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SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES AND EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported):
March 27, 1997
EquiVantage Acceptance Corp. on behalf of
EquiVantage Home Equity Loan Trust 1997-1
(Exact Name of Registrant as Specified in its Charter)
Delaware 333-23141) 76-0448074)
(State of Incorporation) (Commission (I.R.S. Employer
File Number Identification No.
13111 Northwest Freeway)
Suite 301 (77040)
Houston, Texas (Zip Code)
(Address of Principal
Executive Offices)
Registrant's telephone number, including area code: (713) 895-1957
No Change
(Former Name or Former Address, if Changed Since Last Report)
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ITEM 7. FINANCIAL STATEMENTS; PRO FORMA FINANCIAL INFORMATION AND EXHIBITS.
(a) Not applicable.
(b) Not applicable.
(c) Exhibits:
1.1. Underwriting Agreement dated March 14, 1997 between EquiVantage
Acceptance Corp. and Prudential Securities Incorporated, as
representative of the several Underwriters named therein.
1.2. Guaranty of EquiVantage Inc. dated March 14, 1997 relating to
performance of certain obligations of EquiVantage Acceptance
Corp.
4.1. Pooling and Servicing Agreement dated as of March 1, 1997 among
EquiVantage Acceptance Corp., EquiVantage Inc. and Norwest Bank
Minnesota, National Association.
4.2. Surety Bond effective March 27, 1997 issued by Financial
Guaranty Insurance Company relating to EquiVantage Home Equity
Loan Trust 1997-1.
4.3. Master Loan Transfer Agreement dated as of March 1, 1997 between
EquiVantage Acceptance Corp. and EquiVantage Inc.
4.4. Conveyance Agreement dated March 27, 1997 between EquiVantage
Acceptance Corp. and EquiVantage Inc.
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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 hereunto duly authorized.
EQUIVANTAGE ACCEPTANCE CORP.
BY: /S/ JOHN E. SMITH
-----------------------------------------
John E. Smith
President
Dated: May 15, 1997
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INDEX TO EXHIBITS
EXHIBIT
NUMBER EXHIBIT
- ------- ----------------------------------------------------------------------
1.1. Underwriting Agreement dated March 14, 1997 between EquiVantage
Acceptance Corp. and Prudential Securities Incorporated, as
representative of the several Underwriters named therein.
1.2. Guaranty of EquiVantage Inc. dated March 14, 1997 relating to
performance of certain obligations of EquiVantage Acceptance Corp.
4.1. Pooling and Servicing Agreement dated as of March 1, 1997 among
EquiVantage Acceptance Corp., EquiVantage Inc. and Norwest Bank
Minnesota, National Association.
4.2. Surety Bond effective March 27, 1997 issued by Financial Guaranty
Insurance Company relating to EquiVantage Home Equity Loan Trust
1997-1.
4.3. Master Loan Transfer Agreement dated as of March 1, 1997 between
EquiVantage Acceptance Corp. and EquiVantage Inc.
4.4. Conveyance Agreement dated March 27, 1997 between EquiVantage
Acceptance Corp. and EquiVantage Inc.
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EQUIVANTAGE ACCEPTANCE CORP.
and
PRUDENTIAL SECURITIES INCORPORATED,
AS REPRESENTATIVE OF THE SEVERAL UNDERWRITERS
Underwriting Agreement
for
EquiVantage Acceptance Corp. Mortgage Loan Trusts
Mortgage Loan Asset-Backed Securities, Issuable in Series
March 14, 1997
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TABLE OF CONTENTS
Page
SECTION I. REPRESENTATIONS AND WARRANTIES OF THE COMPANY................. 2
SECTION II. PURCHASE AND SALE............................................. 7
SECTION III. DELIVERY AND PAYMENT.......................................... 7
SECTION IV. OFFERING BY THE UNDERWRITERS.................................. 7
SECTION V. COVENANTS OF THE COMPANY...................................... 7
SECTION VI. CONDITION TO THE UNDERWRITERS' OBLIGATIONS....................10
SECTION VII. PAYMENT OF EXPENSES...........................................21
SECTION VIII. INDEMNIFICATION AND CONTRIBUTION..............................22
SECTION IX. REPRESENTATIONS, WARRANTIES AND AGREEMENTS TO
SURVIVE DELIVERY............................................27
SECTION X. DEFAULT BY ONE OR MORE OF THE UNDERWRITERS....................27
SECTION XI. TERMINATION OF AGREEMENT......................................28
SECTION XII. NOTICES.......................................................28
SECTION XIII. PERSONS ENTITLED TO THE BENEFIT OF THIS AGREEMENT.............28
SECTION XIV. SURVIVAL......................................................28
SECTION XV. DEFINITION OF THE TERM "BUSINESS DAY".........................29
SECTION XVI. GOVERNING LAW; SUBMISSION TO JURISDICTION.....................29
SECTION XVII. COUNTERPARTS..................................................29
SECTION XVIII. HEADINGS......................................................29
SECTION XIX. AMENDMENTS AND WAIVERS........................................29
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March 14, 1997
UNDERWRITING AGREEMENT
Prudential Securities Incorporated,
as Representative of the several
Underwriters named in Schedule A hereto
One New York Plaza
New York, New York 10292
Dear Ladies and Gentlemen:
EquiVantage Acceptance Corp., a Delaware corporation (the "Company"), has
authorized the issuance of Home Equity Loan Asset-Backed Certificates, Series
1997-1, consisting of the Class A-1 Certificates, Class A-2 Certificates, Class
A-3 Certificates, Class A-4 Certificates and Class A-5 Certificates
(collectively, the "Offered Certificates"), the Class B Certificates (the "Class
B Certificates") and the Class R Certificates (the "Class R Certificates" and
together with the Offered Certificates and the Class B Certificates, the
"Certificates"), evidencing beneficial ownership interests in a pool of home
equity loans (the "Home Equity Loans"). The Home Equity Loans are secured
primarily by first and junior lien deeds of trust or mortgages on one- to
four-family residential properties.
The Offered Certificates are being purchased by the Underwriters named in
Schedule A hereto, and the Underwriters are purchasing, severally, only the
Offered Certificates set forth opposite their names in Schedule A, except that
the amounts purchased by the Underwriters may change in accordance with Section
X of this Agreement. Prudential Securities Incorporated is acting as
representative of the several Underwriters and in such capacity is hereinafter
referred to as the "Representative."
The Certificates will be issued under a pooling and servicing agreement
dated as of March 1, 1997 (the "Pooling and Servicing Agreement") among the
Company, as Seller (in such capacity, the "Seller"), EquiVantage Inc., a
Delaware corporation ("EquiVantage Inc."), as Servicer (in such capacity, the
"Servicer"), and Norwest Bank Minnesota, N.A., as trustee (the "Trustee"). The
Certificates will evidence fractional undivided interests in the trust
established under the Pooling and Servicing Agreement (the "Trust"). The assets
of the Trust will initially include, among other things, a pool of Home Equity
Loans and such amounts as may be held by the Trustee for the Trust in any
accounts established under the Pooling and Servicing Agreement, including the
Certificate Account (the "Certificate Account") and the Principal and Interest
Account (the "P&I Account"). The Home Equity Loans will be acquired from
EquiVantage Inc. pursuant to a Master Loan Transfer Agreement
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dated as of March 1, 1997 (the "Master Loan Transfer Agreement") and the
related Conveyance Agreement dated March 27, 1997 (the "Conveyance Agreement"
and together with the Master Loan Transfer Agreement, the "Purchase
Agreements"). The Offered Certificates will initially represent an undivided
ownership interest in the related pool of Home Equity Loans in an amount
equal to approximately $85,000,000 as of the close of business on March 1,
1997 (collectively, the "Cut-Off Date"). The Offered Certificates will also
have the benefit of a financial guaranty insurance policy (the "Certificate
Insurance Policy") issued by Financial Guaranty Insurance Company, a New York
stock insurance company (the "Certificate Insurer"). The Certificate
Insurance Policy will be issued pursuant to the insurance agreement dated as
of March 1, 1997 (the "Insurance Agreement") among the Certificate Insurer,
the Company, and the Servicer. A form of the Pooling and Servicing Agreement
has been filed as an exhibit to the Registration Statement (hereinafter
defined).
The Certificates are more fully described in the Prospectus (hereinafter
defined) that the Company has furnished to the Underwriters. Capitalized terms
used but not defined herein shall have the meanings given to them in the Pooling
and Servicing Agreement.
SECTION I. Representations and Warranties of the Company. The Company
represents and warrants to, and agrees with, the Underwriters that:
A. A registration statement on Form S-3 (No. 333-23141) has (i) been
prepared by the Company in conformity with the requirements of the Securities
Act of 1933, as amended (the "Securities Act"), and the rules and regulations
(the "Rules and Regulations") of the United States Securities and Exchange
Commission (the "Commission") thereunder, (ii) been filed with the Commission
under the Securities Act and (iii) become effective under the Securities Act.
Copies of such registration statement have been delivered by the Company to the
Representative. As used in this Agreement, "Effective Time" means the date and
the time as of which such registration statement, or the most recent
post-effective amendment thereto, if any, was declared effective by the
Commission; "Effective Date" means the date of the Effective Time; "Registration
Statement" means such registration statement, at the Effective Time, including
any documents incorporated by reference therein at such time; "Basic Prospectus"
means the final prospectus dated March 12, 1997; and "Prospectus Supplement"
means the final prospectus supplement relating to the Offered Certificates dated
March 14, 1997, to be filed with the Commission pursuant to paragraphs (2), (3)
or (5) of Rule 424(b) of the Rules and Regulations. "Prospectus" means the
Basic Prospectus together with the Prospectus Supplement. Reference made herein
to the Prospectus shall be deemed to refer to and include any documents
incorporated by reference therein pursuant to Item 12 of Form S-3 under the
Securities Act as of the date of the Prospectus, any reference to any amendment
or supplement to the Prospectus shall be deemed to refer to and include any
document filed under the Securities Exchange Act of 1934, as amended (the
"Exchange Act"), after the date of the Prospectus and incorporated by reference
in the Prospectus, and any reference to any amendment to the Registration
Statement shall be deemed to include any report of the Company filed with the
Commission pursuant to Section 13(a) or 15(d) of the Exchange Act after the
Effective Time that is incorporated by reference in the Registration Statement.
The Commission has not issued any order preventing or suspending the use of the
Prospectus. There are no contracts or documents of
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the Company that are required to be filed as exhibits to the Registration
Statement pursuant to the Securities Act or the Rules and Regulations which
have not been so filed or incorporated by reference therein on or prior to
the Effective Date of the Registration Statement other than such documents or
materials, if any, as any Underwriter delivers to the Company pursuant to
Section VIII (D) hereof for filing on Form 8-K.
B. The Registration Statement conforms, and the Prospectus and any
further amendments or supplements to the Registration Statement or the
Prospectus will, when they become effective or are filed with the Commission, as
the case may be, conform, in all respects to the requirements of the Securities
Act and the Rules and Regulations. The Registration Statement, as of the
Effective Date thereof and of any amendment thereto, did not contain an untrue
statement of a material fact or omit to state a material fact required to be
stated therein or necessary to make the statements therein not misleading. The
Prospectus as of its date, and as amended or supplemented as of the Closing
Date, does not and will not contain any untrue statement of a material fact or
omit to state a material fact necessary in order to make the statements therein,
in the light of the circumstances under which they were made, not misleading;
provided, however, that no representation or warranty is made as to information
contained in or omitted from the Registration Statement or the Prospectus in
reliance upon and in conformity with written information furnished to the
Company in writing by the Underwriters expressly for use therein.
