SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K/A
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported): March 27, 1997
Residential Asset Securities Corporation
(Exact name of registrant as specified in its charter)
DELAWARE 33-56893 51-0362653
(State or other jurisdiction (Commission (I.R.S. employer
of incorporation) file number) identification no.)
8400 Normandale Lake Blvd., Suite 600, Minneapolis, MN 55437
(Address of principal executive offices) (Zip code)
Registrant's telephone number, including area code (612) 832-7000
(Former name or former address, if changed since last report)
Exhibit Index Located on Page 4
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Items 1 through 6 and Item 8 are not included because they are not applicable.
Item 7. Financial Statements, Pro Forma Financial Information
and Exhibits.
(a) Not applicable
(b) Not applicable
(c) Exhibits (executed copies) - The following execution copies
of Exhibits to the Form S-3 Registration Statement of the Registrant are hereby
filed:
Sequentially
Exhibit Numbered
Number Exhibit
Page
10.1 Pooling and Servicing Agreement, dated as of March 1, 1997 among
Residential Asset Securities Corporation, as company,
Residential Funding Corporation, as master servicer, and The
First National Bank of Chicago as trustee.
10.2 Certificate Guaranty Insurance Policy issued
by AMBAC Indemnity Corporation in connection
with the Residential Asset Securities Corporation,
Mortgage Pass-Through Certificates,
Series 1997-KS1, Class A.
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of
1934, the registrant has duly caused this report to be signed on its behalf by
the undersigned thereunto duly authorized.
RESIDENTIAL ASSET SECURITIES
CORPORATION
By: /s/ William E. Waldusky
Name: William E. Waldusky
Title: Vice President
Dated: April 4, 1997
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Exhibit 10.1
Pooling and Servicing Agreement
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Exhibit 10.2
Certificate Guaranty Insurance Policy
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AMBAC
AMBAC Indemnity Corporation
c/o CT Corporation Systems
44 East Mifflin Street
Madison, Wisconsin 53703
Administrative Office:
One State Street Plaza
New York, New York 10004
Telephone: (212) 668-0340
Certificate Guaranty Insurance Policy
Insured Obligations: Policy Number: AB0103BE
Residential Asset Securities Corporation,
Mortgage Pass-Through Certificates,
Series 1997-KS1, Class A Premium: Calculated as set forth in the Certificate
Guaranty Insurance Policy Endorsement attached hereto
AMBAC Indemnity Corporation (AMBAC) A Wisconsin Stock Insurance Company in
consideration of the payment of the premium and subject to the terms of this
Policy, hereby agrees unconditionally and irrevocably to pay to the Trustee for
the benefit of the Holders of the Insured Obligations, that portion of the
Insured Amounts which shall become Due for Payment but shall be unpaid by reason
of Nonpayment.
AMBAC will make such payments to the Trustee from its own funds on the later of
(a) one (1) Business Day following notification to AMBAC of Nonpayment or (b)
the Business Day on which the Insured Amounts are Due for Payment. Such payments
of principal or interest shall be made only upon presentation of an instrument
of assignment in form and substance satisfactory to AMBAC, transferring to AMBAC
all rights under such Insured Obligations to receive the principal of and
interest on the Insured Obligation. AMBAC shall be subrogated to all the
Holders' rights to payment on the Insured Obligations to the extent of the
insurance disbursements so made. Once payments of the Insured Amounts have been
made to the Trustee, AMBAC shall have no further obligation hereunder in respect
of such Insured Amounts.
In the event the Trustee for the Insured Obligations has notice that any payment
of principal or interest on an Insured Obligation which has become Due for
Payment and which is made to a Holder by or on behalf of the Trustee has been
deemed a preferential transfer and theretofore recovered from its Holder
pursuant to the United States Bankruptcy Code in accordance with a final,
nonappealable order of a court of competent jurisdiction, such Holder will be
entitled to payment from AMBAC to the extent of such recovery if sufficient
funds are not otherwise available.
This Policy is noncancelable by AMBAC for any reason, including failure to
receive payment of any premium due hereunder. The premium on this Policy is not
refundable for any reason. This Policy does not insure against loss of any
prepayment or other acceleration payment which at any time may become due in
respect of any Insured Obligation, other than at the sole option of AMBAC, nor
against any risk other than Nonpayment, including failure of the Trustee to make
any payment due Holders of Insured Amounts.
To the fullest extent permitted by applicable law, AMBAC hereby waives and
agrees not to assert any and all rights and defenses, to the extent such rights
and defenses may be available to AMBAC, to avoid payment of its obligations
under this Policy in accordance with the express provisions hereof.
Any capitalized terms not defined herein shall have the meaning given such terms
in the endorsement attached hereto or in the Agreement.
In witness whereof, AMBAC has caused this Policy to be affixed with its
corporate seal and to be signed by its duly authorized officers in facsimile to
become effective as their original signatures and binding upon AMBAC by virtue
of the countersignature of its duly authorized representative.
/s/ Philip Lassiter /s/ Stephen D. Cooke
President Secretary
/s/ Karl T. Molin
Effective Date: March 27, 1997 Authorized Representative
NY1-201655.1
6863-254-HS2-04/10/97
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