VIOLATION
OF SECTION 406 OF ERISA OR SECTION 4975 OF THE CODE OR CAUSE THE SERVICER OR THE
TRUSTEE TO BE DEEMED A FIDUCIARY OF SUCH PLAN OR RESULT IN THE IMPOSITION OF AN
EXCISE TAX UNDER THE CODE.
AFC Mortgage Loan Asset Backed Certificate
Series 1996-4 Percentage Interest of
Class R this Certificate:
%
No._________ No._________
Date of Pooling and Original Pool Principal Balance:
Servicing Agreement: $________________.
December 1, 1996
Original Pre-Funded Amount:
Servicer: $___________.
Lee Servicing Company, a
division of Superior Bank FSB Trustee: LaSalle National Bank
First Remittance Date: Closing Date:
January 27, 1997 December 19, 1996
This certifies that is the registered owner of the percentage
interest (the "Percentage Interest") specified above in that certain beneficial
ownership interest evidenced by all the Class R Certificates of the above
referenced Series (the "Class R Certificates") in a Trust Fund consisting
primarily of certain residential first and second mortgage loans (the "Mortgage
Loans") serviced by Lee Servicing Company, a division of Superior Bank FSB (the
"Servicer"). The Mortgage Loans were originated or acquired by Superior Bank FSB
(the "Depositor"). The Trust Fund will be created by the Depositor and the
Mortgage Loans will be serviced by the Servicer pursuant to the terms and
conditions of that certain Pooling and Servicing Agreement dated as of December
1, 1996 (the "Agreement") by and among the Servicer, the Depositor and LaSalle
National Bank, as trustee (the "Trustee"), certain of the pertinent provisions
of which are set forth herein. The Cut-off Date with respect to the Initial
Mortgage Loans is December 1, 1996. To the extent not defined herein, the
capitalized terms used herein have the meanings assigned in the Agreement. This
Certificate is issued under and is subject to the terms, provisions and
conditions of the Agreement, to which Agreement the Holder of this Certificate
by virtue of the acceptance hereof assents and by which such Holder is bound.
On each Remittance Date, commencing on January 27, 1997, the Trustee
or a Paying Agent shall distribute to the Person in whose name this Certificate
is registered on the last day of the month next preceding the month of such
distribution (the "Record Date"), an
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<PAGE>
amount equal to the product of the Percentage Interest evidenced by this
Certificate and any amounts required to be distributed to the Holders of the
Class R Certificates on such Remittance Date pursuant to the Agreement.
Distributions on this Certificate will be made by the Trustee or
Paying Agent by wire transfer of immediately available funds to the account of
the Person entitled thereto as shall appear on the Certificate Register without
the presentation or surrender of this Certificate or the making of any notation
thereon, at a bank or other entity having appropriate facilities therefor, if
such Person shall own of record (i) any Class R Certificate or (ii) any Class A
Certificate with an initial related Class A Principal Balance in excess of
$5,000,000, and shall have so notified the Trustee in writing at least five
Business Days prior to the related Remittance Date, or otherwise by check mailed
to the address of such Person appearing in the Certificate Register.
Notwithstanding the above, the final distribution on this Certificate will be
made after due notice by the Servicer of the pendency of such distribution and
only upon presentation and surrender of this Certificate at the office or agency
maintained for that purpose by the Certificate Registrar in Chicago, Illinois.
No transfer of a Class R Certificate or any interest therein shall
be made to any employee benefit plan or other retirement arrangement, including
individual retirement accounts and annuities, Keogh plans and collective
investment funds and separate accounts in which such plans, accounts or
arrangements are invested, that is subject to the Employment Retirement Income
Security Act of 1974, as amended ("ERISA"), or the Code (each, a "Plan"), unless
the prospective transferee of a Class R Certificate provides the Servicer and
the Trustee with a certification of facts and, at its own expense, an Opinion of
Counsel which establish to the satisfaction of the Servicer and the Trustee that
such transfer will not result in a violation of Section 406 of ERISA or Section
4975 of the Code or cause the Servicer or the Trustee to be deemed a fiduciary
of such Plan or result in the imposition of an excise tax under Section 4975 of
the Code.
As provided in the Agreement and subject to certain limitations
therein set forth, including, without limitation, execution and/or delivery by
the proposed transferor and/or transferee, as appropriate, the Resale
Certification (Exhibit D to the Agreement), and, if required by the Trustee, an
opinion of counsel relating to the exemption from registration under the 1933
Act pursuant to which the proposed transfer is to be made, the Transfer
Affidavit (Exhibit J to the Agreement) and Transfer Certificate (Exhibit J-1 to
the Agreement) described in Section 4.02(c)(ii) of the Agreement, and, if the
proposed transferee is a Plan, the certification and opinion of counsel
described on the front of this Certificate, the transfer of this Certificate is
registrable in the Certificate Register upon surrender of this Certificate for
registration of transfer at the offices or agencies maintained by the Trustee in
Chicago, Illinois, accompanied by a written instrument of transfer in the form
of Exhibit E to the Agreement, or such other endorsement or written instrument
of transfer as is satisfactory to the Trustee, duly executed by the Holder
hereof or such Holder's attorney duly authorized in writing, and thereupon one
or more new Certificates of authorized denominations of a like Class evidencing
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<PAGE>
the same aggregate undivided Percentage Interest will be issued to the
designated transferee or transferees.
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<PAGE>
IN WITNESS WHEREOF, the Trustee on behalf of the Trust has caused
this Certificate to be duly executed under its official seal.
LASALLE NATIONAL BANK,
as Trustee
By:______________________________
Authorized Officer
Dated:________________________
(Seal)
CERTIFICATE OF AUTHENTICATION
This is a Class R Certificate referred to in the within-mentioned
Agreement.
LASALLE NATIONAL BANK,
as Certificate Registrar
By:______________________________
Authorized Officer
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<PAGE>
EXHIBIT B-4
[Form of Reverse of Certificate]
This Certificate is one of a duly authorized issue of Certificates
designated as AFC Mortgage Loan Asset Backed Certificates, Series 1996-4, Class
1A-1, Class 1A-2, Class 1A-3, Class 1A-4, Class 1A-5, Class 1A-6, Class 1A-7,
Class 2A and Class R (herein called the "Certificates") consisting of Sub-Pool 1
and Sub-Pool 2 Mortgage Loans, and representing undivided ownership of (i) such
Mortgage Loans as from time to time are subject to the Agreement, together with
the Mortgage Files relating thereto, (ii) such assets as from time to time are
identified as REO Property with respect to the related Sub-Pool or are deposited
in the related Certificate Account, related Principal and Interest Account,
related Trustee Expense Account, related Pre-Funding Account, related Reserve
Account, the related Interest Coverage Account, including amounts on deposit in
the foregoing accounts and invested in Permitted Instruments, (iii) the
Trustee's rights under all insurance policies with respect to the Mortgage Loans
required to be maintained pursuant to the Agreement and any Insurance Proceeds,
(iv) the Certificate Insurance Policy (as defined below), (v) Liquidation
Proceeds and (vi) Released Mortgaged Property Proceeds (all of the foregoing
being hereinafter collectively called the "Trust Fund"). The Depositor's Yield
and amounts due on or before the Cut-off Date in the case of Initial Mortgage
Loans or on or before a Subsequent Cut-off Date in the case of Subsequent
Mortgage Loans do not constitute part of the Trust Fund. The Class R
Certificates are subordinated in right of payment to the Class A Certificates,
as set forth in the Agreement.
The Certificates do not represent an obligation of, or an interest
in, the Servicer, the Depositor or the Trustee and are not insured or guaranteed
by the Federal Deposit Insurance Corporation, the Government National Mortgage
Association, the Federal Housing Administration or the Department of Veterans
Affairs or any other governmental agency. The Certificates are limited in right
of payment to certain collections and recoveries respecting the Mortgage Loans,
the Excess Spread with respect to the related Sub-Pool, the related Pre-Funded
Amount, the related Initial Reserve Account Deposit, the related Interest
Coverage Amount, and amounts payable under the Certificate Insurance Policy, all
as more specifically set forth herein and in the Agreement. To the extent
described in the Agreement, the Class 1A and Class 2A Certificates are
cross-collateralized and, in certain circumstances, Excess Spread and principal
collections on a Sub-Pool will be available to Holders of the Class A
Certificates related to the other Sub-Pool. In the event Servicer funds are
advanced with respect to any Mortgage Loan, such advance is reimbursable to the
Servicer from related recoveries on such Mortgage Loan.
Financial Guaranty Insurance Company (the "Certificate Insurer") has
issued a surety bond (the "Certificate Insurance Policy") with respect to the
Class A Certificates, a copy of which is attached to the Agreement.
As provided in the Agreement, deposits and withdrawals from the
related Principal and Interest Account, the related Certificate Account, the
related Trustee Expense Account, the related Reserve Account and the related
Interest Coverage Account may be made by the Servicer or the Trustee, as the
case may be, from time to time for purposes other than
<PAGE>
distributions to Certificateholders, such purposes including reimbursement to
the Servicer or the Depositor of advances made, or certain expenses incurred, by
each, and the payment of fees due and owing to the Servicer, the Trustee and the
Certificate Insurer.
Subject to certain restrictions, the Agreement permits the amendment
thereof by the Servicer, the Depositor and the Trustee with the consent of the
Certificate Insurer, (i) the Class 1A Majority Certificateholders in the case of
an amendment solely affecting the Class 1A Certificates and (ii) the Class 2A
Majority Certificateholders in the case of an amendment solely affecting the
Class 2A Certificates (although in certain limited circumstances the Agreement
may be amended without the consent of any Certificateholder). The Agreement
permits the related Majority Certificateholders, on behalf of all related
Certificateholders, subject to the consent of the Certificate Insurer, or the
Certificate Insurer, to waive any default by the Servicer in the performance of
its obligations under the Agreement with respect to the related sub-Pool and its
consequences, except a default in making any required distribution on a
Certificate. Any such consent or waiver by the related Majority
Certificateholders or the Certificate Insurer shall be conclusive and binding on
the Holder of this Certificate and upon all future Holders of this Certificate
and of any Certificate issued upon the transfer hereof or in exchange herefor or
in lieu hereof whether or not notation of such consent or waiver is made upon
this Certificate.
As provided in the Agreement and subject to certain limitations
therein set forth, the transfer of this Certificate is registrable in the
Certificate Register upon surrender of this Certificate for registration of
transfer at the offices or agencies maintained by the Trustee in Chicago,
Illinois, accompanied by a written instrument of transfer in the form required
by the Agreement, or such other endorsement or written instrument of transfer as
is satisfactory to the Trustee, duly executed by the Holder hereof or such
Holder's attorney duly authorized in writing, and thereupon one or more new
Certificates of authorized denominations of a like Class evidencing the same
aggregate undivided Percentage Interest will be issued to the designated
transferee or transferees.
The Certificates are issuable only as registered Class 1A-1, Class
1A-2, Class 1A- 3, Class 1A-4, Class 1A-5, Class 1A-6, Class 1A-7, Class 2A and
Class R Certificates. As provided in the Agreement and subject to certain
limitations therein set forth, this Certificate is exchangeable for a new
Certificate of a like Class evidencing the same undivided ownership interest, as
requested by the Holder surrendering the same. No service charge will be made
for any such registration of transfer or exchange, but the Certificate Registrar
may require payment of a sum sufficient to cover any tax or other governmental
charge payable in connection therewith.
The Servicer, the Depositor, the Trustee and the Certificate
Registrar, and any agent of any of the foregoing, may treat the Person in whose
name this Certificate is registered as the owner hereof for all purposes, and
none of the foregoing shall be affected by notice to the contrary.
-2-
<PAGE>
The obligations created by the Agreement shall terminate upon notice
to the Trustee of: (i) the later of the distribution to Certificateholders of
the final payment or collection with respect to the last Mortgage Loan (or
Monthly Advances of same by the Servicer), or the disposition of all funds with
respect to the last Mortgage Loan and the remittance of all funds due under the
Agreement and the payment of all amounts due and payable to the Certificate
Insurer and the Trustee, (ii) the purchase by the Servicer of all outstanding
Mortgage Loans and REO Properties of the Sub-Pool at a price determined as
provided in the Agreement (the exercise of the right of the Servicer to purchase
all the Mortgage Loans and property in respect of Mortgage Loans will result in
early retirement of the Certificates), the right of the Servicer to purchase
being subject to the aggregate principal balance of the Mortgage Loans in a
Sub-Pool at the time of purchase being less than five percent (5%) of the sum of
the Sub-Pool Principal Balance and the related Original Pre-Funded Amounts
provided, however that on or prior to such Remittance Date with respect to
Sub-Pool 1, (x) the Servicer will have purchased all of the Mortgage Loans and
REO Property relating to Sub-Pool 2 or (y) the Class 1A-7 Principal Balance on
such date is less than or equal to five percent (5%) of the Original Class 1A-7
Principal Balance, or (iii) by the mutual consent of the Servicer, the
Certificate Insurer and all Certificateholders in writing. In no event, however,
shall the Trust Fund terminate later than twenty-one years after the death of
the last surviving lineal descendant of the Person named in the Agreement. By
its acceptance of this Certificate, the Certificateholder hereby appoints the
Servicer as its attorney-in-fact to adopt a plan of liquidation of the Trust
Fund in accordance with Section 11.02 of the Agreement.
Unless the certificate of authentication hereon has been executed by
the Trustee or the Certificate Registrar, by manual signature, this Certificate
shall not be entitled to any benefit under the Agreement or be valid for any
purpose.
-3-
<PAGE>
EXHIBIT C
PRINCIPAL AND INTEREST ACCOUNT LETTER AGREEMENT
(date)
To: ____________________________
____________________________
____________________________ (the "Depository")
As "Servicer" under the Pooling and Servicing Agreement, dated as of
December 1, 1996, among Superior Bank FSB, as ("Depositor"), Lee Servicing
Company, a division of Superior Bank FSB, as servicer (the "Servicer"), and
LaSalle National Bank, as Trustee (the "Agreement"), we hereby authorize and
request you to establish two accounts, as Principal and Interest Accounts
pursuant to Section 5.03 of the Agreement, to be designated as "Sub-Pool 1
Principal and Interest Account, Lee Servicing Company, a division of Superior
Bank FSB, in trust for the registered holders of AFC Mortgage Loan Asset Backed
Certificates, Series 1996- 4." "Sub-Pool 2 Principal and Interest Account, Lee
Servicing Company, a division of Superior Bank FSB, in trust for the registered
holders of AFC Mortgage Loan Asset Backed Certificates, Series 1996-4." All
deposits in the accounts shall be subject to withdrawal therefrom by order
signed by the Servicer in accordance with terms of the Agreement. You may refuse
any deposit which would result in violation of the requirement that the account
be fully insured as described below. This letter is submitted to you in
duplicate. Please execute and return one original to us.
LEE SERVICING COMPANY, a
division of Superior Bank FSB
By:___________________________
Name:_________________________
Title:________________________
<PAGE>
The undersigned hereby certifies that the above described accounts
have been established as a trust account under Account Number ___________ and
Account Number __________, at the office of the Depository indicated above, and
agrees to honor withdrawals on such accounts as provided above. The amounts
deposited at any time in the accounts will be insured to the maximum amount
provided by applicable law by the Federal Deposit Insurance Corporation.
[DEPOSITORY]
By:___________________________
Name:_________________________
Title:________________________
-2-
<PAGE>
EXHIBIT D
RESALE CERTIFICATION
___________, 19__
[Depositor]
[Servicer]
[Trustee]
[Certificate Insurer]
[Certificate Registrar]
Re: Class ___ Certificate, No. __ (the "Certificate"), issued
pursuant to that certain Pooling and Servicing Agreement, AFC
Mortgage Loan Asset Backed Certificates, Series 1996-4, dated
as of December 1, 1996 among Superior Bank FSB, as Depositor,
Lee Servicing Company, a division of Superior Bank FSB, as
Servicer and LaSalle National Bank, as Trustee
Dear Sirs:
____________________________________________________ as registered
holder ("Seller") intends to transfer the captioned Certificate to
___________________________ ("Purchaser"), for registration in the name of
________________________________.
1. In connection with such transfer, and in accordance with Section
4.02 of the captioned Agreement, Seller hereby certifies to you the following
facts: Neither the Seller nor anyone acting on its behalf has offered,
transferred, pledged, sold or otherwise disposed of the Certificate, any
interest in the Certificate or any other similar security to, or solicited any
offer to buy or accept a transfer, pledge or other disposition of the
Certificate, any interest in the Certificate or any other similar security from,
or otherwise approached or negotiated with respect to the Certificate, any
interest in the Certificate or any other similar security with, any person in
any manner, or made any general solicitation by means of general advertising or
in any other manner, or taken any other action, which would constitute a
distribution of the Certificate under the Securities Act of 1933, as amended
(the "1933 Act"), or which would render the disposition of the Certificate a
violation of Section 5 of the 1933 Act or require registration pursuant thereto.
2. The Purchaser warrants and represents to, and covenants with, the
Seller, the Trustee and the Servicer pursuant to Section 4.02 of the Pooling and
Servicing Agreement that:
<PAGE>
a. The Purchaser agrees to be bound, as Certificateholder, by
all of the terms, covenants and conditions of the Pooling and Servicing
Agreement, the Certificate and the Custodial Agreement, and from and after the
date hereof, the Purchaser assumes for the benefit of each of the Servicer and
the Seller all of the Seller's obligations as Certificateholder thereunder;
b. The Purchaser understands that the Certificate has not been
registered under the 1933 Act or the securities laws of any state;
c. The Purchaser is acquiring the Certificate [for investment]
for its own account only and not for any other person;
d. The Purchaser considers itself a substantial, sophisticated
institutional investor having such knowledge and experience in financial and
business matters that it is capable of evaluating the merits and risks of
investment in the Certificate;
e. The Purchaser has been furnished with all information
regarding the Certificate that it has requested from the Seller, the Trustee or
the Servicer; and
f. Neither the Purchaser nor anyone acting on its behalf has
offered, transferred, pledged, sold or otherwise disposed of the Certificate,
any interest in the Certificate or any other similar security to, or solicited
any offer to buy or accept a transfer, pledge or other disposition of the
Certificate, any interest in the Certificate or any other similar security from,
or otherwise approached or negotiated with respect to the Certificate, any
interest in the Certificate or any other similar security with, any person in
any manner, or made any general solicitation by means of general advertising or
in any other manner, or taken any other action, which would constitute a
distribution of the Certificate under the 1933 Act or which would render the
disposition of the Certificate a violation of Section 5 of the 1933 Act or
require registration pursuant thereto, nor will it act, nor has it authorized or
will it authorize any person to act, in such manner with respect to the
Certificate.
3. The Purchaser warrants and represents to, and covenants with, the
Seller, the Servicer and the Depositor that:
a. The Purchaser agrees to be bound, as Certificateholder, by
the restrictions on transfer contained in the Pooling and Servicing Agreement;
b. Either: (1) the Purchaser is not an employee benefit plan
within the meaning of section 3(3) of the Employee Retirement Income Security
Act of 1974, as amended ("ERISA") (a "Plan"), or a plan within the meaning of
section 4975(e)(1) of the Internal Revenue Code of 1986 ("Code") (also a
"Plan"), and the Purchaser is not directly or indirectly purchasing the
Certificates on behalf of, as investment manager of, as named fiduciary of, as
trustee of, or with assets of a Plan; or (2) Purchaser's purchase of the
Certificate(s) will not result in a prohibited transaction under section 406 of
ERISA or section 4975 of the Code.
-2-
<PAGE>
4. This Certification may be executed in one or more counterparts
and by the different parties hereto on separate counterparts, each of which,
when so executed, shall be deemed to be an original; such counterparts,
together, shall constitute one and the same agreement.
IN WITNESS WHEREOF, the parties have caused this Resale
Certification to be executed by their duly authorized officers as of the date
first above written.
____________________________, ________________________________________,
Seller Purchaser
By:_________________________ By:_____________________________________
Name:_______________________ Name:___________________________________
Title:______________________ Title:__________________________________
Taxpayer Taxpayer
Identification No.__________ Identification No.______________________
-3-
<PAGE>
EXHIBIT E
ASSIGNMENT
THIS ASSIGNMENT dated as of the day of __________, 19 , by and
between ___________________________________________________ ("Assignor") and
_____________________________________ ("Assignee"), provides:
That for and in consideration of the sum of TEN DOLLARS ($10.00) and
other valuable consideration, the receipt and sufficiency of which hereby are
acknowledged, the parties hereby agree as follows:
1. Assignor hereby grants, transfers and assigns to Assignee all of
the right, title and interest of Assignor, as Certificateholder, in, to and
under that certain Pooling and Servicing Agreement (the "Pooling and Servicing
Agreement"), dated as of December 1, 1996, by and among LaSalle National Bank,
as Trustee ("Trustee"), Superior Bank FSB, as Depositor, and Lee Servicing
Company, a division of Superior Bank FSB, as Servicer, and that certain
Certificate, Class _____, No. __, Series 1996-4 (the "Certificate") issued
thereunder and authenticated by the Trustee.
2. For the purpose of inducing Assignee to purchase the Certificate
from Assignor, Assignor warrants and represents that:
a. Assignor is the lawful owner of the Certificate with the
full right to transfer the Certificate free from any and all claims and
encumbrances whatsoever;
b. The Assignor has not received notice, and has no knowledge
of any offsets, counterclaims or other defenses available to the Servicer with
respect to the Pooling and Servicing Agreement or the Certificate; and
c. [The Assignor has no knowledge of and has not received
notice of any amendments to the Pooling and Servicing Agreement or the
Certificate.] [The Pooling and Servicing Agreement has been amended pursuant to
_____________ dated _________________]
3. By execution hereof Assignee agrees to be bound, as
Certificateholder, by all of the terms, covenants and conditions of the Pooling
and Servicing Agreement and the Certificate, and from and after the date hereof
Assignee assumes for the benefit of each of the Servicer, the Depositor, the
Trustee, the Certificate Registrar and the Assignor all of Assignor's
obligations as Certificateholder thereunder.
4. The Assignee warrants and represents to, and covenants with, the
Assignor, the Depositor, the Trustee, the Certificate Registrar and the Servicer
that:
<PAGE>
a. The Assignee agrees to be bound, as Certificateholder, by
the restrictions on transfer contained in the Pooling and Servicing Agreement;
and
b. Either: (1) the Assignee is not an employee benefit plan
within the meaning of section 3(3) of the Employee Retirement Income Security
Act of 1974, as amended ("ERISA") (a "Plan"), or a plan within the meaning of
section 4975(e)(1) of the Internal Revenue Code of 1986 ("Code") (also a
"Plan"), and the Assignee is not directly or indirectly purchasing the
Certificate on behalf of, as investment manager of, as named fiduciary of, as
trustee of, or with assets of a Plan; or (2) the Assignee is a Plan, but the
Assignee's purchase of the Certificate will not result in a prohibited
transaction under section 406 of ERISA or section 4975 of the Code and attached
hereto is the certification and opinion of counsel required under Section
4.02(c) of the Pooling and Servicing Agreement.
5. This Assignment may be executed in one or more counterparts and
by the different parties hereto on separate counterparts, each of which, when so
executed, shall be deemed to be an original; such counterparts, together, shall
constitute one and the same agreement.
WITNESS the following signatures.
______________________________, _________________________________________,
Assignor Assignee
By:___________________________ By:______________________________________
Name:_________________________ Name:____________________________________
Title:________________________ Title:___________________________________
Taxpayer Taxpayer
Identification No.____________ Identification No._______________________
-2-
<PAGE>
State of ___________ )
) ss.:
County of __________ )
On the ___________ day of ______________, 19__ before me, a Notary Public
in and for the State of __________, personally appeared ___________ known to me
to be ________________________ of _________________________________, the
________________ that executed the within instrument and also known to me to be
the person who executed it on behalf of said corporation, and acknowledged to me
that such ________________ executed the within instrument.
IN WITNESS WHEREOF, I have hereunto set my hand and affixed my official
seal the day and year in this certificate first above written.
______________________________
Notary Public
My Commission expires ____________
<PAGE>
State of ___________ )
) ss.:
County of __________ )
On the ___________ day of ______________, 19__ before me, a Notary Public
in and for the State of ____________, personally appeared ___________ known to
me to be ________________________ of _________________________________, the
________________ that executed the within instrument and also known to me to be
the person who executed it on behalf of said corporation, and acknowledged to me
that such ________________ executed the within instrument.
IN WITNESS WHEREOF, I have hereunto set my hand and affixed my official
seal the day and year in this certificate first above written.
______________________________
Notary Public
My Commission expires ____________
<PAGE>
EXHIBIT E(1)
WIRING INSTRUCTIONS FORM
______________, 19__
[Paying Agent]
[Trustee]
Re: AFC Mortgage Loan Asset Backed Certificates, Series 1996-4,
Class ___, No. __, issued pursuant to that certain Pooling and
Servicing Agreement, dated as of December 1, 1996, among
Superior Bank FSB, as Depositor, Lee Servicing Company, a
division of Superior Bank FSB, as Servicer, and LaSalle
National Bank, as Trustee
--------------------------------------------------------------
Dear Sir:
In connection with the sale of the above-captioned Certificate by
to ("Transferee") you, as Paying Agent with respect to the
related Certificates, are instructed to make all remittances to Transferee as
Certificateholder as of _________, 199 by wire transfer. For such wire transfer,
the wiring instructions are as follows:
Bank Name: _______________________________
City & State: _______________________________
ABA No.: _______________________________
Account Name: _______________________________
Account No.: _______________________________
Attention: _______________________________
_______________________________
Transferee
Certificateholder's notice address:
Name:
Address:
<PAGE>
EXHIBIT F
FORM OF TRUSTEE INITIAL CERTIFICATION
______________, 19__
[Certificate Insurer]
[Servicer]
[Purchaser]
[Certificateholder]
Re: Pooling and Servicing Agreement, dated as of December 1, 1996,
among Superior Bank FSB, as Depositor, Lee Servicing Company,
a division of Superior Bank FSB, as Servicer, and LaSalle
National Bank, as Trustee
--------------------------------------------------------------
Gentlemen:
In accordance with Section 2.05 of the above-captioned Pooling and
Servicing Agreement, the undersigned, as Trustee, hereby certifies that, except
as noted on the attachment hereto, if any (the "Loan Exception Report"), it or
the Custodian on its behalf has received the documents referred to in Section
2.04(a) of the Pooling and Servicing Agreement with respect to each Mortgage
Loan listed in the related Mortgage Loan Schedule and such documents appear to
bear original signatures or copies of original signatures if the original
documents have not yet been delivered.
The Trustee has made no independent examination of any such
documents beyond the review specifically required in the above-referenced
Pooling and Servicing Agreement. The Trustee makes no representations as to: (i)
the validity, legality, sufficiency, enforceability or genuineness of any such
documents or any of the Mortgage Loans identified on the related Mortgage Loan
Schedule, or (ii) the collectability, insurability, effectiveness or suitability
of any such Mortgage Loan.
Capitalized words and phrases used herein shall have the respective
meanings assigned to them in the above-captioned Pooling and Servicing
Agreement.
LASALLE NATIONAL BANK,
as Trustee
By:______________________________
Name:____________________________
Title:___________________________
<PAGE>
EXHIBIT F-1
FORM OF TRUSTEE INTERIM CERTIFICATION
______________, 19__
[Certificate Insurer]
[Depositor]
[Servicer]
[Certificateholders]
Re: Pooling and Servicing Agreement, dated as of December 1, 1996,
among Superior Bank FSB, as Depositor, Lee Servicing Company,
a division of Superior Bank FSB, as Servicer, and LaSalle
National Bank, as Trustee
--------------------------------------------------------------
Gentlemen:
In accordance with the provisions of Section 2.05 of the
above-referenced Pooling and Servicing Agreement, the undersigned, as Trustee,
hereby certifies that as to each Mortgage Loan listed in the related Mortgage
Loan Schedule (other than any Mortgage Loan paid in full or any Mortgage Loan
listed on the attachment hereto), it has reviewed (or caused to be reviewed) the
documents delivered to it or the Custodian on its behalf pursuant to Section
2.04 of the Pooling and Servicing Agreement and has determined that, except as
noted on the attachment hereto, (i) all documents required to be delivered to it
pursuant to the Pooling and Servicing Agreement as of the date hereof are in its
possession or in the possession of the Custodian on its behalf (other than items
listed in Section 2.04(f) of the Pooling and Servicing Agreement), (ii) none of
the documents delivered to it or the Custodian on its behalf have been
mutilated, damaged, torn or otherwise physically altered and all such documents
relate to such Mortgage Loan, (iii) based on its examination, or the examination
of the Custodian on its behalf, and only as to the foregoing documents, the
information set forth in the related Mortgage Loan Schedule respecting such
Mortgage Loan is correct and (iv) each Mortgage Note has been endorsed as
provided in Section 2.04 of the Pooling and Servicing Agreement. The Trustee has
made no independent examination of such documents beyond the review specifically
required in the above-referenced Pooling and Servicing Agreement. The Trustee
makes no representations as to: (i) the validity, legality, enforceability or
genuineness of any of the documents contained in each Trustee's Mortgage File or
any of the Mortgage Loans identified
<PAGE>
on the related Mortgage Loan Schedule, or (ii) the collectability, insurability,
effectiveness or suitability of any such Mortgage Loan.
Capitalized words and phrases used herein shall have the respective
meanings assigned to them in the above-captioned Pooling and Servicing
Agreement.
LASALLE NATIONAL BANK,
as Trustee
By:______________________________
Name:____________________________
Title:___________________________
-2-
<PAGE>
EXHIBIT G
FORM OF TRUSTEE FINAL CERTIFICATION
_____________, 19__
[Certificate Insurer]
[Servicer]
[Certificateholders]
[Depositor]
Re: Pooling and Servicing Agreement, dated as of December 1, 1996,
among Superior Bank FSB, as Depositor, Lee Servicing Company,
a division of Superior Bank FSB, as Servicer, and LaSalle
National Bank, as Trustee, relating to AFC Mortgage Loan
Asset Backed Certificates, Series 1996-4
--------------------------------------------------------------
Gentlemen:
In accordance with Section 2.05 of the above-captioned Pooling and
Servicing Agreement, the undersigned, as Trustee, hereby certifies that, except
as noted on the attachment hereto, as to each Mortgage Loan listed in the
related Mortgage Loan Schedule (other than any Mortgage Loan paid in full or
listed on the attachment hereto) it or the Custodian on its behalf has reviewed
the documents delivered to it or to the Custodian on its behalf pursuant to
Section 2.04 of the Pooling and Servicing Agreement and has determined that (i)
all documents required to be delivered to it pursuant to the Pooling and
Servicing Agreement as of the date hereof are in its possession or in the
possession of the Custodian on its behalf (except that no certification is given
as to the items listed in Section 2.04(f) of the Pooling and Servicing
Agreement), (ii) none of the documents delivered to it or the Custodian on its
behalf have been mutilated, damaged, torn or otherwise physically altered and
all such documents relate to such Mortgage Loan, (iii) based on its examination,
and only as to the foregoing documents, the information set forth in the related
Mortgage Loan Schedule respecting such Mortgage Loan is correct and (iv) each
Mortgage Note has been endorsed as provided in Section 2.04 of the Pooling and
Servicing Agreement. The Trustee has made no independent examination of such
documents beyond the review specifically required in the above-referenced
Pooling and Servicing Agreement. The Trustee makes no representations as to: (i)
the validity, legality, enforceability or genuineness of any of the documents
contained in each Trustee's Mortgage File or any of the Mortgage Loans
identified on the related Mortgage Loan Schedule, or (ii) the collectability,
insurability, effectiveness or suitability of any such Mortgage Loan.
<PAGE>
Capitalized words and phrases used herein shall have the respective
meanings assigned to them in the above-captioned Pooling and Servicing
Agreement.
LASALLE NATIONAL BANK,
as Trustee
By:______________________________
Name:____________________________
Title:___________________________
-2-
EXHIBIT H-1
MORTGAGE LOAN SCHEDULE FOR SUB-POOL 1
<PAGE>
Page 1
Sale Schedule
1996-4 Class 1 - Initial Pool of Fixed Rate Mortgages - Settlement 12/19/96
Alliance Funding Company
A division of Superior Bank FSB
<TABLE>
<CAPTION>
Principal
Zip Balance at
Sale ID Account Name Address City State Code Origination
- ------------------------------------------------------------------------------------------------------------------------------------
<C> <S> <C> <C> <C> <C> <C> <C>
BS20 10266118840 TITUS PERRY 138-A HIGH STREET MONTCLAIR NJ 07042 108,000.00
BS20 10266119308 BERNARD GEOFFREY 650 HUNT LANE MANHASSET NY 11030 225,000.00
BS20 10266120198 OGDEN BARBARA C 144 SALISBURY AVENUE NORTH KINGSTOWN RI 02852 15,000.00
BS20 10266122373 GILFOY DARRYL SCOTT 241 BRAKEL LANE MEDIA PA 19063 44,800.00
BS20 10266123009 BIRKAS EUGENE 3805 WALNUT STREET BETHLEHEM PA 18017 19,700.00
BS20 10266123305 BYAM ERIC 413 GREEN AVENUE BROOKLYN NY 11216 80,000.00
BS20 10266123680 DIGREGORIO PAUL ANTHONY 17 ELIOT DRIVE LAKE GROVE NY 11755 28,900.00
BS20 10266124824 BIRCHER KAREN GALE 1185 WESTVIEW DRIVE BOULDER CO 80303 28,000.00
BS20 10266124984 HINES BOOKER T 721 CONGRESS STREET SOUTHEAST WASHINGTON DC 20032 71,600.00
BS20 10266125329 DREW WILLIAM D 91 ROBINSON STREET SCHENECTADY NY 12304 38,500.00
BS20 10266126306 SAMUELSON THOMAS J 6284 SOUTH DUSTY CIRCLE WEST JORDAN UT 84084 39,465.00
BS20 10266126828 MILLONE STEFANO C 1337 CAVENDISH DRIVE SILVER SPRING MD 20905 17,500.00
BS20 10266126986 TANNER DAVID A 7718 NEWPORT AVENUE PARMA OH 44129 11,800.00
BS20 10266127035 MYERS DELSHAWN 537 WEST FOURTH STREET PLAINFIELD NJ 07060 46,000.00
BS20 10266127058 HIMES VIVIAN M 12940 CHERRY HILL ROAD ALBION PA 16401 35,000.00
BS20 10266127240 JEFFRESS LLOYD 53 HAMPTON GATE DRIVE SICKLERVILLE NJ 08081 17,774.00
BS20 10266127486 ROBINSON FREDERICK D 173 LAKE DRIVE WYANDANCH NY 11798 42,000.00
BS20 10266127533 MEZICK KATHY R 211 GUINEA ROAD MONROE CT 06468 107,000.00
BS20 10266127659 ADAMIDIUS ANASTASIA 204-15 23RD AVENUE BAYSIDE NY 11360 145,000.00
BS20 10266127660 WOOLLARD KEVIN J 3863 WEST OWENSBORO DRIVE WEST JORDAN UT 84084 21,800.00
BS20 10266127717 MOLLOY DOUGLAS T II 19668 N 48TH LANE PHOENIX AZ 85308 21,000.00
BS20 10266127821 ORICHIO NICHOLAS 15 RICHWOOD PLACE DENVILLE NJ 07834 15,000.00
BS20 10266127913 MCGHEE RAYMOND L 707 EAST 128TH ST CLEVELAND OH 44108 46,400.00
BS20 10266128164 MASH LINDA K 404 FAIRLEA DRIVE EDGEWATER MD 21037 123,500.00
BS20 10266128213 MELHAD ROBERT T 6735 WEST SACK DRIVE GLENDALE AZ 85308 12,298.00
BS20 10266128557 MARTIN DAVID GRANT 2670 EAST 500 NORTH VERNAL UT 84078 15,000.00
BS20 10266128629 DAVIS ROBERT EARL 207 STIRLING DRIVE LUMBERTON NC 28358 153,000.00
BS20 10266128742 WEINBERGER DIANE 9751 SOUTH OLD RANCH PLACE SANDY UT 84092 63,000.00
BS20 10266128768 POWELL EVERTON 27 CRAWFORD STREET EAST ORANGE NJ 07018 101,150.00
BS20 10266128981 LASKOSKI ROBERT J 4725 WEST PARADISE LANE GLENDALE AZ 85306 10,418.00
BS20 10266129097 PEDERSEN NICHOLAS R 545 NORTH GREENE STREET LINDENHURST NY 11757 114,750.00
BS20 10266129124 MCCOOL TODD J 7695 BRADBURN BOULEVARD WESTMINSTER CO 80030 24,300.00
BS20 10266129474 KELLER KELLY A 39 EAST HIGH STREET MIDDLETOWN PA 17057 50,250.00
BS20 10266129526 THOMAS VERNER 2501 27TH ST S SAINT PETERSBURG FL 33712 47,250.00
BS20 10266129783 RUPOLI ELLISA L 6737 WEST 54TH AVENUE ARVADA CO 80002 21,425.00
BS20 10266129799 SCIALABBA JOSEPH J 1631 WEST 32ND STREET CHICAGO IL 60608 45,000.00
BS20 10266129848 HARRIS C NEAL 7711 W. 600 S. REDKEY IN 47373 75,000.00
BS20 10266129905 OZGA ADAM 529 WILLIAM STREET TRENTON NJ 08611 42,000.00
BS20 10266130218 CHAPPELL MERLYN 195 N COUNTRY CLUB DR CRYSTAL RIVER FL 34429 54,400.00
BS20 10266130230 NIEZELSKI MARILYN 82 WEST STREET SEYMOUR CT 06483 91,600.00
BS20 10266130236 CLARK WILLIE C 1622 RUDOLPH STREET FAYETTEVILLE NC 28301 47,700.00
BS20 10266130452 ROSS WAYNE C 125 VISTA DEL LAGO STREET HENDERSON NV 89015 40,000.00
BS20 10266130553 LONG MICHAEL A 1932 PALM DRIVE COLORADO SPRINGS CO 80918 14,076.00
BS20 10266130595 KELSEY KATHLEEN LOUISE 2258 TREEMONT COURT S SALEM OR 97302 10,500.00
BS20 10266130598 PIPPY GEORGE WILLIAM 460 EAST WARNOCK AVENUE SALT LAKE CITY UT 84115 70,000.00
BS20 10266130602 JOHNSON MICHAEL B 13493 VIRGO DRIVE LITTLETON CO 80124 117,750.00
BS20 10266130627 WASHINGTON WILLIE L 1828 S 11TH AVE MAYWOOD IL 60153 48,000.00
BS20 10266130661 BARTON MICHAEL T 1926 RAINIER AVENUE EVERETT WA 98201 20,370.00
BS20 10266130703 RICHARDSON ROBERT R JR 15350 SW PEPPERMILL COURT BEAVERTON OR 97007 28,527.00
BS20 10266130767 JOHNSON ELZORA 1022 NORTH GREENWOOD AVENUE CLEARWATER FL 34615 31,000.00
BS20 10266130814 ROBERTSON JOSH T 530 WEST LINDLEY AVENUE PHILADELPHIA PA 19120 50,000.00
BS20 10266130863 GRADY MILTON L 1431 OLD HICKORY DRIVE GREENSBORO NC 27405 62,000.00
BS20 10266130864 ROLLINS HERMAN 817 CARTER AVENUE DURHAM NC 27703 69,300.00
BS20 10266130927 BECK ROBERT E JR 371 MISSION DRIVE AKRON OH 44301 68,000.00
BS20 10266131003 SZABO JOSEPH GEORGE 214 SCHOOL STREET NORTH WALES PA 19454 31,500.00
BS20 10266131026 PINCKNEY PETER 505 OLD SCARBOROUGH LANE GARNER NC 27529 46,200.00
BS20 10266131048 ESCOBEDO ROGELO 2540 VINEWOOD LANE PUEBLO CO 81005 25,441.00
BS20 10266131075 POWERS PATRICIA A 1649 CAPOUSE AVENUE SCRANTON PA 18509 123,500.00
BS20 10266131102 LONG TODD C 8500 WALNUT STREET WESTMORELAND CITY PA 15692 33,000.00
BS20 10266131126 PATTERSON DOROTHY M 847 HILLSIDE COURT S SAINT PETERSBURG FL 33705 18,262.00
BS20 10266131216 SCHAFFER RANDAL R 12831 NE HOLLADAY STREET PORTLAND OR 97230 15,500.00
BS20 10266131223 PATRICK DARREL 4320 MENHADEN DRIVE SAINT PETERSBURG FL 33705 14,388.00
</TABLE>
<TABLE>
<CAPTION>
Cut-off Date First Original Current Scheduled
Principal Payment Maturity Rem Date LTV Mortgage Payment
Sale ID Account Balance Date Date Term Due Ratio Rate Int & Prin
- -----------------------------------------------------------------------------------------------------------------------
<C> <S> <C> <C> <C> <C> <C> <C> <C> <C>
BS20 10266118840 107,997.24 09/05/96 08/05/11 176.12 12/05/96 80.0 9.990 946.98
BS20 10266119308 225,000.00 10/04/96 09/04/26 357.11 12/04/96 39.3 11.750 2,271.17
BS20 10266120198 14,945.64 10/16/96 09/16/11 177.50 12/16/96 48.5 11.350 173.80
BS20 10266122373 44,800.00 10/10/96 09/10/11 177.30 12/10/96 84.7 12.250 544.90
BS20 10266123009 19,659.43 09/28/96 08/28/11 176.88 11/28/96 89.9 11.700 232.64
BS20 10266123305 79,346.84 08/26/96 07/26/16 235.79 12/26/96 50.0 11.850 872.52
BS20 10266123680 28,802.86 10/16/96 09/16/11 177.50 12/16/96 89.8 11.250 333.03
BS20 10266124824 28,000.00 11/01/96 10/01/11 178.00 12/01/96 79.6 13.750 368.20
BS20 10266124984 71,600.00 11/04/96 10/04/11 178.09 12/04/96 80.0 13.750 834.22
BS20 10266125329 38,486.56 09/07/96 08/07/11 176.19 11/07/96 70.0 11.100 369.56
BS20 10266126306 39,465.00 10/18/96 09/18/11 177.57 12/18/96 80.0 14.550 540.23
BS20 10266126828 17,489.83 11/10/96 10/10/11 178.29 12/10/96 78.0 11.750 207.22
BS20 10266126986 11,721.87 11/07/96 10/07/11 178.19 01/07/97 89.9 12.000 141.62
BS20 10266127035 46,000.00 11/03/96 10/03/11 178.06 12/03/96 49.1 11.990 551.78
BS20 10266127058 34,939.37 11/03/96 10/03/11 178.06 12/03/96 48.6 10.990 397.59
BS20 10266127240 17,640.96 10/06/96 09/06/06 117.17 12/06/96 84.9 12.900 264.34
BS20 10266127486 41,922.29 10/18/96 09/18/11 177.57 12/18/96 80.0 14.250 505.97
BS20 10266127533 107,000.00 11/02/96 10/02/11 178.03 12/02/96 57.8 12.000 1,100.62
BS20 10266127659 145,000.00 09/12/96 08/12/11 176.35 12/12/96 71.0 10.990 1,379.78
BS20 10266127660 21,800.00 11/04/96 10/04/11 178.09 12/04/96 89.9 12.250 228.44
BS20 10266127717 20,904.32 11/11/96 10/11/11 178.32 01/11/97 83.5 12.350 221.68
BS20 10266127821 14,776.13 09/21/96 08/21/16 236.65 01/21/97 89.6 11.990 165.06
BS20 10266127913 46,309.22 11/14/96 10/14/11 178.42 12/14/96 80.0 10.600 427.91
BS20 10266128164 123,500.00 11/04/96 10/04/26 358.09 12/04/96 48.4 10.450 1,125.09
BS20 10266128213 12,293.70 11/08/96 10/08/11 178.22 12/08/96 74.8 13.750 161.72
BS20 10266128557 13,619.40 10/27/96 09/27/11 177.86 12/27/96 26.3 13.350 170.04
BS20 10266128629 153,000.00 11/09/96 10/09/26 358.26 11/09/96 90.0 11.000 1,457.05
BS20 10266128742 62,978.55 10/11/96 09/11/11 177.34 12/11/96 74.9 14.200 756.45
BS20 10266128768 101,150.00 11/03/96 10/03/11 178.06 12/03/96 85.0 12.000 1,040.44
BS20 10266128981 10,418.00 11/09/96 10/09/11 178.26 12/09/96 77.9 11.000 118.41
BS20 10266129097 114,500.88 10/13/96 09/13/11 177.40 12/13/96 69.5 12.500 1,224.68
BS20 10266129124 24,268.95 11/04/96 10/04/11 178.09 12/04/96 90.0 12.250 295.56
BS20 10266129474 49,974.19 10/23/96 09/23/26 357.73 12/23/96 75.0 10.990 478.16
BS20 10266129526 47,250.00 11/02/96 10/02/11 178.03 12/02/96 90.0 10.200 421.65
BS20 10266129783 21,414.57 11/08/96 10/08/11 178.22 12/08/96 84.2 13.250 274.61
BS20 10266129799 44,879.28 10/23/96 09/23/16 237.73 12/23/96 65.2 10.000 434.26
BS20 10266129848 75,000.00 11/11/96 10/11/26 358.32 12/11/96 75.0 10.000 658.18
BS20 10266129905 41,839.86 10/16/96 09/16/11 177.50 12/16/96 70.0 11.350 486.64
BS20 10266130218 54,400.00 11/15/96 10/15/16 238.45 12/15/96 80.0 12.600 621.90
BS20 10266130230 91,600.00 11/04/96 10/04/16 238.09 12/04/96 69.3 10.700 926.86
BS20 10266130236 47,700.00 11/08/96 10/08/26 358.22 11/08/96 90.0 11.350 466.92
BS20 10266130452 39,811.70 10/27/96 09/27/11 177.86 12/27/96 81.5 10.150 355.47
BS20 10266130553 14,042.05 11/07/96 10/07/11 178.19 12/07/96 84.9 12.400 172.57
BS20 10266130595 10,500.00 11/07/96 10/07/11 178.19 12/07/96 88.2 11.350 102.78
BS20 10266130598 69,042.85 11/11/96 10/11/16 238.32 01/11/97 76.6 11.250 734.48
BS20 10266130602 117,750.00 11/02/96 10/02/11 178.03 12/02/96 75.0 10.600 1,308.92
BS20 10266130627 47,878.01 11/10/96 10/10/16 238.29 12/10/96 76.1 9.800 456.87
BS20 10266130661 20,370.00 11/04/96 10/04/11 178.09 12/04/96 84.9 12.350 215.03
BS20 10266130703 28,490.91 11/03/96 10/03/11 178.06 12/03/96 90.0 11.600 335.07
BS20 10266130767 31,000.00 11/15/96 10/15/16 238.45 12/15/96 68.8 11.750 335.95
BS20 10266130814 49,900.81 11/02/96 10/02/16 238.03 12/02/96 74.6 10.000 482.51
BS20 10266130863 61,668.78 11/07/96 10/07/06 118.19 12/07/96 89.6 10.990 853.70
BS20 10266130864 68,981.40 11/04/96 10/04/11 178.09 01/04/97 90.0 11.050 662.58
BS20 10266130927 67,843.32 11/04/96 10/04/11 178.09 12/04/96 83.9 9.800 722.43
BS20 10266131003 31,427.81 11/09/96 10/09/11 178.26 12/09/96 79.9 11.200 361.99
BS20 10266131026 46,079.54 11/09/96 10/09/11 178.26 12/09/96 79.9 13.700 605.98
BS20 10266131048 25,441.00 11/09/96 10/09/11 178.26 11/09/96 84.5 12.350 268.56
BS20 10266131075 123,440.21 11/07/96 10/07/11 178.19 12/07/96 85.1 10.990 1,175.19
BS20 10266131102 32,935.02 11/07/96 10/07/16 238.19 12/07/96 84.7 10.150 321.74
BS20 10266131126 18,216.99 11/02/96 10/02/06 118.03 12/02/96 84.9 9.650 237.81
BS20 10266131216 15,500.00 11/04/96 10/04/16 238.09 11/04/96 82.4 12.350 174.47
BS20 10266131223 14,388.00 11/10/96 10/10/06 118.29 12/10/96 89.8 11.600 203.11
</TABLE>
<PAGE>
Page 2
Sale Schedule
1996-4 Class 1 - Initial Pool of Fixed Rate Mortgages - Settlement 12/19/96
Alliance Funding Company
A division of Superior Bank FSB
<TABLE>
<CAPTION>
Principal
Zip Balance at
Sale ID Account Name Address City State Code Origination
- ------------------------------------------------------------------------------------------------------------------------------------
<C> <S> <C> <C> <C> <C> <C> <C>
BS20 10266131273 RUSSELL DERRICK J 708 15TH STREET OGDEN UT 84404 11,000.00
BS20 10266131296 WANLASS RAY WILLIAM 6520 SOUTH 5055 WEST WEST JORDAN UT 84084 14,200.00
BS20 10266131381 BAYRON DESERIE L 6046 NORTH AMERICAN STREET PHILADELPHIA PA 19120 37,400.00
BS20 10266131385 LOVE ROBERT D RD 3 BOX 544 TODD FARM ROAD BELLE VERNON PA 15012 22,000.00
BS20 10266131419 LHEUREUX RICHARD A 4652 238TH WAY SOUTHEAST ISSAQUAH WA 98027 49,957.00
BS20 10266131462 EVANS DEWEY BROOK 162 18TH AVENUE SEATTLE WA 98122 15,524.00
BS20 10266131492 SEIP JONATHAN D 452 MICHTER RD NEWMANSTOWN PA 17073 45,000.00
BS20 10266131554 LOFTON JOHN 11109 PRINCE AVENUE CLEVELAND OH 44105 46,000.00
BS20 10266131590 KNIGHTEN WILLIE LEE 1739 HAMILTON ST. TOLEDO OH 43607 22,400.00
BS20 10266131624 VARNEY DENISE HELEN 1825 N CROOKED BRANCH DR LECANTO FL 34461 12,000.00
BS20 10266131639 CARNER LARRY B 185 SW 130TH AVENUE BEAVERTON OR 97005 48,000.00
BS20 10266131649 GOODMAN EMORY J 545 OFFING DRIVE FAYETTEVILLE NC 28314 13,237.00
BS20 10266131661 CARMICHAEL NICK B 2237 VALLEY CREEK CIRCLE SNELLVILLE GA 30278 33,540.00
BS20 10266131683 LEWIS LORRIE TATON 11603 WEST 28TH AVENUE LAKEWOOD CO 80215 32,100.00
BS20 10266131777 MILLER ROBERT G 816 SOUTH PETERSON WAY DENVER CO 80223 59,500.00
BS20 10266131779 VILLA ROBERTO 2128 EUCARIZ AVENUE SW ALBUQUERQUE NM 87105 55,500.00
BS20 10266131785 HENNIG EDWARD B 2420 5TH AVENUE PUEBLO CO 81003 85,500.00
BS20 10266131786 THORNT AUDREY MARGUERITHE 327 BIRCH COURT SILT CO 81652 24,500.00
BS20 10266131809 RANDALL PERCY H 1638 FLINTWOOD DR SE ATLANTA GA 30316 28,670.00
BS20 10266131816 LAUGHINGHOUSE JOHN W 410 FAIRVIEW STREET CLINTON NC 28328 45,500.00
BS20 10266131825 TUPEK DANIEL L 2014 CRANBERRY STREET ERIE PA 15062 52,000.00
BS20 10266131828 AMOS D CHRISTOPHER 14581 JOSEPHINE STREET IRWIN PA 15642 147,900.00
BS20 10266131841 BUCCI CAROL 1720 HOOD LANE MAPLE GLEN PA 19002 40,000.00
BS20 10266131882 HUTCHISON NANCY ELLIS 319 SPRINGHILL AVE WILMINGTON DE 19809 135,000.00
BS20 10266131915 GRAY DEBORAH M 552 RYAN GULCH ROAD SILVERTHORNE CO 80498 15,746.00
BS20 10266131917 BLANC JACK A JR 11 CORNELL CIRCLE PUEBLO CO 81005 22,868.00
BS20 10266131919 TOWNES MICHAEL W 19961 E TUFTS DRIVE AURORA CO 80014 153,000.00
BS20 10266131952 SCOLARO MARLENE F 10S144 SPRINGBROOK NAPERVILLE IL 60565 30,000.00
BS20 10266132002 HAAG RONALD E 163 E KERCHER AVENUE LEBANON PA 17042 37,580.00
BS20 10266132017 ODONNELL CAROLINE S 904 CHESTER AVE PITTSBURGH PA 15202 58,400.00
BS20 10266132105 CARR TOMMY L 7715 S WOLCOTT AVE CHICAGO IL 60620 57,600.00
BS20 10266132173 CHAFIN ROBERT LEE 7836 LOTUS DRIVE PORT RICHEY FL 34668 62,475.00
BS20 10266132210 PATTERSON ALTON H 5610 SOUTH THOMPSON AVENUE TACOMA WA 98408 80,000.00
BS20 10266132229 LOCOCO JOSEPH 10618 SOUTH TROY STREET CHICAGO IL 60655 73,000.00
BS20 10266132231 HERRERA DONNA D 6133 WEST 64TH STREET CHICAGO IL 60638 25,000.00
BS20 10266132254 YARYAN PHILIP 1519 N GALE INDIANAPOLIS IN 46201 50,000.00
BS20 10266132274 VAN HORN DAVID 5015 W SOFT WIND DRIVE GLENDALE AZ 85310 16,550.00
BS20 10266132301 BOWER GEORGE F 1414 TESLA DRIVE COLORADO SPRINGS CO 80909 17,600.00
BS20 10266132341 CLARK JOHN R 480 EAST CLARK STREET GRANTSVILLE UT 84029 17,000.00
BS20 10266132343 TARRANT JEFFREY N 4594 WEST 6015 SOUTH SALT LAKE CITY UT 84118 34,113.00
BS20 10266132617 BROOM REGINALD H 5521 SOUTH LAFAYETTE AVENUE CHICAGO IL 60621 42,000.00
BS20 10266132628 CLARK MARY L 3210 DEARBORN FLINT MI 48507 30,100.00
BS20 10266132695 STIFFLER SUSAN L 6456 SOUTH IVY COURT ENGLEWOOD CO 80111 29,862.00
BS20 10266132725 ROBERTS PATRICK ALAN 8310 65TH STREET NORTH PINELLAS PARK FL 34665 11,300.00
BS20 10266132763 SIME DAVID 17 BAILEY DRIVE WASHINGTON CROSSING PA 18977 100,000.00
BS20 10266132851 TURNWALL ORRIN KELLY 32891 GOLDEN GATE CANYON ROAD GOLDEN CO 80403 114,314.00
BS20 10266132856 MARTINEZ JEROME A 8115 SCHOONER COURT COLORADO SPRINGS CO 80920 20,026.00
BS20 10266132914 EDMONDSON SAMUEL 4279 COCOANUT ROAD LAKE WORTH FL 33461 85,000.00
BS20 10266133064 SERRANO ROBERTO 4250 NORTH MARINE DRIVE CHICAGO IL 60613 37,000.00
BS20 10266133065 ZAMORA LUIS E 3032 W PERSHING ROAD CHICAGO IL 60632 66,000.00
BS20 10266133066 OLMEDA KATHLEEN M 218 WAVERLY STREET BEREA OH 44017 68,000.00
BS20 10266133093 GARAGHTY DIANA L 3564 BALTIC AVENUE EAGAN MN 55122 34,100.00
BS20 10266133112 WILSON ROBERT 3901 ROOKWOOD INDIANAPOLIS IN 46208 42,500.00
BS20 10266133152 DIPIAZZA NINA JONES 18448 BLANCHE AVE PORT CHARLOTTE FL 33948 95,000.00
BS20 10266133175 HARDY RENEE 289 WEST 9TH STREET OGDEN UT 84404 29,552.00
BS20 10266133204 SCHEIDT BOBBY L 12671 115TH ST N LARGO FL 33778 17,000.00
BS20 10266133206 MILLS HERMAN DEVON 10098 BAHAMA CT SEMINOLE FL 33776 21,144.00
BS20 10266133211 BARNES KARLA A 1246 EAST PHILLIPS PLACE LITTLETON CO 80122 28,715.00
BS20 10266134094 CLAPPER RICHARD E 1036 CONSIDINE AVE. CINCINNATI OH 45205 50,400.00
BS20 10266134095 GLASS ALLEN D 817-819 E. IOWA ST. INDIANAPOLIS IN 46217 45,500.00
BS20 10266134135 BYERS DOUG D 2787 EAST 1600 SOUTH SPANISH FORK UT 84660 30,759.00
BS20 10266134220 WILLEY HERBERT F SR 3326 BERRY HILL RD CHARLESTON SC 29455 48,000.00
</TABLE>
<TABLE>
<CAPTION>
Cut-off Date First Original Current Scheduled
Principal Payment Maturity Rem Date LTV Mortgage Payment
Sale ID Account Balance Date Date Term Due Ratio Rate Int & Prin
- -----------------------------------------------------------------------------------------------------------------------
<C> <S> <C> <C> <C> <C> <C> <C> <C> <C>
BS20 10266131273 11,000.00 10/27/96 09/27/11 177.86 11/27/96 70.9 15.590 158.42
BS20 10266131296 14,097.40 11/01/96 10/01/11 178.00 12/01/96 65.2 14.500 193.90
BS20 10266131381 37,134.77 11/08/96 10/08/11 178.22 01/08/97 85.0 9.850 324.07
BS20 10266131385 22,000.00 11/11/96 10/11/11 178.32 12/11/96 76.0 10.900 248.67
BS20 10266131419 49,753.35 11/02/96 10/02/11 178.03 12/02/96 90.0 11.950 511.94
BS20 10266131462 15,514.41 11/10/96 10/10/11 178.29 12/10/96 79.6 12.750 193.87
BS20 10266131492 44,862.56 10/26/96 09/26/11 177.83 12/26/96 62.5 10.500 411.63
BS20 10266131554 45,887.36 11/08/96 10/08/11 178.22 12/08/96 74.7 10.400 505.64
BS20 10266131590 22,232.24 11/11/96 10/11/11 178.32 12/11/96 80.0 8.990 227.06
BS20 10266131624 11,982.22 11/16/96 10/16/11 178.49 12/16/96 70.9 10.850 135.26
BS20 10266131639 48,000.00 11/16/96 10/16/16 238.49 12/16/96 86.1 11.950 526.85
BS20 10266131649 13,237.00 11/10/96 10/10/11 178.29 12/10/96 90.0 11.600 155.48
BS20 10266131661 33,469.29 11/15/96 10/15/16 238.45 12/15/96 85.0 12.700 385.80
BS20 10266131683 32,100.00 11/11/96 10/11/11 178.32 12/11/96 84.9 12.750 348.83
BS20 10266131777 59,500.00 11/02/96 10/02/11 178.03 12/02/96 75.7 10.600 548.72
BS20 10266131779 55,216.50 10/27/96 09/27/11 177.86 12/27/96 66.0 9.950 594.71
BS20 10266131785 85,381.51 11/11/96 10/11/26 358.32 12/11/96 90.0 10.850 804.56
BS20 10266131786 24,495.61 11/04/96 10/04/16 238.09 12/04/96 73.6 10.750 248.73
BS20 10266131809 28,182.64 11/09/96 10/09/16 238.26 02/09/97 88.9 11.150 298.86
BS20 10266131816 45,377.09 11/10/96 10/10/06 118.29 12/10/96 59.0 9.200 581.31
BS20 10266131825 52,000.00 11/04/96 10/04/26 358.09 11/04/96 80.0 11.650 520.91
BS20 10266131828 147,900.00 11/09/96 10/09/26 358.26 12/09/96 85.0 12.200 1,544.13
BS20 10266131841 39,808.00 11/03/96 10/03/11 178.06 01/03/97 83.1 12.500 493.01
BS20 10266131882 135,000.00 10/23/96 09/23/11 177.73 11/23/96 90.0 11.050 1,290.74
BS20 10266131915 15,719.86 11/04/96 10/04/11 178.09 12/04/96 83.5 12.750 196.64
BS20 10266131917 22,868.00 11/09/96 10/09/11 178.26 12/09/96 87.0 11.350 264.96
BS20 10266131919 153,000.00 11/02/96 10/02/26 358.03 12/02/96 85.0 12.250 1,603.28
BS20 10266131952 29,945.83 11/11/96 10/11/16 238.32 12/11/96 63.8 9.650 282.58
BS20 10266132002 37,580.00 11/11/96 10/11/11 178.32 12/11/96 80.9 13.490 487.66
BS20 10266132017 57,433.95 11/08/96 10/08/11 178.22 01/08/97 80.0 10.700 652.81
BS20 10266132105 57,528.00 11/07/96 10/07/16 238.19 12/07/96 80.0 10.400 571.20
BS20 10266132173 62,475.00 11/02/96 10/02/26 358.03 12/02/96 85.0 11.900 637.82
BS20 10266132210 80,000.00 11/09/96 10/09/11 178.26 12/09/96 75.4 14.750 995.59
BS20 10266132229 72,971.61 11/02/96 10/02/11 178.03 12/02/96 79.3 10.600 673.22
BS20 10266132231 24,987.62 11/08/96 10/08/16 238.22 12/08/96 39.4 14.500 320.00
BS20 10266132254 49,981.58 11/02/96 10/02/26 358.03 12/02/96 75.4 10.850 470.50
BS20 10266132274 16,550.00 11/02/96 10/02/11 178.03 12/02/96 89.7 11.950 198.10
BS20 10266132301 17,600.00 11/15/96 10/15/11 178.45 12/15/96 84.8 12.350 215.21
BS20 10266132341 16,980.65 10/18/96 09/18/11 177.57 12/18/96 84.7 12.350 207.87
BS20 10266132343 34,053.52 10/06/96 09/06/11 177.17 12/06/96 90.0 13.150 434.98
BS20 10266132617 41,766.49 11/02/96 10/02/11 178.03 01/02/97 75.0 10.200 456.49
BS20 10266132628 30,100.00 11/11/96 10/11/26 358.32 12/11/96 83.6 11.450 296.93
BS20 10266132695 29,838.68 11/09/96 10/09/11 178.26 12/09/96 83.0 11.100 286.64
BS20 10266132725 11,278.57 11/07/96 10/07/11 178.19 12/07/96 89.9 11.600 132.72
BS20 10266132763 99,646.78 11/09/96 10/09/11 178.26 12/09/96 77.0 11.000 1,136.60
BS20 10266132851 114,314.00 11/02/96 10/02/11 178.03 12/02/96 80.0 11.250 1,110.29
BS20 10266132856 19,957.34 11/15/96 10/15/16 238.45 12/15/96 75.0 11.500 213.56
BS20 10266132914 84,874.80 10/16/96 09/16/11 177.50 12/16/96 85.0 12.950 936.95
BS20 10266133064 36,833.20 11/14/96 10/14/16 238.42 12/14/96 40.2 9.400 342.48
BS20 10266133065 66,000.00 11/01/96 10/01/11 178.00 12/01/96 75.0 13.000 730.09
BS20 10266133066 67,936.77 11/14/96 10/14/16 238.42 12/14/96 85.0 9.800 647.23
BS20 10266133093 34,100.00 11/14/96 10/14/16 238.42 12/14/96 85.0 12.750 393.45
BS20 10266133112 42,487.43 11/03/96 10/03/11 178.06 12/03/96 80.1 11.850 432.26
BS20 10266133152 95,000.00 11/11/96 10/11/11 178.32 11/11/96 63.3 12.000 977.18
BS20 10266133175 29,449.02 10/25/96 09/25/11 177.80 12/25/96 88.8 12.450 363.27
BS20 10266133204 17,000.00 11/04/96 10/04/11 178.09 12/04/96 84.4 12.400 180.12
BS20 10266133206 21,081.10 11/09/96 10/09/11 178.26 12/09/96 79.8 10.690 236.22
BS20 10266133211 28,715.00 11/15/96 10/15/11 178.45 12/15/96 82.3 12.750 312.04
BS20 10266134094 50,400.00 11/09/96 10/09/26 358.26 12/09/96 90.0 10.850 474.27
BS20 10266134095 45,378.57 11/09/96 10/09/11 178.26 12/09/96 70.0 10.750 510.03
BS20 10266134135 30,759.00 11/15/96 10/15/11 178.45 12/15/96 89.8 11.950 315.21
BS20 10266134220 47,947.96 11/10/96 10/10/11 178.29 12/10/96 76.8 11.700 482.68
</TABLE>
<PAGE>
Page 3
Sale Schedule
1996-4 Class 1 - Initial Pool of Fixed Rate Mortgages - Settlement 12/19/96
Alliance Funding Company
A division of Superior Bank FSB
<TABLE>
<CAPTION>
Principal
Zip Balance at
Sale ID Account Name Address City State Code Origination
- ------------------------------------------------------------------------------------------------------------------------------------
<C> <S> <C> <C> <C> <C> <C> <C>
BS20 10266134359 COOK ERIC 16243 EAST PRINCETON CIRCLE AURORA CO 80013 114,750.00
BS20 10266134508 SETTLE JOANN 1221 W.172ND STREET EAST HAZEL CREST IL 60429 27,900.00
BS20 10266134520 HURT TERRY EUGENE 9834 S 550 WEST COLUMBUS IN 47201 23,000.00
BS20 10266134595 CAMERON PAUL 4290 NW32 TERRACE LAUDERDALE LAKES FL 33309 17,000.00
BS20 10266135023 RUBIE DAVID ALAN 5925 E FRIESS DRIVE SCOTTSDALE AZ 85254 106,250.00
BS20 10266135031 HUFF CONRAD J 647 NORTH 1120 EAST SPANISH FORK UT 84660 17,628.00
------------------------------------------- -----------
130 Sale Total 6,434,754.00
</TABLE>
<TABLE>
<CAPTION>
Cut-off Date First Original Current Scheduled
Principal Payment Maturity Rem Date LTV Mortgage Payment
Sale ID Account Balance Date Date Term Due Ratio Rate Int & Prin
- -----------------------------------------------------------------------------------------------------------------------
<C> <S> <C> <C> <C> <C> <C> <C> <C> <C>
BS20 10266134359 114,750.00 11/10/96 10/10/11 178.29 12/10/96 85.0 12.250 1,202.46
BS20 10266134508 27,685.40 11/11/96 10/11/11 178.32 01/11/97 61.5 10.900 315.36
BS20 10266134520 22,983.28 11/11/96 10/11/11 178.32 12/11/96 75.0 12.350 281.24
BS20 10266134595 16,984.57 10/11/96 09/11/11 177.34 12/11/96 79.1 12.750 212.30
BS20 10266135023 106,134.81 11/10/96 10/10/26 358.29 12/10/96 85.0 12.250 1,113.39
BS20 10266135031 17,628.00 11/04/96 10/04/11 178.09 12/04/96 85.0 13.350 227.11
------------ -------- -----------------------------------
6,422,941.68 224.77 76.6 11.540 68,069.18
<PAGE>
Page 4
Sale Schedule
1996-4 Class 1 - Initial Pool of Fixed Rate Mortgages - Settlement 12/19/96
Alliance Funding Company
A division of Superior Bank FSB
</TABLE>
<TABLE>
<CAPTION>
Principal
Zip Balance at
Sale ID Account Name Address City State Code Origination
- ------------------------------------------------------------------------------------------------------------------------------------
<C> <S> <C> <C> <C> <C> <C> <C>
BS23 10266122387 SAUERS LORRAINE M 200 3RD STREET WEATHERLY PA 18255 33,000.00
BS23 10266123083 FORLEITER STEVEN 28 BUTTONWOOD DRIVE MARLBORO NJ 07746 29,100.00
BS23 10266123558 PEAK BRUCE F JR 1341 1ST STREET MENOMINEE MI 49858 25,600.00
BS23 10266124135 DOUROS MARGARITA S 316 SHADELAND AVENUE DREXEL HILL PA 19026 67,750.00
BS23 10266125376 REID NEWTON GRANVILLE JR 1579 UNION STREET BROOKLYN NY 11213 150,000.00
BS23 10266126491 CANTY IRENE NADEAN 7405 MONITA ROAD BALTIMORE MD 21208 11,000.00
BS23 10266127085 STIFFLER DONALD R 1620 GRANITE DRIVE RENO NV 89509 83,250.00
BS23 10266127128 HARRIS DEBORAH A 1127 E 22ND STREET WILMINGTON DE 19802 55,200.00
BS23 10266127684 SPOHN RICK T 9232 SOUTH GRANADA HILLS DRIV WEST JORDAN UT 84088 23,220.00
BS23 10266127966 TULIO JOSEPH 5 LIBERTY PLACE DOYLESTOWN PA 18901 68,800.00
BS23 10266128271 BARBAGALLO GARY 160-46 25TH AVENUE WHITESTONE NY 11357 53,000.00
BS23 10266128323 ROBERTS RICHARD K 4502 WEST BLOOMFIELD ROAD GLENDALE AZ 85304 20,000.00
BS23 10266128967 GIBSON HAROLD L 950/952 SECOND STREET WILLIAMSPORT PA 17701 40,500.00
BS23 10266129024 DMITRIEVA ANDREI 168 HICKORY ROAD JACKSON NJ 08527 30,000.00
BS23 10266129199 SMITH DOUGLAS ALLEN 20 WEST LESTER AVENUE 28B MURRAY UT 84107 48,000.00
BS23 10266129298 LEVINE HARVEY 3367 SEAWANE DRIVE MERRICK NY 11566 96,850.00
BS23 10266129459 HALL EMMET W 1122 NEWMAN INDIANAPOLIS IN 46204 29,400.00
BS23 10266129531 MENDEZ JOHN A 365 PINE GROVE RD NOTTINGHAM PA 19362 40,000.00
BS23 10266129558 MCQUESTEN DEBORAH L 950 SOUTH 18TH STREET COLUMBUS OH 43206 16,000.00
BS23 10266129863 CHRISMON RODNEY SAMUEL 5750 CHRISMON ROAD BROWN SUMMIT NC 27214 81,000.00
BS23 10266130150 CASH DAVID C 712 SOUTH WISTERIA MELBOURNE FL 32901 24,050.00
BS23 10266130296 TULLI REGIS C 4277 UPVIEW TERRACE PITTSBURGH PA 15201 20,500.00
BS23 10266130348 PHILLIPS BOBBY L 7219 E TROY INDIANAPOLIS IN 46239 22,900.00
BS23 10266130697 SLOAN III SEBERN JOSEPH 1077 S PALOMINO CREEK DRIVE GILBERT AZ 85296 32,500.00
BS23 10266130746 ADCOX DANIEL W 415 EAST ORMAN AVENUE PUEBLO CO 81004 18,230.00
BS23 10266130867 OBINQUE JULIO JR 8121 LEGER DRIVE LAS VEGAS NV 89128 25,817.00
BS23 10266130931 HARVEY DAVID J 5300 B ROUTE 34 OSWEGO IL 60543 58,500.00
BS23 10266131041 KRAUDY KENNETH WILLIAM 11109 SOUTH PRESCOTT PARK CIR SANDY UT 84092 77,000.00
BS23 10266131050 RICH DENNIS M JR 1551 SCRIVEN AVENUE NORTH BELLMORE NY 11710 78,500.00
BS23 10266131059 ABAY EDELGARD E 633-635 COLFAX PLACE AKRON OH 44302 25,000.00
BS23 10266131226 WRAY JACQUELINE 6609 DRIFTWOOD DRIVE HUDSON FL 34667 25,250.00
BS23 10266131325 FUNKE DEITER R 2117 KENSINGTON DRIVE SCHAUMBURG IL 60194 36,000.00
BS23 10266131363 WALTON LAURA KATHRYN 8350 WREN ROAD FORT MYERS FL 33912 11,000.00
BS23 10266131448 SCIACCA VINCENT MARIO 117 S RICHMOND AVENUE LEHIGH ACRES FL 33936 30,800.00
BS23 10266131566 WEBB JANICE 5408 S. ABERDEEN CHICAGO IL 60609 63,700.00
BS23 10266131618 TURKO JODI L 1251 BALATA STREET EASTON PA 18042 73,100.00
BS23 10266131697 METTS CLEO 1928 LAWN AVENUE CINCINNATI OH 45237 29,100.00
BS23 10266131791 CARTER EARL R 9845 LIBERTY GROVE DRIVE PEYTON CO 80831 105,000.00
BS23 10266131792 COLEMAN DANIEL T 247 SOUTH PIONEER STREET MIDVALE UT 84047 38,000.00
BS23 10266131945 SAMMONS ROBERT L 10746 S. LANGLEY CHICAGO IL 60628 20,000.00
BS23 10266131962 SHOOLTZ GARY D 11829 PRAIRIE AVENUE HEBRON IL 60034 20,950.00
BS23 10266132013 PERRIN BARRY 52 OREGON STREET WILKES-BARRE PA 18701 76,500.00
BS23 10266132089 BALDINO CLAUDE J 416 RITTENHOUSE CIRCLE HAVERTOWN PA 19083 22,300.00
BS23 10266132124 HOWARD DALE E 5330 LAKE GROVE WHITE LAKE MI 48383 56,900.00
BS23 10266132189 GEWORKIAN MARGARET T 148 N CAROL BLVD UPPER DARBY PA 19082 18,500.00
BS23 10266132349 BANKS DONALD P 5038 BRADLEY CIRCLE SECURITY CO 80911 68,040.00
BS23 10266132607 COMBS LUTHER 3039 NORTH LEAVITT CHICAGO IL 60618 34,000.00
BS23 10266132709 FORREST DIANE M 5032 SUN-SUITE TRAIL COLORADO SPRINGS CO 80917 36,000.00
BS23 10266132713 HUGHES NORMAN R 3075 48TH AVE NE SALEM OR 97305 43,500.00
BS23 10266132714 CARRINGTON T MICHAEL 6942 SOUTH NIAGARA COURT ENGLEWOOD CO 80112 45,000.00
BS23 10266132766 MIDDLETON LILLIE M 1140 JEFFREY LANE CHARLESTON SC 29412 47,600.00
BS23 10266132818 FORDON DANIEL M 18545 DUNDEE AVE HOMEWOOD IL 60430 78,000.00
BS23 10266132832 OLSON JOHN L 7826 AIRPORT ROAD MIDDLETON WI 53562 106,400.00
BS23 10266132993 GOLDY DON R 736 EAST CORNER RIDGE DRIVE DRAPER UT 84020 109,550.00
BS23 10266133094 BAKER BRIAN T 18484 HEYDEN DETROIT MI 48219 21,400.00
BS23 10266133134 HUNTER RC JR 607 DOROTHY DRIVE CHARLOTTE NC 28203 23,000.00
BS23 10266133146 CAMPBELL JANA LYNN 2311 W MARQUETTE ST TAMPA FL 33604 55,000.00
BS23 10266133158 RODRICK CHARLES E 181 16TH ST NE NAPLES FL 33964 40,300.00
BS23 10266133194 SELVITELLA BETTY R 8433 PINEWOOD AVENUE BROOKSVILLE FL 34613 63,000.00
BS23 10266134077 BODNAR MARY LYNN 15701 BENNETT ROAD NORTH ROYALTON OH 44133 21,000.00
BS23 10266134357 BROADHEAD DON H 6276 WEST CLEAR VISTA DRIVE SALT LAKE CITY UT 84118 24,297.00
BS23 10266134549 DOCKINS PEGGY D 1970 HOLIDAY STREET CHARLESTON SC 29414 50,352.00
</TABLE>
<TABLE>
<CAPTION>
Cut-off Date First Original Current Scheduled
Principal Payment Maturity Rem Date LTV Mortgage Payment
Sale ID Account Balance Date Date Term Due Ratio Rate Int & Prin
- -----------------------------------------------------------------------------------------------------------------------
<C> <S> <C> <C> <C> <C> <C> <C> <C> <C>
BS23 10266122387 32,924.91 08/19/96 07/19/16 235.56 12/19/96 70.2 11.150 344.00
BS23 10266123083 29,040.94 09/28/96 08/28/16 236.88 12/28/96 81.6 12.250 325.50
BS23 10266123558 25,529.11 11/14/96 10/14/11 178.42 12/14/96 80.0 10.200 278.24
BS23 10266124135 67,628.13 09/19/96 08/19/16 236.58 12/19/96 84.9 12.900 788.92
BS23 10266125376 149,659.86 10/24/96 09/24/11 177.76 12/24/96 64.3 10.750 1,400.22
BS23 10266126491 10,973.77 11/09/96 10/09/11 178.26 12/09/96 84.8 12.740 137.30
BS23 10266127085 83,250.00 10/04/96 09/04/11 177.11 12/04/96 84.4 13.300 940.47
BS23 10266127128 55,179.71 10/17/96 09/17/26 357.53 12/17/96 80.0 13.300 623.59
BS23 10266127684 23,169.22 10/17/96 09/17/11 177.53 12/17/96 90.0 12.750 252.33
BS23 10266127966 68,504.19 09/23/96 08/23/26 356.71 11/23/96 80.0 10.990 654.68
BS23 10266128271 52,864.53 10/13/96 09/13/11 177.40 12/13/96 79.0 10.990 602.06
BS23 10266128323 19,954.02 10/25/96 09/25/11 177.80 12/25/96 79.3 14.500 273.10
BS23 10266128967 40,467.98 11/07/96 10/07/26 358.19 12/07/96 90.0 10.900 382.63
BS23 10266129024 29,888.65 11/16/96 10/16/11 178.49 12/16/96 20.0 11.990 308.35
BS23 10266129199 48,000.00 11/17/96 10/17/11 178.52 12/17/96 69.5 9.600 407.12
BS23 10266129298 96,250.81 11/16/96 10/16/11 178.49 01/16/97 85.8 13.250 1,090.31
BS23 10266129459 29,400.00 11/11/96 10/11/11 178.32 12/11/96 70.0 11.250 338.79
BS23 10266129531 39,888.03 10/01/96 09/01/11 177.00 01/01/97 37.0 11.250 388.50
BS23 10266129558 16,000.00 11/18/96 10/18/11 178.55 11/18/96 31.3 14.250 215.77
BS23 10266129863 80,887.80 11/07/96 10/07/11 178.19 12/07/96 90.0 9.500 845.82
BS23 10266130150 24,016.39 11/16/96 10/16/26 358.49 12/16/96 65.0 11.550 239.08
BS23 10266130296 20,500.00 11/15/96 10/15/11 178.45 11/15/96 87.8 11.600 240.78
BS23 10266130348 22,900.00 10/23/96 09/23/26 357.73 12/23/96 89.9 11.950 234.67
BS23 10266130697 32,373.24 10/25/96 09/25/16 237.80 12/25/96 83.6 12.700 373.84
BS23 10266130746 18,175.44 11/16/96 10/16/11 178.49 12/16/96 80.0 13.990 215.86
BS23 10266130867 25,817.00 11/01/96 10/01/11 178.00 12/01/96 90.0 11.950 309.02
BS23 10266130931 58,494.43 11/14/96 10/14/16 238.42 12/14/96 73.8 9.900 560.67
BS23 10266131041 76,719.20 10/24/96 09/24/11 177.76 12/24/96 89.9 13.100 857.80
BS23 10266131050 78,102.38 11/07/96 10/07/06 118.19 12/07/96 42.4 8.875 989.10
BS23 10266131059 24,538.58 11/17/96 10/17/11 178.52 01/17/97 34.0 10.600 277.90
BS23 10266131226 25,228.03 11/15/96 10/15/16 238.45 12/15/96 84.8 11.700 272.76
BS23 10266131325 35,948.27 11/14/96 10/14/16 238.42 12/14/96 84.8 12.500 409.01
BS23 10266131363 10,960.88 11/16/96 10/16/11 178.49 12/16/96 68.1 11.150 126.06
BS23 10266131448 30,759.09 11/17/96 10/17/11 178.52 12/17/96 84.8 12.700 383.63
BS23 10266131566 63,700.00 11/14/96 10/14/11 178.42 11/14/96 74.9 12.000 655.23
BS23 10266131618 73,073.42 10/18/96 09/18/26 357.57 12/18/96 85.0 10.990 695.60
BS23 10266131697 29,054.93 11/16/96 10/16/16 238.49 12/16/96 84.7 10.300 286.63
BS23 10266131791 105,000.00 11/15/96 10/15/11 178.45 12/15/96 60.0 10.500 960.48
BS23 10266131792 38,000.00 11/18/96 10/18/16 238.55 12/18/96 84.9 12.750 438.45
BS23 10266131945 20,000.00 11/14/96 10/14/11 178.42 12/14/96 32.2 12.750 249.77
BS23 10266131962 20,950.00 10/01/96 09/01/11 177.00 12/01/96 79.9 13.500 272.00
BS23 10266132013 76,500.00 11/01/96 10/01/26 358.00 12/01/96 90.0 10.800 716.99
BS23 10266132089 21,978.24 11/09/96 10/09/11 178.26 01/09/97 75.9 12.500 274.85
BS23 10266132124 56,900.00 11/14/96 10/14/11 178.42 12/14/96 74.3 12.000 585.28
BS23 10266132189 18,500.00 11/18/96 10/18/11 178.55 12/18/96 37.1 12.000 222.03
BS23 10266132349 67,928.44 11/18/96 10/18/11 178.55 12/18/96 90.0 11.350 788.36
BS23 10266132607 33,966.02 11/18/96 10/18/16 238.55 12/18/96 76.9 10.900 348.63
BS23 10266132709 35,971.39 11/18/96 10/18/16 238.55 12/18/96 63.6 10.450 358.21
BS23 10266132713 43,415.58 11/15/96 10/15/11 178.45 12/15/96 88.0 11.400 505.40
BS23 10266132714 45,000.00 11/17/96 10/17/11 178.52 12/17/96 90.0 11.350 440.49
BS23 10266132766 47,600.00 11/08/96 10/08/26 358.22 11/08/96 80.0 9.550 401.98
BS23 10266132818 78,000.00 11/14/96 10/14/16 238.42 11/14/96 79.9 13.750 955.82
BS23 10266132832 106,397.59 11/07/96 10/07/26 358.19 12/07/96 80.0 13.000 1,177.00
BS23 10266132993 109,176.58 10/24/96 09/24/11 177.76 12/24/96 75.0 11.100 1,252.03
BS23 10266133094 21,386.66 11/15/96 10/15/11 178.45 12/15/96 64.8 10.000 187.80
BS23 10266133134 22,911.37 11/17/96 10/17/11 178.52 12/17/96 27.8 10.650 256.38
BS23 10266133146 55,000.00 11/15/96 10/15/11 178.45 11/15/96 68.7 9.800 474.56
BS23 10266133158 40,172.07 11/16/96 10/16/11 178.49 12/16/96 84.9 12.700 436.37
BS23 10266133194 63,000.00 11/17/96 10/17/11 178.52 11/17/96 70.0 11.750 635.93
BS23 10266134077 20,952.87 11/18/96 10/18/11 178.55 12/18/96 56.0 10.050 226.31
BS23 10266134357 24,297.00 10/27/96 09/27/11 177.86 11/27/96 68.1 11.100 277.69
BS23 10266134549 50,330.91 11/16/96 10/16/11 178.49 12/16/96 84.9 12.200 525.69
</TABLE>
<PAGE>
Page 5
Sale Schedule
1996-4 Class 1 - Initial Pool of Fixed Rate Mortgages - Settlement 12/19/96
Alliance Funding Company
A division of Superior Bank FSB
<TABLE>
<CAPTION>
Principal
Zip Balance at
Sale ID Account Name Address City State Code Origination
- ----------------------------------------------------------------------------------------------------------------------------------
<C> <S> <C> <C> <C> <C> <C> <C>
BS23 10266134587 MORTIMORE STEVEN M 5466 WEST PEGGY LANE WEST VALLEY CITY UT 84120 14,000.00
BS23 10266134591 GRIFFITH RONALD R 10699 157TH STREET N JUPITER FL 33478 25,000.00
BS23 10266134729 CAMERON TED 843 NORTH 250 WEST PROVO UT 84604 38,500.00
BS23 10266135082 ASHLEY DOROTHY R 317 N. ARSENAL AVE INDIANAPOLIS IN 46201 61,200.00
BS23 10266135300 ATWOOD MARK E 955 EAST 75 NORTH BOUNTIFUL UT 84010 39,550.00
BS23 10266135695 SAXTON CLARENCE 3954 WEST MARLIS CIRCLE SALT LAKE CITY UT 84118 32,244.00
------------------------------------------- ------------
68 Sale Total 3,088,700.00
198 Total with Banco Santander 9,523,454.00
</TABLE>
<TABLE>
<CAPTION>
Cut-off Date First Original Current Scheduled
Principal Payment Maturity Rem Date LTV Mortgage Payment
Sale ID Account Balance Date Date Term Due Ratio Rate Int & Prin
- ---------------------------------------------------------------------------------------------------------------------
<C> <S> <C> <C> <C> <C> <C> <C> <C> <C>
BS23 10266134587 14,000.00 11/01/96 10/01/11 178.00 12/01/96 78.0 15.350 199.31
BS23 10266134591 25,000.00 11/09/96 10/09/11 178.26 12/09/96 83.0 12.200 303.27
BS23 10266134729 38,439.44 11/02/96 10/02/11 178.03 12/02/96 75.0 13.200 492.20
BS23 10266135082 61,200.00 11/15/96 10/15/26 358.45 11/15/96 85.0 10.850 575.90
BS23 10266135300 39,550.00 11/08/96 10/08/11 178.22 12/08/96 84.8 13.350 448.35
BS23 10266135695 32,244.00 11/11/96 10/11/11 178.32 12/11/96 79.8 15.350 459.04
------------ -------- -----------------------------------
3,083,591.10 219.81 75.6 11.652 33,171.91
9,506,532.78 223.16 76.3 11.576 101,241.09
</TABLE>
<PAGE>
Page 6
Sale Schedule
1996-4 Class 1 - Initial Pool of Fixed Rate Mortgages - Settlement 12/19/96
Alliance Funding Company
A division of Superior Bank FSB
<TABLE>
<CAPTION>
Principal
Zip Balance at
Sale ID Account Name Address City State Code Origination
- ----------------------------------------------------------------------------------------------------------------------------------
<C> <S> <C> <C> <C> <C> <C> <C>
ML675 10266117050 DAVIS MICHAEL 5301 BEECHWOOD FOREST DRIVE LITHONIA GA 30038 37,000.00
ML675 10266124193 TSE KAI SHING 58-15 FRANCIS LEWIS BLVD BAYSIDE NY 11361 174,400.00
ML675 10266124584 COLLINS SUSAN J 30836 N 41ST PLACE PHOENIX AZ 85331 124,600.00
ML675 10266124623 HEWETT JONATHAN K 9895 NORTH CANYON ROAD PLEASANT GROVE UT 84062 50,280.00
ML675 10266124730 EVANS MICHAEL C 4107 ROCKFIELD AVENUE BALTIMORE MD 21215 13,100.00
ML675 10266125006 CURRIE HENRY O 8801 BOREAL WAY ELK GROVE CA 95758 160,000.00
ML675 10266125015 CHAZAN MICHAEL 3901 EAST PARADISE DRIVE PHOENIX AZ 85028 23,500.00
ML675 10266125045 REBESCHI LAURIE J 3014 RIDGE ROAD NORTH HAVEN CT 06473 385,000.00
ML675 10266125545 SELA NEBI 6 LENZIE STREET STATEN ISLAND NY 10312 210,000.00
ML675 10266127545 GARRETT FRANK L 57 EAST 1380 NORTH AMERICAN FORK UT 84003 48,375.00
ML675 10266127834 EUBANKS LLOYD B 5810 W. VERDE WAY LAS VEGAS NV 89130 34,000.00
ML675 10266127929 BLATNICK DIANA 3834 SOUTH 4000 WEST WEST VALLEY CITY UT 84120 29,725.00
ML675 10266128958 ERIE DEBORAH E 403 STONEMAN STREET BETHLEHEM PA 18015 56,000.00
ML675 10266129037 ADAIR MICHAEL S 21818 80TH AVENUE WEST EDMONDS WA 98020 27,800.00
ML675 10266129113 TJOLAND LOREN DEAN 3026 WEST 4425 SOUTH ROY UT 84067 20,509.00
ML675 10266129259 EVANS JOYCE A 4997 BATE STREET NW NEWTON FALLS OH 44444 45,000.00
ML675 10266129353 SNARR PHILIP A 940 LEE AVENUE GUSTINE CA 95322 106,250.00
ML675 10266129684 SHARPE DARRYL C 10715 7TH AVENUE SE EVERETT WA 98208 34,680.00
ML675 10266129883 KIDWELL PAUL W 1060 SW UPLAND DRIVE DUNDEE OR 97115 30,000.00
ML675 10266129917 NEGRON MARIA D 1311 WOODGLEN STREET NE OLYMPIA WA 98516 23,798.00
ML675 10266129928 PULLMAN JOHN C 1074 NORTH 125 WEST SUNSET UT 84015 15,000.00
ML675 10266130012 BALLESTEROS ROBERT R 340 WATSON RD DELTA PA 17314 22,300.00
ML675 10266130128 COLATRELLA LYNDA M 53 DORSET COURT MARLTON NJ 08053 83,300.00
ML675 10266130231 SHEPTOW DAVID BRIAN 2917 SW 37TH COURT REDMOND OR 97756 19,846.00
ML675 10266130259 FORD JOSEPH A 17456 NORTH 63RD AVENUE GLENDALE AZ 85308 22,590.00
ML675 10266130271 LING LEONG S 914 MADISON STREET EUGENE OR 97405 36,000.00
ML675 10266130274 COLE GREGORY W 5909 W POCATELLO CREEK RD POCATELLO ID 83201 24,350.00
ML675 10266130283 CROSS BRENDA A 801 EAST 900 NORTH LAYTON UT 84041 15,000.00
ML675 10266130306 SMITH HILDA H 295 HELMSDALE DRIVE HENDERSON NV 89014 52,900.00
ML675 10266130321 PICKENS OHME G 3970 9TH STREET ECORSE MI 48229 33,300.00
ML675 10266130420 KRAUSE KAREN L 40 CHERRY STREET WALNUTPORT PA 18088 54,000.00
ML675 10266130453 SMITH DEBORAH L 7624 SILVER MALLARD AVENUE LAS VEGAS NV 89131 102,000.00
ML675 10266130587 MEAD ROBERT L 6537 SOUTH REDWOOD ROAD #24 SALT LAKE CITY UT 84123 17,376.00
ML675 10266130588 WATSON DUNBAR T JR 13440 MILWAUKEE COURT THORNTON CO 80241 36,000.00
ML675 10266130656 MARKS ALAN E 1345 SW 19TH DRIVE GRESHAM OR 97080 28,000.00
ML675 10266130670 BRYANT REBECCA R 2030 DELTA STREET PORT CHARLOTTE FL 33952 23,374.00
ML675 10266130690 STORY MARK D 5019 MOCKINGBIRD DRIVE RIDGE MANOR FL 33525 28,800.00
ML675 10266130693 WILLIS ERNEST W 116 LAPEER DRIVE BEAVER FALLS PA 15010 84,000.00
ML675 10266130717 JOHNSON GLENN LEON 1707 E MCLELLAN BLVD PHOENIX AZ 85016 31,700.00
ML675 10266130730 GRAY JOHNNY D 3445 SHAFFER ROAD ROCK CREEK OH 44084 25,000.00
ML675 10266130847 CHAN PETER TATMAN 2464 SOUTH LAREDO STREET AURORA CO 80012 45,500.00
ML675 10266130904 NELSON JOHN W 1200 GOTHIC ROAD CRESTED BUTTE CO 81224 21,000.00
ML675 10266130994 FRANKLIN BETTY JEAN 7308 44TH AVE N SAINT PETERSBURG FL 33709 40,000.00
ML675 10266130997 LOCKE STEPHEN C 1738 JUDSON DRIVE LONGMONT CO 80501 38,900.00
ML675 10266131082 RYAN EILEEN A 542 WINDING WAY WARMINSTER PA 18974 73,400.00
ML675 10266131164 WARNER TAMIE L 1330 THRUSH DRIVE NE SALEM OR 97301 42,445.00
ML675 10266131168 MCBRIDE CHRISTOPHER K 1534 GLEN COVE LANE BELLINGHAM WA 98226 24,530.00
ML675 10266131247 SLAUGHTER NORMA S 1207 QUEETS DRIVE FOX ISLAND WA 98333 13,000.00
ML675 10266131368 GONZALEZ PEDRO 1394 PRADO DRIVE FOUNTAIN CO 80817 30,800.00
ML675 10266131423 TERVOOREN MICHAEL H 1335 KELLY PARK CIRCLE MORGAN HILL CA 95037 32,950.00
ML675 10266131425 JIN MYUNG J 120 BROOKTRAIL DRIVE RENO NV 89509 22,218.00
ML675 10266131430 MARTINEZ EDILBERTO M 2936 LIGHTHOUSE LANE ACWORTH GA 30101 79,815.00
ML675 10266131445 RINDLISBACHER LORENZ 865 EAST SILVER SHADOW DRIVE MURRAY UT 84107 111,000.00
ML675 10266131461 PAISLEY ELISE 2100 E 10TH STREET TUCSON AZ 85719 24,000.00
ML675 10266131468 AMES WILLIAM S 3138 WEST WALTANN LANE PHOENIX AZ 85023 16,800.00
ML675 10266131483 LAKE RICHARD D 149 EAST 700 SOUTH CLEARFIELD UT 84015 29,500.00
ML675 10266131490 LEED RANDY J 68 WISE AVE LANCASTER PA 17603 11,700.00
ML675 10266131497 BURNS STEVEN C 405 EAST BISHOP DRIVE TEMPE AZ 85282 42,500.00
ML675 10266131510 LEE YOUNG H 1215 HILLSIDE DRIVE CARLISLE PA 17013 260,000.00
ML675 10266131591 CHOWDHURY MOHAMMED A 2958 MATHERS WAY TWINSBURG OH 44087 182,000.00
ML675 10266131647 GUERRERO GREGORY S 420 RHYNEWOOD DRIVE SANFORD NC 27330 15,800.00
ML675 10266131677 PRINCE DAVID B 718 WEST 1720 NORTH #227 PROVO UT 84604 85,600.00
</TABLE>
<TABLE>
<CAPTION>
Cut-off Date First Original Current Scheduled
Principal Payment Maturity Rem Date LTV Mortgage Payment
Sale ID Account Balance Date Date Term Due Ratio Rate Int & Prin
- ---------------------------------------------------------------------------------------------------------------------
<C> <S> <C> <C> <C> <C> <C> <C> <C> <C>
ML675 10266117050 36,976.23 08/01/96 07/01/11 175.00 12/01/96 80.0 11.500 366.41
ML675 10266124193 174,331.43 09/05/96 08/05/11 176.12 12/05/96 79.8 13.690 2,023.70
ML675 10266124584 124,600.00 11/01/96 10/01/26 358.00 12/01/96 79.9 11.250 1,210.19
ML675 10266124623 50,148.36 11/01/96 10/01/11 178.00 01/01/97 80.0 14.000 595.75
ML675 10266124730 13,100.00 11/07/96 10/07/11 178.19 12/07/96 88.1 12.900 164.89
ML675 10266125006 160,000.00 11/01/96 10/01/11 178.00 12/01/96 85.1 12.490 1,970.99
ML675 10266125015 23,456.86 10/11/96 09/11/11 177.34 12/11/96 88.9 12.900 258.12
ML675 10266125045 384,707.74 11/17/96 10/17/11 178.52 12/17/96 66.6 11.750 3,886.23
ML675 10266125545 210,000.00 11/15/96 10/15/11 178.45 11/15/96 75.0 11.990 2,158.47
ML675 10266127545 48,252.73 10/24/96 09/24/11 177.76 12/24/96 85.4 12.850 529.46