C. The documents incorporated by reference in the Prospectus, when they
became effective or were filed with the Commission, as the case may be,
conformed in all material respects to the requirements of the Securities Act or
the Exchange Act, as applicable, and the rules and regulations of the Commission
thereunder, and none of such documents contained an untrue statement of a
material fact or omitted to state a material fact necessary to make the
statements therein, in the light of the circumstances under which they were
made, not misleading; any further documents so filed and incorporated by
reference in the Prospectus, when such documents become effective or are filed
with the Commission, as the case may be, will conform in all material respects
to the requirements of the Securities Act or the Exchange Act, as applicable,
and the rules and regulations of the Commission thereunder and will not contain
an untrue statement of a material fact or omit to state a material fact
necessary to make the statements therein, in the light of the circumstances
under which they were made, not misleading; provided, however, that no
representation is made as to documents deemed to be incorporated by reference in
the Prospectus as the result of filing a Form 8-K at the request of the
Underwriters except to the extent such documents reflect information furnished
by the Company to the Underwriters for the purpose of preparing such documents.
D. Since the respective dates as of which information is given in the
Prospectus, there has not been any material adverse change, or any development
involving a prospective material adverse change, in the general affairs,
management, financial condition, or results of operations of the Company,
otherwise than as set forth or contemplated in the Prospectus as supplemented or
amended as of the Closing Date.
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E. The Company has been duly incorporated and is validly existing as a
corporation in good standing under the laws of the State of Delaware, is duly
qualified to do business and is in good standing as a foreign corporation in
each jurisdiction in which its ownership or lease of property or the conduct of
its business requires such qualification, and has all power and authority
necessary to own or hold its properties, to conduct the business in which it is
engaged and to enter into and perform its obligations under this Agreement, the
Pooling and Servicing Agreement, the Insurance Agreement and the Purchase
Agreements and to cause the Certificates to be issued.
F. There are no actions, proceedings or investigations pending with
respect to which the Company has received service of process before or
threatened by any court, administrative agency or other tribunal to which the
Company is a party or of which any of its properties is the subject (a) which if
determined adversely to the Company would have a material adverse effect on the
business or financial condition of the Company, (b) asserting the invalidity of
this Agreement, the Pooling and Servicing Agreement, the Insurance Agreement,
the Purchase Agreements or the Certificates, (c) seeking to prevent the issuance
of the Certificates or the consummation by the Company of any of the
transactions contemplated by this Agreement, the Pooling and Servicing
Agreement, the Insurance Agreement or the Purchase Agreements, as the case may
be, (d) which might individually or in the aggregate materially and adversely
affect the performance by the Company of its obligations under, or the validity
or enforceability of, this Agreement, the Pooling and Servicing Agreement, the
Insurance Agreement, the Purchase Agreements or the Certificates or (e) which
might adversely affect the federal income tax attributes of the Certificates as
described in the Prospectus.
G. This Agreement has been, and the Pooling and Servicing Agreement, the
Insurance Agreement and the Purchase Agreements, when executed and delivered as
contemplated hereby and thereby, will have been, duly authorized, executed and
delivered by the Company, and this Agreement constitutes, and the Pooling and
Servicing Agreement and the Insurance Agreement, when executed and delivered as
contemplated herein, will constitute, legal, valid and binding instruments
enforceable against the Company in accordance with their respective terms,
subject as to enforceability to (x) applicable bankruptcy, reorganization,
insolvency, moratorium or other similar laws affecting creditors' rights
generally, (y) general principles of equity (regardless of whether enforcement
is sought in a proceeding in equity or at law), and (z) with respect to rights
of indemnity under this Agreement and the Insurance Agreement, limitations of
public policy under applicable securities laws.
H. The execution, delivery and performance of this Agreement, the Pooling
and Servicing Agreement, the Insurance Agreement and the Purchase Agreements by
the Company and the consummation of the transactions contemplated hereby and
thereby, compliance with the provisions thereof, and the issuance and delivery
of the Certificates do not and will not conflict with or result in a breach or
violation of any of the terms or provisions of, or constitute a default under,
any indenture, mortgage, deed of trust, loan agreement or other agreement or
instrument to which the Company is a party, by which the Company is bound or to
which any of the properties or assets of the Company or any of its subsidiaries
is subject, which breach or violation would have a material
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adverse effect on the business, operations or financial condition of the
Company, nor will such actions result in any violation of the provisions of
the certificate of incorporation or by-laws of the Company or any statute or
any order, rule or regulation of any court or governmental agency or body
having jurisdiction over the Company or any of its properties or assets,
which breach or violation would have a material adverse effect on the
business, operations or financial condition of the Company. The Company is
not a party to, bound by, or in breach or violation of, any indenture or
other agreement or instrument, or subject to or in violation of any statute,
order, rule or regulation of any court, governmental agency or body or other
tribunal having jurisdiction over the Company, which materially and adversely
affects, or is reasonably likely in the future to materially and adversely
affect, (i) the ability of the Company to perform its obligations under this
Agreement, the Pooling and Servicing Agreement and the Insurance Agreement or
(ii) the business, operations, results of operations, financial position,
income, properties or assets of the Company.
I. The Company has no reason to know that KPMG Peat Marwick LLP are not
independent public accountants with respect to the Company as required by the
Securities Act and the Rules and Regulations.
J. The direction by the Company to the Trustee to execute, authenticate,
issue and deliver the Certificates has been duly authorized by the Company and,
assuming the Trustee has been duly authorized to do so, when executed,
authenticated, issued and delivered by the Trustee in accordance with the
Pooling and Servicing Agreement, the Certificates will be validly issued and
outstanding and will be entitled to the benefits provided by the Pooling and
Servicing Agreement.
K. No consent, approval, authorization, order, registration or
qualification of or with any court or governmental agency or body of the United
States is required for the issuance of the Certificates and the sale of the
Offered Certificates to the Underwriters, or the consummation by the Company of
the other transactions contemplated by this Agreement, the Pooling and Servicing
Agreement, the Insurance Agreement or the Purchase Agreements, except such
consents, approvals, authorizations, registrations or qualifications as may be
required under state securities or Blue Sky laws in connection with the purchase
and distribution of the Offered Certificates by the Underwriters or as have been
obtained.
L. The Company possesses all material licenses, certificates, authorities
or permits issued by the appropriate state, Federal or foreign regulatory
agencies or bodies necessary to conduct the business now conducted by it and as
described in the Prospectus, and there are no proceedings pending with respect
to which the Company has received service of process or, to the best knowledge
of the Company, threatened relating to the revocation or modification of any
such license, certificate, authority or permit which if decided adversely to the
Company would, singly or in the aggregate, materially and adversely affect the
conduct of its business, operations or financial condition.
M. At the time of execution and delivery of the Pooling and Servicing
Agreement, the Company will: (i) have good title to the Home Equity Loans being
conveyed by the Company, in
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its capacity as Seller thereunder, to the Trust pursuant to the terms of the
Pooling and Servicing Agreement, free and clear of any lien, mortgage,
pledge, charge, encumbrance, adverse claim or other security interest
(collectively, "Liens"); (ii) not have assigned to any person any of its
right or title in the Home Equity Loans, in the Pooling and Servicing
Agreement or in the Certificates being issued pursuant thereto; and (iii)
have the power and authority, in its capacity as Seller thereunder, to convey
its interest in the Home Equity Loans to the Trust pursuant to the terms of
the Pooling and Servicing Agreement and to sell the Offered Certificates to
the Underwriters. Upon execution and delivery of the Pooling and Servicing
Agreement by the Trustee, the Trust will have acquired beneficial ownership
of all of the Company's right, title and interest in and to the Home Equity
Loans. Upon delivery to the Underwriters of the Offered Certificates, the
Underwriters will have good title to the Offered Certificates, free of any
Liens.
N. As of the Cut-Off Date, each of the Home Equity Loans will meet the
eligibility criteria described in the Prospectus and will conform to the
descriptions thereof contained in the Prospectus in all material respects.
O. The Pooling and Servicing Agreement is not required to be qualified
under the Trust Indenture Act of 1939, as amended, and the Trust created thereby
is not required to be registered thereunder, and the Company is not an
"investment company" as such term is defined, under the Investment Company Act
of 1940, as amended (the "1940 Act").
P. At the Closing Date, the Offered Certificates, the Purchase Agreements
and the Pooling and Servicing Agreement will conform in all material respects to
the descriptions thereof contained in the Prospectus. The Offered Certificates
will be duly and validly authorized and, when duly and validly executed,
authenticated, issued and delivered in accordance with the Pooling and Servicing
Agreement and sold to the Underwriters as provided herein, will be validly
issued and outstanding and entitled to the benefits of the Pooling and Servicing
Agreement.
Q. At the Closing Date, the Offered Certificates shall have been rated in
the highest rating category by at least two nationally recognized rating
agencies.
R. Any taxes, fees and other governmental charges in connection with the
execution, delivery and issuance of this Agreement, the Pooling and Servicing
Agreement, the Insurance Agreement and the Certificates have been paid or will
be paid at or prior to the Closing Date.
S. At the Closing Date, each of the representations and warranties of the
Company set forth in the Pooling and Servicing Agreement and the Insurance
Agreement will be true and correct in all material respects.
T. The transfer of the Home Equity Loans to the Trust at the Closing Date
will be treated by the Company for financial accounting and reporting purposes
as a sale of assets and not as a pledge of assets to secure debt.
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U. The Company is not aware of (i) any request by the Commission for any
further amendment of the Registration Statement or the Prospectus or for any
additional information, or (ii) any notification with respect to the suspension
of the qualification of the Certificates for sale in any jurisdiction or the
initiating or threatening of any proceeding for such purpose.
Any certificate signed by an officer of the Company and delivered to the
Representative or counsel for the Representative in connection with an offering
of the Offered Certificates shall be deemed, and shall state that it is, a
representation and warranty as to the matters covered thereby to each person to
whom the representations and warranties in this Section I are made.
SECTION II. PURCHASE AND SALE. The commitment of the Underwriters to
purchase the Offered Certificates pursuant to this Agreement shall be deemed to
have been made on the basis of the representations and warranties herein
contained and shall be subject to the terms and conditions herein set forth.
The Company agrees to instruct the Trustee to issue the Offered Certificates and
agrees to sell to the Underwriters, and the Underwriters agree (except as
provided in Sections X and XI hereof) severally and not jointly to purchase from
the Company the aggregate initial principal amounts or percentage interests of
the offered Certificates set forth opposite their names on Schedule A, at the
purchase price or prices set forth in Schedule A.
SECTION III. DELIVERY AND PAYMENT. Delivery and payment for the Offered
Certificates to be purchased by the Underwriters shall be made at the offices of
Andrews & Kurth L.L.P. in Washington D.C., or at such other place as shall be
agreed upon by the Company, at 10:00 a.m. Washington D.C. time on March 27, 1997
or at such other time or date as shall be agreed upon in writing by the
Representative and the Company (such date being referred to as the "Closing
Date"). Payment shall be made to the Company by wire transfer of same day funds
payable to the account of the Company. Delivery of the Offered Certificates
shall be made to the Representative for the accounts of the Underwriters against
payment of the purchase price thereof. The Certificates shall be in such
authorized denominations and registered in such names as the Underwriters may
request in writing at least two business days prior to the Closing Date. The
Offered Certificates will be made available for examination by the
Representative no later than 2:00 p.m. New York City time on the first business
day prior to the Closing Date.
SECTION IV. OFFERING BY THE UNDERWRITERS. It is understood that, subject
to the terms and conditions hereof, the Underwriters propose to offer the
Offered Certificates for sale to the public as set forth in the Prospectus.
SECTION V. COVENANTS OF THE COMPANY. The Company agrees as follows:
A. To prepare the Prospectus in a form approved by the Underwriters and
to file such Prospectus pursuant to Rule 424(b) under the Securities Act not
later than the Commission's close of business on the second business day
following the availability of the Prospectus to the Underwriters; to make no
further amendment or any supplement to the Registration Statement or to the
Prospectus prior to the Closing Date except as permitted herein; to advise the
Underwriters,
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promptly after it receives notice thereof, of the time when any amendment to
the Registration Statement has been filed or becomes effective prior to the
Closing Date or any supplement to the Prospectus or any amended Prospectus
has been filed prior to the Closing Date and to furnish the Underwriters with
copies thereof; to file promptly all reports and any definitive proxy or
information statements required to be filed by the Company with the
Commission pursuant to Section 13(a), 13(c), 14 or 15(d) of the Exchange Act
subsequent to the date of the Prospectus and, for so long as the delivery of
a prospectus is required in connection with the offering or sale of the
Offered Certificates; to promptly advise the Underwriters of its receipt of
notice of the issuance by the Commission of any stop order or of: (i) any
order preventing or suspending the use of the Prospectus; (ii) the suspension
of the qualification of the Offered Certificates for offering or sale in any
jurisdiction; (iii) the initiation of or threat of any proceeding for any
such purpose; (iv) any request by the Commission for the amending or
supplementing of the Registration Statement or the Prospectus or for
additional information. In the event of the issuance of any stop order or of
any order preventing or suspending the use of the Prospectus or suspending
any such qualification, the Company promptly shall use its best efforts to
obtain the withdrawal of such order by the Commission.
