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OAKWOOD MORTGAGE INVESTORS, INC.,
OAKWOOD ACCEPTANCE CORPORATION
AND
WELLS FARGO BANK MINNESOTA, NATIONAL ASSOCIATION,
TRUSTEE
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SERIES 2000-D POOLING AND SERVICING AGREEMENT
Dated as of December 1, 2000
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OAKWOOD MORTGAGE INVESTORS, INC.
SENIOR/SUBORDINATED
PASS-THROUGH CERTIFICATES, SERIES 2000-D
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THIS SERIES 2000-D POOLING AND SERVICING AGREEMENT, dated as of
December 1, 2000, is made with respect to the formation of OMI Trust 2000-D (the
"Trust") among OAKWOOD MORTGAGE INVESTORS, INC., a Nevada corporation ("OMI"),
OAKWOOD ACCEPTANCE CORPORATION, a North Carolina corporation ("OAC" and, in its
capacity as servicer, the "Servicer"), and WELLS FARGO BANK MINNESOTA, NATIONAL
ASSOCIATION, a national banking association, as trustee (the "Trustee"), under
this Agreement and the Standard Terms to Pooling and Servicing Agreement, May
1999 Edition (the "Standard Terms"), all the provisions of which are
incorporated herein as modified hereby and shall be a part of this Agreement as
if set forth herein in full (this Agreement with the Standard Terms so
incorporated, the "Pooling and Servicing Agreement"). Capitalized terms used and
not otherwise defined herein shall have the respective meanings given them in
the Standard Terms.
PRELIMINARY STATEMENT
The Board of Directors of OMI has duly authorized the formation of the
Trust to issue a Series of Certificates with an aggregate initial principal
amount of $208,010,000, to be known as the Senior/Subordinated Pass-Through
Certificates, Series 2000-D (the "Certificates"). The Certificates consist of
ten Classes that in the aggregate evidence the entire beneficial ownership
interest in the Trust.
In accordance with Section 10.01 of the Standard Terms, the Trustee
will make an election to treat all of the assets of the Trust (except the
Pre-Funding Account and the Capitalized Interest Account), as two real estate
mortgage investment conduits (each, a "REMIC" and, individually, the "Pooling
REMIC" and the "Issuing REMIC") for federal income tax purposes. The Pooling
REMIC will consist of the Distribution Account and the Assets listed on the
Asset Schedules attached as Schedule I and Schedule II (as defined below)
hereto. The Issuing REMIC will consist of the eight Subaccounts designated as
provided herein. The "startup day" of each REMIC for purposes of the REMIC
Provisions is the Closing Date.
GRANTING CLAUSES
To provide for the distribution of the principal of and interest on the
Certificates in accordance with their terms, all of the sums distributable under
the Pooling and Servicing Agreement with respect to the Certificates and the
performance of the covenants contained in this Pooling and Servicing Agreement,
OMI hereby bargains, sells, conveys, assigns and transfers to the Trustee, in
trust and as provided in this Pooling and Servicing Agreement, without recourse
and for the exclusive benefit of the Holders of the Certificates, all of OMI's
right, title and interest in and to, and any and all benefits accruing to OMI
from, (a) the Contracts listed in Schedule IA and Schedule IIA hereto and the
Mortgage Loans (together with the Contracts, the "Assets") listed in Schedule IB
and Schedule IIB hereto, (Schedule IA and Schedule IB shall be collectively
referred to herein as "Schedule I", and Schedule IIA and Schedule IIB shall be
collectively referred to herein as "Schedule II"), including the Subsequent
Assets transferred to the trust from time to time, together with the related
Asset Documents, and all payments thereon and proceeds of the conversion,
voluntary or involuntary, of the
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foregoing, including, without limitation, all rights to receive all principal
and interest payments due on the Assets after the applicable Cut-off Date,
including such scheduled payments received by OMI or Oakwood Capital Corp.
("OCC") on or prior to the applicable Cut-off Date, and Principal Prepayments,
Net Insurance Proceeds, Net Liquidation Proceeds, Repurchase Prices and other
unscheduled collections received on the Assets on and after the applicable
Cut-off Date; (b) the security interests in the Manufactured Homes, Mortgaged
Properties and Real Properties granted by the Obligors pursuant to the related
Assets; (c) all funds, other than investment earnings, relating to the
Pre-Funding Account, to the Assets on deposit in the Capitalized Interest
Account, the Certificate Account or in the Distribution Account for the
Certificates and all proceeds thereof, whether in the form of cash, instruments,
securities or other properties; (d) any and all rights, privileges and benefits
accruing to OMI under the Sales Agreement and the Servicer's Representations and
Warranties Agreement with respect to the Assets (provided that OMI shall retain
its rights to indemnification from the Seller under such Sales Agreement and the
Servicer's Representations and Warranties Agreement, but also hereby conveys its
rights to such indemnification to the Trustee as its assignee), including the
rights and remedies with respect to the enforcement of any and all
representations, warranties and covenants under such Sales Agreement; and (e)
proceeds of all the foregoing (including, but not by way of limitation, all
proceeds of any Standard Hazard Insurance Policy or FHA Insurance, or any other
insurance policy relating to any of the Assets, cash proceeds, accounts,
accounts receivable, notes, drafts, acceptances, chattel paper, checks, deposit
accounts, rights to payment of any and every kind, and other forms of
obligations and receivables that at any time constitute all or part or are
included in the proceeds of any of the foregoing) to make distributions on the
Certificates as specified herein (the items referred to in clauses (a) through
(e) above shall be collectively referred to herein as the "Trust Estate").
The Trustee acknowledges the foregoing, accepts the trusts hereunder in
accordance with the provisions hereof and the Standard Terms and agrees to
perform the duties herein or therein required to the best of its ability to the
end that the interests of the Holders of the Certificates may be adequately and
effectively protected.
Section 1. Standard Terms.
OMI, the Servicer and the Trustee acknowledge that the Standard Terms
prescribe certain obligations of OMI, the Servicer and the Trustee with respect
to the Certificates. OMI, the Servicer and the Trustee agree to observe and
perform such prescribed duties, responsibilities and obligations, and
acknowledge that, except to the extent inconsistent with the provisions of this
Pooling and Servicing Agreement, the Standard Terms are and shall be a part of
this Pooling and Servicing Agreement to the same extent as if set forth herein
in full.
Section 2. Defined Terms.
With respect to the Certificates and in addition to or in replacement
for the definitions set forth in Section 1.01 of the Standard Terms, the
following definitions shall be assigned to the defined terms set forth below:
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"Accelerated Principal Distribution Amount": With respect to any
Distribution Date, the positive difference, if any, between the Target
Overcollateralization Amount and the Current Overcollateralization Amount.
"Accrual Date": The Accrual Date shall be December 1, 2000.
"Adjusted Certificate Principal Balance": With respect to each Class of
Subordinated Certificates on any date of determination, its Certificate
Principal Balance immediately following the most recently preceding Distribution
Date reduced by all Writedown Amounts allocated to such Class on such
Distribution Date.
"Adjusted Subaccount Principal Balance": With respect to each of the
Corresponding Subaccounts relating to the Subordinated Certificates, on any date
of determination, its Subaccount Principal Balance immediately following the
most recently preceding Distribution Date reduced by all Writedown Amounts
allocated to such Subaccount on such Distribution Date.
"Average Sixty-Day Delinquency Ratio": With respect to any Distribution
Date, the arithmetic average of the Sixty-Day Delinquency Ratios for such
Distribution Date and the two preceding Distribution Dates. The "Sixty-Day
Delinquency Ratio" for a Distribution Date is the percentage derived from the
fraction, the numerator of which is the aggregate Scheduled Principal Balance
(as of the end of the preceding Prepayment Period) of all Assets (including
Assets in respect of which the related Manufactured Home, Real Property or
Mortgage Property has been repossessed or foreclosed upon but not yet disposed
of) as to which a Monthly Payment thereon is delinquent 60 days or more as of
the end of the related Prepayment Period, and the denominator of which is the
Pool Scheduled Principal Balance for such Distribution Date.
"Book-Entry Certificates": The Class A, Class M and Class B
Certificates.
"Call Option Date": The Distribution Date on which, after taking into
account distributions of principal to be made on such Distribution Date, the
aggregate Certificate Principal Balance of the Certificates is less than 10% of
the sum of the original Certificate Principal Balance of the Certificates.
"Capitalized Interest Amount": $551,444, as adjusted from time to time
pursuant to Section 6 hereof.
"Capitalized Interest Account": The account so designated and
established pursuant to Section 6 hereof.
"Capitalized Interest Account Distribution Date": Any or all, as
appropriate, of the Distribution Dates occurring in January 2001, February 2001
and March 2001.
"Capitalized Interest Account Withdrawal Amount": On each Capitalized
Interest Account Distribution Date, the lesser of (i) the then remaining
Capitalized Interest Amount, and (ii) after the payment of amounts as required
to be made under Section 5 (a)(vi)-(xi) and Section
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5(b)(vi)-(xi), the positive difference, if any, between (x) the amount necessary
to make all distributions required under Section 5(a)(i)-(v) and Section
5(b)(i)-(v) herein, and (y) the Available Distribution Amount for such
Distribution Date (calculated without reference to the Capitalized Interest
Account Withdrawal Amount for purposes hereof).
"Carryover Interest Distribution Amount": With respect to each Class of
Certificates, except the Class X Certificates and the Residual Certificates, and
each Distribution Date, all amounts that were distributable on such Class as
Interest Distribution Amounts and as Carryover Interest Distribution Amounts on
the previous Distribution Date but not previously distributed, together with
interest accrued on such amount at the Pass-Through Rate in effect for such
Class during the related Interest Accrual Period. With respect to each
Subaccount on each Distribution Date, all amounts that were allocable to such
Subaccount as Priority Interest Distribution Amounts and as Carryover Interest
Distribution Amounts on the previous Distribution Date but not previously
distributed, together with interest accrued on any such amount at the
Pass-Through Rate in effect for the Corresponding Certificates with respect to
such Subaccount during the related Interest Accrual Period.
"Carryover Non-Priority Interest Distribution Amount": For any
Subaccount, on any Distribution Date, all amounts that were distributable on
such Subaccount as Non-Priority Interest Distribution Amounts on previous
Distribution Dates that remain unpaid.
"Carryover Writedown Interest Distribution Amount": With respect to
each Distribution Date and each related Class or Subaccount, all amounts that
were distributable on such Class or Subaccount as Writedown Interest
Distribution Amounts and Carryover Writedown Interest Distribution Amounts on
the previous Distribution Date but not previously distributed, plus interest
accrued on any such amount during the related Interest Accrual Period at the
then applicable Pass-Through Rate.
"Class A Certificates": The Class A-1, Class A-2, Class A-3 and Class
A-4 Certificates.
"Class A Percentage": With respect to each Distribution Date, the
percentage derived from the fraction (which shall not be greater than 1), the
numerator of which is the Certificate Principal Balance of the Class A
Certificates immediately prior to such Distribution Date and the denominator of
which is the Pool Scheduled Principal Balance of the Assets immediately prior to
such Distribution Date.
"Class A Principal Distribution Amount": For any Distribution Date,
will equal (i) prior to the Cross-over Date, the entire Principal Distribution
Amount (ii) on any Distribution Date as to which the Principal Distribution
Tests are not met, the entire Principal Distribution Amount, or (iii) on any
other Distribution Date, the Class A Percentage of the Principal Distribution
Amount, subject to increase as described in the last sentence of the definition
of "Class B-2 Principal Distribution Amount." For any Distribution Date, if the
Class A Principal Distribution Amount exceeds the Class A Certificate Principal
Balance less the Principal Distribution Shortfall Carryover Amount with respect
to such Class and Distribution Date, then such excess amount shall be allocated
to the Class M-1 Principal Distribution Amount.
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"Class A Subaccounts": Any or all, as appropriate, of the Class A-1,
Class A-2, Class A-3 and Class A-4 Subaccounts.
"Class B Certificates": The Class B-1 Certificates and Class B-2
Certificates.
"Class B Subaccounts": Any or all, as appropriate, of the Class B-1 or
Class B-2 Subaccounts.
"Class B-1 Percentage": With respect to each Distribution Date, the
percentage derived from the fraction (which shall not be greater than 1), the
numerator of which is the Adjusted Certificate Principal Balance of the Class
B-1 Certificates immediately prior to such Distribution Date and the denominator
of which is the Pool Scheduled Principal Balance of Assets immediately prior to
such Distribution Date.