ML675 10266127834 33,877.08 10/25/96 09/25/11 177.80 12/25/96 79.9 13.000 430.19
ML675 10266127929 29,725.00 10/25/96 09/25/11 177.80 12/25/96 78.1 14.500 364.00
ML675 10266128958 55,856.67 11/02/96 10/02/11 178.03 01/02/97 80.0 12.990 619.03
ML675 10266129037 27,796.52 11/07/96 10/07/11 178.19 12/07/96 77.9 11.750 280.62
ML675 10266129113 20,509.00 11/07/96 10/07/11 178.19 12/07/96 84.3 11.000 233.10
ML675 10266129259 45,000.00 11/07/96 10/07/11 178.19 11/07/96 49.1 11.750 532.86
ML675 10266129353 106,250.00 10/23/96 09/23/11 177.73 11/23/96 85.0 12.450 1,129.84
ML675 10266129684 34,680.00 11/01/96 10/01/11 178.00 12/01/96 85.0 13.250 390.42
ML675 10266129883 30,000.00 11/21/96 10/21/11 178.65 12/21/96 77.0 14.000 399.52
ML675 10266129917 23,782.60 11/09/96 10/09/11 178.26 12/09/96 89.8 11.600 279.52
ML675 10266129928 14,776.88 11/01/96 10/01/11 178.00 01/01/97 62.6 15.590 216.03
ML675 10266130012 22,300.00 11/11/96 10/11/16 238.32 12/11/96 89.9 11.600 239.35
ML675 10266130128 83,300.00 11/11/96 10/11/11 178.32 12/11/96 85.0 9.850 721.80
ML675 10266130231 19,846.00 11/01/96 10/01/11 178.00 12/01/96 89.9 11.600 233.10
ML675 10266130259 22,483.22 10/23/96 09/23/11 177.73 12/23/96 89.9 12.600 279.90
ML675 10266130271 35,962.22 11/15/96 10/15/11 178.45 12/15/96 66.1 11.250 414.84
ML675 10266130274 24,311.90 11/08/96 10/08/11 178.22 12/08/96 84.9 13.350 313.72
ML675 10266130283 14,982.37 10/20/96 09/20/11 177.63 12/20/96 74.6 11.850 152.56
ML675 10266130306 52,851.37 10/27/96 09/27/11 177.86 12/27/96 89.7 11.400 519.83
ML675 10266130321 33,300.00 11/17/96 10/17/11 178.52 11/17/96 90.0 11.050 318.38
ML675 10266130420 53,950.42 11/21/96 10/21/11 178.65 12/21/96 58.0 10.700 603.63
ML675 10266130453 102,000.00 11/08/96 10/08/26 358.22 12/08/96 85.0 12.200 1,064.91
ML675 10266130587 17,329.93 11/16/96 10/16/11 178.49 12/16/96 78.1 13.350 223.87
ML675 10266130588 35,830.05 11/21/96 10/21/11 178.65 12/21/96 88.0 10.150 390.17
ML675 10266130656 27,927.06 11/15/96 10/15/11 178.45 12/15/96 77.1 11.150 320.89
ML675 10266130670 23,374.00 11/23/96 10/23/11 178.72 11/23/96 79.9 12.950 257.65
ML675 10266130690 28,800.00 11/04/96 10/04/26 358.09 12/04/96 80.0 12.200 300.68
ML675 10266130693 83,809.53 11/22/96 10/22/16 238.68 12/22/96 80.0 9.850 802.29
ML675 10266130717 31,647.17 11/11/96 10/11/11 178.32 12/11/96 86.5 10.150 343.56
ML675 10266130730 24,915.24 11/21/96 10/21/16 238.65 12/21/96 57.5 10.050 242.08
ML675 10266130847 45,500.00 11/24/96 10/24/11 178.75 12/24/96 69.8 10.750 424.73
ML675 10266130904 21,000.00 11/22/96 10/22/11 178.68 12/22/96 55.4 12.000 216.01
ML675 10266130994 40,000.00 11/18/96 10/18/26 358.55 12/18/96 72.7 13.500 458.16
ML675 10266130997 38,590.81 11/25/96 10/25/11 178.78 12/25/96 78.3 13.990 517.79
ML675 10266131082 73,400.00 11/18/96 10/18/26 358.55 11/18/96 57.7 11.250 712.91
ML675 10266131164 42,445.00 11/07/96 10/07/11 178.19 12/07/96 89.7 11.950 434.96
ML675 10266131168 24,530.00 11/15/96 10/15/11 178.45 12/15/96 89.9 11.950 251.37
ML675 10266131247 13,000.00 11/04/96 10/04/11 178.09 12/04/96 56.8 12.000 156.02
ML675 10266131368 30,800.00 11/22/96 10/22/11 178.68 12/22/96 84.9 12.350 325.13
ML675 10266131423 32,950.00 11/04/96 10/04/11 178.09 12/04/96 90.0 11.350 381.78
ML675 10266131425 22,206.31 11/08/96 10/08/11 178.22 12/08/96 83.5 11.000 252.53
ML675 10266131430 79,752.18 11/08/96 10/08/26 358.22 12/08/96 84.3 10.950 757.08
ML675 10266131445 111,000.00 12/01/96 11/01/11 179.00 12/01/96 71.6 10.600 1,023.67
ML675 10266131461 23,917.93 11/15/96 10/15/11 178.45 12/15/96 74.1 10.700 268.28
ML675 10266131468 16,769.41 11/22/96 10/22/11 178.68 12/22/96 89.6 11.950 201.09
ML675 10266131483 29,500.00 10/24/96 09/24/11 177.76 11/24/96 80.6 13.200 377.14
ML675 10266131490 11,695.40 11/15/96 10/15/11 178.45 12/15/96 89.8 12.750 127.14
ML675 10266131497 42,500.00 12/01/96 11/01/11 179.00 12/01/96 88.5 11.950 508.71
ML675 10266131510 260,000.00 11/10/96 10/10/11 178.29 12/10/96 80.0 10.950 2,466.22
ML675 10266131591 181,975.21 11/21/96 10/21/26 358.65 12/21/96 79.8 11.500 1,802.33
ML675 10266131647 15,790.12 11/21/96 10/21/11 178.65 12/21/96 89.8 11.600 185.58
ML675 10266131677 85,547.18 11/21/96 10/21/11 178.65 12/21/96 80.0 9.350 710.42
</TABLE>
<PAGE>
Page 7
Sale Schedule
1996-4 Class 1 - Initial Pool of Fixed Rate Mortgages - Settlement 12/19/96
Alliance Funding Company
A division of Superior Bank FSB
<TABLE>
<CAPTION>
Principal
Zip Balance at
Sale ID Account Name Address City State Code Origination
- ----------------------------------------------------------------------------------------------------------------------------------
<C> <S> <C> <C> <C> <C> <C> <C>
ML675 10266131724 WARR STEVE N 718 WEST 1720 NORTH #127 PROVO UT 84604 66,300.00
ML675 10266131734 KEENAN MARTHA R 2428 E HOPI AVENUE MESA AZ 85204 17,200.00
ML675 10266131771 ADAMS ROY RICHARD 1643 CORTE DE CALLAS SAN JOSE CA 95124 41,400.00
ML675 10266131793 ZIMMERMAN PAMELA A 1310 LA SALLE STREET EAST COLORADO SPRINGS CO 80907 17,466.00
ML675 10266131885 MCKENZIE DAVID E 212 HARDY ROAD CARTHAGE NC 28327 50,000.00
ML675 10266131909 BUDJENSKA GERALD C SR 6983 ROARING SPRING AVENUE FOUNTAIN CO 80917 28,028.00
ML675 10266132007 KING GEORGE W JR 905 FAIRVIEW AVE WAYNESBORO PA 17268 79,000.00
ML675 10266132026 FREYMAN CLIFF 18291 SW 50TH STREET FORT LAUDERDALE FL 33331 121,500.00
ML675 10266132032 OLSEN G SCOTT 1676 EAST HIDDEN VALLEY CLUB SANDY UT 84092 38,050.00
ML675 10266132042 KING DAVID SCOTT 5401 125TH AVENUE SE BELLEVUE WA 98006 47,400.00
ML675 10266132068 BYFORD FRANCES K 2333 MAPLE LANE STEILACOOM WA 98388 21,740.00
ML675 10266132147 BAHAJAK JEROME V 2567 LAKEVIEW BLVD PORT CHARLOTTE FL 33948 15,848.00
ML675 10266132150 MULLIN ARTHUR L 354 COLLINS DRIVE PITTSBURGH PA 15235 39,350.00
ML675 10266132186 PERSAD CHANDERDAT 1070 TOWNE MANOR COURT KENNESAW GA 30144 24,800.00
ML675 10266132218 MASCARENAS JOSEPH M 6110 COORS BLVD SW ALBUQUERQUE NM 87121 18,600.00
ML675 10266132224 COOK ROBERT A 646 DAVID STREET LAKE IN THE HILLS IL 60102 24,000.00
ML675 10266132312 BOSLET JAMES E 206 REDDINGER STREET EBENSBURG PA 15931 14,200.00
ML675 10266132317 ETHERINGTON CALVIN H JR 144 MAIN STREET POTTSVILLE PA 17901 31,250.00
ML675 10266132355 LEACH CHRISTOPHER E 3026 ELLA LANE NE SALEM OR 97305 53,800.00
ML675 10266132619 MOORE LULA M 2052 W 70TH PLACE CHICAGO IL 60636 64,600.00
ML675 10266132719 BENJAMIN DOROTHY B 3033 TOWNESIDE LANE WOODSTOCK GA 30189 20,000.00
ML675 10266132726 LATSON DINAH Y 5205 13TH AVE SO GULFPORT FL 33707 49,300.00
ML675 10266132727 SUA DANGBE W 1121 NE 11TH TERRACE CAPE CORAL FL 33909 43,500.00
ML675 10266132734 MUCCI JULIE 3900 MERIDEAN PLACE LAND O' LAKES FL 34639 67,500.00
ML675 10266132740 DEYOUNG JERRY R 319 NORTH REDROCK STREET GILBERT AZ 85234 15,600.00
ML675 10266132811 FABIAN LEWIS F 1308 WOODLAND LN. WOODSTOCK IL 60098 90,000.00
ML675 10266132915 BERTIN JAMES 22349 PRISCILLA AVE PT CHARLOTTE FL 33954 40,000.00
ML675 10266132919 MAPLE MARVIN 400 PINEY WAY SW ATLANTA GA 30331 17,850.00
ML675 10266132922 VAZQUEZ FRANK D 13710 SW 40TH AVE RD OCALA FL 34473 11,800.00
ML675 10266132926 JONES BILLY J 2680 LANDSDOWN PLACE COLORADO SPRINGS CO 80919 30,792.00
ML675 10266132935 ORR MARK A 4965 MOLLY POND COURT COLORADO SPRINGS CO 80917 18,000.00
ML675 10266132936 HOLMES SHANE E 5704 SOUTH 6700 WEST HOOPER UT 84315 12,130.00
ML675 10266132970 OGRADY JAMES B 340 LOS ALTOS DRIVE APTOS CA 95003 26,000.00
ML675 10266132988 WINGER ESTHER M 4710 ORCHARD STREET HARRISBURG PA 17109 26,430.00
ML675 10266133042 BLATTER DAVID J 7841 TELLER STREET ARVADA CO 80003 108,800.00
ML675 10266133122 HENDERSON LARRY 510 CLARK AVE GREENSBORO NC 27406 49,000.00
ML675 10266133124 MCNEILL ANTHONY G 4608 COVENTRY ROAD FAYETTEVILLE NC 28304 18,600.00
ML675 10266133128 CLARK CASEY R 6596-98 LEYDEN STREET COMMERCE CITY CO 80022 73,500.00
ML675 10266133142 GARCIA DANIEL J 6679 FIELDING CIRCLE COLORADO SPRINGS CO 80911 16,600.00
ML675 10266133154 MURE DONNA 730 SW 113TH AVE PEMBROKE PINES FL 33025 24,000.00
ML675 10266133157 SHIVE JAMES S 514 W CASHEW PUNTA GORDA FL 33955 19,300.00
ML675 10266133172 BRUNDLE CHRISTINE N 3984 SOUTH 5600 WEST WEST VALLEY CITY UT 84120 15,900.00
ML675 10266133189 WINN ROGER E 8211 132ND STREET NORTH SEMINOLE FL 34646 17,526.00
ML675 10266133191 STARR ANDREE 19461 NE 22 ROAD NORTH MIAMI BEACH FL 33179 14,300.00
ML675 10266133196 CASTELLANETE THOMAS P 620 LIVEOAK STREET VENICE FL 34292 12,700.00
ML675 10266134110 CANNON JANMARIE 223 TINA DRIVE LANGHORNE PA 19047 55,900.00
ML675 10266134147 KAUFFMANN GLENN W 1975 G MOUNT HOPE ROAD FAIRFIELD PA 17320 67,500.00
ML675 10266134225 BURROUGHS MICHAEL 502 PUEBLO AVE SIMLA CO 80835 19,000.00
ML675 10266134258 KOZLINKA ARTHUR T 2146 SPRUCEWOOD AVENUE DES PLAINES IL 60018 36,000.00
ML675 10266134259 NELSON STEVEN R 17 CHURCH STREET E PLANO IL 60545 14,200.00
ML675 10266134262 SUTHERN ALLEN M 7401 S. ROCKWELL CHICAGO IL 60629 60,000.00
ML675 10266134299 BRIONEZ ERNEST JR 1314 EAST SHELLPOINT ROAD RUSKIN FL 33570 11,200.00
ML675 10266134312 COLVIN DARRELL BRUCE 2226 CARTIER DRIVE PUEBLO CO 81005 123,750.00
ML675 10266134314 HOLT TIMOTHY D 6717 N HAIGHT AVENUE PORTLAND OR 97217 34,000.00
ML675 10266134333 LEFFLER JEFFREY 13040 NORTH 75TH DRIVE PEORIA AZ 85381 104,500.00
ML675 10266134343 KNAAK SAMMY KAY 1130 WEST 1045 SOUTH CLEARFIELD UT 84015 27,944.00
ML675 10266134369 BRINK RICHARD D JR 10602 W SENECA DRIVE BOISE ID 83709 22,573.00
ML675 10266134399 CAMPBELL ELIZABETH W 4332 RACHEL BOULEVARD SPRING HILL FL 34607 15,000.00
ML675 10266134422 PERRY DAVID N 905 OPAL PLACE NE ALBUQUERQUE NM 87112 24,000.00
ML675 10266134427 PAXTON LORETTA 125 PORTER AVE CARLISLE PA 17013 13,500.00
ML675 10266134484 ANDRUSS DONALD E 10920 DEPEW PLACE WESTMINSTER CO 80020 25,000.00
ML675 10266134491 WOLFE MICHAEL D 9914 SE RAMONA STREET PORTLAND OR 97266 23,450.00
</TABLE>
<TABLE>
<CAPTION>
Cut-off Date First Original Current Scheduled
Principal Payment Maturity Rem Date LTV Mortgage Payment
Sale ID Account Balance Date Date Term Due Ratio Rate Int & Prin
- ---------------------------------------------------------------------------------------------------------------------
<C> <S> <C> <C> <C> <C> <C> <C> <C> <C>
ML675 10266131724 66,259.15 11/16/96 10/16/26 358.49 12/16/96 65.0 9.350 550.25
ML675 10266131734 17,200.00 11/07/96 10/07/16 238.19 12/07/96 89.8 11.950 188.79
ML675 10266131771 41,400.00 11/01/96 10/01/11 178.00 12/01/96 89.9 11.950 495.54
ML675 10266131793 17,466.00 11/28/96 10/28/11 178.88 11/28/96 85.0 11.950 178.99
ML675 10266131885 48,978.15 11/21/96 10/21/16 238.65 02/21/97 79.3 10.200 489.15
ML675 10266131909 27,995.63 11/21/96 10/21/11 178.65 12/21/96 80.0 13.500 363.89
ML675 10266132007 78,968.13 11/07/96 10/07/26 358.19 12/07/96 69.9 12.450 840.07
ML675 10266132026 121,140.15 10/17/96 09/17/11 177.53 12/17/96 84.9 13.750 1,597.71
ML675 10266132032 37,880.69 10/16/96 09/16/11 177.50 12/16/96 90.0 12.350 401.67
ML675 10266132042 47,400.00 11/09/96 10/09/11 178.26 12/09/96 89.4 11.950 567.36
ML675 10266132068 20,321.29 11/04/96 10/04/11 178.09 12/04/96 87.7 11.950 260.22
ML675 10266132147 15,836.08 11/21/96 10/21/11 178.65 12/21/96 79.6 12.850 173.45
ML675 10266132150 39,165.65 11/22/96 10/22/06 118.68 12/22/96 85.0 10.350 527.67
ML675 10266132186 24,797.30 11/04/96 10/04/11 178.09 11/04/96 74.8 11.850 295.25
ML675 10266132218 18,500.89 11/02/96 10/02/16 238.03 01/02/97 82.0 13.250 221.23
ML675 10266132224 24,000.00 11/23/96 10/23/16 238.72 11/23/96 89.9 11.550 256.77
ML675 10266132312 14,200.00 11/23/96 10/23/06 118.72 11/23/96 79.4 13.990 220.39
ML675 10266132317 31,012.94 11/17/96 10/17/11 178.52 12/17/96 84.5 12.700 389.24
ML675 10266132355 53,800.00 11/21/96 10/21/16 238.65 12/21/96 84.7 12.750 620.75
ML675 10266132619 64,600.00 11/21/96 10/21/11 178.65 12/21/96 85.0 11.850 657.03
ML675 10266132719 19,978.10 11/15/96 10/15/11 178.45 12/15/96 84.2 11.000 190.46
ML675 10266132726 49,133.22 11/21/96 10/21/16 238.65 12/21/96 85.0 10.750 500.51
ML675 10266132727 43,500.00 11/17/96 10/17/06 118.52 12/17/96 79.8 12.900 646.94
ML675 10266132734 67,500.00 11/15/96 10/15/16 238.45 11/15/96 75.0 12.000 743.23
ML675 10266132740 15,552.34 11/09/96 10/09/26 358.26 12/09/96 89.0 11.950 159.86
ML675 10266132811 90,000.00 11/21/96 10/21/11 178.65 12/21/96 73.8 14.000 1,066.38
ML675 10266132915 39,734.08 11/22/96 10/22/11 178.68 12/22/96 79.5 10.050 431.07
ML675 10266132919 17,850.00 11/28/96 10/28/11 178.88 11/28/96 89.9 11.600 209.66
ML675 10266132922 11,780.58 11/18/96 10/18/11 178.55 12/18/96 84.9 10.300 128.98
ML675 10266132926 30,792.00 11/21/96 10/21/11 178.65 11/21/96 83.1 10.100 272.50
ML675 10266132935 17,953.72 11/21/96 10/21/11 178.65 12/21/96 61.9 9.850 191.78
ML675 10266132936 12,130.00 10/23/96 09/23/11 177.73 11/23/96 79.9 15.590 174.70
ML675 10266132970 25,877.00 11/21/96 10/21/11 178.65 12/21/96 84.6 10.700 290.64
ML675 10266132988 26,329.18 11/21/96 10/21/11 178.65 12/21/96 89.9 11.400 307.07
ML675 10266133042 108,800.00 11/09/96 10/09/11 178.26 12/09/96 85.0 9.600 922.80
ML675 10266133122 48,991.87 11/15/96 10/15/11 178.45 12/15/96 70.0 10.400 538.61
ML675 10266133124 18,545.48 11/23/96 10/23/11 178.72 12/23/96 89.9 11.600 218.47
ML675 10266133128 73,462.61 11/23/96 10/23/11 178.72 12/23/96 70.0 10.650 680.59
ML675 10266133142 16,520.42 11/21/96 10/21/11 178.65 12/21/96 83.1 12.350 202.98
ML675 10266133154 23,988.53 11/24/96 10/24/11 178.75 12/24/96 82.8 10.350 263.07
ML675 10266133157 19,202.02 11/23/96 10/23/06 118.72 12/23/96 84.9 12.400 281.38
ML675 10266133172 15,900.00 11/16/96 10/16/11 178.49 11/16/96 79.6 15.350 226.36
ML675 10266133189 17,506.86 11/23/96 10/23/11 178.72 12/23/96 85.0 11.990 180.14
ML675 10266133191 14,296.53 11/21/96 10/21/11 178.65 12/21/96 75.7 12.850 179.52
ML675 10266133196 12,685.91 11/18/96 10/18/11 178.55 12/18/96 78.4 10.150 137.64
ML675 10266134110 55,900.00 11/21/96 10/21/11 178.65 11/21/96 79.8 11.200 540.81
ML675 10266134147 67,500.00 11/23/96 10/23/11 178.72 12/23/96 90.0 11.600 673.60
ML675 10266134225 18,977.96 11/25/96 10/25/11 178.78 12/25/96 78.1 13.500 246.68
ML675 10266134258 35,869.69 11/21/96 10/21/16 238.65 12/21/96 79.9 9.900 345.03
ML675 10266134259 14,200.00 11/16/96 12/16/11 180.49 11/16/96 86.8 11.550 165.65
ML675 10266134262 59,839.76 11/21/96 10/21/26 358.65 12/21/96 80.0 9.400 500.14
ML675 10266134299 11,200.00 11/18/96 10/18/06 118.55 12/18/96 83.9 12.500 163.94
ML675 10266134312 123,750.00 11/21/96 10/21/26 358.65 12/21/96 90.0 11.450 1,220.77
ML675 10266134314 33,914.23 11/28/96 10/28/11 178.88 12/28/96 84.9 12.750 424.60
ML675 10266134333 104,432.14 11/09/96 10/09/11 178.26 12/09/96 84.9 9.290 862.73
ML675 10266134343 27,944.00 10/27/96 09/27/11 177.86 12/27/96 88.9 12.750 303.67
ML675 10266134369 22,501.64 11/15/96 10/15/11 178.45 12/15/96 79.9 11.700 266.57
ML675 10266134399 15,000.00 11/25/96 10/25/11 178.78 11/25/96 83.5 11.750 151.41
ML675 10266134422 23,977.27 11/18/96 10/18/16 238.55 12/18/96 79.5 11.250 251.82
ML675 10266134427 13,472.72 11/25/96 10/25/11 178.78 12/25/96 87.0 11.150 154.71
ML675 10266134484 25,000.00 11/21/96 10/21/11 178.65 12/21/96 86.8 11.950 256.19
ML675 10266134491 23,450.00 11/28/96 10/28/11 178.88 11/28/96 90.0 11.950 280.69
</TABLE>
<PAGE>
Page 8
Sale Schedule
1996-4 Class 1 - Initial Pool of Fixed Rate Mortgages - Settlement 12/19/96
Alliance Funding Company
A division of Superior Bank FSB
<TABLE>
<CAPTION>
Principal
Zip Balance at
Sale ID Account Name Address City State Code Origination
- ----------------------------------------------------------------------------------------------------------------------------------
<C> <S> <C> <C> <C> <C> <C> <C>
ML675 10266134506 CALLOWAY LINDA 1119 N. LOCKWOOD CHICAGO IL 60651 76,800.00
ML675 10266134521 FARRIS DIXIE 1206 WEST 15 MUNCIE IN 47302 10,700.00
ML675 10266134576 STEPHENS CHESTER LEE 1713 NORTH 650 EAST NORTH OGDEN UT 84414 29,550.00
ML675 10266134586 TUCKER WILLIAM C 12051 WEST 54TH AVENUE ARVADA CO 80002 27,500.00
ML675 10266134600 STARKMAN ABEL 2015 JAMAICA WAY PUNTA GORDA FL 33950 424,000.00
ML675 10266134620 VENTER ROBERT D 1457 KENMORE STREET PORT CHARLOTTE FL 33952 32,600.00
ML675 10266134621 BLAZI JAMES P 351 E MEADOW DRIVE MECHANICSBURG PA 17055 55,800.00
ML675 10266134706 HOULE SHERIE L 14156 14158 N BAYSHORE DR MADEIRA BEACH FL 33708 135,000.00
ML675 10266134708 MARVIN E PETERSON 3020 CLAY CIRCLE SARASOTA FL 34234 44,800.00
ML675 10266134715 WALLS DONNA KAREN 5742 CANDY FLOWER CT SE SALEM OR 97306 21,000.00
ML675 10266134726 BUHLER BEN D 6453 SOUTH LOTUS WAY WEST JORDAN UT 84084 16,300.00
ML675 10266134741 HERRERA MARTA 2252 SEWARD CIRCLE SARASOTA FL 34234 76,000.00
ML675 10266134764 BRIGGS SANDRA S 1504 NORTH CASTLEWOOD DRIVE FRANKTOWN CO 80134 132,000.00
ML675 10266134767 CORTEZ ANDREW L 1211 SANTA ROSA PUEBLO CO 81006 41,400.00
ML675 10266134837 HAWE THOMAS P 5063 JULIET COURT SPRINGHILL FL 34606 51,000.00
ML675 10266134900 JOHNSON RICHARD M 104 MARION DRIVE ERWIN NC 28339 85,000.00
ML675 10266134910 RUCHWARGER GARY P 910 HOMER CIRCLE LAFAYETTE CO 80026 27,000.00
ML675 10266134997 MITCHELL CAROL E 1920 73RD AVENUE PHILADELPHIA PA 19138 60,500.00
ML675 10266135009 LANE MARK E 5205 SOUTH PIEPER BOULEVARD SALT LAKE CITY UT 84118 11,960.00
ML675 10266135021 PERKINS ROBERT R 4710 CHATEAU STREET CHUBBUCK ID 83202 26,627.00
ML675 10266135033 COON LEE W 13480 SOUTH HOMESTEAD LANE RIVERTON UT 84065 15,350.00
ML675 10266135074 VRAJA VICTOR 6730 N TRUMBULL AVENUE LINCOLNWOOD IL 60645 32,200.00
ML675 10266135241 BRADEN JAMES E 5710 QUEENER AVENUE PORT RICHEY FL 34668 60,000.00
ML675 10266135261 NGUYEN HUNG M 8952 SW 6TH STREET BOCA RATON FL 33433 36,500.00
ML675 10266135298 THORNTON JAMES R 760 WEST JENNINGS LANE CENTERVILLE UT 84014 16,036.00
ML675 10266135350 BOOSALIS PAMELA 4049 SOUTH QUINCE STREET DENVER CO 80237 38,100.00
ML675 10266135439 ANDERSON ANNETTE 4078 SOUTH TRALEE CIRCLE WEST VALLEY CITY UT 84119 49,724.00
ML675 10266135443 LONGFELLOW KEVEN M 258 WEST 4775 SOUTH WASHINGTON TERRACE UT 84405 11,096.00
ML675 10266135497 BARNETT HARREAL M 2708 SOUTH RICHFIELD STREET AURORA CO 80013 37,786.00
ML675 10266135522 COONLEY KAREN L 162 HEATHGATE ROAD MONTGOMERY IL 60538 26,100.00
ML675 10266135538 BLEDSOE JR FLOYD 5205 WOODHURST BLVD FORT WAYNE IN 46807 95,900.00
ML675 10266135694 HALL KEVIN B 4030 WEST FAIRGLEN CIRCLE SOUTH JORDAN UT 84095 33,200.00
ML675 10266135791 VLIET DAVID CHARLES VAN 1819 CORONA STREET COLORADO SPRINGS CO 80907 65,100.00
ML675 10266135809 WARNER JOHN R 1286 SOUTH VIA LA COSTA WAY KAYSVILLE UT 84037 26,973.00
ML675 10266135984 GROVES DAVID WILLIAM 4961 WEST DECORA WAY WEST JORDAN UT 84084 30,000.00
ML675 10266136101 BROWN ALLAN H 2560 SOUTH 900 EAST SALT LAKE CITY UT 84106 37,560.00
ML675 10266136103 LOPEZ CINDY A 5412 WEST 6600 SOUTH WEST JORDAN UT 84084 15,100.00
------------------------------------------- ------------
161 Sale Total 7,975,750.00
</TABLE>
<TABLE>
<CAPTION>
Cut-off Date First Original Current Scheduled
Principal Payment Maturity Rem Date LTV Mortgage Payment
Sale ID Account Balance Date Date Term Due Ratio Rate Int & Prin
- ---------------------------------------------------------------------------------------------------------------------
<C> <S> <C> <C> <C> <C> <C> <C> <C> <C>
ML675 10266134506 76,608.23 11/21/96 10/21/26 358.65 12/21/96 80.0 10.200 685.35
ML675 10266134521 10,663.20 11/09/96 10/09/11 178.26 12/09/96 85.0 12.250 130.14
ML675 10266134576 29,531.85 11/01/96 10/01/11 178.00 12/01/96 85.8 12.750 369.03
ML675 10266134586 27,324.00 11/21/96 10/21/11 178.65 12/21/96 89.1 11.950 329.16
ML675 10266134600 423,813.64 11/22/96 10/22/26 358.68 12/22/96 80.0 11.700 4,263.66
ML675 10266134620 32,555.11 11/23/96 10/23/16 238.72 12/23/96 79.8 10.400 323.29
ML675 10266134621 55,748.54 11/25/96 10/25/16 238.78 12/25/96 89.9 11.350 589.31
ML675 10266134706 134,967.44 11/14/96 10/14/11 178.42 12/14/96 75.0 10.400 1,224.82
ML675 10266134708 44,800.00 11/23/96 10/23/26 358.72 11/23/96 70.0 10.850 421.57
ML675 10266134715 20,963.96 11/25/96 10/25/11 178.78 12/25/96 85.9 11.350 243.32
ML675 10266134726 16,300.00 11/02/96 10/02/11 178.03 12/02/96 78.1 12.500 173.96
ML675 10266134741 75,988.17 11/17/96 10/17/16 238.52 12/17/96 80.0 10.700 769.01
ML675 10266134764 131,854.83 11/22/96 10/22/11 178.68 12/22/96 61.3 10.250 1,182.85
ML675 10266134767 41,400.00 11/25/96 10/25/11 178.78 11/25/96 78.8 10.850 466.66
ML675 10266134837 51,000.00 11/21/96 10/21/11 178.65 12/21/96 56.6 9.500 428.84
ML675 10266134900 84,811.53 11/25/96 10/25/16 238.78 12/25/96 85.0 10.500 848.62
ML675 10266134910 26,940.47 11/22/96 10/22/11 178.68 12/22/96 79.8 13.990 359.39
ML675 10266134997 60,483.36 11/24/96 10/24/26 358.75 12/24/96 84.0 10.250 542.14
ML675 10266135009 11,943.44 11/04/96 10/04/11 178.09 12/04/96 89.8 12.750 149.36
ML675 10266135021 26,623.12 11/04/96 10/04/11 178.09 12/04/96 87.7 13.150 339.53
ML675 10266135033 15,251.81 11/04/96 10/04/11 178.09 01/04/97 84.4 13.350 197.76
ML675 10266135074 32,200.00 11/21/96 10/21/11 178.65 12/21/96 84.9 12.750 349.92
ML675 10266135241 60,000.00 11/23/96 10/23/11 178.72 12/23/96 80.0 12.750 652.02
ML675 10266135261 36,439.07 11/21/96 10/21/11 178.65 12/21/96 84.7 12.700 454.63
ML675 10266135298 16,036.00 11/08/96 10/08/11 178.22 12/08/96 84.9 13.700 210.34
ML675 10266135350 38,100.00 11/28/96 10/28/11 178.88 11/28/96 79.9 13.500 436.40
ML675 10266135439 49,578.60 11/09/96 10/09/16 238.26 12/09/96 89.8 12.350 559.69
ML675 10266135443 11,096.00 11/09/96 10/09/11 178.26 12/09/96 89.8 12.750 138.57
ML675 10266135497 37,786.00 11/23/96 10/23/11 178.72 12/23/96 90.0 11.950 387.22
ML675 10266135522 26,086.50 11/22/96 10/22/11 178.68 12/22/96 89.7 11.950 312.40
ML675 10266135538 95,900.00 11/16/96 10/16/26 358.49 12/16/96 79.9 12.500 1,023.50
ML675 10266135694 33,127.04 11/11/96 10/11/11 178.32 12/11/96 66.4 12.850 363.37
ML675 10266135791 65,100.00 11/21/96 10/21/11 178.65 12/21/96 70.0 10.500 595.50
ML675 10266135809 26,973.00 11/01/96 10/01/11 178.00 12/01/96 83.6 13.940 358.12
ML675 10266135984 29,986.47 11/16/96 10/16/11 178.49 12/16/96 79.4 13.350 386.51
ML675 10266136101 37,546.07 11/17/96 10/17/11 178.52 12/17/96 79.9 15.350 534.72
ML675 10266136103 15,093.48 11/15/96 10/15/11 178.45 12/15/96 66.6 14.350 204.66
------------------------------ -------- -----------------------------------
161 7,966,099.97 221.09 79.4 11.668 84,596.71
</TABLE>
<PAGE>
Page 9
Sale Schedule
1996-4 Class 1 - Initial Pool of Fixed Rate Mortgages - Settlement 12/19/96
Alliance Funding Company
A division of Superior Bank FSB
<TABLE>
<CAPTION>
Principal
Zip Balance at
Sale ID Account Name Address City State Code Origination
- ----------------------------------------------------------------------------------------------------------------------------------
<C> <S> <C> <C> <C> <C> <C> <C>
ML676 10266122100 ABEYKOON AJITH K 5-06 115TH ST UNIT 5-06E COLLEGE POINT NY 11358 93,750.00
ML676 10266123427 WASKIEWICZ ALBERT P 4607 EDMUND STREET PHILADELPHIA PA 19124 49,000.00
ML676 10266124319 VERMA DIANE 1104 ELBANK AVENUE BALTIMORE MD 21239 64,800.00
ML676 10266125285 DIRIENZO GIOVANNA 1748-50 WESLEY AVENUE OCEAN CITY NJ 08226 233,000.00
ML676 10266125859 BUSTAMANTE ANTHONY 117 CRAIG AVENUE FREEPORT NY 11520 80,000.00
ML676 10266126279 KLEMAS JOSEPH C 149 N KENNEDY DRIVE MCADOO PA 18237 27,200.00
ML676 10266126890 MICKEL CHARLES B 102 SOUTH 11TH AVENUE MOUNT VERNON NY 10550 195,300.00
ML676 10266127191 JIRLES ROBERT E 4590 TEALTOWN ROAD BATAVIA OH 45103 55,000.00
ML676 10266127702 ENDERS CRAIG M 262 WEST 1850 NORTH LAYTON UT 84041 31,000.00
ML676 10266127778 GIANGREGORIO JOHN A 38 HUTCHINSON BOULEVARD EASTCHESTER NY 10538 197,200.00
ML676 10266127948 HALE LOUELLA M 222 2ND STREET ORLANDO FL 32824 40,800.00
ML676 10266128600 DAVANZO CARMEN J 501 CAROLINE STREET MUNHALL PA 15120 62,300.00
ML676 10266128613 REDMOND DONNA M 316 FURNACE STREET SHENANDOAH PA 17976 19,200.00
ML676 10266128630 ANDERSON TODD 218 EDINBURGH DRIVE CARY NC 27511 38,000.00
ML676 10266128659 TULL RONALD 150 BANGSBERG ROAD SE PORT CHARLOTTE FL 33952 32,000.00
ML676 10266128720 PARHAM RONALD C 34647 SQUAW PASS ROAD EVERGREEN CO 80436 407,150.00
ML676 10266128843 MARTINCHICK CHRISTOPHER M 4902 WEST FILBERT PARK CIRCLE SALT LAKE CITY UT 84118 16,982.00
ML676 10266129089 THOMPSON JOSEPH M 24 MARSH DRIVE CARLISLE PA 17013 93,500.00
ML676 10266129507 CHATTERLY TERRILYN J 1009 NORTH 470 WEST OREM UT 84057 50,935.00
ML676 10266129545 MCINTYRE KELLY FRANCES 1216 INDEPENDENCE BLVD SEDRO WOOLLEY WA 98284 59,500.00
ML676 10266129643 VAUGHN KEVIN C 5501 E WOODRIDGE DRIVE SCOTTSDALE AZ 85254 53,090.00
ML676 10266129777 REA JR RICHARD N 754 NORTH 500 EAST AMERICAN FORK UT 84003 25,000.00
ML676 10266130029 GOLDMAN CRAIG A 25 PURDUE DRIVE NORTHAMPTON TWP PA 18954 62,861.00
ML676 10266130165 ELLINGSON KURT EMORY 25710 KIMBERLY DRIVE WEST LINN OR 97068 50,000.00
ML676 10266130245 NUNN MARC C SR 363 SE 7TH AVENUE CANBY OR 97013 31,000.00
ML676 10266130281 CAMBEST JOHN J 633 CARNIVAL DRIVE PLUMBORO PA 15239 12,000.00
ML676 10266130360 SHIVE STANLEY L 40 S FULTON STREET MANHEIM PA 17545 10,000.00
ML676 10266130373 REBIMBAS ANA C 121 CREST AVENUE BETHLEHEM PA 18015 28,000.00
ML676 10266130503 STAGG RONALD SCOTT 2624 EAST LAMBOURNE AVENUE SALT LAKE CITY UT 84109 36,250.00
ML676 10266130571 HEDSTROM CHERYL D 1031 MCKINLEY AVENUE FORT LUPTON CO 80621 19,665.00
ML676 10266130663 GONZALES TOM PERU 18632 NORTH 42ND WAY PHOENIX AZ 85024 14,943.00
ML676 10266130676 HOY RONNIE K 8064 EAST CASPER STREET MESA AZ 85207 17,300.00
ML676 10266130699 MITCHELL RODNEY A 9729 ELMHURST DRIVE GRANITE BAY CA 95746 100,000.00
ML676 10266130787 ZHENG YAN YU 2737 SINGER WOODS DRIVE ABINGDON MD 21009 45,000.00
ML676 10266130844 MILLER CHARLES J 167 LARUE ROAD NEWFOUNDLAND NJ 07435 63,000.00
ML676 10266130881 GUARINO GARY J 7343 DENNISTON AVE PITTSBURGH PA 15218 28,200.00
ML676 10266131044 MARTINEZ DENICE P 2250 EAST 90TH AVENUE THORNTON CO 80229 12,500.00
ML676 10266131085 FORSYTHE ELEANOR 2028 SOUTH 28TH STREET PHILADELPHIA PA 19145 35,600.00
ML676 10266131151 CLARK HENRY 113-16 201ST STREET SAINT ALBANS NY 11412 65,000.00
ML676 10266131217 MARTINEZ STEVE G 2933 SE 138TH AVENUE PORTLAND OR 97236 93,500.00
ML676 10266131303 BRUSH JACQUELINE A 4918 LANA DRIVE LAS VEGAS NV 89121 15,000.00
ML676 10266131328 BOSSERT JEAN 485 MARION AVE WATERFORD MI 48238 36,000.00
ML676 10266131338 WHITE JACQUELINE 4051 W. CERMAK RD CHICAGO IL 60623 72,000.00
ML676 10266131342 HORSTMEYER ANN 4711 YAHARA DRIVE MCFARLAND WI 53558 30,700.00
ML676 10266131372 NANCE KENNETH C 4002 LEXINGTON AVE HARRISBURG PA 17109 75,200.00
ML676 10266131384 YOUNG CLARENCE SR 100 CAUSEY AVENUE MILFORD DE 19963 62,000.00
ML676 10266131386 SCHIPANI NICHOLAS 504 MCCULLY STREET PITTSBURGH PA 15216 96,500.00
ML676 10266131851 THORNTON NATALIE K 5163 WEST CRUS CORVI ROAD WEST JORDAN UT 84084 94,500.00
ML676 10266131890 FITZER RUDOLPH J 8 OLD POST RD TOBYHANNA PA 18466 80,400.00
ML676 10266132025 SOFIKITIS KONSTANTINO G 3410-3420 SE FAIRMONT STREET STUART FL 34997 15,700.00
ML676 10266132027 ROSS RUSSELL S 1112 NORTH 250 WEST SUNSET UT 84015 11,379.00
ML676 10266132030 GIBSON JAMES R 12209 MELINDA CIRCLE SARATOGA CA 95070 56,000.00
ML676 10266132133 MILFORD LAURENCE 24411 STILLWELL PKWY S E BONITA SPRINGS FL 33923 77,400.00
ML676 10266132177 ALLEN TAMMY A RR 2 BOX 2387 NESCOPECK PA 18635 92,700.00
ML676 10266132187 BAILEY CAROLE SMART 2050 39TH STREET SW NAPLES FL 34117 28,500.00
ML676 10266132202 KIM UN BONG 14756 SW KILCHIS STREET BEAVERTON OR 97007 44,265.00
ML676 10266132204 SIQUEIROS EDGARDO LOPEZ 532 BLOSSOM FIELD ROAD FOUNTAIN CO 80817 26,200.00
ML676 10266132212 GORDON ROBERT M 4514 E CHUCKWALLA CANYON PHOENIX AZ 85044 27,240.00
ML676 10266132308 HOFFMEIER KEVIN R 2885 RIVER ROAD ELLWOOD CITY PA 16117 18,100.00
ML676 10266132325 HIGLEY WARREN K 6631 WEST 4120 SOUTH WEST VALLEY CITY UT 84128 30,265.00
ML676 10266132335 ROMERO RICHARD A 3111 WEST ANTELOPE TUCSON AZ 85745 114,800.00
ML676 10266132347 DELANEY FRANK HENRY III 2464 HOYT DRIVE THORNTON CO 80229 19,181.00
</TABLE>
<TABLE>
<CAPTION>
Cut-off Date First Original Current Scheduled
Principal Payment Maturity Rem Date LTV Mortgage Payment
Sale ID Account Balance Date Date Term Due Ratio Rate Int & Prin
- ---------------------------------------------------------------------------------------------------------------------
<C> <S> <C> <C> <C> <C> <C> <C> <C> <C>
ML676 10266122100 93,708.44 09/01/96 08/01/11 176.00 12/01/96 75.0 9.990 822.03
ML676 10266123427 48,793.21 09/19/96 08/19/11 176.58 11/19/96 70.0 11.450 483.37
ML676 10266124319 64,749.71 10/01/96 09/01/11 177.00 12/01/96 80.0 13.490 741.72
ML676 10266125285 232,777.40 09/21/96 08/21/11 176.65 12/21/96 70.6 11.560 2,318.05
ML676 10266125859 80,000.00 11/08/96 10/08/11 178.22 11/08/96 64.0 13.250 900.62
ML676 10266126279 27,149.20 11/03/96 10/03/26 358.06 12/03/96 85.0 13.700 315.84
ML676 10266126890 195,300.00 11/18/96 10/18/11 178.55 11/18/96 90.0 11.750 1,971.38
ML676 10266127191 54,945.94 10/06/96 09/06/11 177.17 12/06/96 56.1 10.900 519.63
ML676 10266127702 31,000.00 11/17/96 10/17/11 178.52 12/17/96 83.1 12.000 318.87
ML676 10266127778 197,200.00 12/01/96 11/01/11 179.00 12/01/96 80.0 9.990 1,729.11
ML676 10266127948 40,800.00 12/01/96 11/01/16 239.00 12/01/96 80.0 11.600 437.92
ML676 10266128600 62,300.00 12/01/96 11/01/16 239.00 12/01/96 70.0 10.200 609.49
ML676 10266128613 19,107.00 12/01/96 11/01/11 179.00 01/01/97 80.0 13.990 227.34
ML676 10266128630 38,000.00 12/04/96 11/04/11 179.11 12/04/96 78.2 11.200 436.69
ML676 10266128659 31,920.56 11/25/96 10/25/16 238.78 12/25/96 59.7 11.240 335.54
ML676 10266128720 406,846.05 12/01/96 11/01/26 359.00 01/01/97 85.7 12.250 4,266.51
ML676 10266128843 16,944.66 11/04/96 10/04/11 178.09 01/04/97 89.9 13.500 194.51
ML676 10266129089 93,500.00 11/17/96 10/17/26 358.52 11/17/96 85.0 12.790 1,018.97
ML676 10266129507 50,935.00 10/17/96 09/17/11 177.53 12/17/96 79.9 15.590 668.14
ML676 10266129545 59,500.00 11/09/96 10/09/11 178.26 12/09/96 43.1 12.000 612.02
ML676 10266129643 53,045.44 11/03/96 10/03/11 178.06 12/03/96 84.9 13.250 680.47
ML676 10266129777 24,936.24 11/11/96 10/11/11 178.32 12/11/96 83.5 13.250 281.44
ML676 10266130029 62,381.80 10/13/96 09/13/11 177.40 12/13/96 90.0 11.150 605.78
ML676 10266130165 50,000.00 11/25/96 10/25/11 178.78 11/25/96 80.0 13.990 592.04
ML676 10266130245 30,901.84 11/15/96 10/15/11 178.45 12/15/96 89.0 11.600 364.11
ML676 10266130281 12,000.00 12/01/96 11/01/06 119.00 12/01/96 81.0 12.350 174.60
ML676 10266130360 9,949.33 11/08/96 10/08/11 178.22 12/08/96 79.9 14.850 125.25
ML676 10266130373 27,932.81 11/25/96 10/25/11 178.78 12/25/96 35.4 9.400 290.70
ML676 10266130503 36,250.00 11/15/96 10/15/11 178.45 11/15/96 87.6 12.400 444.43
ML676 10266130571 19,589.36 12/05/96 11/05/11 179.15 01/05/97 58.6 10.950 222.89
ML676 10266130663 14,943.00 11/07/96 10/07/11 178.19 12/07/96 85.4 12.800 187.10
ML676 10266130676 17,300.00 11/16/96 10/16/11 178.49 12/16/96 84.0 12.350 211.54
ML676 10266130699 100,000.00 11/16/96 10/16/11 178.49 12/16/96 84.6 12.700 1,245.57
ML676 10266130787 44,772.67 11/14/96 10/14/11 178.42 12/14/96 74.6 11.200 517.13
ML676 10266130844 63,000.00 12/01/96 11/01/16 239.00 12/01/96 43.4 10.600 633.22
ML676 10266130881 28,169.46 11/28/96 10/28/26 358.88 12/28/96 60.0 11.600 281.42
ML676 10266131044 12,470.05 12/01/96 11/01/11 179.00 01/01/97 70.4 12.500 154.07
ML676 10266131085 35,489.82 11/11/96 10/11/11 178.32 12/11/96 79.1 11.700 420.41
ML676 10266131151 64,838.76 12/01/96 11/01/16 239.00 01/01/97 43.3 11.250 682.02
ML676 10266131217 93,500.00 12/01/96 11/01/11 179.00 12/01/96 85.0 10.600 862.28
ML676 10266131303 15,000.00 11/18/96 10/18/11 178.55 11/18/96 62.4 11.250 145.69
ML676 10266131328 35,910.61 12/01/96 11/01/16 239.00 01/01/97 57.1 11.250 377.73
ML676 10266131338 72,000.00 11/21/96 10/21/11 178.65 12/21/96 80.0 10.200 642.52
ML676 10266131342 30,700.00 11/28/96 10/28/11 178.88 12/28/96 72.0 11.250 298.18
ML676 10266131372 75,200.00 11/16/96 10/16/11 178.49 11/16/96 80.0 10.400 682.27
ML676 10266131384 62,000.00 11/01/96 10/01/11 178.00 12/01/96 70.4 11.000 590.44
ML676 10266131386 96,500.00 11/01/96 10/01/11 178.00 12/01/96 76.5 11.500 1,127.30
ML676 10266131851 94,500.00 12/01/96 11/01/26 359.00 12/01/96 75.0 13.250 1,063.86
ML676 10266131890 80,354.03 11/23/96 10/23/26 358.72 12/23/96 80.0 9.850 696.67
ML676 10266132025 15,619.79 10/04/96 09/04/11 177.11 12/04/96 84.9 13.500 203.84
ML676 10266132027 11,379.00 11/07/96 10/07/11 178.19 12/07/96 65.0 15.590 163.88
ML676 10266132030 56,000.00 11/11/96 10/11/11 178.32 12/11/96 25.2 10.100 495.58
ML676 10266132133 77,400.00 12/01/96 11/01/11 179.00 12/01/96 69.8 12.800 844.12
ML676 10266132177 92,571.73 11/16/96 10/16/26 358.49 12/16/96 90.0 10.700 861.86
ML676 10266132187 28,500.00 12/01/96 11/01/11 179.00 12/01/96 65.9 11.850 339.30
ML676 10266132202 44,265.00 11/22/96 10/22/16 238.68 11/22/96 79.8 13.000 518.60
ML676 10266132204 26,200.00 12/01/96 11/01/11 179.00 12/01/96 89.8 11.950 313.60
ML676 10266132212 27,240.00 12/01/96 11/01/11 179.00 12/01/96 84.8 12.750 296.02
ML676 10266132308 18,100.00 11/21/96 10/21/16 238.65 12/21/96 80.1 11.650 194.90
ML676 10266132325 30,265.00 12/01/96 11/01/11 179.00 12/01/96 54.5 13.990 402.85
ML676 10266132335 114,800.00 11/08/96 10/08/11 178.22 12/08/96 70.0 10.200 1,024.46
ML676 10266132347 19,181.00 12/01/96 11/01/11 179.00 12/01/96 89.9 11.950 229.59
</TABLE>
<PAGE>
Page 10
Sale Schedule
1996-4 Class 1 - Initial Pool of Fixed Rate Mortgages - Settlement 12/19/96
Alliance Funding Company
A division of Superior Bank FSB
<TABLE>
<CAPTION>
Principal
Zip Balance at
Sale ID Account Name Address City State Code Origination
- ----------------------------------------------------------------------------------------------------------------------------------
<C> <S> <C> <C> <C> <C> <C> <C>
ML676 10266132348 KLUPENGER DANIEL R 24342 KLUPENGER ROAD NORTHEAS AURORA OR 97002 30,000.00
ML676 10266132354 SWAPP JUSTIN P 154 NORTH 2700 WEST PROVO UT 84601 17,200.00
ML676 10266132621 SPENCER JESSIE 7210 S. TROY CHICAGO IL 60629 95,200.00
ML676 10266132643 HARRELL DONNIE 17836 STATE ROAD 52 LAND O' LAKES FL 34639 82,500.00
ML676 10266132665 LANDRY BRYON 21220 PEMBERTON AVE PORT CHARLOTTE FL 33952 80,000.00
ML676 10266132666 BITEMAN PHILIP D 1114 S WATERVIEW DRIVE INVERNESS FL 34450 15,000.00
ML676 10266132712 LOWE GORDON E 1386 EAST 600 SOUTH SPANISH FORK UT 84660 20,300.00
ML676 10266132718 HAMEL TIM J 2015 NE GRANT STREET HILLSBORO OR 97124 17,800.00
ML676 10266132733 REYES SEGUNDO F 314 MARION OAKS COURSE OCALA FL 34473 110,500.00
ML676 10266132745 COMSTOCK THOMAS G 2061 PRAIRIE ROAD SEDRO WOOLLEY WA 98284 25,325.00
ML676 10266132751 EWALT VERNON O RR1 BOX 444 PALMYRA PA 17078 41,200.00
ML676 10266132767 BROWN HENRY L 30 BAYSHORE BLVD GOOSE CREEK SC 29445 59,400.00
ML676 10266132813 ENGRAM-TAYLOR KARLA 309 SOUTH 8TH AVENUE MAYWOOD IL 60153 77,000.00
ML676 10266132860 HODGE JENNIFER 7115 COTTON DRIVE COLORADO SPRINGS CO 80918 22,527.00
ML676 10266132952 ROMERO RICHARD A 3329 WEST WHITE STAG COURT TUCSON AZ 85745 118,300.00
ML676 10266133007 ELLIS THOMAS D 4150 FOXCHASE TERRACE TOBYHANNA PA 18466 50,000.00
ML676 10266133018 BOONE JAMIE 1825 HABERSHAM MARINA RD CUMMING GA 30131 141,750.00
ML676 10266133149 TURNER RICHARD C 1617 NE 71ST LANE OCALA FL 34479 71,200.00
ML676 10266133178 MADDY MICHAEL T 11517 NW 7TH AVE VANCOUVER WA 98685 43,326.00
ML676 10266133210 MONTOYA JOSEPH 5778 WEST 4300 SOUTH WEST VALLEY CITY UT 84128 12,700.00
ML676 10266133218 CHADWICK ROBERT L 8544 SOUTH MCKENZIE LANE WEST JORDAN UT 84088 32,750.00
ML676 10266133221 IVERSON ROGER D 22414 153RD AVE SE SNOHOMISH WA 98296 55,000.00
ML676 10266133226 RUSAKOV NATALYA A 13315 SE BUSH STREET PORTLAND OR 97236 17,700.00
ML676 10266134099 WRIGHT ANNETTE L 914 DUNCAN AVENUE YEADON PA 19151 22,560.00
ML676 10266134100 GOFF OLGA 21339 COTTONWOOD AVENUE PORT CHARLOTTE FL 33952 70,000.00
ML676 10266134140 AUSTIN MICHAEL S 1523 BURNING TREE LANE BRANDON FL 33510 111,350.00
ML676 10266134165 ULLSTRUP DAVID R 9901 GARLAND COURT WESTMINSTER CO 80021 23,000.00
ML676 10266134217 BYERS ANGELIQUE MARIE 9828 NE IRVING STREET PORTLAND OR 97220 90,950.00
ML676 10266134285 THOMPSON EVELYN GRICE 205 MARKET STREET FAIRMONT NC 28340 38,250.00
ML676 10266134320 BADGER ARLYCE H 18187 EAST ASBURY PLACE AURORA CO 80013 27,170.00
ML676 10266134405 STOSICK PEARL E 148 A STATLER STREET CENTRAL CITY PA 15926 24,000.00
ML676 10266134536 TAYLOR KAMI M 1132 SOUTH 1100 EAST SALT LAKE CITY UT 84105 12,400.00
ML676 10266134567 PATE GLENN D 4204 JANE DRIVE FUQUAY VARINA NC 27526 39,900.00
ML676 10266134597 DESLANDES MARLENE 2040 NW 91ST TERRACE PEMBROKE PINES FL 33024 120,700.00
ML676 10266134609 MCGEE PATRICIA ANN 914 WEST CORAL STREET TAMPA FL 33602 35,000.00
ML676 10266134660 SULLIVAN JEFFREY 1708 DARROW AVENUE EVANSTON IL 60201 21,900.00
ML676 10266134692 CONKLIN RUSSELL R 8296 OSPREY ROAD GROVE CITY FL 34224 13,000.00
ML676 10266134759 HARRIS JACK D 816 BELLEVIEW AVENUE LA JUNTA CO 81050 58,500.00
ML676 10266134769 WORTHINGTON DORIS LOUISE 7709 SOUTH EMERALD CHICAGO IL 60620 50,000.00
ML676 10266134778 BRENGARTNER JR CORWIN VAN 1824 POPLAR HANOVER PARK IL 60103 15,000.00
ML676 10266134813 LANSBERRY TIMOTHY H 65 SOUTH OTIS AVENUE LECANTO FL 34461 10,000.00
ML676 10266134838 SIDDIQUI SARFRAZ A 3241 BRUSHWOOD COURT CLEARWATER FL 34621 25,000.00
ML676 10266134899 GORE FULTON HARVEY 4308 ATLANTIC AVENUE FAYETTEVILLE NC 28306 60,600.00
ML676 10266134917 LEWIS MICHAEL A 1187 EAST 410 SOUTH SPANISH FORK UT 84660 23,650.00
ML676 10266134929 PHELAN JAMES M 1156 SPAULDING DR. MONROE MI 48162 52,000.00
ML676 10266134953 STACY VIRGIL 14999 54TH WAY NORTH CLEARWATER FL 34620 32,400.00
ML676 10266134957 WELCH LINDA 6 S AURORA AVE CLEARWATER FL 34625 17,500.00
ML676 10266134972 KNOTTER DAVID G 3522 EAST PASADENA AVENUE PHOENIX AZ 85018 43,000.00
ML676 10266134973 PENCE DANNY L 2513 FAULKNER RD ORLANDO FL 32810 21,500.00
ML676 10266135011 MCCLELLAND JOHNNY L 134 E HAMPTON AVENUE MESA AZ 85202 37,000.00
ML676 10266135024 HAINSWORTH THAYNE C 4538 SOUTH 1300 WEST SALT LAKE CITY UT 84123 25,000.00
ML676 10266135030 RANQUIST ELIZABETH N 1772 SOUTH 900 EAST SALT LAKE CITY UT 84105 72,600.00
ML676 10266135034 HAYS ROBERT R 12288 WEST ARIZONA AVENUE LAKEWOOD CO 80228 19,000.00
ML676 10266135075 SCHABINGER RON 5909 W. WARWICK AVENUE CHICAGO IL 60634 39,600.00
ML676 10266135110 HILL GLORIA J 1584 S WASHINGTON AVE CLEARWATER FL 34616 42,500.00
ML676 10266135169 IACOVONE JOHN C 2554 19TH STREET SARASOTA FL 34234 30,000.00
ML676 10266135171 LIVINGSTON DAVID A 296 ASPEN ROAD IDAHO SPRINGS CO 80452 43,119.00
ML676 10266135177 WAYNE DONALD E 9326 NORTH CLERMONT DRIVE THORNTON CO 80229 81,000.00
ML676 10266135238 GUZZO ROSE 3410 UMBER ROAD HOLIDAY FL 34691 55,250.00
ML676 10266135242 ANDERSON JEFFREY 192 GODFREY AVENUE PORT CHARLOTTE FL 33952 22,700.00
ML676 10266135247 STEPPE DENNIS A 134 SW 57TH STREET CAPE CORAL FL 33914 97,200.00
ML676 10266135274 BRODA REBECCA A 142 LAKE HOLLOW CIRCLE CARY NC 27513 19,700.00
</TABLE>
<TABLE>
<CAPTION>
Cut-off Date First Original Current Scheduled
Principal Payment Maturity Rem Date LTV Mortgage Payment
Sale ID Account Balance Date Date Term Due Ratio Rate Int & Prin
- ---------------------------------------------------------------------------------------------------------------------
<C> <S> <C> <C> <C> <C> <C> <C> <C> <C>
ML676 10266132348 30,000.00 11/28/96 10/28/16 238.88 11/28/96 58.1 9.850 286.53
ML676 10266132354 17,200.00 12/04/96 11/04/11 179.11 12/04/96 89.7 11.350 199.29
ML676 10266132621 95,200.00 11/28/96 10/28/11 178.88 11/28/96 85.0 10.000 835.45
ML676 10266132643 82,232.55 12/01/96 11/01/11 179.00 01/01/97 75.0 11.350 955.90
ML676 10266132665 80,000.00 12/01/96 11/01/11 179.00 12/01/96 80.0 12.900 1,006.94
ML676 10266132666 14,981.80 11/23/96 10/23/11 178.72 12/23/96 67.2 11.850 178.58
ML676 10266132712 20,285.97 11/07/96 10/07/11 178.19 12/07/96 85.0 13.700 235.72
ML676 10266132718 17,800.00 12/01/96 11/01/16 239.00 12/01/96 79.4 13.990 221.22
ML676 10266132733 110,380.02 12/01/96 11/01/26 359.00 01/01/97 85.0 12.600 1,187.90
ML676 10266132745 25,325.00 11/21/96 10/21/16 238.65 12/21/96 84.7 10.100 246.07
ML676 10266132751 41,200.00 12/01/96 11/01/11 179.00 12/01/96 71.3 11.850 490.50
ML676 10266132767 59,335.24 11/18/96 10/18/26 358.55 12/18/96 90.0 10.900 561.20
ML676 10266132813 76,968.32 11/21/96 10/21/26 358.65 12/21/96 70.0 12.250 806.88
ML676 10266132860 22,527.00 12/04/96 11/04/11 179.11 12/04/96 82.7 11.100 257.46
ML676 10266132952 118,300.00 11/09/96 10/09/11 178.26 11/09/96 70.0 10.200 1,055.69
ML676 10266133007 50,000.00 12/01/96 11/01/11 179.00 12/01/96 75.3 10.350 548.06
ML676 10266133018 141,750.00 11/04/96 10/04/11 178.09 12/04/96 74.6 12.950 1,562.50
ML676 10266133149 71,200.00 12/05/96 11/05/16 239.15 12/05/96 74.9 10.950 732.50
ML676 10266133178 43,326.00 12/01/96 11/01/16 239.00 12/01/96 88.5 11.950 475.55
ML676 10266133210 12,684.74 11/25/96 10/25/11 178.78 12/25/96 79.9 15.350 164.14
ML676 10266133218 32,750.00 12/04/96 11/04/11 179.11 12/04/96 72.3 13.750 381.57
ML676 10266133221 54,962.23 11/16/96 10/16/11 178.49 12/16/96 89.4 11.350 637.27
ML676 10266133226 17,700.00 11/28/96 10/28/11 178.88 11/28/96 78.8 13.500 229.80
ML676 10266134099 22,543.40 11/02/96 10/02/11 178.03 12/02/96 89.9 11.400 262.11
ML676 10266134100 70,000.00 12/04/96 11/04/11 179.11 12/04/96 60.8 10.900 661.34
ML676 10266134140 111,350.00 12/06/96 11/06/26 359.18 12/06/96 85.0 10.900 1,052.01
ML676 10266134165 22,943.40 12/04/96 11/04/16 239.11 01/04/97 85.0 12.750 265.38
ML676 10266134217 90,950.00 11/23/96 10/23/11 178.72 12/23/96 85.0 13.875 1,068.65
ML676 10266134285 37,896.81 11/24/96 10/24/06 118.75 12/24/96 85.0 9.100 486.61
ML676 10266134320 27,170.00 12/04/96 11/04/11 179.11 12/04/96 84.8 12.750 339.31
ML676 10266134405 24,000.00 11/28/96 10/28/11 178.88 11/28/96 80.0 11.990 287.89
ML676 10266134536 12,400.00 12/04/96 11/04/11 179.11 12/04/96 65.0 13.500 160.99
ML676 10266134567 39,900.00 12/06/96 11/06/16 239.18 12/06/96 89.9 11.600 428.26
ML676 10266134597 120,700.00 11/02/96 10/02/11 178.03 12/02/96 85.0 12.750 1,311.64
ML676 10266134609 35,000.00 11/28/96 10/28/11 178.88 11/28/96 70.0 12.000 420.06
ML676 10266134660 21,900.00 11/23/96 10/23/11 178.72 11/23/96 89.9 11.950 224.42
ML676 10266134692 13,000.00 12/01/96 11/01/16 239.00 12/01/96 87.7 11.250 136.40
ML676 10266134759 58,344.61 12/01/96 11/01/11 179.00 01/01/97 90.0 10.850 659.41
ML676 10266134769 50,000.00 12/01/96 11/01/16 239.00 12/01/96 55.5 11.250 524.63
ML676 10266134778 14,964.90 11/21/96 12/21/11 180.65 12/21/96 35.8 10.750 167.40
ML676 10266134813 10,000.00 11/28/96 10/28/11 178.88 11/28/96 74.6 13.750 131.50
ML676 10266134838 24,811.71 12/01/96 11/01/11 179.00 01/01/97 77.8 12.500 308.13
ML676 10266134899 60,600.00 11/28/96 10/28/11 178.88 11/28/96 89.5 11.250 698.32
ML676 10266134917 23,650.00 12/01/96 11/01/11 179.00 12/01/96 79.4 13.500 307.05
ML676 10266134929 51,803.26 11/28/96 10/28/26 358.88 12/28/96 62.6 13.990 615.72
ML676 10266134953 32,400.00 12/01/96 11/01/11 179.00 12/01/96 70.0 9.850 345.20
ML676 10266134957 17,500.00 12/01/96 11/01/11 179.00 12/01/96 84.9 11.900 208.90
ML676 10266134972 42,998.94 11/15/96 10/15/11 178.45 12/15/96 77.1 13.000 475.67
ML676 10266134973 21,500.00 12/01/96 11/01/16 239.00 12/01/96 85.0 12.750 248.07
ML676 10266135011 36,615.78 11/18/96 10/18/11 178.55 01/18/97 51.3 12.000 380.59
ML676 10266135024 25,000.00 11/04/96 10/04/11 178.09 12/04/96 87.7 12.750 271.67
ML676 10266135030 72,432.20 11/04/96 10/04/16 238.09 12/04/96 84.0 13.150 858.33
ML676 10266135034 19,000.00 12/01/96 11/01/11 179.00 12/01/96 85.5 11.950 227.42
ML676 10266135075 39,600.00 12/01/96 11/01/11 179.00 12/01/96 79.9 11.250 456.33
ML676 10266135110 42,288.82 12/04/96 11/04/16 239.11 01/04/97 83.3 9.850 405.92
ML676 10266135169 29,948.15 11/28/96 10/28/11 178.88 12/28/96 65.2 9.950 321.46
ML676 10266135171 43,119.00 12/01/96 11/01/11 179.00 12/01/96 79.8 13.000 545.56
ML676 10266135177 81,000.00 12/01/96 11/01/26 359.00 12/01/96 85.2 10.850 762.22
ML676 10266135238 55,250.00 12/01/96 11/01/11 179.00 12/01/96 85.0 9.990 593.38
ML676 10266135242 22,700.00 12/01/96 11/01/11 179.00 12/01/96 79.9 10.500 250.93
ML676 10266135247 97,200.00 12/01/96 11/01/11 179.00 12/01/96 80.0 10.750 907.34
ML676 10266135274 19,700.00 12/01/96 11/01/11 179.00 12/01/96 89.6 11.950 235.80
</TABLE>
<PAGE>
Page 11
Sale Schedule
1996-4 Class 1 - Initial Pool of Fixed Rate Mortgages - Settlement 12/19/96
Alliance Funding Company
A division of Superior Bank FSB
<TABLE>
<CAPTION>
Principal
Zip Balance at
Sale ID Account Name Address City State Code Origination
- ----------------------------------------------------------------------------------------------------------------------------------
<C> <S> <C> <C> <C> <C> <C> <C>
ML676 10266135294 MARTIN JAMES MATTHEW 630 EVANS PLACE PUEBLO CO 81004 54,000.00
ML676 10266135296 LANGER MARJORIE G 1145 EAST 11000 SOUTH SANDY UT 84094 22,000.00
ML676 10266135327 ARMBRUST BRUCE 7314 SOUTH CODY STREET LITTLETON CO 80123 33,034.00
ML676 10266135520 BLEECKE WAGENEN IV GARRAT 1575 CHRISTINA LANE NORTHBROOK IL 60062 163,000.00
ML676 10266135529 INGOGLIA CHERYL 3535 W. 74TH ST. CHICAGO IL 60629 11,600.00
ML676 10266135571 BEACH RANDY A 8651 NORWICH STREET WESTMINSTER CO 80030 45,000.00
ML676 10266135619 DALESSANDRI THOMAS P 175 OAK RUN CARBONDALE CO 81623 112,600.00
ML676 10266135711 BEISEL STEPHEN R 1 DELAWARE ROAD MANITOU SPRINGS CO 80829 63,000.00
ML676 10266135885 ACOSTA GREGORY J 731 EAST BARROWS AVENUE SALT LAKE CITY UT 84106 39,761.00
ML676 10266135940 FERNANDEZ ELVIRA S 1708 NORTH CLARENCE ARLINGTON HEIGHTS IL 60004 40,000.00
ML676 10266135983 HANSEN HAPPI T 113 NORTH VALLEY VIEW DRIVE NORTH SALT LAKE UT 84054 30,000.00
ML676 10266136003 SCHAFER BARRY W 3175 - 3185 JAY STREET WHEAT RIDGE CO 80214 63,000.00
ML676 10266136114 NELSON MARDELL T 5823 SOUTH 2450 WEST ROY UT 84067 17,486.00
ML676 10266136263 REYNOLDS DALLAS KENT 170 WEST 29TH STREET DURANGO CO 81301 50,000.00
ML676 10266136368 GARDNER WILLIAM D 4983 WEST HELLAS DRIVE WEST VALLEY CITY UT 84120 30,000.00
ML676 10266136369 HENSLEY MARTY M 4426 SOUTH BOURDEAUX WAY WEST VALLEY CITY UT 84120 58,750.00
ML676 10266136371 NIELSEN C LYNN 4674 WEST 4000 SOUTH WEST HAVEN UT 84315 11,000.00
ML676 10266136373 HAMAN SANDRA K 261 SOUTH 300 WEST KAYSVILLE UT 84037 23,500.00
ML676 10266136398 CRUZ HENRY C 3924 WEST 63RD PLACE ARVADA CO 80003 128,700.00
ML676 10266136459 BOWERS GENE L 507 EAST HOLSTEIN WAY MURRAY UT 84107 100,000.00
ML676 10266136529 LYMAN RICHARD O 6516 WARREN AVENUE EDINA MN 55439 40,000.00
ML676 10266136578 SHAFFER DANIEL E 189 EAST 175 SOUTH NORTH SALT LAKE UT 84054 56,200.00
ML676 10266136581 MERRILL MATTHEW 2545 SOUTH MELBOURNE STREET SALT LAKE CITY UT 84106 43,830.00
ML676 10266136680 BONNER EDWARD W 1025 NORTH 950 EAST BOUNTIFUL UT 84010 12,775.00
ML676 10266136681 PICKETT DAN K 649 WEST FREMONT CIRCLE CENTERVILLE UT 84014 20,367.00
------------------------------------------- ------------
149 Sale Total 7,923,836.00
</TABLE>
<TABLE>
<CAPTION>
Cut-off Date First Original Current Scheduled
Principal Payment Maturity Rem Date LTV Mortgage Payment
Sale ID Account Balance Date Date Term Due Ratio Rate Int & Prin
- ---------------------------------------------------------------------------------------------------------------------
<C> <S> <C> <C> <C> <C> <C> <C> <C> <C>
ML676 10266135294 54,000.00 12/04/96 11/04/26 359.11 12/04/96 78.2 10.450 491.94
ML676 10266135296 21,978.75 11/07/96 10/07/11 178.19 12/07/96 77.2 11.500 217.86
ML676 10266135327 32,939.96 12/01/96 11/01/16 239.00 01/01/97 80.0 13.990 410.54
ML676 10266135520 163,000.00 11/22/96 10/22/16 238.68 11/22/96 79.9 13.100 1,921.29
ML676 10266135529 11,582.70 11/28/96 10/28/11 178.88 12/28/96 74.8 12.000 139.22
ML676 10266135571 44,893.61 12/01/96 11/01/11 179.00 01/01/97 84.7 12.750 561.98
ML676 10266135619 112,600.00 11/25/96 10/25/11 178.78 12/25/96 79.1 11.250 1,093.64
ML676 10266135711 63,000.00 11/21/96 10/21/11 178.65 12/21/96 70.0 10.750 588.09
ML676 10266135885 39,731.44 12/01/96 11/01/11 179.00 01/01/97 89.9 12.750 432.08
ML676 10266135940 40,000.00 12/01/96 11/01/11 179.00 12/01/96 30.7 11.500 467.28
ML676 10266135983 29,976.68 11/16/96 10/16/11 178.49 12/16/96 68.6 12.200 363.92
ML676 10266136003 63,000.00 12/01/96 11/01/11 179.00 12/01/96 69.9 10.100 557.53
ML676 10266136114 17,486.00 11/17/96 10/17/16 238.52 11/17/96 89.6 12.750 201.76
ML676 10266136263 50,000.00 12/01/96 11/01/11 179.00 12/01/96 70.0 12.000 600.08
ML676 10266136368 29,956.40 11/21/96 10/21/11 178.65 12/21/96 66.8 12.100 361.98
ML676 10266136369 58,652.43 11/21/96 10/21/11 178.65 12/21/96 89.7 12.750 733.69
ML676 10266136371 10,999.05 11/21/96 10/21/11 178.65 12/21/96 70.0 12.250 133.79
ML676 10266136373 23,470.88 11/21/96 10/21/11 178.65 12/21/96 79.5 13.100 298.88
ML676 10266136398 128,700.00 12/05/96 11/05/26 359.15 12/05/96 90.0 11.450 1,269.60
ML676 10266136459 99,990.05 11/22/96 10/22/11 178.68 12/22/96 77.4 12.200 1,213.07
ML676 10266136529 39,850.31 12/01/96 11/01/11 179.00 01/01/97 71.5 13.250 512.69
ML676 10266136578 56,200.00 11/23/96 10/23/11 178.72 11/23/96 87.6 12.750 610.72
ML676 10266136581 43,789.96 11/23/96 10/23/11 178.72 12/23/96 78.7 11.500 434.04
ML676 10266136680 12,775.00 11/25/96 10/25/11 178.78 11/25/96 57.9 11.500 149.24
ML676 10266136681 20,367.00 11/25/96 10/25/11 178.78 11/25/96 89.9 12.750 221.33
-------------- ----------- ----------------------------------
7,917,863.98 220.00 77.2 11.754 84,672.46
</TABLE>
<PAGE>
Page 12
Sale Schedule
1996-4 Class 1 - Initial Pool of Fixed Rate Mortgages - Settlement 12/19/96
Alliance Funding Company
A division of Superior Bank FSB
<TABLE>
<CAPTION>
Principal
Zip Balance at
Sale ID Account Name Address City State Code Origination
- ----------------------------------------------------------------------------------------------------------------------------------
<C> <S> <C> <C> <C> <C> <C> <C>
ML677 10266102028 ROBERTS PATRICK W 6159 EAST 31ST STREET INDIANAPOLIS IN 46226 53,200.00
ML677 10266109890 GIBSON NANCY LABBE 30 ELM STREET PEMBROKE MA 02359 28,000.00
ML677 10266122068 AWGUL JAMES A 1098 NUGENT AVENUE BAY SHORE NY 11706 28,400.00
ML677 10266126033 MAKULA CARL A JR 43-19 61ST STREET WOODSIDE NY 11377 50,000.00
ML677 10266127063 JEAN JOSEPH JEAN 118-120 SAYRE STREET ELIZABETH NJ 07208 151,200.00
ML677 10266127669 CHRISTIANSEN RONALD 448 FERNDALE PLACE KEYPORT NJ 07735 13,106.00
ML677 10266128338 SCHULTZ DANNY H 376 SOUTH 975 EAST LAYTON UT 84041 34,620.00
ML677 10266128698 BURKE RICHARD I 3274 WEST 14TH AVENUE EUGENE OR 97402 23,100.00
ML677 10266128719 GREER RICHARD A 7620 NORTH 14TH STREET PHOENIX AZ 85020 14,921.00
ML677 10266128745 SIDEL WILLIAM L 874 WALES ROAD NE MASSILLON OH 44646 36,300.00
ML677 10266128953 KEYS THOMAS JOHN 434 CENTURY VISTA DRIVE ARNOLD MD 21012 28,500.00
ML677 10266129028 JONES SIGMON JR 2 PHINEAS STREET MEDFORD NY 11763 64,600.00
ML677 10266129033 PHAM DUNG ANH 500 TIGERWOOD WAY SAN JOSE CA 95111 42,750.00
ML677 10266129344 MARTE ALBERTO 53 BRIGHTON AVENUE PERTH AMBOY NJ 08861 58,150.00
ML677 10266129348 SWANSON MARK TODD 6826 SOUTH DENNIS DRIVE TEMPE AZ 85283 10,173.00
ML677 10266129890 SPRIGGS YVONNE D 1024 ROLLERSTON STREET HARRISBURG PA 17104 41,310.00
ML677 10266129913 LAHMANN MARVIN B 6609 E VICTORIA DRIVE TUCSON AZ 85730 12,680.00
ML677 10266130386 WIKE GREG M 18225 SW ROSA ROAD ALOHA OR 97007 50,785.00
ML677 10266130442 HERNANDEZ CAMILLE S 3839 WEST OWENSBORO DRIVE WEST JORDAN UT 84084 45,000.00
ML677 10266130517 ANDREWS PATRICIA A 33 GLAD STREET DAISYTOWN PA 15427 26,165.00
ML677 10266130651 FULLER CHARLES W 2086 PETERSON RYE CO 81069 27,500.00
ML677 10266130722 MCCABE WALTER G 7601 WEST WILLOW AVENUE PEORIA AZ 85381 15,085.00
ML677 10266130891 MONACO JULIA B 6402 WOODCREST AVE PHILADELPHIA PA 19151 26,049.00
ML677 10266131108 HIEBERT JACK K 5252 STRATHMORE DRIVE MECHANICSBURG PA 17055 57,950.00
ML677 10266131243 MCMILLON JOEL 3046 W LIBERTY TREE LANE TUCSON AZ 85741 26,475.00
ML677 10266131302 GARCIA DANNY J 518 ST FRANCIS DRIVE SANTA FE NM 87501 47,000.00
ML677 10266131334 WALKER EARL WAYNE 921 DAFFODIL WATERFORD MI 48327 69,700.00
ML677 10266131350 GREENE CHARLES F 5423 PLEASANT AVENUE NORTH RIDGEVILLE OH 44039 72,000.00
ML677 10266131360 GOMM KATHY L 6700 WEST 3830 SOUTH WEST VALLEY CITY, UT 84120 80,000.00
ML677 10266131475 LEIDY ALAN R 1056 RT 271 SOUTH LIGONIER PA 15658 25,000.00
ML677 10266131535 BEENY NIKKI 4944 WEST CORINADER COURT SALT LAKE CITY UT 84118 16,584.00
ML677 10266131578 KONDRAS SAM 1650 DENNISON ROAD HOFFMAN ESTATES IL 60195 34,000.00
ML677 10266131721 PEEK ERIC L 3342 E.125TH STREET CLEVELAND OH 44120 52,000.00
ML677 10266131731 YOUNG JAMES P 1136 E WESLEYAN DRIVE TEMPE AZ 85282 23,145.00
ML677 10266131846 NINOW RICHARD D 1922 WEST MANTLE AVENUE SALT LAKE CITY UT 84119 18,375.00
ML677 10266132003 LAPP DAVID A 37 WOOD LAWN DRIVE SCHUYLKILL HAVEN PA 17972 102,500.00
ML677 10266132039 LOFTSGARD GARY A 6431 EAST DALE LANE SCOTTSDALE AZ 85331 19,000.00
ML677 10266132053 GALBRAITH MARVIN J 1754 SOUTH VANCOUVER COURT LAKEWOOD CO 80228 20,270.00
ML677 10266132141 NIETO ROGER T 1932 163RD STREET EAST TACOMA WA 98445 36,700.00
ML677 10266132175 LANNIN WAYNE C 3415 CHEROKEE DRIVE S SALEM OR 97302 30,000.00
ML677 10266132181 ARMSTRONG DOUGLAS K 106 CURTIS AVE NEWBURG PA 17240 116,080.00
ML677 10266132183 MILLER RICHARD F 2717 KENT COURT PENNSAUKEN NJ 08109 101,500.00
ML677 10266132284 BUFFONE LOUIS 102 CEDAR LANE LEBANON PA 17046 98,500.00
ML677 10266132292 MARTINEZ ANTONIO 141 TROY RD EAST HANOVER NJ 07936 35,000.00
ML677 10266132294 HOLT WALLACE C 4326 WEST STANE AVENUE WEST VALLEY CITY UT 84120 18,800.00
ML677 10266132296 HOLLEY JUDI M 14017 116TH AVENUE EAST PUYALLUP WA 98374 54,000.00
ML677 10266132655 GARDINER JOHN G 2324 NE 54TH AVENUE PORTLAND OR 97213 16,661.00
ML677 10266132810 GORECKI SCOT 15540 SOUTH 117TH COURT ORLAND PARK IL 60462 33,700.00
ML677 10266132821 SHAMBERGER TOYENA L 15036 WESTERN HARVEY IL 60426 52,200.00
ML677 10266132933 SMITH ALLEN D 1353 SUNCREST WAY COLORADO SPRINGS CO 80906 41,548.00
ML677 10266132985 SPARACIO CHERYL A 417 PRESTON RD CHERRY HILL NJ 08034 18,400.00
ML677 10266132994 WERNER SUSAN J 12820 NORTHEAST 102ND PLACE KIRKLAND WA 98033 26,000.00
ML677 10266133041 GRAY DAVID JOHN 592 EAST 400 NORTH GENOLA UT 84655 105,000.00
ML677 10266133043 BIONDI MEL J 2380 HOVER DRIVE CASTLE ROCK CO 80104 17,450.00
ML677 10266133053 KERR ELLEN D 732 W. 60TH PLACE CHICAGO IL 60621 27,000.00
ML677 10266133054 PADLEY DONALD R 1118 HEAVEN'S GATE LAKE IN THE HILLS IL 60102 53,800.00
ML677 10266133162 CAMP ROBERT D 8615 NE 110TH AVENUE VANCOUVER WA 98662 20,500.00
ML677 10266133225 FONTANETTI CARLOS MOZART 595 SOUTH 1660 EAST PLEASANT GROVE UT 84062 36,500.00
ML677 10266134086 ELLIS CLAUDIA J 2159 GARNET DRIVE EAGAN MN 55122 63,400.00
ML677 10266134125 DULL JASON M 105 HERITAGE ROAD EPHRATA PA 17522 75,240.00
ML677 10266134128 SANCHEZ PATTY A 16372 EAST 7TH DRIVE AURORA CO 80011 35,000.00
ML677 10266134137 FRAZIER SHARON 229 EAST MAPLE AVENUE DENVER CO 80209 45,137.00
</TABLE>
<TABLE>
<CAPTION>
Cut-off Date First Original Current Scheduled
Principal Payment Maturity Rem Date LTV Mortgage Payment
Sale ID Account Balance Date Date Term Due Ratio Rate Int & Prin
- ---------------------------------------------------------------------------------------------------------------------
<C> <S> <C> <C> <C> <C> <C> <C> <C> <C>
ML677 10266102028 52,814.29 04/13/96 03/13/26 351.35 12/13/96 70.0 9.400 443.46
ML677 10266109890 27,271.48 05/25/96 04/25/11 172.77 12/25/96 67.3 11.200 321.77
ML677 10266122068 28,241.10 07/18/96 06/18/11 174.54 11/18/96 89.0 11.500 331.77
ML677 10266126033 49,666.90 09/12/96 08/12/16 236.35 12/12/96 87.8 13.450 601.89
ML677 10266127063 151,200.00 12/01/96 11/01/11 179.00 12/01/96 90.0 11.750 1,526.23
ML677 10266127669 13,106.00 11/15/96 10/15/11 178.45 12/15/96 78.7 14.950 182.98
ML677 10266128338 34,620.00 10/10/96 09/10/11 177.30 12/10/96 89.9 13.800 404.73
ML677 10266128698 23,004.67 11/18/96 10/18/11 178.55 12/18/96 89.0 11.350 267.65
ML677 10266128719 14,921.00 11/11/96 10/11/16 238.32 12/11/96 80.0 13.500 180.15
ML677 10266128745 36,300.00 11/28/96 10/28/11 178.88 11/28/96 60.0 11.600 426.36
ML677 10266128953 28,500.00 10/25/96 09/25/11 177.80 11/25/96 89.9 13.150 363.41
ML677 10266129028 64,564.47 10/06/96 09/06/11 177.17 12/06/96 85.0 10.950 612.76
ML677 10266129033 42,658.88 11/21/96 10/21/11 178.65 12/21/96 89.3 12.250 519.97
ML677 10266129344 58,150.00 12/01/96 11/01/11 179.00 12/01/96 84.9 13.790 679.35
ML677 10266129348 10,173.00 11/09/96 10/09/11 178.26 12/09/96 84.8 13.550 132.42
ML677 10266129890 41,232.56 11/04/96 10/04/26 358.09 01/04/97 90.0 11.050 394.97
ML677 10266129913 12,645.07 11/18/96 10/18/11 178.55 12/18/96 82.4 12.350 155.05
ML677 10266130386 50,785.00 01/01/97 12/01/11 180.00 01/01/97 75.0 12.500 542.01
ML677 10266130442 45,000.00 01/01/97 12/01/26 360.00 01/01/97 52.3 10.700 418.38
ML677 10266130517 26,165.00 12/05/96 11/05/11 179.15 12/05/96 30.7 10.250 285.19
ML677 10266130651 27,488.68 11/25/96 10/25/16 238.78 12/25/96 52.4 12.500 312.44
ML677 10266130722 15,085.00 11/21/96 10/21/11 178.65 11/21/96 89.9 12.600 186.91
ML677 10266130891 26,049.00 11/16/96 10/16/06 118.49 12/16/96 89.5 12.700 384.34
ML677 10266131108 57,902.11 11/16/96 10/16/11 178.49 12/16/96 89.9 10.990 658.29
ML677 10266131243 26,446.62 11/17/96 10/17/11 178.52 12/17/96 84.9 12.350 323.73
ML677 10266131302 47,000.00 11/24/96 10/24/11 178.75 12/24/96 34.5 10.750 438.74
ML677 10266131334 69,700.00 12/01/96 11/01/16 239.00 12/01/96 85.0 9.800 663.41
ML677 10266131350 71,894.31 11/22/96 10/22/26 358.68 12/22/96 80.0 13.500 824.70
ML677 10266131360 80,000.00 12/05/96 11/05/26 359.15 12/05/96 77.6 12.500 853.81
ML677 10266131475 25,000.00 12/01/96 11/01/11 179.00 12/01/96 59.4 10.900 282.58
ML677 10266131535 16,584.00 01/01/97 12/01/11 180.00 01/01/97 84.9 12.750 180.22
ML677 10266131578 33,936.32 12/01/96 11/01/16 239.00 01/01/97 47.8 11.750 368.46
ML677 10266131721 52,000.00 12/01/96 11/01/26 359.00 12/01/96 88.1 10.950 493.24
ML677 10266131731 23,135.54 11/23/96 10/23/11 178.72 12/23/96 80.0 13.500 300.50
ML677 10266131846 18,375.00 12/01/96 11/01/11 179.00 12/01/96 85.0 13.350 236.74
ML677 10266132003 102,500.00 11/21/96 10/21/11 178.65 11/21/96 70.6 10.500 937.61
ML677 10266132039 18,893.04 11/09/96 10/09/11 178.26 12/09/96 79.8 12.800 207.21
ML677 10266132053 20,270.00 01/01/97 12/01/11 180.00 01/01/97 64.2 15.250 260.36
ML677 10266132141 36,700.00 12/01/96 11/01/11 179.00 12/01/96 79.6 13.990 434.56
ML677 10266132175 29,978.60 11/21/96 10/21/11 178.65 12/21/96 86.9 11.350 347.60
ML677 10266132181 116,080.00 12/01/96 11/01/16 239.00 12/01/96 85.9 10.700 1,174.56
ML677 10266132183 101,500.00 11/23/96 10/23/11 178.72 11/23/96 70.0 11.000 1,153.65
ML677 10266132284 98,500.00 11/21/96 10/21/11 178.65 11/21/96 89.9 10.700 915.78
ML677 10266132292 35,000.00 12/04/96 11/04/06 119.11 12/04/96 81.8 13.700 537.14
ML677 10266132294 18,751.76 11/22/96 10/22/11 178.68 12/22/96 84.9 13.350 213.12
ML677 10266132296 53,919.00 11/28/96 10/28/11 178.88 12/28/96 57.9 12.000 648.09
ML677 10266132655 16,661.00 01/01/97 12/01/16 240.00 01/01/97 85.0 12.750 192.24
ML677 10266132810 33,700.00 11/28/96 10/28/11 178.88 11/28/96 89.9 11.150 386.21
ML677 10266132821 52,200.00 11/28/96 10/28/11 178.88 11/28/96 90.0 11.450 514.94
ML677 10266132933 41,420.99 12/01/96 11/01/11 179.00 01/01/97 90.0 11.350 481.40
ML677 10266132985 18,400.00 12/01/96 11/01/06 119.00 12/01/96 89.1 12.750 272.03
ML677 10266132994 26,000.00 12/01/96 11/01/16 239.00 12/01/96 77.9 13.000 304.61
ML677 10266133041 105,000.00 12/05/96 11/05/11 179.15 12/05/96 75.0 10.600 968.34
ML677 10266133043 17,406.53 01/01/97 12/01/11 180.00 02/01/97 85.0 12.750 189.63
ML677 10266133053 26,938.06 12/01/96 11/01/16 239.00 01/01/97 54.0 9.550 252.56
ML677 10266133054 53,786.52 11/23/96 10/23/16 238.72 12/23/96 74.9 11.600 577.45
ML677 10266133162 20,500.00 11/21/96 10/21/11 178.65 12/21/96 79.9 13.990 272.87
ML677 10266133225 36,500.00 12/04/96 11/04/11 179.11 12/04/96 84.3 10.700 408.01
ML677 10266134086 63,400.00 12/04/96 11/04/11 179.11 12/04/96 89.8 11.950 758.87
ML677 10266134125 75,240.00 12/01/96 11/01/11 179.00 12/01/96 90.0 11.100 722.22
ML677 10266134128 35,000.00 12/01/96 11/01/11 179.00 12/01/96 84.6 12.750 437.09
ML677 10266134137 45,137.00 12/04/96 11/04/11 179.11 12/04/96 79.9 10.100 399.45
</TABLE>
<PAGE>
Page 13
Sale Schedule
1996-4 Class 1 - Initial Pool of Fixed Rate Mortgages - Settlement 12/19/96
Alliance Funding Company
A division of Superior Bank FSB
<TABLE>
<CAPTION>
Principal
Zip Balance at
Sale ID Account Name Address City State Code Origination
- ----------------------------------------------------------------------------------------------------------------------------------
<C> <S> <C> <C> <C> <C> <C> <C>
ML677 10266134191 HENSON JR WILLIAM B 1303 HARTFORD STREET COLORADO SPRINGS CO 80906 13,500.00
ML677 10266134207 TRELOAR RUSSELL W 5529 N PALETHORP ST PHILADELPHIA PA 19120 22,300.00
ML677 10266134315 DAHLEN LEONARD V 4310 EAST MAIN STREET HILLSBORO OR 97123 175,000.00
ML677 10266134363 BIGLIN JEFFREY W 12950 NE RED HILLS ROAD NEWBERG OR 97132 71,650.00
ML677 10266134402 AULTMAN MICHELLE 6092 SOUTH CODY WAY LITTLETON CO 80123 91,500.00
ML677 10266134407 BALDWIN SCOTT A 515 BALDWIN AVENUE NE SALEM OR 97301 93,500.00
ML677 10266134464 STEWART FRED L 7135 GERSHWIN COURT COLORADO SPRINGS CO 80911 121,500.00
ML677 10266134472 BUSKIRK ADAM C VAN 3040 RUNNING VALLEY RD STROUDSBURG PA 18360 68,000.00
ML677 10266134500 BANDA ALEX G 2060 WYANDOTTE AVENUE LAKEWOOD OH 44107 20,500.00
ML677 10266134531 FOWLER ROBERT M JR 609 GLENDALE ROAD HAVERTOWN PA 19083 25,000.00
ML677 10266134710 DECKER JAMES M 534 EAST PAPAGO DRIVE TEMPE AZ 85281 52,500.00
ML677 10266134757 MCPHAIL HOLLY L 3460 EAST NIELSEN LANE DENVER CO 80210 36,850.00
ML677 10266134879 ORMSBEE JAMES E 2793 EAST 2100 NORTH LAYTON UT 84040 40,000.00
ML677 10266134915 FIX MERRY LYNN 7238 SOUTH SUNDOWN CIRCLE LITTLETON CO 80120 26,000.00
ML677 10266134932 JANKIEWICZ ZBIGNIEW 14643 S. PEBBLECREEK DRIVE LOCKPORT IL 60441 26,300.00
ML677 10266134943 LITZAU JEFFREY A 1241 KADLER AVENUE NE ST. MICHAEL MN 55376 61,500.00
ML677 10266135065 LELO ALMA 8811 COLFAX AVENUE CHICAGO IL 60617 12,500.00
ML677 10266135068 HAYEN WILLIAM 3050 JACQUELINE DRIVE ROCKFORD IL 61109 16,500.00
ML677 10266135070 BOWERS TERRY L 410 SOUTH 3RD STREET PEOTONE IL 60468 99,000.00
ML677 10266135185 WIATRAK SCOTT A 4345 SEDATE LANE COLORADO SPRINGS CO 80917 44,402.00
ML677 10266135270 SADORUS CHRYLE F 3708 ADIRONDACK DRIVE COLORADO SPRINGS CO 80918 17,400.00
ML677 10266135295 ZIEGLOWSKY JAMES C 4550 WEST OLD HIGHWAY MORGAN UT 84050 47,000.00
ML677 10266135363 GIBSON ALONZO THOMAS 149 E. 114TH PLACE CHICAGO IL 60628 36,500.00
ML677 10266135365 SAX MICHAEL D 317 VILLA RD. STREAMWOOD IL 60107 31,200.00
ML677 10266135366 SENA CARMEN 1925 WEST OHIO STREET CHICAGO IL 60622 50,000.00
ML677 10266135442 ALLEN LARRY D 1929 SOUTH 925 WEST WOODS CROSS UT 84087 11,300.00
ML677 10266135445 WIMBER MARK L 3262 WEST 5860 SOUTH SALT LAKE CITY UT 84118 38,200.00
ML677 10266135472 LE JOHNXA 4655 234TH AVENUE SE ISSAQUAH WA 98027 115,470.00
ML677 10266135528 PABON EUGENE 23 SIEVERWOOD COURT STREAMWOOD IL 60107 21,100.00
ML677 10266135557 JOHNSON LINDA S 2459 PASEO ROAD NORTH COLORADO SPRINGS CO 80907 15,000.00
ML677 10266135560 MCDONALD MOLLY H 2325 EAST ARBOR LANE SALT LAKE CITY UT 84117 51,875.00
ML677 10266135570 GRYNKEWICZ EDWARD B 32 BRUSH CREEK ROAD MANOR PA 15665 27,500.00
ML677 10266135614 MYRICK DOUGLAS J 16520 MOUNT HERMAN LANE MONUMENT CO 80132 60,000.00
ML677 10266135662 ULPINDO CONSORCIA 5495 BALLARD WAY NORCROSS GA 30071 23,100.00
ML677 10266135704 GURULE BARRY P 2060 SOUTH WOLFF STREET DENVER CO 80219 34,000.00
ML677 10266135731 PINELLE PATRICIA S 1435 EAST 5TH STREET PUEBLO CO 81001 40,400.00
ML677 10266135736 RODRIGUEZ CARLOS 2556 CLARKE ST RIVER GROVE IL 60171 23,500.00
ML677 10266135756 PELKER WALTER J III 604 SCHUYLKILL AVENUE READING PA 19601 34,000.00
ML677 10266135826 SIZER IRENE A 821 SOUTH TAYLOR AVENUE OAK PARK IL 60304 140,000.00
ML677 10266135884 WESTLEY LINDA L 113 OLD SPIESS CHURCH ROAD READING PA 19606 170,000.00
ML677 10266135894 CHAMPLIN CHRISTINE D 418 NIAGARA STREET COLORADO SPRINGS CO 80911 22,000.00
ML677 10266136017 MOLT ROBERT J 6805 NORTHEAST NEPTUNE AVENUE GLENEDEN BEACH OR 97388 240,000.00
ML677 10266136021 JABECK PETER 98 ROYAL OAK DRIVE VERNON HILLS IL 60061 58,000.00
ML677 10266136128 MOSS JAMES C 911 EAST GREEN OAKS DRIVE BOUNTIFUL UT 84010 37,470.00
ML677 10266136234 KNECHT JOHN C 512 MEADOW STATION CIRCLE PARKER CO 80134 45,000.00
ML677 10266136355 MOODY STEVEN RAY 1393 EAST 1650 NORTH LAYTON UT 84040 45,000.00
ML677 10266136374 BAKER KEVIN J 3241 WEST 12075 SOUTH RIVERTON UT 84065 24,950.00
ML677 10266136392 MARINO VIRGINIA RAE 250 RED ROCKS VISTA LANE MORRISON CO 80465 68,000.00
ML677 10266136451 BROWN MILTON RAY 442 NORTH 2220 WEST PROVO UT 84601 62,300.00
ML677 10266136452 KUNZ HEBER 4886 SOUTH 4980 WEST SALT LAKE CITY UT 84118 50,000.00
ML677 10266136461 CHAPMAN DAVID E 45 NORTH WENDELL LANE ROOSEVELT UT 84066 38,500.00
ML677 10266136482 HOWARD FRANKIE L 1760 SOUTH OURAY COURT AURORA CO 80017 23,738.00
ML677 10266136712 ROTOLA JOHN 1925 SOUTH ROUTT COURT LAKEWOOD CO 80227 118,179.00
ML677 10266136936 POLLOCK TODD N 233 SOUTH 700 EAST CLEARFIELD UT 84015 26,348.00
ML677 10266137147 SOMERVILLE LANCE A 4521 WEST 4955 SOUTH SALT LAKE CITY UT 84118 30,890.00
ML677 10266137223 JOURDAIN EDWIN B III 2032 DARROW AVENUE EVANSTON IL 60201 65,000.00
ML677 10266137335 FOWLER MARRDELLA M 11518 SOUTH SANDY CREEK DRIVE SANDY UT 84094 13,500.00
------------------------------------------- ------------
119 Sale Total 5,778,131.00
</TABLE>
<TABLE>
<CAPTION>
Cut-off Date First Original Current Scheduled
Principal Payment Maturity Rem Date LTV Mortgage Payment
Sale ID Account Balance Date Date Term Due Ratio Rate Int & Prin
- ---------------------------------------------------------------------------------------------------------------------
<C> <S> <C> <C> <C> <C> <C> <C> <C> <C>
ML677 10266134191 13,500.00 12/12/96 11/12/11 179.38 12/12/96 77.1 12.100 162.89
ML677 10266134207 22,182.04 12/01/96 11/01/16 239.00 01/01/97 89.9 11.400 236.28
ML677 10266134315 175,000.00 12/05/96 11/05/16 239.15 12/05/96 70.0 10.750 1,776.65
ML677 10266134363 71,650.00 01/01/97 12/01/11 180.00 01/01/97 74.6 11.250 825.65
ML677 10266134402 91,500.00 01/01/97 12/01/26 360.00 01/01/97 74.3 11.750 923.61
ML677 10266134407 93,500.00 01/01/97 12/01/11 180.00 01/01/97 81.3 10.200 834.38
ML677 10266134464 121,500.00 01/01/97 12/01/11 180.00 01/01/97 90.0 11.450 1,198.57
ML677 10266134472 68,000.00 11/28/96 10/28/26 358.88 11/28/96 79.0 11.990 698.93
ML677 10266134500 20,408.28 11/28/96 10/28/11 178.88 12/28/96 24.1 9.550 214.68
ML677 10266134531 25,000.00 11/17/96 10/17/11 178.52 12/17/96 89.9 11.950 299.24
ML677 10266134710 52,500.00 11/11/96 10/11/26 358.32 12/11/96 75.0 12.000 540.02
ML677 10266134757 36,850.00 01/01/97 12/01/11 180.00 01/01/97 90.0 11.950 377.63
ML677 10266134879 39,416.06 11/25/96 10/25/11 178.78 01/25/97 79.8 11.950 409.91
ML677 10266134915 25,943.44 12/04/96 11/04/11 179.11 01/04/97 64.6 10.450 236.86
ML677 10266134932 26,300.00 11/28/96 10/28/11 178.88 11/28/96 89.9 11.250 303.07
ML677 10266134943 61,500.00 12/01/96 11/01/11 179.00 12/01/96 84.9 12.750 668.32
ML677 10266135065 12,491.60 11/28/96 10/28/11 178.88 12/28/96 22.3 14.000 166.47
ML677 10266135068 16,500.00 11/28/96 10/28/11 178.88 11/28/96 31.7 12.000 198.03
ML677 10266135070 99,000.00 12/01/96 11/01/11 179.00 12/01/96 90.0 11.250 1,140.82
ML677 10266135185 44,402.00 01/01/97 12/01/16 240.00 01/01/97 89.7 11.350 468.94
ML677 10266135270 17,400.00 01/01/97 12/01/11 180.00 01/01/97 90.0 11.950 178.31
ML677 10266135295 47,000.00 01/01/97 12/01/11 180.00 01/01/97 70.7 12.250 571.66
ML677 10266135363 36,500.00 12/01/96 11/01/16 239.00 12/01/96 57.0 10.600 366.86
ML677 10266135365 31,195.05 11/24/96 10/24/11 178.75 12/24/96 89.9 11.150 357.56
ML677 10266135366 50,000.00 12/01/96 11/01/16 239.00 12/01/96 40.3 11.250 524.63
ML677 10266135442 11,300.00 11/25/96 10/25/11 178.78 11/25/96 84.8 12.500 139.27
ML677 10266135445 38,200.00 01/01/97 12/01/11 180.00 01/01/97 89.8 11.350 442.61
ML677 10266135472 115,470.00 11/21/96 10/21/11 178.65 12/21/96 83.0 12.750 1,254.80
ML677 10266135528 21,076.97 11/25/96 10/25/11 178.78 12/25/96 87.1 11.950 216.23
ML677 10266135557 15,000.00 01/01/97 12/01/11 180.00 01/01/97 63.7 10.850 169.08
ML677 10266135560 51,875.00 12/01/96 11/01/11 179.00 12/01/96 84.9 12.750 563.72
ML677 10266135570 27,500.00 12/04/96 11/04/11 179.11 12/04/96 26.9 12.000 330.05
ML677 10266135614 60,000.00 01/01/97 12/01/16 240.00 01/01/97 63.1 11.250 629.55
ML677 10266135662 23,100.00 11/21/96 10/21/11 178.65 12/21/96 89.9 12.750 288.49
ML677 10266135704 34,000.00 01/01/97 12/01/11 180.00 01/01/97 79.6 10.100 367.45
ML677 10266135731 40,400.00 01/01/97 12/01/16 240.00 01/01/97 65.1 10.600 406.06
ML677 10266135736 23,467.45 11/24/96 10/24/11 178.75 12/24/96 89.9 11.550 275.27
ML677 10266135756 33,899.89 12/01/96 11/01/11 179.00 01/01/97 87.1 10.900 384.31
ML677 10266135826 139,873.80 12/01/96 11/01/11 179.00 12/01/96 80.0 10.000 1,504.45
ML677 10266135884 170,000.00 11/21/96 10/21/26 358.65 11/21/96 80.1 10.490 1,553.79
ML677 10266135894 22,000.00 01/01/97 12/01/11 180.00 01/01/97 79.6 10.700 245.92
ML677 10266136017 240,000.00 01/01/97 12/01/11 180.00 01/01/97 71.5 10.750 2,240.36
ML677 10266136021 58,000.00 12/01/96 11/01/16 239.00 12/01/96 61.3 9.650 546.33
ML677 10266136128 37,470.00 01/01/97 12/01/11 180.00 01/01/97 85.0 11.700 442.50
ML677 10266136234 45,000.00 01/01/97 12/01/11 180.00 01/01/97 84.8 10.700 503.02
ML677 10266136355 45,000.00 01/01/97 12/01/11 180.00 01/01/97 78.7 11.950 461.14
ML677 10266136374 24,950.00 11/21/96 10/21/11 178.65 12/21/96 89.9 11.950 298.64
ML677 10266136392 68,000.00 01/01/97 12/01/16 240.00 01/01/97 63.2 11.250 713.49
ML677 10266136451 62,300.00 01/01/97 12/01/11 180.00 01/01/97 89.9 11.950 638.43
ML677 10266136452 50,000.00 12/05/96 11/05/26 359.15 12/05/96 64.9 11.500 495.15
ML677 10266136461 38,389.38 11/22/96 10/22/11 178.68 12/22/96 74.8 15.550 553.42
ML677 10266136482 23,738.00 12/05/96 11/05/16 239.15 12/05/96 88.4 11.950 260.55
ML677 10266136712 118,179.00 01/01/97 12/01/11 180.00 01/01/97 84.9 12.750 1,284.24
ML677 10266136936 26,348.00 11/28/96 10/28/11 178.88 11/28/96 73.1 15.100 370.57
ML677 10266137147 30,890.00 12/01/96 11/01/11 179.00 12/01/96 84.8 13.500 353.82
ML677 10266137223 64,725.77 12/08/96 11/08/11 179.24 01/08/97 59.0 12.700 703.82
ML677 10266137335 13,500.00 12/04/96 11/04/11 179.11 12/04/96 72.7 13.100 171.70
--------------------------- --------- ----------------------------------
119 5,773,890.23 212.86 77.7 11.566 61,754.41
</TABLE>
<PAGE>
Page 14
Sale Schedule
1996-4 Class 1 - Initial Pool of Fixed Rate Mortgages - Settlement 12/19/96
Alliance Funding Company
A division of Superior Bank FSB
<TABLE>
<CAPTION>
Principal
Zip Balance at
Sale ID Account Name Address City State Code Origination
- ----------------------------------------------------------------------------------------------------------------------------------
<C> <S> <C> <C> <C> <C> <C> <C>
MLC678 10268000026 WRATNY WILLIAM 367 BANK ST BATAVIA NY 14020 35,000.00
MLC678 10268000046 KHAN MUHAMMAD Z 8522 101ST ST RICHMOND HILL NY 11418 182,400.00
MLC678 10268000054 CHICK KIMBERLY 73 WEST ST MANCHESTER CT 06040 47,500.00
MLC678 10268000069 FORD CHRISTOPHER C 167 MARIEMONT AVE BUFFALO NY 14220 55,000.00
MLC678 10268000131 BIRCH STEPHEN G 1145 MATIANUCK AVE WINDSOR CT 06095 76,000.00
MLC678 10268000139 LY BEN HEANG 6359 GRANT AVE PENNSAUKEN NJ 08109 70,000.00
MLC678 10268000189 BERARDI DONATO M 167 BAY HARBOR BLVD BRICK NJ 08723 39,000.00
MLC678 10268000214 ESSLING WILLIAM J 50 CLINTON ST MALVERNE NY 11565 56,400.00
MLC678 10268000220 LEICHSENRING HANS W 9 OXEN HILL ROAD TRUMBULL CT 06611 70,000.00
MLC678 10268000233 GERKEN FRANK 126 ELDER RD ISLIP NY 11751 50,000.00
MLC678 10268000246 NAM KYI JA 8133 DONGAN AVE ELMHURST NY 11373 55,000.00
MLC678 10268000256 JOHNSON JAMES F 8561 SHIPJACK PLACE PASEDENA MD 21122 37,250.00
MLC678 10268000265 BROWN EDWARD 1027 EAST 230TH STREET BRONX NY 10466 154,800.00
MLC678 10268000270 EYASSU AMARE 1835 MONROE ST NE WASHINGTON DC 20018 34,500.00
MLC678 10268000279 COLE THELMA R 3922 OLIVER ST HYATTSVILLE MD 20782 12,600.00
MLC678 10268000290 WINGO MARION 122 WAINWRIGHT DRIVE OLD BRIDGE NJ 08857 175,500.00
MLC678 10268000291 FRANCIS PAULINE 101 -11 AVENUE J BROOKLYN NY 11236 189,000.00
MLC678 10268000330 HANDZLIK LAWRENCE 41 ROMAN LN AMHERST NY 14226 84,000.00
MLC678 10268000340 ALLGAIER CLIFFORD D 20 LEXINGTON AVE PATCHOGUE NY 11772 96,750.00
MLC678 10268000387 ALLEN FITZROY 8909 AVENUE A BROOKLYN NY 11236 171,000.00
MLC678 10268000391 MALCHI ELI 2 CHELMSFORD CT MONSEY NY 10952 37,800.00
MLC678 10268000408 BARRETT DENNIS 140 WHITMAN ROAD YONKERS NY 10710 56,500.00
MLC678 10268000418 SPENCE DELMORE W 5 PUMPKIN LANE NORWALK CT 06851 76,700.00
MLC678 10268000420 BLISS CLAUDIA A 15 HAYES ST WARWICK RI 02886 16,300.00
MLC678 10268000467 KATRAKAZOS ANGELO 698 WASHINGTON ST FRANKLIN SQUARE NY 11010 53,000.00
MLC678 10268000479 PERSAUD DEONARINE 88 16 213TH STREET QUEENS NY 11428 21,000.00
MLC678 10268000511 THORPE PETER J 77 LYONS PLAIN ROAD WESTON CT 06883 216,000.00
MLC678 10268000526 BURRELL LISA ANN 3192 VANDIVER DRIVE MARIETTA GA 30066 88,000.00
MLC678 10268000534 STEVENS MINDY 6 SHELART STREET PLAINVIEW NY 11803 25,000.00
MLC678 10268000535 JAHBAL CHELLA 105 -14 189TH STREET ST ALBANS NY 11412 126,000.00
MLC678 10268000537 BROWN RIDLEY J 40 SHORELANDS DRIVE MADISON CT 06443 125,000.00
MLC678 10268000577 FITZULA FREDRICK 7 SOUTH MAIN STREET HARRIMAN NY 10926 104,350.00
MLC678 10268000582 MOORE JEANNETTE M 93 MOUNTAIN LODGE ROAD MONROE NY 10950 18,000.00
MLC678 10268000584 WASHINGTON SYLVESTER 21 HOPATCONG AVENUE WEST HEMPSTEAD NY 11552 99,000.00
MLC678 10268000599 WISEMAN CHARLES F 8 SALISBURY ROAD BARRINGTON RI 02806 32,500.00
MLC678 10268000609 MILLER TIMOTHY J 44 LAKE STREET HAVERHILL MA 01832 54,500.00
MLC678 10268000652 A PATRICIA COOKS 4318 3RD STREET NORTHWEST WASHINGTON DC 20011 36,000.00
MLC678 10268000656 RICHARDS VERNA M 167 -37 109TH RD JAMAICA NY 11433 135,000.00
MLC678 10268000664 MOHAN DEODAT 107 63 121ST STREET RICHMOND HILL NY 11419 57,500.00
MLC678 10268000669 CHENG KUO FENG 1030 ROCKCREST DRIVE MARIETTA GA 30062 25,000.00
MLC678 10268000682 DEMARS MICHAEL R 1 ARTHUR STREET TUPPER LAKE NY 12986 16,600.00
MLC678 10268000709 RITTERBUSCH ANN JESSIE 7 CHERRY STREET NEWPORT RI 02840 48,250.00
MLC678 10268000714 EMMONS ROBERT N 92 KENNEDY STREET WOONSOCKET RI 02895 23,200.00
MLC678 10268000715 FONSECA MANUEL P 1795 BOSTON POST ROAD DARIEN CT 06820 19,500.00
MLC678 10268000717 ROTH ROBERT 7953 TURNCREST DRIVE POTOMAC MD 20854 28,800.00
MLC678 10268000718 GHEZZI RICHARD J 105 POWER STREET SOLVAY NY 13209 19,100.00
MLC678 10268000721 DAUTI DASHURIE 21 LINDA COURT NAUGATUCK CT 06770 40,700.00
MLC678 10268000731 ZAKOW DOUGLAS A 6 LARKIN STREET SOUTH HUNTINGTON NY 11746 33,500.00
MLC678 10268000734 MOYSEY RAE ANNE 7 EILEEN BOULEVARD POUGHKEEPSIE NY 12603 20,500.00
MLC678 10268000757 RABADI BASSAM 9 FRANCES STREET NORTH TARRYTOWN NY 10591 100,000.00
MLC678 10268000796 CARROLL SHIRLEY 44 WESTMINSTER ROAD BROOKLYN NY 11218 223,200.00
MLC678 10268000834 LAPPIN JOHN F 5808 BUCKNELL TERRACE COLLEGE PARK MD 20740 27,000.00
MLC678 10268000838 BERTRANI MICHAEL 66 YUCCA DRIVE STATEN ISLAND NY 10312 40,000.00
MLC678 10268000845 LIND DAVID E 5 BENJAMIN ROAD MAHOPAC NY 10541 20,000.00
MLC678 10268000884 FEMINA ALFONSO W LA 101 2ND AVENUE MASSAPEQUA PK NY 11762 162,000.00
MLC678 10268000905 RUBBO VINCENT 2 PLUM COURT MOUNT SINAI NY 11766 32,250.00
MLC678 10268000913 GIVENS LAMBERT B 110-112 MATHER STREET HARTFORD CT 06112 43,400.00
MLC678 10268000933 MELDISH MICHAEL 1128 VINCENT AVENUE BRONX NY 10465 67,000.00
MLC678 10268000950 LAURITANO GARY 133 CAMBRIDGE DRIVE HICKSVILLE NY 11801 25,000.00
MLC678 10268000957 MARTIN EDITH 107 ALEXANDER STREET ALBANY NY 12202 45,000.00
MLC678 10268000962 RALEIGH MICHAEL K 5 YORK PLACE WASHINGTONVILLE NY 10992 35,000.00
MLC678 10268000993 BARRETT WILLARD W 1037 EAST 105TH STREET BROOKLYN NY 11236 31,450.00
</TABLE>
<TABLE>
<CAPTION>
Cut-off Date First Original Current Scheduled
Principal Payment Maturity Rem Date LTV Mortgage Payment
Sale ID Account Balance Date Date Term Due Ratio Rate Int & Prin
- ---------------------------------------------------------------------------------------------------------------------
<C> <S> <C> <C> <C> <C> <C> <C> <C> <C>
MLC678 10268000026 34,782.61 09/23/96 08/23/11 176.71 12/23/96 57.3 10.450 385.81
MLC678 10268000046 182,217.86 09/15/96 08/15/11 176.45 12/15/96 80.0 10.750 1,702.67
MLC678 10268000054 47,297.69 09/02/96 08/02/16 236.02 12/02/96 79.1 10.400 471.04
MLC678 10268000069 54,760.08 09/06/96 08/06/26 356.15 01/06/97 77.4 12.950 606.26
MLC678 10268000131 76,000.00 10/06/96 09/06/11 177.17 12/06/96 80.0 12.150 790.53
MLC678 10268000139 69,940.14 09/07/96 08/07/11 176.19 12/07/96 66.6 10.990 666.10
MLC678 10268000189 38,958.81 09/06/96 08/06/11 176.15 12/06/96 44.3 11.490 385.92
MLC678 10268000214 56,280.35 10/01/96 09/01/11 177.00 12/01/96 79.8 11.750 667.85
MLC678 10268000220 69,612.42 09/06/96 08/06/11 176.15 12/06/96 87.0 11.900 835.62
MLC678 10268000233 50,000.00 09/27/96 08/27/11 176.84 11/27/96 20.7 10.750 466.74
MLC678 10268000246 54,786.68 10/11/96 09/11/16 237.34 12/11/96 66.0 10.400 545.42
MLC678 10268000256 37,250.00 10/05/96 09/05/16 237.14 12/05/96 89.8 12.250 416.67
MLC678 10268000265 154,800.00 09/07/96 08/07/11 176.19 11/07/96 90.0 11.450 1,527.07
MLC678 10268000270 34,427.46 10/03/96 09/03/11 177.07 12/03/96 90.0 13.150 439.92
MLC678 10268000279 12,532.69 09/20/96 08/20/11 176.61 12/20/96 66.6 13.500 163.59
MLC678 10268000290 175,500.00 10/27/96 09/27/26 357.86 11/27/96 90.0 11.750 1,771.51
MLC678 10268000291 188,845.03 09/19/96 08/19/11 176.58 12/19/96 90.0 12.250 1,980.52
MLC678 10268000330 84,000.00 09/01/96 08/01/11 176.00 12/01/96 88.9 11.250 815.86
MLC678 10268000340 96,750.00 09/08/96 08/08/16 236.22 11/08/96 75.0 13.500 1,168.14
MLC678 10268000387 171,000.00 09/19/96 08/19/11 176.58 11/19/96 90.0 11.750 1,726.09
MLC678 10268000391 37,372.00 09/26/96 08/26/06 116.81 12/26/96 84.9 12.750 558.83
MLC678 10268000408 56,208.03 09/26/96 08/26/11 176.81 12/26/96 80.0 12.450 694.54
MLC678 10268000418 76,369.33 09/20/96 08/20/11 176.61 12/20/96 89.9 11.950 785.99
MLC678 10268000420 16,300.00 10/03/96 09/03/11 177.07 12/03/96 89.8 12.750 203.56
MLC678 10268000467 52,818.98 09/01/96 08/01/11 176.00 12/01/96 90.0 12.500 653.24
MLC678 10268000479 20,938.67 10/18/96 09/18/11 177.57 12/18/96 89.8 11.950 215.20
MLC678 10268000511 215,799.62 09/19/96 08/19/11 176.58 12/19/96 80.0 10.700 2,008.20
MLC678 10268000526 88,000.00 10/04/96 09/04/26 357.11 12/04/96 80.0 10.950 834.72
MLC678 10268000534 24,931.43 10/04/96 09/04/11 177.11 12/04/96 79.9 12.490 307.97
MLC678 10268000535 126,000.00 10/03/96 09/03/11 177.07 12/03/96 85.7 11.450 1,242.96
MLC678 10268000537 123,936.87 09/23/96 08/23/11 176.71 12/23/96 61.2 12.700 1,353.50
MLC678 10268000577 104,350.00 10/03/96 09/03/16 237.07 12/03/96 85.8 10.200 1,020.87
MLC678 10268000582 17,942.01 10/10/96 09/10/11 177.30 12/10/96 89.4 11.500 210.27
MLC678 10268000584 99,000.00 09/23/96 08/23/11 176.71 11/23/96 90.0 11.450 976.61
MLC678 10268000599 32,500.00 09/27/96 08/27/11 176.84 11/27/96 89.6 12.750 405.87
MLC678 10268000609 54,500.00 10/11/96 09/11/11 177.34 12/11/96 79.9 12.500 581.66
MLC678 10268000652 35,904.82 10/26/96 09/26/11 177.83 12/26/96 79.7 14.500 440.84
MLC678 10268000656 135,000.00 10/09/96 09/09/11 177.27 12/09/96 90.0 11.000 1,285.64
MLC678 10268000664 57,500.00 09/12/96 08/12/11 176.35 11/12/96 88.8 12.500 613.67
MLC678 10268000669 25,000.00 09/20/96 08/20/11 176.61 11/20/96 85.1 13.250 320.43
MLC678 10268000682 16,545.78 10/23/96 09/23/11 177.73 12/23/96 89.8 11.400 192.87
MLC678 10268000709 48,250.00 11/24/96 10/24/11 178.75 11/24/96 84.8 13.250 543.19
MLC678 10268000714 23,020.44 09/26/96 08/26/11 176.81 12/26/96 88.2 12.350 283.68