B. To furnish promptly to the Underwriters and to counsel for the
Underwriters a signed copy of the Registration Statement as originally filed
with the Commission, and of each amendment thereto filed with the Commission,
including all consents and exhibits filed therewith.
C. To deliver promptly to the Underwriters such number of the following
documents as the Underwriters shall reasonably request: (i) conformed copies of
the Registration Statement as originally filed with the Commission and each
amendment thereto (in each case including exhibits); (ii) the Prospectus and any
amended or supplemented Prospectus; and (iii) any document incorporated by
reference in the Prospectus (including exhibits thereto). If the delivery of a
prospectus is required at any time prior to the expiration of nine months after
the Effective Time in connection with the offering or sale of the Offered
Certificates, and if at such time any events shall have occurred as a result of
which the Prospectus as then amended or supplemented would include any untrue
statement of a material fact or omit to state any material fact necessary in
order to make the statements therein, in the light of the circumstances under
which they were made when such Prospectus is delivered, not misleading, or, if
for any other reason it shall be necessary during such same period to amend or
supplement the Prospectus or to file under the Exchange Act any document
incorporated by reference in the Prospectus in order to comply with the
Securities Act or the Exchange Act, the Company shall notify the Underwriters
and, upon any Underwriter's request, shall file such document and prepare and
furnish without charge to the Underwriters and to any dealer in securities as
many copies as the Underwriters may from time to time reasonably request of an
amended Prospectus or a supplement to the Prospectus which corrects such
statement or omission or effects such compliance, and in case the Underwriters
are required to deliver a Prospectus in connection with sales of any of the
Offered Certificates at any time nine months or more after the Effective Time,
upon the request of an Underwriter but at its expense, the Company shall prepare
and deliver to such Underwriter as many copies as such Underwriter may
reasonably request of an amended or supplemented Prospectus complying with
Section 10(a)(3) of the Securities Act. If such
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amendment or supplement to the Prospectus is required to be contained in a
post-effective amendment to the Registration Statement, the Company will use
its best efforts to cause such amendment of the Registration Statement to be
made effective as soon as possible.
D. To file promptly with the Commission any amendment to the Registration
Statement or the Prospectus or any supplement to the Prospectus that may, in the
judgment of the Company or the Underwriters, be required by the Securities Act
or requested by the Commission.
E. To furnish the Underwriters and counsel for the Underwriters, prior to
filing with the Commission, and to obtain the consent of the Underwriters for
the filing of the following documents relating to the Certificates: (i)
amendment to the Registration Statement or supplement to the Prospectus, or
document incorporated by reference in the Prospectus, or (ii) the Prospectus
pursuant to Rule 424 of the Rules and Regulations.
F. To make generally available to holders of the Offered Certificates as
soon as practicable, but in any event not later than 90 days after the close of
the period covered thereby, a statement of earnings of the Trust (which need not
be audited) complying with Section 11(a) of the Securities Act and the Rules and
Regulations (including, at the option of the Company, Rule 158) and covering a
period of at least twelve consecutive months beginning not later than the first
day of the first fiscal quarter following the Closing Date.
G. To use its best efforts, in cooperation with the Underwriters, to
qualify the Offered Certificates for offering and sale under the applicable
securities laws of such states and other jurisdictions of the United States or
elsewhere as the Underwriters may designate, and maintain or cause to be
maintained such qualifications in effect for as long as may be required for the
distribution of the Offered Certificates. The Company will file or cause the
filing of such statements and reports as may be required by the laws of each
jurisdiction in which the Offered Certificates have been so qualified.
H. So long as the Offered Certificates shall be outstanding the Company
shall cause the Trustee, pursuant to the Pooling and Servicing Agreement, to
deliver to the Underwriters as soon as such statements are furnished to the
Trustee: (i) the annual statement as to compliance delivered to the Trustee
pursuant to Section 8.16 of the Pooling and Servicing Agreement; (ii) the annual
statement of a firm of independent public accountants furnished to the Trustee
pursuant to Section 8.17 of the Pooling and Servicing Agreement; (iii) the
monthly servicing report furnished to the Trustee pursuant to Section 7.8 and
Section 8.1 of the Pooling and Servicing Agreement; (iv) the monthly reports
furnished to the Certificateholders pursuant to Section 7.8 of the Pooling and
Servicing Agreement; and (v) from time to time, any other information concerning
the Trust filed with any government or regulatory authority that is otherwise
publicly available, as the Representative may reasonably request.
I. To apply the net proceeds from the sale of the Offered Certificates in
the manner set forth in the Prospectus.
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J. During a period of seven calendar days from the Closing Date, neither
the Company nor any trust established, directly or indirectly, by the Company
will, without the Representative's prior written consent (which consent shall
not be unreasonably withheld), offer or sell mortgage pass-through certificates
backed by mortgage loans, except pursuant to this Agreement.
K. The Company will enter into the applicable agreements, to which it is
a party pursuant to the Pooling and Servicing Agreement, on or prior to the
Closing Date and will cause to be delivered to the Trustee the Insurance Policy
issued by the Certificate Insurer.
L. The Company will cause any Computational Materials (as defined in
Section VIII(D) below) with respect to the Certificates that are delivered to
the Company as provided in Section VIII(D) below to be filed with the Commission
on a Current Report on Form 8-K (the "Current Report - Computational Materials")
at or before the time of filing of the Prospectus pursuant to Rule 424(b) under
the Securities Act.
M. The Company will cause any ABS Term Sheets (as defined in
Section VIII(D) below) with respect to the Certificates that are delivered to
the Company as provided in Section VIII (D) below to be filed with the
Commission on one or more Current Reports on Form 8-K (collectively, the
"Current Report - ABS Term Sheets" and, together with Current Reports -
Computational Materials, the "Current Reports") (i) at or before the time of
filing of the Prospectus pursuant to Rule 424(b) under the Securities Act, in
the case of Structural Term Sheets (as defined in Section VIII(D) below) and
(ii) within two business days of first use in the case of Collateral Term Sheets
(as defined in Section VIII(D) below).
SECTION VI. CONDITION TO THE UNDERWRITERS' OBLIGATIONS. The obligations
of the Underwriters to purchase the Offered Certificates pursuant to this
Agreement are subject to: (i) the accuracy on and as of the Closing Date of the
representations and warranties on the part of the Company herein contained
(including those representations and warranties set forth in the Pooling and
Servicing Agreement and incorporated herein); (ii) the performance by the
Company of all of its obligations hereunder; (iii) the accuracy of the
statements of the Company made in any certificate or other document delivered
pursuant to the provisions hereof; and (iv) the following conditions as of the
Closing Date:
A. The Underwriters shall have received confirmation of the effectiveness
of the Registration Statement. No stop order suspending the effectiveness of
the Registration Statement or any part thereof shall have been issued and no
proceeding for that purpose shall have been initiated or threatened by the
Commission. Any request of the Commission for inclusion of additional
information in the Registration Statement or the Prospectus shall have been
complied with. The Prospectus shall have been filed pursuant to Rule 424(b).
B. The Underwriters shall not have discovered and disclosed to the
Company on or prior to the Closing Date that the Registration Statement or any
amendment or supplement thereto contains an untrue statement of a fact or omits
to state a fact that, in the opinion of counsel for the
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Underwriters, is material and is required to be stated therein or is
necessary to make the statements therein not misleading, and the Underwriters
shall not have discovered and disclosed to the Company on or prior to the
Closing Date that the Prospectus or any amendment or supplement thereto
contains an untrue statement of a fact or omits to state a fact that, in the
opinion of counsel for the Underwriters, is material and is necessary to make
the statements therein not misleading in light of the circumstances under
which they were made.
C. All corporate proceedings and other legal matters relating to the
authorization, form and validity of this Agreement, the Pooling and Servicing
Agreement, the Insurance Agreement, the Purchase Agreements, the Certificates,
the Registration Statement and the Prospectus, and all other legal matters
relating to this Agreement and the transactions contemplated hereby shall be
satisfactory in all respects to counsel for the Underwriters, and the Company
shall have furnished to such counsel all documents and information that they may
reasonably request to enable them to pass upon such matters. The Representative
shall have received the Pooling and Servicing Agreement and the Offered
Certificates in form and substance satisfactory to the Representative, duly
executed by all signatories required pursuant to the respective terms thereof.
D. Andrews & Kurth L.L.P. shall have furnished to the Underwriters their
written opinion, as counsel to the Company, addressed to the Underwriters and
dated the Closing Date, in form and substance satisfactory to the Underwriters,
to the effect that:
1. The Pooling and Servicing Agreement, the Insurance Agreement, and
the Master Loan Transfer Agreement (the "Agreements") to which the Company
and the Servicer are a party are the legal, valid and binding obligations
of the Company and the Servicer, respectively, and are enforceable against
the Company and the Servicer, respectively, in accordance with their
respective terms except (i) as enforcement thereof may be limited by (a)
bankruptcy, insolvency, reorganization, liquidation, receivership,
moratorium or other similar laws relating to or affecting creditors' rights
generally or (b) general principles of equity or public policy, regardless
of whether such enforceability is considered in a proceeding in equity or
at law.
2. The execution and delivery of each of this Agreement have been
duly authorized by all necessary corporate action of the Company and this
Agreement has been duly executed and delivered by the Company.
3. Each Certificate, when duly executed and authenticated as
specified in the Pooling and Servicing Agreement and delivered pursuant to
the Pooling and Servicing Agreement, will be validly issued and outstanding
and is entitled to the benefits of the Pooling and Servicing Agreement
afforded by such Certificate.
4. No consent, approval, authorization or order of, registration or
filing with, or notice to, any governmental authority or court is required
to be obtained for the execution, delivery and performance of any of the
Agreements, this Agreement or the consummation
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of any of the transactions contemplated thereby by the Company or the
Servicer, as the case may be, except such which have been obtained.
5. The conditions to the use by the Company of a registration
statement on Form S-3 under the Securities Act, as set forth in the General
Instructions to Form S-3, have been satisfied with respect to the
Registration Statement and the Prospectus.
6. The Registration Statement and any amendments thereto have become
effective under the Securities Act; to the best of such counsel's
knowledge, no stop order suspending the effectiveness of the Registration
Statement has been issued and not withdrawn and no proceedings for that
purpose have been instituted or threatened and not terminated; and the
Registration Statement, the Prospectus and each amendment or supplement
thereto, as of their respective effective or issue dates (other than the
Computational Materials (as defined in Section VIII.D), any ABS Term Sheet
(as defined in Section VIII.D), and any financial and statistical data
included or incorporated by reference in the Registration Statement and the
Prospectus, as to which such counsel need express no opinion), complied as
to form in all material respects with the applicable requirements of the
Securities Act and the rules and regulations thereunder, and such counsel
does not know of any amendment to the Registration Statement required to be
filed.
7. The statements set forth in the Base Prospectus under the captions
"Description of the Certificates" and "The Pooling and Servicing Agreement"
and in the Prospectus Supplement under the captions "Description of the
Certificates" and "The Pooling and Servicing Agreement," to the extent such
statements purport to summarize certain provisions of the Certificates or
of the Pooling and Servicing Agreement, are fair and accurate in all
material respects.