"Class B-1 Principal Distribution Amount": For any Distribution Date
will equal (i) as long as the Class A-1 Certificate Principal Balance, Class A-2
Certificate Principal Balance, Class A-3 Certificate Principal Balance, Class
A-4 Certificate Principal Balance, the Class M-1 Certificate Principal Balance
and the Class M-2 Certificate Principal Balance have not been reduced to zero
and prior to the Cross-over Date, zero, (ii) on any Distribution Date as to
which the Principal Distribution Tests are not met and the Class A-1 Certificate
Principal Balance, Class A-2 Certificate Principal Balance, Class A-3
Certificate Principal Balance, Class A-4 Certificate Principal Balance, the
Class M-1 Certificate Principal Balance and the Class M-2 Certificate Principal
Balance have not been reduced to zero, zero, (iii) on any Distribution Date as
to which the Principal Distribution Tests are not met and the Class A-1
Certificate Principal Balance, Class A-2 Certificate Principal Balance, Class
A-3 Certificate Principal Balance, Class A-4 Certificate Principal Balance, the
Class M-1 Certificate Principal Balance and the Class M-2 Certificate Principal
Balance each have been reduced to zero, the Principal Distribution Amount, or
(iv) on any other Distribution Date, the Class B-1 Percentage of the Principal
Distribution Amount, in any case subject to increase as described in the last
sentence of the definition of "Class B-2 Principal Distribution Amount." For any
Distribution Date, if the Class B-1 Principal Distribution Amount exceeds the
Class B-1 Certificate Principal Balance less the Principal Distribution
Shortfall Carryover Amount with respect to such Class and Distribution Date,
then such excess amount shall be allocated to the Class B-2 Principal
Distribution Amount.
"Class B-2 Floor Amount": With respect to any Distribution Date, either
(a) 1.00% of the aggregate principal balance of the Pool Scheduled Principal
Balance as of the Cut-off Date, if the Class A-1 Certificate Principal Balance,
Class A-2 Certificate Principal Balance, Class A-3 Certificate Principal
Balance, Class A-4 Certificate Principal Balance, the Class M-1 Certificate
Principal Balance, the Class M-2 Certificate Principal Balance and the Class B-1
Certificate Principal Balance have not been reduced to zero immediately prior to
such Distribution Date, and (b) zero, if the Class A-1 Certificate Principal
Balance, Class A-2 Certificate Principal Balance, Class A-3 Certificate
Principal Balance, Class A-4 Certificate Principal Balance, the Class M-1
Certificate Principal Balance, the Class M-2 Certificate Principal Balance and
the Class B-1 Certificate Principal Balance have been reduced to zero
immediately prior to such Distribution Date.
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"Class B-2 Percentage": With respect to any Distribution Date, the
percentage derived from the fraction (which shall not be greater than 1), the
numerator of which is the sum of the Class B-2 Adjusted Certificate Principal
Balance and the Overcollateralization Amount, each immediately prior to such
Distribution Date and the denominator of which is the Pool Scheduled Principal
Balance of Assets immediately prior to such Distribution Date.
"Class B-2 Principal Distribution Amount": For any Distribution Date
will equal (i) as long as the Class A-1 Certificate Principal Balance, Class A-2
Certificate Principal Balance, Class A-3 Certificate Principal Balance, Class
A-4 Certificate Principal Balance, the Class M-1 Certificate Principal Balance,
the Class M-2 Certificate Principal Balance and the Class B-1 Certificate
Principal Balance have not been reduced to zero, zero, (ii) on any Distribution
Date as to which the Principal Distribution Tests are not met and the Class A-1
Certificate Principal Balance, Class A-2 Certificate Principal Balance, Class
A-3 Certificate Principal Balance, Class A-4 Certificate Principal Balance, the
Class M-1 Certificate Principal Balance, the Class M-2 Certificate Principal
Balance and the Class B-1 Certificate Principal Balance have not been reduced to
zero and prior to the Cross-over Date, zero, (iii) on any Distribution Date as
to which the Principal Distribution Tests are not met and the Class A-1
Certificate Principal Balance, Class A-2 Certificate Principal Balance, Class
A-3 Certificate Principal Balance, Class A-4 Certificate Principal Balance, the
Class M-1 Certificate Principal Balance, the Class M-2 Certificate Principal
Balance and the Class B-1 Certificate Principal Balance each have been reduced
to zero, the Principal Distribution Amount, or (iv) on any other Distribution
Date, the Class B-2 Percentage of the Principal Distribution Amount. If the
Class A-1 Certificate Principal Balance, Class A-2 Certificate Principal
Balance, Class A-3 Certificate Principal Balance, Class A-4 Certificate
Principal Balance, the Class M-1 Certificate Principal Balance, the Class M-2
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, then to the
Class M-2 Principal Distribution Amount, then to the Class M-1 Principal
Distribution Amount, then to the Class A Principal Distribution Amount, and
finally to the Class B-2 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. On any Distribution Date, the Class B-2 Principal Distribution Amount
shall not exceed the Class B-2 Certificate Principal Balance less the Principal
Distribution Shortfall Carryover Amount with respect to such Class and such
Distribution Date. If the Class A-1 Certificate Principal Balance, Class A-2
Certificate Principal Balance, Class A-3 Certificate Principal Balance, Class
A-4 Certificate Principal Balance, the Class M-1 Certificate Principal Balance,
the Class M-2 Certificate Principal Balance and the Class B-1 Certificate
Principal Balance have not been reduced to zero on or before a Distribution
Date, then the amounts otherwise allocable to the Class B-2 Principal
Distribution Amount shall be allocated first to the Class B-1 Principal
Distribution Amount, next to the Class M-2 Principal Distribution Amount, next
to the Class M-1 Principal Distribution Amount, next to the Class A Principal
Distribution Amount, and finally to the Class B-2 Principal Distribution Amount,
to the extent that allocation of these amounts to the Class B-2 Principal
Distribution Amount would reduce the sum of the Class B-2 Certificate Principal
Balance and the Current Overcollateralization Amount below the Total Floor
Amount.
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"Class M Certificates": The Class M-1 and Class M-2 Certificates.
"Class M Subaccounts": The Class M-1 and Class M-2 Subaccounts.
"Class M-1 Percentage": With respect to any Distribution Date, the
percentage derived from the fraction (which shall not be greater than 1), the
numerator of which is the Class M-1 Adjusted Certificate Principal Balance
immediately prior to such Distribution Date and the denominator of which is the
Pool Scheduled Principal Balance of the Assets immediately prior to such
Distribution Date.
"Class M-1 Principal Distribution Amount": For any Distribution Date
will equal (i) as long as the Class A-1 Certificate Principal Balance, Class
A-2 Certificate Principal Balance, Class A-3 Certificate Principal Balance and
Class A-4 Certificate Principal Balance have not been reduced to zero and prior
to the Cross-over Date, zero, (ii) on any Distribution Date as to which the
Principal Distribution Tests are not met and the Class A-1 Certificate
Principal Balance, Class A-2 Certificate Principal Balance, Class A-3
Certificate Principal Balance and Class A-4 Certificate Principal Balance have
not been reduced to zero, zero, (iii) on any Distribution Date as to which the
Principal Distribution Tests are not met and the Class A-1 Certificate
Principal Balance, Class A-2 Certificate Principal Balance, Class A-3
Certificate Principal Balance and Class A-4 Certificate Principal Balance have
been reduced to zero, the Principal Distribution Amount, or (iv) on any other
Distribution Date, the Class M-1 Percentage of the Principal Distribution
Amount, in any case subject to increase as described in the last sentence of
the definition of "Class B-2 Principal Distribution Amount." For any
Distribution Date, if the Class M-1 Principal Distribution Amount exceeds the
Class M-1 Certificate Principal Balance less the Principal Distribution
Shortfall Carryover Amount with respect to such Class and Distribution Date,
then such amounts shall be allocated to the Class M-2 Principal Distribution
Amount.
"Class M-2 Percentage": With respect to any Distribution Date, the
percentage derived from the fraction (which shall not be greater than 1), the
numerator of which is the Class M-2 Adjusted Certificate Principal Balance
immediately prior to such Distribution Date and the denominator of which is the
Pool Scheduled Principal Balance of the Assets immediately prior to such
Distribution Date.
"Class M-2 Principal Distribution Amount": For any Distribution Date
will equal (i) as long as the Class A-1 Certificate Principal Balance, Class A-2
Certificate Principal Balance, Class A-3 Certificate Principal Balance, Class
A-4 Certificate Principal Balance and the Class M-1 Certificate Principal
Balance have not been reduced to zero and prior to the Cross-over Date, zero,
(ii) on any Distribution Date as to which the Principal Distribution Tests are
not met and the Class A-1 Certificate Principal Balance, Class A-2 Certificate
Principal Balance, Class A-3 Certificate Principal Balance, Class A-4
Certificate Principal Balance and the Class M-1 Certificate Principal Balance
have not been reduced to zero, zero, (iii) on any Distribution Date as to which
the Principal Distribution Tests are not met and the Class A-1 Certificate
Principal Balance, Class A-2 Certificate Principal Balance, Class A-3
Certificate Principal Balance, Class A-4 Certificate Principal Balance and the
Class M-1 Certificate Principal Balance have been reduced to zero, the Principal
Distribution Amount, or (iv) on any other Distribution Date, the Class M-2
Percentage of the Principal Distribution Amount, in any case subject to increase
as described in the last sentence of the definition of "Class B-2 Principal
Distribution
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Amount." For any Distribution Date, if the Class M-2 Principal Distribution
Amount exceeds the Class M-2 Certificate Principal Balance less the Principal
Distribution Shortfall Carryover Amount with respect to such Class and
Distribution Date, then such amounts shall be allocated to the Class B-1
Principal Distribution Amount.
"Class R Certificates": The Class R Certificates, which represent
beneficial ownership of both the Pooling REMIC Residual Interest and the Issuing
REMIC Residual Interest.
"Class R-1 Certificates": Following the division of the Class R
Certificates into two separately transferable, certificated and fully registered
certificates in accordance with Section 12(b) hereof, the Class R-1
Certificates, which will represent the Issuing REMIC Residual Interest.
"Class R-2 Certificates": Following the division of the Class R
Certificates into two separately transferable, certificated and fully registered
certificates in accordance with Section 12(b) hereof, the Class R-2
Certificates, which will represent the Pooling REMIC Residual Interest.
"Class X Carryover Strip Amount": With respect to the Class X
Certificates on each Distribution Date, all amounts that were distributable on
such Class as Class X Strip Amounts on previous Distribution Dates that remain
unpaid.
"Class X Certificates": The Class X Certificates created pursuant to
Section 3 hereof.
"Class X Strip Amount": With respect to any Distribution Date, 30 days'
interest on the Subaccount Principal Balance of the Class A, Class M and Class B
Subaccounts, at a rate equal to the positive difference, if any, between the
Weighted Average Net Asset Rate and the weighted average of the Pass-Through
Rates on the Class A, Class M and Class B Subaccounts. Solely for the purposes
of those calculations, the Pass-Through Rates of the Class A, Class M and Class
B Subaccounts shall be the Pass-Through Rates on the respective Corresponding
Certificates.
"Closing Date": December 21, 2000.
"Corporate Trust Office": The address set forth hereinbelow under
"Trustee."
"Corresponding Certificates": For any Subaccount, the Class of
Certificates bearing the same letter and numerical designation as that borne by
such Subaccount.
"Corresponding Subaccount" For any Class of Certificates, the
Subaccount bearing the same letter and numerical designation as that borne by
such Class.
"Cross-over Date": The later to occur of (a) the Distribution Date
occurring in July 2005 or (b) the first Distribution Date on which the
percentage equivalent of a fraction (which shall not be greater than 1) the
numerator of which is the sum of the aggregate Adjusted Certificate Principal
Balance of the Subordinated Certificates and the Current Overcollateralization
Amount, for such Distribution Date and the denominator of which is the Pool
Scheduled Principal Balance on such
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Distribution Date, equals or exceeds 1.93 times the percentage equivalent of a
fraction (which shall not be greater than 1) the numerator of which is the sum
of the initial aggregate Adjusted Certificate Principal Balance of the
Subordinated Certificates and the Current Overcollateralization Amount as of
December 1, 2000 and the denominator of which is the Pool Scheduled Principal
Balance as of December 1, 2000.
"Cumulative Realized Losses": With respect to any Distribution Date,
the aggregate Realized Losses incurred on the Assets during the period from
December 1, 2000 through the end of the related Prepayment Period.
"Current Overcollateralization Amount": As of any Distribution Date,
the positive difference, if any, between the Scheduled Principal Balance of the
Assets and the Certificate Principal Balance of all then outstanding Classes of
Certificates.