MLC678 10268000715 19,500.00 10/11/96 09/11/11 177.34 12/11/96 70.0 11.000 185.70
MLC678 10268000717 28,800.00 10/23/96 09/23/11 177.73 11/23/96 80.9 13.350 371.05
MLC678 10268000718 19,009.90 10/13/96 09/13/11 177.40 12/13/96 89.9 11.740 226.05
MLC678 10268000721 40,497.75 09/28/96 08/28/11 176.88 12/28/96 84.9 12.890 512.01
MLC678 10268000731 33,500.00 12/13/96 11/13/11 179.41 12/13/96 78.8 11.200 384.98
MLC678 10268000734 20,465.00 10/09/96 09/09/11 177.27 12/09/96 62.0 12.500 252.67
MLC678 10268000757 100,000.00 10/04/96 09/04/11 177.11 12/04/96 66.2 12.850 1,094.49
MLC678 10268000796 223,200.00 10/20/96 09/20/11 177.63 11/20/96 79.7 12.450 2,373.46
MLC678 10268000834 26,980.56 11/01/96 10/01/11 178.00 12/01/96 82.4 13.750 355.05
MLC678 10268000838 40,000.00 09/26/96 08/26/11 176.81 12/26/96 64.9 11.850 406.83
MLC678 10268000845 19,840.82 09/21/96 08/21/06 116.65 11/21/96 87.6 11.500 281.19
MLC678 10268000884 162,000.00 10/05/96 09/05/16 237.14 12/05/96 84.9 13.300 1,932.68
MLC678 10268000905 32,181.66 10/04/96 09/04/11 177.11 12/04/96 79.6 10.300 352.50
MLC678 10268000913 43,400.00 11/21/96 10/21/11 178.65 12/21/96 70.0 10.650 401.87
MLC678 10268000933 67,000.00 10/03/96 09/03/11 177.07 12/03/96 26.0 13.350 759.53
MLC678 10268000950 24,941.13 09/21/96 08/21/11 176.65 12/21/96 84.2 12.999 316.29
MLC678 10268000957 44,962.17 10/18/96 09/18/11 177.57 12/18/96 69.2 9.600 381.67
MLC678 10268000962 34,700.09 10/05/96 09/05/11 177.14 12/05/96 86.6 11.150 401.11
MLC678 10268000993 31,200.57 10/17/96 09/17/11 177.53 12/17/96 89.9 11.600 369.40
</TABLE>
<PAGE>
Page 15
Sale Schedule
1996-4 Class 1 - Initial Pool of Fixed Rate Mortgages - Settlement 12/19/96
Alliance Funding Company
A division of Superior Bank FSB
<TABLE>
<CAPTION>
Principal
Zip Balance at
Sale ID Account Name Address City State Code Origination
- ----------------------------------------------------------------------------------------------------------------------------------
<C> <S> <C> <C> <C> <C> <C> <C>
MLC678 10268001068 NIGRO THOMAS 77 MCDONALD ROAD YORKTOWN HEIGHTS NY 10598 301,600.00
MLC678 10268001123 CERAVONE KATHLEEN A 81 DAWSON AVENUE WEST HAVEN CT 06516 28,600.00
MLC678 10268001161 VALBUENA LOIS 18 TERRY AVE AMITYVILLE NY 11701 37,100.00
MLC678 10268001162 FAZIO CHRISTINA M 110 RANDOLPH ROAD WHITE PLAINS NY 10607 46,800.00
MLC678 10268001164 KELLY LARRY H 1675 ROUTE 321 ELBRIDGE NY 13060 74,250.00
MLC678 10268001199 MURPHY WILLIAM O 5512 GALESTOWN ROAD GALESTOWN MD 21657 105,000.00
MLC678 10268001228 CAMACHO ANTONIO M JR 9 LYNNWOOD DRIVE SHELTON CT 06484 30,000.00
MLC678 10268001270 DALY JOHN J 3079 AGATE ST PHILADELPHIA PA 19134 30,100.00
MLC678 10268001303 WATERS BRENDA J 5314 SAINT BARNABAS RD TEMPLE HILLS MD 20748 17,400.00
MLC678 10268001366 GRAYER PHILLIP 355 NORTH 7TH STREET NEWARK NJ 07107 91,000.00
MLC678 10268001380 ATWELL FRANCES 7 WOODLAND DR EXTENSION REDDING CT 06612 70,000.00
MLC678 10268001414 IBRAHEEM GIRGIS M 44 MANHATTAN BOULEVARD ISLIP TERRACE NY 11752 19,000.00
MLC678 10268001419 HULKOWER JACQUELINE 2837 LINDALE STREET WANTAGH NY 11793 45,000.00
MLC678 10268002650 WRIGHTEN GARNELL SR 77 GROVE ST ENGLEWOOD NJ 07631 118,400.00
MLC678 10268002711 DESANTIS QUENTIN J 5 HOMESTEAD LANE NEW CITY NY 10956 94,500.00
MLC678 10268002760 BARTHOLOMEW MARIO 16 TRACY LANE EAST ISLIP NY 11730 132,000.00
MLC678 10268002776 MOLNAR CATHERINE E 2 BLUE BARNS ROAD REXFORD NY 12148 35,000.00
MLC678 10268002785 WASHINGTON ROSA LEE 105 ALEXANDER STREET ALBANY NY 12202 35,000.00
MLC678 10268002802 PARKINSON THELMA 357 EAST 28TH STREET BROOKLYN NY 11226 140,250.00
MLC678 10268002811 BICKEL MICHAEL T 453 MANSE LN ROCHESTER NY 14625 19,000.00
MLC678 10268002843 WADE ROGER L 5274 CHAUK POINT ROAD WEST RIVER MD 20778 74,000.00
MLC678 10268002867 BENTON TONYA R 2905 SYDNEY AVENUE DISTRICT HEIGHTS MD 20747 18,800.00
MLC678 10268002899 BROMLEY WARREN V 660 ROOSEVELT DR OXFORD CT 06478 20,110.00
MLC678 10268002913 HERIDA PETER E 55 WILCOX AVE MERIDEN CT 06451 120,600.00
MLC678 10268003001 ENGLISH JEANETTE 37 UNION LN MOUNT VERNON NY 10553 16,000.00
MLC678 10268003042 PECK RICHARD A 231 BUSHWICK AVE MERRICK NY 11566 114,000.00
MLC678 10268003621 PENN B ORVILLE 6151 AUGUSTA CIRCLE SALISBURY MD 21801 47,000.00
MLC678 10268003653 BOYD ROBIN L 2034 WEST SARATOGA STREET BALTIMORE MD 21223 29,900.00
MLC678 10268003704 HARRISON JERRY D 2249 EPHRAIM AVE FORT MYERS FL 33907 70,500.00
MLC678 10268003733 SKRYLOV NORAH J 7 PINEWOOD GREEN HOMOSASSA FL 34447 14,550.00
MLC678 10268003763 BENSON WILLIAM SR 72 HULLS HILL ROAD SOUTHBURY CT 06488 92,400.00
MLC678 10268003776 SHAW ROBYN 4365 INDIANAPOLIS STREET NE SAINT PETERSBURG FL 33703 20,690.00
MLC678 10268003850 SPEERS MAX D 469 N PLATTE ROAD FAYETTEVILLE NC 28303 58,500.00
MLC678 10268003860 HINEGARDNER JEFFREY L 5943 PRINCE GEORGE STREET BALTIMORE MD 21207 90,000.00
MLC678 10268003864 THOMAS JAMES M 16035 ACCOLAWN RD ACCOKEEK MD 20607 75,000.00
MLC678 10268004076 JOHNSON WAYNE 81 VAN BUREN ST PORT JEFFERSON STA NY 11776 30,000.00
MLC678 10268004142 CONSIGLIO KATE W 3434 COLUMBUS DR HOLIDAY FL 34691 10,000.00
MLC678 10268004148 FABRE DIANE C 2427 AMBROSE LN PORT CHARLOTTE FL 33952 27,200.00
MLC678 10268004186 ZOLG JERALD B 916 ROBINSON DR N SAINT PETERSBURG FL 33710 35,500.00
MLC678 10268004213 MARTIN VERNON 5337 REELS MILL RD FREDERICK MD 21704 40,400.00
MLC678 10268004260 WATTS RICHARD D 79 ONONDAGA ST YONKERS NY 10704 23,140.00
MLC678 10268004415 JOHN ALICE G ST 8100 MERRIMOOR BLVD LARGO FL 33777 50,400.00
MLC678 10268004453 JORDAN JEFFERSON L 740 58TH STREET SOUTH TAMPA FL 33619 39,000.00
MLC678 10268004498 DAVIS THURMAN E 622 MAURY AVE OXON HILL MD 20745 59,500.00
MLC678 10268004589 BARON GABRIELLE 358-360 HAWLEY AVENUE BRIDGEPORT CT 06606 60,000.00
MLC678 10268004611 MEYENBURG PATRICIA ANN 13202 WHALER DRIVE HUDSON FL 34667 18,000.00
MLC678 10268004622 GERMAIN ROSE ST 10214 TARPON DR TREASURE ISLAND FL 33706 63,200.00
MLC678 10268004671 SCHIFINI JOSEPH A 667 43RD AVENUE NE SAINT PETERSBURG FL 33703 49,500.00
MLC678 10268004835 DORAN JOHN 10434 RAINBOW OAKS DR HUDSON FL 34667 15,400.00
MLC678 10268004836 FINE VAUGHN D 2532 NEWBURY STREET PORT CHARLOTTE FL 33952 29,000.00
MLC678 10268004853 MILLARD MAE F 2900 RIDGEWOOD AVE BALTIMORE MD 21215 62,100.00
MLC678 10268004994 MISEYKO ALICE MARIE 8015 27TH AVENUE NORTH SAINT PETERSBURG FL 33710 60,000.00
MLC678 10268005068 KLINGER BRETT 7137 BOUGENVILLE DR PORT RICHEY FL 34668 36,550.00
MLC678 10268005170 HAWKINS MARY JANET 3918 46TH AVENUE NORTH ST PETERSBURG FL 33714 30,400.00
MLC678 10268005328 MALVESTI JOSEPH J 12080 LUXEMBOURG COURT SPRING HILL FL 34609 30,500.00
MLC678 10268005387 LAM DENNIS L 10304 GREENSIDE DR COCKEYSVILLE MD 21030 137,440.00
------------------------------------------- ------------
118 Sale Total 7,435,580.00
</TABLE>
<TABLE>
<CAPTION>
Cut-off Date First Original Current Scheduled
Principal Payment Maturity Rem Date LTV Mortgage Payment
Sale ID Account Balance Date Date Term Due Ratio Rate Int & Prin
- ---------------------------------------------------------------------------------------------------------------------
<C> <S> <C> <C> <C> <C> <C> <C> <C> <C>
MLC678 10268001068 301,600.00 10/16/96 09/16/26 357.50 12/16/96 80.0 13.490 3,452.19
MLC678 10268001123 28,410.52 10/05/96 09/05/06 117.14 12/05/96 84.9 13.850 441.49
MLC678 10268001161 37,100.00 11/28/96 10/28/11 178.88 11/28/96 89.5 11.600 435.76
MLC678 10268001162 46,800.00 11/14/96 10/14/11 178.42 12/14/96 80.0 11.200 452.77
MLC678 10268001164 74,250.00 11/21/96 10/21/16 238.65 12/21/96 87.3 11.100 771.46
MLC678 10268001199 105,000.00 11/09/96 10/09/11 178.26 11/09/96 70.0 13.500 1,202.68
MLC678 10268001228 30,000.00 10/27/96 09/27/11 177.86 11/27/96 77.5 10.350 271.06
MLC678 10268001270 29,985.68 10/04/96 09/04/11 177.11 12/04/96 70.0 11.700 302.68
MLC678 10268001303 17,200.38 10/16/96 09/16/11 177.50 01/16/97 85.7 12.150 210.51
MLC678 10268001366 91,000.00 10/20/96 09/20/11 177.63 11/20/96 65.0 14.350 1,103.49
MLC678 10268001380 69,982.19 11/01/96 10/01/11 178.00 12/01/96 73.7 11.750 706.59
MLC678 10268001414 18,990.37 11/09/96 10/09/11 178.26 12/09/96 79.7 12.000 228.03
MLC678 10268001419 44,782.42 10/16/96 09/16/11 177.50 12/16/96 89.9 11.400 522.83
MLC678 10268002650 118,358.16 11/02/96 10/02/11 178.03 12/02/96 80.0 10.650 1,319.82
MLC678 10268002711 94,462.19 10/26/96 09/26/11 177.83 12/26/96 89.6 12.990 1,044.62
MLC678 10268002760 131,895.79 11/28/96 10/28/26 358.88 12/28/96 80.0 10.900 1,247.10
MLC678 10268002776 34,692.94 11/14/96 10/14/11 178.42 12/14/96 41.6 9.150 358.12
MLC678 10268002785 35,000.00 12/01/96 11/01/11 179.00 12/01/96 61.4 10.250 313.64
MLC678 10268002802 140,250.00 12/06/96 11/06/11 179.18 12/06/96 85.0 11.600 1,399.59
MLC678 10268002811 18,921.45 11/14/96 10/14/11 178.42 12/14/96 89.2 11.050 216.55
MLC678 10268002843 73,856.06 11/16/96 10/16/11 178.49 12/16/96 52.8 9.200 759.39
MLC678 10268002867 18,757.98 11/16/96 10/16/11 178.49 12/16/96 89.9 11.550 220.22
MLC678 10268002899 20,110.00 12/14/96 11/14/11 179.44 12/14/96 80.8 13.350 227.97
MLC678 10268002913 120,600.00 11/28/96 10/28/11 178.88 11/28/96 90.0 11.100 1,157.62
MLC678 10268003001 16,000.00 12/13/96 11/13/11 179.41 12/13/96 80.2 9.750 169.50
MLC678 10268003042 114,000.00 11/15/96 10/15/11 178.45 12/15/96 79.8 12.990 1,260.18
MLC678 10268003621 47,000.00 11/28/96 10/28/11 178.88 12/28/96 90.0 11.350 460.07
MLC678 10268003653 29,867.68 12/01/96 11/01/26 359.00 01/01/97 65.0 12.000 307.56
MLC678 10268003704 70,500.00 12/06/96 11/06/11 179.18 12/06/96 74.2 13.250 903.62
MLC678 10268003733 14,550.00 12/18/96 11/18/11 179.57 12/18/96 84.8 11.750 172.29
MLC678 10268003763 92,253.62 11/28/96 10/28/16 238.88 12/28/96 70.0 11.000 953.74
MLC678 10268003776 20,578.30 12/01/96 11/01/16 239.00 01/01/97 89.9 11.550 221.36
MLC678 10268003850 58,500.00 11/28/96 10/28/11 178.88 11/28/96 90.0 10.750 655.75
MLC678 10268003860 90,000.00 11/24/96 10/24/26 358.75 11/24/96 90.0 10.450 819.90
MLC678 10268003864 75,000.00 12/08/96 11/08/11 179.24 12/08/96 78.6 10.500 686.05
MLC678 10268004076 30,000.00 12/18/96 11/18/11 179.57 12/18/96 70.8 11.250 345.70
MLC678 10268004142 10,000.00 12/12/96 11/12/11 179.38 12/12/96 81.6 11.990 119.95
MLC678 10268004148 27,200.00 12/11/96 11/11/11 179.34 12/11/96 80.0 11.250 313.44
MLC678 10268004186 35,500.00 12/18/96 11/18/16 239.57 12/18/96 84.8 11.650 382.26
MLC678 10268004213 40,400.00 12/04/96 11/04/11 179.11 12/04/96 84.8 9.900 431.67
MLC678 10268004260 23,140.00 12/14/96 11/14/11 179.44 12/14/96 84.9 12.150 279.96
MLC678 10268004415 50,400.00 12/08/96 11/08/11 179.24 12/08/96 79.1 10.500 557.12
MLC678 10268004453 39,000.00 12/12/96 11/12/26 359.38 12/12/96 63.9 11.600 389.19
MLC678 10268004498 59,500.00 12/04/96 11/04/16 239.11 12/04/96 70.0 9.400 550.74
MLC678 10268004589 60,000.00 11/18/96 10/18/26 358.55 11/18/96 80.0 13.750 699.07
MLC678 10268004611 18,000.00 12/18/96 11/18/11 179.57 12/18/96 54.6 10.900 203.46
MLC678 10268004622 63,200.00 12/15/96 11/15/16 239.47 12/15/96 79.2 10.900 648.05
MLC678 10268004671 49,500.00 12/13/96 11/13/11 179.41 12/13/96 75.5 11.750 499.66
MLC678 10268004835 15,400.00 12/08/96 11/08/06 119.24 12/08/96 84.9 12.350 224.07
MLC678 10268004836 29,000.00 12/11/96 11/11/11 179.34 12/11/96 84.3 10.100 313.41
MLC678 10268004853 62,100.00 12/08/96 11/08/11 179.24 12/08/96 90.0 11.050 593.74
MLC678 10268004994 60,000.00 12/18/96 11/18/26 359.57 12/18/96 75.0 10.750 560.09
MLC678 10268005068 36,550.00 12/11/96 11/11/11 179.34 12/11/96 85.0 12.250 444.56
MLC678 10268005170 30,400.00 12/18/96 11/18/26 359.57 12/18/96 80.0 13.750 354.19
MLC678 10268005328 30,500.00 12/18/96 11/18/11 179.57 12/18/96 75.7 11.250 351.47
MLC678 10268005387 137,440.00 12/18/96 11/18/26 359.57 12/18/96 85.9 12.000 1,413.73
------------ ------- ----------------------------------
7,427,595.18 212.77 79.8 11.797 79,277.90
</TABLE>
<PAGE>
Page 16
Sale Schedule
1996-4 Class 1 - Initial Pool of Fixed Rate Mortgages - Settlement 12/19/96
Alliance Funding Company
A division of Superior Bank FSB
<TABLE>
<CAPTION>
Principal
Zip Balance at
Sale ID Account Name Address City State Code Origination
- ----------------------------------------------------------------------------------------------------------------------------------
<C> <S> <C> <C> <C> <C> <C> <C>
MLC678A 10268000106 SHOWLER ROBERT W 151 BAY VIEW AVE CORNWALL ON HUDSON NY 12520 95,400.00
MLC678A 10268000107 TURPIN SHEILA 53 CHAUNCEY ST BROOKLYN NY 11233 125,000.00
MLC678A 10268000144 GALANTE LUCA 129 ROMA AVE STATEN ISLAND NY 10306 120,000.00
MLC678A 10268000251 DAMBROSE MARIA G 41-91 FORLEY STREET ELMHURST NY 11373 45,000.00
MLC678A 10268000377 KUECH LINDA M 109 COLLEGE AVE POUGHKEEPSIE NY 12603 62,000.00
MLC678A 10268000390 FELDER EARLEY B 364 PINE ST BROOKLYN NY 11208 112,000.00
MLC678A 10268000409 FRENDAK PAUL J 17 STATE ST WATERLOO NY 13165 36,000.00
MLC678A 10268000424 ALBRECHT STEVEN 11 HILLS STREET EAST HARTFORD CT 06118 64,000.00
MLC678A 10268000500 SCHIEFERSTEIN JEFFREY 59 ADAMS ROAD CENTRAL ISLIP NY 11722 35,000.00
MLC678A 10268000520 FRANCOIS SAMUEL JEAN 62 SPRINGBROOK RD NANUET NY 10954 122,400.00
MLC678A 10268000564 FRANZESE ANIELLO 1248 PARKWOOD DRIVE NORTH MERRICK NY 11566 75,000.00
MLC678A 10268000569 LONG JACK L 7321 EAST HILLCREST LANE SLATINGTON PA 18080 67,500.00
MLC678A 10268000732 NEWELL MARJORIE 21933 142ND RD SPRINGFIELD GARDENS NY 11413 24,000.00
MLC678A 10268000752 DICKIE KARL 93 CUNNINGHAM AVENUE UNIONDALE NY 11553 139,500.00
MLC678A 10268000784 SHORE TONY C 130 BLAKE ROAD MAYBROOK NY 12543 58,500.00
MLC678A 10268000795 URSO GIUSEPPE 92 LYNHURST AVENUE STATEN ISLAND NY 10305 47,000.00
MLC678A 10268000797 SMITH EDWARD D 1068 PO BOX EARLES ROAD MIDDLEBURGH NY 12122 27,350.00
MLC678A 10268000801 HOWARD INGRID 186 SMITH AVENUE ISLIP NY 11751 59,000.00
MLC678A 10268000817 RAMESSAR SAMUEL 95 -32 117TH STREET RICHMOND HILL NY 11419 35,000.00
MLC678A 10268000825 AGOSTINI JADA 231 LAWSON STREET HEMPSTEAD NY 11550 125,000.00
MLC678A 10268000874 HYLTON MICHAEL 2211 LIGHT STREET BRONX NY 10466 116,000.00
MLC678A 10268000887 RAJARATNAM CHANDRAN 72 FLORIDA HILL ROAD RIDGEFIELD CT 06877 70,600.00
MLC678A 10268000898 NAPPI MELANIE 62 36 60TH AENUE MAPSETH NY 11378 166,400.00
MLC678A 10268000929 MILLER KEVIN S 989 HARTFORD TURNPIKE NORTH HAVEN CT 06473 20,000.00
MLC678A 10268000988 DAOUD ANTONE 1 TEEDLE BROOK ROAD HARPERS FIELD NY 13786 30,400.00
MLC678A 10268001003 PRETA ARSENIO V 995 PECK LANE CHESHIRE CT 06410 49,790.00
MLC678A 10268001011 KALEM JOSEF 421 PALISADE AVE JERSEY CITY NJ 07307 99,400.00
MLC678A 10268001040 GILKES DEREK F 638 HENDRIX STREET BROOKLYN NY 11207 90,000.00
MLC678A 10268001048 WHARTON KAREN 120 SOUTH 11TH AVENUE MOUNT VERNON NY 10036 162,000.00
MLC678A 10268001114 ESCOBAR JORGE 76 TWIN LAWNS AVENUE HICKSVILLE NY 11801 144,000.00
MLC678A 10268001138 JOSEPH WILFRID J 241-25 145TH AVENUE ROSEDALE NY 11422 46,200.00
MLC678A 10268001172 CALISE STEVEN M 46 CALLAN STREET PROVIDENCE RI 02905 72,000.00
MLC678A 10268001180 HOEHN FELIX MICHAEL 78 NASSAU AVE PLAINVIEW NY 11803 30,748.00
MLC678A 10268001183 CHENG HSUEH 201 03 34TH STREET BAYSIDE NY 11361 24,000.00
MLC678A 10268001191 ILIOPOULOS GEORGE 306 WALSH CT BROOKLYN NY 11230 115,000.00
MLC678A 10268001202 ROSA LINDA 403 ROXBURY ROAD STAMFORD CT 06902 105,600.00
MLC678A 10268001203 GUBITOSA CHARLES R 2 LORRAINE DR PINE BROOK NJ 07058 27,000.00
MLC678A 10268001209 FYE THEARON 704 GEORGIA AVE BROOKLYN NY 11207 122,400.00
MLC678A 10268001215 CARP PAUL D 6647 HAWTHORNE STREET MC LEAN VA 22101 55,000.00
MLC678A 10268001243 GONZALEZ JOSE 10516 37TH AVE CORONA NY 11368 214,200.00
MLC678A 10268001256 SMITH COREY 188 ALABAMA AVE HEMPSTEAD NY 11550 117,900.00
MLC678A 10268001260 ABBOTT TONEMAN 381 GURDON ST BRIDGEPORT CT 06606 34,715.00
MLC678A 10268001261 BARSALONA VINCENT 1390 ILLINOIS AVE BAY SHORE NY 11706 56,000.00
MLC678A 10268001262 GOLEBIWSKI DONNA 2616 MASSETH AVE BALTIMORE MD 21219 88,200.00
MLC678A 10268001271 MONIS ARGYRIS 61-38 148TH STREET FLUSHING NY 11367 40,000.00
MLC678A 10268001274 SANCHEZ FRANK 549 WESTCHESTER AVE TUCKAHOE NY 10707 43,200.00
MLC678A 10268001279 CIACCIARELLA JOHN 80 QUENBY PL STRATFORD CT 06497 105,000.00
MLC678A 10268001282 GEILING J DOUGLASS 1502 UNQUOWA RD FAIRFIELD CT 06430 40,000.00
MLC678A 10268001296 GREER DANNY AARON 44384 CLARKES LANDING ROAD HOLLYWOOD MD 20636 47,000.00
MLC678A 10268001318 PAGILLO ANTHONY 10772 101ST ST OZONE PARK NY 11417 50,000.00
MLC678A 10268001346 ONEIL DAVID E 59 REGENCY DR W HARTFORD CT 06110 28,000.00
MLC678A 10268001348 PONGER KAREN A 4 GILLYS LANE NORWALK CT 06854 46,900.00
MLC678A 10268001395 LUIS JUDITH DESIMONE 9 WOODLAND TER MERRICK NY 11566 70,000.00
MLC678A 10268001398 FELICIANO ANGEL 10 LAWRENCE ST TAUNTON MA 02780 17,900.00
MLC678A 10268001403 AMODEO RICHARD A 174 TREMAINE AVE KENMORE NY 14217 40,000.00
MLC678A 10268001430 PIU CARLO 67 12 50TH AVENUE WOODSIDE NY 11377 70,750.00
MLC678A 10268001440 SOROKA RUTH E 523 NORTH GILLETE AVENUE BAYPORT NY 11705 113,400.00
MLC678A 10268002622 SPOTO SALVATORE J SR 18 OAKDENE AVE CLIFFSIDE PARK NJ 07010 142,200.00
MLC678A 10268002631 AGUSTIN MYRNA SAN 102 BOEHMHURST AVE SAYREVILLE NJ 08872 45,000.00
MLC678A 10268002655 PIANA ANTHONY S 184 BEAR PATH RD HAMDEN CT 06514 53,000.00
MLC678A 10268002692 ABDUL-SHAKOOR YAHYA 118 FOOTE HILL RD NORTH BRANFORD CT 06472 136,000.00
MLC678A 10268002697 MORELAND CONSTANCE A 17912 HICKMAN STREET POOLESVILLE MD 20837 285,150.00
</TABLE>
<TABLE>
<CAPTION>
Cut-off Date First Original Current Scheduled
Principal Payment Maturity Rem Date LTV Mortgage Payment
Sale ID Account Balance Date Date Term Due Ratio Rate Int & Prin
- ---------------------------------------------------------------------------------------------------------------------
<C> <S> <C> <C> <C> <C> <C> <C> <C> <C>
MLC678A 10268000106 95,319.44 09/26/96 08/26/11 176.81 12/26/96 90.0 11.000 908.52
MLC678A 10268000107 125,000.00 11/09/96 10/09/11 178.26 11/09/96 69.4 12.390 1,323.41
MLC678A 10268000144 118,778.81 08/25/96 07/25/11 175.76 11/25/96 68.9 9.050 1,220.69
MLC678A 10268000251 45,000.00 11/04/96 10/04/11 178.09 12/04/96 61.1 11.250 437.07
MLC678A 10268000377 61,880.02 11/24/96 10/24/26 358.75 12/24/96 79.4 10.150 550.98
MLC678A 10268000390 112,000.00 10/27/96 09/27/26 357.86 11/27/96 65.8 10.500 1,024.51
MLC678A 10268000409 35,899.44 10/09/96 09/09/11 177.27 12/09/96 72.0 11.750 426.29
MLC678A 10268000424 64,000.00 10/18/96 09/18/11 177.57 12/18/96 58.7 12.000 658.31
MLC678A 10268000500 34,982.48 10/11/96 09/11/26 357.34 12/11/96 70.0 10.750 326.72
MLC678A 10268000520 122,366.48 10/25/96 09/25/11 177.80 12/25/96 90.0 11.500 1,212.12
MLC678A 10268000564 74,825.42 11/21/96 10/21/11 178.65 12/21/96 63.1 10.990 851.98
MLC678A 10268000569 67,500.00 10/01/96 09/01/11 177.00 12/01/96 90.0 11.750 681.35
MLC678A 10268000732 24,000.00 10/11/96 09/11/11 177.34 12/11/96 77.6 14.500 293.89
MLC678A 10268000752 139,500.00 10/27/96 09/27/11 177.86 11/27/96 90.0 11.450 1,376.14
MLC678A 10268000784 58,500.00 11/18/96 10/18/11 178.55 12/18/96 90.0 11.250 568.19
MLC678A 10268000795 46,776.25 10/23/96 09/23/11 177.73 12/23/96 89.8 11.550 550.54
MLC678A 10268000797 27,350.00 10/11/96 09/11/11 177.34 11/11/96 89.8 12.700 296.15
MLC678A 10268000801 59,000.00 11/17/96 10/17/11 178.52 12/17/96 80.5 11.750 595.55
MLC678A 10268000817 34,961.93 11/07/96 10/07/11 178.19 12/07/96 89.7 11.950 358.67
MLC678A 10268000825 125,000.00 11/08/96 10/08/11 178.22 11/08/96 83.3 11.900 1,276.15
MLC678A 10268000874 116,000.00 11/02/96 10/02/11 178.03 11/02/96 80.0 12.000 1,193.19
MLC678A 10268000887 69,619.99 10/23/96 09/23/06 117.73 12/23/96 89.9 12.750 1,043.75
MLC678A 10268000898 166,205.85 10/23/96 09/23/11 177.73 12/23/96 80.0 12.200 1,737.28
MLC678A 10268000929 19,910.28 10/24/96 09/24/11 177.76 12/24/96 88.0 12.500 246.50
MLC678A 10268000988 30,400.00 11/21/96 10/21/06 118.65 11/21/96 80.0 11.700 430.90
MLC678A 10268001003 49,301.81 10/18/96 09/18/11 177.57 12/18/96 85.8 12.700 539.13
MLC678A 10268001011 99,400.00 10/06/96 09/06/11 177.17 12/06/96 70.0 12.300 1,045.45
MLC678A 10268001040 89,857.00 11/07/96 10/07/11 178.19 12/07/96 56.2 10.750 840.13
MLC678A 10268001048 162,000.00 11/07/96 10/07/11 178.19 12/07/96 90.0 12.250 1,697.59
MLC678A 10268001114 144,000.00 09/29/96 08/29/11 176.91 11/29/96 80.0 12.190 1,502.30
MLC678A 10268001138 46,200.00 11/15/96 10/15/11 178.45 11/15/96 62.4 14.090 550.70
MLC678A 10268001172 71,884.00 10/23/96 09/23/11 177.73 12/23/96 80.0 10.650 666.70
MLC678A 10268001180 30,748.00 10/24/96 09/24/16 237.76 11/24/96 89.9 11.950 337.49
MLC678A 10268001183 23,967.72 10/17/96 09/17/16 237.53 12/17/96 80.0 13.100 282.89
MLC678A 10268001191 115,000.00 10/20/96 09/20/26 357.63 11/20/96 58.9 10.700 1,069.18
MLC678A 10268001202 105,237.50 11/01/96 10/01/11 178.00 01/01/97 89.1 11.600 1,053.81
MLC678A 10268001203 27,000.00 11/01/96 10/01/11 178.00 12/01/96 82.0 12.500 332.78
MLC678A 10268001209 122,400.00 10/18/96 09/18/11 177.57 12/18/96 80.0 11.600 1,221.46
MLC678A 10268001215 54,990.70 10/16/96 09/16/11 177.50 12/16/96 52.8 10.950 623.40
MLC678A 10268001243 214,200.00 11/01/96 10/01/11 178.00 12/01/96 90.0 12.250 2,244.59
MLC678A 10268001256 117,900.00 11/17/96 10/17/11 178.52 11/17/96 90.0 10.900 1,113.89
MLC678A 10268001260 34,715.00 10/17/96 09/17/16 237.53 12/17/96 89.9 12.250 388.31
MLC678A 10268001261 55,977.42 10/27/96 09/27/26 357.86 12/27/96 80.0 9.600 474.97
MLC678A 10268001262 88,200.00 11/18/96 10/18/11 178.55 11/18/96 90.0 10.900 833.29
MLC678A 10268001271 39,988.95 10/18/96 09/18/11 177.57 11/18/96 86.6 12.750 499.54
MLC678A 10268001274 43,104.07 11/08/96 10/08/11 178.22 12/08/96 90.0 11.550 506.03
MLC678A 10268001279 104,195.88 10/05/96 09/05/26 357.14 01/05/97 58.3 10.650 972.27
MLC678A 10268001282 39,421.90 10/17/96 09/17/11 177.53 01/17/97 81.8 10.350 438.35
MLC678A 10268001296 46,986.49 10/17/96 09/17/16 237.53 12/17/96 86.1 12.990 550.31
MLC678A 10268001318 50,000.00 11/09/96 10/09/16 238.26 12/09/96 38.5 9.650 470.97
MLC678A 10268001346 27,990.43 11/01/96 10/01/11 178.00 12/01/96 79.4 11.500 327.09
MLC678A 10268001348 46,781.28 11/01/96 10/01/16 238.00 01/01/97 83.6 12.500 532.85
MLC678A 10268001395 70,000.00 10/10/96 09/10/11 177.30 11/10/96 74.6 10.990 795.18
MLC678A 10268001398 17,164.20 10/25/96 09/25/16 237.80 03/25/97 89.8 11.400 189.66
MLC678A 10268001403 39,909.96 11/10/96 10/10/11 178.29 12/10/96 89.6 11.400 464.74
MLC678A 10268001430 70,184.02 10/16/96 09/16/11 177.50 12/16/96 89.9 13.100 788.17
MLC678A 10268001440 113,400.00 11/02/96 10/02/11 178.03 12/02/96 90.0 12.250 1,188.31
MLC678A 10268002622 142,200.00 12/05/96 11/05/11 179.15 12/05/96 90.0 10.990 1,353.13
MLC678A 10268002631 45,000.00 11/24/96 10/24/11 178.75 12/24/96 84.6 12.990 569.06
MLC678A 10268002655 52,515.08 11/07/96 10/07/11 178.19 12/07/96 84.7 11.500 619.14
MLC678A 10268002692 136,000.00 11/18/96 10/18/11 178.55 12/18/96 84.4 12.850 1,488.50
MLC678A 10268002697 285,150.00 11/07/96 10/07/26 358.19 12/07/96 85.1 11.490 2,821.64
</TABLE>
<PAGE>
Page 17
Sale Schedule
1996-4 Class 1 - Initial Pool of Fixed Rate Mortgages - Settlement 12/19/96
Alliance Funding Company
A division of Superior Bank FSB
<TABLE>
<CAPTION>
Principal
Zip Balance at
Sale ID Account Name Address City State Code Origination
- ----------------------------------------------------------------------------------------------------------------------------------
<C> <S> <C> <C> <C> <C> <C> <C>
MLC678A 10268002700 SANGUINETTI NESTOR ALFRED 199 HUNTINGTON ST SHELTON CT 06484 31,100.00
MLC678A 10268002710 JULIANO JAMES D 131 CARRIAGE WAY WINDSOR CT 06095 50,000.00
MLC678A 10268002720 VIESTO FRANK J 20 GREENBRIAR LN NEWTOWN CT 06470 32,884.00
MLC678A 10268002735 AHMUTY THEODORE 321 NEVADA AVENUE ODENTON MD 21113 105,000.00
MLC678A 10268002758 RICHARD PETER O 91 GRAND ST SEYMOUR CT 06483 119,000.00
MLC678A 10268002786 SMOAK JEAN 242 BEACH 12TH ST FAR ROCKAWAY NY 11691 91,000.00
MLC678A 10268002791 CHOLOWA MAUREEN 2107 150TH STREET FLUSHING NY 11357 27,000.00
MLC678A 10268002796 BOURQUE PETER N 12 RYANWOOD COURT GANSEVOORT NY 12831 19,250.00
MLC678A 10268002822 GENTILE ARMANDO 1212 1214 89TH STREET NORTH BERGEN NJ 07047 63,000.00
MLC678A 10268002825 DUNNING MICHAEL LOUIS 514 HARWOOD AVENUE BALTIMORE MD 21212 76,000.00
MLC678A 10268002851 NARDILLA ROBERT 615 JUNARD BLVD WEST HEMPSTEAD NY 11552 34,000.00
MLC678A 10268002856 WHITE ROBERT CURTIS 6431 WOODBINE ROAD WOODBINE MD 21797 42,000.00
MLC678A 10268002860 SCHETTINI CARL R 3 FIELD PL CORTLANDT MANOR NY 10566 42,100.00
MLC678A 10268002882 GRANT WARREN H 4917 MORNING GLORY CT ROCKVILLE MD 20853 90,300.00
MLC678A 10268002903 HALL TRACY 405 CLERMONT AVENUE BROOKLYN NY 11238 145,000.00
MLC678A 10268002907 LAMBERT BERNARD L 52 LINCOLN AVE WALLINGFORD CT 06492 62,000.00
MLC678A 10268002914 MILLER ROBERT 300 CENTRAL AVE TORRINGTON CT 06790 33,300.00
MLC678A 10268002918 MCKOY HANNAH 44 WASHINGTON AVE DEER PARK NY 11729 70,000.00
MLC678A 10268002939 MURPHY THOMAS C 52 PUTKER ROAD NORTH STONINGTON CT 06359 84,800.00
MLC678A 10268002940 SCARDIGNO MICHAEL 1385 HEMLOCK AVE EAST MEADOW NY 11554 23,900.00
MLC678A 10268002959 UNGVARY SUSAN M 233 FLAX HILL RD NORWALK CT 06854 200,000.00
MLC678A 10268002963 WILKEYSON JOSEPH K 24 WACHS WAY VALLEY COTTAGE NY 10989 40,000.00
MLC678A 10268002983 ROBLES GONZALO C 4 ENGINEERS RD ROSLYN HARBOR NY 11576 127,500.00
MLC678A 10268002999 LOPEZ MIRIAM 88 HILLCREST AVE YONKERS NY 10705 229,500.00
MLC678A 10268003024 PEARSON MAYRA 9 STIRLING COURT MIDDLETOWN CT 06457 13,300.00
MLC678A 10268003040 BONES LUIS E 122 WEST 10TH STREET HUNTINGTON STATION NY 11746 29,750.00
MLC678A 10268003041 GERNERT WILLIAM HENRY 208 CHURCH LN GRASONVILLE MD 21638 58,500.00
MLC678A 10268003608 GOLEM STEVEN D 73 HAYES AVENUE CLARK NJ 07066 68,000.00
MLC678A 10268003644 KAZA WILLIAM J 4 CLEARVIEW DR SANDY HOOK CT 06482 55,000.00
MLC678A 10268003652 MARISH WAYNE E 8201 MARTHA ST ALEXANDRIA VA 22309 45,580.00
MLC678A 10268003711 WITKOWSKI JOZEF 37 CULLODEN RD STAMFORD CT 06902 46,100.00
MLC678A 10268003840 CAVALLARO DANIEL L 4010 OBISPO STREET TAMPA FL 33629 100,000.00
MLC678A 10268003855 JACKSON PHYLLIS I 423 HARDY RD CARTHAGE NC 28327 66,000.00
MLC678A 10268003870 SEARING JOHN A 7982 SOMERSET DR LARGO FL 33773 42,000.00
MLC678A 10268003892 ABBASSI SALEM 178 DUTCHESS TPKE POUGHKEEPSIE NY 12603 65,700.00
MLC678A 10268003959 AFFLECK DEBORAH ANNE 2179 46TH ST SW NAPLES FL 34116 15,042.00
MLC678A 10268004000 AUSTIN DENNIS L 4305 GREGG RD BROOKEVILLE MD 20833 70,000.00
MLC678A 10268004026 MASSENGILL BRENDA A 5872 HIGHWAY 22 SOUTH CLIMAX NC 27233 81,900.00
MLC678A 10268004028 DOLAN JAMES P 22 CITRUS AVE DUNEDIN FL 34698 133,000.00
MLC678A 10268004065 FEBVRE JAMES C LE 25 SPRUCE HILL RD WESTON CT 06883 60,000.00
MLC678A 10268004075 FOISY RUSSELL 167 MINEOLA CIR PALM HARBOR FL 34683 14,500.00
MLC678A 10268004141 RODRIGUEZ MARGARITA 1088 ROSEDALE RD NORTH WOODMERE NY 11581 69,565.00
MLC678A 10268004174 MCCLYMONDS MARY MARIE 270 ALAMEDA AVE FORT MYERS FL 33905 123,250.00
MLC678A 10268004234 MANZALILLO JOHN M 1621 WELLS ROAD VALLEY STREAM NY 11580 28,500.00
MLC678A 10268004306 MARTINEZ RICARDA 618 A BERGEN ST BROOKLYN NY 11238 172,000.00
MLC678A 10268004334 PATTERSON JOHN F 89 STUART AVE NORWALK CT 06850 25,000.00
MLC678A 10268004429 CEDERMAN ERIC 2441 BLOSSOM LAKE DR HOLIDAY FL 34691 74,250.00
MLC678A 10268004562 MILES BILLIE LEE 17387 ITAHCA DR FT MYERS FL 33912 10,000.00
MLC678A 10268004680 PILGREEN ROBERT J 570 15TH AVENUE NORTH LARGO FL 33770 50,400.00
MLC678A 10268004728 FISHER KELLY 46 MILFORD DR CENTRAL ISLIP NY 11722 104,000.00
MLC678A 10268004745 BECKLES DIANA 638 EAST 23RD ST BROOKLYN NY 11210 65,600.00
MLC678A 10268004845 ANDERSON VERNON 1200 5 VAN BUREN STREET ANNAPOLIS MD 21402 27,000.00
------------------------------------------- ------------
114 Sale Total 8,458,274.00
</TABLE>
<TABLE>
<CAPTION>
Cut-off Date First Original Current Scheduled
Principal Payment Maturity Rem Date LTV Mortgage Payment
Sale ID Account Balance Date Date Term Due Ratio Rate Int & Prin
- ---------------------------------------------------------------------------------------------------------------------
<C> <S> <C> <C> <C> <C> <C> <C> <C> <C>
MLC678A 10268002700 31,068.14 11/16/96 10/16/11 178.49 12/16/96 89.9 12.500 383.31
MLC678A 10268002710 50,000.00 11/23/96 10/23/11 178.72 12/23/96 88.6 12.750 543.35
MLC678A 10268002720 32,863.65 11/15/96 10/15/11 178.45 12/15/96 89.9 12.750 410.67
MLC678A 10268002735 104,980.53 11/04/96 10/04/26 358.09 12/04/96 70.0 10.950 995.97
MLC678A 10268002758 119,000.00 11/28/96 10/28/26 358.88 11/28/96 85.0 10.050 1,048.71
MLC678A 10268002786 91,000.00 11/02/96 10/02/11 178.03 12/02/96 64.0 14.000 1,078.23
MLC678A 10268002791 26,878.31 11/23/96 10/23/06 118.72 12/23/96 89.9 11.950 386.59
MLC678A 10268002796 19,250.00 12/05/96 11/05/06 119.15 12/05/96 89.9 11.550 271.20
MLC678A 10268002822 62,830.34 12/01/96 11/01/11 179.00 01/01/97 70.0 10.700 704.23
MLC678A 10268002825 76,000.00 11/04/96 10/04/26 358.09 11/04/96 75.2 10.650 703.74
MLC678A 10268002851 33,922.10 12/01/96 11/01/11 179.00 01/01/97 84.7 13.300 436.92
MLC678A 10268002856 42,000.00 11/07/96 10/07/11 178.19 11/07/96 70.1 10.750 470.80
MLC678A 10268002860 42,100.00 11/25/96 10/25/11 178.78 12/25/96 89.9 11.400 413.70
MLC678A 10268002882 90,300.00 11/15/96 10/15/11 178.45 12/15/96 90.0 11.550 897.68
MLC678A 10268002903 145,000.00 11/25/96 10/25/11 178.78 11/25/96 63.0 10.750 1,353.55
MLC678A 10268002907 61,745.43 12/01/96 11/01/11 179.00 01/01/97 85.1 12.700 772.25
MLC678A 10268002914 33,300.00 11/21/96 10/21/11 178.65 12/21/96 89.7 12.350 407.18
MLC678A 10268002918 70,000.00 11/18/96 10/18/11 178.55 12/18/96 58.3 11.990 839.67
MLC678A 10268002939 84,800.00 11/24/96 10/24/11 178.75 12/24/96 80.0 13.950 1,001.42
MLC678A 10268002940 23,897.37 11/23/96 10/23/11 178.72 12/23/96 84.8 13.300 307.13
MLC678A 10268002959 199,999.60 11/17/96 10/17/11 178.52 12/17/96 85.1 10.550 1,836.96
MLC678A 10268002963 40,000.00 11/15/96 10/15/11 178.45 12/15/96 83.4 11.900 408.37
MLC678A 10268002983 127,500.00 11/15/96 10/15/11 178.45 12/15/96 58.6 11.300 1,473.27
MLC678A 10268002999 229,500.00 11/24/96 10/24/26 358.75 12/24/96 90.0 10.950 2,176.92
MLC678A 10268003024 13,290.37 11/22/96 10/22/11 178.68 12/22/96 89.9 12.350 162.63
MLC678A 10268003040 29,750.00 12/01/96 11/01/16 239.00 12/01/96 85.3 12.500 338.00
MLC678A 10268003041 58,388.56 11/15/96 10/15/11 178.45 12/15/96 87.5 11.550 685.25
MLC678A 10268003608 67,976.69 11/25/96 10/25/11 178.78 12/25/96 83.7 12.500 838.11
MLC678A 10268003644 55,000.00 12/04/96 11/04/11 179.11 12/04/96 73.9 11.500 544.66
MLC678A 10268003652 45,580.00 11/28/96 10/28/11 178.88 11/28/96 80.0 12.500 561.78
MLC678A 10268003711 46,100.00 12/01/96 11/01/11 179.00 12/01/96 84.9 12.500 568.19
MLC678A 10268003840 100,000.00 11/28/96 10/28/11 178.88 11/28/96 80.0 13.500 1,145.41
MLC678A 10268003855 66,000.00 12/01/96 11/01/26 359.00 12/01/96 80.0 9.750 567.04
MLC678A 10268003870 42,000.00 12/05/96 11/05/16 239.15 12/05/96 88.1 11.100 436.38
MLC678A 10268003892 64,931.86 11/23/96 10/23/16 238.72 01/23/97 79.8 10.990 677.70
MLC678A 10268003959 15,042.70 12/06/96 11/06/11 179.18 12/06/96 80.0 13.250 192.81
MLC678A 10268004000 69,881.71 12/01/96 11/01/11 179.00 01/01/97 89.5 11.000 666.63
MLC678A 10268004026 81,900.00 12/04/96 11/04/11 179.11 12/04/96 90.0 10.550 907.86
MLC678A 10268004028 133,000.00 12/05/96 11/05/26 359.15 12/05/96 66.5 10.200 1,186.87
MLC678A 10268004065 60,000.00 12/04/96 11/04/11 179.11 12/04/96 89.3 11.750 710.48
MLC678A 10268004075 14,500.00 12/08/96 11/08/11 179.24 12/08/96 70.0 12.250 176.36
MLC678A 10268004141 69,565.00 12/06/96 11/06/11 179.18 12/06/96 90.0 12.500 742.44
MLC678A 10268004174 123,250.00 11/25/96 10/25/26 358.78 12/25/96 85.0 10.750 1,150.52
MLC678A 10268004234 28,500.00 12/05/96 11/05/16 239.15 12/05/96 57.6 10.750 289.34
MLC678A 10268004306 172,000.00 11/23/96 10/23/26 358.72 12/23/96 80.0 9.800 1,484.07
MLC678A 10268004334 25,000.00 12/14/96 11/14/11 179.44 12/14/96 84.9 12.750 271.67
MLC678A 10268004429 74,250.00 11/28/96 10/28/11 178.88 11/28/96 90.0 10.850 698.70
MLC678A 10268004562 10,000.00 12/11/96 11/11/11 179.34 12/11/96 54.3 11.250 115.23
MLC678A 10268004680 50,400.00 12/08/96 11/08/11 179.24 12/08/96 80.0 11.500 499.11
MLC678A 10268004728 104,000.00 12/04/96 11/04/11 179.11 12/04/96 80.0 11.500 1,029.90
MLC678A 10268004745 65,600.00 12/06/96 11/06/16 239.18 12/06/96 88.4 12.900 763.89
MLC678A 10268004845 27,000.00 12/14/96 11/14/11 179.44 12/14/96 90.0 11.150 260.19
------------------------------- ----------- ----------------------------------
114 8,448,590.16 218.84 80.2 11.538 87,974.89
</TABLE>
<PAGE>
Page 18
Sale Schedule
1996-4 Class 1 - Initial Pool of Fixed Rate Mortgages - Settlement 12/19/96
Alliance Funding Company
A division of Superior Bank FSB
<TABLE>
<CAPTION>
Principal
Zip Balance at
Sale ID Account Name Address City State Code Origination
- ----------------------------------------------------------------------------------------------------------------------------------
<C> <S> <C> <C> <C> <C> <C> <C>
MLC679 10268001469 PATTERSON MAYLEEN 528 EAST 95TH STREET BROOKLYN NY 11212 86,000.00
MLC679 10268001470 GREENE ALLAN 223 VERNON AVENUE BROOKLYN NY 11206 120,000.00
MLC679 10268001524 HALKIAS WILLIAM M 425 COMMONWEALTH AVE NEW BRITAIN CT 06053 61,500.00
MLC679 10268001531 KNIGHT EDWARD NEIL 6 FRANKLIN TREE COURT CATONSVILLE MD 21228 86,450.00
MLC679 10268001539 WIDGEON REGINALD M 17521 SIR GALAHAD WAY ASHTON MD 20861 161,000.00
MLC679 10268001585 PACUKU REDZEP 267 VICTORY BLVD STATEN ISLAND NY 10301 180,000.00
MLC679 10268001599 RENTAS JENINA 82 TOILSOME AVE NORWALK CT 06851 45,430.00
MLC679 10268001665 GRAUER WILLIAM H 11710 GALT AVENUE WHEATON MD 20902 27,000.00
MLC679 10268001683 BANDY BENJAMIN F II 610 CHICHESTER LANE SILVER SPRING MD 20904 19,000.00
MLC679 10268001697 GRECO JOSEPH 16 WILSON AVE MASTIC BEACH NY 11951 66,300.00
MLC679 10268001714 SHAW GEORGE A JR 11729 CHILCOATE LN BELTSVILLE MD 20705 37,000.00
MLC679 10268001748 COHEN MARVIN S 86 NORTH ST TRUMBULL CT 06611 218,400.00
MLC679 10268001769 BENSON WILLIAM G SR 74 HULLS HILL RD SOUTHBURY CT 06488 90,000.00
MLC679 10268001817 NAEGELE DAVID A 212-19 41ST AVENUE BAYSIDE NY 11361 306,000.00
MLC679 10268001841 MAYO GEORGE W III 280 RIVERBEND DR GROTON MA 01450 43,500.00
MLC679 10268001867 WILLIAMS JOSEPH G 4360 ELY AVENUE BRONX NY 10466 21,000.00
MLC679 10268001922 FILACOURIS JAMES 676 STEWART AVENUE BETHPAGE NY 11714 117,500.00
MLC679 10268001943 DOINO EILEEN M 51 SOUTH WOODSIDE DRIVE WILLIAMSVILLE NY 14221 100,000.00
MLC679 10268001979 PRASCHAK EILEEN 92 ALDER DRIVE MASIC BEACH NY 11951 56,000.00
MLC679 10268001997 SHAMAH GEORGE 238 RUDOLPH AVE ELMWOOD PARK NJ 07407 26,000.00
MLC679 10268002000 FONSEC DARIO NUNO PEREIRA 31 NORTH COLE AVENUE SPRING VALLEY NY 10977 42,000.00
MLC679 10268002022 JOHNSON ALBERT JR 76 THORENS AVE GARDEN CITY PARK NY 11040 128,000.00
MLC679 10268002064 KAVANAGH BRIAN T SR 916 BURNING TREE CT WESTMINSTER MD 21158 31,700.00
MLC679 10268002145 VANACORE JOHN 64 PECONIC ST SELDEN NY 11784 59,000.00
MLC679 10268002164 ZAN LAWRENCE J 6906 PRINCESS LN PLAINFIELD IN 46168 54,500.00
MLC679 10268002185 DRANGER RICK 2627 SCHOOL STREET NORTH COLLINS NY 14111 35,000.00
MLC679 10268002267 MERE JULIE LA LOT 1 BLUEBERRY HILL ROAD TUPPER LAKE NY 12986 19,200.00
MLC679 10268002283 ANGELO MICHAEL SAN JR 75 HARPERS FERRY RD WATERBURY CT 06705 65,400.00
MLC679 10268002286 SHARLOW WILLIAM R 21 NELL MANOR WADDINGTON NY 13694 33,800.00
MLC679 10268002321 HOWARD ROBERT J JR 4230 HARDESTY ROAD HUNTINGTOWN MD 20639 28,750.00
MLC679 10268002364 SANGAR NARINEDATT 138-03 97TH AVENUE JAMAICA NY 11435 36,000.00
MLC679 10268002412 CRAWFORD WALTER 1270 NEW YORK AVE BROOKLYN NY 11203 134,225.00
MLC679 10268002448 FREEMAN TERRANCE 26 CONCORD DR HOLTSVILLE NY 11742 54,050.00
MLC679 10268002515 JONES GRAFTON D 4565 TERRI LANE HUNTINGTOWN MD 20639 33,700.00
MLC679 10268002535 TROWBRIDGE ROBERT E 292 BENNETT RD HILTON NY 14468 67,000.00
MLC679 10268002562 KRITIKOS THEOCHARIS 255 ARCADIA AVE UNIONDALE NY 11553 128,000.00
MLC679 10268002600 SCOTT NATHANIEL LEE 540 PLANTERS WHARF ROAD LUSBY MD 20657 14,750.00
MLC679 10268002614 UGALDE JOSEPH R 44 PURCELL DRIVE WEST DANBURY CT 06810 57,700.00
MLC679 10268003065 SOSA MANUEL C 17 DIANE DR NEW CITY NY 10956 66,500.00
MLC679 10268003081 HALL MITCHELL A 157 WILTON ROAD GANSEVOORT NY 12831 80,000.00
MLC679 10268003091 ROSCIANO JOSEPH 47 MAPLE ST RONKONKOMA NY 11779 34,000.00
MLC679 10268003115 BRUNSON JEROME 12 NORTH HILTON STREET BALTIMORE MD 21229 31,500.00
MLC679 10268003197 DEVITO DOMINICK 76 LAKE AVE TUCKAHOE NY 10707 100,000.00
MLC679 10268003239 SCIEPURA ZBIGNIEW M 367 HAMILTON AVE TRENTON NJ 08609 97,750.00
MLC679 10268003254 KENNEDY JOHN J 7 MANSFIELD PL WESTPORT CT 06880 58,750.00
MLC679 10268003259 HARGROVE KAREN 686 COLUMBUS AVENUE STRATFORD CT 06497 40,000.00
MLC679 10268003277 JENNINGS GERARD J 43 HORVATH DR ITHACA NY 14850 44,000.00
MLC679 10268003286 COHEN STUART N 14 CHATHAM COURT HICKSVILLE NY 11801 40,000.00
MLC679 10268003327 GINDI NASSIM 2081 EAST 2ND AVENUE BROOKLYN NY 11232 100,000.00
MLC679 10268003367 YEN GREGORY M 474 COLD SPRING ROAD LAUREL HOLLOW NY 11791 219,000.00
MLC679 10268003402 ELEJALDE MAGALY 1227 LELAND AVE BRONX NY 10472 152,000.00
MLC679 10268003500 WELCH TODD 46 LIMA ROAD GENESEO NY 14454 18,000.00
MLC679 10268003515 EMMANOUILDIS ANTONIOS 73 WEST MIDLAND AVENUE PARAMUS NJ 07652 250,000.00
------------------------------------------- ------------
53 Sale Total 4,222,355.00
</TABLE>
<TABLE>
<CAPTION>
Cut-off Date First Original Current Scheduled
Principal Payment Maturity Rem Date LTV Mortgage Payment
Sale ID Account Balance Date Date Term Due Ratio Rate Int & Prin
- ---------------------------------------------------------------------------------------------------------------------
<C> <S> <C> <C> <C> <C> <C> <C> <C> <C>
MLC679 10268001469 86,000.00 11/02/96 10/02/11 178.03 12/02/96 48.8 10.150 764.26
MLC679 10268001470 120,000.00 11/09/96 10/09/11 178.26 11/09/96 75.0 10.750 1,120.18
MLC679 10268001524 61,440.14 11/15/96 10/15/11 178.45 12/15/96 75.0 11.500 718.44
MLC679 10268001531 86,331.69 11/03/96 10/03/11 178.06 12/03/96 79.9 11.200 993.47
MLC679 10268001539 161,000.00 11/04/96 10/04/11 178.09 12/04/96 80.6 12.700 1,743.31
MLC679 10268001585 180,000.00 10/24/96 09/24/11 177.76 11/24/96 80.0 11.400 1,768.80
MLC679 10268001599 45,355.92 10/23/96 09/23/11 177.73 12/23/96 89.9 12.050 546.70
MLC679 10268001665 27,000.00 11/15/96 10/15/11 178.45 11/15/96 81.6 12.400 286.07
MLC679 10268001683 18,991.33 11/16/96 10/16/11 178.49 12/16/96 84.6 12.150 229.87
MLC679 10268001697 66,300.00 12/01/96 11/01/11 179.00 12/01/96 85.0 11.900 676.87
MLC679 10268001714 36,826.99 10/16/96 09/16/11 177.50 12/16/96 79.4 10.950 419.38
MLC679 10268001748 218,400.00 10/25/96 09/25/11 177.80 11/25/96 80.0 12.800 2,381.85
MLC679 10268001769 89,854.79 11/28/96 10/28/16 238.88 12/28/96 58.0 10.750 913.71
MLC679 10268001817 306,000.00 12/01/96 11/01/11 179.00 12/01/96 90.0 11.450 3,018.62
MLC679 10268001841 43,500.00 11/21/96 10/21/11 178.65 12/21/96 88.0 12.750 543.24
MLC679 10268001867 21,000.00 11/21/96 10/21/16 238.65 11/21/96 89.2 11.600 225.40
MLC679 10268001922 117,221.98 11/14/96 10/14/11 178.42 12/14/96 84.9 12.700 1,463.54
MLC679 10268001943 99,920.57 11/16/96 10/16/11 178.49 12/16/96 50.7 10.750 933.48
MLC679 10268001979 56,000.00 12/07/96 11/07/11 179.21 12/07/96 80.0 11.900 571.72
MLC679 10268001997 26,000.00 10/01/96 09/01/11 177.00 01/01/97 78.2 12.640 280.31
MLC679 10268002000 41,824.98 09/14/96 08/14/16 236.42 12/14/96 33.6 11.500 447.90
MLC679 10268002022 128,000.00 11/01/96 10/01/11 178.00 12/01/96 70.3 10.400 1,161.31
MLC679 10268002064 31,700.00 12/14/96 11/14/11 179.44 12/14/96 84.8 12.500 390.71
MLC679 10268002145 58,973.13 11/28/96 10/28/11 178.88 12/28/96 45.3 11.500 584.27
MLC679 10268002164 54,068.40 10/25/96 09/25/11 177.80 12/25/96 89.8 12.750 680.62
MLC679 10268002185 35,000.00 12/18/96 11/18/11 179.57 12/18/96 73.1 12.000 360.01
MLC679 10268002267 19,200.00 12/01/96 11/01/26 359.00 12/01/96 89.9 11.600 191.60
MLC679 10268002283 65,336.36 10/27/96 09/27/11 177.86 12/27/96 84.9 11.000 622.82
MLC679 10268002286 33,800.00 11/07/96 10/07/11 178.19 11/07/96 72.2 10.300 369.44
MLC679 10268002321 28,750.00 11/15/96 10/15/11 178.45 11/15/96 84.6 10.350 315.13
MLC679 10268002364 35,873.66 11/16/96 10/16/06 118.49 12/16/96 79.8 11.150 498.96
MLC679 10268002412 134,225.00 11/22/96 10/22/11 178.68 11/22/96 65.0 13.500 1,537.43
MLC679 10268002448 54,050.00 11/23/96 10/23/11 178.72 12/23/96 84.7 12.400 662.66
MLC679 10268002515 33,611.32 11/23/96 10/23/11 178.72 12/23/96 74.5 11.000 383.03
MLC679 10268002535 67,000.00 11/15/96 10/15/16 238.45 12/15/96 85.0 11.300 705.30
MLC679 10268002562 128,000.00 11/02/96 10/02/11 178.03 12/02/96 80.0 11.600 1,277.35
MLC679 10268002600 14,750.00 12/05/96 11/05/11 179.15 12/05/96 84.9 12.400 180.84
MLC679 10268002614 57,700.00 11/21/96 10/21/11 178.65 11/21/96 79.9 13.350 654.10
MLC679 10268003065 66,500.00 12/08/96 11/08/11 179.24 12/08/96 90.0 11.950 795.97
MLC679 10268003081 80,000.00 12/06/96 11/06/11 179.18 12/06/96 80.0 12.850 875.59
MLC679 10268003091 34,000.00 11/01/96 10/01/11 178.00 12/01/96 89.7 11.990 407.84
MLC679 10268003115 31,500.00 12/05/96 11/05/26 359.15 12/05/96 63.0 10.050 277.60
MLC679 10268003197 100,000.00 12/05/96 11/05/11 179.15 12/05/96 64.0 10.750 1,120.95
MLC679 10268003239 97,750.00 11/09/96 10/09/11 178.26 12/09/96 85.0 11.500 968.01
MLC679 10268003254 58,750.00 12/06/96 11/06/11 179.18 12/06/96 84.8 11.500 686.31
MLC679 10268003259 40,000.00 12/06/96 11/06/11 179.18 12/06/96 70.1 12.000 411.45
MLC679 10268003277 44,000.00 12/05/96 11/05/11 179.15 12/05/96 89.9 11.550 515.40
MLC679 10268003286 40,000.00 12/08/96 11/08/11 179.24 12/08/96 88.9 11.000 380.93
MLC679 10268003327 100,000.00 11/21/96 10/21/11 178.65 11/21/96 48.2 12.700 1,082.80
MLC679 10268003367 219,000.00 12/04/96 11/04/11 179.11 12/04/96 68.9 10.990 2,487.77
MLC679 10268003402 152,000.00 11/30/96 10/30/11 178.95 11/30/96 80.0 13.250 1,711.17
MLC679 10268003500 18,000.00 12/08/96 11/08/11 179.24 12/08/96 88.9 11.550 210.85
MLC679 10268003515 250,000.00 12/12/96 11/12/11 179.38 12/12/96 74.6 9.650 2,129.55
------------------------------ ----------- ------------------------------------
53 4,220,506.26 183.34 76.2 11.622 44,684.89
</TABLE>
<PAGE>
Page 19
Sale Schedule
1996-4 Class 1 - Initial Pool of Fixed Rate Mortgages - Settlement 12/19/96
Alliance Funding Company
A division of Superior Bank FSB
<TABLE>
<CAPTION>
Principal
Zip Balance at
Sale ID Account Name Address City State Code Origination
- ----------------------------------------------------------------------------------------------------------------------------------
<C> <S> <C> <C> <C> <C> <C> <C>
MLC679A 10268001448 HALL JOYCE A 9816 MARRIOTTSVILLE ROAD RANDALLSTOWN MD 21133 110,000.00
MLC679A 10268001466 AGRAMONTE MILZA I 560 SHEPHERD AENUE BROOKLYN NY 11208 57,900.00
MLC679A 10268001475 BOLDEN MARVIN A 9 ROBINS SQUARE EAST NORWALK CT 06854 41,000.00
MLC679A 10268001487 TIMPER THOMAS 241-09 143RD AVENUE ROSEDALE NY 11422 33,500.00
MLC679A 10268001489 MIRANDA LARRY 114 HOBSON AVE TIVERTON RI 02878 25,000.00
MLC679A 10268001504 SOTO RAFAEL M 49 BENTON HOLLOW RD LIBERTY NY 12754 91,160.00
MLC679A 10268001507 JASON GARY 80 OLDE STONE LN LANCASTER NY 14086 50,000.00
MLC679A 10268001526 ANDRESEN MARK 1127 GRUNDY AVE HOLBROOK NY 11741 20,000.00
MLC679A 10268001534 NICHOLAS LYNETTE M 450 COOLIDGE AVE ROCKVILLE CENTRE NY 11570 127,500.00
MLC679A 10268001553 STEVENSON THOMAS W 185-187 MAIN STREET PLAINFIELD CT 06354 73,000.00
MLC679A 10268001576 SERRANO KEITH M 10804 BLACKPOWDER CT FORT WASHINGTON MD 20744 47,100.00
MLC679A 10268001578 BRICKER BERNADINE C 3015 LOUISIANA AVE BALTIMORE MD 21227 55,000.00
MLC679A 10268001590 RAIMONDI MICHAEL 248 VAN SICKLEN ST BROOKLYN NY 11223 41,250.00
MLC679A 10268001595 HENRY ROSAMOND 1266 AUGUSTINA AVENUE FAR ROCKAWAY NY 11601 144,000.00
MLC679A 10268001597 RAMLOGAN LLOYD 10762 122ND ST JAMAICA NY 11419 60,000.00
MLC679A 10268001624 ALBRITTON HAROLD JP 497 BAINBRIDGE ST BROOKLYN NY 11233 120,000.00
MLC679A 10268001625 KRIKORIAN CHARLES J 155 PIERCE RD NEW BRAINTREE MA 01531 23,800.00
MLC679A 10268001647 MINKOFF ARTHUR 90 NEPTUNE AVE WOODMERE NY 11598 195,000.00
MLC679A 10268001659 AMORESE MARK S 428 E LAKE RD HONEOYE NY 14471 55,500.00
MLC679A 10268001663 FONSECA MANUEL P 1793 POST RD DARIEN CT 06820 25,000.00
MLC679A 10268001677 HUTCHINSON RITA 480 EAST 34TH STREET BROOKLYN NY 11203 171,000.00
MLC679A 10268001679 RAMJOHN ASHMEAD 114 WENGATE ROAD OWINGS MILLS MD 21117 35,000.00
MLC679A 10268001694 BEAULAC PAUL J 863 HICKORY DR CASTLETON ON HUDSON NY 12033 20,000.00
MLC679A 10268001702 GATTY DIANE 6 REBECCA LANE ROCKAWAY NJ 07866 144,392.00
MLC679A 10268001709 SANTOS ANTHONY B 260 THOMPSON STREET #262 STRATFORD CT 06497 63,000.00
MLC679A 10268001712 COFFEY TAMMY 294 BROOKHAVEN AVE FLANDERS NY 11901 89,600.00
MLC679A 10268001716 SMIRNOFF ALEXANDER G 30 DICKINSON RD DARIEN CT 06820 135,250.00
MLC679A 10268001718 COTTON EDWARD S 81 WINTHROP ST WALTHAM MA 02154 45,300.00
MLC679A 10268001720 TWEEDY REGINALD E 3307 AVONDALE AVENUE BALTIMORE MD 21215 49,140.00
MLC679A 10268001732 BANKS ROBERT L 319 QUACKENBOS STREET NORTHWE WASHINGTON DC 20011 128,700.00
MLC679A 10268001747 KLEIN DAVID J 15 HEFFLON FARM RD OLD LYME CT 06371 23,400.00
MLC679A 10268001756 KAMITSIS THEOLOGOS 15 NOWICK LANE SMITHTOWN NY 11787 50,000.00
MLC679A 10268001777 CURET ARTEMIO 182 BATHGATE ST STATEN ISLAND NY 10312 119,000.00
MLC679A 10268001779 SMYTH PATRICK T 39 DUHAIME ROAD PEARL RIVER NY 10965 72,000.00
MLC679A 10268001781 BARBOSA GILSA 61-32 AUSTIN STREET REGO PARK NY 11374 162,000.00
MLC679A 10268001782 VARON NEIL 77 12 95TH AVENUE OZONE PARK NY 11416 41,640.00
MLC679A 10268001792 ANDREWS GEORGE P 26 JAMES STREET POUGHKEEPSIE NY 12603 35,200.00
MLC679A 10268001809 URBANOWICZ RICHARD 7 RIDGEWOOD DRIVE BETHANY CT 06524 140,000.00
MLC679A 10268001810 PLUMMER GREGORY N 45 DUFIEF CT GAITHERSBURG MD 20878 12,200.00
MLC679A 10268001812 FLADGER PAUL E 54 SHADY LANE AVE SHREWSBURY MA 01545 20,000.00
MLC679A 10268001818 BENINSON MARVIN 35 HICKOK AVENUE BETHEL CT 06801 33,700.00
MLC679A 10268001835 KLAYN BENJAMIN 1392 EAST 14TH STREET BROOKLYN NY 11230 141,000.00
MLC679A 10268001857 HARDY CHARLES 418 SOUTH 5TH AVENUE MOUNT VERNON NY 10550 149,500.00
MLC679A 10268001865 CALLENDER STUART 316 GRAFTON STREET BROOKLYN NY 11212 30,000.00
MLC679A 10268001871 MASUCCI ANGELA 40 FOWLER AVE YONKERS NY 10701 60,000.00
MLC679A 10268001877 CAULFIELD SHARON A 2199 MAPLE AVE BALLSTON LAKE NY 12019 28,749.00
MLC679A 10268001879 GOPAUL SHAREED 201 DOLCE ST BRENTWOOD NY 11717 103,500.00
MLC679A 10268001892 VERMA VIRENDER 28 MARCONI AVE ISELIN NJ 08830 91,000.00
MLC679A 10268001898 MITCHELL LONNIE 32-47 100TH STREET EAST ELMHURST NY 11369 180,000.00
MLC679A 10268001910 MENEO GABRIEL 70 ESSEX ST NEW HAVEN CT 06513 57,000.00
MLC679A 10268001911 DAIGNEAULT EMMA M 197 COTTAGE ST MONROE CT 06468 46,900.00
MLC679A 10268001913 CONAWAY SHIRLEY M 1713 HILLENWOOD RD BALTIMORE MD 21239 65,600.00
MLC679A 10268001928 RITCHIE G SCOTT 356 MAPLEDALE PL BRIDGEPORT CT 06610 76,500.00
MLC679A 10268001932 ZLATKIN LUDMILA 3 ATHENA CT DIX HILLS NY 11746 66,400.00
MLC679A 10268001954 MORSE PATRICIA M 7 SYMPHONY PL WHITESBORO NY 13492 100,000.00
MLC679A 10268001957 FFRIEND ROSETTA 716 BECK ST UNIONDALE NY 11553 21,450.00
MLC679A 10268001958 BELL TAYLOR B 747 SUNBLEST BLVD FISHERS IN 46038 66,000.00
MLC679A 10268001964 MURPHY EUGENE J 509 3RD STREET NEWBURGH NY 12550 18,000.00
MLC679A 10268001973 REPP JOHN DOUGLAS 59 INDIAN HILL RD WILTON CT 06897 58,300.00
MLC679A 10268001987 SEARS RICHARD H 13020 230TH ST LAURELTON NY 11413 75,000.00
MLC679A 10268001988 DISTEFANO SALVATORE 35 LILCHESTER RD HOPATCONG NJ 07843 23,500.00
MLC679A 10268001992 ROSNER ROBERT 108 JEFFERSON RD FARMINGDALE NY 11735 88,100.00
</TABLE>
<TABLE>
<CAPTION>
Cut-off Date First Original Current Scheduled
Principal Payment Maturity Rem Date LTV Mortgage Payment
Sale ID Account Balance Date Date Term Due Ratio Rate Int & Prin
- ---------------------------------------------------------------------------------------------------------------------
<C> <S> <C> <C> <C> <C> <C> <C> <C> <C>
MLC679A 10268001448 110,000.00 10/18/96 09/18/26 357.57 11/18/96 75.8 13.250 1,238.35
MLC679A 10268001466 57,900.00 10/17/96 09/17/11 177.53 12/17/96 74.9 13.200 649.56
MLC679A 10268001475 41,000.00 11/01/96 10/01/11 178.00 12/01/96 89.8 12.350 501.34
MLC679A 10268001487 33,500.00 11/04/96 10/04/11 178.09 12/04/96 89.5 11.600 393.48
MLC679A 10268001489 24,883.16 10/23/96 09/23/11 177.73 12/23/96 81.8 10.750 280.24
MLC679A 10268001504 91,160.00 12/01/96 11/01/11 179.00 12/01/96 80.0 12.600 979.99
MLC679A 10268001507 49,977.74 11/24/96 10/24/26 358.75 12/24/96 53.7 11.600 498.96
MLC679A 10268001526 20,000.00 11/28/96 10/28/11 178.88 11/28/96 79.5 11.150 229.21
MLC679A 10268001534 126,620.12 10/26/96 09/26/11 177.83 12/26/96 75.0 11.750 1,287.00
MLC679A 10268001553 73,000.00 10/11/96 09/11/11 177.34 12/11/96 79.3 13.000 807.53
MLC679A 10268001576 47,100.00 11/04/96 10/04/06 118.09 12/04/96 89.9 12.750 696.33
MLC679A 10268001578 55,000.00 11/01/96 10/01/16 238.00 12/01/96 89.4 11.550 588.43
MLC679A 10268001590 41,250.00 11/07/96 10/07/11 178.19 12/07/96 59.4 10.600 380.42
MLC679A 10268001595 144,000.00 11/01/96 10/01/11 178.00 12/01/96 80.0 9.800 1,242.47
MLC679A 10268001597 60,000.00 11/07/96 10/07/11 178.19 12/07/96 88.2 11.600 704.73
MLC679A 10268001624 119,765.19 10/17/96 09/17/11 177.53 12/17/96 76.4 9.800 1,035.39
MLC679A 10268001625 23,800.00 11/01/96 10/01/11 178.00 12/01/96 89.1 12.750 297.22
MLC679A 10268001647 194,914.75 11/15/96 10/15/11 178.45 12/15/96 75.0 11.750 1,968.35
MLC679A 10268001659 55,439.03 11/11/96 10/11/11 178.32 12/11/96 52.8 10.450 505.61
MLC679A 10268001663 25,000.00 10/16/96 09/16/11 177.50 12/16/96 69.8 11.000 238.08
MLC679A 10268001677 170,782.46 10/17/96 09/17/26 357.53 12/17/96 90.0 11.000 1,628.47
MLC679A 10268001679 34,435.36 11/10/96 10/10/06 118.29 12/10/96 73.0 11.200 486.10
MLC679A 10268001694 19,882.60 10/24/96 09/24/11 177.76 12/24/96 89.6 11.150 229.21
MLC679A 10268001702 144,392.00 11/01/96 10/01/11 178.00 12/01/96 69.9 9.800 1,245.85
MLC679A 10268001709 62,917.68 10/17/96 09/17/11 177.53 12/17/96 70.0 10.700 585.73
MLC679A 10268001712 89,600.00 10/13/96 09/13/11 177.40 12/13/96 80.0 13.750 1,043.94
MLC679A 10268001716 135,041.11 10/27/96 09/27/11 177.86 12/27/96 84.9 11.500 1,339.37
MLC679A 10268001718 45,192.80 10/30/96 09/30/11 177.96 11/30/96 84.9 12.700 564.24
MLC679A 10268001720 49,140.00 11/03/96 10/03/16 238.06 12/03/96 90.0 11.050 508.89
MLC679A 10268001732 128,700.00 10/25/96 09/25/26 357.80 11/25/96 90.0 11.050 1,230.50
MLC679A 10268001747 23,400.00 10/26/96 09/26/11 177.83 11/26/96 89.9 12.500 249.74
MLC679A 10268001756 50,000.00 11/21/96 10/21/11 178.65 12/21/96 72.8 12.950 551.15
MLC679A 10268001777 119,000.00 11/01/96 10/01/26 358.00 12/01/96 54.3 10.850 1,119.80
MLC679A 10268001779 72,000.00 11/07/96 10/07/16 238.19 12/07/96 84.4 11.350 760.40
MLC679A 10268001781 161,962.38 11/25/96 10/25/11 178.78 12/25/96 90.0 10.490 1,480.67
MLC679A 10268001782 41,640.00 11/16/96 10/16/16 238.49 12/16/96 89.9 11.600 446.93
MLC679A 10268001792 35,175.85 11/23/96 10/23/11 178.72 12/23/96 84.1 12.500 433.85
MLC679A 10268001809 140,000.00 10/25/96 09/25/11 177.80 11/25/96 79.9 12.000 1,440.06
MLC679A 10268001810 12,199.91 11/09/96 10/09/11 178.26 12/09/96 90.0 11.550 142.91
MLC679A 10268001812 19,946.95 10/25/96 09/25/11 177.80 12/25/96 87.6 12.750 249.77
MLC679A 10268001818 33,693.71 11/08/96 10/08/11 178.22 12/08/96 89.6 11.950 403.37
MLC679A 10268001835 140,471.67 10/25/96 09/25/11 177.80 12/25/96 80.2 11.000 1,602.60
MLC679A 10268001857 149,500.00 11/08/96 10/08/11 178.22 11/08/96 65.0 15.100 1,902.30
MLC679A 10268001865 29,879.22 10/25/96 09/25/11 177.80 12/25/96 87.4 11.150 343.81
MLC679A 10268001871 59,844.90 10/23/96 09/23/16 237.73 12/23/96 38.1 10.950 617.27
MLC679A 10268001877 28,647.04 10/25/96 09/25/11 177.80 12/25/96 90.0 11.550 336.76
MLC679A 10268001879 103,500.00 11/16/96 10/16/11 178.49 11/16/96 90.0 11.100 993.48
MLC679A 10268001892 91,000.00 11/09/96 10/09/11 178.26 12/09/96 70.0 11.700 1,074.65
MLC679A 10268001898 180,000.00 11/07/96 10/07/11 178.19 12/07/96 80.0 11.600 1,796.28
MLC679A 10268001910 56,953.09 11/01/96 10/01/11 178.00 12/01/96 47.8 11.000 647.86
MLC679A 10268001911 46,682.04 10/24/96 09/24/11 177.76 12/24/96 89.8 11.950 561.37
MLC679A 10268001913 65,600.00 11/08/96 10/08/26 358.22 12/08/96 80.0 13.250 738.51
MLC679A 10268001928 76,489.24 11/10/96 10/10/11 178.29 12/10/96 90.0 10.650 708.37
MLC679A 10268001932 66,400.00 11/17/96 10/17/11 178.52 12/17/96 89.9 12.350 700.94
MLC679A 10268001954 100,000.00 11/08/96 10/08/26 358.22 12/08/96 76.3 10.750 933.48
MLC679A 10268001957 21,450.00 10/23/96 09/23/11 177.73 12/23/96 89.9 12.750 233.10
MLC679A 10268001958 65,615.05 11/04/96 10/04/11 178.09 01/04/97 81.5 11.200 758.46
MLC679A 10268001964 18,000.00 11/11/96 10/11/16 238.32 12/11/96 84.1 11.550 192.58
MLC679A 10268001973 58,300.00 11/15/96 10/15/11 178.45 12/15/96 82.0 11.900 695.95
MLC679A 10268001987 74,908.24 10/23/96 09/23/26 357.73 12/23/96 50.0 9.400 625.18
MLC679A 10268001988 23,500.00 10/23/96 09/23/16 237.73 11/23/96 90.0 12.400 265.34
MLC679A 10268001992 88,063.72 11/15/96 10/15/11 178.45 12/15/96 54.0 10.500 973.86
</TABLE>
<PAGE>
Page 20
Sale Schedule
1996-4 Class 1 - Initial Pool of Fixed Rate Mortgages - Settlement 12/19/96
Alliance Funding Company
A division of Superior Bank FSB
<TABLE>
<CAPTION>
Principal
Zip Balance at
Sale ID Account Name Address City State Code Origination
- ----------------------------------------------------------------------------------------------------------------------------------
<C> <S> <C> <C> <C> <C> <C> <C>
MLC679A 10268002001 ENGELDRUM DONALD J 5 TONI LN YONKERS NY 10710 174,250.00
MLC679A 10268002024 TUNISON GEOGRE H III 315 MILL STREET MILTON DE 19968 44,985.00
MLC679A 10268002027 FISCO ANDREW 760 ROUTE 23 A PALENVILLE NY 12463 20,500.00
MLC679A 10268002030 FULCHER WILLIAM S 1901 PRINCE EDWARD ROAD #R RICHMOND VA 23225 134,725.00
MLC679A 10268002042 CARRION MARIA 817 40TH STREET BROOKLYN NY 11232 160,000.00
MLC679A 10268002043 MITCHELL GARY 60 BRIGHTSIDE AVE CENTRAL ISLIP NY 11722 90,300.00
MLC679A 10268002045 LOEHMER M KELLY 11 SYLVANPARK COURT BALTIMORE MD 21236 21,200.00
MLC679A 10268002056 LOPEZ VINCENT 52 JEFFERSON PL TUCKAHOE NY 10707 130,500.00
MLC679A 10268002085 WHEELER OLIVER J 717 NORTH WOODINGTON ROAD BALTIMORE MD 21229 49,500.00
MLC679A 10268002094 SWANSON RANDOLPH J 397 EAST WILDWOOD DRIVE WARSAW IN 46580 79,000.00
MLC679A 10268002109 BISHOP PAUL R 19 JOHNSON RD NORTH STONINGTON CT 06359 31,000.00
MLC679A 10268002111 LANE ALLYN 56 QUANOPAUG TRL WOODBURY CT 06798 57,500.00
MLC679A 10268002113 HARTH ROBERT 1923 VAUXHALL RD UNION NJ 07083 183,750.00
MLC679A 10268002118 SAUNDERS-DURRAH APRIL 134 COURTENAY RD HEMPSTEAD NY 11550 112,500.00
MLC679A 10268002123 CHAN DAVID K W 17-19 BOND STREET PASSAIC NJ 07055 80,000.00
MLC679A 10268002126 DUMAS RAYMOND 20 NASSAU CIRCLE EAST HARTFORD CT 06118 21,900.00
MLC679A 10268002158 WILKINS KATE M 4311 WILLIAMS WHARF RD SAINT LEONARD MD 20685 43,300.00
MLC679A 10268002167 CHARLTON GARDINER D 25 ZENAS DR QUEENSBURY NY 12804 23,000.00
MLC679A 10268002169 PIGOTT LENNOX W 747 EAST 49TH STREET BROOKLYN NY 11203 135,000.00
MLC679A 10268002189 KAPRAT ANN M 2493 HULL AVE BELLMORE NY 11710 33,800.00
MLC679A 10268002203 FANDETTA RALPH 2 HENDEL CIRCLE DEER PARK NY 11729 30,000.00
MLC679A 10268002213 STRUBLE WILLIAM D 13002 ROUSBY HALL ROAD LUSBY MD 20657 41,000.00
MLC679A 10268002224 FIELDS DENNIS F 286 WEST PROSPECT AVENUE ABERDEEN NJ 07735 10,000.00
MLC679A 10268002248 WRIGHT MICHAEL 3841 LYNDALE AVE BALTIMORE MD 21213 15,700.00
MLC679A 10268002263 COSENZA CHARLES V JR 365 DURHAM RD GUILFORD CT 06437 105,000.00
MLC679A 10268002297 BROWN JOSEPH M 665 WATERVILLE RD AVON CT 06001 41,400.00
MLC679A 10268002313 MARINO JOHN 36 LAURIE DRIVE CARMEL NY 10512 56,000.00
MLC679A 10268002315 WUNDER KARL 32 32 205TH ST BAYSIDE NY 11361 65,000.00
MLC679A 10268002404 METCALF ANNE JANE 25 27 AMBROSE TER EAST HARTFORD CT 06108 37,800.00
MLC679A 10268002411 ALONSO VICTOR 10 STRATFORD PLACE RARITAN NJ 08873 142,500.00
MLC679A 10268002445 SAUNDERS JOHN E III 23 GRANT HILL RD BLOOMFIELD CT 06002 43,300.00
MLC679A 10268002468 ETWAROO THELMA S 750 LENOX RD BROOKLYN NY 11203 110,000.00
MLC679A 10268002499 MOSCA RALPH 198 EAST MADISON STREET EAST ISLIP NY 11730 22,000.00
MLC679A 10268002509 DELLAVOLPE DENISE 4 OAK HILL RD SEYMOUR CT 06483 19,500.00
MLC679A 10268002518 BELLENOT RONALD K SR 805 NORTH PARK AVENUE EXT REDDING CT 06896 54,000.00
MLC679A 10268002538 SAMMY TARA 178 TWIN LAWNS AVE BRENTWOOD NY 11717 103,500.00
MLC679A 10268002572 RICHARDSON ANNIE 116 GATES AVE BROOKLYN NY 11238 130,000.00
MLC679A 10268002608 MANNOIA JACK 1906 MONTAUK HIGHWAY AMAGANSETT NY 11930 62,250.00
MLC679A 10268002615 NOONAN JOHN W 16 15TH ST SELDEN NY 11784 47,500.00
MLC679A 10268003062 CROOKHAM BRUCE D 1041 CHERRY LANE WRIGHTSTOWN PA 18980 100,000.00
MLC679A 10268003071 SPENCER JOHN C 24 BETWOOD LN GREECE NY 14612 75,250.00
MLC679A 10268003130 MILLER DARNELL 4023 92ND AVE LANDOVER MD 20785 33,700.00
MLC679A 10268003132 GRECO JOSEPHINE 298-300 OLIVIA STREET DERBY CT 06418 99,000.00
MLC679A 10268003146 CZAPLA MICHAEL J JR 4 PLEASANT ST MYSTIC CT 06355 23,000.00
MLC679A 10268003150 HAYNES SHELLY 677 IVY PL UNIONDALE NY 11553 110,000.00
MLC679A 10268003151 MANGLANI ARJUN 732 ARGYLE RD BROOKLYN NY 11230 90,973.00
MLC679A 10268003226 JACKSON REGINALD J JR 5610 ELLERBIE ST LANHAM MD 20706 33,800.00
MLC679A 10268003243 CHANDOO JUDY 5153 POST RD BRONX NY 10471 50,000.00
MLC679A 10268003289 MCCLOUD EVA M 30 MAYTHORPE DR WINDSOR CT 06095 75,000.00
MLC679A 10268003346 DENAPOLI GUSTAVE 30 UNION ROAD KENT NY 10512 33,700.00
MLC679A 10268003392 HASTINGS MARY LOU 194 FIELD RD SOMERS CT 06071 22,000.00
MLC679A 10268003400 BOYD DAVID F 7 WOODSIDE TER WOBURN MA 01801 21,000.00
MLC679A 10268003404 BETTEX DANIEL F 137 MEROKE LN EAST ISLIP NY 11730 43,500.00
MLC679A 10268003413 SMITH AMBER 306 13TH ST BROOKLYN NY 11215 264,000.00
MLC679A 10268003424 CALVO ARTHUR E 500 STRATFORD ROAD SOUTH HEMPSTEAD NY 11550 30,000.00
MLC679A 10268003434 BROWN JOANNE 60 ROCK LN BOONTON NJ 07005 74,000.00
MLC679A 10268003494 ALLEN TIMOTHY 13 CHERRYTREE LN LEVITTOWN NY 11756 14,200.00
MLC679A 10268003509 COLLINS LOUIS A 27 SIMMONS DR SAUGERTIES NY 12477 48,600.00
MLC679A 10268003510 ODONOGHUE DENIS 55 BROOK ST ISLIP NY 11751 20,350.00
MLC679A 10268003547 THOMPSON JAMES S 73 FAIRFIELD AVE HOLYOKE MA 01040 32,000.00
MLC679A 10268003584 KALEM JOSEF 298 JOHNSTON AVENUE JERSEY CITY NJ 07304 87,400.00
MLC679A 10268003592 HEYWARD SAMUEL R 145-83 183RD STREET JAMAICA NY 11413 21,400.00
</TABLE>
<TABLE>
<CAPTION>
Cut-off Date First Original Current Scheduled
Principal Payment Maturity Rem Date LTV Mortgage Payment
Sale ID Account Balance Date Date Term Due Ratio Rate Int & Prin
- ---------------------------------------------------------------------------------------------------------------------
<C> <S> <C> <C> <C> <C> <C> <C> <C> <C>
MLC679A 10268002001 174,250.00 11/23/96 10/23/11 178.72 12/23/96 85.0 10.500 1,593.93
MLC679A 10268002024 44,877.58 10/23/96 09/23/11 177.73 12/23/96 53.9 11.900 459.26
MLC679A 10268002027 20,490.72 10/24/96 09/24/16 237.76 12/24/96 89.8 11.700 221.45
MLC679A 10268002030 134,725.00 11/15/96 10/15/11 178.45 12/15/96 85.0 12.200 1,406.57
MLC679A 10268002042 160,000.00 11/21/96 10/21/11 178.65 11/21/96 80.0 13.700 1,857.87
MLC679A 10268002043 90,300.00 11/02/96 10/02/11 178.03 12/02/96 70.0 10.900 853.13
MLC679A 10268002045 21,098.64 10/23/96 09/23/11 177.73 12/23/96 89.3 11.550 248.33
MLC679A 10268002056 130,471.09 11/01/96 10/01/11 178.00 12/01/96 75.0 10.600 1,203.50
MLC679A 10268002085 49,377.02 10/26/96 09/26/26 357.83 12/26/96 90.0 10.900 467.66
MLC679A 10268002094 79,000.00 11/02/96 10/02/11 178.03 12/02/96 89.5 12.500 973.69
MLC679A 10268002109 31,000.00 11/16/96 10/16/11 178.49 12/16/96 87.6 12.750 387.14
MLC679A 10268002111 57,368.65 12/01/96 11/01/11 179.00 01/01/97 84.4 13.300 738.90
MLC679A 10268002113 183,705.74 11/30/96 10/30/11 178.95 12/30/96 75.0 10.400 1,667.11
MLC679A 10268002118 112,500.00 11/01/96 10/01/11 178.00 12/01/96 90.0 12.350 1,187.59
MLC679A 10268002123 79,877.66 11/11/96 10/11/11 178.32 12/11/96 50.0 11.800 949.86
MLC679A 10268002126 21,900.00 11/03/96 10/03/11 178.06 12/03/96 89.7 12.750 273.50
MLC679A 10268002158 43,294.69 11/28/96 10/28/16 238.88 12/28/96 79.7 12.200 482.82
MLC679A 10268002167 22,975.09 11/07/96 10/07/11 178.19 12/07/96 87.8 11.150 263.59
MLC679A 10268002169 134,956.86 11/01/96 10/01/26 358.00 12/01/96 90.0 11.500 1,336.89
MLC679A 10268002189 33,480.66 10/27/96 09/27/06 117.86 12/27/96 89.1 11.150 468.47
MLC679A 10268002203 29,869.84 10/20/96 09/20/11 177.63 12/20/96 84.7 12.990 379.38
MLC679A 10268002213 40,876.66 11/09/96 10/09/11 178.26 12/09/96 73.2 10.300 448.14
MLC679A 10268002224 9,825.18 11/23/96 10/23/06 118.72 01/23/97 11.1 11.800 142.32
MLC679A 10268002248 15,619.68 10/30/96 09/30/11 177.96 11/30/96 85.0 12.150 189.94
MLC679A 10268002263 104,769.72 11/02/96 10/02/11 178.03 01/02/97 72.9 10.500 960.48
MLC679A 10268002297 41,359.73 11/16/96 10/16/11 178.49 12/16/96 84.9 11.500 483.63
MLC679A 10268002313 55,964.23 11/01/96 10/01/11 178.00 12/01/96 89.9 11.550 655.97
MLC679A 10268002315 65,000.00 11/07/96 10/07/11 178.19 12/07/96 77.4 11.200 746.97
MLC679A 10268002404 37,800.00 11/07/96 10/07/11 178.19 12/07/96 89.8 12.750 472.06
MLC679A 10268002411 142,066.65 11/08/96 10/08/11 178.22 01/08/97 64.7 10.250 1,276.94
MLC679A 10268002445 43,300.00 11/11/96 10/11/11 178.32 12/11/96 83.1 11.750 512.73
MLC679A 10268002468 109,772.53 11/21/96 10/21/26 358.65 12/21/96 74.5 12.000 1,131.47
MLC679A 10268002499 21,965.28 11/28/96 10/28/11 178.88 12/28/96 89.9 11.600 258.40
MLC679A 10268002509 19,267.92 11/28/96 10/28/11 178.88 01/28/97 89.6 12.750 211.91
MLC679A 10268002518 53,961.13 11/23/96 10/23/11 178.72 12/23/96 84.9 13.750 710.09
MLC679A 10268002538 103,482.09 11/25/96 10/25/11 178.78 12/25/96 90.0 11.100 993.48
MLC679A 10268002572 130,000.00 11/22/96 10/22/11 178.68 12/22/96 61.9 10.500 1,437.02
MLC679A 10268002608 62,250.00 11/25/96 10/25/11 178.78 11/25/96 85.0 13.700 722.83
MLC679A 10268002615 47,500.00 11/16/96 10/16/16 238.49 12/16/96 89.9 11.650 511.47
MLC679A 10268003062 99,851.07 11/03/96 10/03/11 178.06 01/03/97 55.5 12.850 1,094.49
MLC679A 10268003071 75,250.00 11/25/96 10/25/11 178.78 11/25/96 84.2 13.700 987.01
MLC679A 10268003130 33,700.00 12/01/96 11/01/11 179.00 12/01/96 74.9 12.100 349.24
MLC679A 10268003132 99,000.00 11/23/96 10/23/11 178.72 11/23/96 90.0 12.000 1,018.33
MLC679A 10268003146 22,857.40 12/01/96 11/01/11 179.00 01/01/97 89.1 12.500 283.48
MLC679A 10268003150 110,000.00 11/22/96 10/22/11 178.68 12/22/96 74.8 11.250 1,068.39
MLC679A 10268003151 90,973.00 10/13/96 09/13/16 237.40 11/13/96 89.7 11.700 982.73
MLC679A 10268003226 33,800.00 11/25/96 10/25/11 178.78 12/25/96 89.7 12.750 422.11
MLC679A 10268003243 49,794.08 11/28/96 10/28/11 178.88 12/28/96 88.9 11.600 587.28
MLC679A 10268003289 75,000.00 11/30/96 10/30/11 178.95 11/30/96 51.7 10.750 700.11
MLC679A 10268003346 33,700.00 11/24/96 10/24/11 178.75 11/24/96 89.8 12.750 420.86
MLC679A 10268003392 22,000.00 11/18/96 10/18/16 238.55 12/18/96 23.4 10.990 226.93
MLC679A 10268003400 21,000.00 11/28/96 10/28/06 118.88 11/28/96 85.4 11.250 292.25
MLC679A 10268003404 43,372.38 11/23/96 10/23/11 178.72 12/23/96 80.0 11.000 494.42
MLC679A 10268003413 264,000.00 11/15/96 10/15/11 178.45 11/15/96 80.0 12.750 2,868.87
MLC679A 10268003424 30,000.00 12/04/96 11/04/11 179.11 12/04/96 89.8 11.350 347.60
MLC679A 10268003434 74,000.00 10/16/96 09/16/16 237.50 12/16/96 53.6 10.800 753.77
MLC679A 10268003494 14,125.97 12/04/96 11/04/11 179.11 01/04/97 85.8 11.300 138.46
MLC679A 10268003509 48,590.11 11/23/96 10/23/16 238.72 12/23/96 84.9 10.500 485.21
MLC679A 10268003510 20,350.00 12/08/96 11/08/11 179.24 12/08/96 89.9 11.550 238.37
MLC679A 10268003547 31,912.19 12/01/96 11/01/11 179.00 01/01/97 88.8 12.500 394.41
MLC679A 10268003584 87,400.00 11/28/96 10/28/11 178.88 11/28/96 69.9 12.550 936.18
MLC679A 10268003592 21,400.00 12/01/96 11/01/11 179.00 12/01/96 89.9 11.990 219.96
</TABLE>
<PAGE>
Page 21
Sale Schedule
1996-4 Class 1 - Initial Pool of Fixed Rate Mortgages - Settlement 12/19/96
Alliance Funding Company
A division of Superior Bank FSB
<TABLE>
<CAPTION>
Principal
Zip Balance at
Sale ID Account Name Address City State Code Origination
- ----------------------------------------------------------------------------------------------------------------------------------
<C> <S> <C> <C> <C> <C> <C> <C>
MLC679A 10268003596 ADLER ERROL 108 GREAT BROOK ROAD NEW MILFORD CT 06776 67,570.00
MLC679A 10268003680 JONES WILLIAM D 101 SHERRIS WAY SMITHSBURG MD 21783 20,000.00
------------------------------------------ ------------
126 Sale Total 8,786,334.00
</TABLE>
<TABLE>
<CAPTION>
Cut-off Date First Original Current Scheduled
Principal Payment Maturity Rem Date LTV Mortgage Payment
Sale ID Account Balance Date Date Term Due Ratio Rate Int & Prin
- ---------------------------------------------------------------------------------------------------------------------
<C> <S> <C> <C> <C> <C> <C> <C> <C> <C>
MLC679A 10268003596 67,570.00 12/01/96 11/01/16 239.00 12/01/96 80.8 11.250 708.98
MLC679A 10268003680 19,949.01 11/23/96 10/23/11 178.72 12/23/96 88.4 11.550 234.27
----------------------------- ----------- ----------------------------------
126 8,778,112.26 205.09 78.1 11.625 92,905.99
</TABLE>
<PAGE>
Page 22
Sale Schedule
1996-4 Class 1 - Initial Pool of Fixed Rate Mortgages - Settlement 12/19/96
Alliance Funding Company
A division of Superior Bank FSB
<TABLE>
<CAPTION>
Principal
Zip Balance at
Sale ID Account Name Address City State Code Origination
- ----------------------------------------------------------------------------------------------------------------------------------
<C> <S> <C> <C> <C> <C> <C> <C>
ML680 10266125918 CALDWELL CHRISTOPHER HARRIETSTOWN ROAD SARANAC LAKE NY 12983 48,300.00
ML680 10266127225 FLOURNOY LAIRD 55 CALDWELL AVENUE LAKE GEORGE NY 12845 38,250.00
ML680 10266127513 ALBIN MARIE A 319 DORWART STREET LANCASTER PA 17603 42,250.00
ML680 10266127837 ANGER LAVOYN M 2013 CHAMBERLIN SOUTH COLORADO SPRINGS CO 80906 15,700.00
ML680 10266128780 BINGHAM RICHARD F 11030 N FUEGO DRIVE DUNNELLON FL 34434 23,000.00
ML680 10266129721 TREVES MOISES 741 WEST CORAL GABLES PHOENIX AZ 85023 23,000.00
ML680 10266129767 SHELTON LAVERNE H 2919 ELIZABETH STREET DENVER CO 80205 20,681.00
ML680 10266129795 MCCULLOUGH CARL 3120 SHAFFER ROAD ATWATER OH 44201 39,500.00
ML680 10266129839 TYNER REGINALD 11421 MEMORIAL DETROIT MI 48227 24,800.00
ML680 10266129943 PLADSON JOHN C 62478 JAY JAY ROAD MONTROSE CO 81401 54,000.00
ML680 10266130050 SEGOVIA DANILO 15 FALLWIND CIRCLE SACRAMENTO CA 95831 161,100.00
ML680 10266130201 FISHER MARSHA E 14107 SOUTH MARSHFIELD DIXMOOR IL 60426 25,300.00
ML680 10266130387 METCALF JUDITH G 4503 EAST VERBENA DRIVE PHOENIX AZ 85044 33,770.00
ML680 10266130726 BHATTI MARY ELLEN 1930 WEST WAVELAND CHICAGO IL 60603 60,000.00
ML680 10266130778 SAFLEY DOUGLAS C 1709 SOUTH HALL MESA AZ 85203 12,071.00
ML680 10266130993 HENDERSON KIM RAY 2211 EDYTHE DR DUNEDIN FL 34698 57,800.00
ML680 10266131006 WITZEL WAYNE A 978 EAST 4555 SOUTH SALT LAKE CITY UT 84117 25,631.00
ML680 10266131028 TENALIO RAY F JR 218 S 13TH STREET HARRISBURG PA 17104 31,425.00
ML680 10266131032 MOORE MICHAEL ANTHONY 6815 188TH PLACE SW LYNNWOOD WA 98036 19,200.00
ML680 10266131089 ROGERS JAMES R 8 MUHLENBERG AVE MOUNT GRETNA PA 17064 98,400.00
ML680 10266131101 ROSE LUCILLE 6014 TOWN & COUNTRY BLVD TAMPA FL 33615 64,800.00
ML680 10266131256 EDDY DONALD L 704 GREENDALE STREET MEADVILLE PA 16335 38,200.00
ML680 10266131434 ADIBNATANZI RAHMATOLLAH 1574 HILLGRADE AVENUE ALAMO CA 94507 73,300.00
ML680 10266131463 CARR JOEL D 509 GENE DRIVE MC DONALD PA 15057 67,000.00
ML680 10266131628 LEVANDOSKI KENNETH 3700 CAMINO DON DIEGO NE ALBUQUERQUE NM 87111 22,400.00
ML680 10266131718 VINSON VICTORIA A 8224 MELVIN WESTLAND MI 48185 99,000.00
ML680 10266131727 DARDIS RAYMOND F 8655 FORT VISTA DRIVE SCOTTSDALE AZ 85250 26,800.00
ML680 10266131760 DAWSON ROBERTA L 776 FOURTH STREET BEAVER PA 15009 144,500.00
ML680 10266131833 ELLIS LEROY E 14111 EAST ELK PLACE DENVER CO 80239 11,830.00
ML680 10266131928 GERBRICK LAWRENCE D 5658 BAYBERRY CIRCLE NORTH RIDGEVILLE OH 44039 15,000.00
ML680 10266131933 HUGHES RITA 15223 S. WOOD HARVEY IL 60426 25,000.00
ML680 10266131997 KANE JOSEPH P 3 THATCHER CIRCLE BOOTHWYN PA 19061 27,000.00
ML680 10266132014 ZIMMERMAN ELVIN W 359 LINDEN GROVE RD EPHRATA PA 17522 29,600.00
ML680 10266132070 JAMES ROBERT C 768 PTARMIGAN RUN LOVELAND CO 80538 25,176.00
ML680 10266132295 ROBELL ALAN R 1508 S CLARION STREET PHILADELPHIA PA 19147 25,600.00
ML680 10266132307 WILSON STANLEY WAYNE 12614 BRISTOW ROAD NOKESVILLE VA 20181 29,000.00
ML680 10266132332 MILLER BETH ANNE 6630 WEST DEL RIO STREET CHANDLER AZ 85226 22,900.00
ML680 10266132359 MONDARES DANILO B 1910 NELSON DRIVE SANTA CLARA CA 95054 48,660.00
ML680 10266132661 FULMER ALAN E 2461 CHERRY LAUREL DR SANFORD FL 32771 78,500.00
ML680 10266132694 MIDDLETON DORIS J 1508 ROSEMONT DRIVE SECURITY CO 80911 26,692.00
ML680 10266132927 CHERRY ZACHARY A 9109 NORTHEAST 141ST PLACE BOTHELL WA 98011 14,515.00
ML680 10266132946 BRUNER DANIEL G 43 CEDAR AVENUE PORT HADLOCK WA 98339 18,470.00
ML680 10266132997 OCKER ROBERT W JR 30 WOODVIEW ROAD BIGLERVILLE PA 17307 70,800.00
ML680 10266133012 CORNELIUS KEVIN S 28842 DAYSTAR DRIVE CORVALLIS OR 97330 141,000.00
ML680 10266133056 BUTLER BARBARA 7248 S VERNON AVENUE CHICAGO IL 60619 166,500.00
ML680 10266133186 MILLER PHILIP LEE 32680 COAST RIDGE DRIVE CARMEL CA 93923 130,500.00
ML680 10266133214 DUNHAM WILLIAM MARSHALL 1370 EAST 3125 NORTH LAYTON UT 84040 23,500.00
ML680 10266134109 BRUBAKER STEVE A 805 SOUTH SPRUCE STREET ELIZABETHTOWN PA 17022 59,150.00
ML680 10266134153 GRADY JACK 2371 AMBROSE LANE PORT CHARLOTTE FL 33952 49,000.00
ML680 10266134159 ABDON SCOTT S 6787 LIPSCOMB STREET SE SALEM OR 97301 45,000.00
ML680 10266134166 KELLY KARIN M 1830 30TH LANE SOUTHWEST LARGO FL 34644 59,500.00
ML680 10266134179 CARTMILL WADE R 545 STONEHILL STREET GLADSTONE OR 97027 32,370.00
ML680 10266134379 VOSS TROY D 8253 CYPRESS LANE EDEN PRAIRIE MN 55347 73,200.00
ML680 10266134400 KINCAID KERRY 21011 CASCADE AVENUE PORT CHARLOTTE FL 33952 53,465.00
ML680 10266134418 HERNANDEZ LAZARO M 5874 SW 4TH STREET MIAMI FL 33144 104,000.00
ML680 10266134431 REPSHER WILLIAM E JR 937 SUNBURY DRIVE FAYETTEVILLE NC 28311 50,250.00
ML680 10266134440 SKOTCH GARY O RR #4 BOX 1393 HONESDALE PA 18431 37,720.00
ML680 10266134468 HAMMETT DEBBY A 10226 QUAIL STREET WESTMINSTER CO 80021 20,000.00
ML680 10266134503 MCREYNOLDS JACQUELINE 1344 NORTH CENTRAL AVENUE CHICAGO IL 60651 60,000.00
ML680 10266134635 FIELDS HAROLD V 14217 NORTH 54TH STREET SCOTTSDALE AZ 85254 48,200.00
ML680 10266134643 RAMBERDAN MCKAY J 84-15 CHAPIN PARKWAY JAMAICA HILLS NY 11432 59,000.00
ML680 10266134819 DENNIS LOUISE C 1612 CALLEN STREET TALLAHASSEE FL 32304 101,500.00
</TABLE>
<TABLE>
<CAPTION>
Cut-off Date First Original Current Scheduled
Principal Payment Maturity Rem Date LTV Mortgage Payment
Sale ID Account Balance Date Date Term Due Ratio Rate Int & Prin
- ---------------------------------------------------------------------------------------------------------------------
<C> <S> <C> <C> <C> <C> <C> <C> <C> <C>
ML680 10266125918 48,300.00 12/01/96 11/01/11 179.00 12/01/96 70.0 10.700 449.06
ML680 10266127225 38,250.00 11/22/96 10/22/11 178.68 12/22/96 83.1 12.750 415.66
ML680 10266127513 42,219.06 09/14/96 08/14/11 176.42 12/14/96 65.0 15.190 540.65
ML680 10266127837 15,631.00 11/17/96 10/17/16 238.52 12/17/96 89.9 11.750 170.14
ML680 10266128780 23,000.00 12/08/96 11/08/11 179.24 12/08/96 78.5 12.400 243.69
ML680 10266129721 23,000.00 11/02/96 10/02/11 178.03 11/02/96 82.8 13.550 264.35
ML680 10266129767 20,681.00 01/01/97 12/01/11 180.00 01/01/97 89.8 11.350 202.44
ML680 10266129795 39,500.00 12/01/96 11/01/16 239.00 12/01/96 80.6 14.000 491.19
ML680 10266129839 24,800.00 12/11/96 11/11/26 359.34 12/11/96 80.0 13.750 288.95
ML680 10266129943 54,000.00 01/01/97 12/01/11 180.00 01/01/97 64.2 12.500 665.56
ML680 10266130050 160,925.37 12/01/96 11/01/11 179.00 01/01/97 90.0 11.125 1,549.43
ML680 10266130201 25,300.00 12/01/96 11/01/16 239.00 12/01/96 64.8 13.490 305.28
ML680 10266130387 33,770.00 11/04/96 10/04/11 178.09 12/04/96 83.3 13.550 439.57
ML680 10266130726 60,000.00 12/01/96 11/01/11 179.00 12/01/96 76.1 11.600 704.73
ML680 10266130778 12,066.55 11/25/96 10/25/16 238.78 12/25/96 85.0 12.700 138.85
ML680 10266130993 57,800.00 12/05/96 11/05/26 359.15 12/05/96 84.3 12.200 603.45
ML680 10266131006 25,578.83 11/17/96 10/17/11 178.52 12/17/96 84.9 10.700 286.51
ML680 10266131028 31,425.00 12/06/96 11/06/11 179.18 12/06/96 75.0 11.350 364.11
ML680 10266131032 19,200.00 12/01/96 11/01/11 179.00 12/01/96 85.0 12.750 239.78
ML680 10266131089 98,400.00 12/04/96 11/04/11 179.11 12/04/96 77.1 11.700 989.49
ML680 10266131101 64,800.00 11/17/96 10/17/26 358.52 12/17/96 90.0 10.650 600.03
ML680 10266131256 38,200.00 12/05/96 11/05/11 179.15 12/05/96 84.8 11.875 389.26
ML680 10266131434 73,300.00 11/17/96 10/17/11 178.52 12/17/96 78.4 12.050 756.80
ML680 10266131463 67,000.00 12/15/96 11/15/11 179.47 12/15/96 86.6 10.900 633.00
ML680 10266131628 22,400.00 01/01/97 12/01/11 180.00 01/01/97 84.7 12.750 243.42
ML680 10266131718 99,000.00 11/21/96 10/21/26 358.65 12/21/96 87.6 12.250 1,037.42
ML680 10266131727 26,766.98 11/04/96 10/04/11 178.09 12/04/96 69.8 11.700 316.49
ML680 10266131760 144,500.00 12/13/96 11/13/11 179.41 12/13/96 85.0 9.850 1,252.10
ML680 10266131833 11,781.25 12/01/96 11/01/11 179.00 01/01/97 79.4 13.990 157.47
ML680 10266131928 14,952.67 12/01/96 11/01/11 179.00 01/01/97 63.6 9.550 157.09
ML680 10266131933 24,950.56 11/16/96 10/16/16 238.49 12/16/96 62.4 10.050 242.08
ML680 10266131997 26,881.73 11/11/96 10/11/11 178.32 12/11/96 89.9 12.350 330.15
ML680 10266132014 29,600.00 12/08/96 11/08/11 179.24 12/08/96 70.4 10.800 332.72
ML680 10266132070 25,176.00 12/04/96 11/04/11 179.11 12/04/96 84.9 12.750 314.41
ML680 10266132295 25,600.00 11/18/96 10/18/11 178.55 11/18/96 80.0 11.600 300.69
ML680 10266132307 29,000.00 12/01/96 11/01/11 179.00 12/01/96 85.8 12.200 351.79
ML680 10266132332 22,900.00 11/25/96 10/25/11 178.78 12/25/96 84.9 12.750 248.85
ML680 10266132359 48,660.00 11/08/96 10/08/11 178.22 12/08/96 68.6 12.050 502.40
ML680 10266132661 78,500.00 12/11/96 11/11/16 239.34 12/11/96 82.4 12.400 886.34
ML680 10266132694 26,692.00 01/01/97 12/01/16 240.00 01/01/97 89.8 11.950 292.97
ML680 10266132927 14,515.00 01/01/97 12/01/11 180.00 01/01/97 82.1 12.350 177.49
ML680 10266132946 18,368.80 12/01/96 11/01/11 179.00 01/01/97 89.6 11.950 221.08
ML680 10266132997 70,800.00 12/06/96 11/06/16 239.18 12/06/96 80.0 10.500 706.85
ML680 10266133012 141,000.00 11/23/96 10/23/11 178.72 11/23/96 79.9 12.000 1,450.35
ML680 10266133056 166,500.00 12/01/96 11/01/11 179.00 01/01/97 90.0 10.650 1,541.74
ML680 10266133186 130,500.00 11/08/96 10/08/11 178.22 12/08/96 75.3 11.550 1,297.31
ML680 10266133214 23,500.00 01/01/97 12/01/11 180.00 01/01/97 83.8 13.350 266.40
ML680 10266134109 58,945.66 12/04/96 11/04/11 179.11 01/04/97 84.5 11.990 709.52
ML680 10266134153 49,000.00 12/05/96 11/05/16 239.15 12/05/96 50.5 9.800 466.39
ML680 10266134159 45,000.00 01/01/97 12/01/16 240.00 01/01/97 42.5 11.350 475.25
ML680 10266134166 59,500.00 12/11/96 11/11/26 359.34 12/11/96 85.0 9.750 511.20
ML680 10266134179 32,370.00 12/01/96 11/01/11 179.00 12/01/96 84.8 12.750 404.25
ML680 10266134379 73,200.00 12/01/96 11/01/11 179.00 12/01/96 80.0 12.250 890.33
ML680 10266134400 53,465.00 12/08/96 11/08/26 359.24 12/08/96 85.0 12.200 558.19
ML680 10266134418 104,000.00 11/22/96 10/22/11 178.68 11/22/96 80.0 11.550 1,033.87
ML680 10266134431 50,250.00 12/01/96 11/01/11 179.00 12/01/96 76.1 9.850 535.39
ML680 10266134440 37,720.00 12/12/96 11/12/11 179.38 12/12/96 89.9 11.950 451.49
ML680 10266134468 20,000.00 12/07/96 11/07/11 179.21 12/07/96 83.3 12.350 244.56
ML680 10266134503 59,890.46 12/01/96 11/01/16 239.00 01/01/97 58.2 11.750 650.22
ML680 10266134635 48,200.00 12/01/96 11/01/11 179.00 12/01/96 74.9 13.450 550.19
ML680 10266134643 59,000.00 12/18/96 11/18/11 179.57 12/18/96 84.6 12.600 731.03
ML680 10266134819 101,500.00 12/06/96 11/06/26 359.18 12/06/96 70.0 10.850 955.12
</TABLE>
<PAGE>
Page 23
Sale Schedule
1996-4 Class 1 - Initial Pool of Fixed Rate Mortgages - Settlement 12/19/96
Alliance Funding Company
A division of Superior Bank FSB
<TABLE>
<CAPTION>
Principal
Zip Balance at
Sale ID Account Name Address City State Code Origination
- ----------------------------------------------------------------------------------------------------------------------------------
<C> <S> <C> <C> <C> <C> <C> <C>
ML680 10266134839 LAWRENCE THOMAS F 107 AMBER LANE VALENCIA PA 16059 64,000.00
ML680 10266134864 SANDOVAL ROBERT D 2187 W TENNESSEE AVENUE DENVER CO 80223 13,500.00
ML680 10266134885 KLAFFKY DAVID D 7375 SILVERDALE STREET COLORADO SPRINGS CO 80911 13,700.00
ML680 10266134904 PERKINS JOHN DAVID 5577 SOUTH MORNING BREEZE DRI SALT LAKE CITY UT 84118 14,790.00
ML680 10266134976 RYAN JULIE A 779 EAST CLIFFORD DRIVE TOOELE UT 84074 37,000.00
ML680 10266134979 LEWIS VERNON C 601 AVIS DRIVE LARGO MD 20772 136,000.00
ML680 10266134986 FERBER CONNIE 462 LAFAYETTE AVE PALMERTON PA 18071 54,400.00
ML680 10266134994 CHRISTIE BILLY 22 LAKESIDE ROAD FRANKLIN TOWNSHIP NJ 08873 20,000.00
ML680 10266135097 NEVILLE ROBERT W 321 W WILDER AVE TAMPA FL 33603 55,250.00
ML680 10266135135 PISARCIK MATTHEW J 375 EAST JAMES STREET MUNHALL PA 15120 29,700.00
ML680 10266135173 HILL MICHAEL J 427 SOUTH 100 WEST OREM UT 84058 110,000.00
ML680 10266135180 GALVEZ JAVIER 406 E AVENIDA SIERRA MADRE GILBERT AZ 85296 19,695.00
ML680 10266135275 RICHARDS BRENT L 1155 ROSEMARY UNIT F DENVER CO 80220 21,450.00
ML680 10266135278 POLK JOANNE L 1516 GRANDIN AVE PITTSBURGH PA 15216 27,500.00
ML680 10266135334 HARMS JEFFREY W 2513 GARLAND STREET LAKEWOOD CO 80215 35,000.00
ML680 10266135338 MOHR GREGORY D 3756 EAST GROVE AVENUE MESA AZ 85206 11,639.00
ML680 10266135370 CHESTNUT LAURIE N 16765 SOUTH ANTHONY HAZEL CREST IL 60429 60,000.00
ML680 10266135388 WILLIAMS ELLA M 285 LAKE POINT CIRCLE GREENWOOD IN 46142 21,800.00
ML680 10266135390 RICHARDSON GARY M 9740 WEST 88TH PLACE WESTMINSTER CO 80021 18,700.00
ML680 10266135412 HOSKIN JESSE W 3707 HIGHWAY 117 S ALTERNATE DUDLEY NC 28333 12,500.00
ML680 10266135418 BINGHAM LARRY D 20680 SW 90TH AVENUE TUALATIN OR 97062 117,215.00
ML680 10266135432 LATHAM MARK 447 23RD ST N SAINT PETERSBURG FL 33713 43,350.00
ML680 10266135503 HOLT WILLIE G 2140 VALLEY DRIVE LAS VEGAS NV 89108 81,000.00
ML680 10266135524 BROWN ALBERT 5132 S. JUSTINE CHICAGO IL 60609 57,600.00
ML680 10266135525 YURTSEVER FEVZI 2329 W. HARRISON STREET CHICAGO IL 60612 90,500.00
ML680 10266135562 STOUT JOHN A 382 WEST 2280 NORTH LEHI UT 84043 15,597.00
ML680 10266135578 TALLMAN LORELEE A 1366 SWAN STREET OGDEN UT 84401 26,500.00
ML680 10266135580 KOWAL FRANK J JR 3957 SOUTH FUNDY CIRCLE AURORA CO 80013 40,100.00
ML680 10266135587 WATERS WILLIAM 511 WATT STREET DURYEA PA 18642 54,000.00
ML680 10266135638 GRAY KEVIN 284 EAST 149TH STREET HARVEY IL 60426 43,650.00
ML680 10266135691 PALUMBO MICHAEL K 27127 102ND DRIVE NW STANWOOD WA 98292 33,260.00
ML680 10266135693 PENDLETON DAVID L 311 EAST 6280 SOUTH MURRAY UT 84107 18,500.00
ML680 10266135740 LYNCH RICHARD E 6140 N. LENOX CHICAGO IL 60646 60,000.00
ML680 10266135757 ALDEN HOLLY J 737 NEWPORT STREET DENVER CO 80220 45,000.00
ML680 10266135761 WEAVER KEVIN D 105 NORTH 7TH STREET WEST NEWTON PA 15089 30,400.00
ML680 10266135779 HENRY SUSAN L 1620 GAY STREET LONGMONT CO 80501 40,000.00
ML680 10266135864 GEISSLER DIANE C 719 LOG HAVEN DRIVE WOODLAND PARK CO 80863 36,850.00
ML680 10266135865 JACOBSON RONALD E 21409 SE 292ND PLACE KENT WA 98042 24,395.00