8. The statements set forth in the Base Prospectus and the Prospectus
Supplement, as the case may be, under the captions "ERISA Considerations,"
"Certain Federal Income Tax Consequences," "Legal Investment
Considerations" and "Certain Legal Aspects of Mortgage Loans and Related
Matters," to the extent that they constitute matters of federal law or
legal conclusions with respect thereto, provide a fair and accurate summary
of such law or legal conclusions.
9. The Pooling and Servicing Agreement, the Certificates and the
Purchase Agreements conform in all material respects to the description
thereof contained in the Prospectus, the Pooling and Servicing Agreement is
not required to be qualified under the Trust Indenture Act of 1939, as
amended, and the Trust is not required to be registered under the 1940 Act.
10. To the best of such counsel's knowledge, there are no actions,
proceedings or investigations pending that would adversely affect the
status of the Trust as a REMIC.
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11. Assuming that the Trustee causes certain assets of the Trust, as
the Trustee has covenanted to do in the Pooling and Servicing Agreement, to
be treated as one or more "real estate mortgage investment conduits"
("REMICs"), as such term is defined in the Internal Revenue Code of 1986,
as amended (the "Code"), and the parties to the Pooling and Servicing
Agreement comply with the terms thereof, such assets of the Trust will be
treated as one or more REMICs, the Offered Certificates will be treated as
the "regular interests" in a REMIC and the Class R Certificates will be
treated as the sole "residual interest" in a REMIC. Neither the Trust nor
certain assets and accounts are subject to tax upon its income or assets by
any taxing authority of the State of New York or the City of New York.
Such counsel shall also have furnished to the Underwriters a written
statement, addressed to the Underwriters and dated the Closing Date, in form and
substance satisfactory to the Underwriters, to the effect that no facts have
come to the attention of such counsel which lead them to believe that: (a) the
Registration Statement, at the time such Registration Statement became
effective, contained an untrue statement of a material fact or omitted to state
a material fact required to be stated therein or necessary to make the
statements therein misleading (except as to the financial, numerical,
statistical and quantitative information included in the Registration Statement
or incorporated by reference therein, as to which such counsel need not make any
statement); (b) the Prospectus, as of its date and as of the Closing Date,
contained or contains an untrue statement of a material fact or omitted or omits
to state a material fact necessary in order to make the statements therein, in
the light of the circumstances under which they were made, not misleading
(except as to the Computational Materials, ABS Term Sheets and the financial,
numerical, statistical and quantitative information included in the Prospectus
or incorporated by reference therein and statements in the Prospectus with
respect to the Certificate Insurer, as to which such counsel need not make any
statement); or (c) any document incorporated by reference in the Prospectus or
any further amendment or supplement to any such incorporated document made by
the Company prior to the Closing Date (other than any document filed at the
request of an Underwriter to the extent such document relates to Computational
Materials or ABS Term Sheets) contained, as of the time it became effective or
was filed with the Commission, as the case may be, an untrue statement of a
material fact or omitted to state a material fact necessary in order to make the
statements therein, in the light of the circumstances under which they were
made, not misleading.
In rendering such opinion or making such statement, such counsel may rely,
as to matters of fact, on certificates of responsible officers of the Company.
Such opinions and written statements may also assume the due authorization,
execution and delivery of the instruments and documents referred to therein by
the parties thereto other than the Company.
E. The Underwriters have received the favorable opinion, dated the
Closing Date, of Andrews & Kurth L.L.P., counsel to the Company, addressed to
the Company and satisfactory to the Certificate Insurer, Standard & Poor's
Ratings Services, a Division of the McGraw-Hill Companies ("Standard & Poor's"),
Moody's Investors Service Inc. ("Moody's") and the Underwriters, with respect to
certain matters relating to the transfer of the Home Equity Loans to the Company
and from the Company to the Trust, and such counsel shall have consented to
reliance
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on such opinion by the Certificate Insurer, Standard & Poor's, Moody's and
the Underwriters as though such opinion had been addressed to each such party.
F. Karen S. Crawford, Esq., counsel to the Servicer, shall have furnished
to the Underwriters her written opinion, as counsel to the Servicer, addressed
to the Underwriters and the Company and dated the Closing Date, in form and
substance satisfactory to the Underwriters, to the effect that:
1. The Servicer is validly existing in good standing as a corporation
under the laws of the State of Delaware.
2. The Servicer has full corporate power and authority to serve in the
capacity of servicer of the related Home Equity Loans as contemplated in
the Pooling and Servicing Agreement.
3. The Pooling and Servicing Agreement and the Insurance Agreement
have been duly authorized, executed and delivered by the Servicer, and,
assuming the due authorization, execution and delivery of such agreements
by the other parties thereto, constitute the legal, valid and binding
agreements of the Servicer, enforceable against it in accordance with their
terms, subject as to enforceability to (x) bankruptcy, insolvency,
reorganization, moratorium, receivership or other similar laws now or
hereafter in effect relating to creditors' rights generally and (y) the
qualification that the remedy of specific performance and injunctive and
other forms of equitable relief may be subject to equitable defenses and to
the discretion, with respect to such remedies, of the court before which
any proceedings with respect thereto may be brought.
4. No consent, approval, authorization, order, registration or
qualification of or with any court or governmental agency or body having
jurisdiction over the Servicer is required for the consummation by either
of them of the transactions contemplated by the Pooling and Servicing
Agreement and the Insurance Agreement, except such consents, approvals,
authorizations, registrations and qualifications as have been obtained.
5. The execution, delivery or performance by the Servicer of the
Pooling and Servicing Agreement or the Insurance Agreement and the
transactions contemplated thereby do not (A) conflict with or result in a
breach of, or constitute a default under, (i) any term or provision of the
certificate of incorporation or by-laws of the Servicer; (ii) any term or
provision of any material agreement, deed of trust, mortgage loan
agreement, contract, instrument or indenture, or other agreement to which
the Servicer is a party or is bound or to which any of the property or
assets of the Servicer or any of its subsidiaries is subject; (iii) to the
best of such counsel's knowledge, without independent investigation, any
order, judgment, writ, injunction or decree of any court or governmental
authority having jurisdiction over the Servicer; or (iv) any law, rule or
regulation applicable to the Servicer; or (B) to the best of such counsel's
knowledge, without independent investigation, result in
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the creation or imposition of any lien, charge or encumbrance upon the
Trust or upon the Certificates.
6. There are no actions, proceedings or investigations pending with
respect to which the Servicer has received service of process before, or to
the best of such counsel's knowledge, without independent investigation,
threatened against the Servicer by any court, administrative agency or
other tribunal (a) asserting the invalidity of the Pooling and Servicing
Agreement, the Insurance Agreement or the Certificates, (b) seeking to
prevent the consummation of any of the transactions contemplated by the
Pooling and Servicing Agreement or (c) which would materially adversely
affect the performance by the Servicer of its obligations under, or the
validity or enforceability of, the Pooling and Servicing Agreement or the
Insurance Agreement.
G. Karen S. Crawford, Esq., counsel to the Company, shall have furnished
to the Underwriters such counsel's written opinion, addressed to the
Underwriters and dated the Closing Date, in form and substance satisfactory to
the Underwriters, to the effect that:
1. The Company has been duly organized and is validly existing as a
corporation in good standing under the laws of the State of Delaware and is
duly qualified to do business and is in good standing as a foreign
corporation in each jurisdiction in which its ownership or lease of
property or the conduct of its business requires such qualification (except
where any such failure would not have a material adverse effect on the
Company's ability to perform its obligations under this Agreement, the
Pooling and Servicing Agreement or the Insurance Agreement), and has all
power and authority necessary to own or hold its properties and to conduct
the business in which it is engaged and to enter into and perform its
obligations under this Agreement, the Pooling and Servicing Agreement, the
Insurance Agreement and the Purchase Agreements, and cause the Certificates
to be issued.
2. The Company is not in violation of its certificate of incorporation
or by-laws or in default in the performance or observance of any material
obligation, agreement, covenant or condition contained in any contract,
indenture, mortgage, loan agreement, note, lease or other instrument to
which the Company is a party or by which it or its properties may be bound,
which default might result in any material adverse change in the financial
condition of the Company or which might materially and adversely affect the
properties or assets, taken as a whole, of the Company.
3. This Agreement, the Pooling and Servicing Agreement, the Insurance
Agreement and the Purchase Agreements have been duly authorized, executed
and delivered by the Company and, assuming the due authorization, execution
and delivery of such agreements by the other parties thereto, such
agreements constitute valid and binding obligations, enforceable against
the Company in accordance with their respective terms, subject as to
enforceability to (x) bankruptcy, insolvency, reorganization, moratorium or
other similar laws now or hereafter in effect relating to creditors' rights
generally, (y) general principles
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<PAGE>
of equity (regardless of whether enforcement is sought in a proceeding in
equity or at law) and (z) with respect to rights of indemnity under this
Agreement and the Insurance Agreement, limitations of public policy under
applicable securities laws.
4. The execution, delivery and performance of this Agreement, the
Pooling and Servicing Agreement, the Insurance Agreement and the Purchase
Agreements by the Company, the consummation of the transactions
contemplated hereby and thereby, and the issuance and delivery of the
Certificates (i) do not and will not conflict with or result in a breach or
violation of any of the terms or provisions of, or constitute a default
under, any indenture, mortgage, deed of trust, loan agreement or other
agreement or instrument to which the Company is a party or by which the
Company is bound or to which any of the property or assets of the Company
or any of its subsidiaries is subject, which breach or violation would have
a material adverse effect on the business, operations or financial
condition of the Company, (ii) nor will such actions result in a violation
of the provisions of the certificate of incorporation or by-laws of the
Company or any statute or any order, rule or regulation of any court or
governmental agency or body having jurisdiction over the Company or any of
its properties or assets, which breach or violation would have a material
adverse effect on the business, operations or financial condition of the
Company, and (iii) nor will such actions result in the creation or
imposition of any lien, charge or encumbrance upon the Trust or upon the
Certificates, except as otherwise contemplated by the Pooling and Servicing
Agreement.
5. The direction by the Company to the Trustee to execute, issue,
authenticate and deliver the Certificates has been duly authorized by the
Company and, assuming that the Trustee has been duly authorized to do so,
when executed by the Company and authenticated and delivered by the Trustee
in accordance with the Pooling and Servicing Agreement, the Certificates
will be validly issued and outstanding and will be entitled to the benefits
of the Pooling and Servicing Agreement.
6. No consent, approval, authorization, order, registration or
qualification of or with any court or governmental agency or body of the
United States is required for the issuance of the Certificates, and the
sale of the Offered Certificates to the Underwriters, or the consummation
by the Company of the other transactions contemplated by this Agreement,
the Pooling and Servicing Agreement and the Insurance Agreement, except
such consents, approvals, authorizations, registrations or qualifications
as may be required under the Securities Act or state securities or Blue Sky
laws in connection with the purchase and distribution of the Offered
Certificates by the Underwriters or as have been previously obtained.
7. There are no actions, proceedings or investigations pending with
respect to which the Company has received service of process before or, to
the best of such counsel's knowledge, without independent investigation,
threatened by any court, administrative agency or other tribunal to which
the Company is a party or of which any of its properties
16
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is the subject: (a) which if determined adversely to the Company would
have a material adverse effect on the business, results of operations or
financial condition of the Company; (b) asserting the invalidity of the
Pooling and Servicing Agreement, the Insurance Agreement or the
Certificates; (c) seeking to prevent the issuance of the Certificates or
the consummation by the Company of any of the transactions contemplated
by the Pooling and Servicing Agreement, the Insurance Agreement or this
Agreement, as the case may be; or (d) which might materially and adversely
affect the performance by the Company of its obligations under, or the
validity or enforceability of, the Pooling and Servicing Agreement, the
Insurance Agreement, this Agreement or the Certificates.
8. The Certificates have been duly and validly authorized and issued,
and, immediately prior to the sale of the Offered Certificates to the
Underwriters, such Certificates are owned by the Company, free and clear of
all Liens.
H. The Underwriters shall have received the favorable opinion of counsel
(which may be in-house counsel) to the Trustee, dated the Closing Date,
addressed to the Underwriters and in form and scope satisfactory to counsel to
the Underwriters, to the effect that:
1. The Trustee is a national banking association duly incorporated and
validly existing under the laws of the United States of America.