"Current Realized Loss Ratio": With respect to any Distribution Date,
the annualized percentage derived from the fraction, the numerator of which is
the sum of the aggregate Realized Losses for the three preceding Prepayment
Periods and the denominator of which is the arithmetic average of the Pool
Scheduled Principal Balances for such Distribution Date and the preceding two
Distribution Dates.
"Cut-off Date": With respect to the Initial Assets, December 1, 2000,
and with respect to the Subsequent Assets, the date such subsequent assets are
transferred to the Trust.
"ERISA Restricted Certificates": The Class B-2, Class X and Class R
Certificates.
"Excess Subaccount Principal Balance": With respect to each Subaccount,
the excess, if any, of the Subaccount Principal Balance over the Certificate
Principal Balance of the Corresponding Certificates.
"Initial Assets": The Assets identified on Schedule I hereto.
"Institutional Holder": An insurance company whose long-term debt is
rated at least A- (or equivalent rating) by a Rating Agency, or an equivalent
rating from any other nationally recognized statistical rating organization.
"Interest Deficiency Amount": With respect to the Class M-1
Certificates, Class M-2 Certificates, Class B-1 Certificates or the Class B-2
Certificates and any Distribution Date, the sum of any of the Interest
Distribution Amount, Carryover Interest Distribution Amount, Writedown Interest
Distribution Amount and Carryover Writedown Interest Distribution Amount for
such Class that would remain unpaid after application of the Available
Distribution Amount in accordance with Sections 5(a) hereof.
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"Interest Deficiency Withdrawal": With respect to any Distribution Date
and the:
(i) Class M-1 Certificates, the lesser of (A) the applicable
Interest Deficiency Amount, (B) the positive difference, if any, between
$367,689.38 and the sum of all previous Interest Deficiency Withdrawals made
with respect to the Class M-1 Certificates and (C) the amount remaining on
deposit in the Certificate Account after withdrawal of the Remittance Amount and
amounts withdrawn therefrom pursuant to Section 4.03(1A) through (4) of the
Standard Terms.
(ii) Class M-2 Certificates, the lesser of (A) the applicable
Interest Deficiency Amount, (B) the positive difference, if any, between
$354,272.13 and the sum of all previous Interest Deficiency Withdrawals made
with respect to the Class M-2 Certificates and (C) the amount remaining on
deposit in the Certificate Account after withdrawal of the Remittance Amount and
amounts withdrawn therefrom pursuant to Section 4.03(1A) through (4) of the
Standard Terms.
(iii) Class B-1 Certificates, the lesser of (A) the applicable
Interest Deficiency Amount, (B) the positive difference, if any, between
$254,647.50 and the sum of all previous Interest Deficiency Withdrawals made
with respect to the Class B-1 Certificates and (C) the amount remaining on
deposit in the Certificate Account after withdrawal of the Remittance Amount and
amounts withdrawn therefrom pursuant to Section 4.03(1A) through (4) of the
Standard Terms.
(iv) Class B-2 Certificates, the lesser of (A) the applicable
Interest Deficiency Amount, (B) the positive difference, if any, between
$201,037.50 and the sum of all previous Interest Deficiency Withdrawals made
with respect to the Class B-2 Certificates and (C) the amount remaining on
deposit in the Certificate Account after withdrawal of the Remittance Amount and
amounts withdrawn therefrom pursuant to Section 4.03(1A) through (4) of the
Standard Terms.
"Interest Distribution Amount": On each Distribution Date, an amount
equal to interest accrued at the applicable Pass-Through Rate for the related
Interest Accrual Period on (i) in the case of each Class of the Class A
Certificates or the Class A Subaccounts, the Certificate Principal Balance of
such Class or the Subaccount Principal Balance of such Subaccount, respectively,
immediately prior to that Distribution Date and (ii) in the case of the
Subordinated Certificates or the Corresponding Subaccounts, on the Adjusted
Certificate Principal Balance of such Class or the Subaccount Principal Balance
of such Subaccount, respectively, immediately prior to that Distribution Date.
"Issuing REMIC": The Trust REMIC consisting of the Subaccounts.
"Issuing REMIC Residual Interest": The residual interest (as defined in
Code section 860G(a)(2)) in the Issuing REMIC.
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"Non-Priority Interest Distribution Amount": For any Subaccount, on any
Distribution Date, an amount equal to the positive difference, if any, between
(i) the related Interest Distribution Amount for such Subaccount and (ii) the
related Priority Interest Distribution Amount for such Subaccount.
"Notional Principal Balance": The Notional Principal Balance of the
Class X Certificates on any date shall equal the sum of all of the Subaccount
Principal Balances on such date.
"Overcollateralization Reduction Amount": With respect to each
Distribution Date, the positive difference, if any, between the Current
Overcollateralization Amount and the Target Overcollateralization Amount;
provided, however, that if on any Distribution Date the Principal Distribution
Tests are not satisfied, then the Overcollateralization Reduction Amount shall
equal zero.
"Pass-Through Rate": With respect to each Class of Certificates (except
the Class X Certificates and the Residual Certificates) on any Distribution
Date, the per annum rate for such Class set forth in the table in Section 3
hereof. With respect to any Subaccount on any Distribution Date, the then
applicable Weighted Average Net Asset Rate.
"Pooling REMIC": The Trust REMIC consisting of the Assets and the
Distribution Account.
"Pooling REMIC Residual Interest": The residual interest (as defined in
Code section 860G(a)(2)) in the Pooling REMIC.
"Pre-Funded Amount": $52,002,500, as reduced from time to time.
"Pre-Funding Account": The account so designated and established
pursuant to Section 8 hereof.
"Pre-Funding Period": The period beginning on the Closing Date and
ending on the close of business on March 21, 2001.
"Principal Distribution Shortfall Carryover Amount": With respect to
each Distribution Date and each Class of Certificates, an amount equal to all
Principal Distribution Amounts distributable on such Class from previous
Distribution Dates that have not yet been distributed on such Class of
Certificates. With respect to each Distribution Date and each Corresponding
Subaccount, an amount equal to all Principal Distribution Amounts distributable
on the Corresponding Certificates from previous Distribution Dates that have not
yet been distributed on such Corresponding Certificates.
"Principal Distribution Tests": With respect to each Distribution Date:
(a) the Average Sixty-Day Delinquency Ratio as of such Distribution Date does
not exceed 5.5%; (b) the Cumulative Realized Losses as of such Distribution Date
do not exceed an amount equal to the percentage set forth below of the initial
aggregate Pool Scheduled Principal Balance:
S-11
<PAGE>
Distribution Dates Percentage
------------------ ----------
July 2005 through December 2006 7.0%
January 2007 through December 2007 8.0%
January 2008 through June 2009 9.5%
July 2009 and after 10.5%
; and (c) the Current Realized Loss Ratio as of such Distribution Date does not
exceed 3.00%.
"Priority Interest Distribution Amount": For any Subaccount, on any
Distribution Date, an amount equal to the Interest Distribution Amount for the
Corresponding Certificates.
"Private Certificates": The Class B-2 Certificates, Class X
Certificates and Residual Certificates.
"Qualified Bidders": Firms and institutions that are engaged in the
business of buying and selling manufactured housing paper.
"Rating Agency": Each of Standard & Poor's, a division of The
McGraw-Hill Companies, Inc. (55 Water Street, New York, New York 10041), Fitch,
Inc. (One State Street, New York, New York 10004) and Moody's Investors Service,
Inc. (99 Church Street, New York, New York 10007).
"Regular Certificates": The Class A Certificates, Class M Certificates,
Class B Certificates and Class X Certificates.
"Residual Certificates": The Class R Certificates or, following the
division of the Class R Certificates into two separately transferable,
certificated and fully registered certificates in accordance with Section 12(b)
hereof, the Class R-1 Certificates and Class R-2 Certificates.
"Rule 144A Certificates": The Class B-2, Class X and Residual
Certificates.
"Seller": Oakwood Capital Corp., a Nevada corporation.
"Servicer's Representations and Warranties Agreement": The Servicer's
Representations and Warranties Agreement, dated as of December 1, 2000, by and
between OMI and OAC.
"Servicing Fee Rate": 1.00% per annum.
"Subaccount": Each of the following eight subaccounts established
solely for purposes of the REMIC Provisions by the Trustee, which have the
Pass-Through Rates and initial Subaccount Principal Balances set forth below:
S-12
<PAGE>
<TABLE>
<CAPTION>
Initial
Subaccount
Subaccount Pass-Through Rate Principal Balance
---------- ----------------- -----------------
<S> <C> <C>
A-1 (1) $50,000,000
A-2 (1) $41,440,000
A-3 (1) $20,650,000
A-4 (1) $40,166,000
M-1 (1) $18,225,000
M-2 (1) $16,085,000
B-1 (1) $10,722,000
B-2 (1) $10,722,000
</TABLE>
(1) The Pass-Through Rate on each Subaccount for any Distribution Date
shall be equal to the Weighted Average Net Asset Rate.
The Final Scheduled Distribution Date for each Subaccount is as
follows:
Final Scheduled
Subaccount Distribution Dates
---------- ------------------
A-1 February 15, 2013
A-2 July 15, 2018
A-3 May 15, 2022
A-4 July 15, 2030
M-1 January 15, 2031
M-2 January 15, 2031
B-1 January 15, 2031
B-2 January 15, 2031
For purposes of Treasury Regulation ss.1.860G-1(a)(4), the latest possible
maturity date for each of the Subaccounts shall be its final Scheduled
Distribution Date as set forth above.
"Subaccount Principal Balance": With respect to each Subaccount, on any
date of determination, the amount identified as the "Initial Subaccount
Principal Balance" of such Subaccount in the definition of "Subaccount" above,
minus all amounts allocated to such Subaccount in reduction of its Subaccount
Principal Balance pursuant to Sections 5(a) and 7 hereof.
"Subordinated Certificates": The Class M-1, Class M-2, Class B-1, Class
B-2, Class X and Residual Certificates.
"Subsequent Assets": The Assets identified on Schedule II hereto.
S-13
<PAGE>
"Subsequent Transfer Date": The date on which Subsequent Assets are
transferred to the Trust pursuant to the Sales Agreement.
"Supplemental Servicing Fee": For any Distribution Date (a) on which
Oakwood Acceptance Corporation is the Servicer, zero, or (b) on any other
Distribution Date, the sum of (i) the product obtained by multiplying (A)
one-twelfth of the Supplemental Servicing Fee Rate by (B) the aggregate
Scheduled Principal Balance of the Assets immediately prior to the preceding
Collection Period (without giving effect to any Principal Prepayments, Net
Liquidation Proceeds and Repurchase Prices received (or Realized Losses
incurred) on the day preceding the beginning of such Collection Period) and (ii)
reasonable costs and expenses necessary to physically relocate Repo Properties
then in the possession of the terminated Servicer to the possession of the
successor Servicer.
"Supplemental Servicing Fee Rate": The fixed rate determined by the
Trustee as being necessary to compensate any successor Servicer (in addition to
the Servicing Fee then in effect) to service the Assets after an Event of
Default pursuant to Section 7.01 of the Standard Terms, which rate shall not
exceed the then current "market rate" for servicing a portfolio of assets
comparable to the Assets, and shall not be greater than 0.50% per annum.
"Target Overcollaterization Amount": With respect to (i) any
Distribution Date prior to the Cross-over Date, shall equal 6.00% of the
Scheduled Principal Balance of the Assets as of December 1, 2000, and (ii) for
any other Distribution Date, shall equal the lesser of (x) 6.00% of the
Scheduled Principal Balance of the Assets as of December 1, 2000, and (y) 10.50%
of the then current Pool Scheduled Principal Balance of the Assets; provided,
however, that in no event shall the Target Overcollateralization Amount be less
than 1.00% of the Scheduled Principal Balance of the Assets as of December 1,
2000.
"Total Floor Amount": With respect to any Distribution Date, either (a)
2.00% of the aggregate Pool Scheduled Principal Balance as of December 1, 2000,
if the Class A-1 Certificate Principal Balance, Class A-2 Certificate Principal
Balance, Class A-3 Certificate Principal Balance, Class A-4 Certificate
Principal Balance, the Class M-1 Certificate Principal Balance, the Class M-2
Certificate Principal Balance and the Class B-1 Certificate Principal Balance
have not been reduced to zero immediately prior to such Distribution Date, and
the sum of the Current Overcollateralization Amount and the Class B-2 Floor
Amount is less than 2.00% of the Pool Scheduled Principal Balance as of December
1, 2000 or (b) zero, in any other case.