ML680 10266135867 DAVIS CLARK T 780 N CHIPPEWA PLACE CHANDLER AZ 85224 47,300.00
ML680 10266135868 GRATZ DAVID M 18 GWEN LANE DEVON PA 19333 77,886.00
ML680 10266135886 MAERZ LUDWIG 2046 NW FLANDERS STREET PORTLAND OR 97209 42,000.00
ML680 10266135891 MCCAFFREY JUDY R 614 ANDREA STREET FORT COLLINS CO 80524 36,842.00
ML680 10266135906 CHESTER OWENS 500 KASPER AVENUE LAS VEGAS NV 89106 37,350.00
ML680 10266135913 KELLEY ANDREW S 1280 S BISON DRIVE TUCSON AZ 85713 13,770.00
ML680 10266135919 HEINRICHS VICKY D 1937 EAST STALBRIDGE CIRCLE SANDY UT 84093 60,000.00
ML680 10266135926 FORMICA JOHN 75 HEYWARD STREET BRENTWOOD NY 11717 60,749.00
ML680 10266136018 MURPHY HAROLD E 1167 NE 190TH PLACE PORTLAND OR 97230 27,469.00
ML680 10266136019 O'SHEA MARTIN T 4612 JUNCTION BOULEVARD ELMHURST NY 11373 80,000.00
ML680 10266136020 HESLIN ANDREA 4971 REED ROAD COLUMBUS OH 43220 25,000.00
ML680 10266136069 HOUCHINS BRADFORD D 1828 SAXON LANE MAPLE GLEN PA 19002 81,000.00
ML680 10266136080 COMBS DANA L 6092 SOUTH FILBERT WAY KEARNS UT 84118 37,100.00
ML680 10266136112 ETHERINGTON RICHARD A 26 DEERFIELD DRIVE POTTSVILLE PA 17901 31,932.00
ML680 10266136122 LITTLE JOEL WALLACE 775 WEST 1220 SOUTH TOOELE UT 84074 20,250.00
ML680 10266136146 HANSEN CARL L 1985 EAST 115TH AVENUE NORTHGLENN CO 80233 25,522.00
ML680 10266136159 WAGES BRIAN K 5551 SOUTH YOUNGFIELD STREET LITTLETON CO 80127 58,015.00
ML680 10266136178 WASHINGTON JACQUELINE T 1322 WEST 112TH PLACE CHICAGO IL 60643 45,500.00
ML680 10266136193 CUNNINGHAM KIMBERLY 12120 HEYDEN DETROIT MI 48228 30,000.00
ML680 10266136244 FLADGARD CHARLEEN V 721 ANDERSON STREET CASTLE ROCK CO 80104 15,812.00
ML680 10266136248 ENDERSEN ROBERT FORD 913 WEST SUN COAST DRIVE GILBERT AZ 85233 18,000.00
ML680 10266136275 MCKELL DAVID L 720 WEST 10 NORTH LINDON UT 84042 49,500.00
ML680 10266136290 GREGORY ERIC B 9445 E PIKES PEAK DRIVE TUCSON AZ 85710 21,250.00
ML680 10266136296 WESTERMAN G SIDNEY 223 EAST PEBBLEBROOK WAY DRAPER UT 84020 31,300.00
</TABLE>
<TABLE>
<CAPTION>
Cut-off Date First Original Current Scheduled
Principal Payment Maturity Rem Date LTV Mortgage Payment
Sale ID Account Balance Date Date Term Due Ratio Rate Int & Prin
- ---------------------------------------------------------------------------------------------------------------------
<C> <S> <C> <C> <C> <C> <C> <C> <C> <C>
ML680 10266134839 64,000.00 11/23/96 10/23/11 178.72 12/23/96 80.0 12.450 680.56
ML680 10266134864 13,500.00 01/01/97 12/01/11 180.00 01/01/97 65.5 12.250 164.20
ML680 10266134885 13,700.00 01/01/97 12/01/11 180.00 01/01/97 73.6 11.100 156.58
ML680 10266134904 14,790.00 12/05/96 11/05/11 179.15 12/05/96 89.9 11.350 171.37
ML680 10266134976 36,988.00 11/22/96 10/22/11 178.68 12/22/96 70.1 13.850 489.02
ML680 10266134979 136,000.00 11/25/96 10/25/11 178.78 11/25/96 85.0 12.800 1,483.20
ML680 10266134986 54,400.00 12/04/96 11/04/11 179.11 12/04/96 85.0 10.200 485.46
ML680 10266134994 19,905.33 12/08/96 11/08/16 239.24 01/08/97 50.7 10.050 193.67
ML680 10266135097 55,250.00 12/06/96 11/06/26 359.18 12/06/96 79.4 12.500 589.66
ML680 10266135135 29,700.00 12/08/96 11/08/11 179.24 12/08/96 89.9 11.950 355.50
ML680 10266135173 110,000.00 01/01/97 12/01/11 180.00 01/01/97 77.0 12.100 1,139.95
ML680 10266135180 19,695.00 12/08/96 11/08/11 179.24 12/08/96 90.0 10.700 183.11
ML680 10266135275 21,450.00 01/01/97 12/01/26 360.00 01/01/97 56.4 9.500 180.36
ML680 10266135278 27,500.00 12/08/96 11/08/16 239.24 12/08/96 79.5 10.700 278.26
ML680 10266135334 35,000.00 01/01/97 12/01/16 240.00 01/01/97 84.9 12.750 403.83
ML680 10266135338 11,639.00 01/01/97 12/01/11 180.00 01/01/97 84.7 12.350 142.32
ML680 10266135370 60,000.00 12/20/96 11/20/26 359.64 12/20/96 80.0 11.750 605.65
ML680 10266135388 21,800.00 12/04/96 11/04/11 179.11 12/04/96 69.9 11.500 254.67
ML680 10266135390 18,700.00 01/01/97 12/01/11 180.00 01/01/97 89.9 11.950 223.83
ML680 10266135412 12,500.00 12/11/96 11/11/11 179.34 12/11/96 58.1 12.500 154.07
ML680 10266135418 117,215.00 01/01/97 12/01/11 180.00 01/01/97 85.0 9.600 994.17
ML680 10266135432 43,350.00 12/05/96 11/05/11 179.15 12/05/96 76.0 11.600 509.17
ML680 10266135503 80,378.75 12/01/96 11/01/26 359.00 01/01/97 90.0 11.450 799.05
ML680 10266135524 57,600.00 12/19/96 11/19/11 179.61 12/19/96 90.0 11.450 671.05
ML680 10266135525 90,500.00 12/06/96 11/06/16 239.18 12/06/96 79.3 10.750 918.78
ML680 10266135562 15,597.00 01/01/97 12/01/11 180.00 01/01/97 89.2 11.550 182.70
ML680 10266135578 26,442.25 12/04/96 11/04/11 179.11 01/04/97 88.4 13.150 296.25
ML680 10266135580 40,100.00 01/01/97 12/01/11 180.00 01/01/97 74.8 11.500 468.44
ML680 10266135587 53,860.70 12/04/96 11/04/11 179.11 01/04/97 64.2 10.750 504.08
ML680 10266135638 43,650.00 12/01/96 11/01/11 179.00 12/01/96 90.0 11.450 430.60
ML680 10266135691 33,234.52 12/01/96 11/01/11 179.00 01/01/97 89.7 11.950 340.84
ML680 10266135693 18,500.00 01/01/97 12/01/11 180.00 01/01/97 84.4 12.350 195.29
ML680 10266135740 60,000.00 12/05/96 11/05/06 119.15 12/05/96 86.0 10.300 802.91
ML680 10266135757 45,000.00 01/01/97 12/01/11 180.00 01/01/97 69.4 12.000 462.88
ML680 10266135761 30,400.00 12/19/96 11/19/11 179.61 12/19/96 80.0 10.750 340.77
ML680 10266135779 39,535.76 01/01/97 12/01/16 240.00 02/01/97 78.9 11.100 415.60
ML680 10266135864 36,850.00 01/01/97 12/01/16 240.00 01/01/97 79.9 13.500 444.92
ML680 10266135865 24,395.00 01/01/97 12/01/11 180.00 01/01/97 89.9 11.950 249.99
ML680 10266135867 47,300.00 01/01/97 12/01/11 180.00 01/01/97 84.9 10.700 528.73
ML680 10266135868 77,886.00 12/13/96 11/13/11 179.41 12/13/96 84.6 12.750 846.38
ML680 10266135886 42,000.00 11/28/96 10/28/11 178.88 11/28/96 74.9 10.800 393.64
ML680 10266135891 36,842.00 01/01/97 12/01/16 240.00 01/01/97 89.7 11.350 389.09
ML680 10266135906 37,350.00 01/01/97 12/01/26 360.00 01/01/97 74.7 12.250 391.39
ML680 10266135913 13,770.00 01/01/97 12/01/11 180.00 01/01/97 85.0 12.350 168.38
ML680 10266135919 60,000.00 01/01/97 12/01/16 240.00 01/01/97 77.0 12.000 660.65
ML680 10266135926 60,749.00 12/20/96 11/20/11 179.64 12/20/96 77.6 9.750 643.55
ML680 10266136018 27,398.38 11/28/96 10/28/11 178.88 12/28/96 90.0 11.350 318.28
ML680 10266136019 80,000.00 12/15/96 11/15/11 179.47 12/15/96 53.3 10.850 752.81
ML680 10266136020 25,000.00 12/01/96 11/01/16 239.00 12/01/96 22.9 13.490 301.66
ML680 10266136069 81,000.00 12/08/96 11/08/11 179.24 12/08/96 70.6 12.200 982.58
ML680 10266136080 37,100.00 01/01/97 12/01/16 240.00 01/01/97 86.2 12.750 428.06
ML680 10266136112 31,932.00 12/11/96 11/11/11 179.34 12/11/96 84.9 12.750 398.78
ML680 10266136122 20,250.00 01/01/97 12/01/11 180.00 01/01/97 90.0 11.350 198.22
ML680 10266136146 25,522.00 01/01/97 12/01/16 240.00 01/01/97 84.9 12.350 287.27
ML680 10266136159 58,015.00 01/01/97 12/01/11 180.00 01/01/97 89.7 11.350 567.89
ML680 10266136178 45,500.00 12/01/96 11/01/11 179.00 12/01/96 43.3 9.600 385.91
ML680 10266136193 30,000.00 12/05/96 11/05/11 179.15 12/05/96 71.4 12.000 360.05
ML680 10266136244 15,812.00 01/01/97 12/01/11 180.00 01/01/97 79.9 13.000 200.06
ML680 10266136248 18,000.00 01/01/97 12/01/11 180.00 01/01/97 87.8 11.700 181.00
ML680 10266136275 49,500.00 01/01/97 12/01/11 180.00 01/01/97 66.2 11.000 471.40
ML680 10266136290 21,250.00 12/13/96 11/13/11 179.41 12/13/96 89.2 11.950 254.35
ML680 10266136296 31,300.00 01/01/97 12/01/11 180.00 01/01/97 89.8 11.950 374.65
</TABLE>
<PAGE>
Page 24
Sale Schedule
1996-4 Class 1 - Initial Pool of Fixed Rate Mortgages - Settlement 12/19/96
Alliance Funding Company
A division of Superior Bank FSB
<TABLE>
<CAPTION>
Principal
Zip Balance at
Sale ID Account Name Address City State Code Origination
- ----------------------------------------------------------------------------------------------------------------------------------
<C> <S> <C> <C> <C> <C> <C> <C>
ML680 10266136315 WILLIAMS DAVID 18694 LESURE DETROIT MI 48235 40,000.00
ML680 10266136338 BIRDWELL NORMA J 1440 W. PRUITT INDIANAPOLIS IN 46208 38,200.00
ML680 10266136344 GRIEGO KENNETH R 7804 INGALLS STREET ARVADA CO 80003 103,500.00
ML680 10266136358 SANTISTEVAN THERESA 1134 EAST EVANS PUEBLO CO 81004 20,000.00
ML680 10266136375 PRUITT LILLIE A 2625 NORTH WATTS STREET PORTLAND OR 97217 21,700.00
ML680 10266136406 PAYMASTER BILL 8940 W. 84TH STREET JUSTICE IL 60458 20,000.00
ML680 10266136446 GANDY PERRY W 4281 B SOUTH FAIRPLAY CIRCLE AURORA CO 80014 25,641.00
ML680 10266136489 NEVE SUE F 1474 MCARTHUR AVENUE COLORADO SPRINGS CO 80909 53,000.00
ML680 10266136517 SMITH GEORGE W 8733 SOUTH PARNELL AVE. CHICAGO IL 60620 45,000.00
ML680 10266136557 THRIFT THOMAS L 4812 SILVERBROOK WAY BOWIE MD 20720 37,000.00
ML680 10266136609 RAGSDALE O F 2936 CROCUS STREET GRAND JUNCTION CO 81506 54,354.00
ML680 10266136622 HOLLEY CLIFFORD V 910 SOUTH VALLEY VIEW DRIVE FRUIT HEIGHTS UT 84037 30,000.00
ML680 10266136637 SEVIER CARL E 7434 SAINT LAWRENCE AVENUE CHICAGO IL 60619 18,500.00
ML680 10266136701 BUSK PATRICIA A 1217 CAPE MAY AVENUE CAPE MAY NJ 08204 85,000.00
ML680 10266136761 HARMON TANYA RR 4 BOX 126 DELPHI IN 46923 55,000.00
ML680 10266136802 ARROWCHIS FRANKLIN JOHNNY 457 NORTH 970 EAST SPRINGVILLE UT 84663 84,500.00
ML680 10266136856 NUCCITELLI BRETT 2290 NORTH 1060 EAST LEHI UT 84043 21,754.00
ML680 10266136916 ROSA JOHN P DE 1362 EAST WOODHILL CIRCLE SANDY UT 84092 79,400.00
ML680 10266136937 CHRISTIANSEN MICHAEL ALAN 5874 SOUTH BRASS DRIVE SALT LAKE CITY UT 84118 12,000.00
ML680 10266136940 GRAHAM JOHNIE DOUGLAS 6317 SOUTH LAURITZEN DRIVE WEST JORDAN UT 84084 28,000.00
ML680 10266137044 BRADSHAW JOSEPH SCOTT 678 WEST 3 O'CLOCK DRIVE TOOELE UT 84074 18,493.00
ML680 10266137046 MUNOZ VALENTINE J 147 SOUTH KINGDON LANE NORTH SALT LAKE UT 84054 20,000.00
ML680 10266137149 GREEN DARREN R 1327 WEST 8380 SOUTH WEST JORDAN UT 84088 29,663.00
ML680 10266137155 SIM RYON A 1522 WEST 8740 SOUTH WEST JORDAN UT 84088 13,300.00
ML680 10266137163 ROBERTS JIM H MADRONA ESTATES, LOT 24 ANACORTES WA 98221 22,750.00
ML680 10266137227 ROCHE RONALD J 6522 S. EVANS AVE. CHICAGO IL 60637 38,000.00
ML680 10266137243 OLEN WILLIAM G 1078 WALTER AVE. DES PLAINES IL 60016 29,800.00
ML680 10266137275 LAND KERRY L 801 UPPER 11TH VINCENNES IN 47591 32,500.00
ML680 10266137276 OPSAL DAVID D JR 230 1ST STREET NE CARMEL IN 46032 27,000.00
ML680 10266137279 BROOKS JR OLIVER 2306 PITT STREET ANDERSON IN 46016 39,500.00
ML680 10266137313 BROOKS OLIVER 2300 HALFORD STREET ANDERSON IN 46016 19,600.00
ML680 10266137315 STORY ROY W 1565 GARFIELD STREET DENVER CO 80206 88,300.00
ML680 10266137375 MCKELVEY ELAINE J 76 MCKELVEY LANE HOLTWOOD PA 17532 32,400.00
ML680 10266137408 CORDERO JOHNNY C I 5919 W KENNEWICK AVE KENNEWICK WA 99336 14,900.00
ML680 10266137577 CLAUSEN CHRISTIAN C 2514 WEST 5780 SOUTH SALT LAKE CITY UT 84118 14,163.00
ML680 10266137655 FERGUSON STEVE B 4077 SOUTH BURNINGHAM DRIVE WEST VALLEY UT 84119 34,000.00
ML680 10266137659 EUBANKS GARY R 9854 SOUTH EDEN CREST ROAD SOUTH JORDAN UT 84095 18,400.00
ML680 10266137773 ALDERMAN DEBORAH C 1859 DONOVAN DRIVE LONGMONT CO 80501 104,550.00
ML680 10266138215 ANGELL JANET K 1238 EAST FENWAY AVENUE SALT LAKE CITY UT 84102 42,000.00
------------------------------------------ -----------
163 Sale Total 7,292,732.00
</TABLE>
<TABLE>
<CAPTION>
Cut-off Date First Original Current Scheduled
Principal Payment Maturity Rem Date LTV Mortgage Payment
Sale ID Account Balance Date Date Term Due Ratio Rate Int & Prin
- ---------------------------------------------------------------------------------------------------------------------
<C> <S> <C> <C> <C> <C> <C> <C> <C> <C>
ML680 10266136315 40,000.00 12/15/96 11/15/16 239.47 12/15/96 64.5 10.000 386.01
ML680 10266136338 38,181.04 12/01/96 11/01/26 359.00 01/01/97 89.8 10.850 359.46
ML680 10266136344 103,500.00 01/01/97 12/01/26 360.00 01/01/97 90.0 11.450 1,021.01
ML680 10266136358 20,000.00 01/01/97 12/01/11 180.00 01/01/97 72.2 12.500 213.45
ML680 10266136375 21,700.00 01/01/97 12/01/11 180.00 01/01/97 89.9 12.000 223.21
ML680 10266136406 20,000.00 12/15/96 11/15/11 179.47 12/15/96 78.2 10.500 221.08
ML680 10266136446 25,641.00 01/01/97 12/01/16 240.00 01/01/97 80.0 13.000 300.40
ML680 10266136489 53,000.00 01/01/97 12/01/11 180.00 01/01/97 50.2 11.000 504.73
ML680 10266136517 44,206.74 12/01/96 11/01/11 179.00 02/01/97 64.2 11.000 511.47
ML680 10266136557 37,000.00 12/07/96 11/07/11 179.21 12/07/96 87.8 11.750 438.13
ML680 10266136609 54,354.00 01/01/97 12/01/11 180.00 01/01/97 84.8 12.750 590.66
ML680 10266136622 30,000.00 01/01/97 12/01/16 240.00 01/01/97 84.4 12.750 346.14
ML680 10266136637 18,500.00 12/08/96 11/08/11 179.24 12/08/96 25.6 9.600 194.30
ML680 10266136701 85,000.00 12/01/96 11/01/11 179.00 12/01/96 40.8 14.000 1,007.14
ML680 10266136761 55,000.00 12/06/96 11/06/26 359.18 12/06/96 59.7 9.850 476.58
ML680 10266136802 84,500.00 01/01/97 12/01/11 180.00 01/01/97 65.0 14.000 1,001.22
ML680 10266136856 21,754.00 12/05/96 11/05/11 179.15 12/05/96 89.8 12.750 271.67
ML680 10266136916 79,400.00 01/01/97 12/01/11 180.00 01/01/97 84.9 12.750 991.58
ML680 10266136937 12,000.00 12/01/96 11/01/11 179.00 12/01/96 88.8 13.150 153.02
ML680 10266136940 28,000.00 12/01/96 11/01/11 179.00 12/01/96 21.3 12.250 293.41
ML680 10266137044 18,493.00 12/01/96 11/01/11 179.00 12/01/96 88.9 12.750 230.95
ML680 10266137046 20,000.00 12/01/96 11/01/11 179.00 12/01/96 75.5 11.500 233.64
ML680 10266137149 29,663.00 12/01/96 11/01/11 179.00 12/01/96 77.6 13.700 344.44
ML680 10266137155 13,300.00 12/01/96 11/01/11 179.00 12/01/96 89.5 12.750 166.10
ML680 10266137163 22,750.00 01/01/97 12/01/11 180.00 01/01/97 19.7 10.500 208.10
ML680 10266137227 38,000.00 12/14/96 11/14/11 179.44 12/14/96 54.2 9.750 402.56
ML680 10266137243 29,800.00 12/18/96 11/18/11 179.57 12/18/96 79.9 14.000 396.86
ML680 10266137275 32,500.00 12/20/96 11/20/11 179.64 12/20/96 65.0 14.000 385.08
ML680 10266137276 27,000.00 12/15/96 11/15/11 179.47 12/15/96 79.3 11.100 308.58
ML680 10266137279 39,500.00 12/15/96 11/15/11 179.47 12/15/96 84.9 10.200 352.49
ML680 10266137313 19,600.00 12/15/96 11/15/11 179.47 12/15/96 70.0 10.600 180.76
ML680 10266137315 88,300.00 01/01/97 12/01/11 180.00 01/01/97 68.9 9.350 732.83
ML680 10266137375 32,400.00 12/13/96 11/13/11 179.41 12/13/96 89.9 11.750 327.05
ML680 10266137408 14,807.14 12/08/96 11/08/11 179.24 01/08/97 89.9 11.950 178.35
ML680 10266137577 14,163.00 12/05/96 11/05/11 179.15 12/05/96 89.7 13.150 180.60
ML680 10266137655 34,000.00 12/05/96 11/05/11 179.15 12/05/96 89.9 12.750 369.48
ML680 10266137659 18,400.00 12/05/96 11/05/11 179.15 12/05/96 89.6 12.750 229.79
ML680 10266137773 104,550.00 01/01/97 12/01/26 360.00 01/01/97 85.0 12.250 1,095.58
ML680 10266138215 42,000.00 01/01/97 12/01/11 180.00 01/01/97 70.5 12.100 435.25
------------------------------ ----------- ----------------------------------
163 7,289,298.53 211.94 77.9 11.682 77,637.29
</TABLE>
<PAGE>
Page 25
Sale Schedule
1996-4 Class 1 - Initial Pool of Fixed Rate Mortgages - Settlement 12/19/96
Alliance Funding Company
A division of Superior Bank FSB
<TABLE>
<CAPTION>
Principal
Zip Balance at
Sale ID Account Name Address City State Code Origination
- ----------------------------------------------------------------------------------------------------------------------------------
<C> <S> <C> <C> <C> <C> <C> <C>
MLC681 10268000695 MONACO DIANNE J 11 TULIP STREET BERGENFIELD NJ 07621 50,000.00
MLC681 10268000803 SALAMON JACOB 1564 58TH STREET BROOKLYN NY 11219 40,000.00
MLC681 10268001864 SPENCER ISABELLE 354 HIGHLAND AVE ORANGE NJ 07050 152,000.00
MLC681 10268002006 COUNTRYMAN DOUGLAS S 8 CREEK RD HIGH FALLS NY 12440 35,000.00
MLC681 10268002078 CARTER ORAL D 1130 GLEN EAGLE RD BALTIMORE MD 21239 53,550.00
MLC681 10268002114 REGISTRE SAINTELA 1115 MYRON ST UNIONDALE NY 11553 56,700.00
MLC681 10268002275 TARTER PAULA C 83 PELTON AVE STATEN ISLAND NY 10310 72,000.00
MLC681 10268002472 TRIOLO RONALD 60 CHALMERS AVE NORTH HALEDON NJ 07508 20,000.00
MLC681 10268002577 MASELEK JUDITH H 291 SOUTH STREET VERNON CT 06066 22,835.00
MLC681 10268002905 KOUTROS MICHAEL M 1 CHERRY LANE ROAD TANNERSVILLE PA 18372 125,300.00
MLC681 10268002974 BRADSHAW MARGARET B 160 NORTH ELLWOOD AVENUE BALTIMORE MD 21224 40,000.00
MLC681 10268003410 FRAPPIER RICHARD H 8 BUCKINGHAM RD MANSFIELD CENTER CT 06250 10,300.00
MLC681 10268003485 VASTARE GOPALAKRISHNA K 24 SNOWDROP DR NEW CITY NY 10956 348,000.00
MLC681 10268003716 SEWELL TERRY W 15469 CHLOE CIR FORT MYERS FL 33908 92,750.00
MLC681 10268003744 MILLO JOHN JR 139 MILLBROOK TER MONROE CT 06468 82,000.00
MLC681 10268003916 SANTORI KATHLEEN 32 SUFFOLK RD HAMPTON BAYS NY 11946 108,000.00
MLC681 10268004070 GIEL RITA F 842 WELLS RD WETHERSFIELD CT 06109 42,117.00
MLC681 10268004299 RUSSO BRADFORD R R 473 S CHIQUES RD MANHEIM PA 17545 43,250.00
MLC681 10268004351 HOWELL HARRIS H 166 WESTFIELD AVE BRIDGEPORT CT 06606 19,000.00
MLC681 10268004457 FRIESE PAULETTE 1721 SW 3RD AVE POMPANO BEACH FL 33060 21,000.00
MLC681 10268004903 TORRES FRANCISCO JR 94-12 239TH STREET FLORAL PARK NY 11001 25,000.00
MLC681 10268005252 RAYNES RICHARD L 725 116TH AVE TREASURE ISLAND FL 33706 54,000.00
MLC681 10268005273 SHOEMAKER HARLAND J 8300 LAYTON CT FREDERICK MD 21704 68,000.00
MLC681 10268005394 ZAGRODZKI JOHN J 30 OCEAN AVE CENTER MORICHES NY 11934 28,000.00
MLC681 10268005526 BURNHAM JEFFREY W 518 LIMETREE DR OLDSMAR FL 34677 15,000.00
MLC681 10268005534 LABARBERA TAMARA L 1106 W CORAL STREET TAMPA FL 33602 10,000.00
------------------------------------------ -----------
26 Sale Total 1,633,802.00
</TABLE>
<TABLE>
<CAPTION>
Cut-off Date First Original Current Scheduled
Principal Payment Maturity Rem Date LTV Mortgage Payment
Sale ID Account Balance Date Date Term Due Ratio Rate Int & Prin
- ---------------------------------------------------------------------------------------------------------------------
<C> <S> <C> <C> <C> <C> <C> <C> <C> <C>
MLC681 10268000695 50,000.00 12/01/96 11/01/26 359.00 12/01/96 37.0 12.500 533.63
MLC681 10268000803 39,921.81 10/24/96 09/24/11 177.76 11/24/96 69.3 12.250 486.52
MLC681 10268001864 152,000.00 12/12/96 11/12/11 179.38 12/12/96 79.1 13.500 1,741.03
MLC681 10268002006 34,940.06 09/14/96 08/14/16 236.42 12/14/96 46.6 10.900 358.89
MLC681 10268002078 53,550.00 10/19/96 09/19/26 357.60 12/19/96 85.0 12.000 550.82
MLC681 10268002114 56,700.00 11/21/96 10/21/11 178.65 11/21/96 42.0 12.200 591.97
MLC681 10268002275 72,000.00 11/28/96 10/28/11 178.88 11/28/96 84.9 12.100 746.15
MLC681 10268002472 19,977.94 11/21/96 10/21/06 118.65 12/21/96 76.5 12.200 289.26
MLC681 10268002577 22,835.00 12/11/96 11/11/11 179.34 12/11/96 80.0 13.900 302.57
MLC681 10268002905 125,300.00 11/28/96 10/28/11 178.88 11/28/96 70.0 12.950 1,581.23
MLC681 10268002974 40,000.00 11/14/96 10/14/11 178.42 12/14/96 72.7 13.490 457.85
MLC681 10268003410 10,300.00 12/14/96 11/14/11 179.44 12/14/96 89.9 12.500 126.95
MLC681 10268003485 348,000.00 12/01/96 11/01/11 179.00 12/01/96 80.0 11.750 3,512.74
MLC681 10268003716 92,750.00 12/19/96 11/19/11 179.61 12/19/96 85.0 12.250 971.92
MLC681 10268003744 82,000.00 12/13/96 11/13/16 239.41 12/13/96 84.0 11.500 874.47
MLC681 10268003916 108,000.00 12/01/96 11/01/26 359.00 01/01/97 80.0 12.990 1,193.85
MLC681 10268004070 42,117.00 12/11/96 11/11/11 179.34 12/11/96 85.0 13.100 469.19
MLC681 10268004299 43,250.00 12/19/96 11/19/16 239.61 12/19/96 79.8 11.250 453.80
MLC681 10268004351 19,000.00 12/15/96 11/15/11 179.47 12/15/96 89.5 11.700 191.06
MLC681 10268004457 21,000.00 11/23/96 10/23/11 178.72 11/23/96 87.3 13.750 276.15
MLC681 10268004903 25,000.00 12/18/96 11/18/11 179.57 12/18/96 89.8 11.750 296.03
MLC681 10268005252 54,000.00 12/19/96 11/19/11 179.61 12/19/96 84.9 12.500 576.32
MLC681 10268005273 68,000.00 12/18/96 11/18/11 179.57 12/18/96 75.2 11.000 772.89
MLC681 10268005394 28,000.00 12/19/96 11/19/11 179.61 12/19/96 79.1 9.900 299.18
MLC681 10268005526 15,000.00 12/20/96 11/20/11 179.64 12/20/96 79.5 13.750 197.25
MLC681 10268005534 10,000.00 12/19/96 11/19/16 239.61 12/19/96 89.4 11.350 105.61
----------------------------- ----------- ----------------------------------
26 1,633,641.81 207.85 76.7 12.266 17,957.33
</TABLE>
<PAGE>
Page 26
Sale Schedule
1996-4 Class 1 - Initial Pool of Fixed Rate Mortgages - Settlement 12/19/96
Alliance Funding Company
A division of Superior Bank FSB
<TABLE>
<CAPTION>
Principal
Zip Balance at
Sale ID Account Name Address City State Code Origination
- ----------------------------------------------------------------------------------------------------------------------------------
<C> <S> <C> <C> <C> <C> <C> <C>
ML682 10266127485 GUARINO GARY J 132 HIGHLAND AVE CHALFANT PA 15112 30,000.00
ML682 10266128065 SHERRELL ANTHONY T 9626 HEYDEN DETROIT MI 48228 15,000.00
ML682 10266128570 RIVERS WILLIE J 13317 BEACHWOOD AVENUE CLEVELAND OH 44105 21,100.00
ML682 10266128623 SFERRA ALFRED L 1010 NORTH MOUNTAIN AVENUE BRIDGEWATER NJ 08807 273,600.00
ML682 10266128960 WILLIAMS MICHAEL 58 BARNEY STREET LARKSVILLE PA 18651 25,000.00
ML682 10266129047 GARNER ADA MAE A 901 RANCH FARM ROAD RALEIGH NC 27603 45,000.00
ML682 10266130098 ECKHART MICHAEL 5830 ROCKINGHAM DR. DAYTON OH 45429 20,200.00
ML682 10266130133 COPELAND ROBERT E 144 ALTMAN ROAD JEANNETTE PA 15644 21,785.00
ML682 10266130223 WERNER DEBORAH C 1916 N W 65TH AVENUE MARGATE FL 33063 20,000.00
ML682 10266130356 PEREZ ROSA N 747 SO. MARSHALL STREET LANCASTER PA 17602 63,000.00
ML682 10266130701 ABRIAN JOSE S JR 13 DUTCH MILL COURT DANVILLE CA 94526 61,679.00
ML682 10266130715 PILCHER PETER 6805 SOUTH DIXIE DRIVE WEST JORDAN UT 84084 26,810.00
ML682 10266130990 MILLER NOEL D 5978 SOUTH EUDORA COURT LITTLETON CO 80122 88,856.00
ML682 10266131228 LANGSTON JOE NATHAN LOT 20 LANIER DRIVE GRETNA FL 32351 10,000.00
ML682 10266131246 FORD GALE E 2409 EL BRIO COURT HENDERSON NV 89014 72,040.00
ML682 10266131500 WATERHOUSE SCOTT T 9003 W HATCHER ROAD PEORIA AZ 85345 16,000.00
ML682 10266131525 JONES RICHARD MILTON 2201 CASCADE STREET LAS VEGAS NV 89122 18,400.00
ML682 10266131606 HAYNES MARGARET E 1443 STATE ROUTE 264 PHOENIX NY 13135 34,700.00
ML682 10266131899 JORDAN JACKIE S 10904 FAIRBANKS NE ALBUQUERQUE NM 87111 87,100.00
ML682 10266131958 CRUTCHER-WALKER FAYE G 7213 S. EMERALD CHICAGO IL 60617 26,100.00
ML682 10266132114 SEWELL BRENT A 2035-37 CENTRAL AVE. INDIANAPOLIS IN 46202 60,400.00
ML682 10266132166 FENLEY PAUL A 7146 MAPLE AVENUE SEBASTOPOL CA 95472 38,000.00
ML682 10266132213 MARINO CARLO 4850 EAST PHILADELPHIA AVENUE LAS VEGAS NV 89104 13,691.00
ML682 10266132324 MABEY SCOTT R 33 SOUTH WANDERWOOD WAY SANDY UT 84092 94,000.00
ML682 10266132352 PAYNE MARY E 7813 WEBSTER WAY ARVADA CO 80003 24,912.00
ML682 10266132626 RILEY FRANKLIN D 1616 W. ATHERTON FLINT MI 48507 31,000.00
ML682 10266132632 NIEVES MARQUEZ ARTURO 8032 FALK AVE. NORTHFIELD MN 55057 80,100.00
ML682 10266132641 STRICKLAND HOWARD L 4411 BISCAYNE DR SPRINGHILL FL 34607 29,286.00
ML682 10266132776 ROMERO MIGUEL G 2019 PECAN AVENUE SW ALBUQUERQUE NM 87105 59,150.00
ML682 10266132781 ROMERO MIGUEL G 2023 COOK AVENUE SW ALBUQUERQUE NM 87105 54,950.00
ML682 10266132790 ANDRES FRANCISCO A 3628 EASTWOOD CIRCLE SANTA CLARA CA 95054 50,000.00
ML682 10266132795 OLSEN GEORGE M 6819 N 12TH STREET, UNIT 15 PHOENIX AZ 85014 26,100.00
ML682 10266132824 EDWARDS NORVAL J 10849 SOUTH SANGAMON STREET CHICAGO IL 60643 28,000.00
ML682 10266133101 MILLER JAMES B 3425 S.CHASE ST. INDIANAPOLIS IN 46217 52,000.00
ML682 10266133201 FORSEY JOHN F 1 VALLEY STREET EXETER PA 18643 16,700.00
ML682 10266133217 SANDUSKY LARRY MICHAEL 1760 CALLE DEL VASO TUCSON AZ 85737 100,000.00
ML682 10266134072 MOTT SYLVESTER 19943 BLOOM DETROIT MI 48234 28,000.00
ML682 10266134195 COFFEY DAVID WAYNE 420 NORTH 3RD WEST RIGBY ID 83442 15,232.00
ML682 10266134261 BUTLER SANDRA M 7825 17TH AVENUE KENOSHA WI 53143 63,700.00
ML682 10266134279 HUNT CRAVEN 809 HOOPER STREET MAXTON NC 28364 55,414.00
ML682 10266134282 DIAMOND CHRISTOPHER 244 POE DRIVE PALM SPRINGS FL 33461 66,100.00
ML682 10266134301 PETERSON MARVIN E 1606 32ND STREET SARASOTA FL 34234 73,900.00
ML682 10266134441 CLAUSS PAUL J 3378 DULANY STREET BALTIMORE MD 21229 13,000.00
ML682 10266134476 YORK CLARENCE O 5108 SOUTH NELSON STREET LITTLETON CO 80127 304,000.00
ML682 10266134511 BRADLEY GARLAND L 525 WEST ELMSCOURT LANE CRETE IL 60417 33,000.00
ML682 10266134552 YOUNGERS BLAZE O 614 GLENVIEW DRIVE HORSHAM PA 19044 65,000.00
ML682 10266134564 LAYTON JOEL R 2071 EAST WESTMINSTER AVENUE SALT LAKE CITY UT 84108 52,000.00
ML682 10266134612 PETITT WILLIAM M 634 WHISPERING LAKES BLVD. TARPON SPRINGS FL 34689 13,700.00
ML682 10266134662 MATHEWS JR FRANK W 611 DAVIS STREET DOWNERS GROVE IL 60515 25,000.00
ML682 10266134689 STEWART TROY D 105 NORTH LYON STREET ELIZABETHTOWN NC 28337 38,000.00
ML682 10266134707 BRACE RONALD E 15508 WETSTONE DRIVE TAMPA FL 33612 12,100.00
ML682 10266134788 WASHINGTON JACQUELINE T 8149 S. EUCLID AVENUE CHICAGO IL 60617 76,500.00
ML682 10266134989 LATIMER SR D JASON 711 FIR STREET POCATELLO ID 83201 12,900.00
ML682 10266135001 ROGGE STEVEN H 5321 ROCKPORT COURT NEWARK CA 94560 38,500.00
ML682 10266135102 HILDERBRAND ROBERT 2131 NEW BEDFORD SUN CITY FL 33573 84,750.00
ML682 10266135159 SALAZAR MARIA 10128 DESERT WIND DRIVE LAS VEGAS NV 89134 50,000.00
ML682 10266135172 ENGLEMANN PETER 5 VAUSE STREET NORTHPORT NY 11768 91,000.00
ML682 10266135190 BOUNDS STEVEN R 3623 252ND STREET NORTHEAST ARLINGTON WA 98223 50,000.00
ML682 10266135197 ANTONIOS DANY G 1910 MAYNARD AVENUE CLEVELAND OH 44109 86,400.00
ML682 10266135305 KENNEDY KENT A 10001 N 28TH PLACE PHOENIX AZ 85028 17,144.00
ML682 10266135332 DELIS RICHARD J 2120 CHEYENNE STREET GOLDEN CO 80401 16,898.00
ML682 10266135346 GEYER JOSEPH S 0185 A STRAIGHT CREEK DRIVE DILLON CO 80435 34,200.00
</TABLE>
<TABLE>
<CAPTION>
Cut-off Date First Original Current Scheduled
Principal Payment Maturity Rem Date LTV Mortgage Payment
Sale ID Account Balance Date Date Term Due Ratio Rate Int & Prin
- ---------------------------------------------------------------------------------------------------------------------
<C> <S> <C> <C> <C> <C> <C> <C> <C> <C>
ML682 10266127485 30,000.00 12/08/96 11/08/26 359.24 12/08/96 75.0 11.400 294.80
ML682 10266128065 14,986.26 11/01/96 10/01/11 178.00 12/01/96 31.2 11.750 177.62
ML682 10266128570 21,100.00 12/21/96 11/21/11 179.67 12/21/96 44.8 14.000 281.00
ML682 10266128623 273,600.00 12/11/96 11/11/11 179.34 12/11/96 80.0 13.990 3,239.64
ML682 10266128960 25,000.00 11/24/96 10/24/11 178.75 11/24/96 87.4 11.750 296.03
ML682 10266129047 45,000.00 12/14/96 11/14/11 179.44 12/14/96 69.2 10.700 503.02
ML682 10266130098 20,200.00 12/11/96 11/11/11 179.34 12/11/96 89.9 11.400 234.69
ML682 10266130133 21,785.00 12/14/96 11/14/11 179.44 12/14/96 83.0 12.750 236.74
ML682 10266130223 20,000.00 12/15/96 11/15/11 179.47 12/15/96 84.8 12.200 242.61
ML682 10266130356 63,000.00 10/25/96 09/25/26 357.80 11/25/96 90.0 11.050 602.35
ML682 10266130701 61,679.00 12/01/96 11/01/11 179.00 12/01/96 84.0 13.700 716.20
ML682 10266130715 26,810.00 01/01/97 12/01/11 180.00 01/01/97 89.8 12.750 291.34
ML682 10266130990 88,856.00 01/01/97 12/01/11 180.00 01/01/97 84.7 12.350 937.99
ML682 10266131228 10,000.00 12/20/96 11/20/16 239.64 12/20/96 28.5 11.750 108.37
ML682 10266131246 72,040.00 01/01/97 12/01/11 180.00 01/01/97 84.9 12.750 899.66
ML682 10266131500 16,000.00 12/19/96 11/19/11 179.61 12/19/96 89.9 11.950 191.51
ML682 10266131525 18,400.00 01/01/97 12/01/11 180.00 01/01/97 79.8 13.000 203.54
ML682 10266131606 34,700.00 12/25/96 11/25/11 179.80 12/25/96 54.6 11.250 399.86
ML682 10266131899 87,100.00 01/01/97 12/01/11 180.00 01/01/97 80.6 9.900 757.94
ML682 10266131958 26,100.00 12/15/96 11/15/11 179.47 12/15/96 89.9 11.350 255.48
ML682 10266132114 60,400.00 12/01/96 11/01/16 239.00 12/01/96 64.9 10.750 613.20
ML682 10266132166 38,000.00 12/19/96 11/19/11 179.61 12/19/96 80.0 12.050 392.34
ML682 10266132213 13,691.00 01/01/97 12/01/16 240.00 01/01/97 85.9 11.950 150.27
ML682 10266132324 94,000.00 01/01/97 12/01/11 180.00 01/01/97 89.2 11.950 963.28
ML682 10266132352 24,912.00 01/01/97 12/01/11 180.00 01/01/97 84.9 12.350 304.62
ML682 10266132626 31,000.00 12/25/96 11/25/26 359.80 12/25/96 64.5 11.750 312.92
ML682 10266132632 80,100.00 12/06/96 11/06/26 359.18 12/06/96 88.0 11.450 790.17
ML682 10266132641 29,183.60 11/25/96 10/25/16 238.78 12/25/96 89.9 11.600 314.33
ML682 10266132776 59,150.00 12/15/96 11/15/11 179.47 12/15/96 70.0 10.600 545.50
ML682 10266132781 54,950.00 12/15/96 11/15/11 179.47 12/15/96 70.0 10.600 506.76
ML682 10266132790 50,000.00 11/25/96 10/25/11 178.78 11/25/96 83.5 11.700 590.47
ML682 10266132795 26,100.00 12/01/96 11/01/11 179.00 12/01/96 64.9 10.200 232.91
ML682 10266132824 28,000.00 12/01/96 11/01/11 179.00 12/01/96 79.9 12.000 336.05
ML682 10266133101 52,000.00 12/12/96 11/12/11 179.38 12/12/96 80.0 13.500 675.13
ML682 10266133201 16,700.00 12/19/96 11/19/11 179.61 12/19/96 80.0 11.150 191.39
ML682 10266133217 100,000.00 12/14/96 11/14/11 179.44 12/14/96 82.0 12.750 1,086.69
ML682 10266134072 28,000.00 12/11/96 11/11/16 239.34 12/11/96 84.8 13.250 333.04
ML682 10266134195 15,232.00 12/01/96 11/01/11 179.00 12/01/96 84.9 13.750 200.30
ML682 10266134261 63,700.00 11/17/96 10/17/11 178.52 11/17/96 78.6 9.400 661.33
ML682 10266134279 55,414.00 12/15/96 11/15/16 239.47 12/15/96 80.0 13.700 677.04
ML682 10266134282 66,100.00 12/08/96 11/08/16 239.24 12/08/96 67.4 10.150 644.46
ML682 10266134301 73,900.00 11/23/96 10/23/26 358.72 11/23/96 84.9 10.850 695.40
ML682 10266134441 13,000.00 11/28/96 10/28/11 178.88 11/28/96 89.8 11.550 152.28
ML682 10266134476 304,000.00 01/01/97 12/01/26 360.00 01/01/97 70.6 10.500 2,780.81
ML682 10266134511 33,000.00 12/04/96 11/04/11 179.11 12/04/96 80.3 10.300 360.70
ML682 10266134552 65,000.00 12/14/96 11/14/11 179.44 12/14/96 84.9 12.700 703.82
ML682 10266134564 52,000.00 12/01/96 11/01/11 179.00 12/01/96 83.8 14.250 626.44
ML682 10266134612 13,682.86 11/28/96 10/28/11 178.88 12/28/96 89.9 11.650 161.35
ML682 10266134662 25,000.00 11/28/96 10/28/11 178.88 11/28/96 81.0 11.250 288.09
ML682 10266134689 38,000.00 12/14/96 11/14/16 239.44 12/14/96 73.0 10.400 376.84
ML682 10266134707 12,100.00 12/18/96 11/18/16 239.57 12/18/96 89.9 11.750 131.13
ML682 10266134788 76,500.00 11/21/96 10/21/11 178.65 11/21/96 81.3 10.600 705.50
ML682 10266134989 12,900.00 01/01/97 12/01/11 180.00 01/01/97 89.6 12.750 161.10
ML682 10266135001 38,500.00 12/01/96 11/01/11 179.00 12/01/96 89.3 12.600 413.88
ML682 10266135102 84,750.00 12/22/96 11/22/16 239.70 12/22/96 80.1 12.500 962.88
ML682 10266135159 50,000.00 12/14/96 11/14/11 179.44 12/14/96 30.5 12.000 514.31
ML682 10266135172 91,000.00 12/12/96 11/12/16 239.38 12/12/96 52.0 10.500 908.53
ML682 10266135190 50,000.00 12/20/96 11/20/11 179.64 12/20/96 76.7 13.500 649.16
ML682 10266135197 86,400.00 12/15/96 11/15/11 179.47 12/15/96 90.0 11.050 984.73
ML682 10266135305 17,144.00 01/01/97 12/01/11 180.00 01/01/97 89.9 11.950 175.69
ML682 10266135332 16,898.00 01/01/97 12/01/11 180.00 01/01/97 79.9 13.990 200.09
ML682 10266135346 34,200.00 01/01/97 12/01/16 240.00 01/01/97 81.5 12.750 394.60
</TABLE>
<PAGE>
Page 27
Sale Schedule
1996-4 Class 1 - Initial Pool of Fixed Rate Mortgages - Settlement 12/19/96
Alliance Funding Company
A division of Superior Bank FSB
<TABLE>
<CAPTION>
Principal
Zip Balance at
Sale ID Account Name Address City State Code Origination
- ----------------------------------------------------------------------------------------------------------------------------------
<C> <S> <C> <C> <C> <C> <C> <C>
ML682 10266135358 SIMONTON ROBERT L 3948 NORTH DEQUINCY INDIANAPOLIS IN 46226 40,000.00
ML682 10266135373 JANUSZ MICHAEL J 3049 N. OAK PARK CHICAGO IL 60634 37,600.00
ML682 10266135379 OSULLIVAN EAMON V 626 S. FAIRVIEW AVE PARK RIDGE IL 60068 264,000.00
ML682 10266135425 SHERMAN MONROE 6705 N BORTHWICK AVENUE PORTLAND OR 97217 30,000.00
ML682 10266135539 BUTLER FRANKLIN E 8 JOHN ST. WALTON KY 41094 59,500.00
ML682 10266135572 SROMOVSKI DAVID T 224 MAIN STREET ASHLEY PA 18702 28,710.00
ML682 10266135599 ROBSON LESA M 1446 SHIMERVILLE RD EMMAUS PA 18049 67,150.00
ML682 10266135615 GAINES KENNETH M 21301 EASTERN HEIGHTS RD LINDEN CA 95236 54,500.00
ML682 10266135625 CALDWELL RANDOLPH C 1134 RICKENBACKER STREET SAN JOSE CA 95128 68,000.00
ML682 10266135637 ILIOPOULOS GEORGE 255 NORTH MILL ROAD 7B ADDISON IL 60101 25,000.00
ML682 10266135659 BRINDACK RONNIE L 770 NORTH LINCOLN STREET ALLIANCE OH 44601 38,200.00
ML682 10266135716 DURDEN RICHARD B 13485 SW BUTNER ROAD BEAVERTON OR 97005 36,900.00
ML682 10266135717 PERRI RICHARD J 3618 163RD STREET EAST TACOMA WA 98446 20,686.00
ML682 10266135760 NESTOR WILMA A 35 MEANOR STREET IMPERIAL PA 15126 29,500.00
ML682 10266135780 DAVIDSON ROBERT J 2617 WEST 6200 SOUTH SALT LAKE CITY UT 84118 39,230.00
ML682 10266135781 WOODS DEBRA A 977 S ZENO WAY AURORA CO 80017 19,314.00
ML682 10266135789 DUNCAN MARK 21 WEST H STREET BRUNSWICK MD 21716 117,600.00
ML682 10266135805 AMBOS ARNOLD L 812 ANDERSON STREET GLOBE AZ 85501 25,687.00
ML682 10266135807 BOWMAN BILL 4051 W LYNNE LANE PHOENIX AZ 85041 35,625.00
ML682 10266135812 LUEHRS KIRK A 12999 SW TEA ROSE WAY TIGARD OR 97223 55,000.00
ML682 10266135818 CONRAD RICHARD 16073 MEIGS BOULEVARD BROOK PARK OH 44142 61,200.00
ML682 10266135821 MARITATO KAREN 3806 S. HIGHLAND AVENUE BERWYN IL 60402 26,800.00
ML682 10266135898 BROWN BARRY J 1127 3RD STREET WHITEHALL PA 18052 72,000.00
ML682 10266135905 BRASHEAR TERRY W 1690 EAST ARROWHEAD ROAD PINETOP AZ 85935 21,404.00
ML682 10266135908 KIRK HESIEKYER L 48224 NORTH 33RD AVENUE PHOENIX AZ 85027 30,000.00
ML682 10266135941 MARTINEZ EDITH M 3216 N. KENMORE AVE. CHICAGO IL 60657 89,600.00
ML682 10266136009 DROBIAK ROBERT M 4965 EBERLY DRIVE SAN JOSE CA 95111 30,000.00
ML682 10266136031 VANDERLA - BROUWER PAMELA 1926 S. CLARENCE BERWYN IL 60402 69,700.00
ML682 10266136050 CRISMAN CARL W 820 S. NOBLE STREET SHELBYVILLE IN 46176 42,000.00
ML682 10266136109 WOODRUFF W EVERETT 9 CREEKVIEW COURT SANTA ROSA CA 95409 30,200.00
ML682 10266136157 CONRAD DAVID R 13391 W 65TH AVENUE ARVADA CO 80004 41,482.00
ML682 10266136343 MCSHANE RICKIE A 506 PAWNEE STREET BETHLEHEM PA 18015 35,900.00
ML682 10266136383 AKINS RANDY D 2357 W LAS LOMITAS TUCSON AZ 85741 72,000.00
ML682 10266136505 MEEHAN PATRICK M 3446 INNSBRUCK LANE CRETE IL 60417 70,000.00
ML682 10266136520 GAGNON JOHN P 5853 WEST 55TH STREET CHICAGO IL 60638 36,000.00
ML682 10266136551 ATENCIO GUILLERMO MICHAEL 1818 EAST 10TH STREET PUEBLO CO 81001 13,700.00
ML682 10266136553 RICHARDSON JOHN A 131 B NORTH DUDE RANCH ROAD MONTICELLO UT 84535 19,500.00
ML682 10266136556 POCH JOHN K 5415 SETTLERS TERRACE COLORADO SPRINGS CO 80917 73,000.00
ML682 10266136558 MINGUA DENNIS W 929 WEST WATSON DRIVE TEMPE AZ 85283 37,318.00
ML682 10266136580 ELMER DANNY 695 SOUTH MAIN SPRINGVILLE UT 84663 19,000.00
ML682 10266136586 WARR STEVEN N 718 WEST 1720 NORTH #128 PROVO UT 84604 69,550.00
ML682 10266136642 LESZYNSKA KRYSTYNA 1703 WEST AUGUSTA BLVD. CHICAGO IL 60622 150,000.00
ML682 10266136664 TENG KHAMSY 3864 WEST TEMPLE PLACE DENVER CO 80236 80,800.00
ML682 10266136677 DUNN WENDI 13218 N 36TH STREET PHOENIX AZ 85032 21,600.00
ML682 10266136715 MCCONNELL ROBERT G 11964 KENOSHA ROAD ERIE CO 80516 64,000.00
ML682 10266136719 RODZINSKI JANUSZ A 2403 172ND PLACE SE BOTHELL WA 98012 34,440.00
ML682 10266136782 GEURTS BRYAN A 3661 SOUTH MONTEREY CIRCLE BOUNTIFUL UT 84010 37,100.00
ML682 10266136795 DAUB EVELYN A 4741 4TH AVENUE BEAVER FALLS PA 15010 47,600.00
ML682 10266136796 HANNEMANN L DAVID 48 EAST 1380 NORTH AMERICAN FORK UT 84003 50,000.00
ML682 10266136833 LIBIANO JAMES P 309 EAST WILKES BARRE ST EASTON PA 18042 32,900.00
ML682 10266136848 MATOS LUIS 1315 WHISLER STREET NE OLYMPIA WA 98516 87,200.00
ML682 10266136894 SERRITELLA WILLIAM J JR 1201 CLEVELAND LAGRANGE PARK IL 60526 60,500.00
ML682 10266136924 TRAMMELL GREGORY LEE 491 E 3RD STREET HALSEY OR 97348 35,917.00
ML682 10266137043 JOHNSON TRENT B 3851 WEST MEADOWGATE DRIVE WEST VALLEY CITY UT 84120 20,000.00
ML682 10266137045 PARDUE MICHAEL D 4992 WEST HELLAS DRIVE WEST VALLEY CITY UT 84120 18,500.00
ML682 10266137048 GORNIAK CHESTER RD #1 BOX 165G CORSICA PA 15829 39,000.00
ML682 10266137157 HERRIDGE BRADLEY F 3790 WEST CAROLINA DRIVE WEST JORDAN UT 84084 18,926.00
ML682 10266137169 GREYDANUS LYNNE 2402 VIEWCREST AVENUE EVERETT WA 98203 54,250.00
ML682 10266137209 FOSTER ROBERT A 144 WILLOW STREET GARDEN CITY NY 11530 15,833.00
ML682 10266137269 MARTIN MICHELLE A 500 W. PLUM THORNTOWN IN 46071 19,100.00
ML682 10266137345 ARRINGTON DAVID VAUGHN 1616 MAPLE STREET HOMESTEAD PA 15120 52,800.00
ML682 10266137355 BOWER HARRY E 34 NORTH 5TH STREET EMMAUS PA 18049 61,000.00
</TABLE>
<TABLE>
<CAPTION>
Cut-off Date First Original Current Scheduled
Principal Payment Maturity Rem Date LTV Mortgage Payment
Sale ID Account Balance Date Date Term Due Ratio Rate Int & Prin
- ---------------------------------------------------------------------------------------------------------------------
<C> <S> <C> <C> <C> <C> <C> <C> <C> <C>
ML682 10266135358 40,000.00 12/01/96 11/01/16 239.00 12/01/96 50.0 11.250 419.70
ML682 10266135373 37,600.00 12/11/96 11/11/16 239.34 12/11/96 79.9 10.900 385.55
ML682 10266135379 264,000.00 11/16/96 10/16/11 178.49 12/16/96 80.0 9.600 2,239.14
ML682 10266135425 30,000.00 01/01/97 12/01/16 240.00 01/01/97 63.5 12.500 340.84
ML682 10266135539 59,500.00 12/05/96 11/05/26 359.15 12/05/96 70.0 9.850 515.57
ML682 10266135572 28,710.00 12/18/96 11/18/26 359.57 12/18/96 90.0 11.500 284.31
ML682 10266135599 67,150.00 12/22/96 11/22/26 359.70 12/22/96 85.0 11.350 657.31
ML682 10266135615 54,500.00 01/01/97 12/01/11 180.00 01/01/97 89.8 11.950 558.50
ML682 10266135625 67,855.20 12/01/96 11/01/11 179.00 01/01/97 66.4 12.050 702.07
ML682 10266135637 25,000.00 11/28/96 10/28/11 178.88 11/28/96 51.0 11.250 288.09
ML682 10266135659 38,200.00 12/19/96 11/19/11 179.61 12/19/96 84.8 10.000 335.23
ML682 10266135716 36,900.00 12/20/96 11/20/11 179.64 12/20/96 79.9 11.250 425.22
ML682 10266135717 20,686.00 01/01/97 12/01/11 180.00 01/01/97 89.9 11.950 247.60
ML682 10266135760 29,500.00 12/25/96 11/25/11 179.80 12/25/96 84.7 11.750 297.78
ML682 10266135780 39,230.00 01/01/97 12/01/11 180.00 01/01/97 79.8 11.250 452.06
ML682 10266135781 19,314.00 01/01/97 12/01/11 180.00 01/01/97 89.8 11.350 189.06
ML682 10266135789 117,600.00 12/01/96 11/01/11 179.00 12/01/96 80.0 12.990 1,299.97
ML682 10266135805 25,687.00 12/13/96 11/13/11 179.41 12/13/96 89.3 11.950 307.46
ML682 10266135807 35,625.00 01/01/97 12/01/11 180.00 01/01/97 71.2 12.000 366.44
ML682 10266135812 55,000.00 01/01/97 12/01/11 180.00 01/01/97 87.0 11.350 538.37
ML682 10266135818 61,200.00 12/21/96 11/21/16 239.67 12/21/96 74.9 12.250 684.56
ML682 10266135821 26,800.00 12/25/96 11/25/16 239.80 12/25/96 81.7 9.900 256.85
ML682 10266135898 72,000.00 12/21/96 11/21/26 359.67 12/21/96 80.0 9.850 623.89
ML682 10266135905 21,404.00 12/25/96 11/25/11 179.80 12/25/96 84.8 12.750 232.60
ML682 10266135908 30,000.00 01/01/97 12/01/11 180.00 01/01/97 70.4 11.500 350.46
ML682 10266135941 89,600.00 12/06/96 11/06/11 179.18 12/06/96 74.9 12.000 921.64
ML682 10266136009 30,000.00 12/08/96 11/08/11 179.24 12/08/96 90.0 12.600 322.51
ML682 10266136031 69,700.00 12/14/96 11/14/16 239.44 12/14/96 79.9 11.000 719.44
ML682 10266136050 42,000.00 12/22/96 11/22/11 179.70 12/22/96 70.0 10.550 385.76
ML682 10266136109 30,200.00 12/13/96 11/13/11 179.41 12/13/96 90.0 11.975 310.06
ML682 10266136157 41,482.00 12/18/96 11/18/11 179.57 12/18/96 89.0 11.350 480.64
ML682 10266136343 35,900.00 12/13/96 11/13/11 179.41 12/13/96 89.9 10.850 337.82
ML682 10266136383 72,000.00 01/01/97 12/01/26 360.00 01/01/97 80.0 12.500 768.43
ML682 10266136505 70,000.00 12/13/96 11/13/11 179.41 12/13/96 73.1 10.500 773.78
ML682 10266136520 36,000.00 12/01/96 11/01/11 179.00 12/01/96 89.4 11.750 363.39
ML682 10266136551 13,700.00 01/01/97 12/01/11 180.00 01/01/97 90.0 11.950 163.98
ML682 10266136553 19,500.00 01/01/97 12/01/11 180.00 01/01/97 74.0 10.700 217.98
ML682 10266136556 73,000.00 01/01/97 12/01/11 180.00 01/01/97 89.8 11.950 873.78
ML682 10266136558 37,318.00 12/15/96 11/15/11 179.47 12/15/96 86.3 11.950 446.68
ML682 10266136580 19,000.00 11/23/96 10/23/11 178.72 11/23/96 79.1 15.850 277.07
ML682 10266136586 69,550.00 12/01/96 11/01/26 359.00 12/01/96 65.0 9.400 579.75
ML682 10266136642 150,000.00 12/18/96 11/18/16 239.57 12/18/96 83.4 12.750 1,730.72
ML682 10266136664 80,800.00 01/01/97 12/01/11 180.00 01/01/97 76.2 10.750 905.73
ML682 10266136677 21,600.00 01/01/97 12/01/11 180.00 01/01/97 83.7 12.750 269.75
ML682 10266136715 64,000.00 01/01/97 12/01/16 240.00 01/01/97 79.0 11.250 671.52
ML682 10266136719 34,440.00 01/01/97 12/01/11 180.00 01/01/97 74.1 13.500 447.14
ML682 10266136782 37,100.00 01/01/97 12/01/11 180.00 01/01/97 79.9 13.150 473.07
ML682 10266136795 47,600.00 12/19/96 11/19/11 179.61 12/19/96 85.0 10.950 451.51
ML682 10266136796 50,000.00 01/01/97 12/01/11 180.00 01/01/97 82.3 10.100 540.37
ML682 10266136833 32,900.00 12/14/96 11/14/26 359.44 12/14/96 70.0 12.250 344.76
ML682 10266136848 87,200.00 01/01/97 12/01/26 360.00 01/01/97 80.0 12.250 913.77
ML682 10266136894 60,500.00 12/13/96 11/13/16 239.41 12/13/96 89.9 11.950 664.05
ML682 10266136924 35,917.00 01/01/97 12/01/11 180.00 01/01/97 90.0 11.150 411.62
ML682 10266137043 20,000.00 12/05/96 11/05/11 179.15 12/05/96 79.7 15.350 284.73
ML682 10266137045 18,500.00 12/01/96 11/01/11 179.00 12/01/96 78.3 12.750 231.03
ML682 10266137048 39,000.00 12/13/96 11/13/11 179.41 12/13/96 70.9 11.350 381.76
ML682 10266137157 18,926.00 12/01/96 11/01/11 179.00 12/01/96 76.6 14.950 264.24
ML682 10266137169 54,250.00 12/19/96 11/19/11 179.61 12/19/96 83.4 12.750 589.53
ML682 10266137209 15,833.00 12/27/96 11/27/06 119.87 12/27/96 24.1 10.750 215.87
ML682 10266137269 19,100.00 12/14/96 11/14/11 179.44 12/14/96 84.9 12.350 233.55
ML682 10266137345 52,800.00 12/18/96 11/18/16 239.57 12/18/96 80.0 10.600 530.70
ML682 10266137355 61,000.00 12/19/96 11/19/16 239.61 12/19/96 79.2 11.500 650.52
</TABLE>
<PAGE>
Page 28
Sale Schedule
1996-4 Class 1 - Initial Pool of Fixed Rate Mortgages - Settlement 12/19/96
Alliance Funding Company
A division of Superior Bank FSB
<TABLE>
<CAPTION>
Principal
Zip Balance at
Sale ID Account Name Address City State Code Origination
- ----------------------------------------------------------------------------------------------------------------------------------
<C> <S> <C> <C> <C> <C> <C> <C>
ML682 10266137382 ROBERTS KRISTY A 8265 WEST DAKOTA PLACE LAKEWOOD CO 80226 120,000.00
ML682 10266137400 WASHBURN RANDALL E 8509 SOUTH 1520 WEST WEST JORDAN UT 84088 11,000.00
ML682 10266137411 HOWARD JOAN 19 AUTUMN RIDGE ROAD SOUTH SALEM NY 10590 63,000.00
ML682 10266137448 KERSEY RONALD M 5528 SOUTH 3000 WEST ROY UT 84067 31,500.00
ML682 10266137454 JONES DANIEL E 6379 MISSION ROAD EVERSON WA 98247 34,565.00
ML682 10266137455 RAWLINGS STACY S 13142 SOUTH 3300 WEST RIVERTON UT 84065 21,000.00
ML682 10266137462 MEEKS STEPHEN A 2512 HIGH STREET DENVER CO 80205 21,528.00
ML682 10266137484 SCHILLING CHRISTINE A 1804 PINE STREET BOULDER CO 80302 133,500.00
ML682 10266137548 KNOTT MADONNA M 7984 SHERMAN WAY DENVER CO 80221 25,000.00
ML682 10266137573 BOWEN LEEROY E 1602 WEST CRYSTAL RIDGE DRIVE WEST JORDAN UT 84084 34,450.00
ML682 10266137591 PETERSEN CAROL A 965 SE MARION AVENUE CORVALLIS OR 97333 34,000.00
ML682 10266137614 WARNER BARBARA LYNN 2870 CLIME ROAD COLUMBUS OH 43223 38,000.00
ML682 10266137656 THOMAS JOHN E 1643 BROWNS POINT BOULEVARD TACOMA WA 98422 23,500.00
ML682 10266137657 SLACK GEORGE K 4522 SOUTH WHITE CHERRY WAY WEST VALLEY CITY UT 84120 38,000.00
ML682 10266137660 HIATT BRENT W 1038 EAST 900 NORTH OGDEN UT 84404 56,302.00
ML682 10266137672 CLAPP ALAN W 4347 SOUTH 2675 WEST ROY UT 84067 33,092.00
ML682 10266137688 WOODEN GENEVIEVE MARIE 9456-9458 WEST 47TH AVENUE WHEAT RIDGE CO 80033 36,129.00
ML682 10266137690 JOHNSON ROBERT DEAN 4295 SOUTH PEGGY LANE WEST VALLEY CITY UT 84120 15,500.00
ML682 10266137701 BLONQUIST DAVID R 10991 SOUTH SHELBROOKE COVE SOUTH JORDAN UT 84095 44,500.00
ML682 10266137715 CORDERO PATRICIA 10804 ROAN AVENUE SW ALBUQUERQUE NM 87121 70,250.00
ML682 10266137729 WYATT JEFFRE S 4438 SOUTHWEST HEWETT BOULEVA PORTLAND OR 97221 48,000.00
ML682 10266137736 WHALEN RODGER C 2906 3RD AVENUE N SEATTLE WA 98109 24,000.00
ML682 10266137754 ADAMSKI CHAD C 2235 EAST GABLE AVENUE MESA AZ 85204 18,100.00
ML682 10266137770 TORRES EDWARD CHARLES 530 LOOMIS AVENUE COLORADO SPRINGS CO 80911 31,150.00
ML682 10266137845 DUMEYER JOYCE L 161-163 STARDUST DRIVE PUEBLO WEST CO 81007 124,000.00
ML682 10266137902 VAUGHN MARJORIE K 14614 PEBBLE CREEK COURT LOCKPORT IL 60441 23,200.00
ML682 10266137974 ROOSE JERRY 11302 LAFAYETTE STREET NORTHGLENN CO 80233 20,900.00
ML682 10266138213 WALLING JOHN T 2999 WEST 2900 SOUTH WEST HAVEN UT 84401 23,560.00
ML682 10266138321 BICKMORE STEVEN D 1085 SOUTH 400 EAST SPRINGVILLE UT 84663 18,000.00
ML682 10266138447 WALTON WILLIAM R 7671 SOUTH 2030 WEST WEST JORDAN UT 84084 12,546.00
ML682 10266138449 COLE HOMER F JR 2392 NORTH 475 WEST SUNSET UT 84015 34,000.00
ML682 10266138583 MORGAN BRET J 5706 SOUTH 2650 WEST ROY UT 84067 25,721.00
------------------------------------------ -------------
156 Sale Total 7,493,112.00
</TABLE>
<TABLE>
<CAPTION>
Cut-off Date First Original Current Scheduled
Principal Payment Maturity Rem Date LTV Mortgage Payment
Sale ID Account Balance Date Date Term Due Ratio Rate Int & Prin
- ---------------------------------------------------------------------------------------------------------------------
<C> <S> <C> <C> <C> <C> <C> <C> <C> <C>
ML682 10266137382 120,000.00 01/01/97 12/01/26 360.00 01/01/97 80.0 11.600 1,197.51
ML682 10266137400 11,000.00 01/01/97 12/01/11 180.00 01/01/97 87.8 12.750 137.37
ML682 10266137411 63,000.00 12/26/96 11/26/16 239.84 12/26/96 10.0 12.100 698.08
ML682 10266137448 31,500.00 01/01/97 12/01/11 180.00 01/01/97 89.9 11.950 322.80
ML682 10266137454 34,565.00 01/01/97 12/01/11 180.00 01/01/97 69.9 12.500 368.90
ML682 10266137455 21,000.00 01/01/97 12/01/11 180.00 01/01/97 84.9 11.950 251.36
ML682 10266137462 21,528.00 01/01/97 12/01/11 180.00 01/01/97 85.6 11.950 257.68
ML682 10266137484 133,500.00 01/01/97 12/01/11 180.00 01/01/97 85.0 12.750 1,450.74
ML682 10266137548 25,000.00 01/01/97 12/01/11 180.00 01/01/97 60.2 11.250 288.09
ML682 10266137573 34,450.00 12/04/96 11/04/16 239.11 12/04/96 74.9 14.300 435.92
ML682 10266137591 34,000.00 01/01/97 12/01/11 180.00 01/01/97 77.1 11.250 330.23
ML682 10266137614 38,000.00 12/25/96 11/25/16 239.80 12/25/96 44.7 10.350 375.56
ML682 10266137656 23,500.00 01/01/97 12/01/11 180.00 01/01/97 85.0 12.750 255.37
ML682 10266137657 38,000.00 12/05/96 11/05/11 179.15 12/05/96 70.4 12.100 458.51
ML682 10266137660 56,302.00 12/05/96 11/05/11 179.15 12/05/96 64.7 11.700 664.89
ML682 10266137672 33,092.00 12/05/96 11/05/16 239.15 12/05/96 83.0 13.700 404.32
ML682 10266137688 36,129.00 01/01/97 12/01/11 180.00 01/01/97 89.9 11.350 418.62
ML682 10266137690 15,500.00 01/01/97 12/01/11 180.00 01/01/97 86.5 12.750 193.57
ML682 10266137701 44,500.00 01/01/97 12/01/16 240.00 01/01/97 79.8 13.990 553.04
ML682 10266137715 70,250.00 01/01/97 12/01/11 180.00 01/01/97 79.9 10.750 655.77
ML682 10266137729 48,000.00 01/01/97 12/01/16 240.00 01/01/97 77.4 11.250 503.64
ML682 10266137736 24,000.00 01/01/97 12/01/11 180.00 01/01/97 87.2 10.100 259.38
ML682 10266137754 18,100.00 12/19/96 11/19/11 179.61 12/19/96 84.1 10.700 202.33
ML682 10266137770 31,150.00 01/01/97 12/01/16 240.00 01/01/97 86.1 11.150 324.71
ML682 10266137845 124,000.00 01/01/97 12/01/26 360.00 01/01/97 80.0 13.000 1,371.69
ML682 10266137902 23,200.00 12/22/96 01/22/12 181.70 12/22/96 79.9 11.250 266.22
ML682 10266137974 20,900.00 01/01/97 12/01/11 180.00 01/01/97 85.4 10.100 225.87
ML682 10266138213 23,560.00 01/01/97 12/01/11 180.00 01/01/97 89.9 12.750 294.23
ML682 10266138321 18,000.00 01/01/97 12/01/11 180.00 01/01/97 61.3 11.500 210.27
ML682 10266138447 12,546.00 01/01/97 12/01/11 180.00 01/01/97 80.0 15.350 178.61
ML682 10266138449 34,000.00 01/01/97 12/01/11 180.00 01/01/97 89.4 12.750 424.60
ML682 10266138583 25,721.00 01/01/97 12/01/11 180.00 01/01/97 89.7 12.750 321.21
----------------------------- ----------- ----------------------------------
156 7,492,833.92 222.75 78.1 11.731 80,188.29
</TABLE>
<PAGE>
Page 29
Sale Schedule
1996-4 Class 1 - Initial Pool of Fixed Rate Mortgages - Settlement 12/19/96
Alliance Funding Company
A division of Superior Bank FSB
<TABLE>
<CAPTION>
Principal
Zip Balance at
Sale ID Account Name Address City State Code Origination
- ----------------------------------------------------------------------------------------------------------------------------------
<C> <S> <C> <C> <C> <C> <C> <C>
MLC683 10268001010 CARTHY JAMES P MC 20337 SWALLOW PT ROAD MONTGOMERY VILLAGE MD 20879 50,000.00
MLC683 10268001118 BABAEV GABRIEL 105 49 63RD AVENUE FOREST HILLS NY 11375 116,400.00
MLC683 10268002146 KOENIG GARY 141 -17 72ND DRIVE FLUSHING NY 11367 164,265.00
MLC683 10268002587 SULTON SHEILA E 130 SCHEERER AVE NEWARK NJ 07112 44,000.00
MLC683 10268003868 DEUSO PATRICIA A 165 HUMPHREY RD LAKE MARY FL 32746 17,200.00
MLC683 10268004310 JORDAN B L 831-833 ARGONNE AVENUE NE ATLANTA GA 30308 168,000.00
MLC683 10268004574 FISHER TERESA R 3515 SE 3RD PL CAPE CORAL FL 33904 23,500.00
MLC683 10268004587 HUFF MARY JANE 702 LOOKOUT DRIVE FOREST PARK GA 30050 45,050.00
MLC683 10268004650 RHODES JOSEPH 6376 SKYLINE CT SPRING HILL FL 34606 10,000.00
MLC683 10268004657 SADLER EMERY D SR 302 MORGAN CIRCLE NORTH LEHIGH ACRES FL 33936 10,000.00
MLC683 10268004870 KASULKE VALERIE ANN 19 CULLEN LN MIDDLE ISLAND NY 11953 85,000.00
MLC683 10268005037 CLARK C0RA L 2403 KEATING ST TEMPLE HILLS MD 20748 84,000.00
MLC683 10268005636 ORT ANDREW P 603 BRUNSWICK ST BRUNSWICK MD 21716 84,000.00
MLC683 10268005648 DEBRO ROSEANNE P 133 NANCYS LANE KING OF PRUSSIA PA 19406 91,500.00
MLC683 10268005762 DIEP BINH KHAINGO 2312 32ND AVE N SAINT PETERSBURG FL 33713 21,500.00
MLC683 10268006223 RIZZO SONDRA K 4430 33RD AVE N SAINT PETERSBURG FL 33713 63,000.00
MLC683 10268006237 DUNN ROBERT W 1801 GRAY ST S GULFPORT FL 33707 68,500.00
MLC683 10268006361 COLLINS ADRIAN 11107 N. 28TH STREET TAMPA FL 33612 40,800.00
------------------------------------------ -------------
18 Sale Total 1,186,715.00
1,203 Total with Merrill Lynch 68,186,621.00
</TABLE>
<TABLE>
<CAPTION>
Cut-off Date First Original Current Scheduled
Principal Payment Maturity Rem Date LTV Mortgage Payment
Sale ID Account Balance Date Date Term Due Ratio Rate Int & Prin
- ---------------------------------------------------------------------------------------------------------------------
<C> <S> <C> <C> <C> <C> <C> <C> <C> <C>
MLC683 10268001010 50,000.00 11/10/96 10/10/11 178.29 12/10/96 88.9 11.600 498.96
MLC683 10268001118 116,400.00 12/15/96 11/15/26 359.47 12/15/96 80.0 12.000 1,197.31
MLC683 10268002146 164,265.00 12/25/96 11/25/26 359.80 12/25/96 69.9 9.850 1,423.37
MLC683 10268002587 44,000.00 12/01/96 11/01/11 179.00 12/01/96 80.0 12.850 481.57
MLC683 10268003868 17,200.00 12/18/96 11/18/06 119.57 12/18/96 70.0 10.700 234.02
MLC683 10268004310 168,000.00 12/26/96 11/26/16 239.84 12/26/96 70.0 10.750 1,705.58
MLC683 10268004574 23,500.00 12/20/96 11/20/11 179.64 12/20/96 69.0 12.500 289.64
MLC683 10268004587 45,050.00 12/14/96 11/14/26 359.44 12/14/96 85.0 10.250 403.69
MLC683 10268004650 10,000.00 12/25/96 11/25/11 179.80 12/25/96 89.7 11.500 116.82
MLC683 10268004657 10,000.00 12/19/96 11/19/11 179.61 12/19/96 76.2 12.800 125.21
MLC683 10268004870 85,000.00 12/27/96 11/27/26 359.87 12/27/96 69.1 9.800 733.40
MLC683 10268005037 84,000.00 12/27/96 11/27/16 239.87 12/27/96 78.5 9.600 788.48
MLC683 10268005636 84,000.00 12/20/96 11/20/11 179.64 12/20/96 76.3 13.500 962.15
MLC683 10268005648 91,500.00 12/25/96 11/25/11 179.80 12/25/96 89.7 11.050 874.83
MLC683 10268005762 21,500.00 12/25/96 11/25/11 179.80 12/25/96 33.5 10.900 243.02
MLC683 10268006223 63,000.00 12/27/96 11/27/11 179.87 12/27/96 75.0 10.350 569.23
MLC683 10268006237 68,500.00 12/27/96 11/27/26 359.87 12/27/96 80.5 9.750 588.52
MLC683 10268006361 40,800.00 12/25/96 11/25/16 239.80 12/25/96 57.4 10.500 407.34
----------------------------- ----------- ----------------------------------
18 1,186,715.00 266.29 75.2 10.884 11,643.14
1,203 68,135,147.30 214.35 78.3 11.668 723,293.30
</TABLE>
<PAGE>
Page 30
Sale Schedule
1996-4 Class 1 - Initial Pool of Fixed Rate Mortgages - Settlement 12/19/96
Alliance Funding Company
A division of Superior Bank FSB
<TABLE>
<CAPTION>
Principal
Zip Balance at
Sale ID Account Name Address City State Code Origination
- ----------------------------------------------------------------------------------------------------------------------------------
<C> <S> <C> <C> <C> <C> <C> <C>
SBCL9 10266121304 SCOTT NEOLA Z 455 ROGERS AVENUE BROOKLYN NY 11225 120,750.00
SBCL9 10266129142 DEOPERSAUD SUKHRAM 12-17 31ST AVENUE ASTORIA NY 11106 110,000.00
SBCL9 10266129346 PEREZ ROBERTO 109 MOFFATT STREET BROOKLYN NY 11207 150,000.00
SBCL9 10266130141 HANSON ALFRED K 55 BEAVER BROOK ROAD DANBURY CT 06810 105,000.00
SBCL9 10266130500 DOMINGUEZ FINES 19 MAIN STREET HAVERSTRAW NY 10927 104,000.00
SBCL9 10266131442 TOMLINSON AUDREY 119-04 SUTPHIN BOULEVARD JAMAICA NY 11436 85,200.00
SBCL9 10266131605 VIRCIK PAUL 220 WEST MORRIS AVENUE LINDEN NJ 07036 280,000.00
SBCL9 10266131832 MITCHELL ELERY 1460 FULTON STREET BROOKLYN NY 11216 100,000.00
SBCL9 10266131992 CASSELLO MICHAEL E 319-341 NORTH COLONY STREET WALLINGFORD CT 06492 730,000.00
SBCL9 10266132303 ALEXIS HEROL 611 NEW YORK AVENUE BROOKLYN NY 11226 156,000.00
SBCL9 10266133013 MITCHELL ELERY 1462 FULTON STREET BROOKLYN NY 11216 100,000.00
SBCL9 10266134562 ALLEN JAMES H 4834 S KING DRIVE CHICAGO IL 60615 54,000.00
SBCL9 10266135873 GIPSON MOSES 7359 S LOWE CHICAGO IL 60621 180,000.00
------------------------------------------ -------------
13 Sale Total 2,274,950.00
13 Total with Superior Bank 2,274,950.00
1,414 Grand Total 79,985,025.00
</TABLE>
<TABLE>
<CAPTION>
Cut-off Date First Original Current Scheduled
Principal Payment Maturity Rem Date LTV Mortgage Payment
Sale ID Account Balance Date Date Term Due Ratio Rate Int & Prin
- ---------------------------------------------------------------------------------------------------------------------
<C> <S> <C> <C> <C> <C> <C> <C> <C> <C>
SBCL9 10266121304 120,632.79 11/01/96 10/01/11 178.00 12/01/96 70.0 12.300 1,354.90
SBCL9 10266129142 110,000.00 12/01/96 11/01/11 179.00 12/01/96 22.0 11.100 1,257.17
SBCL9 10266129346 150,000.00 12/01/96 11/01/11 179.00 12/01/96 57.6 11.100 1,714.33
SBCL9 10266130141 105,000.00 12/01/96 11/01/11 179.00 12/01/96 46.6 14.750 1,324.54
SBCL9 10266130500 104,000.00 12/01/96 11/01/11 179.00 12/01/96 59.4 11.100 1,026.85
SBCL9 10266131442 85,200.00 12/01/96 11/01/11 179.00 12/01/96 60.0 12.990 960.27
SBCL9 10266131605 279,840.06 12/01/96 11/01/11 179.00 01/01/97 56.0 11.600 2,866.61
SBCL9 10266131832 100,000.00 12/01/96 11/01/11 179.00 12/01/96 62.5 12.350 1,222.78
SBCL9 10266131992 730,000.00 12/01/96 11/01/11 179.00 12/01/96 60.0 12.300 7,850.85
SBCL9 10266132303 156,000.00 12/01/96 11/01/11 179.00 12/01/96 65.0 11.750 1,690.58
SBCL9 10266133013 100,000.00 12/01/96 11/01/11 179.00 12/01/96 62.5 12.350 1,222.78
SBCL9 10266134562 54,000.00 12/01/96 11/01/11 179.00 12/01/96 50.0 14.250 728.23
SBCL9 10266135873 180,000.00 12/01/96 11/01/11 179.00 12/01/96 60.0 13.200 2,301.17
----------------------------- ----------- ----------------------------------
13 2,274,672.85 178.95 57.7 12.245 25,521.06
13 2,274,672.85 178.95 57.7 12.245 25,521.06
1,414 79,916,352.93 214.39 77.5 11.673 850,055.45
</TABLE>
<PAGE>
EXHIBIT H-2
MORTGAGE LOAN SCHEDULE FOR SUB-POOL 2
<PAGE>
Page 1
Sale Schedule
1996-4 Class 2 - Initial Pool of Adjustable Rate Mortgages - Settlement 12/19/96
Alliance Funding Company
A division of Superior Bank FSB
<TABLE>
<CAPTION>
Principal
Zip Balance at
Sale ID Account Name Address City State Code Origination
- ------------------------------------------------------------------------------------------------------------------------------------
<C> <S> <C> <C> <C> <C> <C> <C>
BS21 10216103973 KNOTTS JERRY L 2755 S 875 EAST ZIONSVILLE IN 46077 116,800.00
BS21 10216118175 MORGAN RITTA 8651 FAYETTE STREET PHILADELPHIA PA 19150 61,200.00
BS21 10216126465 LEE DAE H 18 HIGH STREET CLOSTER NJ 07624 165,000.00
BS21 10216127269 NOVESTERAS JAIME P 3903 LYME AVENUE BROOKLYN NY 11224 195,500.00
BS21 10216127955 SEARS MONIQUE N 956 W PARK AVE PLEASANTVILLE NJ 08232 73,865.00
BS21 10216128901 SCATTERDAY HAROLD W III 1994 XENON COURT LAKEWOOD CO 80215 211,500.00
BS21 10216129233 HOWARD BERTHA JEAN 1516 20TH STREET N.E. CANTON OH 44714 34,500.00
BS21 10216129236 TYDD PATTIE JO 7747 BERTRAM AVENUE HAMMOND IN 46324 37,000.00
BS21 10216129264 DULAY DELIA 2170 NORTH PARKSIDE CHICAGO IL 60639 98,100.00
BS21 10216129798 SALAK DAWN M 13712 MEADOW ACRES PLACE BURNSVILLE MN 55337 108,900.00
BS21 10216129908 FAULK I SCOTT 353 NORTH PINE STREET MIDVALE UT 84047 104,805.00
BS21 10216130077 GAWRONSKI CHARLES 4524 WEST LAKE SHORE DRIVE WONDER LAKE IL 60097 40,000.00
BS21 10216130457 HAMELIN LESLIE JEAN 7741 WEST MACKENZIE DRIVE PHOENIX AZ 85033 53,550.00
BS21 10216130625 WATSON ROBERT E 8737 INGRAM WESTLAND MI 48185 97,200.00
BS21 10216130635 CUENCA JUAN 2625 S. SAWYER CHICAGO IL 60623 126,000.00
BS21 10216130734 BALARK LOUISE 11040 SOUTH INDIANA CHICAGO IL 60628 31,800.00
BS21 10216130824 KEMPINSKI KRYSTAL A 12016 ROSSITER DETROIT MI 48224 30,000.00
BS21 10216131064 CURET MARIA 531 VALERIE LANE ADDISON IL 60101 157,500.00
BS21 10216131321 BERTUCA JOHN B 803 S. MYRTLE VILLA PARK IL 60181 80,000.00
BS21 10216131555 CANZONERI GARY R 369 LLOYD ST. CARY IL 60013 96,000.00
BS21 10216131568 BARR BRIAN M 24W740 ARGYLE AVE ROSELLE IL 60172 120,700.00
BS21 10216131747 REGASPI BELLA G 20636 11TH AVENUE SOUTH DES MOINES WA 98198 134,050.00
BS21 10216131934 LORKIEWICZ EDWARD 3420 SOUTH 53RD COURT CICERO IL 60804 78,700.00
BS21 10216131947 WHALEY STEVEN J 7139 N MASON CHICAGO IL 60646 127,500.00
BS21 10216132337 KRINGELBACH MICHAEL P 7814 QUEBEC CIRCLE WHITE CITY OR 97503 72,250.00
BS21 10216132616 JOHNSON SUE A 1719 NORTH MASON AVENUE CHICAGO IL 60639 132,600.00
BS21 10216132684 SMITH MONTE B 6617 S DANIEL WAY MURRAY UT 84123 114,720.00
BS21 10216134216 KOBILAN ELEANOR E 1226 EAST YAMPA STREET COLORADO SPRINGSCO 80919 100,000.00
BS21 10216134387 LANDER ELFRIDIA 1626 NORTH NORMANDY CHICAGO IL 60635 50,000.00
--------------------------------------- --------------
29 Sale Total 2,849,740.00
</TABLE>
<TABLE>
<CAPTION>
Cut-off Date First Initial Minimum Maximum
Principal Payment Maturity Mortgage Mortgage Mortgage Gross
Sale ID Account Balance Date Date Rate Rate Rate Margin
- ------------------------------------------------------------------------------------------------------
<C> <S> <C> <C> <C> <C> <C> <C> <C>
BS21 10216103973 116,761.64 11/01/96 10/01/26 11.375 11.375 17.375 7.500
BS21 10216118175 60,742.57 07/01/96 06/01/26 9.250 9.250 15.250 6.750
BS21 10216126465 164,936.18 11/01/96 10/01/26 10.625 10.625 16.625 7.750
BS21 10216127269 195,193.60 10/01/96 09/01/26 9.250 9.250 15.250 5.375
BS21 10216127955 73,796.69 10/01/96 09/01/26 11.375 11.375 17.375 7.500
BS21 10216128901 211,398.68 11/01/96 10/01/26 9.625 9.625 15.625 5.750
BS21 10216129233 34,484.33 11/01/96 10/01/26 9.875 9.875 15.875 6.000
BS21 10216129236 36,979.26 12/01/96 11/01/26 8.875 8.875 14.875 5.000
BS21 10216129264 98,045.00 11/01/96 10/01/26 8.875 8.875 14.875 5.000
BS21 10216129798 108,847.83 11/01/96 10/01/26 9.625 9.625 15.625 5.750
BS21 10216129908 104,770.57 11/01/96 10/01/26 11.375 11.375 17.375 7.500
BS21 10216130077 39,979.80 11/01/96 10/01/26 9.375 9.375 15.375 5.500
BS21 10216130457 53,516.71 11/01/96 10/01/26 8.375 8.375 14.375 4.500
BS21 10216130625 97,153.44 12/01/96 11/01/26 9.625 9.625 15.625 5.750
BS21 10216130635 125,932.95 11/01/96 10/01/26 9.125 9.125 15.125 5.000
BS21 10216130734 31,789.27 12/01/96 11/01/26 11.250 11.250 17.250 6.750
BS21 10216130824 29,985.63 11/01/96 10/01/26 9.625 9.625 15.625 5.750
BS21 10216131064 157,500.00 12/01/96 11/01/26 10.125 10.125 16.125 6.000
BS21 10216131321 80,000.00 12/01/96 11/01/26 10.250 10.250 16.250 6.750
BS21 10216131555 95,961.85 11/01/96 10/01/26 10.500 10.500 16.500 7.500
BS21 10216131568 120,700.00 12/01/96 11/01/26 10.375 10.375 16.375 6.250
BS21 10216131747 133,989.09 11/01/96 10/01/26 9.875 9.875 15.875 6.000
BS21 10216131934 78,700.00 12/01/96 11/01/26 9.625 9.625 15.625 5.750
BS21 10216131947 127,500.00 12/01/96 11/01/26 9.500 9.500 15.500 5.500
BS21 10216132337 72,226.26 11/01/96 10/01/26 11.375 11.375 17.375 7.500
BS21 10216132616 132,600.00 12/01/96 11/01/26 9.875 9.875 15.875 7.250
BS21 10216132684 114,675.63 11/01/96 10/01/26 10.625 10.625 16.625 6.750
BS21 10216134216 100,000.00 12/01/96 11/01/26 8.250 8.250 14.250 4.500
BS21 10216134387 50,000.00 12/01/96 11/01/26 9.875 9.875 15.875 5.750
----------- -------------- ------------------------------------------
29 2,848,166.98 9.932 9.932 15.932 6.195
</TABLE>
<PAGE>
Page 2
Sale Schedule
1996-4 Class 2 - Initial Pool of Adjustable Rate Mortgages - Settlement 12/19/96
Alliance Funding Company
A division of Superior Bank FSB
<TABLE>
<CAPTION>
Principal
Zip Balance at
Sale ID Account Name Address City State Code Origination
- ------------------------------------------------------------------------------------------------------------------------------------
<C> <S> <C> <C> <C> <C> <C> <C>
BS22 10216120473 DORWARD JENNIFER 212 NEW YORK AVENUE NEW BRUNSWICK NJ 08901 117,000.00
BS22 10216121752 HANSON ALFRED SR 17 BECKETT STREET DANBURY CT 06810 134,400.00
BS22 10216124361 PATERNA PATRICIA R 21 ABIGAIL STREET MILFORD CT 06460 375,000.00
BS22 10216124694 ALTHEIM JOEL H 8 FRANKLIN DRIVE SMITHTOWN NY 11787 130,000.00
BS22 10216124721 LAWLER DONNA M 14 MOHAWK AVENUE MIDDLESEX NJ 08846 159,800.00
BS22 10216124975 MCCORMACK PATRICIA 439 STILLWELLS CORNER ROAD FREEHOLD NJ 07728 182,750.00
BS22 10216125270 YI CHANG HWAN 23 BUCKINGHAM DRIVE WAYSIDE NJ 07712 335,750.00
BS22 10216125471 PURI SONIA 402 CONSHOHOCKEN STATE ROAD PENN VALLEY PA 19072 175,000.00
BS22 10216126048 LENIKMAN VLADIMIR 359 W. THORNAPPLE GRAFTON WI 53024 204,000.00
BS22 10216126424 PROPATO VINCENZO 2264 STREET ROAD WARRINGTON PA 18976 127,500.00
BS22 10216127222 SETTANNI FRANK 220 CHARLES AVENUE STATEN ISLAND NY 10302 139,500.00
BS22 10216127229 MUSIALOWSKI PATRICIA 1721 WASHINGTON VALLEY ROAD MARTINSVILLE NJ 08836 120,000.00
BS22 10216127327 ARNEY TERRY 1499 KARL RD COPLEY OH 44321 121,500.00
BS22 10216127454 MELHEM NADIMEH 2807 LIBERTY STREET EASTON PA 18045 89,100.00
BS22 10216127636 SMITH BRIAN 461 EAST SHORE TRAIL SPARTA NJ 07871 84,000.00
BS22 10216128142 THOMPSON JOSEPH 357 OCEAN AVENUE AMITYVILLE NY 11701 272,000.00
BS22 10216128484 ZIZLSPERGER JOSEPH C 11111 WEST CITRUS GROVE AVONDALE AZ 85323 152,991.00
BS22 10216128816 AQUILINO DIANE P 77 MOUNTAIN AVENUE BAYVILLE NY 11709 106,250.00
BS22 10216128945 GIL VECTY 64 NEWTONS CORNER ROAD HOWELL NJ 07731 108,800.00
BS22 10216129302 DAMICO DANIEL V 18 HAMBURG STREET SHELTON CT 06484 139,500.00
BS22 10216129371 LOVIGLIO EILEEN L 7 FAIRVIEW LANE GLEN COVE NY 11542 240,000.00
BS22 10216129763 CHILDS FRANK 1310 DAVES STREET VIENNA GA 31092 45,000.00
BS22 10216129978 CUTRARO ANTONINO 680 WEST LONG LAKE ROAD BLOOMFIELD HILLS MI 48013 750,000.00
BS22 10216130343 DORAN RICHIE 7819 W. SHADOW CREEK WAY GREENFIELD IN 46140 180,000.00
BS22 10216130357 KOKAS BEVERLY D 98 JUDY WAY ASTON PA 19014 97,080.00
BS22 10216130388 RODRIGUEZ ALBERT M 5810 WEST VIRGINIA AVENUE PHOENIX AZ 85035 63,270.00
BS22 10216130390 EGGERT THOMAS W 1414 EAST VOLTAIRE PHOENIX AZ 85022 371,000.00
BS22 10216130770 MATTERN JOHN S RD #1 BOX 138A ELLIOTTSBURG PA 17024 93,500.00
BS22 10216130831 SIMPSON MALCOLM 15866 CARLISLE STREET #1 DETROIT MI 48224 57,600.00
BS22 10216130834 COMER DENNIS 967 GODDARD WYANDOTTE MI 48192 72,000.00
BS22 10216131068 KAGAN VADIM E 240 GREEN VALLEY PLACE WEST BEND WI 53095 113,400.00
BS22 10216131346 BAZZI MOSTAFA 4476 KORTE DEARBORN MI 48126 77,400.00
BS22 10216131392 SHELLENBERGER TERRY 1127 TILGHMAN STREET ALLENTOWN PA 18102 62,910.00
BS22 10216131656 CLARY RONALD R 4808 N GRANITE REEF ROAD SCOTTSDALE AZ 85251 143,395.00
BS22 10216131742 LOZNER DALE M 24611 230TH WAY SOUTHEAST MAPLE VALLEY WA 98038 196,000.00
BS22 10216131975 ELGHOUL FATMEH 7327 APPOLINE DEARBORN MI 48126 104,200.00
BS22 10216132118 AL-NASIR SAMIR 7345 WINTHROP DETROIT MI 48228 56,000.00
BS22 10216132241 AUTEN STACEY 827 PEMBERTON BLOOMFIELD HILLS MI 48302 255,000.00
BS22 10216132252 MORGAN JEANNE T 8510 STURBRIDGE DRIVE CINCINNATI OH 45236 132,800.00
BS22 10216132838 HAWN LISA 134 WALTON NICHOLSON WALTON KY 41094 85,900.00
BS22 10216133090 SOBH HASSAN 5210 NECKEL DEARBORN MI 48126 117,000.00
BS22 10216133096 MAROGI KISMAT 27740 DEVONSHIRE SOUTHFIELD MI 48076 140,000.00
BS22 10216134104 GORZELIC MICHAEL PATRICK 3617 TENNESSEE DRIVE OREFIELD PA 18069 160,500.00
BS22 10216134390 AL-MAYALI HUSSEIN 4916 EUGENE DEARBORN MI 48126 40,500.00
BS22 10216134514 AHMED RASHA 5933 HARTWELL DEARBORN MI 48126 74,700.00
BS22 10216134717 JACKSON VAHL 1098 EAST VIOLET DRIVE SANDY UT 84094 89,200.00
BS22 10216134938 KASSEM KAMAL 14925 PROSPECT DEARBORN MI 48126 112,500.00
--------------------------------------- --------------
47 Sale Total 7,205,696.00
</TABLE>
<TABLE>
<CAPTION>
Cut-off Date First Initial Minimum Maximum
Principal Payment Maturity Mortgage Mortgage Mortgage Gross
Sale ID Account Balance Date Date Rate Rate Rate Margin
- ------------------------------------------------------------------------------------------------------
<C> <S> <C> <C> <C> <C> <C> <C> <C>
BS22 10216120473 116,855.45 10/01/96 09/01/26 10.375 10.375 16.375 6.750
BS22 10216121752 134,358.22 11/01/96 10/01/26 11.625 11.625 17.625 8.500
BS22 10216124361 374,846.91 11/01/96 10/01/26 10.375 10.375 16.375 6.750
BS22 10216124694 129,923.14 10/01/96 09/01/26 11.875 11.875 17.875 8.000
BS22 10216124721 159,505.26 10/01/96 09/01/26 11.125 11.125 17.125 7.750
BS22 10216124975 182,577.88 10/01/96 09/01/26 11.625 11.625 17.625 7.750
BS22 10216125270 335,630.28 11/01/96 10/01/26 11.000 11.000 17.000 6.750
BS22 10216125471 174,783.82 10/01/96 09/01/26 10.375 10.375 16.375 7.000
BS22 10216126048 203,845.71 10/01/96 09/01/26 10.750 10.750 16.750 7.000
BS22 10216126424 127,400.94 10/01/96 09/01/26 10.625 10.625 16.625 7.500
BS22 10216127222 139,433.17 11/01/96 10/01/26 9.625 9.625 15.625 5.750
BS22 10216127229 120,000.00 12/01/96 11/01/26 10.875 10.875 16.875 7.000
BS22 10216127327 121,357.76 10/01/96 09/01/26 10.625 10.625 16.625 6.750
BS22 10216127454 88,968.63 10/01/96 09/01/26 9.625 9.625 15.625 5.750
BS22 10216127636 83,919.20 11/01/96 10/01/26 9.625 9.625 15.625 6.750
BS22 10216128142 271,803.13 11/01/96 10/01/26 7.625 7.625 13.625 3.750
BS22 10216128484 152,921.49 11/01/96 10/01/26 9.875 9.875 15.875 6.250
BS22 10216128816 106,117.46 11/01/96 10/01/26 8.375 8.375 14.375 4.500
BS22 10216128945 108,762.25 12/01/96 11/01/26 11.125 11.125 17.125 8.250
BS22 10216129302 139,436.62 11/01/96 10/01/26 9.875 9.875 15.875 5.750
BS22 10216129371 239,890.96 10/01/96 09/01/26 9.875 9.875 15.875 6.250
BS22 10216129763 44,981.62 11/01/96 10/01/26 10.375 10.375 16.375 6.750
BS22 10216129978 749,650.09 11/01/96 10/01/26 9.750 9.750 15.750 5.750
BS22 10216130343 179,904.21 11/01/96 10/01/26 9.125 9.125 15.125 5.250
BS22 10216130357 96,996.01 11/01/96 10/01/26 10.125 10.125 16.125 7.000
BS22 10216130388 63,244.16 11/01/96 10/01/26 10.375 10.375 16.375 6.750
BS22 10216130390 370,831.45 11/01/96 10/01/26 9.875 9.875 15.875 6.250
BS22 10216130770 93,461.83 11/01/96 10/01/26 10.375 10.375 16.375 6.250
BS22 10216130831 57,367.15 11/01/96 10/01/26 9.875 9.875 15.875 5.750
BS22 10216130834 71,897.96 12/01/96 11/01/26 7.750 7.750 13.750 3.750
BS22 10216131068 113,296.53 11/01/96 10/01/26 9.875 9.875 15.875 5.750
BS22 10216131346 77,364.84 11/01/96 10/01/26 9.875 9.875 15.875 5.750
BS22 10216131392 62,881.42 11/01/96 10/01/26 9.875 9.875 15.875 5.750
BS22 10216131656 141,913.16 11/01/96 10/01/26 10.375 10.375 16.375 6.500
BS22 10216131742 196,000.00 12/01/96 11/01/26 9.000 9.000 15.000 5.250
BS22 10216131975 104,200.00 12/01/96 11/01/26 10.000 10.000 16.000 5.750
BS22 10216132118 55,970.20 12/01/96 11/01/26 9.125 9.125 15.125 5.000
BS22 10216132241 255,000.00 12/01/96 11/01/26 10.875 10.875 16.875 6.750
BS22 10216132252 132,707.43 11/01/96 10/01/26 11.125 11.125 17.125 7.250
BS22 10216132838 85,900.00 12/01/96 11/01/26 9.875 9.875 15.875 5.750
BS22 10216133090 116,946.84 11/01/96 10/01/26 9.875 9.875 15.875 5.750
BS22 10216133096 140,000.00 12/01/96 11/01/26 11.375 11.375 17.375 7.250
BS22 10216134104 160,430.87 12/01/96 11/01/26 10.125 10.125 16.125 6.000
BS22 10216134390 40,481.10 12/01/96 11/01/26 9.750 9.750 15.750 5.750
BS22 10216134514 74,665.15 12/01/96 11/01/26 9.750 9.750 15.750 5.750
BS22 10216134717 89,200.00 12/01/96 11/01/26 10.500 10.500 16.500 6.750
BS22 10216134938 112,500.00 12/01/96 11/01/26 9.000 9.000 15.000 5.000
-------------------------- ------------------------------------------
47 7,200,130.30 10.115 10.115 16.115 6.294
</TABLE>
<PAGE>
Page 3
Sale Schedule
1996-4 Class 2 - Initial Pool of Adjustable Rate Mortgages - Settlement 12/19/96
Alliance Funding Company
A division of Superior Bank FSB
<TABLE>
<CAPTION>
Principal
Zip Balance at
Sale ID Account Name Address City State Code Origination
- ------------------------------------------------------------------------------------------------------------------------------------
<C> <S> <C> <C> <C> <C> <C> <C>
BS24 10216130060 PTACEK ED III 481 MESA VERDE CARBONDALE CO 81623 135,950.00
BS24 10216130835 WOOD ROBERT A 3501 BAY CITY ROAD MIDLAND MI 48642 61,600.00
BS24 10216130841 THOMPSON ANN MARIE 1180 WINTER STREET NE SALEM OR 97301 98,000.00
BS24 10216131191 LAVAGNOLLI ANTONIO A 4700 WEST BELLE PLAIN CHICAGO IL 60641 103,500.00
BS24 10216133199 DAVID TERRY ALAN 9946 WEST 107TH PLACE WESTMINSTER CO 80021 134,300.00
BS24 10216134199 BERGADON ROBERT N 115 CELESTIAL WAY ALPHARETTA GA 30201 168,000.00
BS24 10216135213 MURZANSKI MARY B 3308 NORTH HOYNE AVENUE CHICAGO IL 60618 312,800.00
BS24 10216135376 PERNINI EDWARD A 17 NORTH MAPLE STREET MOUNT PROSPECT IL 60056 123,700.00
--------------------------------------- --------------
8 Sale Total 1,137,850.00
</TABLE>
<TABLE>
<CAPTION>
Cut-off Date First Initial Minimum Maximum
Principal Payment Maturity Mortgage Mortgage Mortgage Gross
Sale ID Account Balance Date Date Rate Rate Rate Margin
- ------------------------------------------------------------------------------------------------------
<C> <S> <C> <C> <C> <C> <C> <C> <C>
BS24 10216130060 135,877.66 11/01/96 10/01/26 9.125 9.125 15.125 5.250
BS24 10216130835 61,600.00 12/01/96 11/01/26 9.125 9.125 15.125 5.000
BS24 10216130841 97,947.85 11/01/96 10/01/26 9.125 9.125 15.125 5.250
BS24 10216131191 103,447.73 12/01/96 11/01/26 9.375 9.375 15.375 5.750
BS24 10216133199 134,300.00 12/01/96 11/01/26 10.250 10.250 16.250 6.500
BS24 10216134199 168,000.00 12/01/96 11/01/26 10.125 10.125 16.125 6.000
BS24 10216135213 312,800.00 12/01/96 11/01/26 11.500 11.500 17.500 7.750
BS24 10216135376 123,642.28 12/01/96 11/01/26 9.750 9.750 15.750 7.000
---------------------------- ------------------------------------------
8 1,137,615.52 10.149 10.149 16.149 6.418
</TABLE>
<PAGE>
Page 4
Sale Schedule
1996-4 Class 2 - Initial Pool of Adjustable Rate Mortgages - Settlement 12/19/96
Alliance Funding Company
A division of Superior Bank FSB
<TABLE>
<CAPTION>
Principal
Zip Balance at
Sale ID Account Name Address City State Code Origination
- ------------------------------------------------------------------------------------------------------------------------------------
<C> <S> <C> <C> <C> <C> <C> <C>
BS25 10216125513 PETRUCCI LOUIS O 2607 STANLEY DRIVE BALDWIN MD 21013 212,500.00
BS25 10216126738 PAYNE VALERIE J 1164 TANAGER DRIVE HARRISBURG PA 17111 180,000.00
BS25 10216126999 MCNEAL MOSES 19470 TRINITY DETROIT MI 48219 30,000.00
BS25 10216127721 WILLIAMSON DUANE G 50 FROST ROAD SEQUIM WA 98382 65,000.00
BS25 10216128389 CUNNINGHAM RHONDA ALLEN 144 PARK STREET MONTCLAIR NJ 07042 288,000.00
BS25 10216129578 ROBINSON PATRICIA R 18827 KLINGER DETROIT MI 48234 26,600.00
BS25 10216130495 HANSON LARRY L 10635 E. 96TH ST. INDIANAPOLIS IN 46256 359,900.00
BS25 10216131340 ANDERSON JEFFREY C 2126 WEST SHORE DRIVE DELAFIELD WI 53018 228,800.00
BS25 10216131604 RILEY STEVEN A 1415 LAKE DRIVE MORRIS IL 60450 186,300.00
BS25 10216132122 ZAHR HASSANE 6716 ARCHDALE ST. DETROIT MI 48228 33,000.00
BS25 10216132613 ROMANO LINDA 1770 E LINCOLN DES PLAINES IL 60018 195,000.00
BS25 10216132627 GULLETT RICHARD E 690 HILLWOOD WHITE LAKE MI 48383 108,900.00
BS25 10216132629 SCROGGINS JR CLYDE M 700 SHERIDAN AVENUE NORTH MINNEAPOLIS MN 55411 41,200.00
BS25 10216132716 THOMPSON BRENDA K 4834 CLOVE DRIVE MABLETON GA 30059 94,400.00
BS25 10216133097 AOUN FADI 5948 HIGHVIEW DEARBORN HEIGHTS MI 48127 94,500.00
BS25 10216134085 HEIGEL CHRISTOPHER 23230 MONTCLAIR FARMINGTON HILLS MI 48336 115,600.00
BS25 10216134941 SAFA REDA 7027 PINEHURST DEARBORN MI 48126 83,700.00
BS25 10216135223 PEPLINSKI GREGORY J 1434 PARK KNOLL DRIVE HARTFORD WI 53027 125,100.00
BS25 10216135540 THOMPSON JAMES W 701 GREGORY DRIVE HORSHAM PA 19044 208,250.00
--------------------------------------- --------------
19 Sale Total 2,676,750.00
103 Total with Banco Santander 13,870,036.00
</TABLE>
<TABLE>
<CAPTION>
Cut-off Date First Initial Minimum Maximum
Principal Payment Maturity Mortgage Mortgage Mortgage Gross
Sale ID Account Balance Date Date Rate Rate Rate Margin
- -------------------------------------------------------------------------------------------------------
<C> <S> <C> <C> <C> <C> <C> <C> <C>
BS25 10216125513 212,297.15 10/01/96 09/01/26 9.625 9.625 15.625 6.750
BS25 10216126738 179,893.73 11/01/96 10/01/26 8.625 8.625 14.625 6.000
BS25 10216126999 29,958.79 10/01/96 09/01/26 9.875 9.875 15.875 6.000
BS25 10216127721 64,970.27 11/01/96 10/01/26 9.875 9.875 15.875 6.000
BS25 10216128389 287,862.03 11/01/96 10/01/26 9.625 9.625 15.625 6.000
BS25 10216129578 26,588.55 12/01/96 11/01/26 10.125 10.125 16.125 6.000
BS25 10216130495 359,900.00 12/01/96 11/01/26 9.750 9.750 15.750 5.750
BS25 10216131340 228,800.00 12/01/96 11/01/26 8.500 8.500 14.500 5.750
BS25 10216131604 186,300.00 12/01/96 11/01/26 9.750 9.750 15.750 5.750
BS25 10216132122 32,986.17 11/01/96 10/01/26 10.250 10.250 16.250 6.000
BS25 10216132613 194,899.68 10/01/96 09/01/26 12.500 12.500 18.500 9.000
BS25 10216132627 108,842.04 12/01/96 11/01/26 9.125 9.125 15.125 5.000
BS25 10216132629 41,200.00 12/01/96 11/01/26 11.625 11.625 17.625 6.750
BS25 10216132716 94,357.11 11/01/96 10/01/26 9.875 9.875 15.875 5.750
BS25 10216133097 94,500.00 12/01/96 11/01/26 9.750 9.750 15.750 5.750
BS25 10216134085 115,237.36 12/01/96 11/01/26 7.750 7.750 13.750 3.750
BS25 10216134941 83,659.90 12/01/96 11/01/26 9.625 9.625 15.625 5.750
BS25 10216135223 125,100.00 12/01/96 11/01/26 10.250 9.250 16.250 5.750
BS25 10216135540 208,250.00 12/01/96 11/01/26 11.000 10.000 17.000 6.500
--------------------------- ------------------------------------------
19 2,675,602.78 9.797 9.673 15.797 6.081
103 13,861,515.58 10.019 9.995 16.019 6.243
</TABLE>
<PAGE>
Page 5
Sale Schedule
1996-4 Class 2 - Initial Pool of Adjustable Rate Mortgages - Settlement 12/19/96
Alliance Funding Company
A division of Superior Bank FSB
<TABLE>
<CAPTION>
Principal
Zip Balance at
Sale ID Account Name Address City State Code Origination
- ------------------------------------------------------------------------------------------------------------------------------------
<C> <S> <C> <C> <C> <C> <C> <C>
ML143 10216125966 MARSH ALEXANDER JR 69 DIETZ STREET HEMPSTEAD NY 11550 113,900.00
ML143 10216126556 FAIYAZ ARDESHIR G 2 PINE DRIVE SOUTH ROSLYN NY 11576 340,000.00
ML143 10216128173 KIM KWANG C 3 MADELINE TERRACE CHESTNUT RIDGE NY 10977 131,750.00
ML143 10216129735 PETERSEN BRYAN 1405 EAST 330 SOUTH PROVO UT 84606 110,500.00
ML143 10216129969 GONZALEZ FERNANDO 2654 WEST LUTHER STREET CHICAGO IL 60608 48,000.00
ML143 10216130370 CISNEROS PABLO A 1202 CINDY CIRCLE GOLDSBORO NC 27530 67,900.00
ML143 10216130391 BOLLARD BARBARA J 59465 COLE VALLEY ROAD ST HELENS OR 97051 115,875.00
ML143 10216130584 BALDACCI ROSEMARY HESS 8509 SOUTH UPHAM WAY LITTLETON CO 80123 108,100.00
ML143 10216130629 GONZALEZ FERNANDO O 2649 WEST 24TH PLACE CHICAGO IL 60608 55,000.00
ML143 10216131552 CREA CHRISTOPHER A 6648 SOUTH KOSTNER AVE. CHICAGO IL 60629 100,000.00
ML143 10216131748 JIMENEZ CHRISTOPHER JEFF 1239 SOUTH 1000 WEST SALT LAKE CITY UT 84104 56,000.00
ML143 10216132609 MILLER ARTHUR F 7267 N. MCVICKER CHICAGO IL 60646 189,000.00
ML143 10216132711 MATHIS JARED L 3249 SOUTH 4140 WEST WEST VALLEY CITY, UT 84120 172,550.00
ML143 10216132979 MIKLOS SCOTT LEE 665 EAST 100 SOUTH MORGAN UT 84050 147,200.00
ML143 10216133047 WATTS HELEN L 3039 VAN AKEN BOULEVARD SHAKER HEIGHTS OH 44120 80,000.00
ML143 10216133055 GOODMAN HOWARD KEVIN JR 2337 N. ROUTE 1 AND 17 MOMENCE IL 60954 138,000.00
ML143 10216134078 KUSMERZ THOMAS 4404 MAPLE LEAF DRIVE MCHENRY IL 60050 93,700.00
ML143 10216134776 BURRIS DIANE L 5106 SOUTH EMERSON AVENUE INDIANAPOLIS IN 46237 77,300.00
ML143 10216135060 WARD RICHARD A JR 414 WEST 127TH STREET CHICAGO IL 60628 72,000.00
ML143 10216135292 DEBRY DAN J 6988 WEST COPPER HILL DRIVE WEST VALLEY CITY UT 84120 85,000.00
ML143 10216135636 BOSSARD MICHAEL K 4402 SOUTH WALLACE STREET CHICAGO IL 60609 69,600.00
ML143 10216135840 TOTONI CHRIST 351 SOUTH PARK STREET BENSENVILLE IL 60106 216,700.00
ML143 10216136087 LINDSAY JAMES R 234 POPPY STREET GOLDEN CO 80401 126,000.00
ML143 10216136225 LARSON DEVRON B 1098 EAST DIAMOND WAY SANDY UT 84094 98,400.00
--------------------------------------- -------------
24 Sale Total 2,812,475.00
</TABLE>
<TABLE>
<CAPTION>
Cut-off Date First Initial Minimum Maximum
Principal Payment Maturity Mortgage Mortgage Mortgage Gross
Sale ID Account Balance Date Date Rate Rate Rate Margin
- -------------------------------------------------------------------------------------------------------
<C> <S> <C> <C> <C> <C> <C> <C> <C>
ML143 10216125966 113,855.94 11/01/96 10/01/26 10.625 10.625 16.625 6.750
ML143 10216126556 340,000.00 12/01/96 11/01/26 11.500 11.500 17.500 7.250
ML143 10216128173 131,750.00 12/01/96 11/01/26 11.375 11.375 17.375 7.750
ML143 10216129735 110,454.89 11/01/96 10/01/26 10.375 10.375 16.375 6.500
ML143 10216129969 48,000.00 12/01/96 11/01/26 8.875 8.875 14.875 5.000
ML143 10216130370 67,900.00 12/01/96 11/01/26 9.000 9.000 15.000 5.000
ML143 10216130391 115,875.00 12/01/96 11/01/26 9.375 9.375 15.375 5.750
ML143 10216130584 108,100.00 12/01/96 11/01/26 9.625 9.625 15.625 6.000
ML143 10216130629 54,969.17 11/01/96 10/01/26 8.875 8.875 14.875 5.000
ML143 10216131552 99,965.30 12/01/96 11/01/26 11.125 11.125 17.125 7.500
ML143 10216131748 55,972.00 11/01/96 10/01/26 9.750 9.750 15.750 6.000
ML143 10216132609 189,000.00 12/01/96 11/01/26 8.875 8.875 14.875 5.000
ML143 10216132711 172,550.00 12/01/96 11/01/26 10.625 10.625 16.625 5.250
ML143 10216132979 147,200.00 12/01/96 11/01/26 10.000 10.000 16.000 6.250
ML143 10216133047 79,952.77 12/01/96 11/01/26 8.625 8.625 14.625 5.000
ML143 10216133055 138,000.00 12/01/96 11/01/26 9.625 9.625 15.625 6.000
ML143 10216134078 93,652.68 12/01/96 11/01/26 9.375 9.375 15.375 5.750
ML143 10216134776 77,241.18 12/01/96 11/01/26 7.375 7.375 13.375 3.750
ML143 10216135060 72,000.00 12/01/96 11/01/26 8.375 8.375 14.375 4.500
ML143 10216135292 85,000.00 12/01/96 11/01/26 10.250 10.250 16.250 6.250
ML143 10216135636 69,600.00 12/01/96 11/01/26 11.500 11.500 17.500 7.500
ML143 10216135840 216,565.31 12/01/96 11/01/26 8.375 8.375 14.375 4.750
ML143 10216136087 125,936.38 12/01/96 11/01/26 9.375 9.375 15.375 5.750
ML143 10216136225 98,400.00 12/01/96 11/01/26 9.750 9.750 15.750 6.150
---------------------------- - ------------------------------------------
24 2,811,940.62 9.869 9.869 15.869 5.971
</TABLE>
<PAGE>
Page 6
Sale Schedule
1996-4 Class 2 - Initial Pool of Adjustable Rate Mortgages - Settlement 12/19/96
Alliance Funding Company
A division of Superior Bank FSB
<TABLE>
<CAPTION>
Principal
Zip Balance at