2. The Trustee has the full corporate trust power to execute, deliver
and perform its obligations under the Pooling and Servicing Agreement.
3. The execution and delivery by the Trustee of the Pooling and
Servicing Agreement and the performance by the Trustee of its obligations
under the Pooling and Servicing Agreement have been duly authorized by all
necessary corporate actions of the Trustee.
4. The Pooling and Servicing Agreement is a valid and legally binding
obligation of the Trustee enforceable against the Trustee.
5. The execution and delivery by the Trustee of the Pooling and
Servicing Agreement does not (a) violate the organization certificate of
the Trustee or the by-laws of the Trustee, (b) to such counsel's knowledge,
violate any judgment, decree or order of any Minnesota or United States
federal court or other Minnesota or United States federal governmental
authority by which the Trustee is bound or (c) assuming the non-existence
of any judgment, decree or order of any court or other governmental
authority that would be violated by such execution n and delivery, violate
any Minnesota or United States federal statute, rule or regulation or
require any consent, approval or authorization of any Minnesota or United
States federal court or other Minnesota or United States federal
governmental authority.
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6. The Certificates have been duly authenticated, executed and
delivered by the Trustee.
7. If the Trustee were acting in the stead of the Servicer under the
Pooling and Servicing Agreement as of the date of such opinion, the Trustee
would have the full corporate trust power to perform the obligations of the
Servicer under the Pooling and Servicing Agreement.
8. To the best of such counsel's knowledge, there are no actions,
proceedings or investigations pending or threatened against or affecting
the Trustee before or by any court, arbitrator, administrative agency or
other governmental authority which, if decided adversely to the Trustee,
would materially and adversely affect the ability of the Trustee to carry
out the transactions contemplated in the Pooling and Servicing Agreement.
I. The Underwriters shall have received a favorable opinion or opinions,
dated the date of the Closing Date, of counsel for the Underwriters, with
respect to the issue and sale of the Offered Certificates, this Agreement, the
Prospectus and such other related matters as the Underwriters may reasonably
require.
J. The Underwriters shall have received the favorable opinion dated the
Closing Date, from counsel to the Certificate Insurer, which may be in-house
counsel, in form and scope satisfactory to counsel for the Underwriters,
substantially to the effect that:
1. The Certificate Insurer is a stock insurance corporation duly
incorporated, validly existing, and in good standing under the laws of the
State of New York. The Certificate Insurer is validly licensed and
authorized to issue the Certificate Insurance Policy, and perform its
obligations under the Insurance Agreement in accordance with the terms
thereof, under the laws of the State of New York.
2. The Certificate Insurer has the corporate power to execute and
deliver, and to take all action required of it under, the Insurance
Agreement and the Certificate Insurance Policy.
3. The execution, delivery and performance by the Certificate Insurer
of the Certificate Insurance Policy and the Insurance Agreement is within
the corporate power of the Certificate Insurer and has been authorized by
all necessary corporate action on the part of the Certificate Insurer, and
does not require the consent or approval of, the giving of notice to, the
prior registration with, or the taking of any other action in respect of
any state or other governmental agency or authority which has not
previously been obtained or effected.
4. The Certificate Insurance Policy and the Insurance Agreement have
been duly authorized, executed and delivered by the Certificate Insurer and
constitute the legal, valid and binding agreement of the Certificate
Insurer, enforceable against the Certificate Insurer
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in accordance with its terms subject, as to enforcement, to (x) bankruptcy,
reorganization, insolvency, moratorium and other similar laws relating
to or affecting the enforcement of creditors' rights generally,
including, without limitation, laws relating to fraudulent transfer or
conveyances, preferential transfers and equitable subordination,
presently or from time to time in effect and general principles of
equity (regardless of whether such enforcement is considered in a
proceeding in equity or at law), as such laws may be applied in any such
proceeding with respect to the Certificate Insurer and (y) the
qualification that the remedy of specific performance and other forms of
equitable relief may be subject to equitable defenses and to the
discretion of the court before which any proceedings with respect
thereto may be brought.
5. To the extent the Certificate Insurance Policy constitutes a
security within the meaning of Section 2(l) of the Securities Act, it is a
security that is exempt from the registration requirements of the
Securities Act.
6. The information set forth under the captions "The Certificate
Insurer" and "The Certificate Insurance Policy" in the Prospectus
Supplement are materially correct and, insofar as such information
constitutes a description of the Certificate Insurance Policy, accurately
summarizes the Certificate Insurance Policy.
K. The Company shall have furnished to the Underwriters a certificate,
dated the Closing Date and signed by the Chairman of the Board, the President or
a Vice President of the Company to the extent that the signer of such
certificate has carefully examined the Registration Statement (excluding any
documents incorporated therein by reference), the Pooling and Servicing
Agreement and this Agreement and that, to the best of his or her knowledge based
upon reasonable investigation:
1. The representations and warranties of the Company in this
Agreement, the Pooling and Servicing Agreement and all related agreements
are true and correct as of the Closing Date; the Company has complied with
all agreements and satisfied all the conditions on its part which are to
have been complied with on or prior to the Closing Date.
2. There has been no amendment or other document filed affecting the
certificate of incorporation or by-laws of the Company since September 30,
1996 and no such amendment has been authorized. No event has occurred
since March 14, 1997 which has affected the good standing of the Company
under the laws of the State of Delaware.
3. There has not occurred any material adverse change, or any
development involving a prospective material adverse change, in the
condition, financial or otherwise, or in the earnings, business or
operations of the Company from September 30, 1996.
4. There are no actions, suits or proceedings pending with respect to
which it has received service of process or, to the best of such officer's
knowledge, threatened against or
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affecting the Company which if adversely determined, individually or in
the aggregate, would be reasonably likely to adversely affect the
Company's obligations under the Pooling and Servicing Agreement or this
Agreement in any material way; and no merger, liquidation, dissolution
or bankruptcy of the Company is pending or contemplated.
L. The Trustee shall have furnished to the Underwriters a certificate of
the Trustee, signed by one or more duly authorized officers of the Trustee,
dated the Closing Date, as to the due authorization, execution and delivery of
the Pooling and Servicing Agreement by the Trustee and the acceptance by the
Trustee of the trusts created thereby and the due execution, authentication and
delivery of the Certificates by the Trustee thereunder and such other matters as
the Representative shall reasonably request.
M. The Certificate Insurance Policy and the Insurance Agreement shall
have been issued by the Certificate Insurer and shall have been duly
authenticated by an authorized agent of the Certificate Insurer, if so required
under applicable state law or regulations.
N. The Offered Certificates shall have been rated "AAA" by Standard &
Poor's and "Aaa" by Moody's.
O. The Company shall, by the Closing Date, have furnished to the
Underwriters such further information, certificates and documents as the
Underwriters may reasonably have requested pursuant to a request made not less
than three full business days prior to the Closing Date.
P. Prior to the Closing Date, counsel for the Underwriters shall have
been furnished with such documents and opinions as they may reasonably require
for the purpose of enabling them to pass upon the issuance and sale of the
Certificates as herein contemplated and related proceedings or in order to
evidence the accuracy and completeness of any of the representations and
warranties, or the fulfillment of any of the conditions, herein contained, and
all proceedings taken by the Company in connection with the issuance and sale of
the Certificates as herein contemplated shall be satisfactory in form and
substance to the Underwriters and counsel for the Underwriters.
Q. Subsequent to the execution and delivery of this Agreement none of the
following shall have occurred: (i) trading in securities generally on the New
York Stock Exchange, the American Stock Exchange or the over-the-counter market
shall have been suspended or minimum prices shall have been established on
either of such exchanges or such market by the Commission, by such exchange or
by any other regulatory body or governmental authority having jurisdiction; (ii)
a banking moratorium shall have been declared by Federal or state authorities;
(iii) the United States shall have become engaged in hostilities, there shall
have been an escalation of hostilities involving the United States or there
shall have been a declaration of a national emergency or war by the United
States; or (iv) there shall have occurred such a material adverse change in
general economic, political or financial conditions (or the effect of
international conditions on the financial markets of the United States shall be
such) as to make it in each of the instances set forth in clauses (i), (ii),
(iii) and (iv) herein, in the reasonable judgment of the Underwriters,
impractical or inadvisable to proceed
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<PAGE>
with the public offering or delivery of the Certificates on the terms and in
the manner contemplated in the Prospectus.
R. The Representative shall have received a letter from KPMG Peat Marwick
LLP, dated on or before the Closing Date, in form and substance satisfactory to
the Representative and special counsel for the Underwriters, addressed to each
of the Underwriters to the effect that they have performed certain specified
procedures requested by the Representative with respect to the information set
forth in the Prospectus and certain matters relating to the Company.
S. The Representative and special counsel for the Underwriters shall have
received copies of any opinions of counsel supplied to the rating organizations
relating to any matters with respect to the Certificates. Any such opinions
shall be dated the Closing Date and addressed to each of the Underwriters or
accompanied by reliance letters to the Representative or shall state that each
of the Underwriters may rely upon them.
T. On or prior to the Closing Date there shall not have occurred any
downgrading, nor shall any notice have been given of (A) any intended or
potential downgrading or (B) any review or possible change in rating the
direction of which has not been indicated, in the rating accorded the
Certificate Insurer's claims paying ability by any "nationally recognized
statistical rating organization," as such term is defined for purposes of the
Securities Act.
U. There has not occurred any change, or any development involving a
prospective change, in a condition, financial or otherwise, or in the earnings,
business or operations, since September 30, 1996, of (A) the Company and its
subsidiaries or (B) the Certificate Insurer, that is, in the Representative's
judgment, material and adverse and that makes it, in the Representative's
judgment, impracticable to market the Offered Certificates on the terms and in
the manner contemplated in the Prospectus.
If any conditions specified in this Section VI shall not have been
fulfilled when and as required to be fulfilled, this Agreement may be terminated
by the Underwriters by notice to the Company at any time at or prior to the
Closing Date, and such termination shall be without liability of any party to
any other party except as provided in Section VII.
All opinions, letters, evidence and certificates mentioned above or
elsewhere in this Agreement shall be deemed to be in compliance with the
provisions hereof only if they are in form and substance reasonable satisfactory
to counsel for the Underwriters.
SECTION VII. PAYMENT OF EXPENSES. If the transaction closes, or if the
transaction fails to close other than as a result of a failure of the
Underwriters to perform hereunder, the Company agrees to pay: (a) the costs
incident to the authorization, issuance, sale and delivery of the Certificates
and any taxes payable in connection therewith; (b) the costs incident to the
preparation, printing and filing under the Securities Act of the Registration
Statement and any amendments and exhibits thereto (including the Prospectus);
(c) the costs of distributing the Registration Statement
21
<PAGE>
as originally filed and each amendment thereto and any post-effective
amendments thereof (including, in each case, exhibits), the Prospectus and
any amendment or supplement to the Prospectus or any document incorporated by
reference therein, all as provided in this Agreement; (d) the costs of
reproducing and distributing this Agreement; (e) the fees and expenses of
qualifying the Certificates under the securities laws of the several
jurisdictions as provided in Section V(G) hereof and of preparing, printing
and distributing a Blue Sky Memorandum (including related fees and expenses
of counsel to the Representative); (f) any fees charged by securities rating
services for rating the Offered Certificates; (g) the cost of the
accountant's letter relating to the Prospectus; (h) the fees and expenses of
the Certificate Insurer (other than the fees payable pursuant to the Pooling
and Servicing Agreement); (i) the costs and expenses of the Underwriters and
their counsel; (j) the costs of any accountant's comfort letters which the
Underwriters request relating to any Computational Materials or ABS Term
Sheets; and (k) all other costs and expenses incident to the performance of
the obligations of the Company (including costs and expenses of its counsel);
provided, however, that the Underwriters shall pay any transfer taxes on the
Offered Certificates which they may sell and the expenses of advertising any
offering of the Offered Certificates made by the Underwriters.