"Trustee": Wells Fargo Bank Minnesota, National Association, not in its
individual capacity but solely as Trustee under this Pooling and Servicing
Agreement, or any successor trustee appointed as herein provided. Notices to the
Trustee shall be sent to MAC N9311-161, Sixth Street and Marquette Avenue,
Minneapolis, Minnesota 55479, Attn: Corporate Trust Services - Asset-Backed
Administration/OMI Trust 2000-D (the "Corporate Trust Office"), or its successor
in interest.
"Trustee Fee": On each Distribution Date, the sum of (a) $4,500, and
(b) the reasonable out-of-pocket expenses of the Trustee, pursuant to Section
8.05 of the Standard Terms
S-14
<PAGE>
"Trustee Fee Rate": For any Distribution Date, the percentage
equivalent of a fraction, which shall not be greater than 1, the numerator of
which is the Trustee Fee for such Distribution Date, and the denominator of
which is the aggregate Scheduled Principal Balance of the Assets immediately
prior to the preceding Collection Period (without giving effect to any Principal
Prepayments, Net Liquidation Proceeds and Repurchase Prices received (or
Realized Losses incurred) on day preceding the beginning of such Collection
Period.
"Trust REMIC": Each of the Pooling REMIC and the Issuing REMIC.
"Underwriter": Credit Suisse First Boston Corporation (whose address is
11 Madison Avenue, New York, New York 10010).
"Weighted Average Net Asset Rate": With respect to any Distribution
Date, the weighted average of the Asset Rates applicable to the Monthly Payments
that were due during the related Collection Period on Assets that were
Outstanding at the beginning of the related Prepayment Period, less the sum of
the Servicing Fee Rate, the Supplemental Servicing Fee Rate and the Trustee Fee
Rate.
"Writedown Amount": With respect to each Distribution Date, the amount,
if any, by which (i) the aggregate Certificate Principal Balance of all the
Certificates, after all distributions have been made on the Certificates on such
Distribution Date pursuant to Section 5(b) hereof, exceeds (ii) the Pool
Scheduled Principal Balance of the Assets for the next Distribution Date.
"Writedown Interest Distribution Amount": With respect to each
Distribution Date and each Class of Subordinated Certificates, interest accrued
during the related Interest Accrual Period at the applicable Pass-Through Rate
on any related Writedown Amount. With respect to each Distribution Date and each
Corresponding Subaccount, interest accrued during the related Interest Accrual
Period on any related Writedown Amount at the Pass-Through Rate applicable to
the Corresponding Certificates.
Section 3. Certificates.
The aggregate initial principal amount of Certificates that may be
executed and delivered under this Pooling and Servicing Agreement is limited to
$208,010,000, except for Certificates executed and delivered upon registration
of transfer of, or in exchange for, or in lieu of, other Certificates pursuant
to Sections 5.04 or 5.07 of the Standard Terms. The Certificates shall be issued
in ten Classes having the designations, initial Certificate Principal Balances,
Pass-Through Rates and Final Scheduled Distribution Dates set forth or described
below:
S-15
<PAGE>
<TABLE>
<CAPTION>
Initial Certificate Pass Through Final Scheduled
Designation Principal Balance Rate Distribution Dates (11)
----------- ------------------ ---- -----------------------
<S> <C> <C> <C> <C>
A-1 $50,000,000 (1) February 15, 2013
A-2 $41,440,000 (2) July 15, 2018
A-3 $20,650,000 (3) May 15, 2022
A-4 $40,166,000 (4) July 15, 2030
M-1 $18,225,000 (5) January 15, 2031
M-2 $16,085,000 (6) January 15, 2031
B-1 $10,722,000 (7) January 15, 2031
B-2 $10,722,000 (8) January 15, 2031
X (9) (9)
R (10) (10)
</TABLE>
(1) The Pass-Through Rate on the Class A-1 Certificates for any
Distribution Date shall be equal to the lesser of (i) 6.70% per
annum and (ii) the Weighted Average Net Asset Rate of the Assets.
(2) The Pass-Through Rate on the Class A-2 Certificates for any
Distribution Date shall be equal to the lesser of (i) 6.74% per
annum and (ii) the Weighted Average Net Asset Rate of the Assets.
(3) The Pass-Through Rate on the Class A-3 Certificates for any
Distribution Date shall be equal to the lesser of (i) 6.99% per
annum and (ii) the Weighted Average Net Asset Rate of the Assets.
(4) The Pass-Through Rate on the Class A-4 Certificates for any
Distribution Date shall be equal to the lesser of (i) 7.40% per
annum and (ii) the Weighted Average Net Asset Rate of the Assets.
(5) The Pass-Through Rate on the Class M-1 Certificates for any
Distribution Date shall be equal to the lesser of (i) 8.07% per
annum and (ii) the Weighted Average Net Asset Rate of the Assets.
(6) The Pass-Through Rate on the Class M-2 Certificates for any
Distribution Date shall be equal to the lesser of (i) 8.81% per
annum and (ii) the Weighted Average Net Asset Rate of the Assets.
(7) The Pass-Through Rate on the Class B-1 Certificates for any
Distribution Date shall be equal to the lesser of (i) 9.50% per
annum and (ii) the Weighted Average Net Asset Rate of the Assets.
(8) The Pass-Through Rate on the Class B-2 Certificates for any
Distribution Date shall be equal to the lesser of (i) 7.50% per
annum and (ii) the Weighted Average Net Asset Rate of the Assets.
(9) The Class X Certificates shall have no Certificate Principal
Balance and no Pass-Through Rate. The Class X Certificates will
represent the right to receive, on each Distribution Date, the
applicable Class X Strip Amount and any Class X Carryover Strip
Amount.
(10) The Class R Certificates shall have no Certificate Principal
Balance and no Pass-Through Rate, and shall represent the
residual interest in both the Pooling REMIC and the Issuing
REMIC. Following the division of the Class R Certificates into
two separately transferable, certificated and fully registered
S-16
<PAGE>
certificates in accordance with Section 12(b) hereof, the Class
R-1 and Class R-2 Certificates shall have no Certificate
Principal Balances and no Pass-Through Rates and shall represent
the residual interest in the Issuing REMIC and the Pooling REMIC,
respectively.
(11) For purposes of Treasury Regulation ss.1.860G-1(a)(4), the latest
possible maturity date of each Class of Certificates shall be the
Final Scheduled Distribution Date.
Section 4. Denominations.
The Book-Entry Certificates will be registered as one or more
certificates in the name of the Clearing Agency or its nominee. Beneficial
interests in the Book-Entry Certificates will be held by the Beneficial Owners
through the book-entry facilities of the Clearing Agency, in minimum
denominations of $1,000 and integral multiples of $1 in excess thereof.
The Class X Certificates and the Residual Certificates will be issued
in certificated, fully registered form. The Class X Certificates and the
Residual Certificates will be issued in minimum Percentage Interests equal to
10%.
Section 5. Distributions.
(a) On each Distribution Date, the Trustee (or the Paying Agent on
behalf of the Trustee) shall allocate the Available Distribution Amount to the
various Subaccounts, and, where applicable, OAC, to the extent of the amount
thereof remaining after application pursuant to clauses (1A) through (4) of
Section 4.03 of the Standard Terms, in the following manner and in the following
order of priority as directed in writing by the Servicer:
(i) First, concurrently to each Class A Subaccount, (A) first, the
related Priority Interest Distribution Amount for such Distribution
Date, in each case with the Available Distribution Amount being
allocated among the Class A Subaccounts pro rata based on their
respective Priority Interest Distribution Amounts, and (B) second, the
related Carryover Interest Distribution Amount for such Distribution
Date, if any, in each case with the Available Distribution Amount being
allocated among the Class A Subaccounts pro rata based on their
respective Carryover Interest Distribution Amounts;
(ii) Second, to the Class M-1 Subaccount, (A) first, the related
Priority Interest Distribution Amount for such Distribution Date, and
(B) second, any related Carryover Interest Distribution Amount for such
Distribution Date;
(iii) Third, to the Class M-2 Subaccount, (A) first, the related
Priority Interest Distribution Amount for such Distribution Date, and
(B) second, any related Carryover Interest Distribution Amount for such
Distribution Date;
(iv) Fourth, to the Class B-1 Subaccount, (A) first, the related
Priority Interest Distribution Amount for such Distribution Date, and
(B) second, any related Carryover Interest Distribution Amount for such
Distribution Date;
S-17
<PAGE>
(v) Fifth, to the Class B-2 Subaccount, (A) first, the related Priority
Interest Distribution Amount for such Distribution Date, and (B)
second, any related Carryover Interest Distribution Amount for such
Distribution Date;
(vi) Sixth, to each Class A Subaccount, sequentially in numeric order,
its related Principal Distribution Shortfall Carryover Amount for its
Class A Subaccount, if any, for such Distribution Date;
(vii) Seventh, sequentially to the Class A-1 Subaccount, Class A-2
Subaccount, Class A-3 Subaccount and Class A-4 Subaccount, in that
order, the Class A Principal Distribution Amount, in reduction of their
respective Subaccount Principal Balances, in each case, until it has
been reduced to zero;
(viii) Eighth, to the Class M-1 Subaccount, (A) first, any related
Writedown Interest Distribution Amount for such Distribution Date, (B)
second, any related Carryover Writedown Interest Distribution Amount
for such Distribution Date, (C) third, the related Principal
Distribution Shortfall Carryover Amount for the Class M-1 Subaccount,
if any, for such Distribution Date, and (D) fourth, the Class M-1
Principal Distribution Amount, in reduction of the Subaccount Principal
Balance of such Class, until the Class M-1 Certificate Principal
Balance is reduced to zero;
(ix) Ninth, to the Class M-2 Subaccount, (A) first, any related
Writedown Interest Distribution Amount for such Distribution Date, (B)
second, any related Carryover Writedown Interest Distribution Amount
for such Distribution Date, (C) third, the related Principal
Distribution Shortfall Carryover Amount for the Class M-2 Subaccount,
if any, for such Distribution Date, and (D) fourth, the Class M-2
Principal Distribution Amount, in reduction of the Subaccount Principal
Balance of such Class, until the Class M-2 Certificate Principal
Balance is reduced to zero;
(x) Tenth, to the Class B-1 Subaccount, (A) first, any related
Writedown Interest Distribution Amount for such Distribution Date, (B)
second, any related Carryover Writedown Interest Distribution Amount
for such Distribution Date, (C) third, the related Principal
Distribution Shortfall Carryover Amount for the Class B-1 Subaccount,
if any, for such Distribution Date, and (D) fourth, the Class B-1
Principal Distribution Amount, in reduction of the Subaccount Principal
Balance of such Class, until the Class B-1 Certificate Principal
Balance is reduced to zero;
(xi) Eleventh, to the Class B-2 Subaccount, (A) first, any related
Writedown Interest Distribution Amount for such Distribution Date, (B)
second, any related Carryover Writedown Interest Distribution Amount
for such Distribution Date, (C) third, the related Principal
Distribution Shortfall Carryover Amount for the Class B-2 Subaccount,
if any, for such Distribution Date, and (D) fourth, the Class B-2
Principal Distribution Amount, in reduction of the Subaccount Principal
Balance of such Class, until the Class B-2 Certificate Principal
Balance is reduced to zero;
S-18
<PAGE>
(xii) Twelfth, if Oakwood Acceptance Corporation is the Servicer, to
the Servicer in the following order: first, the entire Servicing Fee
with respect to the related Collection Period, and thereafter all
Servicing Fees from previous Distribution Dates remaining unpaid;
(xiii) Thirteenth, to each Subaccount, (i) first, its Carryover
Non-Priority Interest Distribution Amount for such Distribution Date,
(ii) second, its Non-Priority Interest Distribution Amount for such
Distribution Date, and (iii) its remaining Subaccount Principal Balance
in each case with the Available Distribution Amount being allocated
among the Subaccounts pro rata based upon the total Excess Subaccount
Principal Balance remaining to be paid with respect to each Subaccount;
and
(xvi) Finally, any remainder to Holders of the Pooling REMIC Residual
Interest.