Sale ID Account Name Address City State Code Origination
- ------------------------------------------------------------------------------------------------------------------------------------
<C> <S> <C> <C> <C> <C> <C> <C>
ML144 10216119499 IACOVAZZI PETER S 31 LEROY STREET BINGHAMTON NY 13905 27,500.00
ML144 10216122536 CAMPBELL CLARISE 1620 REMSEN AVENUE BROOKLYN NY 11236 207,000.00
ML144 10216124355 REED SANDRA L 1012 WASHOUT ROAD SCOTIA NY 12302 75,520.00
ML144 10216125147 MCNAUGHTON DARRIN J RD 1 BOX 109A ELLIOTTSBURG PA 17024 98,000.00
ML144 10216125427 RIDLEY ANDRE 36 SOUTH 11TH AVE MOUNT VERNON NY 10550 107,200.00
ML144 10216126000 BRANHAM SR JOHN H 2960 ST LEONARD ROAD PORT REPUBLIC MD 20676 87,550.00
ML144 10216126357 MONAHAN JAMES 11 LAMBETH STREET HOLBROOK NY 11741 65,000.00
ML144 10216126799 BURDEWIK PAUL 69 LAKESIDE ROAD MAHOPAC NY 10541 176,000.00
ML144 10216127268 PETRIZZI ALPHONSO A 151 PELTON AVENUE STATEN ISLAND NY 10310 100,000.00
ML144 10216127499 ZLATIN SUSAN M 13995 TRIADELPHIA MILL ROAD DAYTON MD 21036 235,000.00
ML144 10216127793 MCINTOSH KAREN R 511 S CARLISLE STREET ALLENTOWN PA 18103 77,600.00
ML144 10216128215 CASSADY CHARLES M 2412 TIBBETS BOULEVARD WENDOVER NV 89883 108,000.00
ML144 10216129111 BECKER LISA 137 STANDART AVENUE AUBURN NY 13121 62,900.00
ML144 10216129509 CHOICE SHIRLEY A 625 W BERWICK STREET EASTON PA 18042 45,900.00
ML144 10216129675 HARDIE WADE R 11627 E ESTRELLA AVENUE SCOTTSDALE AZ 85259 225,000.00
ML144 10216130120 STUDER RUDY ALAN 7596 DEERWOOD DRIVE FAYETTEVILLE NC 28303 68,500.00
ML144 10216130398 GREENSHIELD DAVID J 4218 EAST GROVERS AVENUE PHOENIX AZ 85032 155,500.00
ML144 10216130671 COOPER M SCOTT 4613 WEST CARLA VISTA DRIVE CHANDLER AZ 85226 148,000.00
ML144 10216130792 EUBANKS TORRANCE 13341 CHERRY CIRCLE THORNTON CO 80241 130,500.00
ML144 10216130801 BRISTER JOSHUA T 668 S. CHOLLA STREET GILBERT AZ 85234 148,500.00
ML144 10216130829 GUCA GEORGE 1612 NORTH 16TH AVENUE MELROSE PARK IL 60160 126,400.00
ML144 10216131033 ABANTO CASTULO CALAMAAN 261 DUMANI DRIVE HENDERSON NV 89014 130,900.00
ML144 10216131301 RHOTEN CRAIG E 7801 EAST PINNACLE VISTA DRIV SCOTTSDALE AZ 85255 137,000.00
ML144 10216131516 COBB EDWARD L 1366 WEST SWINTON LANE FARMINGTON UT 84025 293,250.00
ML144 10216131710 PLANT RICHARD LEON 5480 COUNTRY LANE FLINT MI 48506 66,700.00
ML144 10216131965 THORNTON ROBERT G 15252 OUTER DRIVE LINDEN MI 48451 67,200.00
ML144 10216132080 VAIL TERRI L 305 E VAUGHN AVENUE GILBERT AZ 85234 108,000.00
ML144 10216132293 SCOTT DANIEL R 13802 NORTH 31ST AVENUE PHOENIX AZ 85203 70,125.00
ML144 10216132702 HALL MYRA L 459 EAST 1500 SOUTH SPRINGVILLE UT 84663 79,500.00
ML144 10216132808 BORDON DOROTHY A 105 SOUTH MAPLE MT. PROSPECT IL 60056 110,000.00
ML144 10216132840 STEPHENS WILLIAM 4837 NORTHGATE COURT DAYTON OH 45416 99,200.00
ML144 10216132868 SNYDER COREY J 1027 FIRST AVENUE HELLERTOWN PA 18055 81,000.00
ML144 10216133033 WELCH SCOTT T 5678 SOUTH 2950 WEST ROY UT 84067 112,050.00
ML144 10216133130 ADAMS JOHN J JR 1318 36TH LANE PUEBLO CO 81006 65,000.00
ML144 10216134134 STONE RICHARD B JR 4851 HELGA WAY WOODSTOCK GA 30188 114,750.00
ML144 10216134271 KHALIL TAMIME 6733 GRANDMONT DETROIT MI 48228 63,000.00
ML144 10216134384 WATKINS MARY L 1226 SOUTH 20TH AVENUE MAYWOOD IL 60153 68,000.00
ML144 10216134439 THOMPSON DAVE 10622 SOUTH 1300 WEST SOUTH JORDAN UT 84095 104,550.00
ML144 10216134522 CRAWFORD VIOLA SUE 1120 N WITTFIELD INDIANAPOLIS IN 46229 87,700.00
ML144 10216134716 HAZEN DANIEL 860 MENSH TERRACE NW PORT CHARLOTTE FL 33948 47,475.00
ML144 10216134777 JABLONSKI BRENT THOMAS 729 W.3RD STREET RED WING MN 55066 92,000.00
ML144 10216134784 HULL JENNIFER SUSAN 210 N. HARVARD VILLA PARK IL 60181 40,000.00
ML144 10216134858 KISSINGER MARK L 222 ACORN CIRCLE LEBANON PA 17042 69,700.00
ML144 10216134945 PINNIX DLYDIA 4962 GERALDINE ROAD RICHMOND HEIGHTS OH 44143 126,000.00
ML144 10216134992 DIVINCENZO GUSTAVO 5264 FIGHTING FISH WAY LAS VEGAS NV 89118 107,522.00
ML144 10216135119 PORTER EDWIN E 40 DOLPHIN DR TREASURE ISLAND FL 33706 157,250.00
ML144 10216135225 SAFFO HAITHAM 24340 KIPLING OAK PARK MI 48237 60,000.00
ML144 10216135566 SCHLEGEL MARK L 144 6TH STREET FREDERICK CO 80530 107,500.00
ML144 10216135745 BARKER DAVID T 13244 IRVING AVENUE SOUTH BURNSVILLE MN 55337 100,000.00
ML144 10216136342 GREEN MICHAEL W 2307 CARDENAS AVENUE TAMPA FL 33629 104,000.00
ML144 10216136748 AL-WAELI HUSSAIN 7951 NORMILE DEARBORN MI 48126 89,100.00
--------------------------------------- -------------
51 Sale Total 5,434,042.00
</TABLE>
<TABLE>
<CAPTION>
Cut-off Date First Initial Minimum Maximum
Principal Payment Maturity Mortgage Mortgage Mortgage Gross
Sale ID Account Balance Date Date Rate Rate Rate Margin
- -------------------------------------------------------------------------------------------------------
<C> <S> <C> <C> <C> <C> <C> <C> <C>
ML144 10216130829 126,400.00 12/01/96 11/01/26 11.750 11.750 17.750 7.500
ML144 10216131033 130,840.53 11/01/96 10/01/26 9.875 9.875 15.875 6.000
ML144 10216131301 136,937.76 12/01/96 11/01/26 9.875 9.875 15.875 6.000
ML144 10216131516 293,250.00 12/01/96 11/01/26 10.750 9.750 16.750 6.500
ML144 10216131710 66,700.00 12/01/96 11/01/26 11.375 11.375 17.375 7.250
ML144 10216131965 67,177.93 12/01/96 11/01/26 11.375 11.375 17.375 7.250
ML144 10216132080 108,000.00 12/01/96 11/01/26 10.000 10.000 16.000 6.250
ML144 10216132293 70,094.80 12/01/96 11/01/26 10.125 10.125 16.125 6.500
ML144 10216132702 79,500.00 12/01/96 11/01/26 9.375 8.375 15.375 5.000
ML144 10216132808 109,916.81 12/01/96 11/01/26 10.750 9.750 16.750 6.000
ML144 10216132840 99,200.00 12/01/96 11/01/26 11.250 10.250 17.250 6.750
ML144 10216132868 81,000.00 12/01/96 11/01/26 11.000 11.000 17.000 6.900
ML144 10216133033 111,942.21 12/01/96 11/01/26 9.625 9.625 15.625 6.000
ML144 10216133130 65,000.00 01/01/97 12/01/26 9.025 9.025 15.025 5.400
ML144 10216134134 114,750.00 12/01/96 11/01/26 10.875 10.875 16.875 6.750
ML144 10216134271 63,000.00 12/01/96 11/01/26 9.625 9.625 15.625 5.750
ML144 10216134384 67,981.60 12/01/96 11/01/26 12.250 11.250 18.250 7.500
ML144 10216134439 104,550.00 12/01/96 11/01/26 10.875 10.875 16.875 7.250
ML144 10216134522 87,700.00 01/01/97 12/01/26 11.500 11.500 17.500 6.750
ML144 10216134716 47,475.00 12/01/96 11/01/26 12.250 11.250 18.250 6.750
ML144 10216134777 92,000.00 12/01/96 11/01/26 8.625 7.625 14.625 4.000
ML144 10216134784 40,000.00 12/01/96 11/01/26 10.125 9.125 16.125 5.750
ML144 10216134858 69,700.00 12/01/96 11/01/26 10.625 9.625 16.625 7.250
ML144 10216134945 126,000.00 12/01/96 11/01/26 10.250 9.250 16.250 5.750
ML144 10216134992 107,522.00 12/01/96 11/01/26 9.000 9.000 15.000 5.250
ML144 10216135119 157,250.00 12/01/96 11/01/26 11.000 10.000 17.000 6.500
ML144 10216135225 60,000.00 12/01/96 11/01/26 12.000 11.000 18.000 7.250
ML144 10216135566 107,500.00 12/01/96 11/01/26 9.625 9.625 15.625 6.000
ML144 10216135745 100,000.00 12/01/96 11/01/26 9.000 8.000 15.000 4.500
ML144 10216136342 104,000.00 12/01/96 11/01/26 9.750 8.750 15.750 5.250
ML144 10216136748 89,100.00 12/01/96 11/01/26 9.625 9.625 15.625 5.750
--------------------------- -----------------------------------------
51 5,432,487.32 10.246 9.967 16.246 6.265
</TABLE>
<PAGE>
Page 7
Sale Schedule
1996-4 Class 2 - Initial Pool of Adjustable Rate Mortgages - Settlement 12/19/96
Alliance Funding Company
A division of Superior Bank FSB
<TABLE>
<CAPTION>
Principal
Zip Balance at
Sale ID Account Name Address City State Code Origination
- ------------------------------------------------------------------------------------------------------------------------------------
<C> <S> <C> <C> <C> <C> <C> <C>
ML145 10216127740 HAMER SHARON CRUMBLEY 18118 SOUTH LOS ANGELES HOMEWOOD IL 60430 139,900.00
-------------------------------------------- ------------
1 Sale Total 139,900.00
</TABLE>
<TABLE>
<CAPTION>
Cut-off Date First Initial Minimum Maximum
Principal Payment Maturity Mortgage Mortgage Mortgage Gross
Sale ID Account Balance Date Date Rate Rate Rate Margin
- -------------------------------------------------------------------------------------------------------
<C> <S> <C> <C> <C> <C> <C> <C> <C>
ML145 10216127740 139,900.00 11/01/96 10/01/26 11.500 11.500 17.500 7.500
-------------------------- ------------------------------------------
1 139,900.00 11.500 11.500 17.500 7.500
</TABLE>
<PAGE>
Page 8
Sale Schedule
1996-4 Class 2 - Initial Pool of Adjustable Rate Mortgages - Settlement 12/19/96
Alliance Funding Company
A division of Superior Bank FSB
<TABLE>
<CAPTION>
Principal
Zip Balance at
Sale ID Account Name Address City State Code Origination
- ------------------------------------------------------------------------------------------------------------------------------------
<C> <S> <C> <C> <C> <C> <C> <C>
ML146 10216121539 SOTO EDWIN 11 ORCHARD STREET GARFIELD NJ 07026 163,200.00
ML146 10216127388 VELASQUEZ ANGEL NELSON 13 MADISON AVE BRENTWOOD NY 11717 88,800.00
ML146 10216131371 SCHAEFFER DAVID R 106 QUINTON ALLOWAY RD QUINTON NJ 08072 112,500.00
ML146 10216131880 STASKO LINDA M 113 WEST BROADWAY MAPLE SHADE NJ 08052 37,000.00
ML146 10216134080 AUDENS DARREL 2614 SOUTH THOMAS COURT MCHENRY IL 60050 108,000.00
ML146 10216134081 GRIFFITH HELEN 2908 W LEXINGTON CHICAGO IL 60612 63,000.00
ML146 10216134563 SELLERS BYRON W 1826 SOUTH 3300 WEST SYRACUSE UT 84075 82,300.00
--------------------------------------- ------------
7 Sale Total 654,800.00
</TABLE>
<TABLE>
<CAPTION>
Cut-off Date First Initial Minimum Maximum
Principal Payment Maturity Mortgage Mortgage Mortgage Gross
Sale ID Account Balance Date Date Rate Rate Rate Margin
- -------------------------------------------------------------------------------------------------------
<C> <S> <C> <C> <C> <C> <C> <C> <C>
ML146 10216121539 163,028.53 09/01/96 08/01/26 11.125 11.125 17.125 7.250
ML146 10216127388 88,800.00 12/01/96 11/01/26 10.875 10.875 16.875 8.250
ML146 10216131371 112,446.10 12/01/96 11/01/26 9.625 9.625 15.625 6.000
ML146 10216131880 36,983.19 12/01/96 11/01/26 9.875 9.875 15.875 7.000
ML146 10216134080 108,000.00 12/01/96 11/01/26 9.750 9.750 15.750 5.750
ML146 10216134081 63,000.00 12/01/96 11/01/26 9.750 9.750 15.750 5.750
ML146 10216134563 82,300.00 12/01/96 11/01/26 12.125 12.125 18.125 8.250
-------------------------- ------------------------------------------
7 654,557.82 10.529 10.529 16.529 6.891
</TABLE>
<PAGE>
Page 9
Sale Schedule
1996-4 Class 2 - Initial Pool of Adjustable Rate Mortgages - Settlement 12/19/96
Alliance Funding Company
A division of Superior Bank FSB
<TABLE>
<CAPTION>
Principal
Zip Balance at
Sale ID Account Name Address City State Code Origination
- ------------------------------------------------------------------------------------------------------------------------------------
<C> <S> <C> <C> <C> <C> <C> <C>
ML147 10216118202 BASA ROBERT Q 1384 OLD STONE WAY SAN JOSE CA 95132 201,600.00
ML147 10216127207 PACK CHARMAINE BELINDA 137-11 255TH STREET ROSEDALE NY 11422 175,000.00
ML147 10216128470 MIRZO KADRI 36 SYLVAN AVENUE BERGENFIELD NJ 07621 69,000.00
ML147 10216130849 ATWI ABDALLAH 5418 MEAD DEARBORN MI 48126 80,700.00
ML147 10216131586 VAVRA JAY M 2516 MAYFAIR AVENUE WHITE BEAR LAKE MN 55110 91,200.00
ML147 10216132774 MARTIN JAMES L 4068 ARROWOOD DRIVE LAS VEGAS NV 89117 114,750.00
ML147 10216133078 FASSINGER TONY C 8217 CARLISLE DRIVE HANOVER PARK IL 60103 134,400.00
ML147 10216134641 KREBS DEBORAH 8253 SOUTH 3200 WEST WEST JORDAN UT 84084 104,800.00
ML147 10216134799 RANDLE VALENTINA R 3034 ALBION ROAD CLEVELAND OH 44120 73,600.00
ML147 10216134937 POLIZOS MORFIA 2822 73RD AVENUE ELMWOOD PARK IL 60707 126,400.00
ML147 10216135043 LATREILLE SUSAN MARIE 10775 E BECKER LANE SCOTTSDALE AZ 85259 106,250.00
ML147 10216135192 ANTONGIORGI IVAN 1832 MONTICELLO CHICAGO IL 60647 63,000.00
ML147 10216135287 PASQUINI JUDITH ANN 1158 EAST GEDDES AVENUE LITTLETON CO 80122 153,000.00
ML147 10216136495 MEYER BONNIE JO 322 LIONEL LANE ELIZABETH CO 80107 97,750.00
ML147 10216136524 FELICIANO JOSE 5615 W. EDDY CHICAGO IL 60634 92,000.00
ML147 10216136574 HART KRISTA MARIA 6315 SE RAYMOND STREET PORTLAND OR 97206 97,200.00
ML147 10216136661 DODD WILLIAM F 5030 MONTEBELLO PLACE COLORADO SPRINGS CO 80918 106,250.00
ML147 10216136679 LEAMY WILLIAM BLAKE 3107 NE POWDERHORN PLACE CORVALLIS OR 97330 100,700.00
ML147 10216136702 E JONES VERNON R 13391 RANDOLPH PLACE DENVER CO 80239 68,000.00
--------------------------------------- -------------
19 Sale Total 2,055,600.00
</TABLE>
<TABLE>
<CAPTION>
Cut-off Date First Initial Minimum Maximum
Principal Payment Maturity Mortgage Mortgage Mortgage Gross
Sale ID Account Balance Date Date Rate Rate Rate Margin
- -------------------------------------------------------------------------------------------------------
<C> <S> <C> <C> <C> <C> <C> <C> <C>
ML147 10216118202 201,522.01 11/01/96 10/01/26 10.625 10.625 16.625 6.750
ML147 10216127207 174,935.88 12/01/96 11/01/26 10.875 10.875 16.875 8.250
ML147 10216128470 69,000.00 12/01/96 11/01/26 9.625 9.625 15.625 6.750
ML147 10216130849 80,649.84 11/01/96 10/01/26 8.375 8.375 14.375 4.500
ML147 10216131586 91,200.00 12/01/96 11/01/26 11.500 11.500 17.500 7.500
ML147 10216132774 114,700.57 12/01/96 11/01/26 10.125 10.125 16.125 6.500
ML147 10216133078 134,400.00 12/01/96 11/01/26 12.500 11.500 18.500 7.500
ML147 10216134641 104,800.00 12/01/96 11/01/26 11.625 11.625 17.625 8.000
ML147 10216134799 73,600.00 12/01/96 11/01/26 11.625 11.625 17.625 7.500
ML147 10216134937 126,400.00 12/01/96 11/01/26 9.000 8.000 15.000 4.500
ML147 10216135043 106,250.00 12/01/96 11/01/26 11.250 11.250 17.250 7.500
ML147 10216135192 62,977.50 12/01/96 11/01/26 11.000 10.000 17.000 6.000
ML147 10216135287 153,000.00 01/01/97 12/01/26 10.750 9.750 16.750 6.500
ML147 10216136495 97,713.20 12/01/96 11/01/26 10.750 9.750 16.750 6.500
ML147 10216136524 92,000.00 12/01/96 11/01/26 12.000 11.000 18.000 7.250
ML147 10216136574 97,200.00 12/01/96 11/01/26 11.000 10.000 17.000 6.750
ML147 10216136661 106,250.00 01/01/97 12/01/26 9.375 8.375 15.375 5.000
ML147 10216136679 100,700.00 01/01/97 12/01/26 10.625 9.625 16.625 6.000
ML147 10216136702 68,000.00 01/01/97 12/01/26 12.000 11.000 18.000 7.250
-------------------------- ------------------------------------------
19 2,055,299.00 10.764 10.259 16.764 6.707
</TABLE>
<PAGE>
Page 10
Sale Schedule
1996-4 Class 2 - Initial Pool of Adjustable Rate Mortgages - Settlement 12/19/96
Alliance Funding Company
A division of Superior Bank FSB
<TABLE>
<CAPTION>
Principal
Zip Balance at
Sale ID Account Name Address City State Code Origination
- ------------------------------------------------------------------------------------------------------------------------------------
<C> <S> <C> <C> <C> <C> <C> <C>
MLC148 10218000037 RIBAS MANUEL 222 JOCKEY HOLLOW RD MONROE CT 06468 148,000.00
MLC148 10218000273 MCSHANE PATRICK 509 CHANDLER LN VILLANOVA PA 19085 198,000.00
MLC148 10218000642 SUMIN EDUARD 8 SNOWDRIFT LANE HOWELL NJ 07731 134,100.00
MLC148 10218000758 WANEES EMIL G 6804 UTOPIA PKY FRESH MEADOWS NY 11358 134,400.00
MLC148 10218000806 GORDON MARY J 415 SOUTH 3RD AVENUE MOUNT VERNON NY 10550 103,500.00
MLC148 10218000830 MIZUNO KEIKO 2 MCKNIGHT DRIVE GREAT NECK NY 11021 488,000.00
MLC148 10218000861 THOMPSON CELESTINE 315 SOUTH 4TH AVENUE MOUNT VERNON NY 10550 180,000.00
MLC148 10218000959 PEIRSON RAYMOND L 7 KIMBALL HEIGHTS LANE LISBON CT 06351 108,800.00
MLC148 10218001182 WEINSTEIN NEIL 170 PARK AVE GARDEN CITY PARK NY 11040 172,000.00
MLC148 10218001211 SANDERS HELEN M 42 HOPKINS ST WOODBURY NJ 08096 45,500.00
MLC148 10218001268 GARCIA HUGO 3056 81ST ST FLUSHING NY 11370 156,000.00
MLC148 10218001379 LEE SUNG OK 4012 158TH ST FLUSHING NY 11358 217,500.00
MLC148 10218001523 ZYNN ROBERT M 6858 HAPPY HEART LN COLUMBIA MD 21045 161,500.00
MLC148 10218001562 MARTINEZ ALAN M 308 52ND ST WEST NEW YORK NJ 07093 110,500.00
MLC148 10218001602 STELTER THOMAS A 2 WILLIAMS RD LANDING NJ 07850 185,725.00
MLC148 10218001696 SATTEL ROBERT K 311 JONESTOWN ROAD WASHINGTON TWSP NJ 07882 146,250.00
MLC148 10218001989 JONES WILLIE LEE 215 SCENIC PASS FAYETTEVILLE GA 30215 209,800.00
MLC148 10218002127 KOHUT JOHN G 403 KELLINGTON DR EAST WINDSOR NJ 08520 71,000.00
MLC148 10218002415 TORRES JOSE A 47 EASTON AVE WATERBURY CT 06704 53,900.00
MLC148 10218002820 GUBB DAVID 310 GODWIN AVE RIDGEWOOD NJ 07450 375,000.00
--------------------------------------- ------------
20 Sale Total 3,399,475.00
</TABLE>
<TABLE>
<CAPTION>
Cut-off Date First Initial Minimum Maximum
Principal Payment Maturity Mortgage Mortgage Mortgage Gross
Sale ID Account Balance Date Date Rate Rate Rate Margin
- -------------------------------------------------------------------------------------------------------
<C> <S> <C> <C> <C> <C> <C> <C> <C>
MLC148 10218000037 147,812.22 09/01/96 08/01/26 10.250 10.250 16.250 6.250
MLC148 10218000273 195,244.60 09/01/96 08/01/26 9.375 9.375 15.375 6.750
MLC148 10218000642 134,048.13 11/01/96 10/01/26 10.625 10.625 16.625 6.750
MLC148 10218000758 134,400.00 12/01/96 11/01/26 11.875 11.875 17.875 8.250
MLC148 10218000806 103,381.15 11/01/96 10/01/26 10.625 10.625 16.625 6.750
MLC148 10218000830 487,759.96 11/01/96 10/01/26 9.500 9.500 15.500 6.250
MLC148 10218000861 179,913.77 11/01/96 10/01/26 9.625 9.625 15.625 6.000
MLC148 10218000959 108,695.34 10/01/96 09/01/26 9.625 9.625 15.625 5.750
MLC148 10218001182 171,940.50 11/01/96 10/01/26 11.375 11.375 17.375 8.000
MLC148 10218001211 45,474.55 11/01/96 10/01/26 12.125 12.125 18.125 7.750
MLC148 10218001268 155,927.50 11/01/96 10/01/26 9.750 9.750 15.750 5.500
MLC148 10218001379 217,406.32 11/01/96 10/01/26 10.125 10.125 16.125 6.500
MLC148 10218001523 161,500.00 12/01/96 11/01/26 11.125 11.125 17.125 7.250
MLC148 10218001562 110,470.92 11/01/96 10/01/26 12.375 12.375 18.375 8.000
MLC148 10218001602 185,725.00 12/01/96 11/01/26 9.875 9.875 15.875 6.500
MLC148 10218001696 146,176.15 11/01/96 10/01/26 9.375 9.375 15.375 5.750
MLC148 10218001989 209,718.84 11/01/96 10/01/26 10.625 10.625 16.625 6.750
MLC148 10218002127 70,973.99 12/01/96 11/01/26 10.875 10.875 16.875 7.000
MLC148 10218002415 53,900.00 12/01/96 11/01/26 10.500 10.500 16.500 6.750
MLC148 10218002820 375,000.00 12/01/96 11/01/26 11.375 11.375 17.375 7.500
-------------------------- ------------------------------------------
20 3,395,468.94 10.397 10.397 16.397 6.743
</TABLE>
Page 11
<PAGE>
Sale Schedule A
1996-4 Class 2 - Initial Pool of Adjustable Rate Mortgages - Settlement 12/19/96
Alliance Funding Company
A division of Superior Bank FSB
<TABLE>
<CAPTION>
Principal
Zip Balance at
Sale ID Account Name Address City State Code Origination
- ------------------------------------------------------------------------------------------------------------------------------------
<C> <S> <C> <C> <C> <C> <C> <C>
MCL184A 10218000028 VLIET RONALD E 153 LAKEVIEW DR COLCHESTER CT 06415 41,000.00
MCL148A 10218000050 LOMBARDO RICHARD S 56 S DISH MILL RD HIGGANUM CT 06441 130,000.00
MCL148A 10218000059 COOPER RICK W 115 SOUTH OCELOT STREET DUNKIRK NY 14048 32,000.00
MCL148A 10218000090 CRUZ PEDRO R 147-31 84TH AVENUE JAMAICA NY 11435 160,000.00
MCL148A 10218000093 LEFEVRE ALAN C 16 MAPLEBROOK LN NEW PALTZ NY 12561 76,500.00
MCL148A 10218000104 BUGGY GLENN M 13 MORTIMER DR OLD GREENWICH CT 06870 391,500.00
MCL148A 10218000140 SILNIK LEONARDO D 66 ROSALIE CT EAST MEADOW NY 11554 153,750.00
MCL148A 10218000154 NIKSA LEWIS 130 RIDER AVE SYRACUSE NY 13207 51,200.00
MCL148A 10218000199 RODRIGUEZ SANTA R 454 TORREY AVENUE BRONX NY 10493 115,600.00
MCL148A 10218000210 SHOCKLEY CRAIG S 1305 LAWSON LN DOWNINGTOWN PA 19335 116,000.00
MCL148A 10218000218 BHATTI NASEER A 785 EDGEGROVE AVE STATEN ISLAND NY 10312 200,000.00
MCL148A 10218000245 TUCKER VINCENT 26 WASHINGTON BLVD MOUNT VERNON NY 10550 104,400.00
MCL148A 10218000253 GUADIANE GEORGE 17 CHURCH ST CHATHAM NY 12037 64,000.00
MCL148A 10218000258 IIDA YASUHISA 2 PRIMEROSE AVENUE WHITE PLAINS NY 10607 196,000.00
MCL148A 10218000267 ENGA DONALD A 331 OXFORD BOULEVARD GARDEN CITY NY 11530 255,000.00
MCL148A 10218000284 BEIGELMAN LARISA 91 COUNTRY DRIVE SOUTH STATEN ISLAND NY 10314 117,600.00
MCL148A 10218000320 CRUZ NILES R 14 JACKSON PL BROOKLYN NY 11215 120,000.00
MCL148A 10218000397 ROMAN-NEAL MAGALI 562 FREEMAN AVE BRENTWOOD NY 11717 112,000.00
MCL148A 10218000453 RESEK MARTIN JR 20 SPRING STREET WAPPINGERS NY 12590 104,000.00
FALLS
MCL148A 10218000466 NOWAK ANIA 471 UNION AVE WOOD RIDGE NJ 07075 201,750.00
MCL148A 10218000468 BLANCO SONJA S 59 COOKE STREET STATEN ISLAND NY 10314 115,300.00
MCL148A 10218000484 VANDEKIEFT RICHARD 35 GORES DR MASTIC NY 11950 86,000.00
MCL148A 10218000505 SABATINO ROBERT C 99 DALEHAM STREET STATEN ISLAND NY 10308 135,700.00
MCL148A 10218000546 SALAZAR VICTOR 6 STANLEYS WAY SOUTHAMPTON NY 11968 135,800.00
MCL148A 10218000550 RECUPERO LINDA 3 PINE HILL DRIVE UPPER SADDLE NJ 07458 500,000.00
RIVER
MCL148A 10218000556 PAUL MATTHEW 639 EAST 224TH ST BRONX NY 10466 117,000.00
MCL148A 10218000568 ASHIDA KANEMICHI 36 SECOR RD SCARSDALE NY 10583 343,825.00
MCL148A 10218000600 TRENT JAMES E 28 WILDWOOD TRAIL RIVERHEAD NY 11901 94,500.00
MCL148A 10218000627 ORTIZ SANTOS 37 ROBINSON AVENUE VALLEY STREAM NY 11580 153,000.00
MCL148A 10218000653 YATES CHERYL R 12410 APPLECROSS DR CLINTON MD 20735 113,400.00
MCL148A 10218000678 MCKEE KATHY H 2 RD POST OFFICE BOX 348 MILLVILLE PA 17846 117,000.00
MCL148A 10218000690 HARTWELL FREDERICK W 2837 CLARA CIRCLE BENSALEM PA 19020 60,000.00
MCL148A 10218000691 MENDEZ NELLY 630 PINEBROOK BOULEVARD NEW ROCHELLE NY 10804 168,000.00
MCL148A 10218000697 KINGSLEY STEVEN T 107 ELEVEN O CLOCK WESTON CT 10028 370,000.00
MCL148A 10218000716 WEISS WILLIAM R 186 TOMS ROAD STAMFORD CT 06906 176,000.00
MCL148A 10218000743 GREEN CLIFFETON 111 SAG HARBOR TURNPIKE BRIDGEHAMPTON NY 11932 192,000.00
MCL148A 10218000745 BRENKERT MICHAEL 32 CHARTER ROAD SELDEN NY 11784 117,600.00
MCL148A 10218000756 RUIZ ALVARO 100102 WASHINGTON STREET PERTH AMBOY NJ 08861 144,000.00
MCL148A 10218000766 AGUILAR JOSE 164 ROMA AVE STATEN ISLAND NY 10306 88,000.00
MCL148A 10218000776 HANLE ROBERT 152 HIGHVIEW DRIVE CLIFTON NJ 07013 100,000.00
MCL148A 10218000788 CHETTA JILL L 34 SHERIDAN ROAD BABYLON NY 11702 154,000.00
MCL148A 10218000823 SANTILLO JOSEPH 60 READING AVENUE STATEN ISLAND NY 10312 152,150.00
MCL148A 10218000846 KEHOE ANDREW J III 9405 BOOK ROW COLUMBIA MD 21046 185,000.00
MCL148A 10218000904 DERIU PAOLO 2433 STANLEY STREET NEW BRITAIN CT 06053 104,000.00
MCL148A 10218000928 SMITH CHESTER R 493 BERKELEY AVENUE ORANGE NJ 07050 150,000.00
MCL148A 10218000952 GARSTON PRISCILLA 17 AELFIE'S WAY BRIDGEHAMPTON NY 11932 300,000.00
MCL148A 10218001005 GARCIA JOSEPHINE 451 ADAMS AVENUE STATEN ISLAND NY 10306 162,350.00
MCL148A 10218001015 DEY KEVIN 3801 HERBERTSVILLE ROAD POINT PLEASANT NJ 08742 97,500.00
MCL148A 10218001066 KRUSKY DOROTHEA J 172 PASCACK RD PARK RIDGE NJ 07656 200,000.00
MCL148A 10218001081 GOODMAN JOSEPH P 24 KYLE COURT STATEN ISLAND NY 10312 96,390.00
MCL148A 10218001083 METZLER DREW J 120 JACKSON AVENUE HUNTINGTON NY 11743 146,250.00
MCL148A 10218001086 TRUJILLO DAVID 25 WRIGHT AVENUE STATEN ISLAND NY 10303 94,500.00
MCL148A 10218001091 BUTLER ZELL A 182 JEROME AVENUE BURLINGTON CT 06013 293,250.00
MCL148A 10218001115 FROLICH ROBERT JR 6 HOLLAND BROOK ROAD WHITEHOUSE NJ 08809 240,000.00
MCL148A 10218001132 KUFERT ISMAY 190 FREEDOM AVENUE STATEN ISLAND NY 10314 160,000.00
MCL148A 10218001148 RODRIGUEZ ROBINSON 15 ANTHONY TERRACE WATERBURY CT 06708 67,915.00
MCL148A 10218001149 POPPE JOHN 1 PINE STREET WALDWICK NJ 07463 150,000.00
MCL148A 10218001171 VRIES ROGER DE 163 GARDEN AVE PARAMUS NJ 07652 200,000.00
MCL148A 10218001197 DIETERICH GERALD A 131 WEISS TER RARITAN NJ 08869 122,300.00
MCL148A 10218001242 GRANDA EDGAR 99 GRAFTON AVE NEWARK NJ 07104 150,450.00
MCL148A 10218001251 CARNEY JOSEPH P 457 CLINTON AVE WYCKOFF NJ 07481 212,500.00
</TABLE>
<TABLE>
<CAPTION>
Cut-off Date First Initial Minimum Maximum
Principal Payment Maturity Mortgage Mortgage Mortgage Gross
Sale ID Account Balance Date Date Rate Rate Rate Margin
- ------------------------------------------------------------------------------------------------------
<C> <S> <C> <C> <C> <C> <C> <C> <C>
MCL184A 10218000028 40,934.06 09/01/96 08/01/26 9.125 9.125 15.125 5.250
MCL148A 10218000050 129,715.93 09/01/96 08/01/26 7.625 7.625 13.625 3.750
MCL148A 10218000059 31,868.75 10/01/96 09/01/26 11.500 11.500 17.500 7.250
MCL148A 10218000090 159,845.11 09/01/96 08/01/26 11.500 11.500 17.500 7.250
MCL148A 10218000093 76,430.20 10/01/96 09/01/26 9.875 9.875 15.875 5.750
MCL148A 10218000104 390,962.02 09/01/96 08/01/26 9.875 9.875 15.875 5.750
MCL148A 10218000140 153,393.71 09/01/96 08/01/26 9.375 9.375 15.375 5.250
MCL148A 10218000154 51,148.08 10/01/96 09/01/26 9.375 9.375 15.375 5.250
MCL148A 10218000199 115,557.65 11/01/96 10/01/26 10.875 10.875 16.875 7.250
MCL148A 10218000210 115,868.93 09/01/96 08/01/26 12.125 12.125 18.125 8.500
MCL148A 10218000218 200,000.00 12/01/96 11/01/26 10.125 10.125 16.125 6.250
MCL148A 10218000245 104,359.62 11/01/96 10/01/26 10.625 10.625 16.625 6.750
MCL148A 10218000253 63,950.28 11/01/96 10/01/26 10.625 10.625 16.625 8.000
MCL148A 10218000258 195,855.73 10/01/96 09/01/26 10.875 10.875 16.875 7.250
MCL148A 10218000267 254,884.15 11/01/96 10/01/26 9.875 9.875 15.875 6.250
MCL148A 10218000284 117,498.27 10/01/96 09/01/26 10.125 10.125 16.125 6.250
MCL148A 10218000320 119,911.66 10/01/96 09/01/26 10.875 10.875 16.875 7.250
MCL148A 10218000397 111,897.82 10/01/96 09/01/26 9.875 9.875 15.875 6.000
MCL148A 10218000453 103,914.73 10/01/96 09/01/26 10.375 10.375 16.375 6.500
MCL148A 10218000466 201,750.00 12/01/96 11/01/26 10.875 10.875 16.875 7.000
MCL148A 10218000468 115,223.90 10/01/96 09/01/26 11.375 11.375 17.375 8.500
MCL148A 10218000484 85,946.28 11/01/96 10/01/26 11.625 11.625 17.625 8.000
MCL148A 10218000505 135,582.61 11/01/96 10/01/26 10.125 10.125 16.125 7.250
MCL148A 10218000546 135,800.00 12/01/96 11/01/26 8.375 8.375 14.375 4.500
MCL148A 10218000550 499,275.63 10/01/96 09/01/26 9.625 9.625 15.625 6.000
MCL148A 10218000556 116,954.75 11/01/96 10/01/26 10.625 10.625 16.625 6.750
MCL148A 10218000568 343,557.83 11/01/96 10/01/26 10.625 10.625 16.625 7.000
MCL148A 10218000600 94,418.24 11/01/96 10/01/26 10.125 10.125 16.125 6.250
MCL148A 10218000627 152,935.85 12/01/96 11/01/26 10.250 10.250 16.250 6.250
MCL148A 10218000653 113,353.71 11/01/96 10/01/26 10.375 10.375 16.375 6.750
MCL148A 10218000678 116,946.84 11/01/96 10/01/26 9.875 9.875 15.875 5.750
MCL148A 10218000690 59,963.52 11/01/96 10/01/26 11.750 11.750 17.750 6.750
MCL148A 10218000691 167,829.66 10/01/96 09/01/26 9.375 9.375 15.375 5.250
MCL148A 10218000697 369,621.72 10/01/96 09/01/26 11.250 11.250 17.250 7.250
MCL148A 10218000716 175,943.76 11/01/96 10/01/26 11.500 11.500 17.500 7.250
MCL148A 10218000743 191,858.66 11/01/96 10/01/26 10.875 10.875 16.875 7.250
MCL148A 10218000745 117,534.23 10/01/96 09/01/26 12.125 12.125 18.125 8.500
MCL148A 10218000756 143,934.58 11/01/96 10/01/26 9.875 9.875 15.875 6.250
MCL148A 10218000766 87,975.52 11/01/96 10/01/26 12.125 12.125 18.125 8.500
MCL148A 10218000776 99,899.36 10/01/96 09/01/26 9.375 9.375 15.375 6.750
MCL148A 10218000788 153,880.33 10/01/96 09/01/26 10.625 10.625 16.625 7.000
MCL148A 10218000823 152,097.21 11/01/96 10/01/26 11.125 11.125 17.125 7.250
MCL148A 10218000846 184,935.81 11/01/96 10/01/26 11.125 11.125 17.125 7.500
MCL148A 10218000904 103,952.75 11/01/96 10/01/26 9.875 9.875 15.875 6.250
MCL148A 10218000928 149,928.15 12/01/96 11/01/26 9.625 9.625 15.625 6.750
MCL148A 10218000952 299,771.73 11/01/96 10/01/26 7.375 7.375 13.375 3.750
MCL148A 10218001005 162,267.83 11/01/96 10/01/26 9.375 9.375 15.375 5.500
MCL148A 10218001015 97,500.00 11/01/96 10/01/26 12.125 12.125 18.125 7.750
MCL148A 10218001066 199,904.19 11/01/96 10/01/26 9.625 9.625 15.625 6.000
MCL148A 10218001081 96,390.00 12/01/96 11/01/26 10.875 9.875 16.875 6.250
MCL148A 10218001083 146,163.53 11/01/96 10/01/26 11.875 11.875 17.875 7.750
MCL148A 10218001086 94,463.45 11/01/96 10/01/26 10.625 10.625 16.625 6.750
MCL148A 10218001091 293,130.28 11/01/96 10/01/26 10.375 10.375 16.375 7.500
MCL148A 10218001115 239,925.38 11/01/96 10/01/26 11.625 11.625 17.625 8.000
MCL148A 10218001132 159,861.58 11/01/96 10/01/26 10.125 10.125 16.125 6.250
MCL148A 10218001148 67,893.89 11/01/96 10/01/26 11.625 11.625 17.625 7.750
MCL148A 10218001149 149,920.65 11/01/96 10/01/26 12.375 12.375 18.375 7.750
MCL148A 10218001171 200,000.00 12/01/96 11/01/26 9.125 9.125 15.125 5.500
MCL148A 10218001197 122,300.00 12/01/96 11/01/26 8.875 8.875 14.875 6.250
MCL148A 10218001242 150,450.00 11/01/96 10/01/26 8.625 8.625 14.625 5.500
MCL148A 10218001251 212,430.20 11/01/96 10/01/26 11.375 11.375 17.375 7.750
</TABLE>
<PAGE>
Page 12
Sale Schedule A
1996-4 Class 2 - Initial Pool of Adjustable Rate Mortgages - Settlement 12/19/96
Alliance Funding Company
A division of Superior Bank FSB
<TABLE>
<CAPTION>
Principal
Zip Balance at
Sale ID Account Name Address City State Code Origination
- ------------------------------------------------------------------------------------------------------------------------------------
<C> <S> <C> <C> <C> <C> <C> <C>
MCL148A 10218001263 WALLACE CLARENCE JR 907 LURAY PL HYATTSVILLE MD 20783 134,850.00
MCL148A 10218001311 LOPES NORBERTO A 27 MARLBORO ST WATERBURY CT 06705 76,400.00
MCL148A 10218001328 COLUCCIO ANTHONY 187 MERCER ST HAMILTON SQ NJ 08690 93,500.00
MCL148A 10218001441 RYNDERMAN MICHEL 245 CHESTNUT HILL AVE BRIGHTON MA 02135 247,500.00
MCL148A 10218001446 GARCIA MIGUEL A 299 HOBART AVE HALEDON NJ 07508 206,550.00
MCL148A 10218001457 MARSHALL GEORGE A 300 COSEY BEACH AVE EAST HAVEN CT 06512 140,000.00
MCL148A 10218001483 WOOTEN CYNTHIA 37 ERNA DR CORAM NY 11727 87,380.00
MCL148A 10218001508 PRATT NANCY A 39 GAMMA AVE GUILFORD CT 06437 111,150.00
MCL148A 10218001511 CURCIO JOSEPH 291 BARTLETT AVE STATEN ISLAND NY 10312 100,000.00
MCL148A 10218001532 LLEWELLYN GEORGE 438 HANCOCK AVE MOUNT VERNON NY 10553 195,300.00
MCL148A 10218001606 AVILA YURI 1133 NICHOLAS AVENUE STRATFORD CT 06497 109,600.00
MCL148A 10218001645 REMY KATHLEEN 58 MACAULEY AVE WATERBURY CT 06705 65,000.00
MCL148A 10218001650 SYMONETTE DEZRENE COHEN 366 EAST 40TH STREET PATERSON NJ 07504 127,000.00
MCL148A 10218001753 RIVERA ANGEL 50 TERRACE DR WINDSOR NY 13865 35,925.00
MCL148A 10218001767 FOSTER MYRTLE M 3632 BRONX BLVD BRONX NY 10467 208,000.00
MCL148A 10218001808 ROMAN JOSE 22 -24 WICKHAM STREET PASSAIC NJ 07055 80,000.00
MCL148A 10218001822 AVERY DAVID M 43 LINCOLN RD CROMWELL CT 06416 149,900.00
MCL148A 10218001851 AIARDO ANTHONY 437 BARTON DR ORANGE CT 06477 148,000.00
MCL148A 10218001875 PINOS DARIO 103-33 52ND AVENUE CORONA NY 11368 252,000.00
MCL148A 10218001878 THEO HARRY 116 15TH AVE WEST BABYLON NY 11704 121,500.00
MCL148A 10218001886 JONES OWEN 253 12 CRAFT AVENUE ROSEDALE NY 11422 216,000.00
MCL148A 10218001968 CULLEN DENNIS M 81 LUCEY AVENUE WEST HAVEN CT 06516 125,000.00
MCL148A 10218002007 DOWNHAM ROSEMARIE 17 HOFFMAN RD MANCHESTER CT 06040 124,000.00
MCL148A 10218002029 LINE DAVID H 211 RINGGOLD ST PEEKSKILL NY 10566 108,000.00
MCL148A 10218002053 DELORENZO JOSEPH 18 DEERFIELD LN MELVILLE NY 11747 85,000.00
MCL148A 10218002054 BOWE TIMOTHY I 2636 PETTIT ROAD PENNSAUKEN NJ 08109 111,350.00
MCL148A 10218002055 KIM ROBERT 277 ROUTE 5 FORT LEE NJ 07024 174,600.00
MCL148A 10218002063 GENTILE EUGENE 154 B 137TH STREET BELLE HARBOR NY 11694 350,000.00
MCL148A 10218002132 FRANCO RICARDO 4327 POINT PLEASANT PIKE DANBORO PA 18916 128,000.00
MCL148A 10218002152 TREMBLEY SCOTT 7-9 NICHOLS STREET ANSONIA CT 06401 126,000.00
MCL148A 10218002207 THOMSEN ALAN JR 66 DUTCHER AVE PAWLING NY 12564 180,000.00
MCL148A 10218002253 LUBRANO DOMENICO 304 LENAPE TRL TOMS RIVER NJ 08753 123,200.00
MCL148A 10218002423 LEM BONNIE JEAN 963 PINES TER FRANKLIN LAKES NJ 07417 369,600.00
MCL148A 10218002450 TARTAGLIA STEVEN 1770 WEST 8TH STREET BROOKLYN NY 11223 180,000.00
MCL148A 10218002482 BARRINGTON CAMERON 782-784 EAST 24TH STREET PATERSON NJ 07504 136,000.00
MCL148A 10218002503 SINGH TAMINDER 153 SOUTH HOPE CHAPEL ROAD JACKSON NJ 08527 98,000.00
MCL148A 10218002683 DEVINCENT EDWARD A JR 2251 GARRETT RD HANOVER PA 17331 157,600.00
MCL148A 10218002718 HAHNE WINSTON 1786 BURNETT AVENUE UNION NJ 07083 79,050.00
MCL148A 10218002805 BAKER GARY R 526 LARKSPUR LN CHAMBERSBURG PA 17201 148,000.00
MCL148A 10218002841 LINEHAN ELIZABETH 1920 WEST 4TH STREET CHESTER PA 19013 25,000.00
MCL148A 10218002862 SCAFIDI ZORA 37 FENNER AVE CLIFTON NJ 07013 97,500.00
--------------------------------------- --------------
102 Sale Total 15,339,435.00
</TABLE>
<TABLE>
<CAPTION>
Cut-off Date First Initial Minimum Maximum
Principal Payment Maturity Mortgage Mortgage Mortgage Gross
Sale ID Account Balance Date Date Rate Rate Rate Margin
- ------------------------------------------------------------------------------------------------------
<C> <S> <C> <C> <C> <C> <C> <C> <C>
MCL148A 10218001263 134,742.80 12/01/96 11/01/26 10.125 10.125 16.125 6.250
MCL148A 10218001311 76,400.00 12/01/96 11/01/26 10.500 10.500 16.500 6.750
MCL148A 10218001328 93,459.73 11/01/96 10/01/26 10.125 10.125 16.125 7.250
MCL148A 10218001441 247,381.44 11/01/96 10/01/26 9.625 9.625 15.625 5.750
MCL148A 10218001446 206,451.05 11/01/96 10/01/26 9.625 9.625 15.625 6.000
MCL148A 10218001457 139,939.70 11/01/96 10/01/26 10.125 10.125 16.125 6.500
MCL148A 10218001483 87,347.98 11/01/96 10/01/26 10.875 10.875 16.875 7.250
MCL148A 10218001508 111,096.76 11/01/96 10/01/26 9.625 9.625 15.625 5.750
MCL148A 10218001511 100,000.00 12/01/96 11/01/26 11.875 11.875 17.875 8.250
MCL148A 10218001532 195,300.00 12/01/96 11/01/26 9.875 9.875 15.875 5.750
MCL148A 10218001606 109,566.86 11/01/96 10/01/26 11.750 11.750 17.750 7.500
MCL148A 10218001645 65,000.00 12/01/96 11/01/26 12.125 12.125 18.125 8.500
MCL148A 10218001650 126,850.98 10/01/96 09/01/26 10.875 10.875 16.875 7.250
MCL148A 10218001753 35,925.00 12/01/96 11/01/26 9.875 9.875 15.875 6.750
MCL148A 10218001767 208,000.00 12/01/96 11/01/26 9.375 9.375 15.375 5.500
MCL148A 10218001808 79,977.73 11/01/96 10/01/26 12.125 12.125 18.125 8.500
MCL148A 10218001822 149,900.00 12/01/96 11/01/26 9.250 8.250 15.250 5.500
MCL148A 10218001851 147,925.26 11/01/96 10/01/26 9.375 9.375 15.375 5.250
MCL148A 10218001875 251,716.42 11/01/96 10/01/26 8.875 8.875 14.875 6.250
MCL148A 10218001878 121,500.00 12/01/96 11/01/26 9.500 9.500 15.500 5.750
MCL148A 10218001886 216,000.00 12/01/96 11/01/26 10.625 10.625 16.625 6.750
MCL148A 10218001968 124,869.90 11/01/96 10/01/26 9.250 9.250 15.250 5.000
MCL148A 10218002007 123,946.59 12/01/96 11/01/26 10.125 10.125 16.125 6.250
MCL148A 10218002029 108,000.00 12/01/96 11/01/26 8.625 8.625 14.625 5.500
MCL148A 10218002053 85,000.00 12/01/96 11/01/26 10.750 9.750 16.750 6.000
MCL148A 10218002054 111,304.54 12/01/96 11/01/26 10.375 10.375 16.375 6.250
MCL148A 10218002055 174,600.00 12/01/96 11/01/26 9.875 9.875 15.875 5.750
MCL148A 10218002063 350,000.00 12/01/96 11/01/26 10.875 10.875 16.875 7.000
MCL148A 10218002132 128,000.00 12/01/96 11/01/26 9.125 9.125 15.125 6.000
MCL148A 10218002152 125,939.64 12/01/96 11/01/26 9.625 9.625 15.625 6.000
MCL148A 10218002207 180,000.00 12/01/96 11/01/26 9.375 9.375 15.375 5.250
MCL148A 10218002253 123,200.00 12/01/96 11/01/26 9.750 8.750 15.750 5.250
MCL148A 10218002423 369,600.00 12/01/96 11/01/26 10.125 10.125 16.125 6.250
MCL148A 10218002450 180,000.00 12/01/96 11/01/26 9.500 9.500 15.500 5.500
MCL148A 10218002482 136,000.00 12/01/96 11/01/26 9.375 9.375 15.375 5.250
MCL148A 10218002503 98,000.00 12/01/96 11/01/26 9.875 9.875 15.875 6.750
MCL148A 10218002683 157,548.24 12/01/96 11/01/26 11.375 11.375 17.375 7.500
MCL148A 10218002718 79,021.82 12/01/96 11/01/26 11.000 10.000 17.000 6.500
MCL148A 10218002805 148,000.00 12/01/96 11/01/26 10.875 10.875 16.875 8.000
MCL148A 10218002841 25,000.00 12/01/96 11/01/26 10.875 10.875 16.875 7.000
MCL148A 10218002862 97,474.34 12/01/96 11/01/26 12.375 12.375 18.375 7.750
---------------------------- ---------------------------------------
102 15,331,457.09 10.236 10.201 16.236 6.483
</TABLE>
<PAGE>
Page 13
Sale Schedule A
1996-4 Class 2 - Initial Pool of Adjustable Rate Mortgages - Settlement 12/19/96
Alliance Funding Company
A division of Superior Bank FSB
<TABLE>
<CAPTION>
Principal
Zip Balance at
Sale ID Account Name Address City State Code Origination
- ------------------------------------------------------------------------------------------------------------------------------------
<C> <S> <C> <C> <C> <C> <C> <C>
MLC149 10218000970 BALLARO LEONARD J SR 220 NEMERGUT DR STRATFORD CT 06497 123,750.00
MLC149 10218001362 CLEMENT LESLIE 28 SOUTH ROUTE NORTH RIVER NY 12856 60,800.00
MLC149 10218001674 FIGUEROA ZULLY C 40-54 WARREN STREET ELMHURST NY 11373 100,000.00
MLC149 10218002018 GOMEZ ARTHUR 192 ROOSEVELT ST PROVIDENCE RI 02909 68,720.00
MLC149 10218002120 COE RICHARD 715 5TH AVE EAST NORTHPORT NY 11731 126,650.00
MLC149 10218002244 MALOUF IMAD N 113 GREENVALE AVE YONKERS NY 10703 161,100.00
MLC149 10218002865 NRECAJ NREC 9 ROSA DR WHITE PLAINS NY 10607 292,000.00
MLC149 10218002986 NIGRO WILLIAM A 1 ISBESTOR STREET ALBANY NY 12205 64,600.00
MLC149 10218003036 ROGGIO CARMINE 100 COLUMBUS AVE WEST BABYLON NY 11704 118,575.00
MLC149 10218003447 SHULMAN ROBERT T 41 ANN DRIVE EAST FREEPORT NY 11520 242,250.00
MLC149 10218003589 BERINI JOHN E 34 LYNDALE CT SHIRLEY NY 11967 182,700.00
MLC149 10218004187 ESTRADA GERMAN RODRIGUES 119 WEST FOURTH STREET HOWELL NJ 07731 81,600.00
MLC149 10218004357 STRUMMER ADELE 1314 HIGHLAND DR BALTIMORE MD 21239 116,800.00
--------------------------------------- --------------
13 Sale Total 1,739,545.00
</TABLE>
<TABLE>
<CAPTION>
Cut-off Date First Initial Minimum Maximum
Principal Payment Maturity Mortgage Mortgage Mortgage Gross
Sale ID Account Balance Date Date Rate Rate Rate Margin
- ------------------------------------------------------------------------------------------------------
<C> <S> <C> <C> <C> <C> <C> <C> <C>
MLC149 10218000970 123,640.06 11/01/96 10/01/26 10.000 10.000 16.000 6.000
MLC149 10218001362 60,800.00 01/01/97 12/01/26 9.625 8.625 15.625 5.000
MLC149 10218001674 100,000.00 01/01/97 12/01/26 9.375 9.375 15.375 5.750
MLC149 10218002018 68,661.67 11/01/96 10/01/26 10.625 10.625 16.625 6.750
MLC149 10218002120 126,650.00 01/01/97 12/01/26 9.250 9.250 15.250 5.250
MLC149 10218002244 161,100.00 01/01/97 12/01/26 9.000 9.000 15.000 5.000
MLC149 10218002865 292,000.00 12/01/96 11/01/26 11.000 11.000 17.000 7.000
MLC149 10218002986 64,537.87 11/01/96 10/01/26 9.625 9.625 15.625 5.750
MLC149 10218003036 118,575.00 12/01/96 11/01/26 10.625 9.625 16.625 6.250
MLC149 10218003447 242,250.00 12/01/96 11/01/26 11.125 11.125 17.125 7.500
MLC149 10218003589 182,700.00 12/01/96 11/01/26 10.250 9.250 16.250 5.750
MLC149 10218004187 81,600.00 01/01/97 12/01/26 11.500 10.500 17.500 7.250
MLC149 10218004357 116,800.00 01/01/97 12/01/26 9.125 9.125 15.125 5.250
---------------------------- ---------------------------------------
13 1,739,314.60 10.220 9.964 16.220 6.200
</TABLE>
<PAGE>
Page 14
Sale Schedule A
1996-4 Class 2 - Initial Pool of Adjustable Rate Mortgages - Settlement 12/19/96
Alliance Funding Company
A division of Superior Bank FSB
<TABLE>
<CAPTION>
Principal
Zip Balance at
Sale ID Account Name Address City State Code Origination
- ------------------------------------------------------------------------------------------------------------------------------------
<C> <S> <C> <C> <C> <C> <C> <C>
MLC149A 10218000982 NAUGHTON PETER T SR 239 GREENWOOD AVENUE GLOUCESTER CITY NJ 08030 67,500.00
MLC149A 10218001000 GIGLIO ANDREW 68-01 60TH AVENUE MASPETH NY 11478 125,200.00
MLC149A 10218001609 RIVERA FILOGONIO J 274 HALE ST NEW BRUNSWICK NJ 08901 134,000.00
MLC149A 10218001844 SCOTT KARL 1230 CAFFREY AVE FAR ROCKAWAY NY 11691 140,000.00
MLC149A 10218002137 LYMAN CHARLES E IV 65 LONG HILL RD DEEP RIVER CT 06417 208,800.00
MLC149A 10218002387 PRINGLEY HENRY SR 112 MONROE ST ROSELLE NJ 07203 116,200.00
MLC149A 10218002563 MARTINEZ ALBERTO 200 REDMOND ST NEW BRUNSWICK NJ 08901 106,200.00
MLC149A 10218002900 YEAGER TOMMIE LEE 21 SUNSET RD NORTH BRANFORD CT 06471 20,000.00
MLC149A 10218003057 MACLISE JEWETT LANGDON 18 FAIR ST APT 4 GUILFORD CT 06437 90,000.00
MLC149A 10218003058 KURZWEIL SCOTT R 131 SNAKE DEN RD RINGWOOD NJ 07456 60,000.00
MLC149A 10218003103 DELUCIA ANTONIO 237 COSEY BEACH AVE EAST HAVEN CT 06512 59,200.00
MLC149A 10218003136 SCHMERLER ROBERT L 166 PIERCE ST STATEN ISLAND NY 10304 79,450.00
MLC149A 10218003141 KRAFT KELLY E 105-107 WALL STREET WATERBURY CT 06705 57,630.00
MLC149A 10218003258 KING ALAN B 4 BRICK SCHOOL RD WARREN CT 06754 143,910.00
MLC149A 10218003317 AIKEN BEN 1121 WOODCREST AVE RIVERHEAD NY 11901 108,000.00
MLC149A 10218003371 RAWLINGS VINCENT E SR 9798 HOWES ROAD DUNKIRK MD 20754 80,000.00
MLC149A 10218003497 BELHSEINE RACHID 28 DEERFIELD RD PARSIPPANY NJ 07054 180,000.00
MLC149A 10218003663 PARISI ESTHER FIORE 207 NICHOLAS AVENUE STATEN ISLAND NY 10302 79,200.00
MLC149A 10218003709 BURGESS BRYAN 159 DIVISION STREET SHELTON CT 06484 75,000.00
MLC149A 10218004125 WARR RICHARD L 282 HARRY WELLS RD SAUGERTIES NY 12477 151,200.00
MLC149A 10218004258 BARBOSA SHIRLEY 1 SAG HARBOR TURNPIKE BRIDGEHAMPTON NY 11932 125,000.00
MLC149A 10218004376 BRABHAM BETTY 1139 SAINT MARKS AVE BROOKLYN NY 11213 144,500.00
MLC149A 10218004516 SWITLICK STEVEN R 1057 PEACH ORCHARD LN BRUNSWICK MD 21716 62,000.00
--------------------------------------- --------------
23 Sale Total 2,412,990.00
</TABLE>
<TABLE>
<CAPTION>
Cut-off Date First Initial Minimum Maximum
Principal Payment Maturity Mortgage Mortgage Mortgage Gross
Sale ID Account Balance Date Date Rate Rate Rate Margin
- ------------------------------------------------------------------------------------------------------
<C> <S> <C> <C> <C> <C> <C> <C> <C>
MLC149A 10218000982 67,476.58 11/01/96 10/01/26 11.125 11.125 17.125 7.500
MLC149A 10218001000 125,200.00 12/01/96 11/01/26 10.125 10.125 16.125 6.500
MLC149A 10218001609 133,924.88 11/01/96 10/01/26 8.875 8.875 14.875 5.000
MLC149A 10218001844 140,000.00 01/01/97 12/01/26 8.375 8.375 14.375 4.750
MLC149A 10218002137 208,800.00 12/01/96 11/01/26 11.250 10.250 17.250 6.875
MLC149A 10218002387 116,200.00 12/01/96 11/01/26 9.875 9.875 15.875 6.625
MLC149A 10218002563 106,200.00 12/01/96 11/01/26 9.875 9.875 15.875 5.750
MLC149A 10218002900 20,000.00 01/01/97 12/01/26 12.625 11.625 18.625 7.875
MLC149A 10218003057 89,964.23 12/01/96 11/01/26 10.500 9.500 16.500 6.250
MLC149A 10218003058 60,000.00 12/01/96 11/01/26 10.375 10.375 16.375 6.000
MLC149A 10218003103 59,200.00 12/01/96 11/01/26 11.875 11.875 17.875 8.250
MLC149A 10218003136 79,450.00 12/01/96 11/01/26 10.000 10.000 16.000 6.250
MLC149A 10218003141 57,630.00 01/01/97 12/01/26 9.750 8.750 15.750 5.500
MLC149A 10218003258 143,851.25 12/01/96 11/01/26 10.375 10.375 16.375 6.750
MLC149A 10218003317 108,000.00 12/01/96 11/01/26 10.875 10.875 16.875 8.125
MLC149A 10218003371 80,000.00 12/01/96 11/01/26 9.750 9.750 15.750 6.000
MLC149A 10218003497 180,000.00 01/01/97 12/01/26 10.250 9.250 16.250 5.750
MLC149A 10218003663 79,200.00 01/01/97 12/01/26 9.625 9.625 15.625 6.000
MLC149A 10218003709 75,000.00 12/01/96 11/01/26 10.625 10.625 16.625 7.000
MLC149A 10218004125 151,200.00 12/01/96 11/01/26 9.375 9.375 15.375 5.750
MLC149A 10218004258 125,000.00 01/01/97 12/01/26 8.625 8.625 14.625 5.500
MLC149A 10218004376 144,456.30 12/01/96 11/01/26 11.750 10.750 17.750 7.500
MLC149A 10218004516 62,000.00 01/01/97 12/01/26 8.125 8.125 14.125 4.500
---------------------------- ---------------------------------------
23 2,412,753.24 10.093 9.802 16.093 6.273
</TABLE>
<PAGE>
Page 15
Sale Schedule A
1996-4 Class 2 - Initial Pool of Adjustable Rate Mortgages - Settlement 12/19/96
Alliance Funding Company
A division of Superior Bank FSB
<TABLE>
<CAPTION>
Principal
Zip Balance at
Sale ID Account Name Address City State Code Origination
- ------------------------------------------------------------------------------------------------------------------------------------
<C> <S> <C> <C> <C> <C> <C> <C>
ML150 10216130477 PORTER DOROTHY J 4026 NORTH PARK AVENUE WARREN OH 44483 60,000.00
ML150 10216132275 KOLVEK DAVID 507 SOUTH 5TH STREET READING PA 19602 22,400.00
ML150 10216134339 STONE VELVA 7470 JORDAN STREET SE SALEM OR 97301 246,900.00
ML150 10216135631 DELANEY LELA M 9952 S. UNION CHICAGO IL 60628 69,000.00
--------------------------------------- --------------
4 Sale Total 398,300.00
</TABLE>
<TABLE>
<CAPTION>
Cut-off Date First Initial Minimum Maximum
Principal Payment Maturity Mortgage Mortgage Mortgage Gross
Sale ID Account Balance Date Date Rate Rate Rate Margin
- ------------------------------------------------------------------------------------------------------
<C> <S> <C> <C> <C> <C> <C> <C> <C>
ML150 10216130477 60,000.00 01/01/97 12/01/26 10.000 10.000 16.000 6.000
ML150 10216132275 22,400.00 12/01/96 11/01/26 11.250 11.250 17.250 7.250
ML150 10216134339 246,900.00 12/01/96 11/01/26 11.625 11.625 17.625 8.000
ML150 10216135631 69,000.00 12/01/96 11/01/26 10.000 10.000 16.000 6.000
---------------------------- ---------------------------------------
4 398,300.00 11.078 11.078 17.078 7.310
</TABLE>
<PAGE>
Page 16
Sale Schedule A
1996-4 Class 2 - Initial Pool of Adjustable Rate Mortgages - Settlement 12/19/96
Alliance Funding Company
A division of Superior Bank FSB
<TABLE>
<CAPTION>
Principal
Zip Balance at
Sale ID Account Name Address City State Code Origination
- ------------------------------------------------------------------------------------------------------------------------------------
<C> <S> <C> <C> <C> <C> <C> <C>
ML151 10216127044 LAPP STEPHEN L 72 S BELMONT ROAD LOT #1 PARADISE PA 17562 92,225.00
ML151 10216127609 SAMPSON TRACY P G-3176 S. GENESEE BURTON MI 48519 69,700.00
ML151 10216130122 BURDEN THOMAS A JR 791-797 WASHINGTON BLVD BANGOR PA 18013 50,000.00
ML151 10216131852 HAUSLE STEVEN D 23444 SKYVIEW TERRACE LOS GATOS CA 95030 400,000.00
ML151 10216132119 AHMAD ADEL 7718 NECKEL DEARBORN MI 48126 68,000.00
ML151 10216132336 KIRK EARL R 10448 SOUTH ROSEWOOD WAY MOLALLA OR 97038 195,000.00
ML151 10216133044 TUNNELL VERNON R JR 10526 NE KLICKITAT STREET PORTLAND OR 97220 123,200.00
ML151 10216134069 KASCHAK JOHN H 10560 RIVER EDGE DRIVE PARMA OH 44130 99,400.00
ML151 10216134344 FLEISCHER RICHELLE B 5988 SOUTH LODER DRIVE SALT LAKE CITY UT 84118 76,000.00
ML151 10216134698 GARCIA JOSE A 1339 SOUTH 18TH STREET HARRISBURG PA 17104 51,000.00
ML151 10216135158 YESENSKI FRANKLIN A 4175 N 16TH DRIVE PHOENIX AZ 85015 72,000.00
ML151 10216135228 SALEH KODOR 7020 STEADMAN DEARBORN MI 48126 93,500.00
ML151 10216135505 MENTA BERNARD A 1281 BARCLAY CRESCENT YARDLEY PA 19067 119,600.00
ML151 10216135506 MENTA BERNARD A 1422 WOLF STREET PHILADELPHIA PA 19145 38,400.00
ML151 10216135507 MENTA BERNARD A 1000 SOUTH 2ND STREET PHILADELPHIA PA 19107 57,000.00
ML151 10216135555 BARKMEYER ERIC 201 ANDERSON ROAD TELLURIDE CO 81435 542,500.00
ML151 10216135585 BORNHOLDT ROBERT M 173 S TIAGO DRIVE GILBERT AZ 85234 104,800.00
ML151 10216135639 JAMES GARY A 217 MASON STREET CALUMET CITY IL 60409 76,500.00
ML151 10216135645 COTE LINDA M 5480 BRUNSWICK WATERFORD MI 48328 46,200.00
ML151 10216135647 THORNBERRY MARK 2220 JONES RD WATERFORD MI 48327 89,600.00
ML151 10216135774 EUBANKS CLAUDE L 560 PINECREST ROAD MACON GA 31204 116,550.00
ML151 10216135800 BENTLEY JOHN S 4619 NORTH 54TH DRIVE PHOENIX AZ 85031 42,700.00
ML151 10216135801 BENTLEY JOHN S 4538 NORTH 53RD AVENUE PHOENIX AZ 85031 42,700.00
ML151 10216136136 BROCK KEVIN C 9923 SOUTH FLINT DRIVE SANDY UT 84094 127,415.00
ML151 10216136269 DANIELS MARK S 23008 75TH AVE SE WOODINVILLE WA 98072 135,000.00
ML151 10216136516 KENNEDY STEPHEN J 118 N. PARKSIDE GLEN ELLYN IL 60137 324,000.00
ML151 10216136618 LIST DEBORAH SUE 3757 TELLURIDE CIRCLE BOULDER CO 80303 125,300.00
ML151 10216136801 HIMOUDA MAHMOUD I 3305 SOUTH EL SERRITO DRIVE SALT LAKE CITY UT 84109 99,750.00
ML151 10216136854 CAPATINA IOAN 3631 SE 23RD STREET GRESHAM OR 97080 119,000.00
ML151 10216136868 STINEMAN LORRAINE L 5455 DEL REY DRIVE COLORADO CO 80918 113,050.00
SPRINGS
ML151 10216137036 LAZERUS CRAIG 8922 SOUTH FAIR WAY WEST JORDAN UT 84088 178,500.00
ML151 10216137062 LOCHRIDGE JAMES A 230 JAMES STREET STEAMBOAT CO 80487 201,600.00
SPRINGS
ML151 10216137314 MCCRORY JAMES B 2196 FLINTWOOD DRIVE COLORADO CO 80910 68,000.00
SPRINGS
--------------------------------------- --------------
33 Sale Total 4,158,190.00
</TABLE>
<TABLE>
<CAPTION>
Cut-off Date First Initial Minimum Maximum
Principal Payment Maturity Mortgage Mortgage Mortgage Gross
Sale ID Account Balance Date Date Rate Rate Rate Margin
- ------------------------------------------------------------------------------------------------------
<C> <S> <C> <C> <C> <C> <C> <C> <C>
ML151 10216127044 92,225.00 12/01/96 11/01/26 10.875 10.875 16.875 7.500
ML151 10216127609 69,588.09 12/01/96 11/01/26 10.125 10.125 16.125 6.250
ML151 10216130122 49,974.76 11/01/96 10/01/26 9.375 9.375 15.375 6.500
ML151 10216131852 400,000.00 12/01/96 11/01/26 8.125 8.125 14.125 4.500
ML151 10216132119 67,963.81 11/01/96 10/01/26 9.125 9.125 15.125 5.000
ML151 10216132336 195,000.00 01/01/97 12/01/26 8.125 8.125 14.125 4.500
ML151 10216133044 123,200.00 01/01/97 12/01/26 10.625 10.625 16.625 7.000
ML151 10216134069 99,400.00 01/01/97 12/01/26 9.000 8.000 15.000 4.500
ML151 10216134344 76,000.00 01/01/97 12/01/26 8.750 7.750 14.750 4.500
ML151 10216134698 51,000.00 01/01/97 12/01/26 10.625 9.625 16.625 7.250
ML151 10216135158 72,000.00 12/01/96 11/01/26 9.375 9.375 15.375 5.750
ML151 10216135228 93,500.00 12/01/96 11/01/26 8.375 8.375 14.375 4.500
ML151 10216135505 119,600.00 12/14/96 11/14/26 11.500 11.500 17.500 6.000
ML151 10216135506 38,400.00 12/14/96 11/14/26 11.500 11.500 17.500 6.000
ML151 10216135507 57,000.00 12/14/96 11/14/26 11.500 11.500 17.500 6.000
ML151 10216135555 542,500.00 01/01/97 12/01/26 9.500 8.500 15.500 5.250
ML151 10216135585 104,800.00 01/01/97 12/01/26 8.625 8.625 14.625 5.000
ML151 10216135639 76,394.36 11/01/96 10/01/26 7.875 7.875 13.875 6.250
ML151 10216135645 46,179.01 12/01/96 11/01/26 9.875 9.875 15.875 5.750
ML151 10216135647 89,600.00 01/01/97 12/01/26 9.250 8.250 15.250 5.500
ML151 10216135774 116,550.00 12/01/96 11/01/26 9.375 9.375 15.375 6.750
ML151 10216135800 42,700.00 12/01/96 11/01/26 10.500 9.500 16.500 6.250
ML151 10216135801 42,700.00 12/01/96 11/01/26 10.500 9.500 16.500 6.250
ML151 10216136136 127,415.00 01/01/97 12/01/26 11.750 10.750 17.750 7.500
ML151 10216136269 135,000.00 01/01/97 12/01/26 10.750 9.750 16.750 6.500
ML151 10216136516 324,000.00 01/01/97 12/01/26 9.625 8.625 15.625 5.000
ML151 10216136618 125,300.00 01/01/97 12/01/26 8.750 7.750 14.750 4.500
ML151 10216136801 99,750.00 01/01/97 12/01/26 9.500 8.500 15.500 5.250
ML151 10216136854 119,000.00 01/01/97 12/01/26 10.750 9.750 16.750 6.500
ML151 10216136868 113,050.00 01/01/97 12/01/26 10.125 10.125 16.125 5.250
ML151 10216137036 178,500.00 01/01/97 12/01/26 11.625 10.625 17.625 7.250
ML151 10216137062 201,600.00 01/01/97 12/01/26 8.625 8.625 14.625 5.000
ML151 10216137314 68,000.00 01/01/97 12/01/26 10.625 9.625 16.625 6.250
---------------------------- ---------------------------------------
33 4,157,890.03 9.615 9.104 15.615 5.574
</TABLE>
<PAGE>
Page 17
Sale Schedule A
1996-4 Class 2 - Initial Pool of Adjustable Rate Mortgages - Settlement 12/19/96
Alliance Funding Company
A division of Superior Bank FSB
<TABLE>
<CAPTION>
Principal
Zip Balance at
Sale ID Account Name Address City State Code Origination
- ------------------------------------------------------------------------------------------------------------------------------------
<C> <S> <C> <C> <C> <C> <C> <C>
MLC152 10218001423 HEMBERGER CHARLES G JR 683685 STONY HILL RD YARDLEY PA 19067 150,000.00
MLC152 10218001564 SALHANY ROBERT 236 DOANE AVE STATEN ISLAND NY 10308 131,250.00
MLC152 10218001876 CASTALDI LOUIS 90 LAKESIDE LANE WESTHAMPTON NY 11977 310,000.00
MLC152 10218001917 SELLITTI LESTER B 408 WASHINGTON ST TOMS RIVER NJ 08753 130,500.00
MLC152 10218002798 RAMIREZ CARLOS M 33 TERRY PL BRIDGEPORT CT 06606 130,500.00
MLC152 10218003129 JONES WILLIAM 19 LONGVIEW DR BRIDGETON NJ 08302 55,000.00
MLC152 10218003176 GREEFF ROBERT S 5 HILLCREST PL NORWALK CT 06850 259,000.00
MLC152 10218003420 SCARBOROUGH THOMAS 651 NEW JERSEY AVENUE BROOKLYN NY 11207 122,500.00
MLC152 10218003685 ZAGYI PAUL M 26 MIELE PL SUMMIT NJ 07901 202,500.00
MLC152 10218003792 HARRIS AUDREY 215 CHESTNUT ST MOUNT HOLLY NJ 08060 70,000.00
MLC152 10218004380 PATEL MAHENDRA K 63-64 110TH STREET FOREST HILLS NY 11375 207,000.00
MLC152 10218004538 DEFELICE DENISE M 162 SOUTH END RD EAST HAVEN CT 06512 51,000.00
--------------------------------------- --------------
12 Sale Total 1,819,250.00
</TABLE>
<TABLE>
<CAPTION>
Cut-off Date First Initial Minimum Maximum
Principal Payment Maturity Mortgage Mortgage Mortgage Gross
Sale ID Account Balance Date Date Rate Rate Rate Margin
- ------------------------------------------------------------------------------------------------------
<C> <S> <C> <C> <C> <C> <C> <C> <C>
MLC152 10218001423 150,000.00 12/01/96 11/01/26 9.875 9.875 15.875 5.750
MLC152 10218001564 131,193.47 12/01/96 11/01/26 10.125 10.125 16.125 6.000
MLC152 10218001876 310,000.00 12/01/96 11/01/26 11.500 11.500 17.500 7.750
MLC152 10218001917 130,440.72 12/01/96 11/01/26 9.875 9.875 15.875 6.750
MLC152 10218002798 130,500.00 12/01/96 11/01/26 9.750 9.750 15.750 5.750
MLC152 10218003129 55,000.00 01/01/97 12/01/26 9.125 9.125 15.125 5.500
MLC152 10218003176 259,000.00 12/01/96 11/01/26 9.875 9.875 15.875 7.000
MLC152 10218003420 122,500.00 01/01/97 12/01/26 10.125 10.125 16.125 6.500
MLC152 10218003685 202,500.00 12/04/96 11/04/26 8.750 7.750 14.750 4.500
MLC152 10218003792 70,000.00 01/01/97 12/01/26 12.125 12.125 18.125 7.750
MLC152 10218004380 207,000.00 01/01/97 12/01/26 10.750 9.750 16.750 6.750
MLC152 10218004538 50,981.32 12/01/96 11/01/26 10.875 9.875 16.875 7.000
---------------------------- ---------------------------------------
12 1,819,115.51 10.244 9.991 16.244 6.488
</TABLE>
<PAGE>
Page 18
Sale Schedule A
1996-4 Class 2 - Initial Pool of Adjustable Rate Mortgages - Settlement 12/19/96
Alliance Funding Company
A division of Superior Bank FSB
<TABLE>
<CAPTION>
Principal
Zip Balance at
Sale ID Account Name Address City State Code Origination
- ------------------------------------------------------------------------------------------------------------------------------------
<C> <S> <C> <C> <C> <C> <C> <C>
ML154 10216132066 BENSON PAUL 11440 S 35TH AVE LAVEEN AZ 85339 64,600.00
ML154 10216134272 MAJED YOUSSEF 6871 METTETAL DETROIT MI 48228 25,600.00
ML154 10216134669 MUSIL ARTHUR DALE G-3302 HUGGINS FLINT MI 48506 68,000.00
ML154 10216134798 KIMBLE CHERYL L 20744 EHLERT WARREN MI 48089 43,800.00
ML154 10216135204 GIANNOPOULOUS GEORGE 124 FLORA AVENUE GLENVIEW IL 60025 196,000.00
ML154 10216135209 GULLEY-GRANT JUANITA 3039 WEST LEXINGTON STREET CHICAGO IL 60612 91,000.00
ML154 10216135381 HASSAN-SHAHIN SAFAA 1601 S. MAPLE ANN ARBOR MI 48103 112,500.00
ML154 10216135765 LUNDSTROM RICHARD F 10855 SW 64TH AVENUE PORTLAND OR 97219 89,250.00
ML154 10216135828 ANTHONY DELORES 4850 WEST VAN BUREN STREET CHICAGO IL 60644 26,000.00
ML154 10216135836 MORROW TONI M 282 BELDEN AVENUE GLENDALE IL 60139 103,200.00
HEIGHTS
ML154 10216136110 BIRNIE TRACY D 11602 N 85TH STREET SCOTTSDALE AZ 85260 120,000.00
ML154 10216136125 PEEPLES RANDY LEE 1321 WHIPPOORWILL FARM ROAD JOHNS ISLAND SC 29455 119,500.00
ML154 10216136498 MAKIN EARLE F JR 2565 FLAGSTONE DRIVE SAN JOSE CA 95132 224,000.00
ML154 10216136645 BEYDOUN ABDUL-AZIZ 7309 WARWICK DETROIT MI 48228 54,000.00
ML154 10216136685 SPRINGER GREGG E 122 RIVERBEND DRIVE CRESTED BUTTE CO 81224 246,000.00
ML154 10216136711 LEGG RACHEL 1817 SOUTH EIGHTH STREET COLORADO CO 80906 131,400.00
SPRINGS
ML154 10216136925 STRINGFELLOW SAMUEL K 5316 WEST CREEDANCE BLVD GLENDALE AZ 85310 250,000.00
ML154 10216136955 STOOPS RICHARD M 621 HILMAR STREET SANTA CLARA CA 95050 332,000.00
ML154 10216136974 NILSSON GLENN A 6503 URBAN STREET ARVADA CO 80004 120,500.00
ML154 10216137294 NEMEH LAILA 7250 ISHNALA DRIVE PALOS HEIGHTS IL 60463 210,000.00
ML154 10216137316 PETERSON ROBERT R 10567 CHAUTAUGA MOUNTAIN LITTLETON CO 80127 162,000.00
ML154 10216137422 AL-KAABI HAMID 7402 ABINGTON DETROIT MI 48228 55,800.00
ML154 10216137459 ROBERTS GARY C 1237 SOUTH DREW WAY LAKEWOOD CO 80232 117,000.00
ML154 10216137504 KELLEY MICHAEL G 196 SUNLIGHT DRIVE DILLON CO 80435 149,600.00
ML154 10216137538 ALLAMY ALI 7505-07 KENTUCKY DEARBORN MI 48126 94,500.00
ML154 10216137617 CURCIC MICO 1307 BALDWIN COURT, UNIT 2B PALATINE IL 60067 21,000.00
ML154 10216137765 ESSER GERALD W 23002 19TH AVENUE NE ARLINGTON WA 98223 102,500.00
ML154 10216137814 SALERNO MARCO 323 WEST SCHILLER #1E CHICAGO IL 60610 195,000.00
ML154 10216137822 SIELER ELIZABETH B 236 SCHOOL CLAWSON MI 48017 54,200.00
ML154 10216137832 AL-BIDHAWI ABDULRIDHA 6528 NECKEL DEARBORN MI 48126 77,400.00
ML154 10216137881 SALAZAR GUSTAVO 602 EAST MISSOURI AVENUE PHOENIX AZ 85012 200,000.00
ML154 10216137951 THAYER JOHN E 5732 SOUTH WILDERLAND LANE SALT LAKE CITY UT 84118 84,000.00
ML154 10216138126 KEARNEY M PAMELA 19740 SPRING RIDGE DRIVE WEST LINN OR 97068 225,000.00
--------------------------------------- --------------
33 Sale Total 4,165,350.00
</TABLE>
<TABLE>
<CAPTION>
Cut-off Date First Initial Minimum Maximum
Principal Payment Maturity Mortgage Mortgage Mortgage Gross
Sale ID Account Balance Date Date Rate Rate Rate Margin
- ------------------------------------------------------------------------------------------------------
<C> <S> <C> <C> <C> <C> <C> <C> <C>
ML154 10216132066 64,600.00 01/01/97 12/01/26 10.875 10.875 16.875 7.250
ML154 10216134272 25,600.00 12/01/96 11/01/26 8.625 8.625 14.625 4.500
ML154 10216134669 68,000.00 01/01/97 12/01/26 9.000 8.000 15.000 4.500
ML154 10216134798 43,800.00 12/01/96 11/01/26 11.000 11.000 17.000 7.000
ML154 10216135204 196,000.00 01/01/97 12/01/26 12.500 11.500 18.500 7.500
ML154 10216135209 91,000.00 12/01/96 11/01/26 8.750 7.750 14.750 4.750
ML154 10216135381 112,500.00 12/01/96 11/01/26 10.500 9.500 16.500 5.750
ML154 10216135765 89,250.00 01/01/97 12/01/26 10.750 9.750 16.750 6.500
ML154 10216135828 26,000.00 12/01/96 11/01/26 11.000 10.000 17.000 6.000
ML154 10216135836 103,200.00 12/01/96 11/01/26 11.500 11.500 17.500 7.500
ML154 10216136110 120,000.00 01/01/97 12/01/26 8.625 8.625 14.625 5.000
ML154 10216136125 119,500.00 12/01/96 11/01/26 7.375 7.375 13.375 3.750
ML154 10216136498 224,000.00 01/01/97 12/01/26 11.000 10.000 17.000 6.750
ML154 10216136645 54,000.00 01/01/97 12/01/26 9.625 9.625 15.625 5.750
ML154 10216136685 246,000.00 01/01/97 12/01/26 8.125 8.125 14.125 4.500
ML154 10216136711 131,400.00 01/01/97 12/01/26 10.000 9.000 16.000 5.750
ML154 10216136925 250,000.00 01/01/97 12/01/26 10.750 9.750 16.750 6.500
ML154 10216136955 332,000.00 01/01/97 12/01/26 8.750 7.750 14.750 4.500
ML154 10216136974 120,500.00 01/01/97 12/01/26 10.000 9.000 16.000 5.750
ML154 10216137294 210,000.00 01/01/97 12/01/26 10.750 9.750 16.750 7.000
ML154 10216137316 162,000.00 01/01/97 12/01/26 9.375 9.375 15.375 5.750
ML154 10216137422 55,800.00 01/01/97 12/01/26 9.625 9.625 15.625 5.750
ML154 10216137459 117,000.00 01/01/97 12/01/26 9.625 8.625 15.625 5.000
ML154 10216137504 149,600.00 01/01/97 12/01/26 9.250 8.250 15.250 5.250
ML154 10216137538 94,500.00 01/01/97 12/01/26 9.625 9.625 15.625 5.750
ML154 10216137617 21,000.00 01/01/97 12/01/26 12.125 11.125 18.125 6.750
ML154 10216137765 102,500.00 01/01/97 12/01/26 8.625 8.625 14.625 5.250
ML154 10216137814 195,000.00 01/01/97 12/01/26 8.375 8.375 14.375 4.750
ML154 10216137822 54,200.00 01/01/97 12/01/26 10.000 9.000 16.000 5.500
ML154 10216137832 77,400.00 01/01/97 12/01/26 9.625 9.625 15.625 5.750
ML154 10216137881 200,000.00 01/01/97 12/01/26 10.000 9.000 16.000 5.750
ML154 10216137951 84,000.00 01/01/97 12/01/26 10.125 10.125 16.125 6.750
ML154 10216138126 225,000.00 01/01/97 12/01/26 9.500 8.500 15.500 5.250
---------------------------- ---------------------------------------
33 4,165,350.00 9.763 9.135 15.763 5.686
</TABLE>
<PAGE>
Page 19
Sale Schedule A
1996-4 Class 2 - Initial Pool of Adjustable Rate Mortgages - Settlement 12/19/96
Alliance Funding Company
A division of Superior Bank FSB
<TABLE>
<CAPTION>
Principal
Zip Balance at
Sale ID Account Name Address City State Code Origination
- ------------------------------------------------------------------------------------------------------------------------------------
<C> <S> <C> <C> <C> <C> <C> <C>
MLC155 10218000863 VANMOL TERESA L 26 WILLIS STREET PLAINVILLE CT 06062 125,600.00
MLC155 10218002559 GERAINE MICHAEL 39 SOUTH CLINTON AVENUE BAY SHORE NY 11706 108,000.00
MLC155 10218002582 VARGAS MANUEL 7017 31ST AVE FLUSHING NY 11370 244,800.00
MLC155 10218002634 WALKER KEVIN 1128 DECATUR ST BROOKLYN NY 11207 128,000.00
MLC155 10218003191 TAYLOR RANDOLPH 31 CAMELOT CT PISCATAWAY NJ 08854 149,500.00
MLC155 10218003330 VITALE ANTHONY 49 OLD CHESTER ROAD PEAPACK NJ 07977 328,000.00
MLC155 10218003588 YOUNG ROGER Y 99 VICTORIA TER GOSHEN NY 10924 207,400.00
MLC155 10218004245 TAM KWOK S 726 68TH STREET BROOKLYN NY 11220 188,000.00
MLC155 10218004410 CARTER JAMES H 260 FAIRMOUNT RD LONG VALLEY NJ 07853 200,000.00
MLC155 10218004727 SCARBOROUGH THOMAS 134-48 175 STREET SPRINGFIELD NY 11434 27,500.00
--------------------------------------- --------------
10 Sale Total 1,706,800.00
352 Total with Merrill Lynch 46,236,152.00
455 Grand Total 60,106,188.00
</TABLE>
<TABLE>
<CAPTION>
Cut-off Date First Initial Minimum Maximum
Principal Payment Maturity Mortgage Mortgage Mortgage Gross
Sale ID Account Balance Date Date Rate Rate Rate Margin
- ------------------------------------------------------------------------------------------------------
<C> <S> <C> <C> <C> <C> <C> <C> <C>
MLC155 10218000863 125,488.06 10/01/96 09/01/26 11.875 11.875 17.875 8.250
MLC155 10218002559 107,942.53 12/01/96 11/01/26 9.125 9.125 15.125 5.000
MLC155 10218002582 244,576.64 11/01/96 10/01/26 9.875 9.875 15.875 6.000
MLC155 10218002634 128,000.00 12/01/96 11/01/26 12.250 12.250 18.250 8.375
MLC155 10218003191 149,500.00 01/01/97 12/01/26 11.250 11.250 17.250 7.750
MLC155 10218003330 328,000.00 01/01/97 12/01/26 10.500 9.500 16.500 6.250
MLC155 10218003588 207,400.00 01/01/97 12/01/26 10.375 10.375 16.375 7.750
MLC155 10218004245 188,000.00 01/01/97 12/01/26 11.625 11.625 17.625 8.000
MLC155 10218004410 200,000.00 01/01/97 12/01/26 10.375 9.375 16.375 6.000
MLC155 10218004727 27,500.00 01/01/97 12/01/26 9.875 9.875 15.875 6.250
---------------------------- ---------------------------------------
10 1,706,407.23 10.706 10.396 16.706 6.919
352 46,220,241.40 10.176 9.961 16.176 6.312
455 60,081,756.98 10.140 9.969 16.140 6.296
</TABLE>
<PAGE>
Page 1
Sale Schedule B
1996-4 Class 2 - Initial Pool of Adjustable Rate Mortgages - Settlement 12/19/96
Alliance Funding Company
A division of Superior Bank FSB
<TABLE>
<CAPTION>
Principal Type of Scheduled Cut-off Date Original Next
Balance at Mortgaged Payment Principal LTV Adjustment
Sale ID Account Name Origination Property Int & Prin Balance Ratio Date
- ----------------------------------------------------------------------------------------------------------------------------------
<C> <S> <C> <C> <C> <C> <C> <C> <C>
BS21 10216103973 KNOTTS JERRY L 116,800.00 SF 1,145.53 116,761.64 80.0 04/01/97
BS21 10216118175 MORGAN RITTA 61,200.00 SF 503.48 60,742.57 90.0 12/01/97
BS21 10216126465 LEE DAE H 165,000.00 SF 1,524.76 164,936.18 84.6 04/01/97
BS21 10216127269 NOVESTERAS JAIME P 195,500.00 MF 1,608.33 195,193.60 84.6 03/01/97
BS21 10216127955 SEARS MONIQUE N 73,865.00 SF 724.44 73,796.69 85.0 03/01/97
BS21 10216128901 SCATTERDAY HAROLD W III 211,500.00 SF 1,797.73 211,398.68 81.3 04/01/97
BS21 10216129233 HOWARD BERTHA JEAN 34,500.00 SF 299.58 34,484.33 75.0 04/01/97
BS21 10216129236 TYDD PATTIE JO 37,000.00 SF 294.39 36,979.26 62.1 05/01/97
BS21 10216129264 DULAY DELIA 98,100.00 SF 780.53 98,045.00 90.0 04/01/97
BS21 10216129798 SALAK DAWN M 108,900.00 SF 925.64 108,847.83 90.0 04/01/97
BS21 10216129908 FAULK I SCOTT 104,805.00 SF 1,027.89 104,770.57 84.5 04/01/97
BS21 10216130077 GAWRONSKI CHARLES 40,000.00 SF 332.70 39,979.80 25.0 04/01/97
BS21 10216130457 HAMELIN LESLIE JEAN 53,550.00 SF 407.02 53,516.71 85.0 04/01/97
BS21 10216130625 WATSON ROBERT E 97,200.00 SF 826.19 97,153.44 90.0 05/01/97
BS21 10216130635 CUENCA JUAN 126,000.00 MF 1,025.18 125,932.95 90.0 04/01/97
BS21 10216130734 BALARK LOUISE 31,800.00 MF 308.86 31,789.27 60.0 05/01/97
BS21 10216130824 KEMPINSKI KRYSTAL A 30,000.00 SF 255.00 29,985.63 75.0 04/01/97
BS21 10216131064 CURET MARIA 157,500.00 MF 1,396.75 157,500.00 75.0 05/01/97
BS21 10216131321 BERTUCA JOHN B 80,000.00 SF 716.88 80,000.00 53.3 05/01/97
BS21 10216131555 CANZONERI GARY R 96,000.00 SF 878.15 95,961.85 80.0 04/01/97
BS21 10216131568 BARR BRIAN M 120,700.00 SF 1,092.83 120,700.00 85.0 05/01/97
BS21 10216131747 REGASPI BELLA G 134,050.00 SF 1,164.03 133,989.09 89.9 04/01/97
BS21 10216131934 LORKIEWICZ EDWARD 78,700.00 SF 668.94 78,700.00 74.9 05/01/97
BS21 10216131947 WHALEY STEVEN J 127,500.00 SF 1,072.09 127,500.00 85.0 05/01/97
BS21 10216132337 KRINGELBACH MICHAEL P 72,250.00 SF 708.61 72,226.26 85.0 04/01/97
BS21 10216132616 JOHNSON SUE A 132,600.00 MF 1,151.43 132,600.00 85.0 05/01/97
BS21 10216132684 SMITH MONTE B 114,720.00 SF 1,060.12 114,675.63 78.0 04/01/97
BS21 10216134216 KOBILAN ELEANOR E 100,000.00 SF 751.27 100,000.00 65.3 05/01/97
BS21 10216134387 LANDER ELFRIDIA 50,000.00 SF 434.17 50,000.00 31.2 05/01/97
------------------------------------------------------------ ------------------------------------
29 Sale Total 2,849,740.00 24,882.52 2,848,166.98 80.1
</TABLE>
Current Property
Mortgage Value at Owner
Sale ID Account Rate Origination Occupied
- -----------------------------------------------------------
BS21 10216103973 11.375 146,000.00 Y
BS21 10216118175 11.250 68,000.00 Y
BS21 10216126465 10.625 195,000.00 Y
BS21 10216127269 9.250 231,000.00 Y
BS21 10216127955 11.375 86,900.00 Y
BS21 10216128901 9.625 260,000.00 Y
BS21 10216129233 9.875 46,000.00 Y
BS21 10216129236 8.875 59,500.00 N
BS21 10216129264 8.875 109,000.00 Y
BS21 10216129798 9.625 121,000.00 Y
BS21 10216129908 11.375 124,000.00 Y
BS21 10216130077 9.375 160,000.00 Y
BS21 10216130457 8.375 63,000.00 Y
BS21 10216130625 9.625 108,000.00 Y
BS21 10216130635 9.125 140,000.00 Y
BS21 10216130734 11.250 53,000.00 Y
BS21 10216130824 9.625 40,000.00 Y
BS21 10216131064 10.125 210,000.00 Y
BS21 10216131321 10.250 150,000.00 Y
BS21 10216131555 10.500 120,000.00 Y
BS21 10216131568 10.375 142,000.00 Y
BS21 10216131747 9.875 148,950.00 Y
BS21 10216131934 9.625 105,000.00 Y
BS21 10216131947 9.500 150,000.00 Y
BS21 10216132337 11.375 85,000.00 Y
BS21 10216132616 9.875 156,000.00 Y
BS21 10216132684 10.625 147,000.00 Y
BS21 10216134216 8.250 153,000.00 Y
BS21 10216134387 9.875 160,000.00 Y
-----------------------------------------
29 9.975 3,737,350.00
<PAGE>
Page 2
Sale Schedule B
1996-4 Class 2 - Initial Pool of Adjustable Rate Mortgages - Settlement 12/19/96
Alliance Funding Company
A division of Superior Bank FSB
<TABLE>
<CAPTION>
Principal Type of Scheduled Cut-off Date Original Next
Balance at Mortgaged Payment Principal LTV Adjustment
Sale ID Account Name Origination Property Int & Prin Balance Ratio Date
- ----------------------------------------------------------------------------------------------------------------------------------
<C> <S> <C> <C> <C> <C> <C> <C> <C>
BS22 10216120473 DORWARD JENNIFER 117,000.00 SF 1,059.33 116,855.45 90.0 03/01/97
BS22 10216121752 HANSON ALFRED SR 134,400.00 SF 1,343.78 134,358.22 80.9 04/01/97
BS22 10216124361 PATERNA PATRICIA R 375,000.00 SF 3,395.28 374,846.91 72.8 04/01/97
BS22 10216124694 ALTHEIM JOEL H 130,000.00 SF 1,324.70 129,923.14 78.0 03/01/97
BS22 10216124721 LAWLER DONNA M 159,800.00 SF 1,536.93 159,505.26 85.0 03/01/97
BS22 10216124975 MCCORMACK PATRICIA 182,750.00 SF 1,827.21 182,577.88 85.0 03/01/97
BS22 10216125270 YI CHANG HWAN 335,750.00 SF 3,197.43 335,630.28 85.0 04/01/97
BS22 10216125471 PURI SONIA 175,000.00 SF 1,584.46 174,783.82 70.0 03/01/97
BS22 10216126048 LENIKMAN VLADIMIR 204,000.00 SF 1,904.30 203,845.71 80.0 03/01/97
BS22 10216126424 PROPATO VINCENZO 127,500.00 SF 1,178.22 127,400.94 85.0 03/01/97
BS22 10216127222 SETTANNI FRANK 139,500.00 MF 1,185.74 139,433.17 90.0 04/01/97
BS22 10216127229 MUSIALOWSKI PATRICIA 120,000.00 MF 1,131.47 120,000.00 40.0 05/01/97
BS22 10216127327 ARNEY TERRY 121,500.00 SF 1,122.78 121,357.76 84.3 03/01/97
BS22 10216127454 MELHEM NADIMEH 89,100.00 SF 757.34 88,968.63 90.0 03/01/97
BS22 10216127636 SMITH BRIAN 84,000.00 SF 713.99 83,919.20 70.0 04/01/97
BS22 10216128142 THOMPSON JOSEPH 272,000.00 SF 1,925.20 271,803.13 85.0 04/01/97
BS22 10216128484 ZIZLSPERGER JOSEPH C 152,991.00 SF 1,328.50 152,921.49 84.9 04/01/97
BS22 10216128816 AQUILINO DIANE P 106,250.00 SF 807.58 106,117.46 85.0 04/01/97
BS22 10216128945 GIL VECTY 108,800.00 SF 1,046.42 108,762.25 80.0 05/01/97
BS22 10216129302 DAMICO DANIEL V 139,500.00 SF 1,211.35 139,436.62 90.0 04/01/97
BS22 10216129371 LOVIGLIO EILEEN L 240,000.00 SF 2,084.04 239,890.96 78.6 03/01/97
BS22 10216129763 CHILDS FRANK 45,000.00 SF 407.44 44,981.62 76.6 04/01/97
BS22 10216129978 CUTRARO ANTONINO 750,000.00 SF 6,443.66 749,650.09 75.0 04/01/97
BS22 10216130343 DORAN RICHIE 180,000.00 SF 1,464.54 179,904.21 80.0 04/01/97
BS22 10216130357 KOKAS BEVERLY D 97,080.00 SF 860.93 96,996.01 80.9 04/01/97
BS22 10216130388 RODRIGUEZ ALBERT M 63,270.00 SF 572.86 63,244.16 90.0 04/01/97
BS22 10216130390 EGGERT THOMAS W 371,000.00 SF 3,221.57 370,831.45 70.0 04/01/97
BS22 10216130770 MATTERN JOHN S 93,500.00 SF 846.56 93,461.83 85.0 04/01/97
BS22 10216130831 SIMPSON MALCOLM 57,600.00 SF 500.17 57,367.15 90.0 04/01/97
BS22 10216130834 COMER DENNIS 72,000.00 SF 515.82 71,897.96 80.0 05/01/97
BS22 10216131068 KAGAN VADIM E 113,400.00 SF 984.71 113,296.53 90.0 04/01/97
BS22 10216131346 BAZZI MOSTAFA 77,400.00 SF 672.10 77,364.84 86.0 04/01/97
BS22 10216131392 SHELLENBERGER TERRY 62,910.00 SF 546.28 62,881.42 90.0 04/01/97
BS22 10216131656 CLARY RONALD R 143,395.00 SF 1,298.31 141,913.16 85.0 04/01/97
BS22 10216131742 LOZNER DALE M 196,000.00 SF 1,577.06 196,000.00 78.0 05/01/97
BS22 10216131975 ELGHOUL FATMEH 104,200.00 SF 914.43 104,200.00 74.9 05/01/97
BS22 10216132118 AL-NASIR SAMIR 56,000.00 SF 455.63 55,970.20 80.0 05/01/97
BS22 10216132241 AUTEN STACEY 255,000.00 SF 2,404.37 255,000.00 85.0 05/01/97
BS22 10216132252 MORGAN JEANNE T 132,800.00 SF 1,277.24 132,707.43 80.0 04/01/97
BS22 10216132838 HAWN LISA 85,900.00 SF 745.91 85,900.00 89.9 05/01/97
BS22 10216133090 SOBH HASSAN 117,000.00 MF 1,015.97 116,946.84 84.1 04/01/97
BS22 10216133096 MAROGI KISMAT 140,000.00 SF 1,373.07 140,000.00 80.0 05/01/97
BS22 10216134104 GORZELIC MICHAEL PATRICK 160,500.00 SF 1,423.35 160,430.87 75.0 05/01/97
BS22 10216134390 AL-MAYALI HUSSEIN 40,500.00 SF 347.96 40,481.10 75.0 05/01/97
BS22 10216134514 AHMED RASHA 74,700.00 MF 641.79 74,665.15 90.0 05/01/97
BS22 10216134717 JACKSON VAHL 89,200.00 SF 815.95 89,200.00 80.0 05/01/97
BS22 10216134938 KASSEM KAMAL 112,500.00 MF 905.20 112,500.00 89.2 05/01/97
------------------------------------------------------------ ------------------------------------
47 Sale Total 7,205,696.00 63,898.93 7,200,130.30 80.1
</TABLE>
Current Property
Mortgage Value at Owner
Sale ID Account Rate Origination Occupied
- ------------------------------------------------------------
BS22 10216120473 10.375 130,000.00 Y
BS22 10216121752 11.625 166,000.00 Y
BS22 10216124361 10.375 515,000.00 Y
BS22 10216124694 11.875 166,600.00 Y
BS22 10216124721 11.125 188,000.00 Y
BS22 10216124975 11.625 215,000.00 Y
BS22 10216125270 11.000 395,000.00 Y
BS22 10216125471 10.375 250,000.00 Y
BS22 10216126048 10.750 255,000.00 Y
BS22 10216126424 10.625 150,000.00 Y
BS22 10216127222 9.625 155,000.00 Y
BS22 10216127229 10.875 300,000.00 Y
BS22 10216127327 10.625 144,000.00 Y
BS22 10216127454 9.625 99,000.00 Y
BS22 10216127636 9.625 120,000.00 Y
BS22 10216128142 7.625 320,000.00 Y
BS22 10216128484 9.875 179,990.00 Y
BS22 10216128816 8.375 125,000.00 Y
BS22 10216128945 11.125 136,000.00 Y
BS22 10216129302 9.875 155,000.00 Y
BS22 10216129371 9.875 305,000.00 Y
BS22 10216129763 10.375 58,700.00 Y
BS22 10216129978 9.750 1,000,000.00 Y
BS22 10216130343 9.125 225,000.00 Y
BS22 10216130357 10.125 120,000.00 Y
BS22 10216130388 10.375 70,300.00 Y
BS22 10216130390 9.875 530,000.00 N
BS22 10216130770 10.375 110,000.00 Y
BS22 10216130831 9.875 64,000.00 Y
BS22 10216130834 7.750 90,000.00 Y
BS22 10216131068 9.875 126,000.00 Y
BS22 10216131346 9.875 90,000.00 Y
BS22 10216131392 9.875 69,900.00 Y
BS22 10216131656 10.375 168,700.00 Y
BS22 10216131742 9.000 251,000.00 Y
BS22 10216131975 10.000 139,000.00 Y
BS22 10216132118 9.125 70,000.00 Y
BS22 10216132241 10.875 300,000.00 Y
BS22 10216132252 11.125 166,000.00 Y
BS22 10216132838 9.875 95,500.00 Y
BS22 10216133090 9.875 139,000.00 Y
BS22 10216133096 11.375 175,000.00 Y
BS22 10216134104 10.125 214,000.00 Y
BS22 10216134390 9.750 54,000.00 Y
BS22 10216134514 9.750 83,000.00 Y
BS22 10216134717 10.500 111,500.00 Y
BS22 10216134938 9.000 126,000.00 Y
-----------------------------------------
47 10.115 9,116,190.00
<PAGE>
Page 3
Sale Schedule B
1996-4 Class 2 - Initial Pool of Adjustable Rate Mortgages - Settlement 12/19/96
Alliance Funding Company
A division of Superior Bank FSB
<TABLE>
<CAPTION>
Principal Type of Scheduled Cut-off Date Original Next
Balance at Mortgaged Payment Principal LTV Adjustment
Sale ID Account Name Origination Property Int & Prin Balance Ratio Date
- ----------------------------------------------------------------------------------------------------------------------------------
<C> <S> <C> <C> <C> <C> <C> <C> <C>
BS24 10216130060 PTACEK ED III 135,950.00 SF 1,106.13 135,877.66 79.9 04/01/97
BS24 10216130835 WOOD ROBERT A 61,600.00 SF 501.20 61,600.00 89.9 05/01/97
BS24 10216130841 THOMPSON ANN MARIE 98,000.00 SF 797.36 97,947.85 80.0 04/01/97
BS24 10216131191 LAVAGNOLLI ANTONIO A 103,500.00 SF 860.86 103,447.73 75.0 05/01/97
BS24 10216133199 DAVID TERRY ALAN 134,300.00 SF 1,203.46 134,300.00 81.8 05/01/97
BS24 10216134199 BERGADON ROBERT N 168,000.00 SF 1,489.86 168,000.00 87.9 05/01/97
BS24 10216135213 MURZANSKI MARY B 312,800.00 MF 3,097.63 312,800.00 85.0 05/01/97
BS24 10216135376 PERNINI EDWARD A 123,700.00 SF 1,062.78 123,642.28 74.9 05/01/97
------------------------------------------------------------ ------------------------------------
8 Sale Total 1,137,850.00 10,119.28 1,137,615.52 82.3
</TABLE>
Current Property
Mortgage Value at Owner
Sale ID Account Rate Origination Occupied
- ------------------------------------------------------------
BS24 10216130060 9.125 170,000.00 Y
BS24 10216130835 9.125 68,500.00 Y
BS24 10216130841 9.125 122,500.00 Y
BS24 10216131191 9.375 138,000.00 Y
BS24 10216133199 10.250 164,000.00 Y
BS24 10216134199 10.125 191,000.00 Y
BS24 10216135213 11.500 368,000.00 Y
BS24 10216135376 9.750 165,000.00 Y
-----------------------------------------
8 10.149 1,387,000.00
<PAGE>
Page 4
Sale Schedule B
1996-4 Class 2 - Initial Pool of Adjustable Rate Mortgages - Settlement 12/19/96
Alliance Funding Company
A division of Superior Bank FSB
<TABLE>
<CAPTION>
Principal Type of Scheduled Cut-off Date Original Next
Balance at Mortgaged Payment Principal LTV Adjustment
Sale ID Account Name Origination Property Int & Prin Balance Ratio Date
- ----------------------------------------------------------------------------------------------------------------------------------
<C> <S> <C> <C> <C> <C> <C> <C> <C>
BS25 10216125513 PETRUCCI LOUIS O 212,500.00 SF 1,806.23 212,297.15 85.0 03/01/97
BS25 10216126738 PAYNE VALERIE J 180,000.00 SF 1,400.02 179,893.73 80.0 04/01/97
BS25 10216126999 MCNEAL MOSES 30,000.00 SF 260.50 29,958.79 73.1 03/01/97
BS25 10216127721 WILLIAMSON DUANE G 65,000.00 SF 564.43 64,970.27 27.6 04/01/97
BS25 10216128389 CUNNINGHAM RHONDA ALLEN 288,000.00 SF 2,447.97 287,862.03 80.0 04/01/97
BS25 10216129578 ROBINSON PATRICIA R 26,600.00 SF 235.89 26,588.55 70.0 05/01/97
BS25 10216130495 HANSON LARRY L 359,900.00 SF 3,092.10 359,900.00 89.9 05/01/97
BS25 10216131340 ANDERSON JEFFREY C 228,800.00 SF 1,759.27 228,800.00 80.0 05/01/97
BS25 10216131604 RILEY STEVEN A 186,300.00 SF 1,600.60 186,300.00 90.0 05/01/97
BS25 10216132122 ZAHR HASSANE 33,000.00 SF 295.71 32,986.17 60.0 04/01/97
BS25 10216132613 ROMANO LINDA 195,000.00 SF 2,081.15 194,899.68 65.0 03/01/97
BS25 10216132627 GULLETT RICHARD E 108,900.00 SF 886.05 108,842.04 90.0 05/01/97
BS25 10216132629 SCROGGINS JR CLYDE M 41,200.00 SF 411.93 41,200.00 54.9 05/01/97
BS25 10216132716 THOMPSON BRENDA K 94,400.00 SF 819.72 94,357.11 89.9 04/01/97
BS25 10216133097 AOUN FADI 94,500.00 SF 811.90 94,500.00 87.5 05/01/97
BS25 10216134085 HEIGEL CHRISTOPHER 115,600.00 SF 828.17 115,237.36 85.0 05/01/97
BS25 10216134941 SAFA REDA 83,700.00 SF 711.44 83,659.90 90.0 05/01/97
BS25 10216135223 PEPLINSKI GREGORY J 125,100.00 SF 1,121.02 125,100.00 90.0 11/01/98
BS25 10216135540 THOMPSON JAMES W 208,250.00 SF 1,983.21 208,250.00 85.0 11/01/98
------------------------------------------------------------ ------------------------------------
19 Sale Total 2,676,750.00 23,117.31 2,675,602.78 81.7
103 Total with Banco Santander 13,870,036.00 122,018.04 13,861,515.58 80.6
</TABLE>
Current Property
Mortgage Value at Owner
Sale ID Account Rate Origination Occupied
- ------------------------------------------------------------
BS25 10216125513 9.625 250,000.00 Y
BS25 10216126738 8.625 225,000.00 Y
BS25 10216126999 9.875 41,000.00 Y
BS25 10216127721 9.875 235,000.00 Y
BS25 10216128389 9.625 360,000.00 Y
BS25 10216129578 10.125 38,000.00 Y
BS25 10216130495 9.750 399,900.00 Y
BS25 10216131340 8.500 286,000.00 Y
BS25 10216131604 9.750 207,000.00 Y
BS25 10216132122 10.250 55,000.00 N
BS25 10216132613 12.500 300,000.00 Y
BS25 10216132627 9.125 121,000.00 Y
BS25 10216132629 11.625 75,000.00 Y
BS25 10216132716 9.875 105,000.00 Y
BS25 10216133097 9.750 108,000.00 Y
BS25 10216134085 7.750 136,000.00 Y
BS25 10216134941 9.625 93,000.00 Y
BS25 10216135223 10.250 139,000.00 Y
BS25 10216135540 11.000 245,000.00 Y
-----------------------------------------
19 9.797 3,418,900.00
103 10.027 17,659,440.00
<PAGE>
Page 5
Sale Schedule B
1996-4 Class 2 - Initial Pool of Adjustable Rate Mortgages - Settlement 12/19/96
Alliance Funding Company
A division of Superior Bank FSB
<TABLE>
<CAPTION>
Principal Type of Scheduled Cut-off Date Original Next
Balance at Mortgaged Payment Principal LTV Adjustment
Sale ID Account Name Origination Property Int & Prin Balance Ratio Date
- ----------------------------------------------------------------------------------------------------------------------------------
<C> <S> <C> <C> <C> <C> <C> <C> <C>
ML143 10216125966 MARSH ALEXANDER JR 113,900.00 SF 1,052.55 113,855.94 85.0 04/01/97
ML143 10216126556 FAIYAZ ARDESHIR G 340,000.00 SF 3,366.99 340,000.00 80.0 05/01/97
ML143 10216128173 KIM KWANG C 131,750.00 SF 1,292.16 131,750.00 85.0 05/01/97
ML143 10216129735 PETERSEN BRYAN 110,500.00 SF 1,000.47 110,454.89 85.3 04/01/97
ML143 10216129969 GONZALEZ FERNANDO 48,000.00 SF 381.91 48,000.00 80.0 05/01/97
ML143 10216130370 CISNEROS PABLO A 67,900.00 SF 546.34 67,900.00 89.9 05/01/97
ML143 10216130391 BOLLARD BARBARA J 115,875.00 SF 963.79 115,875.00 89.1 05/01/97
ML143 10216130584 BALDACCI ROSEMARY HESS 108,100.00 SF 918.84 108,100.00 69.9 05/01/97
ML143 10216130629 GONZALEZ FERNANDO O 55,000.00 MF 437.60 54,969.17 68.7 04/01/97
ML143 10216131552 CREA CHRISTOPHER A 100,000.00 SF 961.78 99,965.30 80.0 05/01/97
ML143 10216131748 JIMENEZ CHRISTOPHER JEFF 56,000.00 SF 481.13 55,972.00 70.0 04/01/97
ML143 10216132609 MILLER ARTHUR F 189,000.00 SF 1,503.77 189,000.00 90.0 05/01/97
ML143 10216132711 MATHIS JARED L 172,550.00 MF 1,594.53 172,550.00 84.1 05/01/97
ML143 10216132979 MIKLOS SCOTT LEE 147,200.00 SF 1,291.78 147,200.00 80.0 05/01/97
ML143 10216133047 WATTS HELEN L 80,000.00 SF 622.23 79,952.77 54.0 05/01/97
