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) November 16, 1998.
Oakwood Mortgage Investors, Inc.
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(Exact name of registrant as specified in charter)
North Carolina 333-58497 56-1886793
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(State or other jurisdiction (Commission (IRS Employer
of incorporation) File Number) Identification No.)
7800 McCloud Road, Greensboro, North Carolina 27409-9634
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (336) 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 November 16, 1998, the Registrant entered into Amendment No. 1 to
its Series 1998-C 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 August 1, 1998 relating to the Registrant's
Senior/Subordinated Pass-Through Certificates, Series 1998-C. 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 1998-C Pooling and Servicing
Agreement, dated as of November 16, 1998, 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.
November 16, 1998 OAKWOOD MORTGAGE INVESTORS,
INC.
By: /s/ Douglas R. Muir
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Name: Douglas R. Muir
Title: Vice President
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<PAGE>
INDEX TO EXHIBITS
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Page
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<S> <C>
4.1 Copy of Amendment No. 1 to the Series 1998-C Pooling
and Servicing Agreement, dated as of November 16, 1998,
by and among the Registrant, Oakwood Acceptance
Corporation, as Servicer, and PNC Bank, National Association............................
</TABLE>
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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 1998-C POOLING AND SERVICING AGREEMENT
Dated as of November 16, 1998
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OAKWOOD MORTGAGE INVESTORS, INC.
SENIOR/SUBORDINATED
PASS-THROUGH CERTIFICATES, SERIES 1998-C
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<PAGE>
AMENDMENT NO. 1 (the "Amendment") dated as of November 16, 1998 to the
Series 1998-C Pooling and Servicing Agreement, dated as of August 1, 1998 (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, July 1998
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 or supplemented from time to time
by the Company, the Servicer, and the Trustee, without the consent of any of the
Certificateholders (a) to cure any ambiguity herein, (b) to correct or
supplement any provisions herein that may be inconsistent with any other
provisions herein, (c) to modify, eliminate or add to any of its provisions to
such extent as shall be necessary or appropriate to maintain the qualification
of any related REMIC as a REMIC under the Code at all times that any
Certificates are outstanding or (d) to make any other 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 2.
The following definitions found in Section 2 of the Series Agreement are
amended to read as follows:
The definition of "Class B-2 Floor Amount" is amended to read in its
entirety as follows:
"Class B-2 Floor Amount": With respect to any Distribution Date,
either (a) 1.50% of the aggregate principal balance of the Pool
Scheduled Principal Balance as of the Cut-off Date, if the Class A-1 ARM
Certificate Principal Balance, the Class A Certificate Principal
Balance, the Class M Certificate Principal Balance and the Class B-
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<PAGE>
1 Certificate Principal Balance have not been reduced to zero
immediately prior to such Distribution Date, and (b) zero, if the Class
A-1 ARM Certificate Principal Balance, the Class A Certificate Principal
Balance, the Class M Certificate Principal Balance and the Class B-1
Certificate Principal Balance have been reduced to zero immediately
prior to such Distribution Date.
The definition of "Class B-2 Principal Distribution Amount" is amended
so that the second sentence thereof will read in its entirety as follows:
If the Class A-1 ARM Certificate Principal Balance, the Class A
Certificate Principal Balance, the Class M Certificate Principal Balance
and the Class B-1 Certificate Principal Balance have not been reduced to
zero on or before a Distribution Date, then amounts otherwise allocable
as Class B-2 Principal Distribution Amounts shall be allocated first to
the Class B-1 Principal Distribution Amount, next to the Class M-2
Principal Distribution Amount, then to the Class M-1 Principal
Distribution Amount, next to the Class A Principal Distribution Amount,
and finally to the Class A-1 ARM Principal Distribution Amount to the
extent that allocation of such amounts to the Class B-2 Principal
Distribution Amount would reduce the Class B-2 Certificate Principal
Balance below the Class B-2 Floor Amount.
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
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Name: Douglas R. Muir
Title: Vice President
OAKWOOD ACCEPTANCE
CORPORATION, as Servicer
By: /s/ Douglas R. Muir
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Name: Douglas R. Muir
Title: Vice President
PNC BANK, NATIONAL ASSOCIATION
as Trustee
By: /s/ Judy A. Wisniewski
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Name: Judy A. Wisniewski
Title: Assistant Vice President
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