(b) On each Distribution Date, after all Subaccount allocations have
been made as described in Section 5(a) above and Section 7 below, the Trustee
(or the Paying Agent on behalf of the Trustee) shall withdraw all amounts
allocated to the various Subaccounts, and shall distribute such amounts in the
following manner and in the following order of priority:
(i) First, concurrently to each Class A Certificate, (A) first, its
related Interest Distribution Amount for such Distribution Date, in each case,
with the Available Distribution Amount being allocated among such Classes pro
rata based on their respective Interest Distribution Amounts, and (B) second,
the related Carryover Interest Distribution Amount, if any, for such
Distribution Date, in each case, with the Available Distribution Amount being
allocated among such Classes pro rata based on their respective Carryover
Interest Distribution Amounts;
(ii) Second, to the Class M-1 Certificates, (A) first, the related
Interest Distribution Amount for such Distribution Date, and (B) second, any
related Carryover Interest Distribution Amount for such Distribution Date;
(iii) Third, to the Class M-2 Certificates, (A) first, the related
Interest Distribution Amount for such Distribution Date, and (B) second, any
related Carryover Interest Distribution Amount for such Distribution Date;
(iv) Fourth, to the Class B-1 Certificates, (A) first, the related
Interest Distribution Amount for such Distribution Date, and (B) second, any
related Carryover Interest Distribution Amount for such Distribution Date;
(v) Fifth, to the Class B-2 Certificates, (A) first, the related
Interest Distribution Amount for such Distribution Date and (B) second, any
related Carryover Interest Distribution Amount for such Distribution Date;
(vi) Sixth, to each Class of the Class A Certificates, sequentially by
numeric order, the related Principal Distribution Shortfall Carryover Amount for
the Class A Certificates, if any, for such Distribution Date;
S-19
<PAGE>
(vii) Seventh, sequentially to the Class A-1 Certificates, Class A-2
Certificates, Class A-3 Certificates and Class A-4 Certificates, in that order,
the Class A Principal Distribution Amount, in reduction of their respective
Certificate Principal Balances, in each case, until it has been reduced to zero;
(viii) Eighth, to the Class M-1 Certificates, (A) first, any related
Writedown Interest Distribution Amount for such Distribution Date, (B) second,
any related Carryover Writedown Interest Distribution Amount for such
Distribution Date, (C) third, the related Principal Distribution Shortfall
Carryover Amount for the Class M-1 Certificates, if any, for such Distribution
Date, and (D) fourth, the Class M-1 Principal Distribution Amount, in reduction
of the Certificate Principal Balance of such Class, until it is reduced to zero;
(ix) Ninth, to the Class M-2 Certificates, (A) first, any related
Writedown Interest Distribution Amount for such Distribution Date, (B) second,
any related Carryover Writedown Interest Distribution Amount for such
Distribution Date, (C) third, the related Principal Distribution Shortfall
Carryover Amount for the Class M-2 Certificates, if any, for such Distribution
Date, and (D) fourth, the Class M-2 Principal Distribution Amount, in reduction
of the Certificate Principal Balance of such Class, until it is reduced to zero;
(x) Tenth, to the Class B-1 Certificates, (A) first, any related
Writedown Interest Distribution Amount for such Distribution Date, (B) second,
any related Carryover Writedown Interest Distribution Amount for such
Distribution Date, (C) third, the related Principal Distribution Shortfall
Carryover Amount for the Class B-1 Certificates, if any, for such Distribution
Date, and (D) fourth, the Class B-1 Principal Distribution Amount, in reduction
of the Certificate Principal Balance of such Class, until it is reduced to zero;
(xi) Eleventh, to the Class B-2 Certificates, (A) first, any related
Writedown Interest Distribution Amount for such Distribution Date, (B) second,
any related Carryover Writedown Interest Distribution Amount for such
Distribution Date, (C) third, the related Principal Distribution Shortfall
Carryover Amount for the Class B-2 Certificates, if any, for such Distribution
Date, and (D) fourth, the Class B-2 Principal Distribution Amount, in reduction
of the Certificate Principal Balance of such Class, until it is reduced to zero;
(xii) Twelfth, to each class of the Class A Certificates in the manner
provided in subparagraph (vii) above, the Class M-1, Class M-2, Class B-1 and
Class B-2 Certificates, in that order, the Accelerated Principal Distribution
Amount for such Distribution Date, in reduction of the Certificate Principal
Balance of each class until such balance has been reduced to zero;
(xiii) Thirteenth, to the Class X Certificates, in the following
sequential order:
(A) the current Class X Strip Amount; and
(B) any Class X Carryover Strip Amount; and
(xvi) Finally, any remainder to the holders of the Issuing REMIC
Residual Interest.
S-20
<PAGE>
(c) On each Distribution Date for which the applicable Remittance
Report indicates that one or more Interest Deficiency Withdrawals is required,
after making the withdrawals and applications described in Section 5.02(a) and
(b), the Trustee (or the Paying Agent on behalf of the Trustee) shall withdraw
from the Certificate Account and allocate the Interest Deficiency Withdrawal,
based upon the information set forth in the related Remittance Report, in the
following manner and in the following order of priority:
(i) to the Class M-1 Subaccount, the Interest Deficiency
Withdrawal for such Class, if any;
(ii) to the Class M-2 Subaccount, the Interest Deficiency
Withdrawal for such Class, if any;
(iii) to the Class B-1 Subaccount, the Interest Deficiency
Withdrawal for such Class, if any;
(iv) to the Class B-2 Subaccount, the Interest Deficiency
Withdrawal for such Class, if any; and
(v) Finally, any remainder to Holders of the Pooling
REMIC Residual Interest.
(d) On each Distribution Date, after all Subaccount allocations have
been made as described in Section 5(c) above, the Trustee (or the Paying Agent
on behalf of the Trustee) shall withdraw all amounts allocated to the various
Subaccounts pursuant to Section 5(c) above, and shall distribute such amounts in
the following manner and in the following order of priority all in accordance
with the related Remittance Report:
(i) to the Class M-1 Certificates, the Interest
Deficiency Withdrawal for such Class, if any;
(ii) to the Class M-2 Certificates, the Interest
Deficiency Withdrawal for such Class, if any;
(iii) to the Class B-1 Certificates, the Interest
Deficiency Withdrawal for such Class, if any;
(iv) to the Class B-2 Certificates, the Interest
Deficiency Withdrawal for such Class, if any; and
(v) Finally, any remainder to the holders of the Issuing
REMIC Residual Interest.
(e) All distributions or allocations made with respect to each Class on
each Distribution Date shall be allocated pro rata among the outstanding
Certificates of such Class based on their
S-21
<PAGE>
respective Percentage Interests. So long as the Book-Entry Certificates are
registered in the name of a Clearing Agency or its nominee, the Trustee shall
make all distributions or allocations on such Certificates by wire transfers of
immediately available funds to the Clearing Agency or its nominee. In the case
of Certificates issued in fully-registered, certificated form, payment shall be
made either (i) by check mailed to the address of each Certificateholder as it
appears in the Certificate Register on the Record Date immediately prior to such
Distribution Date or (ii) by wire transfer of immediately available funds to the
account of a Holder at a bank or other entity having appropriate facilities
therefor, if such Holder shall have so notified the Trustee in writing at least
five Business Days prior to the Record Date immediately prior to such
Distribution Date and such Holder is (A) with respect to any Class A, Class M or
Class B Certificates issued after the Closing Date in certificated,
fully-registered form, the registered owner of Class A, Class M or Class B
Certificates with an aggregate initial Certificate Principal Balance of at least
$1,000,000, and (B) with respect to the Residual Certificates or Class X
Certificates, the registered owner of the Residual Certificates or Class X
Certificates evidencing an aggregate Percentage Interest of at least 50%. The
Trustee may charge any Holder its standard wire transfer fee for any payment
made by wire transfer. Final distribution on the Certificates will be made only
upon surrender of the Certificates at the offices of the Trustee set forth in
the notice of such final distribution sent by the Trustee to all
Certificateholders pursuant to Section 9.01 of the Standard Terms.
(f) (1) Any amounts remaining in the Distribution Account on any
Distribution Date after all allocations and distributions required to be made by
this Pooling and Servicing Agreement have been made, and any amounts remaining
in the Pooling REMIC after payment in full of all of the Regular Interests
therein and any administrative expenses associated with the Trust, will be
distributed to the Holders of the Pooling REMIC Residual Interest.
(2) Any amounts remaining in the Subaccounts on any
Distribution Date after all distributions required to be made by this Pooling
and Servicing Agreement have been made, and any amounts remaining in the Issuing
REMIC after payment in full of the Regular Interests therein and any
administrative expenses associated with the Trust, will be distributed to the
Holders of the Issuing REMIC Residual Interest.
Section 6. Capitalized Interest Account.
(a) On or before the Closing Date, the Trustee shall establish a
capitalized interest account (the "Capitalized Interest Account"), which must be
an Eligible Account. The Capitalized Interest Account is to be held by and for
the benefit of the Trustee on behalf of the Certificateholders, and shall be
either in the Trustee's name or designated in a manner that reflects the
custodial nature of the account and that all funds (including investment
earnings thereon) in such account are held for the benefit of the Trustee.
(b) On or before the Closing Date, OMI shall deposit $551,444 in the Capitalized
Interest Account. The Trustee shall, on the Business Day immediately preceding
each Capitalized Interest Account Distribution Date, withdraw the Capitalized
Interest Account Withdrawal Amount (as calculated by the Servicer and set forth
in the related Remittance Report pursuant to Section
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9(a)(9)), if any, from the Capitalized Interest Account, and shall deposit the
Capitalized Interest Account Withdrawal Amount into the Distribution Account, in
order to pay:
(i) first, any deficiency in the Available Distribution
Amount to pay the related Interest Distribution
Amount and any related Carryover Interest
Distribution Amount for the Class A Certificates for
such Distribution Date,
(ii) second, any deficiency in the Available Distribution
Amount to pay the related Interest Distribution
Amount and any related Carryover Interest
Distribution Amount for the Class M-1 Certificates
for such Distribution Date,
(iii) third, any deficiency in the Available Distribution
Amount to pay the related Interest Distribution
Amount and any related Carryover Interest
Distribution Amount for the Class M-2 Certificates
for such Distribution Date,
(iv) fourth, any deficiency in the Available Distribution
Amount to pay the related Interest Distribution
Amount and any related Carryover Interest
Distribution Amount for the Class B-1 Certificates
for such Distribution Date, and
(v) fifth, any deficiency in the Available Distribution
Amount to pay the related Interest Distribution
Amount and any related Carryover Interest
Distribution Amount for the Class B-2 Certificates
for such Distribution Date.
(c) The Capitalized Interest Account shall be part of the Trust, but
not part of the Pooling REMIC or the Issuing REMIC. The Trustee, on behalf of
the Trust, shall be the legal owner of the Capitalized Interest Account. OMI
shall be the beneficial owner of the Capitalized Interest Account, subject to
the foregoing power of the Trustee to transfer amounts in the Capitalized
Interest Account to the Distribution Account. Funds in the Capitalized Interest
Account shall, at the direction of the Servicer, be invested in Eligible
Investments that mature no later than the Business Day prior to the related
Capitalized Interest Account Distribution Date. All amounts earned on deposits
in the Capitalized Interest Account shall be taxable to OMI. The Trustee shall
release to OMI all investment earnings in the Capitalized Interest Account upon
written notice from an officer of OMI to the Trustee that all of the Subsequent
Assets have been transferred to the Trust. The Capitalized Interest Account
shall be an "outside reserve fund" within the meaning of Treasury regulation
section 1.806G-2(h). The owner of the Capitalized Interest Account for tax
purposes shall be OMI. For all federal tax purposes, amounts transferred by
either the Pooling REMIC or the Issuing REMIC to the Capitalized Interest
Account shall be treated as amounts distributed by the applicable REMIC to OMI.
The Trustee shall release to OMI all funds remaining in the Capitalized
Interest Account on the Distribution Date immediately following the final
transfer of Subsequent Assets to the Trust upon written notice from an officer
of OMI to the Trustee (which may be contained in the Notice and Direction to the
Trustee under Section 8(b)(1)) that all of the Subsequent Assets have been
transferred to the Trust.
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Section 7. Allocation of Writedown Amounts.
On each Distribution Date, after all required distributions have been
made on the Certificates pursuant to Section 5 above, the Writedown Amount, if
any, shall be allocated on such Distribution Date in the following manner and in
the following order of priority:
(a) First, to the Class B-2 Subaccount, to be applied in reduction of
the Adjusted Subaccount Principal Balance of such Subaccount, until the
Adjusted Subaccount Principal Balance has been reduced to zero;
(b) Second, to the Class B-1 Subaccount, to be applied in reduction of
the Adjusted Subaccount Principal Balance of such Subaccount, until the
Adjusted Subaccount Principal Balance has been reduced to zero;
(c) Third, to the Class M-2 Subaccount, to be applied in reduction of
the Adjusted Subaccount Principal Balance of such Subaccount, until the
Adjusted Subaccount Principal Balance has been reduced to zero; and
(d) Finally, to the Class M-1 Subaccount, to be applied in reduction of
the Adjusted Subaccount Principal Balance of such Subaccount, until the
Adjusted Subaccount Principal Balance has been reduced to zero;
(e) Writedown Amounts allocated to the Class B-2, Class B-1, Class M-2
and Class M-1 Subaccounts pursuant to this Section 7 shall be allocated
to the Class B-2, Class B-1, Class M-2 and Class M-1 Certificates,
respectively, until the Adjusted Certificate Principal Balance of each
such Class has been reduced to zero.