If this Agreement is terminated by the Underwriters in accordance with the
provisions of Section VI or Section XI, whether or not the transactions
contemplated hereunder are consummated, the Company shall cause the Underwriters
to be reimbursed for all reasonable out-of-pocket expenses, including fees and
disbursements of counsel for the Underwriters, except that the Company shall not
be obligated under this Agreement to reimburse the Underwriters for reasonable
out-of-pocket expenses, excluding fees and disbursements of counsel for the
Underwriters, if this Agreement is terminated by the Underwriters in accordance
with Section VI(Q) herein.
SECTION VIII. INDEMNIFICATION AND CONTRIBUTION. A. The Company agrees to
indemnify and hold harmless each Underwriter and each person, if any, who
controls such Underwriter within the meaning of Section 15 of the Securities Act
or Section 12 of the Exchange Act from and against any and all loss, claim,
damage or liability, joint or several, or any action in respect thereof
(including, but not limited to, any loss, claim, damage, liability or action
relating to purchases and sales of the Offered Certificates), to which such
Underwriter or any such controlling person may become subject, under the
Securities Act or otherwise, insofar as such loss, claim, damage, liability or
action arises out of, or is based upon, (i) any untrue statement or alleged
untrue statement of a material fact contained in the Registration Statement, or
any amendment thereof or supplement thereto, (ii) the omission or alleged
omission to state in the Registration Statement a material fact required to be
stated therein or necessary to make the statements therein not misleading, (iii)
any untrue statement or alleged untrue statement of a material fact contained in
the Prospectus, or any amendment thereof or supplement thereto, or (iv) the
omission or alleged omission to state in the Prospectus a material fact
necessary to make the statements therein, in the light of the circumstances
under which they were made, not misleading and shall reimburse, as provided
herein, such Underwriter and each such controlling person promptly upon demand
for any legal or other expenses reasonably incurred by such Underwriter or such
controlling person in connection with investigating or defending or preparing to
defend against any such loss, claim, damage, liability or action as such
22
<PAGE>
expenses are incurred; provided, however, that the Company shall not be liable
in any such case to the extent that any such loss, claim, damage, liability or
action arises out of, or is based upon, any untrue statement or alleged untrue
statement or omission or alleged omission made in the Prospectus, or any
amendment thereof or supplement thereto, or the Registration Statement, or any
amendment thereof or supplement thereto, in reliance upon and in conformity with
written information furnished to the Company by or on behalf of such Underwriter
specifically for inclusion therein (except to the extent that any untrue
statement or alleged untrue statement or omission or alleged omission is a
result of Seller Provided Information (hereinafter defined) which is not
accurate and complete in all material respects). The foregoing indemnity
agreement is in addition to any liability which the Company may otherwise have
to any Underwriter or any controlling person of any such Underwriter.
B. Each Underwriter severally agrees to indemnify and hold harmless the
Company, each of its directors, each of its officers who signed the Registration
Statement, and each person, if any, who controls the Company within the meaning
of Section 15 of the Securities Act or Section 20 of the Exchange Act against
any and all loss, claim, damage or liability, joint or several, or any action in
respect thereof, (including, but not limited to, any loss, claim, damage,
liability or action relating to purchases and sales of the Offered
Certificates), to which the Company or any such director, officer or controlling
person may become subject, under the Securities Act or otherwise, insofar as
such loss, claim, damage, liability or action arises out of, or is based upon,
(i) any untrue statement or alleged untrue statement of a material fact
contained in the Prospectus, or any amendment thereof or supplement thereto, or
(ii) the omission or alleged omission to state therein a material fact necessary
to make the statements in the Prospectus, in the light of the circumstances
under which they were made, not misleading, but in each case only to the extent
that the untrue statement or alleged untrue statement or omission or alleged
omission was made in reliance upon and in conformity with written information
furnished to the Company by or on behalf of such Underwriter specifically for
inclusion therein, and shall reimburse, as provided herein, the Company and any
such director, officer or controlling person for any legal or other expenses
reasonably incurred by the Company or any director, officer or controlling
person in connection with investigating or defending or preparing to defend
against any such loss, claim, damage, liability or action as such expenses are
incurred. The foregoing indemnity agreement is in addition to any liability
which any Underwriter may otherwise have to the Company or any such director,
officer or controlling person.
C. Promptly after receipt by any indemnified party under this Section
VIII of notice of any claim or the commencement of any action, such indemnified
party shall, if a claim in respect thereof is to be made against any
indemnifying party under this Section VIII, notify the indemnifying party in
writing of the claim or the commencement of that action; provided, however, that
the failure to notify an indemnifying party shall not relieve it from any
liability which it may have under this Section VIII except to the extent it has
been materially prejudiced by such failure and, provided further, however, that
the failure to notify any indemnifying party shall not relieve it from any
liability which it may have to any indemnified party otherwise than under this
Section VIII except as otherwise provided by law.
23
<PAGE>
If any such claim or action shall be brought against an indemnified party,
and it shall notify the indemnifying party thereof, the indemnifying party shall
be entitled to participate therein and, to the extent that it wishes, jointly
with any other similarly notified indemnifying party, to assume the defense
thereof with counsel reasonably satisfactory to the indemnified party. After
notice from the indemnifying party to the indemnified party of its election to
assume the defense of such claim or action, except to the extent provided in the
next following paragraph, the indemnifying party shall not be liable to the
indemnified party under this Section VIII for any legal or other expenses
subsequently incurred by the indemnified party in connection with the defense
thereof other than reasonable costs of investigation.
Any indemnified party shall have the right to employ separate counsel in
any such action and to participate in the defense thereof, but the fees and
expenses of such counsel shall be at the expense of such indemnified party
unless: (i) the employment thereof has been specifically authorized by the
indemnifying party in writing; (ii) the named parties to any such proceeding
(including any impleaded parties) include both the indemnifying party and the
indemnified party and such indemnifying party shall have been advised by such
counsel that there may be one or more legal defenses available to it which are
different from or additional to those available to the indemnifying party and in
the reasonable judgment of such counsel it is advisable for such indemnified
party to employ separate counsel; or (iii) the indemnifying party has failed to
assume the defense of such action and employ counsel reasonably satisfactory to
the indemnified party within a reasonably prompt period following the receipt of
notification in writing from the indemnified party, in which case, if such
indemnified party notifies the indemnifying party in writing that it elects to
employ separate counsel at the expense of the indemnifying party, the
indemnifying party shall not have the right to assume the defense of such action
on behalf of such indemnified party, it being understood, however, the
indemnifying party shall not, in connection with any one such action or separate
but substantially similar or related actions in the same jurisdiction arising
out of the same general allegations or circumstances, be liable for the
reasonable fees and expenses of more than one separate firm of attorneys (in
addition to one local counsel per jurisdiction) which counsel shall be
reasonably acceptable to the indemnifying party at any time for all such
indemnified parties, which firm shall be designated in writing by the related
Underwriter, if the indemnified parties under this Section VIII consist of one
or more Underwriters or any of its or their controlling persons, or the Company,
if the indemnified parties under this Section VIII consist of the Company or any
of the Company's directors, officers or controlling persons.
Each indemnified party, as a condition of the indemnity agreements
contained in Section VIII(A) and (B), shall use its best efforts to cooperate
with the indemnifying party in the defense of any such action or claim. No
indemnifying party shall be liable for any settlement of any such action
effected without its written consent (which consent shall not be unreasonably
withheld), but if settled with its written consent or if there be a final
judgment for the plaintiff in any such action, the indemnifying party agrees to
indemnify and hold harmless any indemnified party from and against any loss or
liability by reason of such settlement or judgment.
24
<PAGE>
Notwithstanding the foregoing paragraph, if at any time an indemnified
party shall have requested an indemnifying party to reimburse the indemnified
party for fees and expenses of counsel as required by this Agreement, the
indemnifying party agrees that it shall be liable for any settlement of any
proceeding effected without its written consent if (i) such settlement is
entered into more than 45 days after receipt by such indemnifying party of the
aforesaid request and (ii) such indemnifying party shall not have reimbursed the
indemnified party in accordance with such request prior to the date of such
settlement. No indemnifying party shall, without the prior written consent of
the indemnified party, (which consent shall not be unreasonably withheld),
effect any settlement of any pending or threatened proceeding in respect of
which any indemnified party is or could have been a party and indemnity could
have been sought hereunder by such indemnified party, unless such settlement
includes an unconditional release of such indemnified party from all liability
on claims that are the subject matter of such proceeding.
D. Computational Materials and ABS Term Sheets. Not later than 10:30
a.m. New York City time, on the business day before the date on which the
applicable Current Report relating to the Certificates is required to be filed
by the Company with the Commission pursuant to Section V(L) hereof, each
Underwriter shall deliver to the Company five complete copies of all materials,
if any, provided by such Underwriter to prospective investors in such
Certificates which constitute Computational Materials or ABS Term Sheets. Each
delivery of Computational Materials or ABS Term Sheets to the Company pursuant
to this paragraph (D) shall be effected by delivering four copies of such
material to counsel for the Company on behalf of the Company and one copy of
such materials to the Company.
"Computational Materials" shall mean those materials delivered by an
Underwriter to the Company within the meaning of the no-action letter dated May
20, 1994, issued by the Division of Corporation Finance of the Commission to
Kidder, Peabody Acceptance Corporation I, Kidder, Peabody & Co. Incorporated,
and Kidder Structured Asset Corporation and the no-action letter dated May 27,
1994, issued by the Division of Corporation Finance of the Commission to the
Public Securities Association, for which the filing of such material is a
condition of the relief granted in such letters. "ABS Term Sheets" shall mean
those materials delivered by an Underwriter to the Company in the form of
"Structural Term Sheets" or "Collateral Term Sheets," in each case within the
meaning of the no-action letter dated February 17, 1995 issued by the Division
of Corporation Finance of the Commission to the Public Securities Association,
for which the filing of such material is a condition of the relief granted in
such letter.
E. Each Underwriter severally and not jointly agrees, except to the
extent that the Seller Provided Information is not accurate and complete in all
material respects, to indemnify and hold harmless the Company, each of the
Company's officers and directors and each person who controls the Company within
the meaning of Section 15 of the Securities Act and Section 12 of the Exchange
Act against any and all losses, claims, damages or liabilities, joint or
several, to which they may become subject under the Securities Act or otherwise,
insofar as such losses, claims, damages or liabilities (or actions in respect
thereof) (including, but not limited to, any loss, claim, damage, liability or
action relating to purchases and sales of the Offered Certificates), arise out
of or are based
25
<PAGE>
upon any untrue statement of a material fact contained in the Computational
Materials or ABS Term Sheets provided by such Underwriter, or arise out of or
are based upon the omission or alleged omission to state therein a material
fact necessary to make the statements therein, when considered in conjunction
with the Prospectus, and in the light of the circumstances under which they
were made, not misleading, except to the extent that such untrue statement or
omission is based upon the Seller Provided Information and agrees to
reimburse each such indemnified party for any legal or other expenses
reasonably incurred by him, her or it in connection with investigating or
defending or preparing to defend any such loss, claim, damage, liability or
action as such expenses are incurred. The obligations of an Underwriter
under this Section VIII (E) shall be in addition to any liability which such
Underwriter may otherwise have.
The procedures set forth in Section VIII (C) shall be equally applicable to
this Section VIII(E).
F. If the indemnification provided for in this Section VIII shall for any
reason be unavailable to or insufficient to hold harmless an indemnified party
under Section VIII (A), (B) or (E) in respect of any loss, claim, damage or
liability, or any action in respect thereof, referred to therein, then each
indemnifying party shall, in lieu of indemnifying such indemnified party,
contribute to the amount paid or payable by such indemnified party as a result
of such loss, claim, damage or liability, or action in respect thereof, (i) in
such proportion as shall be appropriate to reflect the relative benefits
received by the Company on the one hand and the related Underwriters on the
other from the offering of the related Offered Certificates or (ii) if the
allocation provided by clause (i) above is not permitted by applicable law, in
such proportion as is appropriate to reflect not only the relative benefits
referred to in clause (i) above but also the relative fault of the Company on
the one hand and the related Underwriter on the other with respect to the
statements or omissions which resulted in such loss, claim, damage or liability,
or action in respect thereof, as well as any other relevant equitable
considerations.