ML143 10216133055 GOODMAN HOWARD KEVIN JR 138,000.00 SF 1,172.99 138,000.00 60.0 05/01/97
ML143 10216134078 KUSMERZ THOMAS 93,700.00 SF 779.35 93,652.68 74.9 05/01/97
ML143 10216134776 BURRIS DIANE L 77,300.00 SF 533.89 77,241.18 84.9 05/01/97
ML143 10216135060 WARD RICHARD A JR 72,000.00 SF 547.25 72,000.00 80.0 05/01/97
ML143 10216135292 DEBRY DAN J 85,000.00 SF 761.69 85,000.00 85.0 05/01/97
ML143 10216135636 BOSSARD MICHAEL K 69,600.00 SF 689.24 69,600.00 80.0 05/01/97
ML143 10216135840 TOTONI CHRIST 216,700.00 MF 1,647.08 216,565.31 84.9 05/01/97
ML143 10216136087 LINDSAY JAMES R 126,000.00 SF 1,048.00 125,936.38 90.0 05/01/97
ML143 10216136225 LARSON DEVRON B 98,400.00 SF 845.41 98,400.00 80.0 05/01/97
------------------------------------------------------------ ------------------------------------
24 Sale Total 2,812,475.00 24,440.77 2,811,940.62 80.6
</TABLE>
Current Property
Mortgage Value at Owner
Sale ID Account Rate Origination Occupied
- ------------------------------------------------------------
ML143 10216125966 10.625 134,000.00 Y
ML143 10216126556 11.500 425,000.00 Y
ML143 10216128173 11.375 155,000.00 Y
ML143 10216129735 10.375 129,500.00 Y
ML143 10216129969 8.875 60,000.00 Y
ML143 10216130370 9.000 75,500.00 Y
ML143 10216130391 9.375 130,000.00 Y
ML143 10216130584 9.625 154,429.00 Y
ML143 10216130629 8.875 80,000.00 N
ML143 10216131552 11.125 125,000.00 Y
ML143 10216131748 9.750 80,000.00 Y
ML143 10216132609 8.875 210,000.00 Y
ML143 10216132711 10.625 205,000.00 Y
ML143 10216132979 10.000 184,000.00 Y
ML143 10216133047 8.625 148,000.00 Y
ML143 10216133055 9.625 230,000.00 Y
ML143 10216134078 9.375 125,000.00 Y
ML143 10216134776 7.375 91,000.00 Y
ML143 10216135060 8.375 90,000.00 Y
ML143 10216135292 10.250 100,000.00 Y
ML143 10216135636 11.500 87,000.00 Y
ML143 10216135840 8.375 255,000.00 Y
ML143 10216136087 9.375 140,000.00 Y
ML143 10216136225 9.750 123,000.00 Y
-----------------------------------------
24 9.869 3,536,429.00
<PAGE>
Page 6
Sale Schedule B
1996-4 Class 2 - Initial Pool of Adjustable Rate Mortgages - Settlement 12/19/96
Alliance Funding Company
A division of Superior Bank FSB
<TABLE>
<CAPTION>
Principal Type of Scheduled Cut-off Date Original Next
Balance at Mortgaged Payment Principal LTV Adjustment
Sale ID Account Name Origination Property Int & Prin Balance Ratio Date
- ----------------------------------------------------------------------------------------------------------------------------------
<C> <S> <C> <C> <C> <C> <C> <C> <C>
ML144 10216119499 IACOVAZZI PETER S 27,500.00 MF 238.80 27,462.20 50.0 02/01/97
ML144 10216122536 CAMPBELL CLARISE 207,000.00 MF 1,797.48 206,905.96 90.0 04/01/97
ML144 10216124355 REED SANDRA L 75,520.00 SF 600.87 75,435.01 82.0 04/01/97
ML144 10216125147 MCNAUGHTON DARRIN J 98,000.00 SF 933.28 97,929.78 70.0 03/01/97
ML144 10216125427 RIDLEY ANDRE 107,200.00 SF 1,041.19 107,200.00 80.0 05/01/97
ML144 10216126000 BRANHAM SR JOHN H 87,550.00 SF 776.41 87,512.29 85.0 04/01/97
ML144 10216126357 MONAHAN JAMES 65,000.00 SF 662.35 65,000.00 43.3 05/01/97
ML144 10216126799 BURDEWIK PAUL 176,000.00 SF 1,659.49 175,935.51 80.0 04/01/97
ML144 10216127268 PETRIZZI ALPHONSO A 100,000.00 SF 831.75 100,000.00 80.0 05/01/97
ML144 10216127499 ZLATIN SUSAN M 235,000.00 SF 1,786.17 234,706.84 83.9 03/01/97
ML144 10216127793 MCINTOSH KAREN R 77,600.00 SF 768.47 77,575.20 80.0 05/01/97
ML144 10216128215 CASSADY CHARLES M 108,000.00 SF 840.01 107,872.02 90.0 04/01/97
ML144 10216129111 BECKER LISA 62,900.00 SF 616.90 62,879.33 85.0 04/01/97
ML144 10216129509 CHOICE SHIRLEY A 45,900.00 SF 407.05 45,900.00 85.0 05/01/97
ML144 10216129675 HARDIE WADE R 225,000.00 SF 1,995.35 224,903.09 84.9 05/01/97
ML144 10216130120 STUDER RUDY ALAN 68,500.00 SF 639.43 68,474.22 65.8 11/01/98
ML144 10216130398 GREENSHIELD DAVID J 155,500.00 SF 1,495.57 155,446.61 84.7 04/01/97
ML144 10216130671 COOPER M SCOTT 148,000.00 SF 1,204.18 147,921.24 79.5 04/01/97
ML144 10216130792 EUBANKS TORRANCE 130,500.00 SF 1,085.43 130,500.00 90.0 05/01/97
ML144 10216130801 BRISTER JOSHUA T 148,500.00 SF 1,344.53 148,439.38 90.0 04/01/97
ML144 10216130829 GUCA GEORGE 126,400.00 SF 1,275.89 126,400.00 80.0 05/01/97
ML144 10216131033 ABANTO CASTULO CALAMAAN 130,900.00 SF 1,136.67 130,840.53 85.0 04/01/97
ML144 10216131301 RHOTEN CRAIG E 137,000.00 SF 1,189.64 136,937.76 49.8 05/01/97
ML144 10216131516 COBB EDWARD L 293,250.00 SF 2,737.43 293,250.00 85.0 11/01/98
ML144 10216131710 PLANT RICHARD LEON 66,700.00 SF 654.17 66,700.00 74.9 05/01/97
ML144 10216131965 THORNTON ROBERT G 67,200.00 SF 659.07 67,177.93 80.0 05/01/97
ML144 10216132080 VAIL TERRI L 108,000.00 SF 947.78 108,000.00 84.3 05/01/97
ML144 10216132293 SCOTT DANIEL R 70,125.00 SF 621.88 70,094.80 82.5 05/01/97
ML144 10216132702 HALL MYRA L 79,500.00 SF 661.24 79,500.00 75.0 11/01/98
ML144 10216132808 BORDON DOROTHY A 110,000.00 SF 1,026.83 109,916.81 53.6 11/01/98
ML144 10216132840 STEPHENS WILLIAM 99,200.00 SF 963.49 99,200.00 84.9 11/01/98
ML144 10216132868 SNYDER COREY J 81,000.00 SF 771.38 81,000.00 75.0 05/01/97
ML144 10216133033 WELCH SCOTT T 112,050.00 SF 952.41 111,942.21 88.9 05/01/97
ML144 10216133130 ADAMS JOHN J JR 65,000.00 SF 524.17 65,000.00 68.4 06/01/97
ML144 10216134134 STONE RICHARD B JR 114,750.00 SF 1,081.97 114,750.00 85.0 05/01/97
ML144 10216134271 KHALIL TAMIME 63,000.00 SF 535.49 63,000.00 87.5 05/01/97
ML144 10216134384 WATKINS MARY L 68,000.00 SF 712.57 67,981.60 80.0 11/01/98
ML144 10216134439 THOMPSON DAVE 104,550.00 SF 985.79 104,550.00 85.0 05/01/97
ML144 10216134522 CRAWFORD VIOLA SUE 87,700.00 SF 868.49 87,700.00 64.9 06/01/97
ML144 10216134716 HAZEN DANIEL 47,475.00 SF 497.49 47,475.00 62.4 11/01/98
ML144 10216134777 JABLONSKI BRENT THOMAS 92,000.00 MF 715.57 92,000.00 75.7 11/01/98
ML144 10216134784 HULL JENNIFER SUSAN 40,000.00 SF 354.73 40,000.00 34.4 11/01/98
ML144 10216134858 KISSINGER MARK L 69,700.00 SF 644.10 69,700.00 85.0 11/01/98
ML144 10216134945 PINNIX DLYDIA 126,000.00 SF 1,129.09 126,000.00 90.0 11/01/98
ML144 10216134992 DIVINCENZO GUSTAVO 107,522.00 SF 865.15 107,522.00 82.7 05/01/97
ML144 10216135119 PORTER EDWIN E 157,250.00 SF 1,497.53 157,250.00 85.0 11/01/98
ML144 10216135225 SAFFO HAITHAM 60,000.00 SF 617.17 60,000.00 75.9 11/01/98
ML144 10216135566 SCHLEGEL MARK L 107,500.00 SF 913.74 107,500.00 84.6 05/01/97
ML144 10216135745 BARKER DAVID T 100,000.00 SF 804.62 100,000.00 76.9 11/01/98
ML144 10216136342 GREEN MICHAEL W 104,000.00 SF 893.52 104,000.00 79.3 11/01/98
ML144 10216136748 AL-WAELI HUSSAIN 89,100.00 SF 757.34 89,100.00 77.4 05/01/97
------------------------------------------------------------ ------------------------------------
51 Sale Total 5,434,042.00 48,721.12 5,432,487.32 79.9
</TABLE>
Current Property
Mortgage Value at Owner
Sale ID Account Rate Origination Occupied
- ------------------------------------------------------------
ML144 10216119499 9.875 55,000.00 Y
ML144 10216122536 9.875 230,000.00 Y
ML144 10216124355 8.875 92,000.00 Y
ML144 10216125147 11.000 140,000.00 Y
ML144 10216125427 11.250 134,000.00 Y
ML144 10216126000 10.125 103,000.00 Y
ML144 10216126357 11.875 150,000.00 Y
ML144 10216126799 10.875 220,000.00 Y
ML144 10216127268 9.375 125,000.00 Y
ML144 10216127499 8.375 280,000.00 Y
ML144 10216127793 11.500 97,000.00 Y
ML144 10216128215 8.625 120,000.00 Y
ML144 10216129111 11.375 74,000.00 N
ML144 10216129509 10.125 54,000.00 Y
ML144 10216129675 10.125 265,000.00 Y
ML144 10216130120 10.750 104,000.00 Y
ML144 10216130398 11.125 183,500.00 Y
ML144 10216130671 9.125 186,000.00 Y
ML144 10216130792 9.375 145,000.00 Y
ML144 10216130801 10.375 165,000.00 Y
ML144 10216130829 11.750 158,000.00 Y
ML144 10216131033 9.875 154,000.00 Y
ML144 10216131301 9.875 275,000.00 Y
ML144 10216131516 10.750 345,000.00 Y
ML144 10216131710 11.375 89,000.00 Y
ML144 10216131965 11.375 84,000.00 Y
ML144 10216132080 10.000 128,000.00 Y
ML144 10216132293 10.125 85,000.00 Y
ML144 10216132702 9.375 106,000.00 Y
ML144 10216132808 10.750 205,000.00 Y
ML144 10216132840 11.250 116,750.00 Y
ML144 10216132868 11.000 108,000.00 Y
ML144 10216133033 9.625 126,000.00 Y
ML144 10216133130 9.025 95,000.00 Y
ML144 10216134134 10.875 135,000.00 Y
ML144 10216134271 9.625 72,000.00 Y
ML144 10216134384 12.250 85,000.00 Y
ML144 10216134439 10.875 123,000.00 Y
ML144 10216134522 11.500 135,000.00 Y
ML144 10216134716 12.250 76,000.00 Y
ML144 10216134777 8.625 121,500.00 Y
ML144 10216134784 10.125 116,000.00 Y
ML144 10216134858 10.625 82,000.00 Y
ML144 10216134945 10.250 140,000.00 Y
ML144 10216134992 9.000 129,950.00 Y
ML144 10216135119 11.000 185,000.00 Y
ML144 10216135225 12.000 79,000.00 Y
ML144 10216135566 9.625 127,000.00 Y
ML144 10216135745 9.000 130,000.00 Y
ML144 10216136342 9.750 131,000.00 Y
ML144 10216136748 9.625 115,000.00 Y
-----------------------------------------
51 10.246 6,979,700.00
<PAGE>
Page 7
Sale Schedule B
1996-4 Class 2 - Initial Pool of Adjustable Rate Mortgages - Settlement 12/19/96
Alliance Funding Company
A division of Superior Bank FSB
<TABLE>
<CAPTION>
Principal Type of Scheduled Cut-off Date Original Next
Balance at Mortgaged Payment Principal LTV Adjustment
Sale ID Account Name Origination Property Int & Prin Balance Ratio Date
- ----------------------------------------------------------------------------------------------------------------------------------
<C> <S> <C> <C> <C> <C> <C> <C> <C>
ML145 10216127740 HAMER SHARON CRUMBLEY 139,900.00 SF 1,385.42 139,900.00 79.9 04/01/97
------------------------------------------------------------ ------------------------------------
1 Sale Total 139,900.00 1,385.42 139,900.00 79.9
</TABLE>
Current Property
Mortgage Value at Owner
Sale ID Account Rate Origination Occupied
- ------------------------------------------------------------
ML145 10216127740 11.500 174,900.00 Y
-----------------------------------------
1 11.500 174,900.00
<PAGE>
Page 8
Sale Schedule B
1996-4 Class 2 - Initial Pool of Adjustable Rate Mortgages - Settlement 12/19/96
Alliance Funding Company
A division of Superior Bank FSB
<TABLE>
<CAPTION>
Principal Type of Scheduled Cut-off Date Original Next
Balance at Mortgaged Payment Principal LTV Adjustment
Sale ID Account Name Origination Property Int & Prin Balance Ratio Date
- ----------------------------------------------------------------------------------------------------------------------------------
<C> <S> <C> <C> <C> <C> <C> <C> <C>
ML146 10216121539 SOTO EDWIN 163,200.00 MF 1,569.63 163,028.53 85.0 02/01/97
ML146 10216127388 VELASQUEZ ANGEL NELSON 88,800.00 SF 837.29 88,800.00 80.0 05/01/97
ML146 10216131371 SCHAEFFER DAVID R 112,500.00 SF 956.24 112,446.10 90.0 05/01/97
ML146 10216131880 STASKO LINDA M 37,000.00 SF 321.29 36,983.19 34.2 05/01/97
ML146 10216134080 AUDENS DARREL 108,000.00 SF 927.89 108,000.00 90.0 05/01/97
ML146 10216134081 GRIFFITH HELEN 63,000.00 MF 541.27 63,000.00 90.0 05/01/97
ML146 10216134563 SELLERS BYRON W 82,300.00 SF 854.48 82,300.00 78.3 05/01/97
------------------------------------------------------------ ------------------------------------
7 Sale Total 654,800.00 6,008.09 654,557.82 82.8
</TABLE>
Current Property
Mortgage Value at Owner
Sale ID Account Rate Origination Occupied
- ------------------------------------------------------------
ML146 10216121539 11.125 192,000.00 Y
ML146 10216127388 10.875 111,000.00 Y
ML146 10216131371 9.625 125,000.00 Y
ML146 10216131880 9.875 108,000.00 Y
ML146 10216134080 9.750 120,000.00 Y
ML146 10216134081 9.750 70,000.00 Y
ML146 10216134563 12.125 105,000.00 Y
-----------------------------------------
7 10.529 831,000.00
<PAGE>
Page 9
Sale Schedule B
1996-4 Class 2 - Initial Pool of Adjustable Rate Mortgages - Settlement 12/19/96
Alliance Funding Company
A division of Superior Bank FSB
<TABLE>
<CAPTION>
Principal Type of Scheduled Cut-off Date Original Next
Balance at Mortgaged Payment Principal LTV Adjustment
Sale ID Account Name Origination Property Int & Prin Balance Ratio Date
- ----------------------------------------------------------------------------------------------------------------------------------
<C> <S> <C> <C> <C> <C> <C> <C> <C>
ML147 10216118202 BASA ROBERT Q 201,600.00 SF 1,862.99 201,522.01 89.6 04/01/97
ML147 10216127207 PACK CHARMAINE BELINDA 175,000.00 MF 1,650.06 174,935.88 77.7 05/01/97
ML147 10216128470 MIRZO KADRI 69,000.00 SF 586.49 69,000.00 60.0 05/01/97
ML147 10216130849 ATWI ABDALLAH 80,700.00 SF 613.38 80,649.84 80.7 04/01/97
ML147 10216131586 VAVRA JAY M 91,200.00 SF 903.15 91,200.00 80.0 05/01/97
ML147 10216132774 MARTIN JAMES L 114,750.00 SF 1,017.63 114,700.57 85.0 05/01/97
ML147 10216133078 FASSINGER TONY C 134,400.00 SF 1,434.39 134,400.00 79.0 11/01/98
ML147 10216134641 KREBS DEBORAH 104,800.00 SF 1,047.83 104,800.00 80.0 05/01/97
ML147 10216134799 RANDLE VALENTINA R 73,600.00 SF 735.88 73,600.00 80.0 05/01/97
ML147 10216134937 POLIZOS MORFIA 126,400.00 SF 1,017.04 126,400.00 80.0 11/01/98
ML147 10216135043 LATREILLE SUSAN MARIE 106,250.00 SF 1,031.97 106,250.00 85.0 05/01/97
ML147 10216135192 ANTONGIORGI IVAN 63,000.00 SF 599.96 62,977.50 70.0 11/01/98
ML147 10216135287 PASQUINI JUDITH ANN 153,000.00 SF 1,428.23 153,000.00 85.0 12/01/98
ML147 10216136495 MEYER BONNIE JO 97,750.00 SF 912.48 97,713.20 84.2 11/01/98
ML147 10216136524 FELICIANO JOSE 92,000.00 SF 946.32 92,000.00 80.0 11/01/98
ML147 10216136574 HART KRISTA MARIA 97,200.00 SF 925.66 97,200.00 90.0 11/01/98
ML147 10216136661 DODD WILLIAM F 106,250.00 SF 883.73 106,250.00 85.0 12/01/98
ML147 10216136679 LEAMY WILLIAM BLAKE 100,700.00 SF 930.57 100,700.00 89.9 12/01/98
ML147 10216136702 E JONES VERNON R 68,000.00 SF 699.46 68,000.00 80.0 12/01/98
------------------------------------------------------------ ------------------------------------
19 Sale Total 2,055,600.00 19,227.22 2,055,299.00 82.1
</TABLE>
Current Property
Mortgage Value at Owner
Sale ID Account Rate Origination Occupied
- ------------------------------------------------------------
ML147 10216118202 10.625 225,000.00 Y
ML147 10216127207 10.875 225,000.00 Y
ML147 10216128470 9.625 115,000.00 N
ML147 10216130849 8.375 100,000.00 Y
ML147 10216131586 11.500 114,000.00 Y
ML147 10216132774 10.125 135,000.00 Y
ML147 10216133078 12.500 170,000.00 Y
ML147 10216134641 11.625 131,000.00 Y
ML147 10216134799 11.625 92,000.00 Y
ML147 10216134937 9.000 158,000.00 Y
ML147 10216135043 11.250 125,000.00 Y
ML147 10216135192 11.000 90,000.00 Y
ML147 10216135287 10.750 180,000.00 Y
ML147 10216136495 10.750 116,000.00 Y
ML147 10216136524 12.000 115,000.00 Y
ML147 10216136574 11.000 108,000.00 Y
ML147 10216136661 9.375 125,000.00 Y
ML147 10216136679 10.625 111,900.00 Y
ML147 10216136702 12.000 85,000.00 Y
-----------------------------------------
19 10.764 2,520,900.00
<PAGE>
Page 10
Sale Schedule B
1996-4 Class 2 - Initial Pool of Adjustable Rate Mortgages - Settlement 12/19/96
Alliance Funding Company
A division of Superior Bank FSB
<TABLE>
<CAPTION>
Principal Type of Scheduled Cut-off Date Original Next
Balance at Mortgaged Payment Principal LTV Adjustment
Sale ID Account Name Origination Property Int & Prin Balance Ratio Date
- ----------------------------------------------------------------------------------------------------------------------------------
<C> <S> <C> <C> <C> <C> <C> <C> <C>
MLC148 10218000037 RIBAS MANUEL 148,000.00 SF 1,326.23 147,812.22 80.0 02/01/97
MLC148 10218000273 MCSHANE PATRICK 198,000.00 SF 1,646.86 195,244.60 90.0 02/01/97
MLC148 10218000642 SUMIN EDUARD 134,100.00 SF 1,239.21 134,048.13 90.0 04/01/97
MLC148 10218000758 WANEES EMIL G 134,400.00 SF 1,369.54 134,400.00 80.0 05/01/97
MLC148 10218000806 GORDON MARY J 103,500.00 SF 956.44 103,381.15 90.0 04/01/97
MLC148 10218000830 MIZUNO KEIKO 488,000.00 SF 4,103.37 487,759.96 78.7 04/01/97
MLC148 10218000861 THOMPSON CELESTINE 180,000.00 MF 1,529.98 179,913.77 90.0 04/01/97
MLC148 10218000959 PEIRSON RAYMOND L 108,800.00 SF 924.79 108,695.34 89.9 03/01/97
MLC148 10218001182 WEINSTEIN NEIL 172,000.00 SF 1,686.92 171,940.50 80.0 04/01/97
MLC148 10218001211 SANDERS HELEN M 45,500.00 SF 472.40 45,474.55 65.0 04/01/97
MLC148 10218001268 GARCIA HUGO 156,000.00 MF 1,340.28 155,927.50 65.0 04/01/97
MLC148 10218001379 LEE SUNG OK 217,500.00 SF 1,928.84 217,406.32 75.0 04/01/97
MLC148 10218001523 ZYNN ROBERT M 161,500.00 SF 1,553.28 161,500.00 85.0 05/01/97
MLC148 10218001562 MARTINEZ ALAN M 110,500.00 MF 1,168.61 110,470.92 65.0 04/01/97
MLC148 10218001602 STELTER THOMAS A 185,725.00 SF 1,612.74 185,725.00 85.0 05/01/97
MLC148 10218001696 SATTEL ROBERT K 146,250.00 SF 1,216.43 146,176.15 75.0 04/01/97
MLC148 10218001989 JONES WILLIE LEE 209,800.00 SF 1,938.76 209,718.84 84.9 04/01/97
MLC148 10218002127 KOHUT JOHN G 71,000.00 SF 669.45 70,973.99 73.9 05/01/97
MLC148 10218002415 TORRES JOSE A 53,900.00 SF 493.04 53,900.00 89.9 05/01/97
MLC148 10218002820 GUBB DAVID 375,000.00 SF 3,677.87 375,000.00 52.0 05/01/97
------------------------------------------------------------ ------------------------------------
20 Sale Total 3,399,475.00 30,855.04 3,395,468.94 77.8
</TABLE>
Current Property
Mortgage Value at Owner
Sale ID Account Rate Origination Occupied
- ------------------------------------------------------------
MLC148 10218000037 10.250 185,000.00 Y
MLC148 10218000273 9.375 220,000.00 Y
MLC148 10218000642 10.625 149,000.00 Y
MLC148 10218000758 11.875 168,000.00 Y
MLC148 10218000806 10.625 115,000.00 Y
MLC148 10218000830 9.500 620,000.00 Y
MLC148 10218000861 9.625 200,000.00 Y
MLC148 10218000959 9.625 120,900.00 Y
MLC148 10218001182 11.375 215,000.00 Y
MLC148 10218001211 12.125 70,000.00 Y
MLC148 10218001268 9.750 240,000.00 N
MLC148 10218001379 10.125 290,000.00 Y
MLC148 10218001523 11.125 190,000.00 Y
MLC148 10218001562 12.375 170,000.00 Y
MLC148 10218001602 9.875 218,500.00 Y
MLC148 10218001696 9.375 195,000.00 Y
MLC148 10218001989 10.625 246,900.00 Y
MLC148 10218002127 10.875 96,000.00 Y
MLC148 10218002415 10.500 59,900.00 Y
MLC148 10218002820 11.375 720,000.00 Y
-----------------------------------------
20 10.397 4,489,200.00
<PAGE>
Page 11
Sale Schedule B
1996-4 Class 2 - Initial Pool of Adjustable Rate Mortgages - Settlement 12/19/96
Alliance Funding Company
A division of Superior Bank FSB
<TABLE>
<CAPTION>
Principal Type of Scheduled Cut-off Date Original Next
Balance at Mortgaged Payment Principal LTV Adjustment
Sale ID Account Name Origination Property Int & Prin Balance Ratio Date
- ----------------------------------------------------------------------------------------------------------------------------------
<C> <S> <C> <C> <C> <C> <C> <C> <C>
MCL148A 10218000028 VLIET RONALD E 41,000.00 CD 333.59 40,934.06 57.7 02/01/97
MCL148A 10218000050 LOMBARDO RICHARD S 130,000.00 SF 920.13 129,715.93 68.7 02/01/97
MCL148A 10218000059 COOPER RICK W 32,000.00 SF 316.89 31,868.75 80.0 03/01/97
MCL148A 10218000090 CRUZ PEDRO R 160,000.00 SF 1,584.47 159,845.11 80.0 02/01/97
MCL148A 10218000093 LEFEVRE ALAN C 76,500.00 SF 664.29 76,430.20 90.0 03/01/97
MCL148A 10218000104 BUGGY GLENN M 391,500.00 SF 3,399.58 390,962.02 90.0 02/01/97
MCL148A 10218000140 SILNIK LEONARDO D 153,750.00 SF 1,278.81 153,393.71 75.0 02/01/97
MCL148A 10218000154 NIKSA LEWIS 51,200.00 SF 425.86 51,148.08 80.0 03/01/97
MCL148A 10218000199 RODRIGUEZ SANTA R 115,600.00 SF 1,089.98 115,557.65 85.0 04/01/97
MCL148A 10218000210 SHOCKLEY CRAIG S 116,000.00 SF 1,204.36 115,868.93 79.7 02/01/97
MCL148A 10218000218 BHATTI NASEER A 200,000.00 MF 1,773.65 200,000.00 51.2 05/01/97
MCL148A 10218000245 TUCKER VINCENT 104,400.00 SF 964.76 104,359.62 89.9 04/01/97
MCL148A 10218000253 GUADIANE GEORGE 64,000.00 SF 591.42 63,950.28 80.0 04/01/97
MCL148A 10218000258 IIDA YASUHISA 196,000.00 SF 1,848.06 195,855.73 75.3 03/01/97
MCL148A 10218000267 ENGA DONALD A 255,000.00 SF 2,214.29 254,884.15 79.4 04/01/97
MCL148A 10218000284 BEIGELMAN LARISA 117,600.00 CD 1,042.90 117,498.27 80.0 03/01/97
MCL148A 10218000320 CRUZ NILES R 120,000.00 SF 1,131.47 119,911.66 80.0 03/01/97
MCL148A 10218000397 ROMAN-NEAL MAGALI 112,000.00 SF 972.55 111,897.82 77.2 03/01/97
MCL148A 10218000453 RESEK MARTIN JR 104,000.00 MF 941.62 103,914.73 80.0 03/01/97
MCL148A 10218000466 NOWAK ANIA 201,750.00 SF 1,902.28 201,750.00 75.0 05/01/97
MCL148A 10218000468 BLANCO SONJA S 115,300.00 SF 1,130.82 115,223.90 79.9 03/01/97
MCL148A 10218000484 VANDEKIEFT RICHARD 86,000.00 SF 859.86 85,946.28 78.1 04/01/97
MCL148A 10218000505 SABATINO ROBERT C 135,700.00 SF 1,203.42 135,582.61 85.0 04/01/97
MCL148A 10218000546 SALAZAR VICTOR 135,800.00 SF 1,032.18 135,800.00 84.9 05/01/97
MCL148A 10218000550 RECUPERO LINDA 500,000.00 SF 4,249.95 499,275.63 88.8 03/01/97
MCL148A 10218000556 PAUL MATTHEW 117,000.00 SF 1,081.19 116,954.75 90.0 04/01/97
MCL148A 10218000568 ASHIDA KANEMICHI 343,825.00 SF 3,177.28 343,557.83 80.9 04/01/97
MCL148A 10218000600 TRENT JAMES E 94,500.00 SF 838.05 94,418.24 85.9 04/01/97
MCL148A 10218000627 ORTIZ SANTOS 153,000.00 SF 1,371.03 152,935.85 85.0 05/01/97
MCL148A 10218000653 YATES CHERYL R 113,400.00 SF 1,026.73 113,353.71 90.0 04/01/97
MCL148A 10218000678 MCKEE KATHY H 117,000.00 SF 1,015.97 116,946.84 90.0 04/01/97
MCL148A 10218000690 HARTWELL FREDERICK W 60,000.00 SF 605.65 59,963.52 46.1 04/01/97
MCL148A 10218000691 MENDEZ NELLY 168,000.00 SF 1,397.34 167,829.66 70.0 03/01/97
MCL148A 10218000697 KINGSLEY STEVEN T 370,000.00 SF 3,593.67 369,621.72 80.0 03/01/97
MCL148A 10218000716 WEISS WILLIAM R 176,000.00 SF 1,742.91 175,943.76 80.0 04/01/97
MCL148A 10218000743 GREEN CLIFFETON 192,000.00 SF 1,810.35 191,858.66 80.0 04/01/97
MCL148A 10218000745 BRENKERT MICHAEL 117,600.00 SF 1,220.97 117,534.23 80.0 03/01/97
MCL148A 10218000756 RUIZ ALVARO 144,000.00 MF 1,250.42 143,934.58 90.0 04/01/97
MCL148A 10218000766 AGUILAR JOSE 88,000.00 SF 913.65 87,975.52 80.0 04/01/97
MCL148A 10218000776 HANLE ROBERT 100,000.00 SF 831.75 99,899.36 66.0 03/01/97
MCL148A 10218000788 CHETTA JILL L 154,000.00 SF 1,423.11 153,880.33 80.0 03/01/97
MCL148A 10218000823 SANTILLO JOSEPH 152,150.00 SF 1,463.35 152,097.21 85.0 04/01/97
MCL148A 10218000846 KEHOE ANDREW J III 185,000.00 SF 1,779.29 184,935.81 79.3 04/01/97
MCL148A 10218000904 DERIU PAOLO 104,000.00 SF 903.08 103,952.75 80.0 04/01/97
MCL148A 10218000928 SMITH CHESTER R 150,000.00 SF 1,274.98 149,928.15 88.7 05/01/97
MCL148A 10218000952 GARSTON PRISCILLA 300,000.00 SF 2,072.02 299,771.73 78.9 04/01/97
MCL148A 10218001005 GARCIA JOSEPHINE 162,350.00 SF 1,350.35 162,267.83 85.0 04/01/97
MCL148A 10218001015 DEY KEVIN 97,500.00 MF 1,012.29 97,500.00 65.0 04/01/97
MCL148A 10218001066 KRUSKY DOROTHEA J 200,000.00 SF 1,699.98 199,904.19 88.8 04/01/97
MCL148A 10218001081 GOODMAN JOSEPH P 96,390.00 SF 908.85 96,390.00 85.0 11/01/98
MCL148A 10218001083 METZLER DREW J 146,250.00 SF 1,490.29 146,163.53 65.0 04/01/97
MCL148A 10218001086 TRUJILLO DAVID 94,500.00 SF 873.27 94,463.45 90.0 04/01/97
MCL148A 10218001091 BUTLER ZELL A 293,250.00 SF 2,655.11 293,130.28 85.0 04/01/97
MCL148A 10218001115 FROLICH ROBERT JR 240,000.00 SF 2,399.62 239,925.38 80.0 04/01/97
MCL148A 10218001132 KUFERT ISMAY 160,000.00 MF 1,418.92 159,861.58 69.5 04/01/97
MCL148A 10218001148 RODRIGUEZ ROBINSON 67,915.00 SF 679.04 67,893.89 85.0 04/01/97
MCL148A 10218001149 POPPE JOHN 150,000.00 SF 1,586.35 149,920.65 50.0 04/01/97
MCL148A 10218001171 VRIES ROGER DE 200,000.00 SF 1,627.26 200,000.00 78.4 05/01/97
MCL148A 10218001197 DIETERICH GERALD A 122,300.00 SF 973.07 122,300.00 79.9 05/01/97
MCL148A 10218001242 GRANDA EDGAR 150,450.00 MF 1,170.18 150,450.00 85.0 04/01/97
MCL148A 10218001251 CARNEY JOSEPH P 212,500.00 SF 2,084.12 212,430.20 85.0 04/01/97
</TABLE>
Current Property
Mortgage Value at Owner
Sale ID Account Rate Origination Occupied
- ------------------------------------------------------------
MCL148A 10218000028 9.125 71,000.00 Y
MCL148A 10218000050 7.625 189,000.00 Y
MCL148A 10218000059 11.500 40,000.00 Y
MCL148A 10218000090 11.500 200,000.00 Y
MCL148A 10218000093 9.875 85,000.00 Y
MCL148A 10218000104 9.875 435,000.00 Y
MCL148A 10218000140 9.375 205,000.00 Y
MCL148A 10218000154 9.375 64,000.00 Y
MCL148A 10218000199 10.875 136,000.00 Y
MCL148A 10218000210 12.125 145,500.00 Y
MCL148A 10218000218 10.125 390,000.00 Y
MCL148A 10218000245 10.625 116,055.00 Y
MCL148A 10218000253 10.625 80,000.00 Y
MCL148A 10218000258 10.875 260,000.00 Y
MCL148A 10218000267 9.875 321,000.00 Y
MCL148A 10218000284 10.125 147,000.00 Y
MCL148A 10218000320 10.875 150,000.00 Y
MCL148A 10218000397 9.875 145,000.00 Y
MCL148A 10218000453 10.375 130,000.00 Y
MCL148A 10218000466 10.875 269,000.00 Y
MCL148A 10218000468 11.375 144,160.00 Y
MCL148A 10218000484 11.625 110,000.00 Y
MCL148A 10218000505 10.125 159,600.00 Y
MCL148A 10218000546 8.375 159,800.00 Y
MCL148A 10218000550 9.625 562,500.00 Y
MCL148A 10218000556 10.625 130,000.00 Y
MCL148A 10218000568 10.625 425,000.00 Y
MCL148A 10218000600 10.125 110,000.00 Y
MCL148A 10218000627 10.250 180,000.00 Y
MCL148A 10218000653 10.375 126,000.00 Y
MCL148A 10218000678 9.875 130,000.00 Y
MCL148A 10218000690 11.750 130,000.00 Y
MCL148A 10218000691 9.375 240,000.00 Y
MCL148A 10218000697 11.250 462,500.00 Y
MCL148A 10218000716 11.500 220,000.00 Y
MCL148A 10218000743 10.875 240,000.00 Y
MCL148A 10218000745 12.125 147,000.00 Y
MCL148A 10218000756 9.875 160,000.00 Y
MCL148A 10218000766 12.125 110,000.00 Y
MCL148A 10218000776 9.375 151,500.00 Y
MCL148A 10218000788 10.625 192,500.00 Y
MCL148A 10218000823 11.125 179,000.00 Y
MCL148A 10218000846 11.125 233,000.00 Y
MCL148A 10218000904 9.875 130,000.00 Y
MCL148A 10218000928 9.625 169,000.00 Y
MCL148A 10218000952 7.375 380,000.00 Y
MCL148A 10218001005 9.375 191,000.00 Y
MCL148A 10218001015 12.125 150,000.00 Y
MCL148A 10218001066 9.625 225,000.00 Y
MCL148A 10218001081 10.875 113,400.00 Y
MCL148A 10218001083 11.875 225,000.00 Y
MCL148A 10218001086 10.625 105,000.00 Y
MCL148A 10218001091 10.375 345,000.00 Y
MCL148A 10218001115 11.625 300,000.00 Y
MCL148A 10218001132 10.125 230,000.00 Y
MCL148A 10218001148 11.625 79,900.00 Y
MCL148A 10218001149 12.375 300,000.00 Y
MCL148A 10218001171 9.125 255,000.00 Y
MCL148A 10218001197 8.875 152,900.00 Y
MCL148A 10218001242 8.625 177,000.00 Y
MCL148A 10218001251 11.375 250,000.00 Y
<PAGE>
Page 12
Sale Schedule B
1996-4 Class 2 - Initial Pool of Adjustable Rate Mortgages - Settlement 12/19/96
Alliance Funding Company
A division of Superior Bank FSB
<TABLE>
<CAPTION>
Principal Type of Scheduled Cut-off Date Original Next
Balance at Mortgaged Payment Principal LTV Adjustment
Sale ID Account Name Origination Property Int & Prin Balance Ratio Date
- ----------------------------------------------------------------------------------------------------------------------------------
<C> <S> <C> <C> <C> <C> <C> <C> <C>
MCL148A 10218001263 WALLACE CLARENCE JR 134,850.00 SF 1,195.88 134,742.80 85.6 05/01/97
MCL148A 10218001311 LOPES NORBERTO A 76,400.00 SF 698.86 76,400.00 89.9 05/01/97
MCL148A 10218001328 COLUCCIO ANTHONY 93,500.00 SF 829.18 93,459.73 85.0 04/01/97
MCL148A 10218001441 RYNDERMAN MICHEL 247,500.00 SF 2,103.72 247,381.44 90.0 04/01/97
MCL148A 10218001446 GARCIA MIGUEL A 206,550.00 MF 1,755.65 206,451.05 90.0 04/01/97
MCL148A 10218001457 MARSHALL GEORGE A 140,000.00 SF 1,241.55 139,939.70 61.4 04/01/97
MCL148A 10218001483 WOOTEN CYNTHIA 87,380.00 SF 823.90 87,347.98 75.9 04/01/97
MCL148A 10218001508 PRATT NANCY A 111,150.00 SF 944.76 111,096.76 90.0 04/01/97
MCL148A 10218001511 CURCIO JOSEPH 100,000.00 SF 1,019.00 100,000.00 80.0 05/01/97
MCL148A 10218001532 LLEWELLYN GEORGE 195,300.00 MF 1,695.88 195,300.00 90.0 05/01/97
MCL148A 10218001606 AVILA YURI 109,600.00 SF 1,106.31 109,566.86 80.0 04/01/97
MCL148A 10218001645 REMY KATHLEEN 65,000.00 SF 674.86 65,000.00 80.0 05/01/97
MCL148A 10218001650 SYMONETTE DEZRENE COHEN 127,000.00 SF 1,197.47 126,850.98 84.9 03/01/97
MCL148A 10218001753 RIVERA ANGEL 35,925.00 SF 311.95 35,925.00 75.0 05/01/97
MCL148A 10218001767 FOSTER MYRTLE M 208,000.00 MF 1,730.04 208,000.00 78.4 05/01/97
MCL148A 10218001808 ROMAN JOSE 80,000.00 SF 830.60 79,977.73 80.0 04/01/97
MCL148A 10218001822 AVERY DAVID M 149,900.00 SF 1,233.19 149,900.00 84.9 11/01/98
MCL148A 10218001851 AIARDO ANTHONY 148,000.00 SF 1,230.99 147,925.26 80.0 04/01/97
MCL148A 10218001875 PINOS DARIO 252,000.00 MF 2,005.02 251,716.42 90.0 04/01/97
MCL148A 10218001878 THEO HARRY 121,500.00 SF 1,021.64 121,500.00 90.0 05/01/97
MCL148A 10218001886 JONES OWEN 216,000.00 MF 1,996.05 216,000.00 90.0 05/01/97
MCL148A 10218001968 CULLEN DENNIS M 125,000.00 SF 1,028.34 124,869.90 89.9 04/01/97
MCL148A 10218002007 DOWNHAM ROSEMARIE 124,000.00 SF 1,099.66 123,946.59 78.9 05/01/97
MCL148A 10218002029 LINE DAVID H 108,000.00 SF 840.01 108,000.00 80.0 05/01/97
MCL148A 10218002053 DELORENZO JOSEPH 85,000.00 SF 793.46 85,000.00 37.7 11/01/98
MCL148A 10218002054 BOWE TIMOTHY I 111,350.00 SF 1,008.17 111,304.54 85.0 05/01/97
MCL148A 10218002055 KIM ROBERT 174,600.00 SF 1,516.14 174,600.00 90.0 05/01/97
MCL148A 10218002063 GENTILE EUGENE 350,000.00 SF 3,300.12 350,000.00 71.1 05/01/97
MCL148A 10218002132 FRANCO RICARDO 128,000.00 SF 1,041.46 128,000.00 80.0 05/01/97
MCL148A 10218002152 TREMBLEY SCOTT 126,000.00 MF 1,070.99 125,939.64 90.0 05/01/97
MCL148A 10218002207 THOMSEN ALAN JR 180,000.00 SF 1,497.15 180,000.00 80.0 05/01/97
MCL148A 10218002253 LUBRANO DOMENICO 123,200.00 SF 1,058.48 123,200.00 80.0 11/01/98
MCL148A 10218002423 LEM BONNIE JEAN 369,600.00 SF 3,277.70 369,600.00 80.0 05/01/97
MCL148A 10218002450 TARTAGLIA STEVEN 180,000.00 MF 1,513.54 180,000.00 85.7 05/01/97
MCL148A 10218002482 BARRINGTON CAMERON 136,000.00 MF 1,131.18 136,000.00 80.0 05/01/97
MCL148A 10218002503 SINGH TAMINDER 98,000.00 SF 850.98 98,000.00 63.6 05/01/97
MCL148A 10218002683 DEVINCENT EDWARD A JR 157,600.00 SF 1,545.68 157,548.24 80.0 05/01/97
MCL148A 10218002718 HAHNE WINSTON 79,050.00 MF 752.81 79,021.82 85.0 11/01/98
MCL148A 10218002805 BAKER GARY R 148,000.00 SF 1,395.48 148,000.00 80.0 05/01/97
MCL148A 10218002841 LINEHAN ELIZABETH 25,000.00 SF 235.72 25,000.00 56.8 05/01/97
MCL148A 10218002862 SCAFIDI ZORA 97,500.00 SF 1,031.13 97,474.34 57.6 05/01/97
------------------------------------------------------------ ------------------------------------
102 Sale Total 15,339,435.00 137,433.38 15,331,457.09 80.6
</TABLE>
Current Property
Mortgage Value at Owner
Sale ID Account Rate Origination Occupied
- ------------------------------------------------------------
MCL148A 10218001263 10.125 157,500.00 Y
MCL148A 10218001311 10.500 84,900.00 Y
MCL148A 10218001328 10.125 110,000.00 Y
MCL148A 10218001441 9.625 275,000.00 Y
MCL148A 10218001446 9.625 229,500.00 Y
MCL148A 10218001457 10.125 228,000.00 Y
MCL148A 10218001483 10.875 115,000.00 Y
MCL148A 10218001508 9.625 123,500.00 Y
MCL148A 10218001511 11.875 125,000.00 Y
MCL148A 10218001532 9.875 217,000.00 Y
MCL148A 10218001606 11.750 137,000.00 Y
MCL148A 10218001645 12.125 81,250.00 Y
MCL148A 10218001650 10.875 149,500.00 Y
MCL148A 10218001753 9.875 47,900.00 Y
MCL148A 10218001767 9.375 265,000.00 Y
MCL148A 10218001808 12.125 100,000.00 Y
MCL148A 10218001822 9.250 176,500.00 Y
MCL148A 10218001851 9.375 185,000.00 Y
MCL148A 10218001875 8.875 280,000.00 Y
MCL148A 10218001878 9.500 135,000.00 Y
MCL148A 10218001886 10.625 240,000.00 Y
MCL148A 10218001968 9.250 139,000.00 Y
MCL148A 10218002007 10.125 157,000.00 Y
MCL148A 10218002029 8.625 135,000.00 Y
MCL148A 10218002053 10.750 225,000.00 Y
MCL148A 10218002054 10.375 131,000.00 Y
MCL148A 10218002055 9.875 194,000.00 Y
MCL148A 10218002063 10.875 492,000.00 Y
MCL148A 10218002132 9.125 160,000.00 Y
MCL148A 10218002152 9.625 140,000.00 Y
MCL148A 10218002207 9.375 225,000.00 Y
MCL148A 10218002253 9.750 154,000.00 Y
MCL148A 10218002423 10.125 462,000.00 Y
MCL148A 10218002450 9.500 210,000.00 Y
MCL148A 10218002482 9.375 169,900.00 Y
MCL148A 10218002503 9.875 153,888.00 Y
MCL148A 10218002683 11.375 197,000.00 Y
MCL148A 10218002718 11.000 93,000.00 Y
MCL148A 10218002805 10.875 185,000.00 Y
MCL148A 10218002841 10.875 44,000.00 Y
MCL148A 10218002862 12.375 169,000.00 Y
-----------------------------------------
102 10.236 19,357,653.00
<PAGE>
Page 13
Sale Schedule B
1996-4 Class 2 - Initial Pool of Adjustable Rate Mortgages - Settlement 12/19/96
Alliance Funding Company
A division of Superior Bank FSB
<TABLE>
<CAPTION>
Principal Type of Scheduled Cut-off Date Original Next
Balance at Mortgaged Payment Principal LTV Adjustment
Sale ID Account Name Origination Property Int & Prin Balance Ratio Date
- ----------------------------------------------------------------------------------------------------------------------------------
<C> <S> <C> <C> <C> <C> <C> <C> <C>
MLC149 10218000970 BALLARO LEONARD J SR 123,750.00 SF 1,085.99 123,640.06 75.0 04/01/97
MLC149 10218001362 CLEMENT LESLIE 60,800.00 SF 516.79 60,800.00 80.0 12/01/98
MLC149 10218001674 FIGUEROA ZULLY C 100,000.00 MF 831.75 100,000.00 33.8 06/01/97
MLC149 10218002018 GOMEZ ARTHUR 68,720.00 MF 635.04 68,661.67 85.9 04/01/97
MLC149 10218002120 COE RICHARD 126,650.00 SF 1,041.92 126,650.00 85.0 06/01/97
MLC149 10218002244 MALOUF IMAD N 161,100.00 MF 1,296.25 161,100.00 90.0 06/01/97
MLC149 10218002865 NRECAJ NREC 292,000.00 SF 2,780.78 292,000.00 80.0 05/01/97
MLC149 10218002986 NIGRO WILLIAM A 64,600.00 SF 549.09 64,537.87 79.9 04/01/97
MLC149 10218003036 ROGGIO CARMINE 118,575.00 SF 1,095.75 118,575.00 85.3 11/01/98
MLC149 10218003447 SHULMAN ROBERT T 242,250.00 SF 2,329.91 242,250.00 85.0 05/01/97
MLC149 10218003589 BERINI JOHN E 182,700.00 SF 1,637.18 182,700.00 90.0 11/01/98
MLC149 10218004187 ESTRADA GERMAN RODRIGUES 81,600.00 SF 808.08 81,600.00 80.0 12/01/98
MLC149 10218004357 STRUMMER ADELE 116,800.00 SF 950.32 116,800.00 80.0 06/01/97
------------------------------------------------------------ ------------------------------------
13 Sale Total 1,739,545.00 15,558.85 1,739,314.60 80.6
</TABLE>
Current Property
Mortgage Value at Owner
Sale ID Account Rate Origination Occupied
- ------------------------------------------------------------
MLC149 10218000970 10.000 165,000.00 Y
MLC149 10218001362 9.625 76,000.00 Y
MLC149 10218001674 9.375 295,000.00 N
MLC149 10218002018 10.625 80,000.00 Y
MLC149 10218002120 9.250 149,000.00 Y
MLC149 10218002244 9.000 179,000.00 Y
MLC149 10218002865 11.000 365,000.00 Y
MLC149 10218002986 9.625 80,800.00 Y
MLC149 10218003036 10.625 139,000.00 Y
MLC149 10218003447 11.125 285,000.00 Y
MLC149 10218003589 10.250 203,000.00 Y
MLC149 10218004187 11.500 102,000.00 Y
MLC149 10218004357 9.125 146,000.00 Y
-----------------------------------------
13 10.220 2,264,800.00
<PAGE>
Page 14
Sale Schedule B
1996-4 Class 2 - Initial Pool of Adjustable Rate Mortgages - Settlement 12/19/96
Alliance Funding Company
A division of Superior Bank FSB
<TABLE>
<CAPTION>
Principal Type of Scheduled Cut-off Date Original Next
Balance at Mortgaged Payment Principal LTV Adjustment
Sale ID Account Name Origination Property Int & Prin Balance Ratio Date
- ----------------------------------------------------------------------------------------------------------------------------------
<C> <S> <C> <C> <C> <C> <C> <C> <C>
MLC149A 10218000982 NAUGHTON PETER T SR 67,500.00 SF 649.20 67,476.58 79.4 04/01/97
MLC149A 10218001000 GIGLIO ANDREW 125,200.00 SF 1,110.30 125,200.00 84.5 05/01/97
MLC149A 10218001609 RIVERA FILOGONIO J 134,000.00 MF 1,066.16 133,924.88 89.9 04/01/97
MLC149A 10218001844 SCOTT KARL 140,000.00 MF 1,064.10 140,000.00 70.0 06/01/97
MLC149A 10218002137 LYMAN CHARLES E IV 208,800.00 SF 2,027.99 208,800.00 80.0 11/01/98
MLC149A 10218002387 PRINGLEY HENRY SR 116,200.00 MF 1,009.02 116,200.00 70.0 05/01/97
MLC149A 10218002563 MARTINEZ ALBERTO 106,200.00 MF 922.19 106,200.00 90.0 05/01/97
MLC149A 10218002900 YEAGER TOMMIE LEE 20,000.00 SF 215.39 20,000.00 20.0 12/01/98
MLC149A 10218003057 MACLISE JEWETT LANGDON 90,000.00 CD 823.27 89,964.23 34.6 11/01/98
MLC149A 10218003058 KURZWEIL SCOTT R 60,000.00 SF 543.24 60,000.00 62.1 05/01/97
MLC149A 10218003103 DELUCIA ANTONIO 59,200.00 SF 603.25 59,200.00 80.0 05/01/97
MLC149A 10218003136 SCHMERLER ROBERT L 79,450.00 SF 697.23 79,450.00 72.2 05/01/97
MLC149A 10218003141 KRAFT KELLY E 57,630.00 MF 495.13 57,630.00 85.0 12/01/98
MLC149A 10218003258 KING ALAN B 143,910.00 SF 1,302.97 143,851.25 90.0 05/01/97
MLC149A 10218003317 AIKEN BEN 108,000.00 MF 1,018.32 108,000.00 80.0 05/01/97
MLC149A 10218003371 RAWLINGS VINCENT E SR 80,000.00 SF 687.32 80,000.00 54.0 05/01/97
MLC149A 10218003497 BELHSEINE RACHID 180,000.00 SF 1,612.98 180,000.00 90.0 12/01/98
MLC149A 10218003663 PARISI ESTHER FIORE 79,200.00 SF 673.19 79,200.00 90.0 06/01/97
MLC149A 10218003709 BURGESS BRYAN 75,000.00 SF 693.07 75,000.00 78.9 05/01/97
MLC149A 10218004125 WARR RICHARD L 151,200.00 MF 1,257.61 151,200.00 90.0 05/01/97
MLC149A 10218004258 BARBOSA SHIRLEY 125,000.00 SF 972.24 125,000.00 71.4 06/01/97
MLC149A 10218004376 BRABHAM BETTY 144,500.00 MF 1,458.60 144,456.30 84.5 11/01/98
MLC149A 10218004516 SWITLICK STEVEN R 62,000.00 SF 460.35 62,000.00 67.3 06/01/97
------------------------------------------------------------ ------------------------------------
23 Sale Total 2,412,990.00 21,363.12 2,412,753.24 78.3
</TABLE>
Current Property
Mortgage Value at Owner
Sale ID Account Rate Origination Occupied
- ------------------------------------------------------------
MLC149A 10218000982 11.125 85,000.00 Y
MLC149A 10218001000 10.125 148,000.00 Y
MLC149A 10218001609 8.875 149,000.00 Y
MLC149A 10218001844 8.375 200,000.00 Y
MLC149A 10218002137 11.250 261,000.00 Y
MLC149A 10218002387 9.875 166,000.00 N
MLC149A 10218002563 9.875 118,000.00 Y
MLC149A 10218002900 12.625 100,000.00 Y
MLC149A 10218003057 10.500 260,000.00 Y
MLC149A 10218003058 10.375 96,500.00 Y
MLC149A 10218003103 11.875 74,000.00 Y
MLC149A 10218003136 10.000 110,000.00 Y
MLC149A 10218003141 9.750 67,800.00 Y
MLC149A 10218003258 10.375 159,900.00 Y
MLC149A 10218003317 10.875 135,000.00 Y
MLC149A 10218003371 9.750 148,000.00 Y
MLC149A 10218003497 10.250 200,000.00 Y
MLC149A 10218003663 9.625 88,000.00 Y
MLC149A 10218003709 10.625 95,000.00 Y
MLC149A 10218004125 9.375 168,000.00 Y
MLC149A 10218004258 8.625 175,000.00 Y
MLC149A 10218004376 11.750 171,000.00 Y
MLC149A 10218004516 8.125 92,000.00 Y
-----------------------------------------
23 10.093 3,267,200.00
<PAGE>
Page 15
Sale Schedule B
1996-4 Class 2 - Initial Pool of Adjustable Rate Mortgages - Settlement 12/19/96
Alliance Funding Company
A division of Superior Bank FSB
<TABLE>
<CAPTION>
Principal Type of Scheduled Cut-off Date Original Next
Balance at Mortgaged Payment Principal LTV Adjustment
Sale ID Account Name Origination Property Int & Prin Balance Ratio Date
- ----------------------------------------------------------------------------------------------------------------------------------
<C> <S> <C> <C> <C> <C> <C> <C> <C>
ML150 10216130477 PORTER DOROTHY J 60,000.00 SF 526.54 60,000.00 75.0 06/01/97
ML150 10216132275 KOLVEK DAVID 22,400.00 SF 217.56 22,400.00 67.8 05/01/97
ML150 10216134339 STONE VELVA 246,900.00 SF 2,468.61 246,900.00 71.5 05/01/97
ML150 10216135631 DELANEY LELA M 69,000.00 SF 605.52 69,000.00 75.0 05/01/97
------------------------------------------------------------ ------------------------------------
4 Sale Total 398,300.00 3,818.23 398,300.00 72.4
</TABLE>
Current Property
Mortgage Value at Owner
Sale ID Account Rate Origination Occupied
- ------------------------------------------------------------
ML150 10216130477 10.000 80,000.00 Y
ML150 10216132275 11.250 33,000.00 Y
ML150 10216134339 11.625 345,000.00 Y
ML150 10216135631 10.000 92,000.00 Y
-----------------------------------------
4 11.078 550,000.00
<PAGE>
Page 16
Sale Schedule B
1996-4 Class 2 - Initial Pool of Adjustable Rate Mortgages - Settlement 12/19/96
Alliance Funding Company
A division of Superior Bank FSB
<TABLE>
<CAPTION>
Principal Type of Scheduled Cut-off Date Original Next
Balance at Mortgaged Payment Principal LTV Adjustment
Sale ID Account Name Origination Property Int & Prin Balance Ratio Date
- ----------------------------------------------------------------------------------------------------------------------------------
<C> <S> <C> <C> <C> <C> <C> <C> <C>
ML151 10216127044 LAPP STEPHEN L 92,225.00 SF 869.58 92,225.00 85.0 05/01/97
ML151 10216127609 SAMPSON TRACY P 69,700.00 SF 618.12 69,588.09 85.0 05/01/97
ML151 10216130122 BURDEN THOMAS A JR 50,000.00 MF 415.87 49,974.76 33.3 04/01/97
ML151 10216131852 HAUSLE STEVEN D 400,000.00 SF 2,969.99 400,000.00 72.7 05/01/97
ML151 10216132119 AHMAD ADEL 68,000.00 SF 553.27 67,963.81 78.1 04/01/97
ML151 10216132336 KIRK EARL R 195,000.00 SF 1,447.87 195,000.00 84.7 06/01/97
ML151 10216133044 TUNNELL VERNON R JR 123,200.00 SF 1,138.49 123,200.00 80.0 06/01/97
ML151 10216134069 KASCHAK JOHN H 99,400.00 SF 799.79 99,400.00 84.9 12/01/98
ML151 10216134344 FLEISCHER RICHELLE B 76,000.00 SF 597.89 76,000.00 84.9 12/01/98
ML151 10216134698 GARCIA JOSE A 51,000.00 SF 471.29 51,000.00 85.0 12/01/98
ML151 10216135158 YESENSKI FRANKLIN A 72,000.00 SF 598.86 72,000.00 90.0 05/01/97
ML151 10216135228 SALEH KODOR 93,500.00 SF 710.67 93,500.00 85.0 05/01/97
ML151 10216135505 MENTA BERNARD A 119,600.00 SF 1,184.39 119,600.00 80.0 05/14/97
ML151 10216135506 MENTA BERNARD A 38,400.00 MF 380.27 38,400.00 60.0 05/14/97
ML151 10216135507 MENTA BERNARD A 57,000.00 MF 564.47 57,000.00 60.0 05/14/97
ML151 10216135555 BARKMEYER ERIC 542,500.00 SF 4,561.63 542,500.00 70.0 12/01/98
ML151 10216135585 BORNHOLDT ROBERT M 104,800.00 SF 815.12 104,800.00 77.6 06/01/97
ML151 10216135639 JAMES GARY A 76,500.00 SF 554.68 76,394.36 90.0 04/01/97
ML151 10216135645 COTE LINDA M 46,200.00 SF 401.18 46,179.01 67.9 05/01/97
ML151 10216135647 THORNBERRY MARK 89,600.00 SF 737.12 89,600.00 80.0 12/01/98
ML151 10216135774 EUBANKS CLAUDE L 116,550.00 SF 969.41 116,550.00 90.0 05/01/97
ML151 10216135800 BENTLEY JOHN S 42,700.00 SF 390.60 42,700.00 70.0 11/01/98
ML151 10216135801 BENTLEY JOHN S 42,700.00 SF 390.60 42,700.00 70.0 11/01/98
ML151 10216136136 BROCK KEVIN C 127,415.00 SF 1,286.14 127,415.00 85.0 12/01/98
ML151 10216136269 DANIELS MARK S 135,000.00 SF 1,260.20 135,000.00 84.3 12/01/98
ML151 10216136516 KENNEDY STEPHEN J 324,000.00 SF 2,753.97 324,000.00 78.0 12/01/98
ML151 10216136618 LIST DEBORAH SUE 125,300.00 SF 985.74 125,300.00 70.0 12/01/98
ML151 10216136801 HIMOUDA MAHMOUD I 99,750.00 MF 838.75 99,750.00 75.5 12/01/98
ML151 10216136854 CAPATINA IOAN 119,000.00 SF 1,110.84 119,000.00 85.0 12/01/98
ML151 10216136868 STINEMAN LORRAINE L 113,050.00 SF 1,002.55 113,050.00 85.0 06/01/97
ML151 10216137036 LAZERUS CRAIG 178,500.00 SF 1,784.71 178,500.00 85.0 12/01/98
ML151 10216137062 LOCHRIDGE JAMES A 201,600.00 SF 1,568.02 201,600.00 90.0 06/01/97
ML151 10216137314 MCCRORY JAMES B 68,000.00 SF 628.39 68,000.00 85.0 12/01/98
------------------------------------------------------------ ------------------------------------
33 Sale Total 4,158,190.00 35,360.47 4,157,890.03 78.8
</TABLE>
Current Property
Mortgage Value at Owner
Sale ID Account Rate Origination Occupied
- ------------------------------------------------------------
ML151 10216127044 10.875 108,500.00 Y
ML151 10216127609 10.125 82,000.00 Y
ML151 10216130122 9.375 150,000.00 N
ML151 10216131852 8.125 550,000.00 Y
ML151 10216132119 9.125 87,000.00 Y
ML151 10216132336 8.125 230,000.00 Y
ML151 10216133044 10.625 154,000.00 Y
ML151 10216134069 9.000 117,000.00 Y
ML151 10216134344 8.750 89,500.00 Y
ML151 10216134698 10.625 60,000.00 Y
ML151 10216135158 9.375 80,000.00 Y
ML151 10216135228 8.375 110,000.00 Y
ML151 10216135505 11.500 149,500.00 Y
ML151 10216135506 11.500 64,000.00 Y
ML151 10216135507 11.500 95,000.00 N
ML151 10216135555 9.500 775,000.00 Y
ML151 10216135585 8.625 135,000.00 Y
ML151 10216135639 7.875 85,000.00 Y
ML151 10216135645 9.875 68,000.00 N
ML151 10216135647 9.250 112,000.00 Y
ML151 10216135774 9.375 129,500.00 Y
ML151 10216135800 10.500 61,000.00 N
ML151 10216135801 10.500 61,000.00 N
ML151 10216136136 11.750 149,900.00 Y
ML151 10216136269 10.750 160,000.00 Y
ML151 10216136516 9.625 415,000.00 Y
ML151 10216136618 8.750 179,000.00 Y
ML151 10216136801 9.500 132,000.00 Y
ML151 10216136854 10.750 140,000.00 Y
ML151 10216136868 10.125 133,000.00 Y
ML151 10216137036 11.625 210,000.00 Y
ML151 10216137062 8.625 224,000.00 Y
ML151 10216137314 10.625 80,000.00 Y
-----------------------------------------
33 9.615 5,375,900.00
<PAGE>
Page 17
Sale Schedule B
1996-4 Class 2 - Initial Pool of Adjustable Rate Mortgages - Settlement 12/19/96
Alliance Funding Company
A division of Superior Bank FSB
<TABLE>
<CAPTION>
Principal Type of Scheduled Cut-off Date Original Next
Balance at Mortgaged Payment Principal LTV Adjustment
Sale ID Account Name Origination Property Int & Prin Balance Ratio Date
- ----------------------------------------------------------------------------------------------------------------------------------
<C> <S> <C> <C> <C> <C> <C> <C> <C>
MLC152 10218001423 HEMBERGER CHARLES G JR 150,000.00 MF 1,302.52 150,000.00 75.0 05/01/97
MLC152 10218001564 SALHANY ROBERT 131,250.00 SF 1,163.95 131,193.47 75.0 05/01/97
MLC152 10218001876 CASTALDI LOUIS 310,000.00 SF 3,069.90 310,000.00 84.9 05/01/97
MLC152 10218001917 SELLITTI LESTER B 130,500.00 SF 1,133.19 130,440.72 90.0 05/01/97
MLC152 10218002798 RAMIREZ CARLOS M 130,500.00 SF 1,121.20 130,500.00 90.0 05/01/97
MLC152 10218003129 JONES WILLIAM 55,000.00 SF 447.50 55,000.00 73.3 06/01/97
MLC152 10218003176 GREEFF ROBERT S 259,000.00 SF 2,249.02 259,000.00 70.0 05/01/97
MLC152 10218003420 SCARBOROUGH THOMAS 122,500.00 MF 1,086.36 122,500.00 70.0 06/01/97
MLC152 10218003685 ZAGYI PAUL M 202,500.00 SF 1,593.07 202,500.00 75.0 11/04/98
MLC152 10218003792 HARRIS AUDREY 70,000.00 SF 726.77 70,000.00 62.5 06/01/97
MLC152 10218004380 PATEL MAHENDRA K 207,000.00 MF 1,932.31 207,000.00 90.0 12/01/98
MLC152 10218004538 DEFELICE DENISE M 51,000.00 SF 480.87 50,981.32 85.0 11/01/98
------------------------------------------------------------ ------------------------------------
12 Sale Total 1,819,250.00 16,306.66 1,819,115.51 79.2
</TABLE>
Current Property
Mortgage Value at Owner
Sale ID Account Rate Origination Occupied
- ------------------------------------------------------------
MLC152 10218001423 9.875 200,000.00 Y
MLC152 10218001564 10.125 175,000.00 Y
MLC152 10218001876 11.500 365,000.00 Y
MLC152 10218001917 9.875 145,000.00 Y
MLC152 10218002798 9.750 145,000.00 Y
MLC152 10218003129 9.125 75,000.00 Y
MLC152 10218003176 9.875 370,000.00 Y
MLC152 10218003420 10.125 175,000.00 N
MLC152 10218003685 8.750 270,000.00 Y
MLC152 10218003792 12.125 112,000.00 Y
MLC152 10218004380 10.750 230,000.00 Y
MLC152 10218004538 10.875 60,000.00 Y
-----------------------------------------
12 10.244 2,322,000.00
<PAGE>
Page 18
Sale Schedule B
1996-4 Class 2 - Initial Pool of Adjustable Rate Mortgages - Settlement 12/19/96
Alliance Funding Company
A division of Superior Bank FSB
<TABLE>
<CAPTION>
Principal Type of Scheduled Cut-off Date Original Next
Balance at Mortgaged Payment Principal LTV Adjustment
Sale ID Account Name Origination Property Int & Prin Balance Ratio Date
- ----------------------------------------------------------------------------------------------------------------------------------
<C> <S> <C> <C> <C> <C> <C> <C> <C>
ML154 10216132066 BENSON PAUL 64,600.00 SF 609.11 64,600.00 77.8 06/01/97
ML154 10216134272 MAJED YOUSSEF 25,600.00 SF 199.11 25,600.00 80.0 05/01/97
ML154 10216134669 MUSIL ARTHUR DALE 68,000.00 SF 547.14 68,000.00 80.0 12/01/98
ML154 10216134798 KIMBLE CHERYL L 43,800.00 SF 417.12 43,800.00 79.6 05/01/97
ML154 10216135204 GIANNOPOULOUS GEORGE 196,000.00 SF 2,091.83 196,000.00 80.0 12/01/98
ML154 10216135209 GULLEY-GRANT JUANITA 91,000.00 MF 715.90 91,000.00 70.0 11/01/98
ML154 10216135381 HASSAN-SHAHIN SAFAA 112,500.00 SF 1,029.08 112,500.00 90.0 11/01/98
ML154 10216135765 LUNDSTROM RICHARD F 89,250.00 SF 833.13 89,250.00 85.0 12/01/98
ML154 10216135828 ANTHONY DELORES 26,000.00 MF 247.60 26,000.00 29.5 11/01/98
ML154 10216135836 MORROW TONI M 103,200.00 SF 1,021.98 103,200.00 80.0 05/01/97
ML154 10216136110 BIRNIE TRACY D 120,000.00 SF 933.35 120,000.00 52.6 06/01/97
ML154 10216136125 PEEPLES RANDY LEE 119,500.00 SF 825.36 119,500.00 78.9 05/01/97
ML154 10216136498 MAKIN EARLE F JR 224,000.00 SF 2,133.20 224,000.00 80.0 12/01/98
ML154 10216136645 BEYDOUN ABDUL-AZIZ 54,000.00 SF 458.99 54,000.00 90.0 06/01/97
ML154 10216136685 SPRINGER GREGG E 246,000.00 SF 1,826.54 246,000.00 75.0 06/01/97
ML154 10216136711 LEGG RACHEL 131,400.00 SF 1,153.13 131,400.00 90.0 12/01/98
ML154 10216136925 STRINGFELLOW SAMUEL K 250,000.00 SF 2,333.70 250,000.00 83.3 12/01/98
ML154 10216136955 STOOPS RICHARD M 332,000.00 SF 2,611.85 332,000.00 80.0 12/01/98
ML154 10216136974 NILSSON GLENN A 120,500.00 SF 1,057.47 120,500.00 89.9 12/01/98
ML154 10216137294 NEMEH LAILA 210,000.00 SF 1,960.31 210,000.00 75.0 12/01/98
ML154 10216137316 PETERSON ROBERT R 162,000.00 SF 1,347.43 162,000.00 90.0 06/01/97
ML154 10216137422 AL-KAABI HAMID 55,800.00 SF 474.29 55,800.00 90.0 06/01/97
ML154 10216137459 ROBERTS GARY C 117,000.00 SF 994.49 117,000.00 90.0 12/01/98
ML154 10216137504 KELLEY MICHAEL G 149,600.00 SF 1,230.72 149,600.00 80.0 12/01/98
ML154 10216137538 ALLAMY ALI 94,500.00 SF 803.24 94,500.00 90.0 06/01/97
ML154 10216137617 CURCIC MICO 21,000.00 SF 218.03 21,000.00 50.0 12/01/98
ML154 10216137765 ESSER GERALD W 102,500.00 SF 797.23 102,500.00 38.6 06/01/97
ML154 10216137814 SALERNO MARCO 195,000.00 CD 1,482.14 195,000.00 75.0 06/01/97
ML154 10216137822 SIELER ELIZABETH B 54,200.00 SF 475.64 54,200.00 44.7 12/01/98
ML154 10216137832 AL-BIDHAWI ABDULRIDHA 77,400.00 SF 657.89 77,400.00 90.0 06/01/97
ML154 10216137881 SALAZAR GUSTAVO 200,000.00 SF 1,755.15 200,000.00 80.0 12/01/98
ML154 10216137951 THAYER JOHN E 84,000.00 SF 744.93 84,000.00 80.0 06/01/97
ML154 10216138126 KEARNEY M PAMELA 225,000.00 SF 1,891.92 225,000.00 79.5 12/01/98
------------------------------------------------------------ ------------------------------------
33 Sale Total 4,165,350.00 35,879.00 4,165,350.00 78.7
</TABLE>
Current Property
Mortgage Value at Owner
Sale ID Account Rate Origination Occupied
- ------------------------------------------------------------
ML154 10216132066 10.875 83,000.00 Y
ML154 10216134272 8.625 32,000.00 Y
ML154 10216134669 9.000 85,000.00 Y
ML154 10216134798 11.000 55,000.00 Y
ML154 10216135204 12.500 245,000.00 Y
ML154 10216135209 8.750 130,000.00 N
ML154 10216135381 10.500 125,000.00 Y
ML154 10216135765 10.750 105,000.00 Y
ML154 10216135828 11.000 88,000.00 Y
ML154 10216135836 11.500 129,000.00 Y
ML154 10216136110 8.625 228,000.00 Y
ML154 10216136125 7.375 151,300.00 Y
ML154 10216136498 11.000 280,000.00 Y
ML154 10216136645 9.625 60,000.00 Y
ML154 10216136685 8.125 328,000.00 Y
ML154 10216136711 10.000 146,000.00 Y
ML154 10216136925 10.750 300,000.00 Y
ML154 10216136955 8.750 415,000.00 Y
ML154 10216136974 10.000 134,000.00 Y
ML154 10216137294 10.750 280,000.00 Y
ML154 10216137316 9.375 180,000.00 Y
ML154 10216137422 9.625 62,000.00 Y
ML154 10216137459 9.625 130,000.00 Y
ML154 10216137504 9.250 187,000.00 Y
ML154 10216137538 9.625 105,000.00 Y
ML154 10216137617 12.125 42,000.00 Y
ML154 10216137765 8.625 265,000.00 Y
ML154 10216137814 8.375 260,000.00 Y
ML154 10216137822 10.000 121,000.00 N
ML154 10216137832 9.625 86,000.00 Y
ML154 10216137881 10.000 250,000.00 Y
ML154 10216137951 10.125 105,000.00 Y
ML154 10216138126 9.500 283,000.00 Y
-----------------------------------------
33 9.763 5,475,300.00
<PAGE>
Page 19
Sale Schedule B
1996-4 Class 2 - Initial Pool of Adjustable Rate Mortgages - Settlement 12/19/96
Alliance Funding Company
A division of Superior Bank FSB
<TABLE>
<CAPTION>
Principal Type of Scheduled Cut-off Date Original Next
Balance at Mortgaged Payment Principal LTV Adjustment
Sale ID Account Name Origination Property Int & Prin Balance Ratio Date
- ----------------------------------------------------------------------------------------------------------------------------------
<C> <S> <C> <C> <C> <C> <C> <C> <C>
MLC155 10218000863 VANMOL TERESA L 125,600.00 SF 1,279.86 125,488.06 80.0 03/01/97
MLC155 10218002559 GERAINE MICHAEL 108,000.00 SF 878.72 107,942.53 90.0 05/01/97
MLC155 10218002582 VARGAS MANUEL 244,800.00 MF 2,125.72 244,576.64 90.0 04/01/97
MLC155 10218002634 WALKER KEVIN 128,000.00 MF 1,341.31 128,000.00 80.0 05/01/97
MLC155 10218003191 TAYLOR RANDOLPH 149,500.00 SF 1,452.04 149,500.00 65.0 06/01/97
MLC155 10218003330 VITALE ANTHONY 328,000.00 SF 3,000.34 328,000.00 79.0 12/01/98
MLC155 10218003588 YOUNG ROGER Y 207,400.00 SF 1,877.81 207,400.00 85.0 06/01/97
MLC155 10218004245 TAM KWOK S 188,000.00 MF 1,879.70 188,000.00 80.0 06/01/97
MLC155 10218004410 CARTER JAMES H 200,000.00 SF 1,810.81 200,000.00 54.7 12/01/98
MLC155 10218004727 SCARBOROUGH THOMAS 27,500.00 SF 238.80 27,500.00 19.3 06/01/97
------------------------------------------------------------ ------------------------------------
10 Sale Total 1,706,800.00 15,885.11 1,706,407.23 77.2
352 Total with Merrill Lynch 46,236,152.00 412,242.48 46,220,241.40 79.7
455 Grand Total 60,106,188.00 534,260.52 60,081,756.98 79.9
</TABLE>
Current Property
Mortgage Value at Owner
Sale ID Account Rate Origination Occupied
- ------------------------------------------------------------
MLC155 10218000863 11.875 157,000.00 Y
MLC155 10218002559 9.125 120,000.00 Y
MLC155 10218002582 9.875 272,000.00 Y
MLC155 10218002634 12.250 160,000.00 Y
MLC155 10218003191 11.250 230,000.00 Y
MLC155 10218003330 10.500 415,000.00 Y
MLC155 10218003588 10.375 244,000.00 Y
MLC155 10218004245 11.625 235,000.00 Y
MLC155 10218004410 10.375 365,000.00 Y
MLC155 10218004727 9.875 142,000.00 Y
-----------------------------------------
10 10.706 2,340,000.00
352 10.176 59,484,982.00
455 10.142 77,144,422.00
<PAGE>
EXHIBIT I
REQUEST FOR RELEASE OF DOCUMENTS
_____________, 19__
To: [Trustee]
[Custodian]
Re: Pooling and Servicing Agreement, dated as of December 1, 1996,
among Superior Bank FSB, as Depositor, Lee Servicing Company, a
division of Superior Bank FSB, as Servicer, and LaSalle National
Bank, as Trustee relating to AFC Mortgage Loan Asset Backed
Certificates, Series 1996-4
-----------------------------------------------------------------
In connection with the administration of the pool of Mortgage Loans
held by you as Trustee or by the Custodian as your agent for the benefit of
Certificateholders, we request the release, and acknowledge receipt, of the
(Trustee's Mortgage File/[specify document]) for the Mortgage Loan described
below, for the reason indicated.
Mortgagor's Name, Address & Zip Code:
Mortgage Loan Number:
Reason for Requesting Documents (check one)
____ 1. Mortgage Loan Paid in Full
(Servicer hereby certifies that all amounts received in
connection therewith have been credited to the Principal and
Interest Account with respect to each Sub-Pool and remitted to
the Trustee for deposit into the related Certificate Account
pursuant to the Pooling and Servicing Agreement.)
____ 2. Mortgage Loan Liquidated
(Servicer hereby certifies that all proceeds of foreclosure,
insurance or other liquidation have been finally received and
credited to the Principal and Interest Account and remitted to
the Trustee for deposit into the related Certificate Account
pursuant to the Pooling and Servicing Agreement.)
____ 3. Mortgage Loan in Foreclosure
<PAGE>
____ 4. Mortgage Loan repurchased pursuant to Section 11.01 of the Pooling
and Servicing Agreement.
____ 5. Mortgage Loan repurchased or substituted pursuant to Article II
or III of the Pooling and Servicing Agreement (Servicer hereby
certifies that the repurchase price or Substitution Adjustment has
been credited to the related Principal and Interest Account and
remitted to the Trustee for deposit into the Certificate Account
pursuant to the Pooling and Servicing Agreement.)
____ 6. Other (explain) _________________________________
______________________________________________________
If box l or 2 above is checked, and if all or part of the Trustee's
Mortgage File was previously released to us, please release to us our previous
receipt on file with you, as well as any additional documents in your possession
relating to the above specified Mortgage Loan.
If box 3, 4, 5 or 6 above is checked, upon our return of all of the
above documents to you as Trustee, please acknowledge your receipt by signing in
the space indicated below, and returning this form.
Capitalized words and phrases used herein shall have the respective
meanings assigned to them in the Pooling and Servicing Agreement.
_____________________________________
By:__________________________________
Name:________________________________
Title:_______________________________
Documents returned to Trustee or Custodian:
_________________________________
[Trustee][Custodian]
By:______________________________
Date:____________________________
-2-
<PAGE>
EXHIBIT J
TRANSFER AFFIDAVIT
STATE OF )
) ss.:
COUNTY OF )
The undersigned, being first duly sworn, deposes and says as
follows:
1. The undersigned is an officer of ________, the proposed
transferee (the "Transferee") of a Percentage Interest in a Class R Certificate
(the "Certificate") issued pursuant to the Pooling and Servicing Agreement,
dated as of December 1, 1996 (the "Agreement"), among Superior Bank FSB, as
depositor (the "Depositor"), Lee Servicing Company, a division of Superior Bank
FSB, as servicer (the "Servicer"), and LaSalle National Bank, as trustee (the
"Trustee"). Capitalized terms used, but not defined herein shall have the
meanings ascribed to such terms in the Agreement. The Transferee has authorized
the undersigned to make this affidavit on behalf of the Transferee.
2. The Transferee is, as of the date hereof, and will be, as of the
date of the transfer, a Permitted Transferee. The Transferee is acquiring its
Percentage Interest in the Certificate either (i) for its own account or (ii) as
nominee, trustee or agent for another Person and has attached hereto an
affidavit from such Person in substantially the same form as this affidavit. The
Transferee has no knowledge that any such affidavit is false.
3. The Transferee has been advised of, and understands that (i) a
tax will be imposed on transfers of the Certificate to Persons that are not
Permitted Transferees; (ii) such tax will be imposed on the transferror, or, if
such transfer is through an agent (which includes a broker, nominee or
middleman) for a Person that is not a Permitted Transferee, on the agent; and
(iii) the Person otherwise liable for the tax shall be relieved of liability for
the tax if the subsequent Transferee furnished to such Person an affidavit that
such subsequent Transferee is a Permitted Transferee and, at the time of
transfer, such Person does not have actual knowledge that the affidavit is
false.
4. The Transferee has been advised of, and understands that, a tax
will be imposed on a "pass-through entity" holding the Certificate if at any
time during the taxable year of the pass through entity a Person that is not a
Permitted Transferee is the record holder of an interest in such entity. The
Transferee understands that such tax will not be imposed for any period with
respect to which the record holder furnishes to the pass-through entity an
affidavit that such record holder is a Permitted Transferee and the pass-through
entity does not have actual knowledge that such affidavit is false. (For this
purpose, a "pass-through entity" includes a regulated investment company, a real
estate investment trust or common trust fund, a partnership trust or estate, and
certain cooperatives and, except as may be provided in Treasury Regulations,
persons holding interests in pass-through entities as a nominee for another
Person.)
<PAGE>
5. The Transferee has reviewed the provisions of Section 4.02 of the
Agreement (incorporated herein by reference) and understands the legal
consequences of the acquisition of a Percentage Interest in the Certificate
including, without limitation, the restrictions on subsequent transfers and the
provisions regarding voiding the transfer and mandatory sales. The Transferee
expressly agrees to be bound by and to abide by the provisions of Section 4.02
of the Agreement and the restrictions noted on the face of the Certificate. The
Transferee understands and agrees that any breach of any of the representations
included herein shall render the transfer to the Transferee contemplated hereby
null and void.
6. The Transferee agrees to require a Transfer Affidavit from any
Person to whom the Transferee attempts to transfer its Percentage Interest in
the Certificate, and in connection with any transfer by a Person for whom the
Transferee is acting as nominee, trustee or agent, and the Transferee will not
transfer its Percentage Interest or cause any Percentage Interest to be
transferred to any Person that the Transferee knows is not a Permitted
Transferee or if any purpose of such proposed transfer is to impede the
assessment or collection of tax. In connection with any such transfer by the
Transferee, the Transferee agrees to deliver to the Trustee a certificate (a
"Transfer Certificate") to the effect that such Transferee has no actual
knowledge that the Person to which the transfer is to be made is not a Permitted
Transferee.
7. The Transferee's taxpayer identification number is ____________.
8. No purpose of the Transferee relating to its purchase of a
Percentage Interest in the Certificate by the Transferee is or will be to impede
the assessment or collection of any tax.
9. The Transferee has no present knowledge or expectation that it
will be unable to pay any United States taxes owed by it so long as the
Certificate remains outstanding.
10. The Transferee has no present knowledge or expectation that it
will become insolvent or subject to a bankruptcy proceeding for so long as any
of the Certificates remain outstanding. In this regard, the Transferee hereby
represents to and for the benefit of the person from whom it acquired the Class
R Certificates that the Transferee intends to pay taxes associated with holding
such Class R Certificates as they become due, fully understanding that it may
incur tax liabilities in excess of any cash flows generated by the Class R
Certificates.
11. No purpose of the Transferee relating to any sale of any
Percentage Interest in the Certificate by the Transferee will be to impede the
assessment or collection of tax.
12. The Transferee is not a Non-United States Person.
-2-
<PAGE>
IN WITNESS WHEREOF, the Transferee has caused this instrument to be
executed on its behalf, pursuant to authority of its Board of Directors, by its
duly authorized officer and its corporate seal to be hereunto affixed, duly
attested, this __ day of _____________, 19__
[NAME OF TRANSFEREE]
By:______________________________
Name:____________________________
Title:___________________________
[Corporate Seal]
ATTEST:
___________________________
[Officer of Transferee]
-3-
<PAGE>
STATE OF )
) ss.:
COUNTY OF )
Personally appeared before me the above-named _______________, known
or proved to me to be the same person who executed the foregoing instrument and
to be the __________ of the Transferee, and acknowledged that he executed the
same as his free act and deed and the free act and deed of the Transferee.
Subscribed and sworn before me this ____ day of _____________, 19__.
_________________________
NOTARY PUBLIC
My Commission expires the __ day of ______________, 19
<PAGE>
EXHIBIT J-1
FORM OF TRANSFER CERTIFICATE
___________________, 19__
[Trustee]
Attention: Corporate Trust
Re: AFC Mortgage Loan Asset Backed Certificates,
Series 1996-4
--------------------------------------------
Dear Sirs:
This letter is delivered to you in connection with the transfer by
(the "Transferor") to (the "Transferee") of % Percentage Interest in the AFC
Mortgage Loan Asset Backed Certificates, Series 1996-4, Class R (the
"Certificate"), pursuant to Section 4.02 of the Pooling and Servicing Agreement
(the "Pooling and Servicing Agreement"), dated as of December 1, 1996, among
Superior Bank FSB, as depositor, Lee Servicing Company, a division of Superior
Bank FSB, as servicer, and LaSalle National Bank, as trustee. All terms used
herein and not otherwise defined shall have the meanings set forth in the
Pooling and Servicing Agreement. The Transferor hereby certifies, represents and
warrants to, and covenants with, the Trustee that:
1. No purpose of the Transferor relating to the transfer of the
Certificate by the Transferor to the Transferee is or will be to impede the
assessment or collection of any tax.
2. The Transferor understands that the Transferee has delivered to
the Trustee a Transfer Affidavit in the form attached to the Pooling and
Servicing Agreement as Exhibit J. The Transferor does not know or believe that
any representation contained therein is false.
3. The Transferor has at the time of the transfer conducted a
reasonable investigation of the financial condition of the Transferee as
contemplated by Treasury Regulations Section 1.860E-1(c)(4)(i) and, as a result
of that investigation, the Transferor has determined that the Transferee has
historically paid its debts as they become due and has found no significant
evidence to indicate that the Transferee will not continue to pay its debts as
they become due in the future. The Transferor understands that the transfer of
the Certificates may not be respected for United States income tax purposes (and
the Transferor may continue to be liable for United States income taxes
associated therewith) unless the Transferor has conducted such an investigation.
<PAGE>
4. The Transferor has no actual knowledge that the proposed
Transferee is not a Permitted Transferee or a Non-United States Person.
Very truly yours,
__________________________________
(Transferor)
By:_______________________________
Name:_____________________________
Title:____________________________
-2-
<PAGE>
EXHIBIT K
SPECIAL POWER OF ATTORNEY
KNOW ALL MEN BY THESE PRESENTS, that I, __________________________, of
____________________ (the "Depositor"), do hereby constitute and appoint LaSalle
National Bank, as the true and lawful attorney, for the Depositor and in its
name, place and stead, to record the assignments of mortgage with respect to the
Mortgage Loans transferred to LaSalle National Bank, as trustee (the "Trustee"),
under that Pooling and Servicing Agreement dated as of December 1, 1996 by and
among the Depositor, the Trustee and Lee Servicing Company, a division of
Superior Bank FSB, as servicer, and to do and perform all other things and acts
relating to such assignments of mortgage as may be necessary to effectuate the
transfer of such Mortgage Loans to the Trustee, including the execution and
delivery of new assignments of mortgage where necessary to comply with
applicable real estate recording laws at the time of recordation.
This power of attorney is irrevocable and is coupled with an interest in
the Mortgage Loans, and it may at all times be relied upon by any person, firm
or corporation dealing with the attorney named herein as remaining in full force
and effect, and such person, firm or corporation shall have no liability to the
Depositor with respect thereto.
WITNESS the following signature this ___ day of __________, 199_.
____________________________
By:_________________________
Name:_______________________
Title:______________________
STATE OF ________________
COUNTY OF ______________, to wit:
I, ___________________, a Notary Public in and for the jurisdiction
aforesaid, do hereby certify that ______________________, who acknowledged
himself to be the _______________ of _____________________, a ______________
corporation, personally appeared before me in the jurisdiction aforesaid and
that he as such __________________ executed the foregoing instrument on behalf
of said corporation for the purposes therein contained.
Witness my hand and official seal to this ____ day of ___________,
199_.
_______________________ (SEAL)
Notary Public
My Commission Expires:
<PAGE>
EXHIBIT L
CUSTODIAL AGREEMENT
Dated ________________, 199_
______________________________, a ____________________, as Trustee
(the "Trustee") and _________________________________, a
______________________________ ("_________________"), agree as follows:
WHEREAS, concurrently herewith, the Trustee, Superior Bank FSB (the
"Depositor") and Lee Servicing Company, a division of Superior Bank FSB, (the
"Servicer) are entering into a Pooling and Servicing Agreement, dated as of
December 1, 1996, relating to AFC Mortgage Loan Asset Backed Certificates,
Series 1996-4 (the "Pooling Agreement", the terms defined therein being used
herein with the same meaning) pursuant to which the Depositor shall transfer,
assign, set-over and otherwise convey to the Trustee, without recourse, all of
the Depositor's right, title and interest in and to the mortgage loans
consisting of Sub-Pool 1 and Sub-Pool 2 identified in Exhibits H-1 and H-2 to
the Pooling Agreement (the "Mortgage Loans"), other than as to the Depositor's
Yield; and
WHEREAS, in connection with such transfer and assignment and
pursuant to the Pooling Agreement, the Trustee shall hold, directly or pursuant
to a custodial agreement, the Trustee's Mortgage Files;
WITNESSETH THAT, in consideration of the premises and of the mutual
agreements herein contained, _________________ and the Trustee agree as follows:
1. Appointment as Custodian; Acknowledgment of Receipt. Subject to
the terms and conditions herein, the Trustee hereby appoints ________________,
and ______________ hereby accepts such appointment, as its Custodian to maintain
custody of the Trustee's Mortgage Files. __________________ hereby acknowledges
receipt of the Mortgage Notes, the Mortgages, the assignments and other
documents relating to the Mortgage Loans referred to in Section 2.04, except for
the items referred to in Section 2.04(f), of the Pooling Agreement. The Trustee
shall be liable for all of _______________________ fees under this Agreement.
2. Maintenance of Office. __________________ agrees to maintain each
Trustee's Mortgage File identified in Section 2.04 of the Pooling Agreement,
which is incorporated herein by reference, at the office of ___________________
located at _______________________________________________ or at such other
office of _________________ in ____________________ as ________________ shall
designate from time to time after giving the Trustee 30 days' prior written
notice.
-1-
<PAGE>
3. Duties of Custodian. As Custodian, _____________ shall have and
perform the following powers and duties:
(a) Safekeeping. To segregate the Trustee's Mortgage Files
from all other mortgages and mortgage notes and similar records in
its possession, to identify the Trustee's Mortgage Files as being
held and to hold the Trustee's Mortgage Files for and on behalf of
the Trustee for the benefit of all present and future
Certificateholders, to maintain accurate records pertaining to each
Mortgage Note and Mortgage in the Trustee's Mortgage Files as will
enable the Trustee to comply with the terms and conditions of the
Pooling Agreement, to maintain at all times a current inventory
thereof and to conduct periodic physical inspections of the
Trustee's Mortgage Files held by it under this Agreement in such a
manner as shall enable the Trustee and _________________ to verify
the accuracy of such record-keeping, inventory and physical
possession. _________________ will promptly report to the Trustee
any failure on its part to hold the Trustee's Mortgage Files as
herein provided and promptly take appropriate action to remedy any
such failure.
(b) Release of Documents. To release any Mortgage Note and
Mortgage in the Trustee's Mortgage Files as provided in the Pooling
Agreement.
(c) Administration; Reports. In general, to attend to all
non-discretionary details in connection with maintaining custody of
the Trustee's Mortgage Files on behalf of the Trustee. In addition,
________________ shall assist the Trustee generally in the
preparation of reports to Certificateholders or to regulatory bodies
to the extent necessitated by ________________ custody of the
Trustee's Mortgage Files.
4. Access to Records. __________________ shall permit the Trustee or
its duly authorized depositors, attorneys or auditors and those persons
permitted access pursuant to Section 5.13 of the Pooling Agreement to inspect
the Trustee's Mortgage Files and the books and records maintained by
__________________ pursuant hereto at such times as they may reasonably request,
subject only to compliance with the terms of the Pooling Agreement.
5. Instructions; Authority to Act. ______________ shall be deemed to
have received proper instructions with respect to the Trustee's Mortgage Files
upon its receipt of written instructions signed by a Responsible Officer of the
Trustee. A certified copy of a resolution of the Board of Directors of the
Trustee may be accepted by _______________ as conclusive evidence of the
authority of any such officer to act and may be considered as in full force and
effect until receipt of written notice to the contrary by ______________ from
the Trustee. Such instructions may be general or specific in terms.
6. Indemnification by ________________. _________________ agrees to
indemnify the Trustee for any and all liabilities, obligations, losses, damages,
payments, costs or expenses,
-2-
<PAGE>
including attorneys fees, of any kind whatsoever which may be imposed on,
incurred by or asserted against the Trustee as the result of any act or omission
in any way relating to the maintenance and custody by ___________________ of the
Trustee's Mortgage Files; provided, however, that ___________________ shall not
be liable for any portion of any such amount resulting from the gross negligence
or wilful misconduct of the Trustee.
7. Advice of Counsel. __________________ and the Trustee further
agree that ____________________ shall be entitled to rely and act upon the
advice of counsel with respect to its performance hereunder as Custodian and
shall be without liability for any action reasonably taken pursuant to such
advice, provided that such action is not in violation of applicable Federal or
State law. This paragraph shall not negate _______________ obligations under
paragraph 6 above.
8. Effective Period, Termination and Amendment, and Interpretive and
Additional Provisions. This Agreement shall become effective as of the date
hereof and shall continue in full force and effect until terminated as
hereinafter provided, and may be amended at any time by mutual agreement of the
parties hereto. This Agreement may be terminated by either party in a writing
delivered or mailed, postage prepaid, to the other party, such termination to
take effect no sooner than sixty (60) days after the date of such delivery or
mailing. Concurrently with, or as soon as practicable after, the termination of
this Agreement, _________________ shall redeliver the Trustee's Mortgage Files
to the Trustee at such place as the Trustee may reasonably designate. In
connection with the administration of this Agreement, ________________ and the
Trustee may agree from time to time upon the interpretation of the provisions of
this Agreement as may in their opinion by consistent with the general tenor and
purposes of this Agreement, any such interpretation to be signed and annexed
hereto.
9. Governing Law. This Agreement shall be governed by, and construed
in accordance with, the laws of the State of New York.
10. Notices. Notices and other writings shall be delivered or
mailed, postage prepaid, to the Trustee at, or to
____________________________________________________ at,
____________________________________, Attention: ______________________; or to
such other address as the Trustee or ________________ may hereafter specify in
writing. Notices or other writings shall be effective only upon actual receipt
by the parties.
11. Binding Effect. This Agreement shall be binding upon and shall
inure to the benefit of the Trustee and ____________________ and their
respective successors and assigns. Concurrently with the appointment of a
successor trustee as provided in Section 12.08 of the Pooling Agreement, the
Trustee and ___________________ shall amend this Agreement to make said
successor trustee the successor to the Trustee hereunder.
12. Counterparts. This Agreement may be executed in one or more
counterparts and by the different parties hereto on separate counterparts, each
of which, when
-3-
<PAGE>
so executed, shall be deemed to be an original; such counterparts, together,
shall constitute one and the same agreement.
-4-
<PAGE>
IN WITNESS WHEREOF, each of the parties hereto has caused this
Agreement to be executed in its name and on its behalf by a duly authorized
officer as of the day and year first above written.
LASALLE NATIONAL BANK,
as Trustee under the Pooling
Agreement referred to above
By:_________________________________
____________________________________,
as Custodian
By:_________________________________
<PAGE>
EXHIBIT M
FORM OF LIQUIDATION REPORT
Customer Name:
Account Number:
Original Principal Balance:
1. Liquidation Proceeds
Principal Prepayment $______
Property Sale Proceeds ______
Insurance Proceeds ______
Other (Itemize) ______
Total Proceeds $______
2. Servicing Advances $______
Monthly Advances ______
Servicing Fees ______
Annual Trustee Expense Amount ______
Total Advances $______
3. Net Liquidation Proceeds $______
(Line 1 minus Line 2)
4. Principal Balance of the Mortgage
Loan on date of liquidation $______
5. Realized Loss, if any $______
(Line 4 minus Line 3)
<PAGE>
EXHIBIT N
FORM OF DELINQUENCY REPORT
DELINQUENCY AND FORECLOSURE INFORMATION
<TABLE>
<CAPTION>
REO FORECLOSURES
--------------------------------------------
OUTSTANDING # # OF # OF OUTSTANDING # OF OUTSTANDING
INVESTOR DOLLARS ACCT RANGES AMOUNT ACCTS. PCT ACCTS. DOLLARS % ACCTS DOLLARS %
- --------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
REMIC
199__-__ 30 TO 59 DAYS
60 TO 89 DAYS
90 AND OVER
TOTALS
</TABLE>
<PAGE>
EXHIBIT O
CERTIFICATE INSURANCE POLICY
<PAGE>
Financial Guaranty Insurance Company
115 Broadway
New York, New York 10006
(212) 312-3000
(800) 352-0001
Surety Bond
Issuer: AFC Mortgage Loan Trust 1996-4 Policy Number: 96010689
Control Number: 0010001
Insured Obligations:
$220,000,000 in principal amount
of AFC Mortgage Loan Asset Backed
Certificates, Series 1996-4, Class A
Certificates (the "Certificates")
Trustee: LaSalle National Bank
Financial Guaranty Insurance Company ("Financial Guaranty"), a New York stock
insurance company, in consideration of its receipt of the Deposit Premium and
subject to the terms of this Surety Bond, hereby unconditionally and irrevocably
agrees to pay each Insured Payment to the Trustee named above or its successor,
as trustee for the Holders of the Certificates, to the extent set forth in the
Pooling and Servicing Agreement.
Financial Guaranty will make an Insured Payment (other than that portion of an
Insured Payment constituting a Preference Amount) out of its own funds by 2:00
p.m. (New York City Time) in immediately available funds to the Trustee on the
later of (i) the Business Day next following the day on which Financial Guaranty
shall have received Notice that an Insured Payment is due and (ii) the
Remittance Date on which the Insured Payment is distributable to
Certificateholders pursuant to the Pooling and Servicing Agreement, for
disbursement to such Certificateholders in the same manner as other payments
with respect to the Certificates are required to be made. Any Notice received by
Financial Guaranty after 2:00 p.m. New York City time on a given Business Day or
on any day that is not a Business Day shall be deemed to have been received by
Financial Guaranty on the next succeeding Business Day.
Upon such payment, Financial Guaranty shall be fully subrogated to the rights of
the Certificateholders to receive the amount so paid. Financial Guaranty's
obligations hereunder with respect to each Remittance Date shall be discharged
to the extent funds consisting of the Insured Payment are received by the
Trustee on behalf of the Certificateholders for distribution to such
Certificateholders, as provided in the Pooling and Servicing Agreement and
herein, whether or not such funds are properly applied by the Trustee.