Section 8. Pre-Funding Account.
(a) On or before the Closing Date, the Trustee shall establish a
pre-funding account (the "Pre-Funding Account"), which must be an Eligible
Account. The Pre-Funding account is to be held by and for the benefit of the
Trustee on behalf of the Certificateholders, and shall be either in the
Trustee's name or designated in a manner that reflects the custodial nature of
the account and that all funds (excluding investment earnings thereon) in such
account are held for the benefit of the Trustee.
(b) On or before the Closing Date, OMI shall deposit $52,002,500 in the
Pre-Funding Account. Amounts on deposit in the Pre-Funding Account shall be
withdrawn by the Trustee as follows:
(1) Pursuant to and in accordance with the Sales Agreement and
a notice of direction from an officer of OMI substantially in the form
of Exhibit PF herein, on any Subsequent Transfer Date, the Trustee
shall withdraw an amount equal to 100% of the
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Scheduled Principal Balance as of the related Subsequent Transfer Date
of each Subsequent Asset transferred and assigned to the Trustee on
such Subsequent Transfer Date and pay such amount to or upon the order
of OMI with respect to such transfer and assignment.
(2) On each Subsequent Transfer Date, OMI shall sell to the
Trustee, without recourse, the Subsequent Assets referred to on the
related Exhibit PF pursuant to the provisions of Article II of the
Standard Terms, and this Agreement. On each Subsequent Transfer Date
Servicer shall execute and deliver a Servicer Custodial Certification
pursuant to Section 2.02(b) of the Standard Terms, and the Trustee
shall execute and deliver an Initial Certification pursuant to Section
2.03(c)(1) of the Standard Terms.
(3) On the last day of the Pre-Funding Period, the Trustee
shall deposit into the Distribution Account any amounts then remaining
in the Pre-Funding Account, net of investment earnings, which amounts
shall be included in the Available Distribution Amount for the next
Distribution Date and distributed as an additional prepayment of
principal to Certificateholders in accordance with the Remittance
Report prepared by the Servicer then entitled to such distributions.
(c) The Pre-Funding Account shall be part of the Trust, but not part of
the Pooling REMIC or the Issuing REMIC. The Trustee, on behalf of the Trust,
shall be the legal owner of the Pre-Funding Account. OMI shall be the beneficial
owner of the Pre-Funding Account, subject to the foregoing power of the Trustee
to transfer amounts in the Pre-Funding Account to the Distribution Account.
Funds in the Pre-Funding Account shall, at the direction of the Servicer, be
invested in Eligible Investments that mature no later than the Business Day
prior to the next occurring Distribution Date. All amounts earned on deposits in
the Pre-Funding Account shall be taxable to OMI. The Trustee shall release to
OMI all investment earnings in the Pre-Funding Account on the Business Day
immediately following the end of the Pre-Funding Period.
(d) Each Subsequent Asset acquired by the Trust with funds from the
Pre-Funding Account shall be acquired pursuant to a fixed price contract within
the meaning of Section 860G(a)(3)(A)(ii) of the Internal Revenue Code of 1986,
as amended.
Section 9. Remittance Reports.
(a) The Remittance Report for each Distribution Date shall identify the
following items, in addition to the items specified in Section 4.01 of the
Standard Terms:
(1) the Interest Distribution Amount for each Class of the Certificates
for such Distribution Date (which shall equal the Priority Interest
Distribution Amount for the Corresponding Subaccount) and the Carryover
Interest Distribution Amount, as well as any Writedown Interest
Distribution Amount and any Carryover Writedown Interest Distribution
Amount, for each Class of the Certificates for such Distribution Date,
and the amount of interest of each
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such category to be distributed on each such Class based upon the
Available Distribution Amount for such Distribution Date;
(2) the amount to be distributed on such Distribution Date on each
Class of the Certificates to be applied to reduce the Certificate
Principal Balance of such Class (which will be equal to the amount to
be allocated on such Distribution Date on the Corresponding Subaccount
to be applied to reduce the Subaccount Principal Balance of such
Subaccount), separately identifying any portion of such amount
attributable to any prepayments, the amount to be distributed to reduce
the Principal Distribution Shortfall Carryover Amount on each such
Class based upon the Available Distribution Amount for such
Distribution Date and separately identifying any Accelerated Principal
Distribution Amount to be distributed on the Certificates, the Current
Overcollateralization Amount and the Target Overcollateralization
Amount.
(3) the aggregate amount, if any, to be distributed on the Residual
Certificates;
(4) the amount of any Writedown Amounts to be allocated to reduce the
Certificate Principal Balance of any Class of Subordinated Certificates
(which will be equal to the amount of any Writedown Amount to be
allocated to the Corresponding Subaccount) on such Distribution Date;
(5) the Certificate Principal Balance of each Class of the Certificates
(which will be equal to the Subaccount Principal Balance of the
Corresponding Subaccount) and the Adjusted Certificate Principal
Balance of each Class of the Offered Subordinated Certificates (which
will be equal to the Adjusted Subaccount Principal Balance of the
Corresponding Subaccount) after giving effect to the distributions to
be made (and any Writedown Amounts to be allocated) on such
Distribution Date;
(6) the aggregate Interest Distribution Amount remaining unpaid, if
any, and the aggregate Carryover Interest Distribution Amount remaining
unpaid, if any, for each Class of Certificates (which will be equal to
the Priority Interest Distribution Amount and Carryover Interest
Distribution Amount remaining unpaid on the Corresponding Subaccount),
after giving effect to all distributions to be made on such
Distribution Date;
(7) the aggregate Writedown Interest Distribution Amount remaining
unpaid, if any, and the aggregate Carryover Writedown Interest
Distribution Amount remaining unpaid, if any, for each Class of
Certificates (which will be equal to such amounts remaining unpaid on
the Corresponding Subaccount), after giving effect to all distributions
to be made on such Distribution Date;
(8) the aggregate Principal Distribution Shortfall Carryover Amount
remaining unpaid, if any, for each Class of Certificates, after giving
effect to the distributions to be made on such Distribution Date; and
(9) the Pre-Funded Amount, if any, in the Pre-Funding Account on such
Distribution Date, the amount of funds, if any, used to purchase
Subsequent Assets during the Pre-
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Funding Period, the Capitalized Interest Account Withdrawal Amount and
the amount of funds, if any, allocated as a prepayment of principal at
the end of the Pre-Funding Period.
In the case of information furnished pursuant to clauses (1), (2) and
(3) above, the amounts shall be expressed, with respect to any Class A, Class M
or Class B Certificate, as a dollar amount per $1,000 denomination.
The Trustee may make available to all applicable parties, via the
Trustee's Internet Website, all Remittance Reports or other reports to be
delivered by the Trustee which are available each month and, with the consent or
at the direction of the Servicer, such other information regarding the
Certificates and/or the Assets as the Trustee may have in its possession, but
only with the use of a password provided by the Trustee or its agent to such
Person upon receipt by the Trustee from such Person of a certification in the
form of Exhibit RR; provided, however, that the Trustee or its agent shall
provide such password to the parties to this Agreement and the Rating Agency
without requiring such certification. The Trustee will make no representation or
warranties as to the accuracy or completeness of such documents and will assume
no responsibility therefor.
The Trustee's Internet Website shall be initially located at
"www.ABSNet.net" or at such other address as shall be specified by the Trustee
from time to time in writing to the applicable parties. In connection with
providing access to the Trustee's Internet Website, the Trustee may require
registration and the acceptance of a disclaimer. The Trustee shall not be liable
for the dissemination of information in accordance with this Agreement.
(b) In addition to making available a copy of the related Remittance
Report to each Certificateholder on each Distribution Date in accordance with
Section 4.01 of the Standard Terms, on each Distribution Date, the Trustee shall
make available a copy of the related Remittance Report to the Underwriters (to
the attention of the person, if any, reported to the Trustee by the
Underwriters) and to The Bloomberg (to the person, if any specified to the
Trustee by Credit Suisse First Boston Corporation). The Trustee shall not be
obligated to make available any Remittance Report to The Bloomberg unless and
until Credit Suisse First Boston Corporation shall have notified the Trustee in
writing of the name and address to which such reports are to be made available,
which notice, once delivered, will be effective for all Distribution Dates after
the date such notice is received by the Trustee unless and until superseded by a
subsequent notice.
Section 10. Limited Right of Servicer to Retain Servicing Fees from
Collections.
The Servicer may retain its Servicing Fee and any other servicing
compensation provided for herein and in the Standard Terms from gross interest
collections on the Assets prior to depositing such collections into the
Certificate Account; provided, however, that OAC as Servicer may only so retain
its Servicing Fee in respect of a Distribution Date from gross interest
collections on the Assets to the extent that the amounts on deposit in the
Certificate Account and attributable to the Available Distribution Amount for
such Distribution Date exceed the sum of all amounts to be allocated and
distributed on such Distribution Date pursuant to clauses (i) through (xi) under
Section 5(b) hereof.
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Section 11. Modifications of Standard Terms.
The following modifications to the Standard Terms shall be in effect
with respect to this Trust only.
(a) Section 1.01 of the Standard Terms is hereby amended as
follows:
(i) the definition of "Available Distribution Amount" is
hereby amended by deleting the definition thereof and
replacing such definition in its entirety as follows:
"Available Distribution Amount": For each
Distribution Date for a Series of Certificates, the
amount on deposit in the related Distribution Account
at the commencement of business on such Distribution
Date, less the amounts distributable from the
Distribution Account in accordance with clauses (1A),
(1) through (4) of Section 4.03 hereof and the
Interest Deficiency Amount or portion thereof, if
any, paid from collections on the preceding
Distribution Date.
(ii) the definition of "Eligible Investments" is hereby
amended by inserting the following sentence at the
beginning of the final paragraph thereof:
"Each Eligible Investment may be purchased by the
Trustee or through an Affiliate of the Trustee."
(iii) sub-section (e) to the definition of "Mortgage Loan
Documents" is hereby amended by deleting the
definition thereof and replacing such definition in
its entirety as follows:
(e) an original Title Insurance Policy or,
if such policy has not yet been issued or is
otherwise not available, (1) a written commitment to
issue such policy issued by the applicable title
insurance company and an officer's certificate of the
related Seller certifying that all of the
requirements specified in such commitment have been
satisfied, (2) a preliminary title report if the
related Mortgaged Property is located in a state in
which preliminary title reports are acceptable
evidence of title insurance, (3) a certificate of an
officer of the Seller certifying that a Title
Insurance Policy is in full force and effect as to
the related Mortgage and that such Title Insurance
Policy is freely assignable to and will inure to the
benefit of the Trustee (subject to recordation of the
related Assignment of Mortgage) or (4) an Opinion of
Counsel with respect to the title of the related
Mortgaged Property;
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(iv) the definition of "Pool Scheduled Principal Balance"
is hereby amended by adding the phrase ", and the
Pre-Funded Amount, if any" at the end of the first
sentence thereof.
(v) the definition of "Principal Distribution Amount" is
hereby amended by adding the phrase "less (e) the
Overcollateralization Reduction Amount" after the
final parenthetical therein.
(vi) the definition of "Servicing Fee" is hereby amended
by adding the following to the end of such
definition:
"; provided, however, that on each Distribution Date
on which Oakwood Acceptance Corporation is not the
Servicer, the Servicing Fee shall also include the
Supplemental Servicing Fee."
(b) Section 2.03(c)(1) of the Standard Terms is hereby deleted in its
entirety and replaced by the addition of the following:
(1) Initial Certification. The Trustee
shall, for the benefit of the Certificateholders for
any Series, review each related Trustee Mortgage Loan
File prior to the related Closing Date to ascertain
that all documents required to be included, (based
upon an electronic file delivered by the Servicer) in
the Trustee Mortgage Loan File are included therein,
and shall deliver to OMI and the Servicer on such
Closing Date an Initial Certification with respect to
each underlying Mortgage Loan (except any Mortgage
Loan that has been liquidated or purchased from the
related Trust prior to such Closing Date) to the
effect that, except as specifically noted on a
schedule of exceptions thereto, (A) all documents
required to be contained in the Trustee Mortgage Loan
File are in its possession, (B) such documents have
been reviewed by it and appear regular on their face
and relate to such Mortgage Loan, and (C) based on
its examination and only as to the foregoing
documents, the information set forth on the related
Mortgage Loan Schedule accurately reflects
information set forth in the Trustee Mortgage Loan
File.