The relative benefits of an Underwriter and the Company shall be deemed to
be in such proportion as the total net proceeds from the offering (before
deducting expenses) received by the Company bear to the total underwriting
discounts and commissions received by the related Underwriter from time to time
in negotiated sales of the related Offered Certificates.
The relative fault of an Underwriter and the Company shall be determined by
reference to whether the untrue or alleged untrue statement of a material fact
or omission or alleged omission to state a material fact relates to information
supplied or prepared by the Company or by such Underwriter, the intent of the
parties and their relative knowledge, access to information and opportunity to
correct or prevent such statement or omission and other equitable
considerations.
The Company and the Underwriters agree that it would not be just and
equitable if contributions pursuant to this Section VIII (F) were to be
determined by pro rata allocation (even if the Underwriters were treated as one
entity for such purposes) or by any other method of allocation which does not
take into account the equitable considerations referred to herein. The amount
paid
26
<PAGE>
or payable by an indemnified party as a result of the loss, claim, damage or
liability, or action in respect thereof, referred to above in this Section
VIII (F) shall be deemed to include, for purposes of this Section VIII (F),
any legal or other expenses reasonably incurred by such indemnified party in
connection with investigating or defending any such action or claim.
For purposes of this Section VIII, in no case shall any Underwriter (except
with respect to any document (other than the Computational Materials or ABS Term
Sheets) incorporated by reference into the Registration Statement or Prospectus
at the request of such Underwriter and except as may be provided in any
agreement among the Underwriters relating to the offering of the Offered
Certificates) be responsible for any amount in excess of (x) the amount received
by such Underwriter in connection with its resale of the Offered Certificates
over (y) the amount paid by such Underwriter to the Company for the Offered
Certificates by such Underwriter hereunder. No person guilty of fraudulent
misrepresentation (within the meaning of Section 11(f) of the Securities Act)
shall be entitled to contribution from any person who was not guilty of such
fraudulent misrepresentation.
"Seller Provided Information" means any computer tape (or other information
provided to Underwriter for the purpose of preparation of the Prospectus
Supplement, Computational Materials or ABS Term Sheets) furnished to any
Underwriter by the Company concerning the assets comprising the Trust.
G. The Underwriters confirm that the information set forth in the last
paragraph on the front cover page of the Prospectus Supplement, the information
under the heading "Underwriting" therein and the Computational Materials and ABS
Term Sheets are correct, and the Company acknowledges that such information
constitutes the only information furnished in writing to the Company by or on
behalf of any Underwriter specifically for inclusion in the Registration
Statement and the Prospectus.
SECTION IX. REPRESENTATIONS, WARRANTIES AND AGREEMENTS TO SURVIVE
DELIVERY. All representations, warranties and agreements contained in this
Agreement or contained in agreements delivered pursuant hereto or certificates
of officers of the Company submitted pursuant hereto shall remain operative and
in full force and effect, regardless of any investigation made by or on behalf
of the Underwriters or controlling persons thereof, or by or on behalf of the
Company and shall survive delivery of any Offered Certificates to the
Underwriters.
SECTION X. DEFAULT BY ONE OR MORE OF THE UNDERWRITERS. If one or more of
the Underwriters participating in the public offering of the Offered
Certificates shall fail at the Closing Date to purchase the Offered Certificates
which it is (or they are) obligated to purchase hereunder (the "Defaulted
Certificates"), then the non-defaulting Underwriters shall have the right,
within 48 hours thereafter, to make arrangements for one or more of the
non-defaulting Underwriters, or any other underwriters, to purchase all, but not
less than all, of the Defaulted Certificates in such amounts as may be agreed
upon and upon the terms herein set forth (as used in this Agreement, the term
"Underwriter" includes any underwriter substituted for an Underwriter under this
Section X). If, however, the Underwriters have not completed such arrangements
within such 48-hour period, then:
27
<PAGE>
(i) if the aggregate original principal amount of Defaulted
Certificates does not exceed 10% of the aggregate original principal amount
of the Offered Certificates to be purchased pursuant to this Agreement, the
non-defaulting Underwriters named in this Agreement shall be obligated to
purchase the full amount thereof in the proportions that their respective
obligations hereunder bear to the underwriting obligations of all such
non-defaulting Underwriters; or
(ii) if the aggregate original principal amount of Defaulted
Certificates exceeds 10% of the aggregate original principal amount of the
Offered Certificates to be purchased pursuant to this Agreement, this
Agreement shall terminate, without any liability on the part of any
non-defaulting Underwriters.
No action taken pursuant to this Section X shall relieve any defaulting
Underwriter from the liability with respect to any default of such Underwriter
under this Agreement.
In the event of a default by any Underwriter as set forth in this Section
X, each of the Underwriters and the Company shall have the right to postpone the
Closing Date for a period not exceeding seven Business Days in order that any
required changes in the Registration Statement or Prospectus or in any other
documents or arrangements may be effected.
SECTION XI. TERMINATION OF AGREEMENT. The Underwriters may terminate
this Agreement immediately upon notice to the Company, at any time at or prior
to the Closing Date if any of the events or conditions described in Section
VI(Q) of this Agreement shall occur and be continuing. In the event of any such
termination, the provisions of Section VII, the indemnity agreement set forth in
Section VIII, and the provisions of Sections IX and XIV shall remain in effect.
SECTION XII. NOTICES. All statements, requests, notices and agreements
hereunder shall be in writing, and:
(i) if to the Underwriters, shall be delivered or sent by mail, telex
or facsimile transmission to the Representative at its address set forth
above; and
(ii) if to the Company, shall be delivered or sent by overnight mail
or facsimile transmission to 13111 Northwest Freeway, Suite 301, Houston,
Texas 77040, Attn.: General Counsel, Fax No. (713) 895-3805.
SECTION XIII. PERSONS ENTITLED TO THE BENEFIT OF THIS AGREEMENT. This
Agreement shall inure to the benefit and be binding upon the Underwriters and
the Company, and their respective successors. This Agreement and the terms and
provisions hereof are for the sole benefit of only those persons, except that
the representations, warranties, indemnities and agreements contained in this
Agreement shall also be deemed to be for the benefit of the person or persons,
if any, who control any of the Underwriters within the meaning of Section 15 of
the Securities Act, and for the
28
<PAGE>
benefit of directors of the Company, officers of the Company who have signed
the Registration Statement and any person controlling the Company within the
meaning of Section 15 of the Securities Act. Nothing in this Agreement is
intended or shall be construed to give any person, other than the persons
referred to in this Section XIII, any legal or equitable right, remedy or
claim under or in respect of this Agreement or any provision contained herein.
SECTION XIV. SURVIVAL. The respective indemnities, representations,
warranties and agreements of the Company and the Underwriters contained in this
Agreement, or made by or on behalf of them, respectively, pursuant to this
Agreement, shall survive the delivery of and payment for the Certificates and
shall remain in full force and effect, regardless of any investigation made by
or on behalf of any of them or any person controlling any of them. The
provisions of Sections V, VII and VIII hereof shall survive the termination or
cancellation of this Agreement.
SECTION XV. DEFINITION OF THE TERM "BUSINESS DAY". For purposes of this
Agreement, "Business Day" means any day on which the New York Stock Exchange,
Inc. is open for trading.
SECTION XVI. GOVERNING LAW; SUBMISSION TO JURISDICTION. This Agreement
shall be governed by and construed in accordance with the laws of the State of
New York without giving effect to the conflict of law rules thereof.
The parties hereto submit to the jurisdiction of the United States District
Court for the Southern District of New York and any court in the State of New
York located in the City and County of New York, and appellate court from any
thereof, in any action, suit or proceeding brought against it or in connection
with this Agreement or any of the related documents or the transactions
contemplated hereunder or for recognition or enforcement of any judgment, and
the parties hereto hereby agree that all claims in respect of any such action or
proceeding may be heard or determined in New York State court or, to the extent
permitted by law, in such federal court.
SECTION XVII. COUNTERPARTS. This Agreement may be executed in
counterparts and, if executed in more than one counterpart, the executed
counterparts shall each be deemed to be an original but all such counterparts
shall together constitute one and the same instrument.
SECTION XVIII. HEADINGS. The headings herein are inserted for
convenience of reference only and are not intended to be part of, or to affect
the meaning or interpretation of, this Agreement.
SECTION XIX. AMENDMENTS AND WAIVERS. This Agreement may be amended,
modified, altered or terminated, and any of its provisions waived, only in a
writing signed on behalf of the Company and the Representative.
29
<PAGE>
If the foregoing correctly sets forth the agreement between the Company and
the Underwriters, please indicate your acceptance in the space provided for the
purpose below.
Very truly yours,
EQUIVANTAGE ACCEPTANCE CORP.
By: -------------------------------------------
Name: Elizabeth Folk
Title: Senior Vice President
CONFIRMED AND ACCEPTED, as
of the date first above written:
PRUDENTIAL SECURITIES INCORPORATED,
Acting on its own behalf and as Representative
of the several Underwriters referred to in the
foregoing Agreement.
By: ------------------------------
Name: Brendan J. Keane
Title: Vice President
[Underwriting Agreement]
30
<PAGE>
SCHEDULE A
<TABLE>
<CAPTION>
Principal Amount
Class of Certificates of Certificates
Purchased by such Purchased by such Purchase Price
Name of Underwriter Underwriter Underwriter (% of Par)
- --------------------- ----------------------- ----------------- ---------------
<S> <C> <C> <C>
Prudential Securities
Incorporated Class A-1 $14,700,000 99.9375%
Class A-2 $ 9,950,000 99.953125%
Class A-3 $ 6,850,000 100.00%
Class A-4 $ 3,500,000 99.984375%
Class A-5 $ 7,500,000 100.00%
-------------
TOTAL $42,500,000
-------------
-------------
</TABLE>
<TABLE>
<CAPTION>
Principal Amount
Class of Certificates of Certificates
Purchased by such Purchased by such Purchase Price
Name of Underwriter Underwriter Underwriter (% of Par)
- --------------------- ----------------------- ----------------- ---------------
<S> <C> <C> <C>
Salomon Brothers Inc Class A-1 $14,700,000 99.9375%
Class A-2 $ 9,950,000 99.953125%
Class A-3 $ 6,850,000 100.00%
Class A-4 $ 3,500,000 99.984375%
Class A-5 $ 7,500,000 100.00%
-------------
TOTAL $42,500,000
-------------
-------------
</TABLE>
A-1
<PAGE>
March 14, 1997
Prudential Securities Incorporated,
as Representative of the Several
Underwriters
One New York Plaza, 26th Floor
New York, New York 10292
Ladies and Gentlemen:
This Guaranty is made by EquiVantage Inc., a Delaware corporation with its
principal office at 13111 Northwest Freeway, Suite 300, Houston, Texas 77040
("EquiVantage"), in favor of Prudential Securities Incorporated, in its capacity
as Representative Underwriter (the "Representative") of the several Underwriters
(the "Several Underwriters") in connection with the underwriting of the Offered
Certificates (as defined in the Underwriting Agreement), with its principal
office at One New York Plaza, 26th Floor, New York, New York 10292.
As an inducement to the Representative and in consideration of EquiVantage
Acceptance Corp. (the "Company") entering into the Underwriting Agreement
referred to below, EquiVantage Inc. hereby absolutely, unconditionally and
irrevocably guarantees the prompt performance of the obligations, including any
payment obligations, of the Company, a Delaware corporation with its principal
office at 13111 Northwest Freeway, Suite 301, Houston, Texas 77040, under
Section VIII of the Underwriting Agreement, dated March 14, 1997, between the
Company and the Representative. This Guaranty is a guaranty of performance and
payment and not of collection. The obligations of EquiVantage Inc. hereunder
shall not be impaired by failure of Company to provide notice to EquiVantage
Inc. of any modification or amendment of said contract agreed to by the parties
thereto. This Guaranty shall exist notwithstanding the validity or
enforceability of any instrument evidencing any such obligations by reason of
the dissolution, liquidation, reorganization of the Company, or the commencement
against the Company of a case in bankruptcy or any other law affecting
creditors' rights generally or the seeking of a trustee, receiver, liquidator,
custodian or other similar official. EquiVantage Inc. hereby waives any
requirement that the Representative shall take legal action against the Company
before enforcing this Guaranty. This Guaranty may be amended only by an
instrument in writing executed by the undersigned and accepted in writing by the
Representative.
