SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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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) July 22, 1997.
Oakwood Mortgage Investors, Inc.
(Exact name of registrant as specified in charter)
North Carolina 33-99320 56-1886793
(State or other jurisdiction (Commission (IRS Employer
of incorporation) File Number) Identification No.)
7800 McCloud Road, Greensboro, North Carolina 27407
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (910) 664-2400
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(Former name or former address, if changed since last report.)
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Item 5. Other Events.
On July 22, 1997, the Registrant entered into Amendment No. 1 to
its Series 1997-B Pooling and Servicing Agreement (the "Amendment"), among the
Registrant, Oakwood Acceptance Corporation, as Servicer and PNC Bank, National
Association, as Trustee, amending the Pooling and Servicing Agreement, dated as
of May 1, 1997 relating to the Registrant's Senior/Subordinated Pass-Through
Certificates, Series 1997-B. A copy of the Amendment is included as Exhibit 4.1
hereto.
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<PAGE>
Exhibits
4.1 Amendment No. 1 to the Series 1997-B Pooling and Servicing
Agreement, dated as of July 22, 1997, by and among the
Registrant, Oakwood Acceptance Corporation, as Servicer, and
PNC Bank, National Association.
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<PAGE>
Signatures
Pursuant to the requirements of the Securities Exchange Act of
1934, the Registrant has duly caused this report to be signed on its behalf by
the undersigned thereunto duly authorized.
July 22, 1997 OAKWOOD MORTGAGE INVESTORS,
INC.
By: /s/ Douglas R. Muir
--------------------------
Name: Douglas R. Muir
Title: Vice President
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<PAGE>
INDEX TO EXHIBITS
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Page
<S> <C> <C>
4.1 Copy of Amendment No. 1 to the Series 1997-B Pooling and
Servicing Agreement, dated as of
July 22, 1997, by and among the Registrant,
Oakwood Acceptance Corporation, as Servicer,
and PNC Bank, National Association...........................
</TABLE>
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<PAGE>
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OAKWOOD MORTGAGE INVESTORS, INC.,
OAKWOOD ACCEPTANCE CORPORATION
AND
PNC BANK, NATIONAL ASSOCIATION
TRUSTEE
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AMENDMENT NO. 1 TO
SERIES 1997-B POOLING AND SERVICING AGREEMENT
DATED AS OF JULY 22, 1997
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OAKWOOD MORTGAGE INVESTORS, INC.,
SENIOR/SUBORDINATED
PASS-THROUGH CERTIFICATES, SERIES 1997-B
======================================================
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<PAGE>
AMENDMENT NO. 1 (the "Amendment") dated as of July 22, 1997 to the
Series 1997-B Pooling and Servicing Agreement, dated as of May 1, 1997 (the
"Series Agreement") among OAKWOOD MORTGAGE INVESTORS, INC., a North Carolina
corporation (the "Company"), OAKWOOD ACCEPTANCE CORPORATION, North Carolina
corporation, as servicer (the "Servicer"), and PNC BANK, NATIONAL ASSOCIATION, a
national banking association, as trustee (together with its successors in trust
thereunder as provided therein, the "Trustee"). The Series Agreement, together
with the Company's Standard Terms to Pooling and Servicing Agreement, November
1995 Edition, as amended from time to time (the "Standard Terms") are referred
to herein as the "Pooling and Servicing Agreement".
PRELIMINARY STATEMENT
Section 11.01 of the Standard Terms provides, INTER ALIA, that the
Pooling and Servicing Agreement may be amended from time to time by the Company,
the Servicer, and the Trustee, without the consent of any of the
Certificateholders to make provisions with respect to matters or questions
arising under the Pooling and Servicing Agreement or matters arising with
respect to the Trust that are not covered by the Pooling and Servicing
Agreement; PROVIDED, that such action shall not affect adversely the interests
of any Certificateholder, as evidenced by an opinion of counsel independent from
the Company, the Servicer and the Trustee or a letter from each Rating Agency
from whom the Company requested a rating of any of the related Certificates
stating that such action will not result in a downgrading of the rating of any
of the related Certificates rated by such Rating Agency at the request of the
Company, as specified in section 11.01 of the Standard Terms.
All capitalized terms not otherwise defined herein are defined in the
Pooling and Servicing Agreement. All Article, Section or Subsection references
herein shall mean Article, Section or Subsections of the Pooling and Servicing
Agreement, except as otherwise provided herein.
SECTION 1. Amendment to Section 5.05(b)(1).
(a) Section 5.05(b)(1) of the Standard Terms is amended to read in
its entirety as follows:
(1) BOOK-ENTRY CERTIFICATES. No transfer of all or any
portion of any Class of Book-Entry Certificates that are ERISA
Restricted Certificates shall be made to a transferee that is a Plan
Investor unless such Plan Investor qualifies for an exemption from
Sections 406 and 407 of ERISA and Section 4975 of the Code, and each
Beneficial Owner of such a Certificate shall be deemed to have
represented, by virtue of its acquisition of such a Certificate,
either (i) that it is not a Plan Investor or (ii) that an exemption
from Sections 406 and 407 of ERISA and Section 4975 of the Code will
apply to the acquisition, holding and resale of such Certificates by
the Beneficial Owner thereof.
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<PAGE>
SECTION 2. Counterparts.
This Amendment may be executed in any number of counterparts, each of
which so executed shall be deemed to be an original, but all of such
counterparts shall together constitute but one and the same instrument.
SECTION 3. Governing Law.
THIS AMENDMENT SHALL BE CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE
STATE OF NORTH CAROLINA, WITHOUT REFERENCE TO ITS CONFLICT OF LAW PROVISIONS,
AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES HEREUNDER SHALL BE
DETERMINED IN ACCORDANCE WITH SUCH LAWS.
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<PAGE>
IN WITNESS WHEREOF, Oakwood Mortgage Investors, Inc., Oakwood
Acceptance Corporation and the Trustee have caused this Amendment to be duly
executed by their respective officers thereunto duly authorized as of the date
first above written.
OAKWOOD MORTGAGE INVESTORS,
INC.
By: /s/ Douglas R. Muir
---------------------------------
Name: Douglas R. Muir
Title: Vice President
OAKWOOD ACCEPTANCE
CORPORATION, as Servicer
By: /s/ Douglas R. Muir
---------------------------------
Name: Douglas R. Muir
Title: Vice President
PNC BANK, NATIONAL ASSOCIATION
as Trustee
By: /s/ Judy A. Wisniewski
---------------------------------
Name: Judy A. Wisniewski
Title: Trust Officer
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