(c) Section 3.02(c) of the Standard Terms is hereby amended by adding
the following sentence to the end of such Section.
The Servicer shall remit to the Trustee each month along with
the Remittance Report a monthly data file identifying all
collection activity for the related Collection Period on an
Asset level basis (the Servicer may combine such data from
various Trusts in one data file, as long as such data file
allows the Trustee to identify Assets according to their
Trust).
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(d) Section 3.13(b) of the Standard Terms is hereby amended by adding
the following to the end of such Section.
In the event such independent public accountants require the
Trustee to agree to the procedures to be performed by such
firm in any of the reports required to be prepared pursuant to
this Section 3.13, the Servicer shall direct the Trustee in
writing to so agree; it being understood and agreed that the
Trustee will deliver such letter of agreement in conclusive
reliance upon the direction of the Servicer, and the Trustee
has not made any independent inquiry or investigation as to,
and shall have no obligation or liability in respect of, the
sufficiency, validity or correctness of such procedures.
(e) Section 4.01(1) of the Standard Terms is hereby amended by
deleting:
(i) in subsection F, the words "respectively,";
(ii) in subsection G, the words ", stated separately,";
(iii) in subsection I, the words ", stated separately," in
both places where it appears;
(iv) in subsection J, the words ", stated separately,";
(v) in subsection K, the words ", stated separately,".
(e) Section 4.03 of the Standard Terms is hereby amended by adding the
following clause (1A) thereto, which shall be inserted prior to clause (1)
thereof.
(1A) to pay itself its monthly Trustee Fee;
(f) Section 4.05 of the Standard Terms is hereby amended by deleting
the words "on the second Business Day", and by adding the words "pursuant to the
Clearing Agency's current guidelines" immediately prior to the proviso therein.
(g) Section 5.05(a) of the Standard Terms is hereby amended by the
addition of the following to the end of the first paragraph thereof:
"Notwithstanding the foregoing, unless a Class B-2 Certificate
is transferred to OMI, an Affiliate of OMI or Person involved
in the organization or operation of a trust to be formed by
OMI or its Affiliate (each, a "Related Holder") (in which case
the foregoing shall apply), no Rule 144A Agreement, Transferee
Agreement or Opinion of Counsel shall be required in
connection with any Class B-2 Certificate and the transfer
restrictions contained below shall apply to the acquisition,
holding and disposition of all such Class B-2 Certificates by
the Beneficial Owners thereof.
TRANSFER RESTRICTIONS
The B-2 Certificates have not been registered under the Securities Act
and may not be offered or sold within the United States or to, for the account
or benefit of, U.S. persons (as defined in
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Regulation S under the Securities Act) except to (i) qualified institutional
buyers in reliance on the exemption from the registration requirements of the
Securities Act provided by Rule 144A, or (ii) a Related Holder in reliance on an
exemption from the registration requirements of the Securities Act.
Each purchaser of the B-2 Certificates, other than a Related Holder,
will be deemed to have represented and agreed as follows (terms used in this
paragraph that are defined in Rule 144A or Regulation S under the Securities Act
are used herein as defined therein):
(1) the purchaser (A) is a qualified institutional buyer ("QIB"), (B)
is aware that the sale to it is being made in reliance on Rule 144A and (C) is
acquiring such B-2 Certificates for its own account or for the account of a QIB.
(2) the purchaser understands that the B-2 Certificates are being
offered in a transaction not involving any public offering in the United States
within the meaning of the Securities Act, that the B-2 Certificates have not
been and will not be registered under the Securities Act and that (A) if in the
future it decides to offer, resell, pledge or otherwise transfer any of the B-2
Certificates such B-2 Certificates may be offered, resold, pledged or otherwise
transferred only (i) in the United States to a person whom the seller reasonably
believes is a QIB in a transaction meeting the requirements of Rule 144A, (ii)
pursuant to an exemption from registration under the Securities Act provided by
Rule 144A(if available) or (iii) pursuant to an effective registration statement
under the Securities Act, in each of cases (i) through (iii) in accordance with
any applicable securities laws of any State of the United States, and that (B)
the purchaser will, and each subsequent holder is required to, notify any
subsequent purchaser of such B-2 Certificates from it of the resale restrictions
referred to in (A) above.
(3) The purchaser understands that the B-2 Certificates will, until the
expiration of the applicable holding period with respect to the B-2 Certificates
set forth in clause (k) of Rule 144 promulgated under the Securities Act, unless
otherwise agreed by the Company and the Certificateholder, bear a legend
substantially to the following effect:
THIS CERTIFICATE (OR ITS PREDECESSOR) WAS ORIGINALLY ISSUED IN A TRANSACTION
EXEMPT FROM REGISTRATION UNDER THE UNITED STATES SECURITIES ACT OF 1933 (THE
"SECURITIES ACT"), AND THIS CERTIFICATE MAY NOT BE OFFERED, SOLD OR OTHERWISE
TRANSFERRED IN THE ABSENCE OF (A) SUCH REGISTRATION, (B) THE EXEMPTION THEREFROM
WITH RESPECT TO TRANSFERS TO OAKWOOD MORTGAGE INVESTORS, INC. ("OMI"), AN
AFFILIATE OF OMI OR A PERSON INVOLVED IN THE ORGANIZATION OR OPERATION OF A
TRUST TO BE FORMED BY OMI OR ITS AFFILIATE (EACH, A "RELATED HOLDER"), OR (C)
THE EXEMPTION THEREFROM PROVIDED BY RULE 144A THEREUNDER. EACH PURCHASER OF THIS
CERTIFICATE IS HEREBY NOTIFIED THAT THE SELLER OF THIS CERTIFICATE IS RELYING ON
THE EXEMPTION FROM THE PROVISIONS OF SECTION 5 OF THE SECURITIES ACT PROVIDED BY
RULE 144A THEREUNDER.
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THE HOLDER OF THIS CERTIFICATE AGREES FOR THE BENEFIT OF THE COMPANY THAT (A)
THIS CERTIFICATE MAY BE OFFERED, RESOLD, PLEDGED OR OTHERWISE TRANSFERRED ONLY
(I) IN THE UNITED STATES TO A PERSON WHOM THE SELLER REASONABLY BELIEVES IS A
QUALIFIED INSTITUTIONAL BUYER (AS DEFINED IN RULE 144A UNDER THE SECURITIES ACT)
IN A TRANSACTION MEETING THE REQUIREMENTS OF RULE 144A, (II) PURSUANT TO AN
EXEMPTION FROM REGISTRATION UNDER THE SECURITIES ACT PROVIDED BY RULE 144A
THEREUNDER (IF AVAILABLE), (III) IN THE UNITED STATES TO A RELATED HOLDER
PURSUANT TO AN EXEMPTION FROM REGISTRATION UNDER THE SECURITIES ACT, OR (IV)
PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT. IN
EACH OF CASES (I) THROUGH (IV) IN ACCORDANCE WITH ANY APPLICABLE SECURITIES LAWS
OF ANY STATE OF THE UNITED STATES, AND (B) THE HOLDER WILL, AND EACH SUBSEQUENT
HOLDER IS REQUIRED TO, NOTIFY ANY PURCHASER OF THIS CERTIFICATE FROM IT OF THE
RESALE RESTRICTIONS REFERRED TO IN (A) ABOVE.
(h) Section 5.07(b) of the Standard Terms is hereby amended by deleting
the proviso therein.
(i) Section 6.03 of the Standard Terms is hereby amended by the
addition of the following Subsection 6.03 (i) thereof:
(i) Within 30 calendar days following the Closing Date,
the Servicer shall submit to the Trustee a
questionnaire regarding its servicing operations,
completed to the reasonable satisfaction of the
Trustee. The Servicer shall permit the Trustee to
perform a review of the Servicer's servicing
operations at least once per calendar year. The
Servicer agrees to develop a backup servicing plan
with the Trustee within 90 calendar days following
the Closing Date that will address information and
resource considerations necessary to effectively
transfer servicing in accordance with Section 7.02
hereof, which plan may be amended by the Servicer and
the Trustee from time to time.
(j) Section 6.07(a) of the Standard Terms is hereby amended by the
addition of the following language at the end of the first sentence thereof:
;provided, however, that the Trustee may subservice
any and all of its duties and responsibilities as a
successor Servicer hereunder should the Trustee become
the successor Servicer
(k) Section 7.02 of the Standard Terms is hereby amended by
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(i) in the second sentence thereof, inserting the clause ",
including the Supplemental Servicing Fee," between the
parenthetical ending with the word "otherwise)" and the word
"as";
(ii) at the end of the third sentence thereof, adding the
clause "; provided that (i) the Trustee may modify the
successor Servicer's duties under the Pooling and Servicing
Agreement without the consent of the Certificateholders to the
extent such modifications are not material and necessary to
enable the successor Servicer to service the Assets, (ii) the
successor Servicer need not service the assets in conformity
with the FNMA guidelines, and (iii) the successor Servicer
need not submit a questionnaire to the Trustee as may be
required by the Pooling and Servicing Agreement";
(iii) at the end of the fourth sentence, adding the clause
"except as modified by the Trustee pursuant to the preceding
sentence";
(iv) deleting the sixth sentence thereof in its entirety and
replacing it with the following:
Notwithstanding any of the foregoing, the successor Servicer
shall not be required to purchase any Assets from the Trust
pursuant to these Standard Terms (including, without
limitation, any repurchase required by Section 3.09(a)
hereinabove) except (i) under Section 2.06(a)(2) hereof to the
extent the obligation to repurchase arose out of a breach of a
representation, warranty or covenant by the successor Servicer
and (ii) under Section 2.06(b) hereof to the extent the
Servicer's obligation to effect remedial action as described
in such Section arose after the successor Servicer began
serving as Servicer.
(v) inserting the following at the end of the first paragraph:
No successor Servicer shall have (i) any liability with
respect to any obligation which was required to be performed
by the predecessor Servicer prior to the date that the
successor Servicer becomes the Servicer, including but not
limited to any indemnification obligations of the predecessor
Servicer; (ii) any liability for errors or omissions that are
the result of its receipt of incomplete, insufficient or
incorrect information provided by the Trustee, the predecessor
Servicer or their respective agents; (iii) the obligation to
repurchase any defective assets (other than as set forth
above); and (iv) any obligation to pay any third party's fees
and expenses involved in the transfer of servicing. The
successor Servicer shall not be liable to the Trust or any
Certificateholders for any action or omission taken by it in
good faith pursuant to the Pooling and Servicing Agreement
unless such action or inaction constitutes gross negligence or
willful misconduct.
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(vi) inserting the clause ", including the Supplemental
Servicing Fee" at the end of the first sentence of the second
paragraph.
(vii) inserting the following as a new paragraph at the end of
such section:
Notwithstanding anything else herein to the contrary,
in no event shall the Trustee be liable for any Servicing Fee
(including any Supplemental Servicing Fee). In addition,
notwithstanding anything else herein to the contrary, if Wells
Fargo Bank Minnesota, National Association becomes the
successor Servicer it shall have no obligation to purchase
Assets from the Trust.
(l) Section 8.01 of the Standard Terms is hereby amended by (a) the
replacement of the word "The" for the phrase "Except as specifically required
herein, the", and (b) the addition of the words "as Trustee" between the words
"services" and "hereunder" in the last paragraph thereof.
(m) Section 9.01 of the Standard Terms is hereby amended by the
addition of the following Subsection 9.01 (f) thereof:
(f) The Trustee is entitled to seek direction from
Certificateholders prior to taking any action
contemplated hereunder.
(n) Section 10.01(f) of the Standard Terms is hereby amended by (1) the
addition of the words "(i) result in the imposition of a tax on the REMIC or
(ii)" between the words "could" and "endanger" and (2) the addition of the words
"result in the imposition of such a tax or" between the words "will not" and
"endanger."
(o) Section 11.06(b) of the Standard Terms is hereby amended by the
addition of the words "Pre-Funding Account, Capitalized Interest Account,"
following the word "related" but before the phrase "Certificate Account."
(p) Section 11.07(a) of the Standard Terms is hereby amended by the
addition of the words "or make available electronically" between the words
"provide" and "notice."
Section 12. REMIC Administration.