Form 9109
Page 1 of 4
<PAGE>
Financial Guaranty Insurance Company
115 Broadway
New York, New York 10006
(212) 312-3000
(800) 352-0001
Surety Bond
If the payment of any portion or all of any amount that is insured hereunder is
voided pursuant to a final order of a court exercising proper jurisdiction in an
insolvency proceeding to the effect that the Trustee or the Certificateholder,
as the case may be, is required to return any such payment or portion thereof
prior to the expiration date of this Surety Bond because such payment was voided
under the U. S. Bankruptcy Code, with respect to which order the appeal period
has expired without an appeal having been filed (a "Final Order"), and, as a
result, the Trustee or any Certificateholder is required to return such voided
payment, or any portion of such voided payment made in respect of the
Certificates (a "Preference Amount"), Financial Guaranty will pay on the
guarantee described in the first paragraph hereof, an amount equal to each such
Preference Amount, on the second Business Day following receipt by Financial
Guaranty of (x) a certified copy of the Final Order, (y) an assignment, in form
reasonably satisfactory to Financial Guaranty, irrevocably assigning to
Financial Guaranty all rights and claims of the Trustee and/or such
Certificateholder relating to or arising under such Preference Amount and
appointing Financial Guaranty as the agent of the Trustee and/or such
Certificateholder in respect of such Preference Amount, and (z) a Notice
appropriately completed and executed by the Trustee or such Certificateholder,
as the case may be. Such payment shall be made to the receiver, conservator,
debtor-in-possession or trustee in bankruptcy named in the Final Order and not
to the Trustee or Certificateholder directly (unless a Certificateholder has
previously paid such amount to such receiver, conservator, debtor-in-possession
or trustee named in such Final Order in which case payment shall be made to the
Trustee for distribution to the Certificateholder upon proof of such payment
reasonably satisfactory to Financial Guaranty). Notwithstanding the foregoing,
in no event shall Financial Guaranty be (i) required to make any payment under
this Surety Bond in respect of any Preference Amount to the extent such
Preference Amount is comprised of amounts previously paid by Financial Guaranty
hereunder, or (ii) obligated to make any payment in respect of any Preference
Amount, which payment represents a payment of the principal amount of the
Certificates, prior to the time Financial Guaranty otherwise would have been
required to make a payment in respect of such principal.
Financial Guaranty shall make payments due in respect of Preference Amounts
prior to 2:00 p.m. New York city time on the second Business Day following
Financial Guaranty's receipt of the documents required under clauses (x) through
(z) of the preceding paragraph. Any such documents received by Financial
Guaranty after 2:00 p.m. New York City time on a given Business Day or on any
day that is not a Business Day shall be deemed to have been received by
Form 9109
Page 2 of 4
<PAGE>
Financial Guaranty Insurance Company
115 Broadway
New York, New York 10006
(212) 312-3000
(800) 352-0001
Surety Bond
Financial Guaranty on the next succeeding Business Day. All payments made by
Financial Guaranty hereunder in respect of Preference Amounts will be made with
Financial Guaranty's own funds.
This Surety Bond is non-cancelable for any reason, including nonpayment of any
premium. The premium on this Surety Bond is not refundable for any reason,
including the payment of the Certificates prior to their respective maturities.
This Surety Bond shall expire and terminate without any action on the part of
Financial Guaranty or any other Person on the date that is one year and one day
following the date on which the Certificates shall have been paid in full.
The Deposit Premium shall be due and payable on the date hereof, and a monthly
premium shall be due and payable as provided in the Pooling and Servicing
Agreement.
This Surety Bond is subject to and shall be governed by the laws of the State of
New York. The proper venue for any action or proceeding on this Surety Bond
shall be the County of New York, State of New York. The insurance provided by
this Surety Bond is not covered by the New York Property/Casualty Insurance
Security Fund (New York Insurance Code, Article 76).
Capitalized terms used and not defined herein shall have the respective meanings
set forth in the Pooling and Servicing Agreement. "Notice" means a written
notice in the form of Exhibit A to this Surety Bond by registered or certified
mail or telephonic or telegraphic notice, subsequently confirmed by written
notice delivered via telecopy, telex or hand delivery from the Trustee to
Financial Guaranty specifying the information set forth therein.
"Certificateholder" means, as to a particular Certificate, the person, other
than the Trust, the Servicer, any Subservicer or the Depositor who, on the
applicable Remittance Date is entitled under the terms of such Certificate to
payment thereof. "Pooling and Servicing Agreement" means the Pooling and
Servicing Agreement by and among Superior Bank FSB, as Depositor, Lee Servicing
Company, a division of Superior Bank FSB, as Servicer, and LaSalle National
Bank, as Trustee, dated as of December 1, 1996.
In the event that payments under any Certificate is accelerated, nothing herein
contained shall obligate Financial Guaranty to make any payment of principal or
interest on such Certificates on an accelerated basis, unless such acceleration
of payment by Financial Guaranty is at the sole option of Financial Guaranty.
Form 9109
Page 3 of 4
<PAGE>
Financial Guaranty Insurance Company
115 Broadway
New York, New York 10006
(212) 312-3000
(800) 352-0001
Surety Bond
IN WITNESS WHEREOF, Financial Guaranty has caused this Surety Bond to be affixed
with its corporate seal and to be signed by its duly authorized officer in
facsimile to become effective and binding upon Financial Guaranty by virtue of
the countersignature of its duly authorized representative.
/s/ [Illegible] /s/ [Illegible]
President Authorized Representative
Effective Date: December 19, 1996
Form 9109
Page 4 of 4
<PAGE>
EXHIBIT A
NOTICE
To: Financial Guaranty Insurance Company
115 Broadway
New York, New York 10006
(212) 312-3000
Attention: General Counsel
Telephone: (212) 312-3000
Telecopier: (212) 312-3093
Re: AFC Mortgage Loan Trust 1996-4,
AFC Mortgage Loan Asset Backed
Certificates, Series 1996-4
Determination Date: ___________________________
Remittance Date: ___________________________
We refer to that certain Pooling and Servicing Agreement dated as of December 1,
1996, by and among Superior Bank FSB, as Depositor, Lee Servicing Company, a
division of Superior Bank FSB, as Servicer, and LaSalle National Bank, as
Trustee (the "Pooling and Servicing Agreement"), relating to the above
referenced Certificates. All capitalized terms not otherwise defined herein or
in the Surety Bond shall have the same respective meanings assigned to such
terms in the Pooling and Servicing Agreement.
(a) As of the Determination Date and based upon the Servicer's Certificate for
such Determination Date, the Trustee has determined under the Pooling and
Servicing Agreement that in respect of the Remittance Date set forth above:
(i) The Class A Interest Remittance Amount with respect to all related
Classes of Class A Certificates with respect to Sub-Pool [1][2] due and owing is
$____________;
(ii) The Class A Principal Remittance Amount with respect to Sub-Pool
[1][2], exclusive of the amount set forth in clause B(vi) of the definition
thereof if not paid by the Depositor, due and owing is
$______________;
(iii) The Available Remittance Amount (minus the amount withdrawable
from the Sub-Pool [1][2] Certificate Account to pay the Certificate Insurer
pursuant to Section 6.02(i) of the Agreement and as reduced by any portion
thereof that has been deposited in the Sub-Pool [1][2] Certificate Account but
may not be withdrawn therefrom pursuant to an order of a United States
bankruptcy court of competent jurisdiction imposing a stay pursuant to Section
362 of the United States Bankruptcy Code) is $_______________;
<PAGE>
(iv) The lesser of (1) the sum of the (a) Excess Spread to be deposited
into the Sub-Pool [1][2] Certificate Account pursuant to Section 5.04(i) of the
Agreement, (b) the Net Excess Spread from the other Sub-Pool and (c) the Excess
Principal from the other Sub-Pool and (2) the Subordinated Amount, is
$_______________;
(v) The aggregate amount of unreimbursed Insured Payments (including
any portion constituting Preference Amounts), together with the aggregate
portion of the items described in clauses (i) and (ii) above that represents
interest accrued in respect of Insured Payments in accordance with the
definition of Class A Carry-Forward Amount in the Agreement, is
$_______________;
(vi) The additional portion of the Amount Available constituting Excess
Spread available to pay the Class A Interest Remittance Amount with respect to
all related Classes of Class A Certificates pursuant to Sections
6.06(c)(A)(Y)(i) through (vii) with respect to Sub-Pool 1 and Section
6.06(c)(B)(Y)(i) with respect to Sub-Pool 2.
(vii) The aggregate amount to be withdrawn from the Sub-Pool [1][2]
Reserve Account and deposited into the Sub-Pool [1][2] Certificate Account
pursuant to Section 6.14(c) of the Agreement is $_______________.
Please be advised that the amounts described in clauses (i) and (ii) above
collectively exceed the amounts described in clauses [,prior to the Cross-Over
Date, (iii), (iv) and,] (v) [on or after the Cross-Over Date, clauses (iii), (v)
and (vi) (in the case of Sub-Pool 1),] and (vii) above by $_______________.
Accordingly, pursuant to the Pooling and Servicing Agreement, this statement
constitutes a notice for payment of an Insured Payment in the amount of
$_______________ under the Surety Bond.
[Attached hereto is a copy of the Final Order in connection with a Preference
Amount in the amount set forth therein, together with an assignment of rights
and appointment of agent.]
(b) No payment claimed hereunder is in excess of the amount payable under the
[Surety Bond].
The amount requested in this Notice should be paid to: [Payment
Instructions]
Any person who knowingly and with intent to defraud any insurance company or
other person files an application for insurance or statement of claim containing
any materially false information or conceals for the purpose of misleading,
information concerning any fact material thereto, commits a fraudulent insurance
act, which is a crime, and shall also be subject to a civil penalty not to
exceed Five Thousand Dollars ($5,000.00) and the stated value of the claim for
each such violation.
<PAGE>
IN WITNESS WHEREOF, the Trustee has executed and delivered this
Notice this _____ day of ______________________.
_________________________________________,
as Trustee
By: ___________________________________
Title:___________________________________
<PAGE>
EXHIBIT P
PRINCIPAL PAYMENT TABLES
<PAGE>
ALLIANCE 1996-4
Principal Prepayment Table
Class 1A
Principal
Balance
1 Dec-96 125,000,000.00
2 Jan-97 125,000,000.00
3 Feb-97 125,000,000.00
4 Mar-97 125,000,000.00
5 Apr-97 125,000,000.00
6 May-97 125,000,000.00
7 Jun-97 125,000,000.00
8 Jul-97 125,000,000.00
9 Aug-97 125,000,000.00
10 Sep-97 125,000,000.00
11 Oct-97 125,000,000.00
12 Nov-97 125,000,000.00
13 Dec-97 125,000,000.00
14 Jan-98 125,000,000.00
15 Feb-98 125,000,000.00
16 Mar-98 125,000,000.00
17 Apr-98 125,000,000.00
18 May-98 125,000,000.00
19 Jun-98 125,000,000.00
20 Jul-98 125,000,000.00
21 Aug-98 125,000,000.00
22 Sep-98 125,000,000.00
23 Oct-98 125,000,000.00
24 Nov-98 125,000,000.00
25 Dec-98 125,000,000.00
26 Jan-99 125,000,000.00
27 Feb-99 125,000,000.00
28 Mar-99 125,000,000.00
29 Apr-99 125,000,000.00
30 May-99 125,000,000.00
31 Jun-99 125,000,000.00
32 Jul-99 125,000,000.00
33 Aug-99 125,000,000.00
34 Sep-99 125,000,000.00
35 Oct-99 125,000,000.00
36 Nov-99 125,000,000.00
37 Dec-99 125,000,000.00
38 Jan-2000 125,000,000.00
39 Feb-2000 125,000,000.00
40 Mar-2000 125,000,000.00
41 Apr-2000 125,000,000.00
42 May-2000 125,000,000.00
43 Jun-2000 125,000,000.00
44 Jul-2000 125,000,000.00
45 Aug-2000 125,000,000.00
46 Sep-2000 125,000,000.00
47 Oct-2000 125,000,000.00
48 Nov-2000 125,000,000.00
49 Dec-2000 125,000,000.00
<PAGE>
ALLIANCE 1996-4
Principal Prepayment Table
Class 1A
Principal
Balance
50 Jan-2001 125,000,000.00
51 Feb-2001 125,000,000.00
52 Mar-2001 125,000,000.00
53 Apr-2001 125,000,000.00
54 May-2001 125,000,000.00
55 Jun-2001 125,000,000.00
56 Jul-2001 125,000,000.00
57 Aug-2001 125,000,000.00
58 Sep-2001 125,000,000.00
59 Oct-2001 125,000,000.00
60 Nov-2001 125,000,000.00
61 Dec-2001 121,577,163.65
62 Jan-2002 121,503,370.50
63 Feb-2002 121,428,890.29
64 Mar-2002 121,353,716.63
65 Apr-2002 121,277,843.04
66 May-2002 121,201,262.99
67 Jun-2002 121,123,969.90
68 Jul-2002 121,045,957.11
69 Aug-2002 120,967,217.90
70 Sep-2002 120,887,745.50
71 Oct-2002 120,807,533.06
72 Nov-2002 120,726,573.69
73 Dec-2002 120,644,860.41
74 Jan-2003 120,562,386.18
75 Feb-2003 120,479,143.91
76 Mar-2003 120,395,126.43
77 Apr-2003 120,310,326.51
78 May-2003 120,224,736.84
79 Jun-2003 120,138,350.05
80 Jul-2003 120,051,158.71
81 Aug-2003 119,963,155.31
82 Sep-2003 119,874,332.26
83 Oct-2003 119,784,681.93
84 Nov-2003 119,694,196.58
85 Dec-2003 119,602,868.43
86 Jan-2004 119,510,689.60
87 Feb-2004 119,417,652.17
88 Mar-2004 119,323,748.11
89 Apr-2004 119,228,969.34
90 May-2004 119,133,307.69
91 Jun-2004 119,036,754.92
92 Jul-2004 118,939,302.71
93 Aug-2004 118,840,942.67
94 Sep-2004 118,741,666.33
95 Oct-2004 118,641,465.13
96 Nov-2004 118,540,330.43
97 Dec-2004 118,438,253.53
98 Jan-2005 118,335,225.62
99 Feb-2005 118,231,237.83
<PAGE>
ALLIANCE 1996-4
Principal Prepayment Table
Class 1A
Principal
Balance
100 Mar-2005 118,126,281.20
101 Apr-2005 118,020,346.68
102 May-2005 117,913,425.14
103 Jun-2005 117,805,507.37
104 Jul-2005 117,696,584.07
105 Aug-2005 117,586,645.85
106 Sep-2005 117,475,683.23
107 Oct-2005 117,363,686.65
108 Nov-2005 117,250,646.46
109 Dec-2005 117,136,552.90
110 Jan-2006 117,021,396.15
111 Feb-2006 116,905,166.27
112 Mar-2006 116,787,853.25
113 Apr-2006 116,669,446.97
114 May-2006 116,549,937.22
115 Jun-2006 116,429,313.70
116 Jul-2006 116,307,566.01
117 Aug-2006 116,184,683.64
118 Sep-2006 116,060,656.01
119 Oct-2006 115,935,472.42
120 Nov-2006 115,809,122.07
121 Dec-2006 115,681,594.06
122 Jan-2007 115,552,877.39
123 Feb-2007 115,422,960.97
124 Mar-2007 115,291,833.59
125 Apr-2007 115,159,483.94
126 May-2007 115,025,900.60
127 Jun-2007 114,891,072.04
128 Jul-2007 114,754,986.65
129 Aug-2007 114,617,632.67
130 Sep-2007 114,478,998.26
131 Oct-2007 114,339,071.45
132 Nov-2007 114,197,840.18
133 Dec-2007 114,055,292.26
134 Jan-2008 113,911,415.39
135 Feb-2008 113,766,197.15
136 Mar-2008 113,619,625.02
137 Apr-2008 113,471,686.34
138 May-2008 113,322,368.35
139 Jun-2008 113,171,658.17
140 Jul-2008 113,019,542.77
141 Aug-2008 112,866,009.05
142 Sep-2008 112,711,043.74
143 Oct-2008 112,554,633.46
144 Nov-2008 112,396,764.73
145 Dec-2008 112,237,423.91
146 Jan-2009 112,076,597.24
147 Feb-2009 111,914,270.85
148 Mar-2009 111,750,430.72
149 Apr-2009 111,585,062.70
<PAGE>
ALLIANCE 1996-4
Principal Prepayment Table
Class 1A
Principal
Balance
150 May-2009 111,418,152.51
151 Jun-2009 111,249,685.76
152 Jul-2009 111,079,647.88
153 Aug-2009 110,908,024.20
154 Sep-2009 110,734,799.90
155 Oct-2009 110,559,960.02
156 Nov-2009 110,383,489.46
157 Dec-2009 110,205,372.98
158 Jan-2010 110,025,595.20
159 Feb-2010 109,844,140.59
160 Mar-2010 109,660,993.49
161 Apr-2010 109,476,138.06
162 May-2010 109,289,558.35
163 Jun-2010 109,101,238.24
164 Jul-2010 108,911,161.45
165 Aug-2010 108,719,311.58
166 Sep-2010 108,525,672.05
167 Oct-2010 108,330,226.12
168 Nov-2010 108,132,956.92
169 Dec-2010 107,933,847.39
170 Jan-2011 107,732,880.34
171 Feb-2011 107,530,038.40
172 Mar-2011 107,325,304.05
173 Apr-2011 107,118,659.58
174 May-2011 106,910,087.16
175 Jun-2011 106,699,568.74
176 Jul-2011 106,487,086.14
177 Aug-2011 106,272,620.99
178 Sep-2011 106,056,154.77
179 Oct-2011 105,837,668.75
180 Nov-2011 105,617,144.05
181 Dec-2011 56,618,109.42
182 Jan-2012 56,492,066.64
183 Feb-2012 56,364,894.72
184 Mar-2012 56,236,583.55
185 Apr-2012 56,107,122.93
186 May-2012 55,976,502.56
187 Jun-2012 55,844,712.05
188 Jul-2012 55,711,740.91
189 Aug-2012 55,577,578.58
190 Sep-2012 55,442,214.37
191 Oct-2012 55,305,637.52
192 Nov-2012 55,167,837.18
193 Dec-2012 55,028,802.37
194 Jan-2013 54,888,522.04
195 Feb-2013 54,746,985.04
196 Mar-2013 54,604,180.10
197 Apr-2013 54,460,095.86
198 May-2013 54,314,720.87
199 Jun-2013 54,168,043.57
<PAGE>
ALLIANCE 1996-4
Principal Prepayment Table
Class 1A
Principal
Balance
200 Jul-2013 54,020,052.27
201 Aug-2013 53,870,735.23
202 Sep-2013 53,720,080.55
203 Oct-2013 53,568,076.25
204 Nov-2013 53,414,710.26
205 Dec-2013 53,259,970.35
206 Jan-2014 53,103,844.24
207 Feb-2014 52,946,319.50
208 Mar-2014 52,787,383.59
209 Apr-2014 52,627,023.89
210 May-2014 52,465,227.63
211 Jun-2014 52,301,981.94
212 Jul-2014 52,137,273.85
213 Aug-2014 51,971,090.25
214 Sep-2014 51,803,417.92
215 Oct-2014 51,634,243.52
216 Nov-2014 51,463,553.60
217 Dec-2014 51,291,334.59
218 Jan-2015 51,117,572.78
219 Feb-2015 50,942,254.35
220 Mar-2015 50,765,365.37
221 Apr-2015 50,586,891.75
222 May-2015 50,406,819.31
223 Jun-2015 50,225,133.71
224 Jul-2015 50,041,820.52
225 Aug-2015 49,856,865.15
226 Sep-2015 49,670,252.88
227 Oct-2015 49,481,968.88
228 Nov-2015 49,291,998.17
229 Dec-2015 49,100,325.64
230 Jan-2016 48,906,936.04
231 Feb-2016 48,711,814.00
232 Mar-2016 48,514,943.98
233 Apr-2016 48,316,310.34
234 May-2016 48,115,897.27
235 Jun-2016 47,913,688.84
236 Jul-2016 47,709,668.95
237 Aug-2016 47,503,821.39
238 Sep-2016 47,296,129.77
239 Oct-2016 47,086,577.59
240 Nov-2016 46,875,148.16
241 Dec-2016 46,661,824.68
242 Jan-2017 46,446,590.18
243 Feb-2017 46,229,427.53
244 Mar-2017 46,010,319.47
245 Apr-2017 45,789,248.57
246 May-2017 45,566,197.24
247 Jun-2017 45,341,147.74
248 Jul-2017 45,114,082.18
249 Aug-2017 44,884,982.48
<PAGE>
ALLIANCE 1996-4
Principal Prepayment Table
Class 1A
Principal
Balance
250 Sep-2017 44,653,830.43
251 Oct-2017 44,420,607.65
252 Nov-2017 44,185,295.58
253 Dec-2017 43,947,875.50
254 Jan-2018 43,708,328.54
255 Feb-2018 43,466,635.63
256 Mar-2018 43,222,777.56
257 Apr-2018 42,976,734.93
258 May-2018 42,728,488.16
259 Jun-2018 42,478,017.52
260 Jul-2018 42,225,303.08
261 Aug-2018 41,970,324.74
262 Sep-2018 41,713,062.22
263 Oct-2018 41,453,495.05
264 Nov-2018 41,191,602.59
265 Dec-2018 40,927,364.02
266 Jan-2019 40,660,758.31
267 Feb-2019 40,391,764.25
268 Mar-2019 40,120,360.46
269 Apr-2019 39,846,525.34
270 May-2019 39,570,237.11
271 Jun-2019 39,291,473.80
272 Jul-2019 39,010,213.24
273 Aug-2019 38,726,433.05
274 Sep-2019 38,440,110.67
275 Oct-2019 38,151,223.31
276 Nov-2019 37,859,748.00
277 Dec-2019 37,565,661.57
278 Jan-2020 37,268,940.60
279 Feb-2020 36,969,561.51
280 Mar-2020 36,667,500.49
281 Apr-2020 36,362,733.50
282 May-2020 36,055,236.30
283 Jun-2020 35,744,984.45
284 Jul-2020 35,431,953.25
285 Aug-2020 35,116,117.81
286 Sep-2020 34,797,453.02
287 Oct-2020 34,475,933.52
288 Nov-2020 34,151,533.75
289 Dec-2020 33,824,227.89
290 Jan-2021 33,493,989.91
291 Feb-2021 33,160,793.56
292 Mar-2021 32,824,612.32
293 Apr-2021 32,485,419.46
294 May-2021 32,143,187.99
295 Jun-2021 31,797,890.70
296 Jul-2021 31,449,500.12
297 Aug-2021 31,097,988.55
298 Sep-2021 30,743,328.01
299 Oct-2021 30,385,490.31
<PAGE>
ALLIANCE 1996-4
Principal Prepayment Table
Class 1A
Principal
Balance
300 Nov-2021 30,024,446.98
301 Dec-2021 29,660,169.30
302 Jan-2022 29,292,628.30
303 Feb-2022 28,921,794.75
304 Mar-2022 28,547,639.14
305 Apr-2022 28,170,131.73
306 May-2022 27,789,242.48
307 Jun-2022 27,404,941.09
308 Jul-2022 27,017,197.01
309 Aug-2022 26,625,979.38
310 Sep-2022 26,231,257.10
311 Oct-2022 25,832,998.76
312 Nov-2022 25,431,172.70
313 Dec-2022 25,025,746.94
314 Jan-2023 24,616,689.24
315 Feb-2023 24,203,967.06
316 Mar-2023 23,787,547.59
317 Apr-2023 23,367,397.69
318 May-2023 22,943,483.94
319 Jun-2023 22,515,772.64
320 Jul-2023 22,084,229.75
321 Aug-2023 21,648,820.96
322 Sep-2023 21,209,511.63
323 Oct-2023 20,766,266.83
324 Nov-2023 20,319,051.28
325 Dec-2023 19,867,829.44
326 Jan-2024 19,412,565.39
327 Feb-2024 18,953,222.94
328 Mar-2024 18,489,765.55
329 Apr-2024 18,022,156.35
330 May-2024 17,550,358.15
331 Jun-2024 17,074,333.43
332 Jul-2024 16,594,044.32
333 Aug-2024 16,109,452.62
334 Sep-2024 15,620,519.78
335 Oct-2024 15,127,206.92
336 Nov-2024 14,629,474.80
337 Dec-2024 14,127,283.83
338 Jan-2025 13,620,594.07
339 Feb-2025 13,109,365.21
340 Mar-2025 12,593,556.59
341 Apr-2025 12,073,127.19
342 May-2025 11,548,035.60
343 Jun-2025 11,018,240.07
344 Jul-2025 10,483,698.46
345 Aug-2025 9,944,368.24
346 Sep-2025 9,400,206.53
347 Oct-2025 8,851,170.03
348 Nov-2025 8,297,215.08
349 Dec-2025 7,738,297.61
<PAGE>
ALLIANCE 1996-4
Principal Prepayment Table
Class 1A
Principal
Balance
350 Jan-2026 7,174,373.18
351 Feb-2026 6,605,396.93
352 Mar-2026 6,031,323.59
353 Apr-2026 5,452,107.52
354 May-2026 4,867,702.63
355 Jun-2026 4,278,062.45
356 Jul-2026 3,683,140.08
357 Aug-2026 3,082,888.19
358 Sep-2026 2,477,259.05
359 Oct-2026 1,866,204.48
360 Nov-2026 1,249,675.88
361 Dec-2026 627,624.21
362 Jan-2027 0.00
<PAGE>
ALLIANCE 1996-4
Principal Prepayment Table
Class 2A
Principal
Balance
1 Dec-96 95,000,000.00
2 Jan-97 95,000,000.00
3 Feb-97 95,000,000.00
4 Mar-97 95,000,000.00
5 Apr-97 95,000,000.00
6 May-97 95,000,000.00
7 Jun-97 95,000,000.00
8 Jul-97 95,000,000.00
9 Aug-97 95,000,000.00
10 Sep-97 95,000,000.00
11 Oct-97 95,000,000.00
12 Nov-97 95,000,000.00
13 Dec-97 95,000,000.00
14 Jan-98 95,000,000.00
15 Feb-98 95,000,000.00
16 Mar-98 95,000,000.00
17 Apr-98 95,000,000.00
18 May-98 95,000,000.00
19 Jun-98 95,000,000.00
20 Jul-98 95,000,000.00
21 Aug-98 95,000,000.00
22 Sep-98 95,000,000.00
23 Oct-98 95,000,000.00
24 Nov-98 95,000,000.00
25 Dec-98 95,000,000.00
26 Jan-99 95,000,000.00
27 Feb-99 95,000,000.00
28 Mar-99 95,000,000.00
29 Apr-99 95,000,000.00
30 May-99 95,000,000.00
31 Jun-99 95,000,000.00
32 Jul-99 95,000,000.00
33 Aug-99 95,000,000.00
34 Sep-99 95,000,000.00
35 Oct-99 95,000,000.00
36 Nov-99 95,000,000.00
37 Dec-99 95,000,000.00
38 Jan-2000 95,000,000.00
39 Feb-2000 95,000,000.00
40 Mar-2000 95,000,000.00
41 Apr-2000 95,000,000.00
42 May-2000 95,000,000.00
43 Jun-2000 95,000,000.00
44 Jul-2000 95,000,000.00
45 Aug-2000 95,000,000.00
46 Sep-2000 95,000,000.00
47 Oct-2000 95,000,000.00
48 Nov-2000 95,000,000.00
49 Dec-2000 95,000,000.00
<PAGE>
ALLIANCE 1996-4
Principal Prepayment Table
Class 2A
Principal
Balance
50 Jan-2001 95,000,000.00
51 Feb-2001 95,000,000.00
52 Mar-2001 95,000,000.00
53 Apr-2001 95,000,000.00
54 May-2001 95,000,000.00
55 Jun-2001 95,000,000.00
56 Jul-2001 95,000,000.00
57 Aug-2001 95,000,000.00
58 Sep-2001 95,000,000.00
59 Oct-2001 95,000,000.00
60 Nov-2001 95,000,000.00
61 Dec-2001 91,818,945.04
62 Jan-2002 91,751,991.88
63 Feb-2002 91,684,472.98
64 Mar-2002 91,616,383.53
65 Apr-2002 91,547,718.73
66 May-2002 91,478,473.72
67 Jun-2002 91,408,643.58
68 Jul-2002 91,338,223.38
69 Aug-2002 91,267,208.13
70 Sep-2002 91,195,592.80
71 Oct-2002 91,123,372.32
72 Nov-2002 91,050,541.58
73 Dec-2002 90,977,095.41
74 Jan-2003 90,903,028.63
75 Feb-2003 90,828,335.98
76 Mar-2003 90,753,012.18
77 Apr-2003 90,677,051.90
78 May-2003 90,600,449.74
79 Jun-2003 90,523,200.31
80 Jul-2003 90,445,298.11
81 Aug-2003 90,366,737.64
82 Sep-2003 90,287,513.33
83 Oct-2003 90,207,619.58
84 Nov-2003 90,127,050.73
85 Dec-2003 90,045,801.07
86 Jan-2004 89,963,864.85
87 Feb-2004 89,881,236.27
88 Mar-2004 89,797,909.47
89 Apr-2004 89,713,878.57
90 May-2004 89,629,137.60
91 Jun-2004 89,543,680.58
92 Jul-2004 89,457,501.44
93 Aug-2004 89,370,594.09
94 Sep-2004 89,282,952.37
95 Oct-2004 89,194,570.07
96 Nov-2004 89,105,440.95
97 Dec-2004 89,015,558.69
98 Jan-2005 88,924,916.92
99 Feb-2005 88,833,509.23
<PAGE>
ALLIANCE 1996-4
Principal Prepayment Table
Class 2A
Principal
Balance
100 Mar-2005 88,741,329.14
101 Apr-2005 88,648,370.14
102 May-2005 88,554,625.62
103 Jun-2005 88,460,088.97
104 Jul-2005 88,364,753.48
105 Aug-2005 88,268,612.41
106 Sep-2005 88,171,658.95
107 Oct-2005 88,073,886.23
108 Nov-2005 87,975,287.32
109 Dec-2005 87,875,855.26
110 Jan-2006 87,775,583.00
111 Feb-2006 87,674,463.44
112 Mar-2006 87,572,489.42
113 Apr-2006 87,469,653.71
114 May-2006 87,365,949.05
115 Jun-2006 87,261,368.08
116 Jul-2006 87,155,903.40
117 Aug-2006 87,049,547.54
118 Sep-2006 86,942,292.98
119 Oct-2006 86,834,132.12
120 Nov-2006 86,725,057.29
121 Dec-2006 86,615,060.79
122 Jan-2007 86,504,134.81
123 Feb-2007 86,392,271.51
124 Mar-2007 86,279,462.97
125 Apr-2007 86,165,701.19
126 May-2007 86,050,978.13
127 Jun-2007 85,935,285.65
128 Jul-2007 85,818,615.58
129 Aug-2007 85,700,959.64
130 Sep-2007 85,582,309.51
131 Oct-2007 85,462,656.78
132 Nov-2007 85,341,992.99
133 Dec-2007 85,220,309.60
134 Jan-2008 85,097,597.97
135 Feb-2008 84,973,849.44
136 Mar-2008 84,849,055.22
137 Apr-2008 84,723,206.50
138 May-2008 84,596,294.36
139 Jun-2008 84,468,309.81
140 Jul-2008 84,339,243.78
141 Aug-2008 84,209,087.15
142 Sep-2008 84,077,830.70
143 Oct-2008 83,945,465.13
144 Nov-2008 83,811,981.07
145 Dec-2008 83,677,369.07
146 Jan-2009 83,541,619.60
147 Feb-2009 83,404,723.05
148 Mar-2009 83,266,669.72
149 Apr-2009 83,127,449.84
<PAGE>
ALLIANCE 1996-4
Principal Prepayment Table
Class 2A
Principal
Balance
150 May-2009 82,987,053.55
151 Jun-2009 82,845,470.92
152 Jul-2009 82,702,691.91
153 Aug-2009 82,558,706.41
154 Sep-2009 82,413,504.24
155 Oct-2009 82,267,075.11
156 Nov-2009 82,119,408.66
157 Dec-2009 81,970,494.42
158 Jan-2010 81,820,321.86
159 Feb-2010 81,668,880.34
160 Mar-2010 81,516,159.14
161 Apr-2010 81,362,147.45
162 May-2010 81,206,834.35
163 Jun-2010 81,050,208.86
164 Jul-2010 80,892,259.89
165 Aug-2010 80,732,976.25
166 Sep-2010 80,572,346.66
167 Oct-2010 80,410,359.75
168 Nov-2010 80,247,004.05
169 Dec-2010 80,082,267.99
170 Jan-2011 79,916,139.92
171 Feb-2011 79,748,608.06
172 Mar-2011 79,579,660.56
173 Apr-2011 79,409,285.45
174 May-2011 79,237,470.68
175 Jun-2011 79,064,204.06
176 Jul-2011 78,889,473.35
177 Aug-2011 78,713,266.16
178 Sep-2011 78,535,570.02
179 Oct-2011 78,356,372.35
180 Nov-2011 78,175,660.45
181 Dec-2011 77,993,421.54
182 Jan-2012 77,809,642.72
183 Feb-2012 77,624,310.96
184 Mar-2012 77,437,413.15
185 Apr-2012 77,248,936.05
186 May-2012 77,058,866.32
187 Jun-2012 76,867,190.50
188 Jul-2012 76,673,895.02
189 Aug-2012 76,478,966.19
190 Sep-2012 76,282,390.22
191 Oct-2012 76,084,153.18
192 Nov-2012 75,884,241.03
193 Dec-2012 75,682,639.63
194 Jan-2013 75,479,334.70
195 Feb-2013 75,274,311.83
196 Mar-2013 75,067,556.53
197 Apr-2013 74,859,054.14
198 May-2013 74,648,789.91
199 Jun-2013 74,436,748.95
<PAGE>
ALLIANCE 1996-4
Principal Prepayment Table
Class 2A
Principal
Balance
200 Jul-2013 74,222,916.24
201 Aug-2013 74,007,276.64
202 Sep-2013 73,789,814.89
203 Oct-2013 73,570,515.58
204 Nov-2013 73,349,363.20
205 Dec-2013 73,126,342.08
206 Jan-2014 72,901,436.43
207 Feb-2014 72,674,630.33
208 Mar-2014 72,445,907.72
209 Apr-2014 72,215,252.40
210 May-2014 71,982,648.04
211 Jun-2014 71,748,078.18
212 Jul-2014 71,511,526.20
213 Aug-2014 71,272,975.36
214 Sep-2014 71,032,408.76
215 Oct-2014 70,789,809.38
216 Nov-2014 70,545,160.03
217 Dec-2014 70,298,443.39
218 Jan-2015 70,049,642.00
219 Feb-2015 69,798,738.23
220 Mar-2015 69,545,714.33
221 Apr-2015 69,290,552.38
222 May-2015 69,033,234.31
223 Jun-2015 68,773,741.90
224 Jul-2015 68,512,056.78
225 Aug-2015 68,248,160.42
226 Sep-2015 67,982,034.13
227 Oct-2015 67,713,659.08
228 Nov-2015 67,443,016.26
229 Dec-2015 67,170,086.51
230 Jan-2016 66,894,850.50
231 Feb-2016 66,617,288.75
232 Mar-2016 66,337,381.60
233 Apr-2016 66,055,109.23
234 May-2016 65,770,451.67
235 Jun-2016 65,483,388.75
236 Jul-2016 65,193,900.14
237 Aug-2016 64,901,965.36
238 Sep-2016 64,607,563.73
239 Oct-2016 64,310,674.40
240 Nov-2016 64,011,276.36
241 Dec-2016 63,709,348.41
242 Jan-2017 63,404,869.16
243 Feb-2017 63,097,817.07
244 Mar-2017 62,788,170.38
245 Apr-2017 62,475,907.18
246 May-2017 62,161,005.36
247 Jun-2017 61,843,442.61
248 Jul-2017 61,523,196.46
249 Aug-2017 61,200,244.24
<PAGE>
ALLIANCE 1996-4
Principal Prepayment Table
Class 2A
Principal
Balance
250 Sep-2017 60,874,563.06
251 Oct-2017 60,546,129.88
252 Nov-2017 60,214,921.44
253 Dec-2017 59,880,914.28
254 Jan-2018 59,544,084.77
255 Feb-2018 59,204,409.05
256 Mar-2018 58,861,863.06
257 Apr-2018 58,516,422.57
258 May-2018 58,168,063.10
259 Jun-2018 57,816,759.99
260 Jul-2018 57,462,488.38
261 Aug-2018 57,105,223.16
262 Sep-2018 56,744,939.06
263 Oct-2018 56,381,610.56
264 Nov-2018 56,015,211.93
265 Dec-2018 55,645,717.23
266 Jan-2019 55,273,100.30
267 Feb-2019 54,897,334.76
268 Mar-2019 54,518,394.00
269 Apr-2019 54,136,251.19
270 May-2019 53,750,879.27
271 Jun-2019 53,362,250.96
272 Jul-2019 52,970,338.74
273 Aug-2019 52,575,114.86
274 Sep-2019 52,176,551.35
275 Oct-2019 51,774,619.96
276 Nov-2019 51,369,292.26
277 Dec-2019 50,960,539.54
278 Jan-2020 50,548,332.86
279 Feb-2020 50,132,643.04
280 Mar-2020 49,713,440.63
281 Apr-2020 49,290,695.97
282 May-2020 48,864,379.11
283 Jun-2020 48,434,459.87
284 Jul-2020 48,000,907.82
285 Aug-2020 47,563,692.25
286 Sep-2020 47,122,782.21
287 Oct-2020 46,678,146.48
288 Nov-2020 46,229,753.58
289 Dec-2020 45,777,571.76
290 Jan-2021 45,321,569.00
291 Feb-2021 44,861,713.02
292 Mar-2021 44,397,971.25
293 Apr-2021 43,930,310.87
294 May-2021 43,458,698.76
295 Jun-2021 42,983,101.53
296 Jul-2021 42,503,485.49
297 Aug-2021 42,019,816.71
298 Sep-2021 41,532,060.92
299 Oct-2021 41,040,183.59
<PAGE>
ALLIANCE 1996-4
Principal Prepayment Table
Class 2A
Principal
Balance
300 Nov-2021 40,544,149.91
301 Dec-2021 40,043,924.73
302 Jan-2022 39,539,472.66
303 Feb-2022 39,030,757.96
304 Mar-2022 38,517,744.63
305 Apr-2022 38,000,396.33
306 May-2022 37,478,676.44
307 Jun-2022 36,952,548.02
308 Jul-2022 36,421,973.81
309 Aug-2022 35,886,916.25
310 Sep-2022 35,347,337.45
311 Oct-2022 34,803,199.21
312 Nov-2022 34,254,463.01
313 Dec-2022 33,701,089.98
314 Jan-2023 33,143,040.95
315 Feb-2023 32,580,276.41
316 Mar-2023 32,012,756.51
317 Apr-2023 31,440,441.06
318 May-2023 30,863,289.55
319 Jun-2023 30,281,261.10
320 Jul-2023 29,694,314.52
321 Aug-2023 29,102,408.24
322 Sep-2023 28,505,500.35
323 Oct-2023 27,903,548.59
324 Nov-2023 27,296,510.33
325 Dec-2023 26,684,342.61
326 Jan-2024 26,067,002.06
327 Feb-2024 25,444,444.99
328 Mar-2024 24,816,627.31
329 Apr-2024 24,183,504.57
330 May-2024 23,545,031.95
331 Jun-2024 22,901,164.23
332 Jul-2024 22,251,855.83
333 Aug-2024 21,597,060.77
334 Sep-2024 20,936,732.69
335 Oct-2024 20,270,824.85
336 Nov-2024 19,599,290.08
337 Dec-2024 18,922,080.84
338 Jan-2025 18,239,149.18
339 Feb-2025 17,550,446.75
340 Mar-2025 16,855,924.79
341 Apr-2025 16,155,534.12
342 May-2025 15,449,225.14
343 Jun-2025 14,736,947.85
344 Jul-2025 14,018,651.82
345 Aug-2025 13,294,286.19
346 Sep-2025 12,563,799.67
347 Oct-2025 11,827,140.54
348 Nov-2025 11,084,256.64
349 Dec-2025 10,335,095.37
<PAGE>
ALLIANCE 1996-4
Principal Prepayment Table
Class 2A
Principal
Balance
350 Jan-2026 9,579,603.68
351 Feb-2026 8,817,728.09
352 Mar-2026 8,049,414.66
353 Apr-2026 7,274,608.97
354 May-2026 6,493,256.18
355 Jun-2026 5,705,300.95
356 Jul-2026 4,910,687.51
357 Aug-2026 4,109,359.58
358 Sep-2026 3,301,260.43
359 Oct-2026 2,486,332.84
360 Nov-2026 1,664,519.11
361 Dec-2026 835,761.06
362 Jan-2027 0.00
<PAGE>
EXHIBIT Q
FORM OF SERVICER'S MONTHLY REMITTANCE REPORT
TO TRUSTEE
<PAGE>
ALLIANCE FUNDING COMPANY
by LEE SERVICING COMPANY, A division of SUPERIOR BANK FSB,
Designated Servicer
SERVICERS CERTIFICATE
______ SUB POOL _
In accordance with section 6.08 of the Pooling and Servicing Agreement
dated as of ______________ and the Insurance Agreement dated as of
______________, Lee Servicing Company reports the following
information pertaining to Series ______ Sub Pool _ for _________,
___, the Remittance date.
Period Ended: _________, 19__
- --------------------------------------------------------------------------------
Total Actual Principal Collections 0.00
Total Actual Interest Collections 0.00
Additional Proceeds 0.00
------------------------
Total Collections
Monthly Advance
Delinquent Interest 0.00
Compensating Interest 0.00
Amounts Held for Future Distributions 0.00
0.00
------------------------
Available Remittance Amount: 0.00
Less: Service Fees 0.00
Expense Account Deposit 0.00
Deposits/Withdrawals for Cross Collaterization 0.00
------------------------
Adjusted Remittance Amount: 0.00
Remaining Amount Available:
Adjusted Remittance Amount 0.00
- --------------------------------------------------------------------------------
<PAGE>
ALLIANCE FUNDING COMPANY
by LEE SERVICING COMPANY, A division of SUPERIOR BANK FSB,
Designated Servicer
SERVICERS CERTIFICATE
______ SUB POOL _
In accordance with section 6.08 of the Pooling and Servicing Agreement
dated as of ______________ and the Insurance Agreement dated as of
______________, Lee Servicing Company reports the following
information pertaining to Series ______ Sub Pool _ for _________,
___, the Remittance date.
Period Ended: _________, 19__
- --------------------------------------------------------------------------------
Insured Payments 0.00
Insurance Account Deposit @ 13bp the
ending Class A P-balance 0.00
Class Remittance Amounts 0.00
Non-Recoverable Advances not previously
reimbursed 0.00
------------------------
Total Remaining Amount Available: 0.00
========================
Amount of Reimbursements Pursuant to Sec. 5.04
Servicing Fee 0.00
Monthly Advances and Servicer Advances 0.00
Other Mortgage Payments 0.00
Interest Earned on P&I Deposits 0.00
Additional Servicing Compensation 0.00
- --------------------------------------------------------------------------------
<PAGE>
ALLIANCE FUNDING COMPANY
by LEE SERVICING COMPANY, A division of SUPERIOR BANK FSB,
Designated Servicer
SERVICERS CERTIFICATE
______ SUB POOL _
In accordance with section 6.08 of the Pooling and Servicing Agreement
dated as of ______________ and the Insurance Agreement dated as of
______________, Lee Servicing Company reports the following
information pertaining to Series ______ Sub Pool _ for _________,
___, the Remittance date.
<TABLE>
<CAPTION>
Period Ended: _________, 19__
- ----------------------------------------------------------------------------------------------------
Total Class 2-A Class R
----- --------- -------
<S> <C> <C> <C>
Number of Loans 0
Opening Loan balance 0.00 0.00
Additional principal reduction, LTD 0.00 0.00
Realized losses, LTD 0.00 0.00
Carryforward amount 0.00 0.00
--------------------------------------
Total Class Principal Balance 0.00 0.00
Pool factor per loan balance #DIV/01 #DIV/01
Factor per class balance 0.0000000% 0.0000000%
Class R Remittance 0.00 0.00
Additional Principal due Class A 0.00 0.00
Deposits/Withdrawals for Cross Collaterization 0.00 0.00
Interest remittance 0.00 0.00
Principal reductions:
Prepayments - number 0 0
Prepayments - dollar 0.00 0.00
Net Liquidation Proceeds 0.00 0.00
- ----------------------------------------------------------------------------------------------------
Curtailments 0.00 0.00
</TABLE>
<PAGE>
ALLIANCE FUNDING COMPANY
by LEE SERVICING COMPANY, A division of SUPERIOR BANK FSB,
Designated Servicer
SERVICERS CERTIFICATE
______ SUB POOL _
In accordance with section 6.08 of the Pooling and Servicing Agreement
dated as of ______________ and the Insurance Agreement dated as of
______________, Lee Servicing Company reports the following
information pertaining to Series ______ Sub Pool _ for _________,
___, the Remittance date.
<TABLE>
<CAPTION>
Period Ended: _________, 19__
- ----------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
Normal and excess payments 0.00 0.00
------------------------------------------------------
Total principal Remittance 0.00 0.00
Additional principal reduction 0.00 0.00
------------------------------------------------------
Total remittance 0.00 0.00
======================================================
Carryforward Amount 0.00
Current Month Realized Loss - number 0
Current Month Realized Loss - dollar 0.00
Number of Loans # 0
Class principal balance - end of month
Loan Balance 0.00 0.00
Additional principal reduction, LTD 0.00 0.00
Realized losses, LTD 0.00 0.00
Carryforward amount 0.00 0.00
------------------------------------------------
Total Class A principal 0.00 0.00
Class factor per loan balance #DIV/01 #DIV/01
Class factor per class balance #DIV/01 #DIV/01
- ----------------------------------------------------------------------------------------------------
Total Class A1
----- --------
Weighted Note Rate: 0.00000%
</TABLE>
<PAGE>
ALLIANCE FUNDING COMPANY
by LEE SERVICING COMPANY, A division of SUPERIOR BANK FSB,
Designated Servicer
SERVICERS CERTIFICATE
______ SUB POOL _
In accordance with section 6.08 of the Pooling and Servicing Agreement
dated as of ______________ and the Insurance Agreement dated as of
______________, Lee Servicing Company reports the following
information pertaining to Series ______ Sub Pool _ for _________,
___, the Remittance date.
<TABLE>
<CAPTION>
Period Ended: _________, 19__
- -----------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
Weighted Note Rate Next Remittance: 0.00000%
Pass-Through Rate: 0.00000% 0.00000%
Related Remittance Period 0-JAN-00 thru 0-JAN-00
Days in Related Period: 0
Weighted Average Remaining Term 0.00
Original Pool - Principal Balance 0.00 0.00
Original Pool - Pre-Funding Account 0.00 0.00
Original Pool - Additional Principal Reduction 0.00 0.00
------------------------------------------------
Original Pool Total 0.00 0.00
Original Pool - Number of Loans 0
- -------------------------------------------------------------------------------------------------------------------
Class A OverCollaterization Reconciliation
Beginning of Month Current Month End of Month
------------------ ------------- ------------
Additional Principal Reduction, LTD 0.00 0.00 0.00
- -------------------------------------------------------------------------------------------------------------------
Less: Realized Losses, LTD 0.00 0.00 0.00
Deposits/Withdrawals from Cross Collaterization 0.00 0.00 0.00
----------
---------------------------------------------------------------------
Overcollateralization of Principal 0.00 0.00 0.00
----------
=====================================================================
</TABLE>
<PAGE>
ALLIANCE FUNDING COMPANY
by LEE SERVICING COMPANY, A division of SUPERIOR BANK FSB,
Designated Servicer
SERVICERS CERTIFICATE
______ SUB POOL _
In accordance with section 6.08 of the Pooling and Servicing Agreement
dated as of ______________ and the Insurance Agreement dated as of
______________, Lee Servicing Company reports the following
information pertaining to Series ______ Sub Pool _ for _________,
___, the Remittance date.
<TABLE>
<CAPTION>
Period Ended: _________, 19__
- ---------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
Base Overcollaterization Requirement 0.00
Current Month Subordinated Amount
Beginning of Month Current Month End of the Month
------------------------------------------------------------
Original Subordinated Amount 0.00 N/A 0.00
Less: Cumulative Realized Losses 0.00 0.00 0.00
Plus: Cumulative Additional Proceeds 0.00 0.00 0.00
------------------------------------------------------------
Current Subordinated Amount 0.00 0.00
============================================================
Nonrecoverable Advance Reconciliation
Beginning of Month 0.00
Current Month Unpaid Nonrecoverable Advance 0.00
Less: Current Month Reimbursement 0.00
------------------------
End of Month 0.00
- ----------------------------------------------========================-----------------------------------
Class A1
--------------------------------------
Total Class Principal - Original Pool $0.00 $0.00
Interest Remittance Amount 0.00 0.00
</TABLE>
<PAGE>
ALLIANCE FUNDING COMPANY
by LEE SERVICING COMPANY, A division of SUPERIOR BANK FSB,
Designated Servicer
SERVICERS CERTIFICATE
______ SUB POOL _
In accordance with section 6.08 of the Pooling and Servicing Agreement
dated as of ______________ and the Insurance Agreement dated as of
______________, Lee Servicing Company reports the following
information pertaining to Series ______ Sub Pool _ for _________,
___, the Remittance date.
Period Ended: _________, 19__
- ------------------------------------------------------------------------------
Interest Rate Factor / 1000 0.000000 0.000000
Total Principal Collections 0.00 0.00
Additional Principal Reduction 0.00 0.00
----------------------------------
Principal Remittance Amount 0.00 0.00
Principal Payment Factor/1000 0.000000 0.000000
Principal Factor 0.000000 0.000000
Prior Month Principal Factors 0 0
- ------------------------------------------------------------------------------
<PAGE>
EXHIBIT R
PROPOSED SUBSEQUENT MORTGAGE LOAN SCHEDULE
<PAGE>
ALLIANCE FUNDING COMPANY
A division of Superior Bank FSB
Loans Funded and Available for Sale to 1996-3 as of 9/20/96
Current Note
Account Name State Principal Rate Margin
- --------------------------------------------------------------------------------
10216113824 BAER JAY P MD 177,828.76 9.625 6.000
10216114554 TAYLOR THOMAS J NJ 257,434.57 11.500 8.500
10216114990 JENSEN LAMAR G UT 97,604.32 10.125 6.500
10216115285 SWAYBILL MONICA NY 107,148.64 9.625 6.250
10216115716 STIDHAM GREGORY SCOTT OH 37,256.92 8.750 5.000
10216116171 SANCHEZ JOSE ANTHONY JR NY 153,000.00 9.625 5.750
10216117920 GARRETT KAREN S MI 56,500.00 11.500 6.750
10216119657 VOLCHIK ZEEV NJ 207,000.00 9.625 6.000
10216120159 TORRES JOSE MIQUEL NJ 130,000.00 11.500 7.750
10216120393 DEWEAVER LINDA OH 48,983.48 11.375 7.500
10216120465 JULIANO THERESA NJ 149,000.00 9.250 5.500
10216120714 FRICANO MICHAEL P IL 122,500.00 11.125 7.500
10216120789 STOFFEL RANDELL J WI 108,800.00 11.000 7.000
10216121337 BROWN RICHARD NY 160,000.00 10.625 6.750
10216121359 BERRY ANNIE L MD 85,500.00 11.125 8.250
10216121461 GANZ DAVID A NJ 84,000.00 11.375 8.500
10216121720 BENHAM JONATHAN W IN 120,266.51 9.625 5.750
10216122238 ZIEGLER MELVIN L IL 142,894.41 9.625 6.250
10216122354 ESPOSITO SALVATORE NY 112,200.00 9.875 7.250
10216122424 BRUCE RALPH NY 120,000.00 9.125 6.250
10216122693 MINNICK JESSIE L KY 80,649.84 8.375 4.500
10216122836 BENNETT SHARON IL 91,700.00 7.875 4.000
10216122842 SHKRELI MARIE MI 243,000.00 9.750 5.750
10216122993 BOUCHER JAMES M MI 72,000.00 8.875 5.000
10216122995 AL-ABDULRASUL MOHAMMAD MI 89,913.43 9.625 5.750
10216122996 BURKE WILLIAM R MI 114,000.00 8.875 5.000
10216123112 MCDEVITT JOHN A NJ 70,000.00 8.875 6.000
10216123428 TORRES SANDRA NY 148,000.00 9.625 5.750
10216123485 DAWES WILLIAM NY 135,955.33 11.375 7.250
10216123506 CORDERA SANDRA L CT 102,000.00 10.875 6.750
10216123555 AL-AMIDI AHMED MI 41,400.00 9.875 5.750
10216123679 JARAMILLO JUAN NY 147,000.00 10.875 7.750
10216123736 MARTIN LARRY W IN 110,381.35 8.375 4.500
10216123779 WATSON CALVIN NY 152,000.00 10.125 6.250
10216123881 JUSTICE PAUL MI 37,000.00 9.875 6.000
10216124089 LEITHEISER CHARLES F WI 81,900.00 9.625 5.750
10216124146 LEVINE ARTHUR A NJ 108,500.00 8.625 5.500
10216124276 MAXWELL CHARLES E MI 58,473.43 9.875 6.000
10216124442 PRITCHETT JENNIFER IL 100,000.00 10.250 6.000
10216124535 PROCHLIAK PETRO NJ 63,000.00 10.625 6.750
10216124662 RAGLAND RAFUR C IL 46,200.00 10.750 6.250
10216124675 MOORE ROGER D MI 55,966.08 8.500 4.500
10216124948 PETTINELLA ANN M NY 97,100.00 10.125 6.250
10216125425 PASLEY KELITA NY 135,000.00 9.625 5.750
10216125516 AMOS-RICHBURG MICHELLE NY 150,300.00 9.875 5.750
10216125592 GRUBAUGH GEORGE A CO 99,750.00 9.625 6.000
10216125597 CARPENTER ROBERT E UT 90,000.00 10.375 6.750
10216125653 CURRAN THOMAS J NJ 169,400.00 7.375 3.750
10216125685 SIEGFRIED DANIEL C AZ 78,400.00 11.875 8.250
10216125697 FIUME ALFRED M NJ 170,910.00 9.625 6.750
10216125724 HALL CLYDE JR IL 60,700.00 9.625 6.000
10216125746 HAZELTON DANIEL L MI 32,000.00 11.375 7.500
10216125803 GIBSON VANESSA MI 115,500.00 9.125 5.500
10216125810 ODONNEL PATRICK C OH 57,750.00 10.875 7.250
10216125819 AVILES JUAN IL 246,500.00 10.875 7.000
10216125830 FADLALLAH HOUSSAM MI 72,859.13 8.875 5.000
10216125841 CREW WILLIAM W IN 56,800.00 11.375 7.500
10216125984 HARRIS JUDITH M NM 153,500.00 8.875 5.250
10216126063 WALKER PATRICIA GA 40,500.00 11.125 7.750
10216126104 PLEET LOUIS ABRAHAM MD 138,750.00 11.500 7.250
10216126119 GOEMBEL PATRICK NC 79,000.00 9.375 5.250
10216126148 SENIOR ORVILLE NY 194,400.00 10.625 6.750
10216126192 BARLOW RYAN TY AZ 44,625.00 10.375 6.500
<PAGE>
ALLIANCE FUNDING COMPANY
A division of Superior Bank FSB
Loans Funded and Available for Sale to 1996-3 as of 9/20/96
Current Note
Account Name State Principal Rate Margin
- --------------------------------------------------------------------------------
10216126213 HARRIS DONALD MI 53,200.00 9.875 6.000
10216126238 LIGHTNER MARY CATHERINE KY 72,076.32 11.375 7.500
10216126317 MILLS PRISCILLA NY 216,000.00 9.625 6.750
10216126347 MOHAMAD KHALED NJ 71,250.00 9.625 5.750
10216126394 BUSS TINA M MI 35,000.00 8.875 5.000
10216126396 SADEJ STANLEY IL 154,000.00 11.750 6.750
10216126397 WARD SCOTT J IL 75,000.00 10.000 6.000
10216126402 HOOVER DANIEL L MI 56,000.00 9.125 5.000
10216126436 UDY VAL R UT 60,000.00 8.625 5.000
10216126504 DECARLO FRANK NJ 325,000.00 12.125 8.500
10216126508 MCCALL CHARLES CT 84,500.00 12.375 7.750
10216126524 SOMMERS MARK ALLAN OH 104,000.00 9.875 6.000
10216126548 WINTERS WAYNE E IN 56,200.00 10.000 5.750
10216126599 ALLOWAY DONALD A OR 148,000.00 11.375 7.750
10216126615 GONZALEZ CRUZ PA 172,350.00 9.875 5.750
10216126635 UPSHAW GERALD DWAYNE CA 231,300.00 8.875 5.000
10216126675 SMITH MARGARET OH 38,400.00 11.125 6.750
10216126697 DUNIGAN ERIC V MI 33,000.00 9.125 5.250
10216126700 AL-GASID MOHAYMAN MI 82,800.00 9.625 5.750
10216126701 ASKAR ANGELO MI 52,000.00 8.625 4.500
10216126702 COSTA MIKE MI 98,400.00 10.375 6.250
10216126797 SIMPSON IAN G NY 157,250.00 11.875 8.000
10216126877 HERMIZ MAJID MI 178,200.00 9.625 5.750
10216126879 RASH JOEL MI 14,400.00 11.250 7.250
10216126974 DEUGENIO ENRICO AZ 182,600.00 10.875 7.000
10216126988 JAMES CATHERINE IL 59,200.00 9.625 6.000
10216126998 ALMAYA MOHAMED A MI 55,300.00 9.625 5.750
10216127012 WILLOH JOHN ROBERT OH 29,979.36 7.875 3.750
10216127086 BURT DANIEL L OR 80,750.00 11.375 7.500
10216127172 AL-SHALUSHI AZARA MI 53,100.00 8.375 4.500
10216127173 AL-JEBORI QASIM MI 41,400.00 9.625 5.750
10216127181 HANES JOSEPH C OH 44,100.00 9.625 5.750
10216127291 PAOLELLA GIOVANNI IL 131,200.00 9.375 5.750
10216127296 BISHOP LARRY A MI 83,300.00 8.375 4.500
10216127317 FRANCKOWIAK WAYNE A IL 261,000.00 9.000 5.000
10216127319 ELMASRI SIREEN MI 110,500.00 10.125 6.250
10216127359 MOLDOFSKY LANNY IL 241,500.00 11.375 6.750
10216127375 PEARSON BLAINE UT 135,000.00 9.125 5.500
10216127380 ROBERTO WAYNE NJ 80,000.00 12.375 8.500
10216127414 CARTER LLOYD WILLIS AZ 72,000.00 8.875 5.250
10216127446 SEXTON MARK S CO 199,500.00 8.625 5.000
10216127534 COSTANTINI DONNA CT 157,500.00 10.625 6.750
10216127584 MONTANA MARK J IL 420,000.00 9.625 6.000
10216127596 MURZANSKI CHRIS A IL 162,000.00 9.875 5.750
10216127600 DEMBECK DAVID M MI 180,000.00 7.625 3.750
10216127604 NAWAZ RAB MI 50,000.00 11.250 7.000
10216127614 SMITH MICHAEL A MI 83,300.00 8.875 5.000
10216127628 COLLINS PATRICIA L IN 68,000.00 11.500 7.500
10216127755 HAYDOUS ALI H MI 90,400.00 9.125 5.000
10216127757 HARTNER GARY F MI 180,000.00 9.625 5.750
10216127758 POWELL WANDALYN V MI 132,000.00 11.500 7.250
10216127780 BROWN RANDY D UT 76,000.00 11.875 8.250
10216127814 JOHNSON KYLE ROBERT UT 91,800.00 10.125 6.500
10216127873 WYCOFF GENE K CO 164,000.00 10.625 7.000
10216127905 PRYOR DAVID B MI 365,000.00 7.625 3.750
10216127910 MELCHER BARRY L KY 46,700.00 10.125 6.250
10216127994 SHADDIX BILL J AZ 140,000.00 8.875 5.250
10216128004 HARNISHER DIANE NY 52,500.00 10.375 6.750
10216128058 NELSON LEONARD E IL 75,000.00 11.125 6.750
10216128231 HOWARD DOROTHY IL 70,000.00 9.375 5.750
10216128236 HEATON TIMOTHY J IL 105,000.00 9.625 6.000
10216128245 LIDDELL CHRISTOPHER W MI 191,200.00 7.875 3.750
10216128349 HILL KENNETH A NY 80,000.00 9.625 6.500
<PAGE>
ALLIANCE FUNDING COMPANY
A division of Superior Bank FSB
Loans Funded and Available for Sale to 1996-3 as of 9/20/96
Current Note
Account Name State Principal Rate Margin
- --------------------------------------------------------------------------------
10216128398 WONG CAROL M PA 25,500.00 10.625 6.750
10216128587 AL-YASIRY FADHIL MI 30,800.00 8.625 4.500
10216128588 ALBUJERAIW NAJEB MI 43,200.00 9.625 5.750
10216128591 KING DARLENE OH 66,000.00 7.625 3.750
10216128665 AKERS CHRISTOPHER F CA 147,600.00 8.875 5.000
10216128704 NICHOL MERLIN K UT 93,600.00 9.625 6.000
10216128709 CULP RICHARD WILLIAM WA 220,000.00 9.875 6.250
10216128915 TAYLOR JR PAUL D NV 135,000.00 8.625 5.750
10216128927 MORRIS CORINE IL 24,700.00 11.125 6.750
10216128935 MCNELLEY PATRICK L IL 328,000.00 10.750 7.500
10216128943 LITTLE PERRY NJ 76,800.00 11.750 8.500
10216129035 MARTINEZ JOSE P NJ 90,000.00 9.625 5.750
10216129074 BROKENBEK SARAH S PA 168,300.00 9.250 5.400
10216129186 CAULEY M CAD UT 138,250.00 9.125 5.500
10216129297 REED BRENDA K PA 73,200.00 11.250 7.250
10216129367 FLORES SHERRY L CO 60,000.00 8.875 5.250
10216129412 CRUM JENNIFER UT 126,750.00 9.375 5.750
10216129435 WOLSKI CONRAD A IL 208,000.00 11.250 7.250
10216129436 LEWIS MELONICE IL 103,100.00 9.625 6.000
10216129441 FLANAGAN MICHAEL J MN 103,000.00 10.125 6.250
10216129442 REDA HUSSEIN MI 67,100.00 8.375 4.500
10216129443 AL-ATABI DHAFER MI 78,300.00 9.625 5.750
10216129444 SOBH MOHAMAD MI 36,900.00 9.625 5.750
10216129453 REINHART WILLIAM MI 87,900.00 10.625 6.750
10216129546 EBERHARDT MICHAEL D CO 211,500.00 8.125 4.500
10216129556 COLLETTI JAMES IL 228,000.00 11.500 7.500
10216129626 REDFORD DIANE UNCHONG CO 152,000.00 8.875 5.250
10216129655 SMITH ROBERT M FL 61,600.00 11.500 7.500
10216129717 AL-ADHIMY QAIS MI 44,100.00 9.625 5.750
10216129811 DANIA RAFIU I IL 212,700.00 10.625 6.750
10216129821 KAWCZYNSKI JACEK A IL 189,000.00 10.000 6.000
10216129830 BARRETT JAMES K MN 157,426.52 9.750 5.750
10216129940 PENNY CHARMAINE HARRIET UT 69,200.00 10.875 7.250
10216129982 SOBH JALAL M MI 46,700.00 8.375 4.500
10216130016 HESS DAVID LYNN UT 75,650.00 9.875 6.250
10216130030 RODRIGUEZ ROD CA 157,500.00 9.375 5.750
10216130205 NASSEREDDINE MOHAMAD MI 96,300.00 9.625 5.750
10216130213 RICHARDS ALFRED D UT 67,900.00 8.875 5.250
10216130643 BRAGG MICHAEL ANTHONY MI 42,500.00 10.125 6.250
- ------------- ---------------------------------
Loans tagged for 1st Subsequent Transfer 18,663,933.40 9.913 6.140
10216101352 MCNULTY JAMES P NJ 105,903.68 9.000 5.250
10216107778 PERRY GLENN D OH 99,881.50 8.625 5.000
10216115465 SIMPSON DAVID J PA 161,500.00 9.125 5.500
10216117865 SHACK JIMMIE LEE JR MI 41,172.05 11.250 6.750
10216118765 REGIS JOSEPH T DE 85,965.74 9.375 5.750
10216119857 BRIGGS CHRISTOPHER A IL 54,189.04 8.625 4.750
10216120138 GOLD JEFFREY L MI 224,733.36 8.625 5.000
10216120271 SMITH GERALDINE OH 87,500.00 9.875 6.000
10216120657 HUNT ROBERT J JR IL 106,400.00 8.375 4.500
10216120736 HISLE DANA IL 35,700.00 11.500 6.750
10216121278 HACHEM MOHAMAD K MI 112,392.01 9.625 5.750
10216122236 MARUNGO BASELISA IL 126,000.00 9.625 6.250
10216124897 TAHZIB SHAMIM IL 249,000.00 9.625 5.500
10216125827 BAZZI MAHMOUD MI 51,300.00 9.625 5.750
10216126045 ALSHAWISH SAMUEL MI 80,961.20 9.625 5.750
10216126299 PETTIGREW DEWEY E UT 118,150.00 11.375 7.500
10216127002 SAGHIR FATEMA MI 81,000.00 9.625 5.750
10216127014 BRAUN JEAN M IN 60,300.00 8.375 4.500
10216127176 AL-GHAZAWY YOUSIF MI 39,600.00 9.875 5.750
10216127177 MAYER J CHRISTOPHER MI 80,900.00 9.875 5.750
10216127259 ACOSTA CYNTHIA GAYE WA 73,500.00 11.625 8.000
10216127327 ARNEY TERRY OH 121,500.00 10.625 6.750
<PAGE>
ALLIANCE FUNDING COMPANY
A division of Superior Bank FSB
Loans Funded and Available for Sale to 1996-3 as of 9/20/96
Current Note
Account Name State Principal Rate Margin
- --------------------------------------------------------------------------------
10216127420 FREDERICKSEN JILL T CO 116,450.00 10.375 7.000
10216127602 WILLIAMS DAVID MI 85,500.00 9.875 5.750
10216127736 TOLLE LAWRENCE D IN 98,800.00 11.125 6.750
10216127907 EWIES RIYAD MI 66,000.00 7.875 3.750
10216128166 SORENSEN CYNTHIA L UT 67,150.00 10.625 6.750
10216128243 SAWICKI KRZYSZTOF J MI 153,000.00 10.875 6.750
10216128563 MCCONNELL GARY FRANCIS CO 215,000.00 10.875 7.250
10216129082 HOSSFELD JOHN B CO 179,200.00 7.375 3.750
10216129268 AL-THIHABAWY ISMAEL MI 38,700.00 9.625 5.750
10216129437 REED ROBERT IL 64,000.00 11.500 7.500
10216130685 PRASHAW SANDRA L CO 71,500.00 9.125 5.500
10216131195 PASK ALAN R MI 55,000.00 8.750 6.000
- ------------- -----------------------------------
Loans tagged for 2nd Subsequent Transfer 3,407,848.58 9.686 5.867
10216117812 JAROSINSKI RICHARD IL 89,915.68 9.750 6.000
10216119036 GENCARELLI LOUIS CT 50,348.19 9.125 6.250
10216119759 MILLER KENNETH IL 123,307.73 9.750 6.000
10216122260 CIRULLO SANDRA IN 73,464.79 9.625 5.750
10216122442 FARD ALI MI 209,728.13 9.875 6.000
10216123620 GANDIA ALEX NY 152,000.00 12.125 8.500
10216123916 ORTIZ THOMAS NJ 276,000.00 8.875 5.500
10216124053 KLEIN REBECCA MD 65,700.00 9.875 5.750
10216124661 SANTANA LUCY M IL 66,500.00 9.625 5.750
10216124905 KRITIKOS TONY IL 150,000.00 9.750 6.000
10216125657 CURRAN THOMAS J NJ 330,600.00 7.375 3.750
10216125780 BAILEY JAMES A OH 54,400.00 11.500 7.500
10216126239 SMITH DONALD KY 75,200.00 11.125 7.250
10216126403 MOLAEI MOHSEN MI 59,500.00 10.375 6.250
10216126694 DABAJA TAREK MI 67,500.00 9.625 5.750
10216126707 PHILLIPS CHARLES OH 41,600.00 10.375 6.000
10216127079 HARRIS DOUGLAS O UT 400,000.00 11.625 8.000
10216127171 PANKNER MICHAEL G MI 85,500.00 8.875 5.000
10216127499 ZLATIN SUSAN M MD 235,000.00 8.375 6.000
10216127556 HOWARD THOMAS B WA 163,000.00 7.375 3.750
10216127587 JOHNSON HUBERT D MI 36,000.00 11.125 7.500
10216127592 KENESSEY IVAN G IL 348,000.00 9.750 5.750
10216127613 ROY KENNETH D MI 81,000.00 9.625 5.750
10216128064 BERGERON JAMES H MI 63,000.00 9.625 6.000
10216128244 MOORE MARIA M MI 62,700.00 9.750 5.750
10216128417 OLIVER RONALD IL 169,000.00 9.625 5.750
10216128420 DEWATER ERNEST VAN MI 60,000.00 9.625 6.000
10216128507 JOHNSON MARK G WA 125,600.00 8.875 5.250
10216128759 OBNEY GLENDA L MI 142,800.00 8.375 4.500
10216129241 TYUS RENAE D MI 53,200.00 9.625 6.000
10216129440 PIERCE LUCILLE IL 45,000.00 10.000 6.000
10216129452 AL-ZARGANI HUSSAIN MI 99,000.00 9.625 5.750
10216129456 OWENS DELBERT CORKY IN 68,400.00 9.625 5.750
10216129774 SANTILLANES CHARLES NM 157,250.00 10.125 6.500
10216129847 MEREDITH GERALD IN 180,400.00 10.625 6.750
10216129960 SOUZA VICTORIA D IL 130,000.00 8.125 4.500
10216130206 ETCHEN SHERYL MI 74,700.00 9.625 5.750
10216130242 SCOTT BARBARA D AZ 220,000.00 8.875 5.250
10216130335 AL-ZAYADI HAIDAR MI 61,200.00 9.625 5.750
10216130336 BEYDOUN KAMEL MI 49,600.00 8.875 5.000
10216130363 ADAMS WILLIAM O PA 73,950.00 10.375 6.500
10216130479 SOBH ALI MI 80,700.00 10.625 6.750
10216130480 CONYERS STEVEN A MI 249,900.00 8.875 5.000
10216130490 ISMAIL ALI H MI 108,000.00 9.625 5.750
10216130642 JANNY MOHAMMED S MI 65,300.00 9.125 5.250
10216130839 AL-MOSAWI NAZAR MI 76,500.00 9.625 5.750
10216131339 TALEB ALI MI 66,600.00 9.625 5.750
10218000028 VLIET RONALD E CT 40,978.19 9.125 5.250
10218000037 RIBAS MANUEL CT 147,937.94 10.250 0.000
<PAGE>
ALLIANCE FUNDING COMPANY
A division of Superior Bank FSB
Loans Funded and Available for Sale to 1996-3 as of 9/20/96
Current Note
Account Name State Principal Rate Margin
- --------------------------------------------------------------------------------
10218000050 LOMBARDO RICHARD S CT 129,905.91 7.625 0.000
10218000059 COOPER RICK W NY 32,000.00 11.500 7.250
10218000090 CRUZ PEDRO R NY 159,948.86 11.500 7.250
10218000093 LEFEVRE ALAN C NY 76,500.00 9.875 5.750
10218000104 BUGGY GLENN M CT 391,322.14 9.875 5.750
10218000140 SILNIK LEONARDO D NY 153,553.89 9.375 5.250
10218000154 NIKSA LEWIS NY 51,200.00 9.375 5.250
10218000205 KARAGOUNIS DENNIS NY 181,600.00 11.875 8.000
10218000210 SHOCKLEY CRAIG S PA 115,935.12 12.125 8.500
10218000226 DYADYUK YAKOV NJ 130,000.00 8.875 5.500
10218000258 IIDA YASUHISA NY 196,000.00 10.875 7.250
10218000273 MCSHANE PATRICK PA 197,492.18 9.375 6.750
10218000284 BEIGELMAN LARISA NY 117,600.00 10.125 6.250
10218000320 CRUZ NILES R NY 120,000.00 10.875 7.250
10218000322 BUTLER JOSEPH L PA 35,000.00 10.875 0.000
10218000397 ROMAN-NEAL MAGALI NY 112,000.00 9.875 6.000
10218000453 RESEK MARTIN JR NY 104,000.00 10.375 6.500
10218000468 BLANCO SONJA S NY 115,300.00 11.375 8.500
10218000550 RECUPERO LINDA NJ 500,000.00 9.625 0.000
10218000568 ASHIDA KANEMICHI NY 343,825.00 10.625 0.000
10218000691 MENDEZ NELLY NY 168,000.00 9.375 5.250
10218000697 KINGSLEY STEVEN T CT 370,000.00 11.250 0.000
10218000725 MERAGLIA CARLEEN NY 115,000.00 8.125 4.500
10218000754 MARCHANT MICHAEL A MD 120,000.00 9.125 5.500
10218000788 CHETTA JILL L NY 154,000.00 10.625 7.000
10218000846 KEHOE ANDREW J III MD 185,000.00 11.125 0.000
10218000959 PEIRSON RAYMOND L CT 108,800.00 9.625 0.000
10218000982 NAUGHTON PETER T SR NJ 67,500.00 11.125 0.000
10218001115 FROLICH ROBERT JR NJ 240,000.00 11.625 8.000
10218001211 SANDERS HELEN M NJ 45,500.00 12.125 0.000
10218001457 MARSHALL GEORGE A CT 140,000.00 10.125 6.500
10218001483 WOOTEN CYNTHIA NY 87,380.00 10.875 0.000
10218001650 SYMONETTE DEZRENE COHEN NJ 127,000.00 10.875 7.250
- ------------- -----------------------------------
Loans in Servicing not yet tagged for sale 11,097,343.75 9.917 4.995
10216120121 FUNK JEAN E NY 53,600.00 10.125 6.250
10216120473 DORWARD JENNIFER NJ 117,000.00 10.375 6.750
10216120739 ROBLES RONALD M. IN 41,600.00 11.125 6.750
10216120802 HOLMES JOAN MI 82,500.00 10.000 6.000
10216123666 PORTER TROY NY 199,750.00 10.375 6.250
10216125086 PARTHEMORE MARGARET NY 160,000.00 9.875 6.000
10216125270 YI CHANG HWAN NJ 335,750.00 11.000 6.750
10216125471 PURI SONIA PA 175,000.00 10.375 7.000
10216125744 LONGANO JOHN IL 121,500.00 9.250 1.000
10216125764 SOBH MOHAMAD SOBHI MI 54,400.00 8.875 5.000
10216125858 MASSARO JOHN NY 160,000.00 9.875 6.000
10216126048 LENIKMAN VLADIMIR WI 204,000.00 10.750 7.000
10216126051 CARTER CINDY IN 176,700.00 10.000 6.000
10216126134 URQUIJO JOSEPH NY 100,000.00 8.625 5.000
10216126424 PROPATO VINCENZO PA 127,500.00 10.625 7.500
10216126465 LEE DAE H NJ 165,000.00 10.625 7.750
10216126630 NOLIN PAUL S NJ 128,350.00 10.625 6.750
10216126999 MCNEAL MOSES MI 30,000.00 9.875 6.000
10216127165 OTO DOMINIC C. IL 127,800.00 7.125 2.750
10216127222 SETTANI FRANK NY 139,500.00 9.625 5.750
10216127263 STUDER YONG KO NC 139,740.00 10.375 6.500
10216127269 NOVESTERAS JAIME P NY 195,500.00 9.250 5.375
10216127362 SALVATO ANTHONY S NC 74,000.00 9.375 5.250
10216127454 MELHEM NADIMEH PA 89,100.00 9.625 5.750
10216127750 SMITH MARK E. IL 40,000.00 11.125 6.750
10216127816 SUIDA JR HENRY F PA 63,000.00 9.625 5.750
10216127899 SEVERSON GARY L. MN 108,800.00 10.125 6.250
10216127902 GOODWIN KEITH W. MI 93,500.00 8.375 4.500
<PAGE>
ALLIANCE FUNDING COMPANY
A division of Superior Bank FSB
Loans Funded and Available for Sale to 1996-3 as of 9/20/96
Current Note
Account Name State Principal Rate Margin
- --------------------------------------------------------------------------------
10216127914 HILL HARRY OH 35,500.00 11.500 5.750
10216128142 THOMPSON JOSEPH NY 272,000.00 7.625 3.750
10216128215 CASSADY CHARLES M NV 108,000.00 8.625 5.000
10216128484 ZIZLSPERGER JOSEPH C AZ 152,991.00 9.875 6.250
10216128558 TRUJILLO TERRY J AZ 148,750.00 10.625 7.000
10216128572 MERSCHDORF TODD H. MN 42,500.00 8.875 5.250
10216128816 AQUILINO DIANE P NY 106,250.00 8.375 4.500
10216129180 ROSENQUIST HEATHER E WA 92,000.00 9.875 6.250
10216129240 WECHET DONALD SR IL 160,000.00 11.125 7.500
10216129251 VANKO JOHN J IL 161,600.00 10.875 6.750
10216129303 PRICE JAMES ERIC PA 132,000.00 11.250 7.250
10216129555 WASSERMAN ROBERT JAY IL 202,300.00 8.125 4.500
10216129560 GRAF DANIEL I. OH 50,000.00 9.625 6.000
10216129583 DENNEY CONSTANCE LOUISE KY 49,600.00 11.500 7.500
10216129730 CRUZ ROSITA AZ 105,000.00 8.875 5.250
10216129740 MACDOWELL STEVEN J CA 243,525.00 9.375 5.750
10216129820 REYES RODOLFO IL 140,400.00 8.875 5.000
10216129957 BREVITZ EUGENE W. IL 89,000.00 9.625 6.000
10216129968 COOMBS LESLIE BRIANT IL 140,000.00 7.625 3.750
10216130060 PTACEK III EDWARD J CO 135,950.00 9.125 5.250
10216130080 GILES SHIRLEY P IL 80,100.00 8.875 5.000
10216130090 HACHEM FATMA MI 29,700.00 9.625 5.750
10216130340 AL-MUSAWI HAKIM MI 58,500.00 9.625 5.750
10216130343 DORAN RICHIE IN 180,000.00 9.125 5.250
10216130388 RODRIGUEZ ALBERT M AZ 63,270.00 10.375 6.750
10216130838 EID NAJIB MI 66,600.00 9.625 5.750
10216130929 O'NEAL WENDELL B. IL 202,500.00 9.625 5.750
10216131065 WILBORN ANTHONY E. IL 52,600.00 11.750 6.750
10216131074 BERFIELD EUGENE J PA 52,000.00 11.250 7.250
10216131167 HARTMAN ERVIN R AZ 102,850.00 10.125 6.500
10216131170 TRAN RUBY WA 70,000.00 8.875 5.750
10216131189 CARSON RUBY M IL 67,500.00 11.450 4.500
10216131279 BOWMAN CHARLES FREDERICK CO 98,600.00 10.375 6.500
10216131420 SOUAD TURKIA MI 43,200.00 9.625 5.750
10216131584 MAKKI SAMI MI 126,000.00 9.625 5.750
10216131712 SAAD MOHAMAD A. MI 66,600.00 9.875 5.750
10216131714 O'DONNELL CHARLES J. MI 251,900.00 9.875 5.750
10216131717 SELLMAN JON CHADWICK MN 135,000.00 9.250 5.500
10216131974 SOBH ALI H. MI 78,300.00 9.875 5.750
10216132121 BAZZI NAFEH MI 39,600.00 9.875 5.750
10218000505 SABATINO ROBERT C NY 135,700.00 10.125 7.250
10218000600 TRENT JAMES E NY 94,500.00 10.125 6.250
10218000716 WEISS WILLIAM R CT 176,000.00 11.500 7.250
10218000743 GREEN CLIFFETON NY 192,000.00 10.875 7.250
10218000745 BRENKERT MICHAEL NY 117,600.00 12.125 8.500
10218000830 MIZUNO KEIKO NY 488,000.00 9.500 6.250
10218000952 GARSTON PRISCILLA NY 300,000.00 7.375 3.750
10218000970 BALLARO LEONARD J SR CT 123,750.00 10.000 6.000
10218001242 GRANDA EDGAR NJ 150,450.00 8.625 5.500
10218001379 LEE SUNG OK NY 217,500.00 10.125 6.500
10218001441 RYNDERMAN MICHEL MA 247,500.00 9.625 5.750
10218001508 PRATT NANCY A CT 111,150.00 9.625 5.750
10218001562 MARTINEZ ALAN M NJ 110,500.00 12.375 8.000
- ------------- -----------------------------------
Loans Funded and not yet in Servicing 10,400,426.00 9.767 5.905
Total ARM Loans Funded and Available 43,569,551.73 9.861 5.771
10266107214 CRUZ FRANCISCO NY 129,935.46 11.950 0.000
10266114443 THIPHANH BONNIE PA 24,897.02 11.750 0.000
10266115340 WILSON CHRISTINE M NY 89,250.00 9.750 0.000
10266115348 VALDEZ DAVID G AZ 43,969.02 10.500 0.000
10266116145 LEGROS RICHARD NY 40,000.00 13.350 0.000
10266116348 LONG JOHN E NY 49,300.00 10.900 0.000
<PAGE>
ALLIANCE FUNDING COMPANY
A division of Superior Bank FSB
Loans Funded and Available for Sale to 1996-3 as of 9/20/96
Current Note
Account Name State Principal Rate Margin
- --------------------------------------------------------------------------------
10266117063 MACHADO REBECCA NY 191,000.00 11.800 0.000
10266117104 WIDERMAN DAVID E MD 77,963.59 12.100 0.000
10266117787 SCOTT RICK D IL 30,600.00 13.500 0.000
10266118081 ROTH JACOB T OR 149,551.51 9.875 0.000
10266118666 KAPAROS LITSA NY 73,000.00 12.500 0.000
10266119004 GAFFNEY WARREN H NY 60,000.00 12.200 0.000
10266119148 KELLY ROBERT NJ 152,000.00 10.500 0.000
10266119182 KOHLER GARY M OR 115,200.00 10.250 0.000
10266119192 SIMMONS BERNICE NY 179,775.69 11.200 0.000
10266119196 MARTIN DELLA NY 209,000.00 11.700 0.000
10266119414 HARRIGAN SWINSTON C NY 18,700.00 11.400 0.000
10266119449 NGUYEN JEFFERSON NY 100,300.00 12.200 0.000
10266119529 BINETTE FRANCOIS DEJEAN NY 131,222.28 13.350 0.000
10266119559 RUIZ CARLOS T NY 207,000.00 10.750 0.000
10266119890 LOPEZ SERGIO IL 42,700.00 9.250 0.000
10266119905 HEJNY JOHN G IL 40,000.00 11.490 0.000
10266119943 CLOUTIER DONALD J NJ 55,000.00 12.000 0.000
10266119945 MCGRIFF BARBARA NY 127,792.01 10.650 0.000
10266119952 JOSEPH ROBERT NY 57,613.83 10.750 0.000
10266119983 CLAWSON GAVIN UT 43,200.00 14.550 0.000
10266119996 MELI STEPHEN C OR 16,738.00 12.750 0.000
10266120143 STEWART BERNARD NY 132,000.00 14.550 0.000
10266120246 PETERSEN HOWARD B UT 93,600.00 11.550 0.000
10266120285 MAIORANO RALPH E IL 142,844.20 10.750 0.000
10266120338 OGUNBOWALE TOSIN NY 48,000.00 11.350 0.000
10266120353 GURLEY DAVID A IN 18,292.91 12.000 0.000
10266120512 CHESSIE JOSEPH M WA 30,375.00 14.500 0.000
10266120554 PIETZ JAMES J UT 32,750.00 14.500 0.000
10266120690 KORDISH WILLIAM A OH 52,000.00 11.250 0.000
10266120697 ESPOSITO BEVERLY A OH 96,000.00 10.000 0.000
10266120711 ARELLANO AURELIO IN 44,800.00 11.990 0.000
10266120902 SMITH ERNEST R CT 23,500.00 12.500 0.000
10266120931 WOHLFEIL GORDON L WA 70,000.00 11.750 0.000
10266121072 AVRAMOV LEPA NJ 131,842.40 10.750 0.000
10266121106 ROCCO JAMES NJ 174,314.15 10.300 0.000
10266121137 LUCKENBAUGH DOUGLAS A PA 181,350.00 10.500 0.000
10266121258 BANKS EUTHA IL 64,978.06 11.250 0.000
10266121274 PODEIN BONTIA MI 36,000.00 12.250 0.000
10266121281 MOON BETTIE J MI 17,558.11 10.750 0.000
10266121284 WOODS MARY MI 38,200.00 12.240 0.000
10266121362 CHANG FRITZ WA 99,900.00 11.900 0.000
10266121394 ZELINSKY EUGENE J PA 55,201.44 11.700 0.000
10266121603 HARTLEY ROBERT P OR 15,000.00 13.500 0.000
10266121803 GANZ DAVID NY 100,000.00 10.750 0.000
10266121847 FRISCHKNECHT FRED G UT 13,240.00 16.090 0.000
10266121858 YARDLEY CHARLES M AZ 21,334.95 14.700 0.000
10266121952 HETRICK ARTHUR C AZ 33,988.00 12.700 0.000
10266122118 RADOWITCH EDGAR F PA 101,000.00 11.850 0.000
10266122153 RANDAZZO SALVATORE FL 49,200.00 11.990 0.000
10266122204 GREEN JAMES T GA 24,957.71 13.750 0.000
10266122254 BROWN GENERAL L MI 14,000.00 12.250 0.000
10266122276 RICHBURG YVETTE NY 139,500.00 11.200 0.000
10266122346 SCHRAGER LONDA NY 40,800.00 13.750 0.000
10266122446 HILLAIRE GAYMAN NY 126,000.00 10.990 0.000
10266122555 NAMER MOISES W GA 24,593.27 12.200 0.000
10266122586 STRUSS KEVIN NY 30,000.00 11.500 0.000
10266122644 GOKOOL SURINDRA AZ 12,000.00 11.000 0.000
10266122749 GOLDSTEIN NATHAN NY 265,000.00 9.950 0.000
10266122817 DUCA ANTHONY NJ 50,000.00 11.650 0.000
10266122826 LEE LARRY IL 67,000.00 13.490 0.000
10266122940 SHERR ALAN NY 60,000.00 10.750 0.000
10266122984 REYNOLDS STEVE IL 62,521.72 10.990 0.000
10266123033 BAKSHI FARSHID NY 40,000.00 10.990 0.000
<PAGE>
ALLIANCE FUNDING COMPANY
A division of Superior Bank FSB
Loans Funded and Available for Sale to 1996-3 as of 9/20/96
Current Note
Account Name State Principal Rate Margin
- --------------------------------------------------------------------------------
10266123091 YARSIEN ZAFRULLAH NY 80,100.00 11.500 0.000
10266123119 MITCHELL WILLIE J CO 15,000.00 14.250 0.000
10266123183 LESTER PATRICIA M OH 16,964.93 10.850 0.000
10266123236 BUONADONNA ANTHONY PA 20,665.00 11.500 0.000
10266123242 PESSOA CAROL C PA 65,700.00 11.250 0.000
10266123325 MECHAM DENNIE UT 74,800.00 9.750 0.000
10266123331 CRAWFORD ROBERT G GA 55,100.00 12.950 0.000
10266123373 REED VICTOR J DE 18,025.00 12.990 0.000
10266123397 WHITE STEPHEN M NY 52,500.00 10.250 0.000
10266123495 SMITH RICK S NV 21,500.00 12.990 0.000
10266123497 ROTHENBILLER JOHN E NJ 104,000.00 10.790 0.000
10266123501 MYERS MARK E WA 22,100.00 14.500 0.000
10266123553 CHARBENEAU SUSAN J MI 70,880.89 10.750 0.000
10266123638 RAMAWAD BENNIE NY 107,200.00 11.800 0.000
10266123677 GRIPPA FRED P II CO 160,000.00 10.750 0.000
10266123717 CURRY ANNIE OH 22,000.00 10.850 0.000
10266123739 LEE BILLY M IN 62,500.00 11.500 0.000
10266123765 ITZKO STEVEN Z PA 62,100.00 12.400 0.000
10266123795 PETTIT ALLEN E PA 60,520.00 10.750 0.000
10266123826 HILLEGASS CHARLES G GA 57,653.92 11.500 0.000
10266123834 WINGER LARRY D UT 29,446.00 12.000 0.000
10266123898 LLOYD THOMAS OH 64,800.00 11.500 0.000
10266123957 MATTHEWS DWON GA 86,000.00 11.850 0.000
10266124141 CORNIER LUIS E JR DE 45,160.90 11.700 0.000
10266124155 DEYARMIN KENNETH E PA 64,800.00 11.500 0.000
10266124264 PETTIT CAROLE IL 19,300.00 11.990 0.000
10266124273 KARAKY ZEINA MI 89,987.59 11.500 0.000
10266124331 GABOUREL GEORGE NY 56,943.25 9.500 0.000
10266124338 MADRID RICK D UT 13,581.02 15.850 0.000
10266124343 WOOLSEY MICHAEL B UT 30,407.77 13.950 0.000
10266124431 BELL JOHN HENRY IL 106,200.00 11.750 0.000
10266124446 SITAWI SHINDA OH 50,100.00 10.500 0.000
10266124463 MINGER RUSSELL F OH 73,800.00 11.500 0.000
10266124513 CHAPPELL ORVILLE B NC 83,500.00 10.950 0.000
10266124550 DEFINE JUNE PA 85,000.00 10.750 0.000
10266124578 KIEFER LAWRENCE L NM 83,984.67 10.990 0.000
10266124594 OMALLEY RICHARD NY 38,500.00 9.700 0.000
10266124618 GOOLD GREGORY B UT 30,946.74 11.600 0.000
10266124634 GARDNER LEONARD NC 50,000.00 10.950 0.000
10266124670 SMITH ERIC MI 28,000.00 9.750 0.000
10266124671 CHEEKS WALTER EUGENE MI 44,887.90 10.250 0.000
10266124678 CASH ANGELA IN 54,400.00 13.250 0.000
10266124696 WILLIAMS VERNON LEE MD 23,700.00 12.750 0.000
10266124704 BREWER SAMUEL H PA 15,000.00 13.690 0.000
10266124709 FENSTER MARC PA 39,111.76 10.750 0.000
10266124713 COVERDALE GEORGIA ANN DE 16,120.17 12.600 0.000
10266124743 CZARNIK WILLIAM C NJ 52,300.00 13.990 0.000
10266124772 SAVAGE TRACY OR 216,748.96 13.250 0.000
10266124777 MCADOW RALPH FL 55,112.11 10.750 0.000
10266124787 SCHMIDT EDWARD C AZ 31,650.00 13.550 0.000
10266124822 BEALE JANET NJ 67,443.73 9.950 0.000
10266124873 KONASIEWICZ ANN F NJ 35,000.00 11.250 0.000
10266124879 STONE BYRON M CA 24,700.00 11.500 0.000
10266124882 WEE KIM LIANG AZ 21,387.00 13.150 0.000
10266124885 BEJARANO JOSE CO 30,000.00 10.250 0.000
10266124904 MONTGOMERY THOMAS G MI 94,229.50 10.500 0.000
10266124926 FERRAO CYRIL NJ 199,782.24 10.750 0.000
10266124941 MCWHALES CHARLES CT 116,100.00 11.750 0.000
10266124978 NEESE MARTIN FRANKLIN GA 37,926.30 11.700 0.000
10266124995 DEEN SAMUEL NY 23,500.00 11.990 0.000
10266125004 PRATT GERALD L WA 30,000.00 11.000 0.000
10266125007 JOJOLA VICTOR L NM 18,917.00 14.250 0.000
10266125010 JUSTESEN JAMES S UT 37,046.77 12.600 0.000
<PAGE>
ALLIANCE FUNDING COMPANY
A division of Superior Bank FSB
Loans Funded and Available for Sale to 1996-3 as of 9/20/96
Current Note
Account Name State Principal Rate Margin
- --------------------------------------------------------------------------------
10266125129 OTTLEY SCOTT R NY 139,500.00 10.750 0.000
10266125152 PIZZICHILI DANIEL J JR DE 32,470.93 12.900 0.000
10266125213 EINHAUS ALAN W WA 27,645.00 13.990 0.000
10266125257 KOPPERUD RUSSELL M CO 29,620.00 12.250 0.000
10266125316 FAIR RAYMOND P PA 28,000.00 10.500 0.000
10266125384 CONCI VICTOR M CO 40,600.00 10.000 0.000
10266125392 HERRERA ROSEMARIE NY 220,000.00 10.500 0.000
10266125401 HOWELL HILDEGARDE M NJ 99,979.29 10.740 0.000
10266125462 OLSON DAVE D UT 17,600.00 13.240 0.000
10266125477 ALLEN ROBERT L CA 172,000.00 11.800 0.000
10266125484 MELDRUM JEFF UT 76,592.49 13.700 0.000
10266125485 FISH DAVID R CT 361,000.00 12.490 0.000
10266125520 FERDINAND PETER MD 88,000.00 14.000 0.000
10266125525 EDDLEMAN LANCE L UT 21,280.68 11.750 0.000
10266125560 GRANT ERIC MD 61,400.00 11.740 0.000
10266125588 KOHART EDWARD THOMAS OR 30,902.31 11.740 0.000
10266125589 CARMODY KATHLEEN M CO 34,680.00 13.240 0.000
10266125626 SNARR KENT DEE UT 28,000.00 13.700 0.000
10266125637 UEBELHACK JON W UT 26,211.69 13.150 0.000
10266125640 LEKIC MARK S UT 24,000.00 12.700 0.000
10266125706 HEINZMANN TINA S CT 42,000.00 12.750 0.000
10266125729 VANGELOVSKI STOJAN IL 194,960.04 10.750 0.000
10266125731 DIXON WILLIAM E IL 52,700.00 9.990 0.000
10266125740 SIMS HERMAN IL 69,880.41 10.000 0.000
10266125755 EICHER JOHN A IN 67,409.96 9.900 0.000
10266125756 RESPRESS IDA BELL OH 44,200.00 10.250 0.000
10266125761 LIVINGSTON TERESA J IN 59,592.84 10.250 0.000
10266125817 PIWKIEWICZ DEBRA J IL 54,983.36 11.750 0.000
10266125844 HESTAND DENNIS ALLEN IN 87,904.48 11.240 0.000
10266125867 KNAUF JOHN MARTIN PA 46,000.00 10.000 0.000
10266125900 WHITAKER ROBERT FL 38,250.00 12.490 0.000
10266125905 JAMES BUELAH FL 41,600.00 10.750 0.000
10266125928 PERRY DAVID E NC 25,100.00 12.950 0.000
10266125953 MILO MICHAEL J NY 59,582.76 11.250 0.000
10266125965 FISHER LARRY K CO 35,000.00 12.740 0.000
10266125989 HAHLBOHM JAE NY 99,450.00 12.000 0.000
10266126015 WEBSTER GRANT J UT 15,000.00 14.350 0.000
10266126042 GRINKO DONALD M IL 104,000.00 10.990 0.000
10266126103 HENNESSEY GERALDINE NY 50,000.00 12.990 0.000
10266126160 KELLER IRWIN C NY 40,000.00 11.640 0.000
10266126177 VILLARDE JUAN G CA 74,500.00 12.700 0.000
10266126185 FERREE JACQUELINE R ID 27,564.00 11.750 0.000
10266126188 PATERSON THOMAS A OR 31,000.00 13.000 0.000
10266126236 MOYER CYNTHIA IN 103,500.00 10.750 0.000
10266126271 LENGYEL THOMAS D PA 72,842.57 10.990 0.000
10266126298 MADSEN MARILYN K UT 26,523.65 13.150 0.000
10266126304 BARZELATTO ANTHONY NJ 54,700.00 13.000 0.000
10266126308 OPFER HARVEY E CO 116,000.00 11.250 0.000
10266126310 PEDMO CARL J JR PA 85,000.00 9.850 0.000
10266126353 GORBY HARRY PA 20,000.00 11.990 0.000
10266126371 MALM KENNETH A SR NY 32,119.06 10.450 0.000
10266126386 MILLER PETER J OH 39,831.34 12.250 0.000
10266126395 GOMILLA BERNICE IL 54,872.79 10.500 0.000
10266126404 KHANDOUR SAFA MI 24,500.00 10.500 0.000
10266126442 CARLSEN THOMAS R UT 22,750.00 13.150 0.000
10266126528 WOLFF EILEEN G IL 25,000.00 12.100 0.000
10266126534 FOROWYCZ ZENON IL 38,300.00 10.750 0.000
10266126535 PATTON MARGARET L IN 53,416.55 10.250 0.000
10266126609 JACKSON VICTORIA PA 52,500.00 13.750 0.000
10266126677 DANIELS FRANK S IL 175,900.00 10.000 0.000
10266126678 MARTIN JOHN R IL 25,500.00 12.250 0.000
10266126681 SHIREMAN THERESA IL 56,000.00 10.250 0.000
10266126691 TURGEL LARISA IL 14,000.00 10.000 0.000
<PAGE>
ALLIANCE FUNDING COMPANY
A division of Superior Bank FSB
Loans Funded and Available for Sale to 1996-3 as of 9/20/96
Current Note
Account Name State Principal Rate Margin
- --------------------------------------------------------------------------------
10266126725 PERSING GEORGE F PA 55,000.00 11.000 0.000
10266126751 ESPANA ANGEL NY 90,000.00 11.150 0.000
10266126774 HOLZER RUDOLPH FL 54,000.00 12.440 0.000
10266126780 COULTER HOWARD M OR 165,470.14 10.990 0.000
10266126782 JENKINS MICHAEL L UT 29,035.00 11.750 0.000
10266126792 RODRIQUEZ DANIEL R AZ 127,500.00 14.250 0.000
10266126793 LEONARD RUBY M VA 49,680.07 10.990 0.000
10266126808 JELNIO GLEB A AZ 187,800.00 11.250 0.000
10266126823 GIBSON CALVIN L OR 24,905.21 12.000 0.000
10266126835 MASHECK WALTER L CT 22,850.00 12.950 0.000
10266126840 PENNEBAKER WILLIAM R WA 32,786.00 13.250 0.000
10266126853 MARTELL GEORGE A UT 55,327.44 13.340 0.000
10266126867 TAYLOR LINDA MARIE OH 54,000.00 10.250 0.000
10266126871 SALAHUDDIN BILAL IL 64,966.40 9.750 0.000
10266126873 BRENDEL SCOTT J IL 37,100.00 14.250 0.000
10266126901 SCHNASE JAMES E OR 43,000.00 11.750 0.000
10266126925 SCANDALIATO STEVEN J CO 23,000.00 10.500 0.000
10266126994 KELLY LOUIS IL 15,000.00 10.750 0.000
10266127036 KING CHEW LINDA MD 50,400.00 13.550 0.000
10266127040 STICKLER KENNETH R FL 37,500.00 10.850 0.000
10266127041 DONLON DIANE FL 62,865.99 11.990 0.000
10266127049 BAKER RONALD J MD 111,250.00 10.950 0.000
10266127075 HOUSEKEEPER DENNIS HAL UT 18,109.50 13.700 0.000
10266127082 WILEY SCOTT LEROY UT 32,364.87 12.450 0.000
10266127133 FOSMIRE MARIA J PA 24,900.00 12.900 0.000
10266127143 TENHOEVE MARK R UT 31,000.00 11.500 0.000
10266127145 HAYES HAL B UT 31,500.00 11.750 0.000
10266127150 BABCOCK MICHAEL NY 25,000.00 12.990 0.000
10266127174 HAYWOOD CHARLES E MI 18,379.66 13.750 0.000
10266127234 TROSKO RICHARD CO 29,790.00 12.250 0.000
10266127254 TOLMAN KEVIN L UT 59,700.00 13.700 0.000
10266127258 CARPENZANO CHRISTINA M FL 17,915.90 13.990 0.000
10266127277 WITTEMANN LINDA J AZ 29,266.78 11.400 0.000
10266127287 DUNHAM RODNEY S OR 27,000.00 11.400 0.000
10266127297 JACKSON DENNIS E WI 29,500.00 14.250 0.000
10266127298 SHARRON PAUL E OH 31,000.00 12.000 0.000
10266127331 LANGLEY JEREMIAH CT 55,000.00 12.390 0.000
10266127360 PITCHFORD JAMES EDWARD NC 65,000.00 10.400 0.000
10266127370 MADDOX VALERIE ANN UT 71,250.00 10.500 0.000
10266127371 BOCK PHILIP MICHAEL FL 13,597.00 11.750 0.000
10266127412 KIM KYONG CO 25,500.00 12.250 0.000
10266127417 SANTIAGO HILLARY M HARRIS NY 10,000.00 11.740 0.000
10266127440 WILLIAMS RANDY LYNN UT 30,900.00 12.800 0.000
10266127441 FURLONG THOMAS R UT 15,336.00 15.590 0.000
10266127442 UITERT TONY VAN UT 14,311.00 15.350 0.000
10266127475 MUSGROW ANDRE UT 16,411.00 14.500 0.000
10266127488 BLUTH ROBERT G AZ 70,000.00 12.250 0.000
10266127514 CHRISTMAN RONALD H NJ 48,000.00 11.750 0.000
10266127520 YOUNG M RODNEY PA 245,000.00 11.990 0.000
10266127538 VITRO JOHN EDWARD OR 23,425.00 11.500 0.000
10266127559 PILIU SATEKI F UT 36,000.00 14.250 0.000
10266127560 RUEBEL JEFFREY CLAY CO 117,000.00 11.750 0.000
10266127562 MACK ROBERT E OR 38,875.00 11.750 0.000
10266127580 LESHOURE LINDA IL 42,400.00 10.750 0.000
10266127593 SMOLIK STANISLAW IL 20,000.00 11.950 0.000
10266127595 ZAJAC GREGORY IL 232,000.00 9.500 0.000
10266127617 MOEHL TIMOTHY IN 25,600.00 12.250 0.000
10266127629 WARD ROBIN S IN 15,400.00 14.250 0.000
10266127635 MACK EDWARD A NJ 71,849.00 12.190 0.000
10266127645 SLOVER ARTHUR NJ 20,000.00 12.000 0.000
10266127652 BREGG DOUGLAS M FL 54,800.00 11.490 0.000
10266127681 WALLACE ROBERT UT 21,800.00 13.450 0.000
10266127686 WELSCH CURTIS R UT 19,100.00 15.450 0.000
<PAGE>
ALLIANCE FUNDING COMPANY
A division of Superior Bank FSB
Loans Funded and Available for Sale to 1996-3 as of 9/20/96
Current Note
Account Name State Principal Rate Margin
- --------------------------------------------------------------------------------
10266127688 CLARK SHANE UT 40,000.00 13.750 0.000
10266127710 TOWNSEND PHILIP FL 133,000.00 11.490 0.000
10266127715 SLOAT JOAN W NV 43,631.00 12.250 0.000
10266127743 PORTER JIM JR IL 16,500.00 12.500 0.000
10266127745 LEE EARL JR IL 19,000.00 11.500 0.000
10266127800 MACK ROBERT EDWARD OR 17,000.00 10.500 0.000
10266127835 GARD JACK J FL 46,400.00 13.490 0.000
10266127838 ALEXANDER CANDY FL 52,500.00 11.250 0.000
10266127857 HANLEY STEPHEN V CO 38,974.44 13.600 0.000
10266127865 WASINGER LINDA L CO 57,200.00 10.990 0.000
10266127876 PHAN KENNY WA 65,229.00 13.250 0.000
10266127886 SUSTER DEWEY IL 23,333.00 11.500 0.000
10266127930 BRADSHAW JASON H UT 68,240.00 10.250 0.000
10266127945 KELESYAN SUSAN E FL 69,588.79 11.200 0.000
10266127996 WATSON CHARLES P NV 40,400.00 14.500 0.000
10266127998 MILLER MARY J UT 12,990.77 11.350 0.000
10266127999 DURAN ROBERT G AZ 12,849.00 12.750 0.000
10266128029 MENDIOLA PETER A WA 15,000.00 12.250 0.000
10266128034 GRISWOLD SHARON D FL 96,000.00 10.700 0.000
10266128051 BILES GWENDOLYN J MI 45,700.00 12.250 0.000
10266128052 LARSEN JOHN T IL 42,800.00 14.250 0.000
10266128054 WILKINS JESSIE L OH 22,934.85 9.250 0.000
10266128100 ROY DENA J CT 73,600.00 10.700 0.000
10266128102 PETRILLI ANTHONY NJ 146,900.00 12.850 0.000
10266128111 WALSH DORIS L NY 67,300.00 11.250 0.000
10266128120 WESTERFIELD JERALD FL 71,450.00 12.500 0.000
10266128133 FINK JOSEPH E JR PA 36,300.00 11.020 0.000
10266128137 WALKER KRISTY L UT 20,000.00 14.090 0.000
10266128163 PERRY RICHARD J JR UT 15,700.00 13.200 0.000
10266128172 BURGON MICHAEL A UT 49,000.00 11.750 0.000
10266128181 SUSTER DEWEY IL 55,042.08 11.500 0.000
10266128187 BARNES GERALD A CO 14,000.00 11.000 0.000
10266128188 CHILDRESS DEBRA L CO 15,000.00 14.500 0.000
10266128198 ESTADT JOHN CHARLES NC 88,650.00 11.150 0.000
10266128199 BOST HAROLD KEITH CO 33,000.00 11.500 0.000
10266128202 CAYTON JOHN E SR NC 23,140.67 11.950 0.000
10266128205 POTKINS JEFFREY R UT 65,450.00 12.750 0.000
10266128209 FRENCH LINDA L CO 18,208.00 13.250 0.000
10266128222 BRASTAD MICHAEL IL 102,800.00 11.750 0.000
10266128233 GRAZIANO LAWRENCE IL 35,000.00 9.750 0.000
10266128259 BONDURICH JEFFREY L PA 68,000.00 13.990 0.000
10266128269 MAHAN ROBERT C JR CT 21,400.00 12.450 0.000
10266128272 DIXON DIANA KITT NY 126,000.00 10.750 0.000
10266128273 PHILIPS KEVIN G NY 130,358.94 11.500 0.000
10266128275 KONTARINES EFSTATHOS NY 20,000.00 12.400 0.000
10266128278 KRATZER MARK C MD 46,300.00 12.990 0.000
10266128283 REIGENBORN JAMES CLARK CO 27,100.00 12.250 0.000
10266128294 ALEKSIN R MARK FL 66,200.00 11.750 0.000
10266128300 WARRINGTON INEZ FL 30,000.00 11.990 0.000
10266128301 MOSER REGINA CO 31,500.00 11.000 0.000
10266128318 SHEDEED PATRICIA ANN CO 20,000.00 12.250 0.000
10266128327 STEELE RICHARD J CO 50,000.00 11.750 0.000
10266128356 FUNDRELLA MARGARET PA 28,000.00 11.250 0.000
10266128395 STEVENS DELBERT L JR CO 12,560.00 14.000 0.000
10266128397 BITTER WARREN B UT 52,000.00 12.250 0.000
10266128399 CICCHESI EDWARD D NY 30,000.00 12.990 0.000
10266128400 MARTIN JAMES M PA 27,975.00 11.650 0.000
10266128401 GREEN ODIS E MI 15,000.00 14.250 0.000
10266128415 ROLLE WILLIAM H IL 45,000.00 10.750 0.000
10266128435 LAVALLEE PAUL A CT 30,900.00 12.990 0.000
10266128458 MORITZ STEPHEN E PA 41,900.00 11.950 0.000
10266128480 BYTHEWAY WILLIAM EDWIN PA 57,750.00 12.250 0.000
10266128482 WARNER JAMES WILLIAM JR CO 104,000.00 11.750 0.000
<PAGE>
ALLIANCE FUNDING COMPANY
A division of Superior Bank FSB
Loans Funded and Available for Sale to 1996-3 as of 9/20/96
Current Note
Account Name State Principal Rate Margin
- --------------------------------------------------------------------------------
10266128492 HIGGINBOTHAM ALBERT L FL 29,000.00 12.490 0.000
10266128518 CHEVALLIER MARYSE NY 116,000.00 11.550 0.000
10266128529 MONACO THOMAS F CT 27,400.00 12.990 0.000
10266128550 SWAN CURTIS L CO 50,900.00 10.850 0.000
10266128566 BERGESON GAREY G WA 30,000.00 11.500 0.000
10266128573 HICKEY RONALD J IL 44,000.00 10.750 0.000
10266128578 WEINGART RUSSELL IL 35,600.12 11.250 0.000
10266128618 ROGERS CARL JR WA 15,700.00 12.750 0.000
10266128624 GROOMES VESTORIA W NC 39,000.00 9.450 0.000
10266128640 ROMANO TONY AZ 80,000.00 11.750 0.000
10266128644 KNITTEL JAMES L WA 29,713.00 13.250 0.000
10266128653 BROWN JAMES L PA 71,400.00 12.900 0.000
10266128655 PETERSEN MICHAEL J UT 15,000.00 11.750 0.000
10266128656 MCLAUGHLIN CHRISTINE M FL 40,000.00 10.950 0.000
10266128658 GREEK ANGELA E FL 38,000.00 10.990 0.000
10266128689 LUND LARRY UT 29,359.17 12.900 0.000
10266128695 HAYTHORN RUSSELL J PA 11,300.00 12.250 0.000
10266128712 HANSEN THOMAS G CO 37,000.00 10.500 0.000