(a) For purposes of the REMIC Provisions, all of the Certificates
(except the Residual Certificates) will be designated as the "regular interests"
in the Issuing REMIC. The Subaccounts will be designated as the "regular
interests" in the Pooling REMIC, the Class R Certificates will be designated as
the "residual interest" in each of the Issuing REMIC and the Pooling REMIC and,
following the division of the Class R Certificates into two separately
transferable, certificated and fully registered certificates in accordance with
Section 12(b) below, the Class R-1 Certificates will be designated as the
"residual interest" in the Issuing REMIC and the Class R-2 Certificates will be
designated as the "residual interest" in the Pooling REMIC.
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<PAGE>
(b) Upon the request of any registered Holder of a Class R Certificate,
the Trustee shall issue to such Holder two separately transferable, certificated
and fully registered Certificates (a Class R-1 Certificate and a Class R-2
Certificate), in substantially the forms of Exhibit R-1 and Exhibit R-2 attached
hereto. In the event that the Class R Certificates are exchanged for separately
transferrable Class R-1 and Class R-2 Certificates: (1) the Class R-1
Certificates will be designated as the residual interest in the Issuing REMIC,
(2) the Class R-2 Certificates will be designated as the residual interest in
the Pooling REMIC, and (3) the restrictions on the transfer of a Residual
Certificate provided in the Standard Terms will apply to both the Class R-1 and
the Class R-2 Certificates.
Section 13. Auction Call.
(a) If the Servicer does not exercise its optional termination right as
described in Section 9.01 of the Standard Terms within 90 days after it first
becomes entitled to do so, the Trustee shall use commercially reasonable efforts
to solicit bids for the purchase of all Assets, REO Properties and Repo
Properties remaining in the Trust from no fewer than two prospective purchasers
that it believes to be Qualified Bidders. If OAC is then the Servicer of the
Assets, the solicitation of bids shall be conditioned upon the continuation of
OAC as the Servicer of the Assets on terms and conditions substantially similar
to those in the Pooling and Servicing Agreement, except that it shall not be
required to pay Compensating Interest or make Advances.
(b) If the Trustee receives bids from at least two Qualified Bidders
and the net proceeds of the highest bid are equal to or greater than the
Termination Price, the Trustee shall promptly advise the Servicer of the highest
bid and the terms of purchase, and the Servicer shall have three Business Days,
at its option, to match the terms of such bid. The Trustee shall thereafter sell
the Assets, REO Properties and Repo Properties either (i) to the Servicer, if it
shall so elect, or (ii) to the highest bidder, and in either case the Trustee
shall distribute the net proceeds of such sale in redemption of the Certificates
in compliance with Article IX of the Standard Terms and Section 5 hereof. Any
such sale must also comply with the requirements applicable to a Terminating
Purchase set forth in Section 9.02 of the Standard Terms.
(c) Any costs incurred by the Trustee in connection with such sale
(including without limitation any legal opinions or consents required by Section
9.02 of the Standard Terms) shall be deducted from the bid price of the Assets,
REO Properties and Repo Properties in determining the net proceeds therefrom.
(d) If the Trustee does not obtain bids from at least two Qualified
Bidders, or does not receive a bid such that the net proceeds therefrom would at
least equal the Termination Price, it shall not sell the Assets, REO Properties
and Repo Properties, and shall thereafter have no obligation to attempt to sell
same.
(e) The Servicer shall cooperate with and provide necessary information
to the Trustee in connection with any auction sale as described herein.
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Section 14. Voting Rights.
The Voting Rights applicable to the Certificates shall be allocated
0.5% to the Class R Certificates, 0.5% to the Class X Certificates and 99% to
the other Certificates in proportion with their respective Certificate Principal
Balance.
Section 15. Governing Law.
The Pooling and Servicing Agreement shall be construed in accordance
with and governed by the laws of the State of North Carolina applicable to
agreements made and to be performed therein. The parties hereto agree to submit
to the personal jurisdiction of all federal and state courts sitting in the
State of North Carolina and hereby irrevocably waive any objection to such
jurisdiction. In addition, the parties hereto hereby irrevocably waive any
objection that they may have to the laying of venue of any suit, action or
proceeding arising out of or relating to this Agreement in any federal or state
court sitting in the State of North Carolina, and further irrevocably waive any
claim that any such suit, action or proceeding brought in any such court has
been brought in an inconvenient forum.
Section 16. Forms of Certificates.
Each of the Schedules and Exhibits attached hereto or referenced herein
are incorporated herein by reference as contemplated by the Standard Terms. Each
Class of Certificates shall be in substantially the related form attached
hereto, as set forth in the Index to Schedules and Exhibits attached hereto.
Section 17. Counterparts.
This Pooling and Servicing Agreement 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 18. Entire Agreement.
This Pooling and Servicing Agreement constitutes the entire agreement
among the parties hereto with respect to the subject matter hereof, and fully
supersedes any prior or contemporaneous agreements relating to such subject
matter.
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<PAGE>
IN WITNESS WHEREOF, OMI, the Servicer and the Trustee have caused this
Pooling and Servicing Agreement to be duly executed by their respective officers
thereunto duly authorized and their respective signatures duly attested all as
of the day and year first above written.
OAKWOOD MORTGAGE INVESTORS, INC.
By: /s/ Dennis Hazelrigg
----------------------------------------
Name: Dennis W. Hazelrigg
Title: President
OAKWOOD ACCEPTANCE CORPORATION
By: /s/ Douglas R. Muir
----------------------------------------
Name: Douglas R. Muir
Title: Vice President
WELLS FARGO BANK MINNESOTA, NATIONAL ASSOCIATION,
as Trustee
By: /s/ Timothy Matyi
------------------------------
Name: Timothy Matyi
Title: Assistant Vice President
S-37
<PAGE>
STATE OF ARIZONA )
) s.
COUNTY OF MARICOPA )
The foregoing instrument was acknowledged before me in the County of
Maricopa this 19 day of December 2000, by Dennis W. Hazelrigg, President of
Oakwood Mortgage Investors, Inc., a Nevada corporation, on behalf of the
corporation.
/s/ Patricia A. Greene
-------------------------------
Notary Public
My Commission expires: 02-12-03
---------------------
S-38
<PAGE>
STATE OF NORTH CAROLINA )
) s.
COUNTY OF GUILFORD )
The foregoing instrument was acknowledged before me in the County of
Guilford this 19 day of December 2000, by Douglas R. Muir, Vice President of
Oakwood Acceptance Corporation, a North Carolina corporation, on behalf of the
corporation.
/s/ Dena E. Bailey
-------------------------------
Notary Public
My Commission expires: 11-30-05
---------------------
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<PAGE>
STATE OF MINNESOTA )
) s.
CITY OF MINNEAPOLIS )
The foregoing instrument was acknowledged before me in the City of
Minneapolis, this 21 day of December 2000, by Timothy Matyi, Assistant
Vice-President of Wells Fargo Bank Minnesota, National Association, a national
banking association, on behalf of the association.
/s/ James J. Janus
-------------------------------
Notary Public
My Commission expires: 01-31-05
---------------------
S-40
<PAGE>
INDEX TO SCHEDULES AND EXHIBITS
Schedule IA Initial Contract Schedule
Schedule IB Initial Mortgage Loan Schedule
Schedule IIA Subsequent Contract Schedule
Schedule IIB Subsequent Mortgage Loan Schedule
Exhibit A-1 Form of Class A-1 Certificate
Exhibit A-2 Form of Class A-2 Certificate
Exhibit A-3 Form of Class A-3 Certificate
Exhibit A-4 Form of Class A-4 Certificate
Exhibit M-1 Form of Class M-1 Certificate
Exhibit M-2 Form of Class M-2 Certificate
Exhibit B-1 Form of Class B-1 Certificate
Exhibit B-2 Form of Class B-2 Certificate
Exhibit X Form of Class X Certificate
Exhibit R Form of Class R Certificate
Exhibit PF Form of Notice and Direction to Trustee under Section 8(b)(1)
Exhibit RR Investor Certification to the Trustee under Section 9(a)
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<PAGE>
SCHEDULE IA
Initial Contract Schedule
(See Schedule IA to the Sales Agreement - Tab 19)
S-42
<PAGE>
SCHEDULE IB
Initial Mortgage Loan Schedule
(See Schedule IB to the Sales Agreement - Tab 19)
S-43
<PAGE>
SCHEDULE IIA
Subsequent Contract Schedule
To be added from time to time on each Subsequent Transfer Date
S-44
<PAGE>
SCHEDULE IIB
Subsequent Mortgage Loan Schedule
To be added from time to time on each Subsequent Transfer Date
S-45
<PAGE>
EXHIBIT PF
Form of Notice and Direction to Trustee under Section 8(b)(1)
----------
date
Wells Fargo Bank Minnesota,
National Association, as Trustee
[Address]
Attention:________________
Oakwood Mortgage Investors, Inc., Series 2000-D
Notification and Direction to the Trustee Regarding
Transfer of Subsequent Assets to the Trust
Ladies and Gentlemen:
Pursuant to Section 8(b)(1) of the Pooling and Servicing Agreement,
dated as of December 1, 2000, by and among Oakwood Mortgage Investors, Inc., a
Nevada corporation ("OMI"), Oakwood Acceptance Corporation, a North Carolina
corporation, and Wells Fargo Bank Minnesota, National Association, as Trustee
(the "Trustee"), the undersigned hereby notify and direct you, as Trustee, that
on ___________, 2000 (the "Subsequent Transfer Date") OMI will transfer to the
Trustee on behalf of the Trust the additional assets identified on Schedule A
attached hereto (the "Subsequent Assets") with a principal balance as of the
Subsequent Transfer Date of $______________ (the "Subsequent Asset Balance"). In
consideration for the delivery by OMI to the Trust of the Subsequent Assets, the
undersigned hereby direct you to withdraw an amount from the Pre-Funding Account
equal to the Subsequent Asset Balance on the Subsequent Asset Transfer Date and
pay such amount to or upon the order of OMI with respect to this transfer and
assignment. Capitalized terms used but not defined herein shall have the
meanings assigned to such terms in the Pooling and Servicing Agreement.
OAKWOOD MORTGAGE INVESTORS, INC.
By:_____________________________
Name:___________________________
Title:__________________________
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<PAGE>
EXHIBIT RR
Investor Certification to the Trustee under Section 9(a)
_______ __, 20__
Wells Fargo Bank Minnesota,
National Association
MAC N9311-161
Sixth Street and Marquette Avenue
Minneapolis, MN 55479
Attention: Corporate Trust Services/Asset-Backed Administration
Oakwood Mortgage Investors, Inc., Pass-Through Certificates,
Series 2000-D
In accordance with Section 9 of the Pooling and Servicing Agreement
dated as of December 1, 2000 by and among Oakwood Mortgage Investors, Inc.,
Oakwood Acceptance Corporation and Wells Fargo Bank Minnesota, National
Association (the "Agreement"), with respect to the Pass-Through Certificates,
Series 2000-D (the "Certificates"), the undersigned hereby certifies and agrees
as follows:
1. The undersigned is a beneficial owner of $ ________ in
principal balance of the Class ______ Certificates.
2. The undersigned is requesting a password pursuant to
Section 9 of the Agreement for access to certain information (the
"Information") on the Trustee's website.
3. In consideration of the Trustee's disclosure to the
undersigned of the Information, or the password in connection
therewith, the undersigned will keep the Information confidential
(except from such outside persons as are assisting it in connection
with the related Certificates, from its accountants and attorneys, and
otherwise from such governmental or banking authorities or agencies to
which the undersigned is subject), and such Information will not,
without the prior written consent of the Trustee, be otherwise
disclosed by the undersigned or by its officers, directors, partners,
employees, agents or representatives (collectively, the
"Representatives") in any manner whatsoever, in whole or in part.
4. The undersigned will not use or disclose the Information in
any manner which could result in a violation of any provision of the
Securities Act of 1933, as amended (the "Securities Act"), or the
Securities Exchange Act of 1934, as amended, or would require
registration of any Certificate pursuant to Section 5 of the Securities
Act.
S-47
<PAGE>
5. The undersigned shall be fully liable for any breach of
this agreement by itself or any of its Representatives and shall
indemnify the parties to the Agreement for any loss, liability or
expense incurred thereby with respect to any such breach by the
undersigned or any of its Representatives.
6. Capitalized terms used by not defined herein shall have the
respective meanings assigned thereto in the Agreement.
IN WITNESS WHEREOF, the undersigned has caused its name to be
signed hereby by its duly authorized officer, as of the day and year written
above.
Beneficial Owner
By:
Title:
Company:
Phone:
S-48