10266128721 FORT WILLIAM C NM 56,300.00 13.250 0.000
10266128725 STOCKFISH STEVE M UT 22,397.00 12.250 0.000
10266128728 LOPEZ MARIO CO 18,000.00 11.750 0.000
10266128751 BRYAN HARRY T IL 45,600.00 11.250 0.000
10266128758 JONES WILMA DEAN IL 91,916.33 9.500 0.000
10266128773 BESS BARBARA D FL 29,950.00 10.740 0.000
10266128781 LEE WILLIAM JR FL 14,000.00 11.700 0.000
10266128833 SCOTT WAYNE A MD 79,500.00 12.490 0.000
10266128850 FERGUSON STANLEY P FL 28,800.00 13.500 0.000
10266128851 DELGADO EVANGELINA FL 36,500.00 13.750 0.000
10266128852 MORRISSEY RICHARD J JR FL 16,100.00 13.450 0.000
10266128857 CARTER NANCY J FL 24,000.00 11.990 0.000
10266128879 SNEDECOR ROBERT W NY 46,800.00 14.590 0.000
10266128882 MACCARONE LOUIS J NY 210,000.00 12.500 0.000
10266128883 KETHLAOR JIM WA 34,000.00 11.500 0.000
10266128889 ADAMSON KAROL CO 20,700.00 12.750 0.000
10266128891 ROBINSON JEAN NJ 79,200.00 15.090 0.000
10266128905 SMITH JULIE L CO 17,900.00 12.750 0.000
10266128912 HEAD TERRY E CA 38,000.00 12.400 0.000
10266128918 FRYE JAMES T IL 32,000.00 10.000 0.000
10266128952 BEACH WILLIAM J NY 57,700.00 13.500 0.000
10266128961 SMITH DANIEL NY 100,000.00 10.500 0.000
10266128968 EDWARDS JAMES E NC 74,297.00 11.740 0.000
10266128971 REDSHAW MICHELE M FL 26,200.00 9.700 0.000
10266129002 WILLIAMSON LEWIS PA 14,000.00 12.990 0.000
10266129004 WARNOCK RICHARD E UT 26,500.00 13.850 0.000
10266129005 FUNDERBURK JOHN J JR MD 80,320.00 12.750 0.000
10266129044 IMOR RICHARD CT 100,000.00 12.990 0.000
10266129048 MOORE SANDRA D FL 19,250.00 12.990 0.000
10266129067 BENKOVITZ STEPHEN NY 61,500.00 11.480 0.000
10266129079 WEBB LESLIE PA 27,400.00 11.740 0.000
10266129080 MCDONOUGH KENNETH W PA 22,500.00 10.490 0.000
10266129086 HAULISKA GLENN W SR PA 58,500.00 10.650 0.000
10266129103 HERN GARY WAYNE II CA 43,536.00 11.500 0.000
10266129106 DOMSKY STEVEN NV 13,500.00 11.750 0.000
10266129110 SCHULTZ RONALD S AZ 21,800.00 12.250 0.000
10266129130 DAVIS BRYAN F UT 21,590.00 14.000 0.000
10266129133 JONES EDWARD M CT 26,500.00 12.600 0.000
10266129140 BROWN ANDREA NJ 67,500.00 11.750 0.000
10266129161 DYBEVICK JAMES W FL 19,500.00 11.700 0.000
10266129168 WEBSTER RACHEL CAMPBELL NC 55,250.00 12.200 0.000
10266129184 CUEVAS FIFINE CO 17,000.00 12.000 0.000
10266129185 GONZALES JOHNNY RAY CO 108,000.00 11.250 0.000
10266129188 ANSAH MATTHEW E CO 48,328.00 14.250 0.000
10266129202 JORDAN RICHARD E ID 42,000.00 9.900 0.000
<PAGE>
ALLIANCE FUNDING COMPANY
A division of Superior Bank FSB
Loans Funded and Available for Sale to 1996-3 as of 9/20/96
Current Note
Account Name State Principal Rate Margin
- --------------------------------------------------------------------------------
10266129214 HOSSLER MICHAEL L CO 23,800.00 11.500 0.000
10266129222 ELLSWORTH RANDY J UT 73,700.00 11.500 0.000
10266129306 GONZALEZ JOSE L MD 42,740.00 10.990 0.000
10266129318 HULSE EDWARD J JR FL 301,000.00 11.250 0.000
10266129321 HICKMAN STEVE W UT 35,000.00 12.500 0.000
10266129328 BANKS ROY D UT 30,000.00 10.500 0.000
10266129329 REGIER DARYL J CO 33,500.00 13.250 0.000
10266129359 WEIGEN JON A AZ 19,500.00 12.250 0.000
10266129397 MORRISON RICK S UT 13,500.00 15.750 0.000
10266129410 GORDON CARMEN CO 22,880.00 11.750 0.000
10266129482 CAULDER JAMES BRADFORD FL 56,950.00 12.490 0.000
10266129486 BIRTCH RICHARD T FL 11,385.00 11.400 0.000
10266129517 THOMPSON HOLLIS LARELL UT 26,670.64 12.900 0.000
10266129590 HIGHSMITH ROBERT C FL 19,400.00 12.990 0.000
10266129594 FOSTER SUSIE MAE PA 32,000.00 11.250 0.000
10266129622 DECRUZ CATALINA CEBALLOS FL 25,000.00 10.990 0.000
10266129628 RAMSEYER JEFFREY L OR 44,000.00 11.750 0.000
10266129632 THOMPSON EDWARD G CO 51,000.00 11.500 0.000
10266129663 MOON THOMAS A FL 28,500.00 12.900 0.000
10266129673 MAGUIRE KEVIN D WA 30,745.00 12.250 0.000
10266129720 HANSEN BRAD H UT 25,000.00 11.750 0.000
10266129756 EVANS DOUGLAS W UT 59,139.00 12.900 0.000
10266129760 CLAUDAT EDWARD F FL 129,600.00 10.990 0.000
10266129773 ONOFRIETTO VICTOR G CA 272,000.00 12.750 0.000
10266129778 YORK JAMES L JR NV 17,259.00 12.250 0.000
10266129781 RIGGINS CURTIS WA 154,700.00 13.750 0.000
10266129803 KOLP MARK IL 20,400.00 12.250 0.000
10266129871 MOLINA RENE A AZ 53,900.00 11.100 0.000
10266129920 BENNETT RANDY L UT 17,747.00 15.590 0.000
10266129922 MCAFFEE EDWARD B UT 54,700.00 13.950 0.000
10266129923 CUMMINGS MICHAEL R UT 14,025.09 12.900 0.000
10266129927 PRICE RICHARD JAMES UT 29,000.00 14.350 0.000
10266129929 HODGES DONALD L UT 40,000.00 12.600 0.000
10266129931 TANNENBAUM STEPHAN K CO 35,000.00 11.950 0.000
10266129932 PERKINS CLIFFORD ALAN CO 18,000.00 14.500 0.000
10266129945 JACOBS LOUIS H JR CO 33,829.00 14.250 0.000
10266129985 SMITH JR ERNEST OH 20,400.00 9.400 0.000
10266130102 FREUDENSTEIN ROGER L FL 34,500.00 12.200 0.000
10266130168 ALLEN ROBERT M CO 81,000.00 9.850 0.000
10266130176 MELLENBRUCH CARRIE NM 100,000.00 10.700 0.000
10266130182 MESEC RICHARD R CO 99,750.00 12.700 0.000
10266130219 HOFMANN THOMAS J FL 32,000.00 11.200 0.000
10266130220 SMITH JOAN FL 23,400.00 10.650 0.000
10266130300 RENO RANDY W CO 30,000.00 12.700 0.000
10266130372 ACKERMAN JOHN C PA 67,500.00 11.400 0.000
10266130383 WILBANKS SHERESA L CO 142,800.00 12.200 0.000
10266130434 MASSEY LEON FL 54,400.00 9.850 0.000
10266130448 CHAPMAN RICHARD S UT 79,300.00 10.950 0.000
10266130450 LYNCH WAYNE P UT 21,400.00 12.900 0.000
10266130451 MEZA DANIELLE J CO 117,800.00 10.900 0.000
10266130456 BAIRD SUSAN S UT 19,000.00 13.850 0.000
10266130573 STRONG LARRY H UT 19,100.00 13.450 0.000
10266130581 JACOBSON PAUL K UT 12,497.00 13.700 0.000
10266130585 BARTON DAVID H UT 21,639.00 12.600 0.000
10266130586 CANNON CLIFFORD M UT 18,500.00 13.450 0.000
10266130608 JONES PORTIA MARIA PA 25,000.00 12.750 0.000
10266130648 EARLE DANIEL IN 37,900.00 12.250 0.000
10266130887 MCCUTCHEON CHRISTOPHER R PA 72,000.00 11.200 0.000
10266130916 HARPER MICHAEL C UT 29,725.00 14.090 0.000
10266131438 DOWNS JAMES F CO 89,925.00 9.600 0.000
- -------------- -----------------------------------
Loans tagged for 1st Subsequent Transfer 25,095,582.50 11.684 0.000
10266112872 ROBERTS WARREN J IN 26,865.69 10.240 0.000
<PAGE>
ALLIANCE FUNDING COMPANY
A division of Superior Bank FSB
Loans Funded and Available for Sale to 1996-3 as of 9/20/96
Current Note
Account Name State Principal Rate Margin
- --------------------------------------------------------------------------------
10266114607 SANBORN KENDALL E GA 59,355.10 11.650 0.000
10266116140 VU BICK T CA 39,658.29 12.600 0.000
10266117814 KABELOWSKY BRIAN A WI 20,000.00 13.600 0.000
10266118366 SMITH CRAWFORD A III MI 33,270.48 11.900 0.000
10266120526 BELCHER MILTON DON JR CO 35,000.00 11.650 0.000
10266120588 CARPIO RUSSELL J WA 22,313.72 12.200 0.000
10266121380 SCOTT EDNA E NV 52,475.53 12.700 0.000
10266123360 DAVIS LAWRENCE E MI 37,176.59 9.750 0.000
10266123557 REYNOLDS YVONNE MI 14,900.00 14.500 0.000
10266123560 ROSE HAROLD T MI 47,742.92 10.750 0.000
10266124083 ANDERSON EMILY IL 25,000.00 13.990 0.000
10266125380 CONCI MIKE CO 35,000.00 10.000 0.000
10266125752 PARSONS WALTER IN 60,900.00 12.490 0.000
10266125814 LESLIE AL H IL 55,500.00 13.390 0.000
10266126033 MAKULA CARL A JR NY 49,951.60 13.450 0.000
10266126237 MCFETRIDGE TERRY GENE IN 49,196.75 11.750 0.000
10266126607 YOUNG LOGAN MOO NY 104,000.00 11.100 0.000
10266126907 CONWAY ROBERT R JR DE 11,884.00 11.990 0.000
10266127027 SCHNITZ JAMES R IN 34,400.00 13.750 0.000
10266127152 REED WILLIAM R IL 75,000.00 11.600 0.000
10266127282 LLANOS VICTOR NY 151,200.00 11.990 0.000
10266127290 DOYLE JOHN P IL 171,000.00 11.250 0.000
10266127324 GRAY JEAN ANN IN 23,800.00 10.500 0.000
10266127625 WHITNEY RUSSELL E IN 15,500.00 11.000 0.000
10266127767 MOORE JAMES H JR IN 12,200.00 12.750 0.000
10266127825 ABBE SYD NY 172,500.00 12.300 0.000
10266127864 ROSE DEANGELO SR IN 54,373.45 10.990 0.000
10266127887 NICHOLS ISADORE IL 23,200.00 12.990 0.000
10266127964 ONEAL PATSY D CO 41,200.00 11.950 0.000
10266128229 HINKLE RITA G IL 35,000.00 11.100 0.000
10266128539 BEARDEN CHARLES E GA 80,746.37 11.350 0.000
10266129013 PARKER JOHN WILLIAM OR 49,500.00 13.000 0.000
10266129224 GILBERT DAVID L UT 16,128.00 12.250 0.000
10266129228 EARLE NATALIE B UT 29,012.00 11.750 0.000
10266129322 METRO PROPERTY ASSOCIATES CT 400,000.00 11.600 0.000
10266129752 HUNTER RICHARD SCOTT UT 78,830.00 12.850 0.000
10266129868 RIGGS LEZLIE V CO 76,500.00 10.150 0.000
10266130117 CHAGNON MICHAEL A CO 20,550.00 11.400 0.000
10266130299 WILSON ERIC D CO 20,000.00 13.990 0.000
10266130579 MCCARTER JENNY LYNN UT 17,926.01 14.800 0.000
10266130983 MARKWORTH CARL G UT 18,378.00 12.700 0.000
10266131141 DAVIS DENNIS K UT 22,900.00 12.950 0.000
10266131152 HALL TRACY E UT 18,153.00 12.800 0.000
10266131376 SHREWSBURY DANIEL C UT 53,200.00 13.590 0.000
- -------------- -----------------------------------
Loans tagged for 2nd Subsequent Transfer 2,491,387.50 11.910 0.000
10266112506 COLLYMORE JOHN NY 143,939.52 13.400 0.000
10266115396 PACIFICO SILVIO NY 48,382.44 11.000 0.000
10266118154 HUSARICK RICHARD L OH 171,902.51 11.100 0.000
10266119879 IMBRIE CAMILLE A IL 191,250.00 11.500 0.000
10266119978 AUCHER PIERRE M WA 119,500.00 11.250 0.000
10266120268 MOORE JESSIE J MI 22,714.97 11.350 0.000
10266120280 VENUTO ANTHONY P OH 150,000.00 10.990 0.000
10266121234 GOLDSTEIN COREY IL 54,900.00 10.750 0.000
10266121909 GUERRERO SERAFIN IL 73,600.00 13.700 0.000
10266122584 LUNA JOHNNY D NM 15,957.00 15.000 0.000
10266122755 JEFFERSON ELMER M DE 29,895.66 11.750 0.000
10266123614 JORDON MONICA NY 40,500.00 13.850 0.000
10266123832 BICKLEY ANDREW A NM 30,670.00 12.750 0.000
10266124319 VERMA DIANE MD 64,800.00 13.490 0.000
10266124370 ALAVI ROYA CO 28,000.00 11.750 0.000
10266125287 PAWLAK DANIEL J NJ 214,300.00 10.750 0.000
10266125820 GOODMAN WILLIAM IL 80,000.00 10.990 0.000
<PAGE>
ALLIANCE FUNDING COMPANY
A division of Superior Bank FSB
Loans Funded and Available for Sale to 1996-3 as of 9/20/96
Current Note
Account Name State Principal Rate Margin
- --------------------------------------------------------------------------------
10266125978 JOHNSON JOHN R AZ 33,066.00 13.250 0.000
10266126212 WATKINS JOHN L IL 84,500.00 11.500 0.000
10266126222 GILLUM IRMA JEAN MI 27,000.00 12.750 0.000
10266126301 BAYEUR GLENN NY 38,680.89 12.700 0.000
10266126348 WEBBER HARRY E CO 42,100.00 11.500 0.000
10266126382 BURLESON MICHAEL D OH 40,000.00 13.750 0.000
10266126385 UGLEAN MARY MI 19,958.51 9.250 0.000
10266126704 MILLER MICHAEL D IN 48,300.00 11.990 0.000
10266126783 MOORE BARRY BLAINE WA 26,758.00 13.250 0.000
10266126862 GOLOVEN SCOTT L IL 28,500.00 13.490 0.000
10266126916 DELPERDANG MELVIN N JR OR 56,000.00 13.000 0.000
10266127024 DURNAL ELEZA G IN 19,000.00 14.250 0.000
10266127206 SIMMONS BERNARD M CA 73,658.00 12.750 0.000
10266127305 MROCKA EUGENE M MI 50,000.00 14.750 0.000
10266127583 KEYS LUCIUS IL 25,000.00 11.750 0.000
10266127659 ADAMIDIUS ANASTASIA NY 145,000.00 10.990 0.000
10266127712 MOSER CRAIG L OR 11,218.00 11.000 0.000
10266127821 ORICHIO NICHOLAS NJ 14,967.78 11.990 0.000
10266127928 GARNER CRAIG UT 12,000.00 13.700 0.000
10266127981 LINN LILLIE A MD 182,095.73 10.500 0.000
10266128025 CALDWELL ROBERT A AZ 40,822.00 12.250 0.000
10266128059 GANTNER SHERRI A OH 56,500.00 12.750 0.000
10266128068 SOBH FADI MI 72,000.00 10.000 0.000
10266128080 BOYER JR BILL W IN 38,500.00 12.250 0.000
10266128225 SOBCZAK RICHARD W IN 31,000.00 12.000 0.000
10266128376 ABRAMOWITZ STEVEN CO 53,000.00 11.750 0.000
10266128411 CUMMINGS LORISTENE IL 40,000.00 10.000 0.000
10266128575 ELROD JR GEORGE IL 36,500.00 12.000 0.000
10266128593 NEAL KEVIN OH 88,200.00 11.450 0.000
10266128612 AKERS MICHAEL D MD 79,625.00 14.990 0.000
10266128657 SORRENTI JULIUS A AZ 82,500.00 11.750 0.000
10266128752 BYKOWSKI RAYMOND A IL 48,100.00 10.000 0.000
10266128794 SOUDERS SHANE PA 42,500.00 9.850 0.000
10266128895 TALBOT RYAN K UT 73,520.00 12.250 0.000
10266128908 HOPKINS DONALD F AZ 99,000.00 11.150 0.000
10266128936 SCHUMACHER DONALD F MI 81,000.00 11.750 0.000
10266129015 SOMMER STEVEN N UT 13,500.00 11.000 0.000
10266129197 SCHMER RICHARD D CO 50,500.00 12.500 0.000
10266129267 PRATHER KATHLEEN MI 103,200.00 13.750 0.000
10266129425 DELLACROCE ANTOINETTE F IL 55,000.00 10.750 0.000
10266129458 CLARK ROBBIN S IN 42,700.00 14.250 0.000
10266129539 LARSON BRADLEY E CA 49,470.00 11.750 0.000
10266129544 MANNING MICHAEL E IL 71,500.00 11.100 0.000
10266129557 GIPSON CHRISTOPHER IL 80,100.00 11.750 0.000
10266129589 HODGMAN JOHN A IL 139,700.00 12.300 0.000
10266129682 PAGLIERO MARC D NV 114,750.00 12.740 0.000
10266129724 RICHINS WILLIAM CURTIS UT 68,000.00 13.000 0.000
10266129764 SMITH JEROME A IL 102,000.00 12.990 0.000
10266129804 SUMLER HESTER IL 65,400.00 10.750 0.000
10266129837 DURDEN KATHLEEN A MI 59,400.00 11.750 0.000
10266129921 JURADO CARLOS IL 75,000.00 11.600 0.000
10266129930 LANE MICHELE L UT 39,140.00 12.200 0.000
10266129944 LOVE CHARLES CO 18,764.00 10.400 0.000
10266130020 HOY DAVID E VAN WA 36,000.00 13.250 0.000
10266130049 TAIT TERESA L WA 34,720.00 12.700 0.000
10266130089 LADUC KURT J MI 48,000.00 11.990 0.000
10266130155 STRINGFELLOW ROBERT J UT 49,975.00 13.450 0.000
10266130184 CHAVEZ CANDY GLENN CO 68,750.00 14.000 0.000
10266130210 GRAVES JOHN S IN 22,000.00 12.750 0.000
10266130347 MCBEE RALPH IN 89,200.00 12.500 0.000
10266130478 FOY RICKIE IL 99,000.00 10.650 0.000
10266130794 CZARNEK TIMOTHY J CO 50,000.00 9.900 0.000
10266130827 MCBRIEN ENZA IL 23,700.00 12.250 0.000
<PAGE>
ALLIANCE FUNDING COMPANY
A division of Superior Bank FSB
Loans Funded and Available for Sale to 1996-3 as of 9/20/96
Current Note
Account Name State Principal Rate Margin
- --------------------------------------------------------------------------------
10266130837 AL-MAAREJ MOHAMED MI 44,000.00 10.600 0.000
10266130935 SPANN LESLIE N IL 10,800.00 12.750 0.000
10268000054 CHICK KIMBERLY CT 47,407.80 10.400 0.000
10268000069 FORD CHRISTOPHER C NY 55,000.00 12.950 0.000
10268000106 SHOWLER ROBERT W NY 95,400.00 11.000 0.000
10268000131 BIRCH STEPHEN G CT 76,000.00 12.150 0.000
10268000139 HEANG BEN LY NJ 70,000.00 10.990 0.000
10268000144 GALANTE LUCA NY 120,000.00 9.050 0.000
10268000148 FERRARO JOLIE L NY 95,460.03 11.750 0.000
10268000162 BOUVIER ARTHUR L JR CT 24,828.51 11.750 0.000
10268000185 JASON RICK NY 59,800.00 10.450 0.000
10268000189 BERARDI DONATO M NJ 39,000.00 11.490 0.000
10268000214 ESSLING WILLIAM J NY 56,400.00 11.750 0.000
10268000220 LEICHSENRING HANS W CT 69,940.26 11.900 0.000
10268000233 GERKEN FRANK NY 50,000.00 10.750 0.000
10268000246 NAM KYI JA NY 55,000.00 10.400 0.000
10268000256 JOHNSON JAMES F MD 37,250.00 12.250 0.000
10268000260 ALTINTAS NATAN MD 28,000.00 15.000 0.000
10268000265 BROWN EDWARD NY 154,800.00 11.450 0.000
10268000270 EYASSU AMARE DC 34,500.00 13.150 0.000
10268000279 COLE THELMA R MD 12,580.87 13.500 0.000
10268000291 FRANCIS PAULINE NY 189,000.00 12.250 0.000
10268000295 CAMPANARO KEVIN M NY 91,125.00 11.250 0.000
10268000330 HANDZLIK LAWRENCE NY 84,000.00 11.250 0.000
10268000340 ALLGAIER CLIFFORD D NY 96,750.00 13.500 0.000
10268000387 ALLEN FITZROY NY 171,000.00 11.750 0.000
10268000391 MALCHI ELI NY 37,800.00 12.750 0.000
10268000408 BARRETT DENNIS NY 56,500.00 12.450 0.000
10268000409 FRENDAK PAUL J NY 36,000.00 11.750 0.000
10268000418 SPENCE DELMORE W CT 76,700.00 11.950 0.000
10268000424 ALBRECHT STEVEN CT 64,000.00 12.000 0.000
10268000467 KATRAKAZOS ANGELO NY 53,000.00 12.500 0.000
10268000493 RITCHIE KEVIN J CT 126,000.00 11.000 0.000
10268000511 THORPE PETER J CT 215,954.72 10.700 0.000
10268000526 BURRELL LISA ANN GA 88,000.00 10.950 0.000
10268000534 STEVENS MINDY NY 25,000.00 12.490 0.000
10268000535 JAHBAL CHELLA NY 126,000.00 11.450 0.000
10268000537 BROWN RIDLEY J CT 124,777.24 12.700 0.000
10268000545 SECOLA JOSEPH P CT 39,800.00 12.400 0.000
10268000569 LONG JACK L PA 67,500.00 11.750 0.000
10268000577 FITZULA FREDRICK NY 104,350.00 10.200 0.000
10268000582 MOORE JEANNETTE M NY 18,000.00 11.500 0.000
10268000584 WASHINGTON SYLVESTER NY 99,000.00 11.450 0.000
10268000609 MILLER TIMOTHY J MA 54,500.00 12.500 0.000
10268000656 RICHARDS VERNA M NY 135,000.00 11.000 0.000
10268000664 MOHAN DEODAT NY 57,500.00 12.500 0.000
10268000669 CHENG KUO FENG GA 25,000.00 13.250 0.000
10268000714 EMMONS ROBERT N RI 23,200.00 12.350 0.000
10268000715 FONSECA MANUEL P CT 19,500.00 11.000 0.000
10268000718 GHEZZI RICHARD J NY 19,100.00 11.740 0.000
10268000721 DAUTI DASHURIE CT 40,700.00 12.890 0.000
10268000734 MOYSEY RAE ANNE NY 20,500.00 12.500 0.000
10268000796 CARROLL SHIRLEY NY 223,200.00 12.450 0.000
10268000838 BERTRANI MICHAEL NY 40,000.00 11.850 0.000
10268000845 LIND DAVID E NY 20,000.00 11.500 0.000
10268000905 RUBBO VINCENT NY 32,250.00 10.300 0.000
10268000933 MELDISH MICHAEL NY 67,000.00 13.350 0.000
10268000950 LAURITANO GARY NY 25,000.00 12.999 0.000
10268000962 RALEIGH MICHAEL K NY 35,000.00 11.150 0.000
10268001009 TODD RONALD J CT 28,700.00 11.500 0.000
10268001123 CERAVONE KATHLEEN A CT 28,600.00 13.850 0.000
10268001183 CHENG HSUEH NY 24,000.00 13.100 0.000
10268001279 CIACCIARELLA JOHN CT 105,000.00 10.650 0.000
<PAGE>
ALLIANCE FUNDING COMPANY
A division of Superior Bank FSB
Loans Funded and Available for Sale to 1996-3 as of 9/20/96
Current Note
Account Name State Principal Rate Margin
- --------------------------------------------------------------------------------
10268001303 WATERS BRENDA J MD 17,400.00 12.150 0.000
10268001419 HULKOWER JACQUELINE NY 45,000.00 11.400 0.000
10268001553 STEVENSON THOMAS W CT 73,000.00 13.000 0.000
10268001663 FONSECA MANUEL P CT 25,000.00 11.000 0.000
- ------------- -----------------------------------
Loans in Servicing not yet tagged for sale 9,500,925.44 11.815 0.000
10266100907 COLLIER ERNESTINE IL 259,000.00 12.100 0.000
10266118232 CANUPP OTIS C AZ 25,400.00 13.900 0.000
10266120876 HIRSCH YAEL NY 40,136.00 12.950 0.000
10266121270 ALLEN CRYSTAL MI 38,300.00 12.000 0.000
10266121304 SCOTT NEOLA Z NY 120,750.00 12.300 0.000
10266122100 ABEYKOON AJITH K NY 93,750.00 9.990 0.000
10266122124 LAX SAMUEL NY 30,000.00 14.690 0.000
10266122143 WILLIAMS EMMANUEL NY 206,000.00 14.750 0.000
10266122200 KAYSER JOSEPH NJ 36,000.00 11.500 0.000
10266122268 RAPOZA PAUL R MA 20,500.00 12.000 0.000
10266122373 GILFOY DARRYL SCOTT PA 44,800.00 12.250 0.000
10266122436 GERARDINO JAIRO L NJ 20,150.00 9.750 0.000
10266122760 CHALET ELIAS NJ 167,000.00 10.300 0.000
10266122838 ROSSINI ALBERT IL 444,500.00 14.150 0.000
10266123083 FORLEITER STEVEN NJ 29,100.00 12.250 0.000
10266123315 LEAVY THOMAS J NJ 29,000.00 12.750 0.000
10266123758 CAESAR JULIUS A NJ 91,500.00 12.750 0.000
10266123816 MARAGH SURJENA CT 84,000.00 10.990 0.000
10266123909 MARION DIEDRIE NY 122,400.00 13.490 0.000
10266124154 MOORE MELVIN NY 152,150.00 12.000 0.000
10266124221 HARPER PAUL E WA 12,500.00 10.950 0.000
10266124540 BOURELL DUANE M UT 19,000.00 11.950 0.000
10266124837 GALLO KATHLEEN A CT 153,000.00 11.700 0.000
10266124878 CUMMINGS JULIAN W AZ 13,370.00 12.900 0.000
10266125149 ESHEL OFER NY 148,000.00 10.250 0.000
10266125181 SLOAN ROBERT LEE MD 23,000.00 11.700 0.000
10266125198 TAYLOR VERA J PA 12,650.00 11.990 0.000
10266125247 MELENUDO NICKY JOE AZ 15,400.00 15.590 0.000
10266125255 NEWELL WILLIAM S OR 71,145.00 13.200 0.000
10266125280 BOWERS JASON B UT 16,400.00 11.350 0.000
10266125353 BLASINI STEVEN M NY 204,750.00 10.990 0.000
10266125379 KNIGHTON ISAAC C PA 29,700.00 11.500 0.000
10266125390 LEBENS ENGLUND JUDITH RAE WA 33,000.00 12.490 0.000
10266125519 BYNOWE RICHARD NY 176,000.00 13.250 0.000
10266125574 MELLON SR JOSEPH F PA 116,000.00 12.990 0.000
10266125604 ENSALATA VICTOR NY 53,240.00 10.250 0.000
10266125610 QUAYLE MICHAEL C FL 10,000.00 13.750 0.000
10266125641 QUINTANA DEBRA UT 41,500.00 13.590 0.000
10266125916 ILLIANO GENNARO DE 17,300.00 12.740 0.000
10266125939 GREATSINGER PHILLIP M CT 20,000.00 11.900 0.000
10266126110 MOLLOY DIANE PA 105,000.00 11.500 0.000
10266126127 DUBLIN TREVOR NY 105,000.00 11.990 0.000
10266126194 VAIRO FRANK L AZ 40,500.00 11.950 0.000
10266126275 FREEMAN RICHARD L PA 101,150.00 12.240 0.000
10266126338 REGINA DAVID L PA 22,400.00 11.500 0.000
10266126477 GARCIA SAMMY NM 20,420.00 12.250 0.000
10266126606 SCISCIANI MICHAEL PA 35,600.00 9.650 0.000
10266126696 VIEAU MARK L. WI 32,500.00 12.750 0.000
10266126741 BREIDENSTEIN PAMELA S NY 29,750.00 11.200 0.000
10266126896 KNAPP JOHN CT 22,150.00 12.750 0.000
10266126939 LINSE KENIETH WA 14,700.00 12.750 0.000
10266127056 SCHAFFNER JOHN C PA 67,000.00 12.500 0.000
10266127087 DOUYON ANDRE L CA 73,000.00 12.375 0.000
10266127265 PHILLIPS JAMES R NC 31,700.00 10.700 0.000
10266127517 KOVAL JR JOHN E DE 24,000.00 11.200 0.000
10266127536 CHAVEZ JOSE DAVID UT 26,000.00 14.200 0.000
10266127544 25 MAIN ST INC NY 217,750.00 11.750 0.000
<PAGE>
ALLIANCE FUNDING COMPANY
A division of Superior Bank FSB
Loans Funded and Available for Sale to 1996-3 as of 9/20/96
Current Note
Account Name State Principal Rate Margin
- --------------------------------------------------------------------------------
10266127679 SMITH STEVEN L UT 26,000.00 11.900 0.000
10266127718 ROSE TERRY M WA 41,700.00 12.250 0.000
10266127740 HAMER SHARON CRUMBLEY IL 139,900.00 13.750 0.000
10266127822 LILLY JEFFREY A PA 68,000.00 12.500 0.000
10266127868 MUNDT BOB V CO 42,090.00 11.750 0.000
10266127920 VAGNINI DANIEL P CT 43,800.00 12.250 0.000
10266127942 PUKAS DAVID M PA 17,500.00 11.400 0.000
10266127966 TULIO JOSEPH PA 68,800.00 10.990 0.000
10266127971 BLACKBURN WAYNE VA 74,800.00 11.990 0.000
10266127974 GRAHAM WARREN H MD 27,000.00 13.250 0.000
10266128001 JONES KENNETH L UT 52,300.00 13.500 0.000
10266128027 MERINO CUCA L AZ 23,505.00 13.350 0.000
10266128129 NISSIM YONA MD 307,520.00 10.700 0.000
10266128230 RADYSH GEORGE J. IL 40,000.00 10.500 0.000
10266128262 WEINSTEIN JAMES L PA 25,865.00 13.500 0.000
10266128450 GILLILAND MARTHA T VA 69,600.00 11.500 0.000
10266128515 PARISI FRANK M CT 17,500.00 10.900 0.000
10266128525 ALMGREN WILLIAM R PA 60,000.00 10.990 0.000
10266128541 SALISBURY GARY E UT 43,000.00 15.990 0.000
10266128543 TELFORD EDWARD B UT 18,000.00 13.500 0.000
10266128581 GRYGA ANTHONY IL 22,000.00 10.750 0.000
10266128583 PURPURA JOSEPH F IL 46,900.00 10.990 0.000
10266128603 MONTGOMERY FRANCIS E PA 27,200.00 13.990 0.000
10266128614 ALSTON CLARENCE MD 73,000.00 12.240 0.000
10266128621 LOVE ROBERT F CO 59,893.00 12.750 0.000
10266128652 CARPENTER STEPHEN M AZ 20,000.00 13.250 0.000
10266128694 JACOBSON TRAVIS W UT 27,200.00 13.300 0.000
10266128699 MALLON STEPHEN JAMES JR MD 91,340.00 11.700 0.000
10266128700 PRINTY JAMES R UT 48,170.00 12.900 0.000
10266128764 ALLEN WALTER F. OH 65,700.00 11.750 0.000
10266128777 OWENS DENNIS M NC 15,451.00 12.450 0.000
10266128804 MAZZELLA ANTHONY C PA 128,000.00 11.250 0.000
10266128824 SALADINO DEBORAH ANN NY 21,700.00 12.750 0.000
10266128839 TOLMAN IAN UT 30,800.00 13.250 0.000
10266128841 TAYLOR LENYORK CT 24,000.00 12.250 0.000
10266128844 HOFFMAN JOHN C UT 29,665.00 14.550 0.000
10266128872 MAXWELL DAVID G UT 38,945.00 12.950 0.000
10266128881 SHELLEY ROGER S AZ 15,000.00 12.250 0.000
10266128939 SIPE MERRY C. MN 29,000.00 13.250 0.000
10266128963 MADEJ MARYANN H MD 47,900.00 12.250 0.000
10266128993 PALMER GEORGE M JR FL 41,900.00 12.990 0.000
10266129016 PARRISH WILLIAM S MD 59,000.00 12.740 0.000
10266129039 WAGNER CHRISTOPHER J PA 24,720.00 10.750 0.000
10266129052 SPRANG PHILIP WA 37,160.00 13.500 0.000
10266129078 WATERS PAULETTE PA 36,000.00 10.740 0.000
10266129117 BEARDSLEY DONNA E AZ 30,000.00 11.250 0.000
10266129119 TRIESCHMAN ELMER W JR MD 26,500.00 11.950 0.000
10266129159 CROMARTIE LEO NC 12,350.00 9.450 0.000
10266129205 ANDERSON MITCHEL C CO 103,000.00 12.750 0.000
10266129232 WALDEN WEARICA NY 136,000.00 9.850 0.000
10266129292 NAILOS PAUL M FL 79,200.00 10.500 0.000
10266129312 NOVY BEVERLY TERHUNE NY 155,700.00 10.950 0.000
10266129333 BOIANOFF AFANASII S OR 40,207.00 12.250 0.000
10266129369 RHOADES DALE F FL 30,000.00 10.500 0.000
10266129430 O'CONNOR MARK C. IN 40,500.00 11.550 0.000
10266129492 ROBERTSON TIMOTHY D OR 59,000.00 12.750 0.000
10266129527 HARVEY THELMA FL 20,000.00 11.900 0.000
10266129570 PRINCELL WINSTON IL 15,300.00 10.750 0.000
10266129595 JONES TERRY L FL 28,000.00 10.850 0.000
10266129597 IACOBACCI MICHAEL B PA 65,000.00 11.050 0.000
10266129613 SHULTZ MICHAEL JOHN FL 72,800.00 10.700 0.000
10266129638 MERCIER MICHAEL J WA 22,156.00 11.200 0.000
10266129647 DOUGHERTY JEFFERY B CA 127,080.00 11.875 0.000
<PAGE>
ALLIANCE FUNDING COMPANY
A division of Superior Bank FSB
Loans Funded and Available for Sale to 1996-3 as of 9/20/96
Current Note
Account Name State Principal Rate Margin
- --------------------------------------------------------------------------------
10266129692 HUTCHINS MICHAEL J UT 15,000.00 15.000 0.000
10266129757 COLBY III ORRIN TETHER UT 43,000.00 12.900 0.000
10266129788 BELCHER DONALD L OH 37,000.00 10.500 0.000
10266129799 SCIALABBA JOSEPH J. IL 45,000.00 10.000 0.000
10266129819 HELLER RICHARD ANTHONY IL 27,500.00 12.250 0.000
10266129822 MCCLINTON MAGGIE IL 60,000.00 10.000 0.000
10266129831 HODZIC SKENDER MI 126,000.00 11.750 0.000
10266129905 OZGA ADAM NJ 42,000.00 11.350 0.000
10266129907 GREEN ALBERT F CO 25,000.00 14.000 0.000
10266129937 VINCENT AMMIE M CO 33,000.00 11.100 0.000
10266129941 BARTON RICHARD A UT 33,100.00 11.950 0.000
10266129963 ADKINS MOTIC L. MI 25,900.00 11.750 0.000
10266129965 CARBONARO JOHN J. IL 25,000.00 10.250 0.000
10266130022 BROWN RUTH D MD 85,900.00 9.250 0.000
10266130061 BARRETT SHIRLEY ANNE CO 53,211.00 12.500 0.000
10266130087 STANFA ILENE A. IL 22,600.00 11.500 0.000
10266130110 STONE BARBARA FL 36,000.00 9.900 0.000
10266130116 BOOTHE JOHN R NC 71,300.00 9.500 0.000
10266130209 SINISHTAJ LUIGI MI 90,000.00 11.750 0.000
10266130256 SOLETTO MICHAEL G FL 44,000.00 11.500 0.000
10266130282 SERVOCKY JOSEPH N PA 65,600.00 12.850 0.000
10266130293 ROBINSON JAMES W CO 14,000.00 12.700 0.000
10266130351 WYNN JOHN IN 67,900.00 9.650 0.000
10266130377 LAGRECA ANTHONY FL 41,250.00 11.350 0.000
10266130384 FREDERICK CHRISTOPHER J OR 28,000.00 13.750 0.000
10266130397 GATEHOUSE LOIS THOMPSON CA 34,000.00 11.200 0.000
10266130403 VINSON LISA M FL 25,000.00 11.000 0.000
10266130462 HINKLE CRAIG S OR 51,238.00 11.750 0.000
10266130470 KELLER JEFFREY S. IL 63,000.00 12.000 0.000
10266130508 REDWINE DANNY FL 40,950.00 9.900 0.000
10266130561 LANDRETH CINDI K WA 20,500.00 11.200 0.000
10266130569 HONE JEFFERY L UT 15,814.00 15.190 0.000
10266130572 HIDALGO G DEAN UT 89,927.00 15.100 0.000
10266130577 HOPKINS DONALD F AZ 75,600.00 9.400 0.000
10266130646 COLE MICHAEL K. OH 117,600.00 10.240 0.000
10266130647 HATCHER SAMUEL IN 58,400.00 11.750 0.000
10266130744 LEISER JOHN PAUL UT 18,500.00 12.900 0.000
10266130776 SMITH NOREL UT 11,000.00 11.900 0.000
10266130813 STONE ROY EARL CA 21,858.00 13.250 0.000
10266130849 ABDALLAH ATWI MI 80,700.00 8.375 0.000
10266130865 DAWKINS C WAYNE NC 45,900.00 11.450 0.000
10266130914 JACKMAN DALE O UT 29,000.00 12.900 0.000
10266130943 MITCHELL LYNN D. MI 56,000.00 9.125 0.000
10266130955 IRIZARRY ELENA FL 48,500.00 11.750 0.000
10266130957 HARTMANN JAMES W FL 55,200.00 12.990 0.000
10266130980 YOUNG DAVID J UT 21,900.00 12.200 0.000
10266130981 HOFFER FRANK J MI 93,600.00 8.875 0.000
10266130982 HARMSTON TRENT C UT 17,383.00 14.950 0.000
10266131049 GARRETT JOHN MAX CA 214,200.00 11.375 0.000
10266131133 BOWEN DIANE FL 64,800.00 10.500 0.000
10266131158 KOCH KARL JOHN CO 94,500.00 12.750 0.000
10266131265 MOUNT JAMES H FL 39,900.00 10.500 0.000
10266131266 BUTTERFIELD DARREN UT 14,000.00 15.850 0.000
10266131267 BELCHER DEE A UT 46,410.00 12.900 0.000
10266131269 DEFA CHAD A UT 15,774.00 14.350 0.000
10266131281 PASICK KATHLEEN J FL 43,950.00 10.950 0.000
10266131333 MARONEY ROBERT A. IL 35,800.00 12.740 0.000
10266131343 KLEIN KERRY L. WI 108,000.00 11.450 0.000
10266131353 VAN PELT MICHAEL IN 29,600.00 12.250 0.000
10266131359 PRIGAL K KENNETH B FL 97,750.00 9.600 0.000
10266131361 DITMORE RONALD L PA 61,000.00 10.650 0.000
10266131403 SAMPSON GARY UT 23,000.00 13.350 0.000
10266131487 HUGHES RICKEY DALHART UT 39,596.00 13.150 0.000
<PAGE>
ALLIANCE FUNDING COMPANY
A division of Superior Bank FSB
Loans Funded and Available for Sale to 1996-3 as of 9/20/96
Current Note
Account Name State Principal Rate Margin
- --------------------------------------------------------------------------------
10266131579 PERE VALENTIN R IL 215,000.00 11.250 0.000
10268000026 WRATNY WILLIAM NY 35,000.00 10.450 0.000
10268000420 BLISS CLAUDIA A RI 16,300.00 12.750 0.000
10268000993 BARRETT WILLARD W NY 31,450.00 11.600 0.000
10268001011 KALEM JOSEF NJ 99,400.00 12.300 0.000
10268001068 NIGRO THOMAS NY 301,600.00 13.490 0.000
10268001215 CARP PAUL D VA 55,000.00 10.950 0.000
10268001270 DALY JOHN J PA 30,100.00 11.700 0.000
10268001366 GRAYER PHILIP NJ 91,000.00 14.350 0.000
10268001709 SANTOS ANTHONY B CT 63,000.00 10.700 0.000
10268001714 SHAW JR GEORGE A MD 37,000.00 10.950 0.000
- ------------- -----------------------------------
Loans Funded and not yet in Servicing 11,691,289.00 11.911 0.000
Total Fixed Rate Loans Funded and Available 48,779,184.44 11.776
Grand Total Funded and Available 92,348,736.17 10.872
<PAGE>
ALLIANCE FUNDING COMPANY
A division of Superior Bank FSB
Loans Funded and Available for Sale to 1996-3 as of 9/20/96
Current Note
Account Name State Principal Rate Margin
- --------------------------------------------------------------------------------
CLOSED NOT FUNDED
10216122774 MAUGHAN LARRY UT 82,000.00 11.000 7.000
10216123187 SARKIS SHAMERAN E. IL 11,000.00 9.750 1.500
10216124444 TANIG REYNALDO V. IL 50,000.00 9.250 1.000
10216124895 KNAPP CHERYL MI 39,000.00 11.375 6.750
10216124908 PATACSIL JAMES R IL 73,000.00 9.250 1.000
10216124975 MCCORMACK PATRICIA MARIE NJ 182,750.00 11.625 7.750
10216127003 AL-HAMID HASSAN MI 51,700.00 9.625 5.750
10216128073 STEVENS DOUG C. OH 58,500.00 9.875 5.750
10216128932 WARD TROY M. OH 57,200.00 10.125 6.250
10216129273 ZWILLING RICHARD L. OH 51,800.00 10.375 6.250
10216129559 GACSY THOMAS J IN 71,200.00 9.625 6.000
10216129798 SALAK DAWN M. MN 108,900.00 9.625 5.750
10216129836 PIDD THOMAS J. MI 94,000.00 11.750 7.500
10216129978 CUTRARO ANTONINO MI 750,000.00 9.750 5.750
10216130258 WALL ROBERT W FL 96,300.00 8.625 5.000
10216130390 EGGERT THOMAS W AZ 371,000.00 9.875 6.250
10216130454 SCHULZ TERRY H AZ 297,000.00 8.375 4.500
10216130481 POWE DAVID J. MI 72,700.00 10.250 6.000
10216130486 ROOKS SAMUEL J. MI 81,000.00 9.625 5.750
10216130801 BRISTER JOSHUA T AZ 148,500.00 10.375 6.750
10216130831 SIMPSON MALCOLM MI 57,600.00 9.625 5.750
10216131972 ALTAYEB SALWA MI 43,200.00 9.875 5.750
10216132117 ABOOD SADEEM MI 48,600.00 9.875 5.750
10216132625 AL-SHAAMANI HASSAN MI 24,400.00 11.750 7.500
- ------------- -----------------------------------
ARM Loans Closed and not Funded 2,921,350.00 9.876 5.772
SET TO CLOSE
10216119555 BARTLODUS THERESA NY 272,000.00 10.125 6.250
10216120023 COCINA WILLIAM J NY 100,300.00 10.625 6.750
10216120478 JORDAN SIGMUND NJ 214,400.00 11.625 8.500
10216120760 HUSON WILLARD L. IL 72,600.00 9.250 1.000
10216121022 SIMON MARTIN NJ 240,000.00 9.500 6.750
10216121539 SOTO EDWIN NJ 163,200.00 11.125 7.250
10216121752 HANSON ALFRED SR CT 134,400.00 11.625 8.500
10216122164 VOLPE RICK JR NY 233,750.00 10.125 7.750
10216122207 DOSSEY RICHARD NY 115,000.00 10.625 7.000
10216122371 CHESTER JEROME G PA 63,665.00 10.375 6.500
10216122376 YAN SUNLEANG WA 90,000.00 9.500 5.500
10216123118 LEE JAMES CT 170,000.00 9.250 6.500
10216123522 BROWN KEITH NY 320,000.00 9.875 6.250
10216123675 LAWRENCE RICHARD M UT 57,000.00 9.375 5.500
10216123753 VULPI BETTY NY 86,400.00 11.875 8.250
10216123873 SINGH SATNAM UT 82,500.00 10.375 6.500
10216124352 RIPPER MARY M NY 300,000.00 9.250 5.500
10216124355 REED SANDRA L NY 75,520.00 8.875 5.250
10216124361 PATERNA PATRICIA R CT 375,000.00 10.375 6.750
10216124694 ALTHEIM JOEL H NY 130,000.00 11.875 8.000
10216124721 LAWLER DONNA M NJ 159,800.00 11.125 7.750
10216124725 WISNEWSKI LEE R NJ 136,000.00 10.250 6.250
10216125126 MARZO SALVATORE NY 131,750.00 10.875 7.625
10216125147 MCNAUGHTON DARRIN J PA 98,000.00 11.000 7.000
10216125259 CLIFTON CHARLES ERNEST WA 126,000.00 12.125 8.250
10216125340 QUARTARARO PETER NY 108,750.00 10.875 7.000
10216125513 PETRUCCI LOUIS MD 212,500.00 9.625 6.750
10216125966 MARSH JR ALEXANDER NY 113,900.00 10.625 6.750
10216126000 BRANHAM JR JOHN H MD 87,550.00 10.125 7.250
10216126171 GRIFFITHS DAVID J UT 168,000.00 9.500 5.900
10216126341 PRISCO STEPHEN T NY 138,600.00 9.500 6.750
10216126738 PAYNE VALERIE J PA 180,000.00 8.625 6.000
10216126799 BURDEWIK PAUL N NY 176,000.00 10.875 8.000
10216126905 UPHOLD ROY L PA 92,000.00 9.375 6.000
<PAGE>
ALLIANCE FUNDING COMPANY
A division of Superior Bank FSB
Loans Funded and Available for Sale to 1996-3 as of 9/20/96
Current Note
Account Name State Principal Rate Margin
- --------------------------------------------------------------------------------
10216126959 TUTMAN RICHARD W JR MD 121,500.00 9.625 6.750
10216127031 ANDERSON FRANCES NY 56,000.00 11.875 8.250
10216127207 PACK CHARMAINE BELINDA NY 175,000.00 10.875 8.250
10216127542 JOYCE ELIZABETH M NY 216,000.00 10.875 7.000
10216127636 SMITH BRIAN NJ 84,000.00 9.625 6.750
10216127721 WILLIAMSON DUANE G WA 65,000.00 9.875 6.000
10216127794 MONTANA RITA M PA 43,500.00 9.125 5.000
10216127918 SHEIL MARTIN PETER NJ 198,400.00 9.125 5.250
10216127955 SEARS MONIQUE NJ 73,865.00 11.375 7.500
10216128168 BYRD MARGARET NY 150,000.00 12.375 7.750
10216128389 CUNNINGHAM RHONDA ALLEN NJ 288,000.00 9.625 6.000
10216128413 ROBBINS MARY JEAN IL 64,000.00 11.375 7.500
10216128442 GIZA JEANNE A PA 63,750.00 9.875 6.000
10216128670 SCIEPURA ZBIGNIEW NJ 97,750.00 11.375 7.750
10216128680 ST FLEUR MARIE NY 91,184.00 8.875 6.000
10216129063 BRANCH EARL NJ 52,200.00 10.625 7.250
10216129135 PEARSON DON B UT 166,800.00 9.125 5.500
10216129181 SHOCKER KIRK J NY 132,000.00 8.375 5.500
10216129183 DANCY DAVID S NJ 152,000.00 8.125 5.000
10216129244 SCHUSTER PAULA M. MN 46,400.00 9.875 6.000
10216129264 DULAY DELIA IL 98,100.00 8.875 5.000
10216129302 DANICO DANIEL V CT 139,500.00 9.875 5.750
10216129327 ZANAN VLADIMIR NY 441,600.00 8.625 5.000
10216129371 LOVIGLIO EILEEN L NY 240,000.00 9.875 6.250
10216129565 GOGA ROBERT T IL 13,000.00 9.750 1.500
10216129566 WRUCKE DENNIS L. IL 25,000.00 9.500 1.250
10216129754 TRIMMER DENNIS A PA 70,650.00 8.875 5.000
10216129763 CHILDS FRANK JR GA 45,000.00 10.375 6.750
10216129765 STADELWISER JOHN J AZ 82,600.00 9.875 6.250
10216129934 PILLO TIMOTHY A WA 56,250.00 7.375 3.750
10216129969 GONZALEZ FERNANDO O IL 55,000.00 9.125 5.000
10216130077 GAWRONSKI CHARLES IL 40,000.00 9.375 5.500
10216130122 BURDEN THOMAS A PA 50,000.00 9.375 6.500
10216130337 SOBH ALI A. MI 80,700.00 10.625 6.750
10216130357 KOKAS, BEVERLY D PA 97,080.00 10.125 7.000
10216130398 GREENSHEILD DAVID J AZ 155,500.00 11.125 7.500
10216130538 CASTANO JOSE F AZ 122,500.00 9.875 6.250
10216130544 MCLAUGHLIN III LUKE F PA 120,000.00 8.875 5.500
10216130574 CHRISTENSEN KEVIN K ID 58,000.00 10.875 7.250
10216130635 CUENCA JUAN IL 126,000.00 9.125 5.000
10216130671 COOPER M SCOTT AZ 148,000.00 9.125 5.250
10216130770 MATTERN JOHN S SR PA 93,500.00 10.375 6.250
10216130894 MORRISON GERALD M PA 82,800.00 10.375 6.750
10216130944 BARNES RICHARD R. MI 260,100.00 9.875 5.750
10216131033 ABANTO CASTULO CALAMAAN NV 130,900.00 9.875 6.000
10216131063 AHRENS STEVEN J IL 94,400.00 11.500 7.250
10216131069 HOFFER FRANK J. MI 93,600.00 8.875 5.000
10216131392 SHELLENBERGER TERRY PA 62,910.00 9.875 5.750
10216131585 BARNES RICHARD MI 63,700.00 8.375 4.500
10216131608 HAUGSETH WILLIAM K FL 126,000.00 9.625 5.750
10216131656 CLARY RONALD R AZ 143,395.00 10.375 6.500
10216131707 DEMBINSKI WILLARD D. IL 117,600.00 11.750 7.500
10216131748 JIMENEZ CHRISTOPHER JEFF UT 56,000.00 9.750 6.000
10216132128 SWETT CRAIG L UT 122,500.00 10.750 6.900
10216132215 GROSE DALE E OR 131,800.00 10.625 6.750
10216132623 DEITTRICK KENNETH MI 27,700.00 9.625 6.000
- ------------- ------------------------------------
ARM Loans Set to Close 11,433,319.00 10.035 6.423
APPROVED
10216120034 JACKSON ERLENE NY 95,000.00 10.000 7.000
10216122187 CAPOBIANCO JOSEPH NY 297,500.00 10.625 6.750
10216122536 CAMPBELL CLARISE NY 207,000.00 9.875 5.750
10216122686 NORMAN BRUCE D. MI 80,800.00 8.750 5.000
<PAGE>
ALLIANCE FUNDING COMPANY
A division of Superior Bank FSB
Loans Funded and Available for Sale to 1996-3 as of 9/20/96
Current Note
Account Name State Principal Rate Margin
- --------------------------------------------------------------------------------
10216123363 MARTIN LARRY W. IN 110,450.00 8.375 4.500
10216124689 METZGER WILLIAM G MD 153,850.00 10.875 6.750
10216124715 MAHR JOEL NJ 48,000.00 11.250 7.000
10216124998 MARIANI ERICK NY 157,500.00 10.250 6.750
10216125218 VANSCHENKBRILL ROBERT W NJ 48,750.00 9.625 6.000
10216125427 RIDLEY ANDRE NY 107,200.00 11.250 7.000
10216126101 JOHNSON SAMUEL JR NY 89,600.00 11.875 8.250
10216126357 MONAHAN JAMES NY 65,000.00 11.875 7.750
10216126510 RODRIGUEZ CHARLES NY 100,000.00 8.875 6.000
10216127119 UNDERWOOD ROSEMARY AZ 93,000.00 10.625 6.750
10216127122 CAMPOS VICTOR M AZ 51,000.00 9.375 5.500
10216127210 MCQUILLEN AUNDRA AZ 68,850.00 8.875 5.000
10216127388 VELASQUEZ ANGEL NELSON NY 88,800.00 10.875 8.250
10216127605 KASTER RONALD W. MN 30,000.00 10.250 6.000
10216127609 SAMPSON TRACY P. MI 63,000.00 8.375 4.500
10216127634 RUDE ALLEN NJ 84,500.00 12.375 7.750
10216127729 CAIN JAMES IL 30,000.00 11.375 6.750
10216128022 GALLOWAY DAVID AZ 54,880.00 10.875 7.000
10216128028 MARGOLIN MICHAEL AZ 48,750.00 10.875 7.000
10216128127 ANDRUS STEVE AZ 48,000.00 9.875 6.000
10216128375 JONES BARBARA AZ 89,600.00 12.125 8.250
10216128394 CARLSON DAVE AZ 82,500.00 10.875 7.000
10216128425 PHILLIPS CHARLES OH 41,600.00 10.375 6.250
10216128470 MIRZO CADRI NJ 69,000.00 9.625 6.750
10216128735 FASANO RICHARD NY 360,000.00 9.375 5.750
10216128795 SOTO JOSE J PA 60,830.00 8.875 5.250
10216128820 PEARCE RONALD E CO 212,500.00 9.875 6.250
10216129042 DEUEL CHRISTOPHER NM 84,000.00 8.875 5.250
10216129111 BECKER LISA NY 62,900.00 11.375 7.750
10216129233 HOWARD BERTHA J. OH 34,500.00 9.875 6.000
10216129343 MCCALL DEBRA NY 360,000.00 9.875 6.750
10216129494 NICELEY MASAKO NV 72,800.00 8.625 5.000
10216129680 GARCIA GARY CA 115,000.00 8.625 5.000
10216129772 ENRIQUES ROBERTO UT 72,000.00 8.375 4.750
10216129796 RODGERS WALLACE H. IL 44,800.00 11.375 7.500
10216130019 SZERLAG GEORGE AZ 260,100.00 11.125 7.500
10216130148 ORGAN TERRY AZ 153,000.00 10.375 6.750
10216130216 GLOVER ELIZABETH M CO 144,000.00 9.375 5.750
10216130267 HORTON SCOTT WA 119,600.00 9.875 6.250
10216130308 SISON TONIE NV 93,500.00 10.125 6.500
10216130603 KING HAROLD M CO 88,000.00 10.875 7.250
10216130636 PISONE JO ELLEN IL 83,700.00 7.125 2.750
10216130784 KOPP BLAINE ID 54,800.00 10.875 7.250
10216130834 COMER DENNIS MI 72,000.00 7.875 3.750
10216130869 UMPHREY ALBERT NM 275,000.00 11.125 7.250
10216131029 SALCIDO ISAAC AZ 52,500.00 9.625 6.000
10216131143 SCHULZE KENNETH CA 262,500.00 7.375 3.750
10216131188 VIRANI HUSSAIN IL 42,500.00 10.625 6.750
10216131300 CASILLAS GUILLERMO AZ 55,250.00 10.875 7.000
10216131301 RHOTTEN CRAIG AZ 55,000.00 9.625 5.750
10216131424 GOLDBERG JULIA CA 171,000.00 8.875 5.000
10216131427 HATCH ROBERT WA 160,000.00 9.125 5.250
10216131532 THAYN GARY J JR UT 56,000.00 11.125 7.250
10216131603 HEMPHILL SHAWN IN 72,900.00 8.875 5.000
10216131767 SORENSON DEAN UT 132,500.00 11.125 7.250
10216131964 RICE JAMES R. MI 87,000.00 10.000 5.750
10216132066 BENSON PAUL AZ 64,600.00 10.125 6.250
10216132072 STONEBURNER GARTH AZ 69,600.00 10.875 7.000
10216132106 CAPIAK JOHN R IL 40,000.00 10.000 5.750
10216132111 SAEED MOHAMMED M. IL 259,200.00 11.750 7.500
10216132237 TURKIA SOUAD MI 43,200.00 9.625 5.750
10216132616 JOHNSON SUE A IL 132,600.00 9.875 5.000
- ------------- -----------------------------------
ARM Loans Approved 7,083,510.00 10.022 6.245
<PAGE>
ALLIANCE FUNDING COMPANY
A division of Superior Bank FSB
Loans Funded and Available for Sale to 1996-3 as of 9/20/96
Current Note
Account Name State Principal Rate Margin
- --------------------------------------------------------------------------------
Total ARM Loans Not Yet Funded 21,438,179.00 10.009 6.276
CLOSED NOT FUNDED
10266120198 OGDEN BARBARA C RI 15,000.00 11.350 0.000
10266123077 DOWELL RAYMOND E NV 124,000.00 12.550 0.000
10266123261 PETERSON SCOTT D CA 43,600.00 12.500 0.000
10266124555 CRAFT GREGORY PA 53,550.00 9.850 0.000
10266125015 CHAZAN MICHAEL AZ 23,500.00 12.900 0.000
10266125069 REESE MICHAEL C CO 53,900.00 12.000 0.000
10266125416 LOREY ELMER D AZ 20,990.00 13.200 0.000
10266125678 CAYFORD KARL S AZ 28,000.00 13.000 0.000
10266125689 LENTINE DOLORES AZ 23,800.00 13.700 0.000
10266125745 BROCHE EDWARD A. IL 84,000.00 8.375 0.000
10266125988 DALY STEPHEN NY 33,500.00 11.990 0.000
10266126179 BROGDON TERRY K AZ 20,979.00 12.650 0.000
10266126247 BAIRD COLIN C AZ 17,887.00 11.600 0.000
10266126306 SAMUELSON THOMAS J UT 39,465.00 14.550 0.000
10266126377 ALLEN ANDREW F. MI 24,800.00 9.990 0.000
10266126480 PERRY DAVID N NM 28,000.00 13.250 0.000
10266126622 JUMPER JACK J AZ 13,800.00 14.000 0.000
10266126869 KIM SUN NYO IL 101,500.00 12.250 0.000
10266127085 STIFFLER DONALD R NV 83,250.00 13.300 0.000
10266127108 CALKINS DARRELL J UT 14,500.00 11.000 0.000
10266127244 DELGADO MAURICE NJ 75,000.00 11.990 0.000
10266127397 CLIFFORD KAREN E AZ 19,870.00 10.950 0.000
10266127554 FLORES MIGUEL A AZ 24,750.00 11.950 0.000
10266127713 GODBEE STEPHEN J AZ 36,604.00 13.250 0.000
10266127834 EUBANKS LLOYD B NV 34,000.00 13.000 0.000
10266128211 GOGERTY THOMAS W CO 76,458.00 13.250 0.000
10266128220 CAMP BERNADETTE C. IL 15,000.00 11.750 0.000
10266128224 PALLOTTO STEPHEN IL 54,100.00 12.250 0.000
10266128323 ROBERTS RICHARD K AZ 20,000.00 14.500 0.000
10266128577 BANKSTON RODNI MI 25,000.00 11.750 0.000
10266128703 HALL KRISTY LYNN AZ 16,650.00 13.500 0.000
10266128706 MAKRAY FRANK A CO 80,000.00 11.750 0.000
10266128874 BEARD ROBERT UT 28,000.00 13.000 0.000
10266129060 KOCH EDWIN R WA 23,230.00 12.250 0.000
10266129076 KLAGES BARRY L PA 37,920.00 10.990 0.000
10266129145 MILNER RICHARD B CO 120,000.00 11.250 0.000
10266129211 MANCHEGO STEVEN A CO 25,088.00 13.250 0.000
10266129445 ALT THOMAS E. MN 48,800.00 11.950 0.000
10266129523 HOWARD JR PHILIP M UT 164,500.00 12.190 0.000
10266129530 MAYHUGH DALLAS H OR 32,900.00 13.250 0.000
10266129569 DAVIS JASON E. OH 46,400.00 9.600 0.000
10266129629 USSERY GLYN UT 22,000.00 9.850 0.000
10266129816 ATKINS THEOLA IL 15,000.00 9.250 0.000
10266129842 ELIZALDE RANDY J. IN 117,000.00 10.240 0.000
10266129861 VANDERBURG FRANK J OR 24,000.00 12.750 0.000
10266129884 FIORENTINO ROBERT NJ 106,250.00 10.500 0.000
10266129924 WILSON JUNE UT 13,900.00 12.250 0.000
10266130042 KING DONNA M AZ 231,500.00 10.700 0.000
10266130069 PARSON EUGENE B PA 145,000.00 10.850 0.000
10266130115 CLEAVER CHARLIE NC 40,000.00 10.750 0.000
10266130119 MCIVER ELMIREE NC 50,575.00 9.500 0.000
10266130129 FAMOUS SHARON L PA 24,925.00 11.400 0.000
10266130131 PERRIN BARRY PA 76,500.00 10.800 0.000
10266130181 HARRISON DAN T NV 24,250.00 12.700 0.000
10266130259 FORD JOSEPH A AZ 22,590.00 12.600 0.000
10266130273 MULLINS EDWARD M FL 65,800.00 10.650 0.000
10266130301 VIRGIN WAYNE WA 33,260.00 11.350 0.000
10266130348 PHILLIPS BOBBY L. IN 22,900.00 11.950 0.000
10266130401 KELLINY NABIL FL 41,600.00 12.450 0.000
<PAGE>
ALLIANCE FUNDING COMPANY
A division of Superior Bank FSB
Loans Funded and Available for Sale to 1996-3 as of 9/20/96
Current Note
Account Name State Principal Rate Margin
- --------------------------------------------------------------------------------
10266130404 RILEY KAREN FL 51,300.00 10.650 0.000
10266130515 D'ABRUZZO VERONICA PA 64,712.00 11.500 0.000
10266130607 MENZINGER WALTER P. NY 85,000.00 10.900 0.000
10266130705 RIVERA ANNA CO 63,465.00 11.100 0.000
10266130735 EALY LORENZO IL 26,200.00 11.750 0.000
10266130765 PYLE GEORGE M FL 30,400.00 10.350 0.000
10266130781 WARE MICHELLE UT 15,815.00 14.190 0.000
10266130808 JOHANNES DAVID A CO 16,500.00 11.550 0.000
10266130917 MACGILLIVRAY DUSTIN J UT 81,900.00 14.250 0.000
10266130978 CIESLAK MANFRED A UT 15,000.00 11.650 0.000
10266131000 DOUGHERTY BERNARD J FL 15,272.00 12.200 0.000
10266131067 WATSON JACQUELYN M. WI 98,000.00 13.000 0.000
10266131070 HELTON JIM G. KY 145,600.00 9.600 0.000
10266131138 BUNTING HAROLD DUANE UT 45,000.00 12.750 0.000
10266131244 MATHEWS ROBERT PA 128,000.00 11.250 0.000
10266131337 RICO REMIGIO IL 79,000.00 11.850 0.000
10266131401 HOBBS JOEL A UT 30,000.00 14.450 0.000
10266131521 HOLMQUIST RAYMOND L CO 13,000.00 13.500 0.000
10266131564 GOLDEN DONNA IL 31,200.00 11.500 0.000
10266131570 ALLEN ANDREW F. MI 26,300.00 10.800 0.000
10266131664 TROTT WILLIAM R UT 41,025.00 12.750 0.000
10266131859 SIMPSON ALAN W CA 76,000.00 11.700 0.000
10266132045 BERGMAN LUANN UT 21,599.00 15.850 0.000
10266132243 CAMPBELL KENNETH E. MI 64,600.00 11.850 0.000
- -------------- ----------------------------------
Fixed Rate Loans Closed and not Funded 4,194,229.00 11.661 0.000
SET TO CLOSE
10266119935 HAYES WILLIAM GA 42,800.00 13.750 0.000
10266120184 WINGATE DONALD P NY 47,300.00 10.990 0.000
10266120365 REDDING RICHARD L GA 26,400.00 13.800 0.000
10266120504 CASTIGLIONE ANDREW NY 80,000.00 10.950 0.000
10266120530 MENDEZ FRANCIS NY 247,500.00 11.650 0.000
10266120953 BAGSIYAO CORAZON M NY 158,400.00 13.000 0.000
10266121150 WATSON MARK E UT 47,878.00 13.200 0.000
10266122044 MADSEN DAVID CHESTON UT 22,000.00 13.950 0.000
10266122559 JOHNSON MAYNARD L GA 35,000.00 12.250 0.000
10266123254 KRIENKE JOY ALAN CO 104,000.00 13.750 0.000
10266123794 HATTEN JEANETTE GA 76,500.00 12.150 0.000
10266123836 ESCOBEDO ALDIMAR NY 207,000.00 11.350 0.000
10266123841 MICALIZZI ANGELO V. FL 48,000.00 11.550 0.000
10266124034 BAUMEISTER CAROL NJ 50,000.00 10.400 0.000
10266124041 MONEY JOHN A UT 40,500.00 12.000 0.000
10266124063 JENKINS MORRIS DALE UT 11,000.00 11.500 0.000
10266124483 HUYNH AN QUOC WA 61,800.00 12.950 0.000
10266124623 HEWETT JONATHAN K UT 50,280.00 14.000 0.000
10266124629 CHRISTY CLAIR E FL 94,400.00 10.990 0.000
10266124635 BURSON JERRY GA 162,000.00 12.190 0.000
10266124824 BIRCHER KAREN GALE CO 23,500.00 13.750 0.000
10266125296 JAMES RALPH II NY 213,600.00 14.090 0.000
10266125367 TONA HERLINDA S AZ 47,600.00 11.000 0.000
10266125545 SELA NEBI NY 210,000.00 11.990 0.000
10266125742 GRIFFIN SHERISE IL 20,000.00 13.990 0.000
10266125897 PASTORE RICHARD S NY 220,000.00 11.100 0.000
10266126120 SUNDARA STEVE UT 23,000.00 13.140 0.000
10266126456 CHRISTIANSON LORETTA
DENIS WA 55,000.00 10.875 0.000
10266126619 ECKERT LARRY G. PA 126,000.00 11.990 0.000
10266126953 JEAN-PIERRE ROZELLE FL 72,250.00 12.490 0.000
10266127139 MAES SHIRLEY E CO 20,800.00 11.750 0.000
10266127224 MINOR TOM NY 12,265.00 12.400 0.000
10266127300 JANETEAS THOMAS IL 55,800.00 10.750 0.000
10266127403 SNYDER JAN DAVID AZ 35,400.00 12.750 0.000
10266127408 VAUGHT JOHANNA MD 58,000.00 13.000 0.000
10266127422 LOTFI GHULAMRIZA PA 59,000.00 8.500 0.000
<PAGE>
ALLIANCE FUNDING COMPANY
A division of Superior Bank FSB
Loans Funded and Available for Sale to 1996-3 as of 9/20/96
Current Note
Account Name State Principal Rate Margin
- --------------------------------------------------------------------------------
10266127439 RIGGS CLYDE GREEN UT 24,700.00 13.150 0.000
10266127498 WASSERMAN HERBERT NY 208,000.00 11.990 0.000
10266127545 GARRETT FRANK L UT 48,375.00 12.850 0.000
10266127684 SPOHN RICK T UT 23,220.00 12.750 0.000
10266127761 WAZWAZ AMY MN 22,600.00 12.000 0.000
10266127837 ANGER LAVOYN M CO 15,700.00 11.750 0.000
10266127929 BLATNICK DIANA UT 29,725.00 14.500 0.000
10266127949 MATHIS PATRICIA O FL 20,000.00 12.490 0.000
10266128035 INMAN SR ANTHONY R CO 35,000.00 13.250 0.000
10266128040 REESE BETTIANN CO 30,000.00 12.000 0.000
10266128130 ANDREWS PLASSIE FL 43,000.00 11.700 0.000
10266128337 GUSS MATHEW UT 17,523.00 13.200 0.000
10266128338 SCHULTZ DANNY H UT 34,620.00 13.800 0.000
10266128514 FLYNN JANICE J FL 56,000.00 9.600 0.000
10266128609 WILLIAMS LYNDYL GA 13,600.00 13.950 0.000
10266128742 WEINBERGER DIANE UT 63,000.00 14.200 0.000
10266128761 ALY-KHALAFALLA MOHAMED MI 39,000.00 11.500 0.000
10266128802 CHEPONIS KATHLEEN M PA 25,200.00 11.740 0.000
10266128818 KENT JR HOWARD G OR 26,887.00 11.000 0.000
10266128843 MARTINCHICK CHRISTOPHER M UT 16,982.00 13.500 0.000
10266128903 WASINGER LINDA L CO 60,000.00 10.990 0.000
10266128929 SIERRA RUTH MI 11,000.00 14.250 0.000
10266128991 DEPREKER DIANNA M FL 10,000.00 11.950 0.000
10266128995 GILLETTE CRAIG GA 31,800.00 12.950 0.000
10266129046 LOGAN LIZ M NY 99,000.00 11.990 0.000
10266129142 DEOPERSAUD SUKHRAM NY 175,000.00 11.100 0.000
10266129239 MALLORY HARRY L. IL 50,000.00 9.250 0.000
10266129283 PRATER JANET M CO 48,000.00 12.500 0.000
10266129286 STOKES TOM A OR 64,373.00 11.750 0.000
10266129314 HALEY EDWARD G FL 69,000.00 12.500 0.000
10266129346 PEREZ ROBERTO NY 150,000.00 11.100 0.000
10266129353 SNARR PHILIP A CA 106,250.00 12.450 0.000
10266129399 CHARLES ERNEST E PA 27,000.00 12.250 0.000
10266129408 YU THOMAS OR 30,000.00 12.000 0.000
10266129439 MCKINLEY JOHNNIE M. OH 62,100.00 11.050 0.000
10266129476 GUERRIER ILIOMA FL 118,240.00 10.990 0.000
10266129507 CHATTERLY TERRILYN
J CARTE UT 50,935.00 15.590 0.000
10266129624 HOOSEIN FARIEDA NY 183,950.00 13.500 0.000
10266129650 HANSEN GAYLA L CO 35,000.00 12.750 0.000
10266129664 MITCHELL RHONDA CO 20,750.00 14.500 0.000
10266129705 SAVACOOL RONALD SR PA 14,000.00 11.350 0.000
10266129708 ANTHONY CHRIS R PA 79,200.00 10.650 0.000
10266129750 PARKINSON SEDLEY W UT 38,634.00 14.550 0.000
10266129785 STRAIN LAWRENCE L CO 30,200.00 11.600 0.000
10266129789 ANGEL DAVID W. IL 17,500.00 13.600 0.000
10266129806 IMPALLARIA MARY E. IL 59,500.00 11.250 0.000
10266129880 GILBERT MICHAEL R CA 79,880.00 12.040 0.000
10266129938 WILLARD CLARENCE S CO 13,964.00 11.100 0.000
10266129948 SAMMON MICHAEL K CO 18,000.00 14.000 0.000
10266129964 HYMAN VALDA MAY MI 46,500.00 9.500 0.000
10266130054 MCKENNA PAULA CO 45,000.00 13.500 0.000
10266130075 WALSH VICTORIA M. IL 208,000.00 13.100 0.000
10266130079 AZO AZO IL 20,000.00 10.750 0.000
10266130118 CROWSON LARRY BRUCE NC 78,500.00 9.100 0.000
10266130166 NICOLETTI NORA FL 14,900.00 11.200 0.000
10266130170 HARDING JESSE R CO 23,000.00 12.400 0.000
10266130171 COPLEY JEFFREY D CO 32,000.00 12.500 0.000
10266130190 KARTCH JOSEPH A. IL 75,000.00 9.150 0.000
10266130196 MATHIS DELORES MI 26,400.00 10.400 0.000
10266130239 ANGILAU SIOPE T UT 55,416.00 13.500 0.000
10266130261 VICHITTRA SIPHAY FL 36,700.00 12.150 0.000
10266130283 CROSS BRENDA A UT 15,000.00 11.850 0.000
10266130306 SMITH HILDA H NV 52,900.00 11.400 0.000
<PAGE>
ALLIANCE FUNDING COMPANY
A division of Superior Bank FSB
Loans Funded and Available for Sale to 1996-3 as of 9/20/96
Current Note
Account Name State Principal Rate Margin
- --------------------------------------------------------------------------------
10266130318 VOSS ROBERT L. IL 49,500.00 11.550 0.000
10266130366 STACEY EDWARD E GA 48,700.00 11.850 0.000
10266130368 MILLER BEADRUCILE M NC 32,700.00 9.500 0.000
10266130369 ALBRITTON JOSEPH B NC 38,250.00 10.000 0.000
10266130376 WENTZ EUGENE L FL 22,100.00 12.150 0.000
10266130429 BURKE ELLEN M UT 121,550.00 12.200 0.000
10266130432 ZANDER COREY LEE UT 62,750.00 11.450 0.000
10266130452 ROSS WAYNE C NV 40,000.00 10.150 0.000
10266130528 DOLAN JERRY J CO 47,645.00 12.700 0.000
10266130548 RODRIGUES BRADFORD K CO 34,000.00 11.100 0.000
10266130576 GOODFELLOW MICHAEL R UT 27,500.00 13.750 0.000
10266130593 RUSSELL CHARLES W WA 108,000.00 11.875 0.000
10266130596 SCOTT ROBERT V AZ 116,375.00 11.200 0.000
10266130615 TABER, II LESTER G. IN 67,700.00 10.300 0.000
10266130624 GILES DEBORAH OH 25,000.00 13.750 0.000
10266130662 RUBIE DAVID A AZ 98,022.00 12.250 0.000
10266130694 DAVIS BETTE ANN PA 13,700.00 12.750 0.000
10266130697 SLOAN III SEBERN JOSEPH AZ 32,500.00 12.700 0.000
10266130708 EDDY DAVID B CO 47,500.00 11.600 0.000
10266130715 PILCHER PETER UT 90,900.00 12.250 0.000
10266130729 RUNCHEY JERRY R IL 18,200.00 9.900 0.000
10266130762 JONES LUCILLE W FL 33,800.00 10.600 0.000
10266130768 FEINSTEIN AMENADAV FL 46,700.00 10.950 0.000
10266130854 MCCRACKEN JAMES R FL 112,000.00 12.190 0.000
10266130858 TAYLOR ARMANDO FL 11,000.00 12.500 0.000
10266130860 WILLIAMS TERRY B FL 57,680.00 10.400 0.000
10266130919 HUGHES MARK A UT 59,450.00 12.750 0.000
10266130936 ARANDA VICTOR M. IL 35,800.00 12.500 0.000
10266130938 EALY HORACE M. IL 97,500.00 11.750 0.000
10266130939 KURZYDLO MICHAEL A. IL 20,100.00 13.490 0.000
10266130974 ABEYTA MARY THERESA NM 25,000.00 11.750 0.000
10266130987 LATER DONALD UT 27,166.00 12.750 0.000
10266131005 CUNNINGHAM CLARIS NY 200,000.00 11.500 0.000
10266131041 KRAUDY KENNETH WILLIAM UT 77,000.00 13.100 0.000
10266131078 BABB TRAVIS ANN BENNETT NC 60,000.00 10.450 0.000
10266131126 PATTERSON DOROTHY M FL 18,262.00 9.650 0.000
10266131220 EMPIRE PROSPECT
GROUP,INC. NJ 351,000.00 11.100 0.000
10266131264 HALL DONALD N UT 30,300.00 12.900 0.000
10266131284 KIRKLAND ROBERT O CO 30,788.00 12.750 0.000
10266131324 CAMERON ROBERT D MI 42,500.00 9.800 0.000
10266131329 DEJESUS RAYMOND A. IL 24,700.00 12.490 0.000
10266131331 PARENTI EVE T. IL 12,100.00 13.990 0.000
10266131366 PEREIRA TAMMY L FL 70,000.00 10.850 0.000
10266131386 SCHIPANI NICHOLAS PA 96,000.00 11.500 0.000
10266131432 LONG STEVEN NELSON UT 38,132.00 11.950 0.000
10266131486 CHAPMAN KEITH A UT 14,666.00 15.200 0.000
10266131506 WEEKS WAYNE R FL 52,500.00 12.000 0.000
10266131510 LEE YOUNG H PA 260,000.00 10.950 0.000
10266131562 MASTER PATRICIA D. IL 31,500.00 10.600 0.000
10266131575 FRIERSON GLORIA J. IL 67,500.00 10.450 0.000
10266131651 NOBLE AL UT 76,000.00 13.150 0.000
10266131666 MIDLAND DONALD R JR FL 12,750.00 12.200 0.000
10266131729 LEGGETT ROBERT NC 12,400.00 12.600 0.000
10266131779 VILLA ROBERTO NM 55,500.00 9.950 0.000
10266131858 REID SCOTT W UT 13,200.00 14.350 0.000
10266131914 SMITH GREGORY LYNN UT 26,265.00 14.500 0.000
10266131970 BAXTER WILLIAM D. MI 56,200.00 12.000 0.000
10266132002 HAAG RONALD E PA 35,840.00 13.490 0.000
10266132006 LUDWICK SUSAN L PA 46,541.00 12.950 0.000
10266132013 PERRIN BARRY PA 76,500.00 10.800 0.000
10266132032 OLSEN G SCOTT UT 38,050.00 12.350 0.000
10266132046 BECKSTEAD ROBERT R UT 49,678.00 12.900 0.000
10266132167 ADAMSON VIRGIL FL 65,875.00 11.550 0.000
<PAGE>
ALLIANCE FUNDING COMPANY
A division of Superior Bank FSB
Loans Funded and Available for Sale to 1996-3 as of 9/20/96
Current Note
Account Name State Principal Rate Margin
- --------------------------------------------------------------------------------
10266132209 GODIN PAUL L AZ 28,900.00 11.600 0.000
10266132218 MASCARENAS JOSEPH M NM 18,600.00 13.250 0.000
10266132341 CLARK JOHN R UT 17,000.00 12.350 0.000
10266132343 TARRANT JEFFREY N UT 34,113.00 13.150 0.000
10266132344 MARTIN ROBERT W UT 15,276.00 14.000 0.000
10266132674 ARRUBLA ANGEL PA 77,350.00 11.900 0.000
- ------------- -----------------------------------
Fixed Rate Loans Set to Close 10,042,471.00 11.909 0.000
APPROVED
10266119590 RAMOS MONSERRATE NJ 144,000.00 10.250 0.000
10266120345 PHILLIPS AUBREY NY 142,200.00 11.300 0.000
10266120494 RUSSO FLIPPO NY 52,000.00 13.350 0.000
10266120527 OTTO TERESA ANN WA 104,550.00 12.200 0.000
10266120570 SAM FLOODINA A NY 122,400.00 12.850 0.000
10266121021 KENNEDY JACQUELINE NJ 157,500.00 8.500 0.000
10266121054 GRIFFITH RONALD R FL 25,000.00 12.200 0.000
10266121062 RADA HASSAN NY 187,000.00 10.500 0.000
10266121555 MOULDEN DAVID LEWIS WA 78,600.00 13.850 0.000
10266121561 MOULDEN DAVID LEWIS WA 24,115.00 11.350 0.000
10266121621 PEREZ DEBORAH ELMO NJ 144,000.00 14.500 0.000
10266121731 PEREZ MARIO W NY 39,000.00 13.950 0.000
10266121937 MANGLANI ARJUN NY 90,973.00 11.700 0.000
10266122116 KREVENKO JOHN J PA 60,000.00 10.990 0.000
10266122357 SCIORTINO DOMENICO P PA 14,900.00 13.990 0.000
10266122387 SAUERS LORRAINE M PA 33,000.00 11.150 0.000
10266122699 OVADIA UZI NY 39,000.00 12.690 0.000
10266122779 VARGAS FAUSTO U NY 234,000.00 11.850 0.000
10266122849 GOLEMBIESKI KAREN C NJ 144,000.00 12.350 0.000
10266123009 BIRKAS EUGENE PA 19,700.00 11.700 0.000
10266123057 SMITH AMBER NY 264,000.00 12.750 0.000
10266123305 BYAM ERIC NY 80,000.00 11.850 0.000
10266123404 RAGSDALE PEARLIE M PA 45,000.00 11.200 0.000
10266123417 MEBANE DOLORES NY 55,000.00 13.100 0.000
10266123424 PADGETT GENE NJ 55,000.00 11.750 0.000
10266123680 DIGREGORIO PAUL ANTHONY NY 28,900.00 11.250 0.000
10266123822 SAMUELS ALLEN NY 200,000.00 13.990 0.000
10266123904 BOYD GLENN E NJ 81,250.00 10.990 0.000
10266124135 DOUROS MARGARITTA S PA 67,750.00 12.900 0.000
10266124137 SELTZER ARTHUR H PA 32,900.00 13.150 0.000
10266124193 TSE KAI SHING NY 174,400.00 13.690 0.000
10266124297 ROTH FRED NY 50,000.00 10.750 0.000
10266124406 LAURO DONALD SR NY 50,000.00 12.200 0.000
10266124422 PICONE DEAN NJ 97,950.00 8.750 0.000
10266124479 PENNELL JOSEPH M DE 13,380.00 12.250 0.000
10266124599 CIRKUS ROBERT NJ 61,900.00 14.350 0.000
10266124625 GOGA FIFE NY 190,000.00 10.700 0.000
10266124707 BAIR PAMELA J PA 52,000.00 10.990 0.000
10266124791 DAVIS SR JAMES EDWARD AZ 13,870.00 12.900 0.000
10266124984 HINES BOOKER T SR DC 71,600.00 13.750 0.000
10266125045 REBESCHI LAURIE CT 385,000.00 11.750 0.000
10266125121 CASTRO JULIO C NJ 91,700.00 12.490 0.000
10266125212 BERTRAND PHILLIP ALDRICK NY 99,000.00 10.700 0.000
10266125224 DALY NANCY NY 214,900.00 11.750 0.000
10266125287 PAWLAK DANIEL J NJ 214,300.00 10.750 0.000
10266125324 JONES DARRYL W PA 77,000.00 11.990 0.000
10266125329 DREW WILLIAM D NY 38,500.00 11.100 0.000
10266125376 REID NEWTON G NY 150,000.00 10.750 0.000
10266125472 SELF DARNELL E MD 70,500.00 13.600 0.000
10266125794 ANTONOSANTI STEPHEN M OH 175,500.00 8.625 0.000
10266125851 HUGH DERMONT NY 40,000.00 11.000 0.000
10266125918 CALDWELL CHRISTOPHER M NY 48,300.00 10.700 0.000
10266126066 TUCKER MORRIS MD 22,000.00 11.750 0.000
10266126140 BARON GABRIELLE CT 60,000.00 13.750 0.000
<PAGE>
ALLIANCE FUNDING COMPANY
A division of Superior Bank FSB
Loans Funded and Available for Sale to 1996-3 as of 9/20/96
Current Note
Account Name State Principal Rate Margin
- --------------------------------------------------------------------------------
10266126169 URRA ELEODORO NJ 64,000.00 12.850 0.000
10266126201 GUTIERREZ BRYAN W CO 53,200.00 10.000 0.000
10266126367 ROKOSE ERNEST NJ 104,000.00 10.600 0.000
10266126429 ACHOR TIMOTHY FL 53,000.00 10.200 0.000
10266126497 WASHBURN JON N MD 47,500.00 12.990 0.000
10266126499 TRAN THOAI NJ 55,300.00 11.990 0.000
10266126760 EASTBURN HARRY C PA 117,300.00 11.990 0.000
10266126781 ST MARTIN VIOLETTE NY 216,000.00 10.200 0.000
10266126890 MICKEL CHARLES B NY 195,300.00 11.750 0.000
10266126891 PLUCHINO JOSEPH NY 35,000.00 10.990 0.000
10266126910 STUCKEY CHARLES W. JR. FL 14,400.00 12.000 0.000
10266126932 LARSEN CURT AZ 13,000.00 13.800 0.000
10266127035 MYERS DELSHAUN NJ 46,000.00 11.990 0.000
10266127063 JEAN JOSEPH JEAN NJ 151,200.00 11.750 0.000
10266127128 HARRIS DEBORAH A DE 55,200.00 13.300 0.000
10266127191 JIRLES ROBERT E OH 55,000.00 10.900 0.000
10266127225 FLOURNOY LAIRD NY 38,250.00 12.750 0.000
10266127227 THOMAS MARGARET E NJ 70,550.00 11.900 0.000
10266127240 JEFFRESS LLOYD NJ 17,774.00 12.900 0.000
10266127279 CARTER BESSIE FL 36,000.00 13.200 0.000
10266127299 GALEA RITA M. MI 42,700.00 11.750 0.000
10266127306 JUNK BRIAN L. MI 86,000.00 12.250 0.000
10266127340 SCHWARZ WILLIAM F NY 45,000.00 9.750 0.000
10266127347 KASPARIAN CHARLES H NJ 64,000.00 10.990 0.000
10266127379 PRIDGEN LATHAN NJ 12,000.00 14.700 0.000
10266127382 MCKAY CHRIS NY 76,800.00 13.490 0.000
10266127461 NILES JACQUELINE FL 11,400.00 12.250 0.000
10266127462 BARNETT ROBERT NY 16,500.00 13.500 0.000
10266127477 UCHETEL SVETLANA NY 45,000.00 11.000 0.000
10266127486 ROBINSON FREDERICK D NY 42,000.00 14.250 0.000
10266127511 HODNETT JAMES E PA 15,520.00 13.990 0.000
10266127513 ALBIN MARIE A PA 42,250.00 15.190 0.000
10266127528 GONZALES JOHNNY R CO 108,000.00 11.250 0.000
10266127649 HENLEY ROBERT BRET FL 10,350.00 12.500 0.000
10266127692 WHITTINGHAM NERISSA CT 22,300.00 12.300 0.000
10266127778 GIANGREGORIO JOHN A NY 197,200.00 9.990 0.000
10266127919 BROWN PRICILLA NY 85,000.00 12.000 0.000
10266127924 TALLMAN RICKY R MD 76,000.00 13.250 0.000
10266128049 BOWMAN BILL AZ 35,625.00 11.990 0.000
10266128106 HAMLET GLORIA MD 45,000.00 11.000 0.000
10266128122 HALL EDWARD AZ 13,800.00 11.000 0.000
10266128157 CAMINNECI LAWRENCE L NJ 45,000.00 11.500 0.000
10266128159 REID WILLIAM NJ 116,000.00 12.750 0.000
10266128271 BARBAGALLO GARY NY 53,000.00 10.990 0.000
10266128319 PURDY JOHN A AZ 63,450.00 12.550 0.000
10266128347 DONALDSON DOROTHY N DC 59,300.00 13.290 0.000
10266128440 FOLKS MARTIN A PA 90,600.00 11.950 0.000
10266128502 SICILIANO ROBERT A NJ 176,000.00 11.490 0.000
10266128549 JOHNSON CHARLES AZ 25,500.00 11.600 0.000
10266128623 SFERRA DR ALFRED L NJ 273,600.00 13.990 0.000
10266128651 LONDON SR ROBERT A PA 22,500.00 12.350 0.000
10266128684 OLAMIJULO JIDE NY 135,000.00 10.400 0.000
10266128755 TIGHE NICOLE MI 63,700.00 12.250 0.000
10266128768 POWELL EVERTON E NJ 101,150.00 12.000 0.000
10266128930 LEHR LESTER IL 12,200.00 12.000 0.000
10266128953 KEYS THOMAS J MD 28,500.00 13.150 0.000
10266129007 BROWN SOLOMON CT 17,500.00 13.150 0.000
10266129012 GORDON ELMEIDA NY 120,000.00 12.990 0.000
10266129024 DMITRIEV ANDRE NJ 30,000.00 11.990 0.000
10266129028 JONES SIGMON JR NY 64,600.00 10.950 0.000
10266129138 ATWOOD C VAL UT 44,000.00 11.750 0.000
10266129162 WELSH DEBBIE FL 47,200.00 13.200 0.000
10266129259 EVANS JOYCE A. OH 45,000.00 11.750 0.000
<PAGE>
ALLIANCE FUNDING COMPANY
A division of Superior Bank FSB
Loans Funded and Available for Sale to 1996-3 as of 9/20/96
Current Note
Account Name State Principal Rate Margin
- --------------------------------------------------------------------------------
10266129358 EDLING GARY M PA 15,000.00 13.750 0.000
10266129474 KELLER KELLY A PA 50,250.00 10.990 0.000
10266129531 MENDEZ JOHN A PA 40,000.00 11.250 0.000
10266129547 VILLIAS GRACE CA 56,000.00 14.000 0.000
10266129620 CHANDLER JANET L FL 10,000.00 11.300 0.000
10266129694 AROSE WILLIAM D NJ 131,700.00 9.650 0.000
10266129713 DOYLE LAURA L ALLORTO FL 49,000.00 11.750 0.000
10266129719 BREWER RONALD AZ 23,952.00 13.000 0.000
10266129725 HOSKINS NICK AZ 22,000.00 12.410 0.000
10266129749 PULCINELLA JOSEPH J PA 21,700.00 11.550 0.000
10266129823 KORDOPITOULAS BECKY IL 55,000.00 8.625 0.000
10266129825 SOTELO MARCELINO IL 91,000.00 11.500 0.000
10266129893 WALSH JR PAUL F PA 81,000.00 12.250 0.000
10266129952 DUBUQUE JOHN J. NY 125,000.00 11.900 0.000
10266130029 GOLDMAN CRAIG A PA 62,861.00 12.050 0.000
10266130053 MARKLE TONY CA 60,000.00 11.200 0.000
10266130222 MARTINEZ, SAMUEL FL 31,125.00 11.350 0.000
10266130223 WERNER DEBORAH FL 20,000.00 12.200 0.000
10266130224 ANDERSON HAROLD FL 28,875.00 11.200 0.000
10266130245 NUNN MARC OR 31,000.00 11.600 0.000
10266130249 ZELLER DANIEL AZ 12,000.00 11.600 0.000
10266130250 LONNEN JOANNE A. FL 32,000.00 10.650 0.000
10266130313 FARINA ROBERT M. NJ 99,000.00 8.375 0.000
10266130356 PEREZ ROSA N PA 63,000.00 11.050 0.000
10266130392 PERKINS BARBARA OR 22,218.00 11.200 0.000
10266130393 TOMA ZIA AZ 13,800.00 11.400 0.000
10266130418 MENDES, LUCIO FL 52,000.00 10.950 0.000
10266130465 ALEXANDER PEARL IL 15,000.00 11.750 0.000
10266130627 WASHINGTON WILLIE L. IL 48,000.00 9.800 0.000
10266130676 HOY RONNIE AZ 17,300.00 12.350 0.000
10266130677 GUERRA RUBY NM 30,000.00 13.750 0.000
10266130690 STORY MARK FL 28,000.00 12.200 0.000
10266130758 SOURWINE WILLIAM L PA 55,000.00 10.500 0.000
10266130814 ROBERTSON JOSH T PA 50,000.00 10.000 0.000
10266130826 BIVENS PERLINA IL 38,500.00 14.690 0.000
10266130855 JACKSON JOANN FL 10,000.00 12.500 0.000
10266130925 WIERSEMA BILL IL 55,300.00 9.400 0.000
10266130985 GREGORY JULIAN FL 28,000.00 11.150 0.000
10266130994 FRANKLIN BETTY FL 40,000.00 13.500 0.000
10266130996 GARVIN SANDRA FL 30,000.00 11.900 0.000
10266131032 MOORE MICHAEL WA 12,800.00 13.500 0.000
10266131089 ROGERS JAMES R PA 98,400.00 10.990 0.000
10266131101 RODRIGUEZ GLORIA FL 64,800.00 10.650 0.000
10266131268 BOWERS DON R FL 19,500.00 11.100 0.000
10266131296 WANLASS RAY UT 14,200.00 14.500 0.000
10266131327 WILLIAMS RICHARD IN 19,600.00 12.150 0.000
10266131559 ANNORENO VINCE IL 15,000.00 12.490 0.000
10266131568 BARR BRIAN M IL 119,000.00 11.850 0.000
10266131605 VIRCIK PAUL SR NJ 280,000.00 11.600 0.000
10266131618 TURKO JODI L PA 73,100.00 10.990 0.000
10266131622 ROGERS DENISE FL 18,000.00 13.450 0.000
10266131726 HERMES JOE A FL 24,000.00 12.700 0.000
10266131732 LEE REBECCA L DE 17,950.00 13.650 0.000
10266131882 HUTCHISON NANCY ELLIS DE 135,000.00 11.050 0.000
10266131962 SHOOLTZ GARY D IL 20,950.00 13.500 0.000
10266132036 BODLE THOMAS AZ 58,100.00 13.990 0.000
10266132108 VENETSANAKOS NICOLAOS IL 28,000.00 11.875 0.000
10266132274 VAN HORN DAVID AZ 16,600.00 11.950 0.000
- ------------- -----------------------------------
Fixed Rate Approved 12,171,338.00 11.745 0.000
Total Fixed Rate Loans Not Yet Funded 26,408,038.00 11.794 0.000
Total Loans Not Yet Funded 47,846,217.00 10.994 2.812
<PAGE>
EXHIBIT S
MORTGAGE LOANS 30 OR MORE DAYS DELINQUENT
<PAGE>
EXHIBIT T
SUBSEQUENT TRANSFER INSTRUMENT FOR [SUB-POOL 1][SUB-POOL 2]
Pursuant to this Subsequent Transfer Instrument (the "Instrument"), dated
___________, 199__, between Superior Bank FSB, as seller (the "Depositor"), and
LaSalle National Bank, as Trustee of the AFC Mortgage Loan Asset Backed
Certificates, Series 1996-4, as purchaser (the "Trustee"), and pursuant to the
Pooling and Servicing Agreement, dated as of December 1, 1996, among Superior
Bank FSB, as Depositor, Lee Servicing Company, a Division of Superior Bank FSB,
as Servicer, and LaSalle National Bank, as Trustee (the "Pooling and Servicing
Agreement"), the Depositor and the Trustee agree to the sale by the Depositor
and the purchase by the Trustee, on behalf of the Trust Fund, of the Mortgage
Loans listed on the attached Schedule of Mortgage Loans (the "Subsequent
Mortgage Loans").
Capitalized terms used and not defined herein have their respective
meanings as set forth in the Pooling and Servicing Agreement.
Section 1. Conveyance of Subsequent Mortgage Loans.
(a) The Depositor does hereby sell, transfer, assign, set over and convey
to the Trustee, on behalf of the Trust Fund, without recourse, all of its right,
title and interest in and to the Subsequent Mortgage Loans, excepting the
Depositor's Yield, and including all amounts due on the Subsequent Mortgage
Loans after the related Subsequent Cut-Off Date, and all items with respect to
the Subsequent Mortgage Loans to be delivered pursuant to Section 2.04 of the
Pooling and Servicing Agreement; provided, however that the Depositor reserves
and retains all right, title and interest in and to amounts (including
Prepayments, Curtailments and Excess Payments) due on the Subsequent Mortgage
Loans on or prior to the related Subsequent Cut-off Date. The Depositor,
contemporaneously with the delivery of this Agreement, has delivered or caused
to be delivered to the Trustee or, if a Custodian has been appointed pursuant to
Section 12.12 of the Pooling and Servicing Agreement, to the Custodian each item
set forth in Section 2.04 of the Pooling and Servicing Agreement. The transfer
to the Trustee by the Depositor of the Subsequent Mortgage Loans identified on
the Mortgage Loan Schedule shall be absolute and is intended by the Depositor,
the Servicer, the Trustee and the Certificateholders to constitute and to be
treated as a sale by the Depositor to the Trust Fund.
(b) The expenses and costs relating to the delivery of the Subsequent
Mortgage Loans, this Instrument and the Pooling and Servicing Agreement shall be
borne by the Depositor.
(c) Additional terms of the sale are set forth on Attachment A hereto.
<PAGE>
Section 2. Representations and Warranties; Conditions Precedent.
(a) The Depositor hereby affirms the representations and warranties set
forth in Section 3.02 of the Pooling and Servicing Agreement that relate to the
Subsequent Mortgage Loans as of the date hereof. The Depositor hereby confirms
that each of the conditions set forth in Section 2.10(b), and as applicable,
Section 2.10(c) or Section 2.10(d), of the Pooling and Servicing Agreement are
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 Instrument shall control over the conflicting
provisions of the Pooling and Servicing Agreement.
Section 3. Recordation of Instrument.
To the extent permitted by applicable law, this Instrument, or a
memorandum thereof if permitted under applicable law, is subject to recordation
in all appropriate public offices for real property records in all of the
counties or other comparable jurisdictions in which any or all of the properties
subject to the Mortgages are situated, and in any other appropriate public
recording office or elsewhere, such recordation to be effected by the Servicer
at the Certificateholders' expense on direction of the related Majority
Certificateholders, but only when accompanied by an Opinion of Counsel to the
effect that such recordation materially and beneficially affects the interests
of the Certificateholders or is necessary for the administration or servicing of
the Mortgage Loans.
Section 4. Governing Law.
This Instrument shall be construed in accordance with the laws of the
State of New York and the obligations, rights and remedies of the parties
hereunder shall be determined in accordance with such laws, without giving
effect to principles of conflicts of law.
Section 5. Counterparts.
This Instrument may be executed in one or more counterparts and by the
different parties hereto on separate counterparts, each of which, when so
executed, shall be deemed to be an original; such counterparts, together, shall
constitute one and the same instrument.
-2-
<PAGE>
Section 6. Successors and Assigns.
This Instrument shall inure to the benefit of and be binding upon the
Depositor and the Trustee and their respective successors and assigns.
SUPERIOR BANK FSB
By: _______________________________
Name:
Title:
AFC MORTGAGE LOAN ASSET
BACKED CERTIFICATES, SERIES 1996-4
By: LASALLE NATIONAL BANK,
as Trustee
By: _______________________________
Name:
Title:
Attachments
A. Additional terms of the sale.
B. Schedule of Subsequent Mortgage Loans.
C. Opinions of Depositor's counsel (bankruptcy, corporate).
D. Depositor's Officer's certificate.
E. Trustee's Certificate.
F. Opinion of Trustee's Counsel.
-3-
<PAGE>
AFC MORTGAGE LOAN ASSET BACKED CERTIFICATES, SERIES 1996-4
ATTACHMENT A TO SUBSEQUENT TRANSFER INSTRUMENT FOR SUB-POOL 1
Series 1996-4
________, 199__
A.
1. Subsequent Cut-off Date:
1. Pricing Date:
2. Subsequent Transfer Date:
3. Aggregate Principal Balance of the Subsequent Mortgage Loans as of
the Subsequent Cut-off Date:
4. Purchase Price: 100.00%
B.
As to all the Subsequent Mortgage Loans the subject of this Instrument:
1. Longest stated term to maturity: _____ months
2. Lowest Mortgage Rate: _____ %
3. Greatest Combined Loan-to-Value Ratio: _____ %
[As to the final transfer of Subsequent Mortgage
Loans:]
4. WAC of all Mortgage Loans: _____ %
5. WAM of all Mortgage Loans:_____ %
6. Weighted average CLTV: _____ %
7. Balloon Mortgage Loans: _____ %
8. Largest Principal Balance: $________
9. Non-owner occupied Mortgaged Properties: _____ %
10. Maximum California zip code concentration: _____ %
11. Condominiums: _____ %
12. Single-family: _____ %
13. Weighted average term since origination: _____ months
14. [January/February/March] first payment date: _____ %
<PAGE>
AFC MORTGAGE LOAN ASSET BACKED CERTIFICATES, SERIES 1996-4
ATTACHMENT A TO SUBSEQUENT TRANSFER INSTRUMENT FOR SUB-POOL 2
Series 1996-4
________, 199__
A.
1. Subsequent Cut-off Date:
1. Pricing Date:
2. Subsequent Transfer Date:
3. Aggregate Principal Balance of the Subsequent Mortgage Loans as of
the Subsequent Cut-off Date:
4. Purchase Price: 100.00%
B.
As to all the Subsequent Mortgage Loans the subject of this Instrument:
1. Longest stated term to maturity: _____ months
2. Minimum Mortgage Rate: _____ %
3. Maximum Mortgage Rate: _____ %
4. WAC of all Mortgage Loans: _____ %
5. WAM of all Mortgage Loans: _____ %
6. Balloon Mortgage Loans: _____ %
7. Largest Principal Balance: $________
8. Non-owner occupied Mortgaged Properties: _____ %
9. Maximum zip code concentration: _____ %
10. Condominiums: _____ %
11. Single-family: _____ %
12. Weighted average term since origination: _____ months
13. [January/February/March] first payment date: _____ %
<PAGE>
EXHIBIT U
FORM OF ADDITION NOTICE
[Date]
[Trustee]
____________________
____________________
Re: Pooling and Servicing Agreement, dated as of December 1, 1996,
between [Depositor] [Trustee] and [Servicer], relating to AFC
Mortgage Loan Asset Backed Certificates, Series 1996-4
--------------------------------------------------------------
Ladies and Gentlemen:
Pursuant to Section 2.10 of the above-captioned Pooling and
Servicing Agreement, [Depositor] has designated Subsequent Mortgage Loans to be
sold to the Trust Fund on _________, 199__, with an aggregate principal balance
of $______________. Capitalized terms not otherwise defined herein have the
meaning set forth in the Pooling and Servicing Agreement.
Please acknowledge your receipt of this notice by countersigning the
enclosed copy in the space indicated below and returning it to the attention of
the undersigned.
Very truly yours,
[DEPOSITOR]
By: _________________________
Name: _________________________
Title: _________________________
ACKNOWLEDGED AND AGREED:
[Trustee]
By: ___________________________
Name: ___________________________
Title: ___________________________
Date: ___________________________
<PAGE>
EXHIBIT V
OFFICER'S CERTIFICATE
I, _________________ hereby certify that I am the duly elected
______________ of Superior Bank FSB, a federally chartered stock savings bank
(the "Depositor"), and further, to the best of my knowledge and after due
inquiry, as follows:
Each condition precedent specified in Section 2.10(b) and [Section
2.10(c) for Sub-Pool 1 Mortgage Loans] [Section 2.10(d) for Sub-Pool 2
Mortgage Loans] of the Pooling and Servicing Agreement, dated as of
December 1, 1996, among the Depositor, Lee Servicing Company, a division
of Superior Bank FSB, and LaSalle National Bank, as Trustee (the "Pooling
and Servicing Agreement") and each condition precedent specified in the
Subsequent Transfer Instrument has been satisfied by the Depositor.
Capitalized terms not otherwise defined herein have the meanings set
forth in the Pooling and Servicing Agreement.
IN WITNESS WHEREOF, I have hereunto signed my name.
Dated: _________ __, 199__ By: ____________________________________
Name:
Title:
<PAGE>
EXHIBIT W
FORM OF AGREEMENT OF APPOINTMENT AND
ACCEPTANCE OF SEPARATE TRUSTEE
This AGREEMENT OF APPOINTMENT AND ACCEPTANCE OF SEPARATE
TRUSTEE (the "Agreement") is dated as of the ____ day of _________, _____, by
and among SUPERIOR BANK FSB, as Depositor (the "Company"), LEE SERVICING
COMPANY, A DIVISION OF SUPERIOR BANK FSB, as Servicer (the "Servicer"), LaSalle
National Bank, as Trustee (the "Trustee"), and ______________, as Separate
Trustee (the "Separate Trustee").
RECITALS
A. The Company, the Servicer and the Trustee have entered into that
certain Pooling and Servicing Agreement dated as of December 1, 1996 (as
amended, supplemented or modified from time to time, the "Pooling Agreement")
relating to the AFC Mortgage Loan Asset Backed Certificates, Series 1996-4 (the
"Trust").
B. Pursuant to the terms and conditions of the Pooling Agreement, the
Company will assign and deliver to the Trustee certain home equity loans and the
mortgages related thereto comprising part of the Trust Fund (as defined in the
Pooling Agreement).
C. Pursuant to the terms and conditions of the Pooling Agreement, the
Trustee shall act as trustee for, and on behalf and for the benefit of, the
Certificateholders (as defined in the Pooling Agreement).
D. The laws of the State of New Jersey prohibit the transfer of second
mortgage loans originated in New Jersey except to certain transferees, which
transferees would not include the Trustee but would include a national banking
association having its principal office in the State of New Jersey, such as the
Separate Trustee.
E. In order to permit the Company to transfer to the Trust Fund certain
second mortgage loans originated in the State of New Jersey, the parties hereto
intend to appoint, pursuant to Section 12.10 of the Pooling Agreement, the
Separate Trustee, who, as a separate trustee with and on behalf of the Trustee
under the Pooling Agreement, will be the assignee of the mortgage assignments
executed and to be recorded in the State of New Jersey in connection with the
formation of the Trust Fund (the "Assignments"), and the Separate Trustee is so
named in the Pooling Agreement and in the Assignments, for the limited purpose
of satisfying said New Jersey state law requirements and consequently exercising
such duties and functions as may be prescribed herein and under the Pooling
Agreement.
<PAGE>
NOW, THEREFORE, the Company, the Trustee and the Separate Trustee do
hereby agree as follows:
1. Appointment of the Separate Trustee; Acceptance of Appointment.
To the extent that the Trust Fund consists of home equity loans secured by
mortgages relating to real estate located in the State of New Jersey ("New
Jersey Home Equity Loans"), the Company and the Trustee hereby appoint the
Separate Trustee, as of the date hereof, as separate trustee under the Pooling
Agreement, of that part of the Trust Fund consisting of the New Jersey Home
Equity Loans and the Separate Trustee is hereby vested with legal title to the
New Jersey Home Equity Loans, as of such date, to the extent required by New
Jersey law, the power of the Separate Trustee to be exercised subject to the
provisions of this Agreement and Section 12.10 of the Pooling Agreement.
The Separate Trustee hereby acknowledges that its principal
office is located in the State of New Jersey, accepts the foregoing appointment
and agrees to act as separate trustee with the Trustee, its successors and
assigns under the Pooling Agreement and the Assignments, and to exercise its
duties as separate trustee, in and only in the event of a written request by the
Trustee.
2. Limited Scope of Appointment and Duties. The Separate Trustee
shall act as separate trustee under the Pooling Agreement and the Assignments
only upon, and to the extent of, written instructions from the Trustee and no
other party. The Separate Trustee shall not be required to take, nor shall it be
responsible for taking, any action as separate trustee under the Pooling
Agreement or the Assignments unless it has received such written instructions
from the Trustee.
The Separate Trustee shall owe no duty as separate trustee
under the Pooling Agreement and the Assignments to any party other than the
Trustee and the Certificateholders. The Trustee shall consult with the Separate
Trustee with respect to decisions deemed by the Trustee to be significant to be
made with respect to the exercise of any powers to be exercised by the Separate
Trustee and, upon request of the Separate Trustee, will provide the Separate
Trustee with copies of all notices and other documents pursuant to which it
exercises its duties as the Trustee.
Any provision of this Agreement or the Pooling Agreement or
the Assignments to the contrary notwithstanding, the Separate Trustee shall have
no power to act in any manner inconsistent with the terms of the Pooling
Agreement with respect to, or to vary the investment in, the trust created
hereby.
3. Appointment of the Trustee as Attorney-in-Fact. Wherever and to
the fullest extent permitted by law, the Separate Trustee hereby irrevocably
appoints the Trustee as its agent and Attorney-in-Fact for the purpose of
executing any and all documents which the Separate Trustee may be required, as
separate trustee under the Pooling Agreement and the Assignments, to execute;
provided, however, that nothing in this Agreement shall be deemed
-2-
<PAGE>
an admission that the Separate Trustee is required to execute any of such
documents in its capacity as separate trustee under the Pooling Agreement and
the Assignments.
4. Notices. Notices and instructions under this Agreement shall be
deemed given under this Agreement when sent by overnight courier or when mailed
by Certified Mail, Return Receipt Requested, to the parties at their addresses
provided below or at such other addresses as the parties may direct:
If to the Trustee:
LaSalle National Bank
135 S. LaSalle Street, Suite 200
Chicago, Illinois, 60674-4107
Attention: Asset-Backed Securities
Trust Services Department - AFC 1996-4
__________________
If to the Separate Trustee:
__________________
__________________
__________________
(with copy to the Trustee)
If to the Company:
Superior Bank FSB
One Lincoln Centre
Oakbrook Terrace, Illinois 60181
Attention: Mr. William C. Bracken
Senior Vice President and
Chief Financial Officer
If to the Servicer:
Lee Servicing Company, a division
of Superior Bank FSB
One Lincoln Centre
Oakbrook Terrace, Illinois 60181
Attention: Mr. William C. Bracken
Senior Vice President and
Chief Financial Officer
-3-
<PAGE>
5. Choice of Law. This Agreement shall be governed by, and
construed in accordance with, the laws of the State of New York.
6. Counterparts. This Agreement may be executed in one or more
counterparts and by the different parties hereto on separate counterparts, each
of which, when so executed, shall be deemed to be an original; such
counterparts, together, shall constitute one and the same agreement.
-4-
<PAGE>
IN WITNESS WHEREOF, the Company, the Servicer, the Trustee and the
Separate Trustee hereby execute this Agreement as of the date first set forth
above.
COMPANY:
SUPERIOR BANK FSB
By:_____________________________________
Name:
Title:
TRUSTEE:
LASALLE NATIONAL BANK, as Trustee
By:_____________________________________
Name:
Title:
SEPARATE TRUSTEE:
________________________, as Separate Trustee
By:_____________________________________
Name:
Title:
SERVICER:
LEE SERVICING COMPANY, a
division of Superior Bank FSB
By:_____________________________________
Name:
Title:
-5-