This Guaranty shall be governed by the laws of the State of New York
applicable to agreements made and to be performed in the State of New York
without giving effect to the conflict of law rules thereof.
<PAGE>
IN WITNESS WHEREOF, EquiVantage Inc. has caused this Guaranty to be
executed by duly authorized corporate officers the day and year first above
written.
EQUIVANTAGE INC.
By: -------------------------------------
Name: Elizabeth Folk
Title: Senior Vice President
ACCEPTED this 14th day
of March, 1997
Prudential Securities Incorporated,
as Representative of the Several Underwriters
By: ------------------------------------
Name: Brendan J. Keane
Title: Vice President
[Underwriting Agreement Guaranty]
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POOLING AND SERVICING AGREEMENT
Relating to
EQUIVANTAGE HOME EQUITY LOAN TRUST 1997-1
Among
EQUIVANTAGE ACCEPTANCE CORP.,
as Sponsor,
EQUIVANTAGE INC.,
as Servicer,
and
NORWEST BANK MINNESOTA, NATIONAL ASSOCIATION,
as Trustee
Dated as of March 1, 1997
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TABLE OF CONTENTS
(Not a Part of this Agreement)
Page
----
Parties........................................................................1
Recitals.......................................................................1
ARTICLE I
DEFINITIONS; RULES OF CONSTRUCTION.............................................2
1.1. Definitions........................................................2
1.2. Use of Words and Phrases..........................................30
1.3. Captions; Table of Contents.......................................30
1.4. Opinions..........................................................30
ARTICLE II
ESTABLISHMENT AND ORGANIZATION OF THE TRUST...................................30
2.1. Establishment of the Trust........................................30
2.2. Office............................................................30
2.3. Purposes and Powers...............................................31
2.4. Appointment of the Trustee; Declaration of Trust..................31
2.5. Expenses of the Trust.............................................31
2.6. Ownership of the Trust............................................31
2.7. Receipt of Trust Estate...........................................31
2.8. Miscellaneous REMIC Provisions....................................32
2.9. Grant of Security Interest........................................35
ARTICLE III
REPRESENTATIONS, WARRANTIES AND COVENANTS
OF THE SPONSOR AND THE SERVICER;
COVENANT OF SPONSOR TO CONVEY MORTGAGE LOANS..................................36
3.1. Representations and Warranties of the Sponsor.....................36
3.2. Representations and Warranties of the Servicer....................39
3.3. Representations and Warranties of the Sponsor with Respect to
the Mortgage Loans................................................41
3.4. Covenants of Sponsor to Take Certain Actions with Respect to the
Mortgage Loans In Certain Situations..............................44
3.5. Conveyance of the Mortgage Loans..................................45
3.6. Acceptance by Trustee; Certain Substitutions of Mortgage
Loans; Certification by Trustee...................................49
3.7. Cooperation Procedures............................................51
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ARTICLE IV
ISSUANCE AND SALE OF CERTIFICATES.............................................52
4.1. Issuance of Certificates..........................................52
4.2. Sale of Certificates..............................................52
ARTICLE V
CERTIFICATES AND TRANSFER OF INTERESTS........................................52
5.1. Terms.............................................................52
5.2. Forms.............................................................53
5.3. Execution, Authentication and Delivery............................53
5.4. Registration and Transfer of Certificates.........................53
5.5. Mutilated, Destroyed, Lost or Stolen Certificates.................55
5.6. Persons Deemed Owners.............................................56
5.7. Cancellation......................................................56
5.8. Limitation on Transfer of Ownership Rights........................56
5.9. Assignment of Rights..............................................57
ARTICLE VI
COVENANTS.....................................................................58
6.1. Distributions.....................................................58
6.2. Money for Distributions to be Held in Trust; Withholding..........58
6.3. Protection of Trust Estate........................................59
6.4. Performance of Obligations........................................59
6.5. Negative Covenants................................................60
6.6. No Other Powers...................................................60
6.7. Limitation of Suits...............................................60
6.8. Unconditional Rights of Owners to Receive Distributions...........61
6.9. Rights and Remedies Cumulative....................................62
6.10. Delay or Omission Not Waiver......................................62
6.11. Control by Owners.................................................62
ARTICLE VII
ACCOUNTS, DISBURSEMENTS AND RELEASES..........................................62
7.1. Collection of Money...............................................62
7.2. Establishment of Certificate Account..............................63
7.3. The Certificate Insurance Policy..................................63
7.4. [Reserved]........................................................66
7.5. Flow of Funds.....................................................66
7.6. Investment of Accounts............................................70
7.7. Eligible Investments..............................................71
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7.8. Reports by Trustee................................................72
7.9. Additional Reports by Trustee.....................................75
7.10. Allocation of Realized Losses.....................................76
7.11. Reserve Fund......................................................76
ARTICLE VIII
SERVICING AND ADMINISTRATION
OF MORTGAGE LOANS.............................................................77
8.1. Servicer and Sub-Servicers........................................77
8.2. Collection of Certain Mortgage Loan Payments......................80
8.3. Sub-Servicing Agreements Between Servicer and Sub-Servicers.......81
8.4. Successor Sub-Servicers...........................................81
8.5. Liability of Servicer.............................................81
8.6. No Contractual Relationship Between Sub-Servicer and Trustee
or the Owners.....................................................81
8.7. Assumption or Termination of Sub-Servicing Agreement by Trustee...82
8.8. Principal and Interest Account....................................82
8.9. Delinquency Advances, Compensating Interest and Servicing
Advances..........................................................84
8.10. Purchase of Mortgage Loans........................................85
8.11. Maintenance of Insurance..........................................85
8.12. Due-on-Sale Clauses; Assumption and Substitution Agreements.......86
8.13. Realization Upon Defaulted Mortgage Loans.........................87
8.14. Trustee to Cooperate; Release of Files............................89
8.15. Servicing Compensation............................................90
8.16. Annual Statement as to Compliance.................................90
8.17. Annual Independent Certified Public Accountants' Reports; Annual
Financial Statements of the Sub-Servicer..........................91
8.18. Access to Certain Documentation and Information Regarding the
Mortgage Loans....................................................91
8.19. Assignment of Agreement...........................................91
8.20. Removal of Servicer; Resignation of Servicer......................92
8.21. Inspections by Certificate Insurer; Errors and Omissions
Insurance.........................................................97
8.22. Merger, Conversion, Consolidation or Succession to Business
of Servicer.......................................................97
8.23. Financial Statements..............................................98
8.24. REMIC.............................................................98
8.25. The Designated Depository Institution.............................98
8.26. Appointment of Custodian..........................................98
8.27. Indemnification by the Sponsor and Servicer.......................98
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ARTICLE IX
TERMINATION OF TRUST..........................................................99
9.1. Termination of Trust.............................................99
9.2. Termination Upon Option of Class RL Certificate Owners and
Servicer.........................................................99
9.3. Termination Upon Loss of REMIC Status...........................100
9.4. Disposition of Proceeds.........................................102
9.5. Netting of Amounts..............................................102
ARTICLE X
THE TRUSTEE..................................................................102
10.1. Certain Duties and Responsibilities.............................102
10.2. Removal of Trustee for Cause....................................105
10.3. Certain Rights of the Trustee...................................106
10.4. Not Responsible for Recitals or Issuance of Certificates........107
10.5. May Hold Certificates...........................................107
10.6. Money Held in Trust.............................................107
10.7. Compensation and Reimbursement; No Lien for Fees................108
10.8. Corporate Trustee Required; Eligibility.........................108
10.9. Resignation and Removal; Appointment of Successor...............108
10.10. Acceptance of Appointment by Successor Trustee..................109
10.11. Merger, Conversion, Consolidation or Succession to Business
of the Trustee..................................................110
10.12. Reporting; Withholding..........................................110
10.13. Liability of the Trustee........................................111
10.14. Appointment of Co-Trustee or Separate Trustee...................111
ARTICLE XI
MISCELLANEOUS................................................................113
11.1. Compliance Certificates and Opinions............................113
11.2. Form of Documents Delivered to the Trustee......................113
11.3. Acts of Owners..................................................114
11.4. Notices, etc., to Trustee.......................................115
11.5. Notices and Reports to Owners; Waiver of Notices................115
11.6. Rules by Trustee and Sponsor....................................116
11.7. Successors and Assigns..........................................116
11.8. Severability....................................................116
11.9. Benefits of Agreement...........................................116
11.10. Legal Holidays..................................................116
11.11. Governing Law...................................................116
11.12. Counterparts....................................................116
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11.13. Usury...........................................................116
11.14. Amendment.......................................................117
11.15. REMIC Status; Taxes.............................................118
11.16. Additional Limitation on Action and Imposition of Tax...........120
11.17. Appointment of Tax Matters Person...............................120
11.18. The Certificate Insurer.........................................120
11.19. Notices.........................................................121
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(continued . . . Table of Contents)
SCHEDULE I -- Schedule of Mortgage Loans........................S-1
EXHIBIT A-1 -- Form of Class A-1 Certificate...................A-1-1
EXHIBIT A-2 -- Form of Class A-2 Certificate...................A-2-1
EXHIBIT A-3 -- Form of Class A-3 Certificate...................A-3-1
EXHIBIT A-4 -- Form of Class A-4 Certificate...................A-4-1
EXHIBIT A-5 -- Form of Class A-5 Certificate...................A-5-1
EXHIBIT B -- Form of Class B Certificate.......................B-1
EXHIBIT C-1 -- Form of Class RL Certificate....................C-1-1
EXHIBIT C-2 -- Form of Class RU Certificate....................C-2-1
EXHIBIT D -- Form of Certificate Regarding Prepaid Loans.......D-1
EXHIBIT E -- Form of Trustee's Receipt.........................E-1
EXHIBIT F -- Form of Pool Certification........................F-1
EXHIBIT G -- Form of Delivery Order............................G-1
EXHIBIT H -- Form of Class R Tax Matters Transfer Certificate..H-1
EXHIBIT I -- Form of Monthly Report............................I-1
EXHIBIT J -- Form of Servicer's Trust Receipt..................J-1
EXHIBIT K -- Form of Liquidation Report........................K-1
EXHIBIT L -- Form of Special Power of Attorney.................L-1
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POOLING AND SERVICING AGREEMENT, relating to EQUIVANTAGE HOME EQUITY LOAN
TRUST 1997-1, dated as of March 1, 1997 by and among EQUIVANTAGE ACCEPTANCE
CORP., a Delaware corporation, in its capacity as Sponsor of the Trust (the
"Sponsor"), EQUIVANTAGE INC., a Delaware corporation, in its capacity as
servicer (the "Servicer"), and NORWEST BANK MINNESOTA, National Association, in
its capacity as trustee (the "Trustee").
WHEREAS, the Sponsor wishes to establish a trust which provides for the
allocation and sale of the beneficial interests therein and the maintenance and
distribution of the trust estate;
WHEREAS, the Servicer has agreed to service the Mortgage Loans, which
constitute the principal assets of the trust estate;
WHEREAS, all things necessary to make the Certificates, when executed and
authenticated by the Trustee valid instruments, and to make this Agreement a
valid agreement, in accordance with their and its terms, have been done;
WHEREAS, Norwest Bank Minnesota, National Association is willing to serve
in the capacity of Trustee hereunder; and
WHEREAS, Financial Guaranty Insurance Company (the "Certificate Insurer")
is intended to be a third party beneficiary of this Agreement and is hereby
recognized by the parties hereto to be a third-party beneficiary of this
Agreement.
NOW, THEREFORE, in consideration of the premises and the mutual agreements
herein contained, the Sponsor, the Servicer and the Trustee hereby agree as
follows:
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ARTICLE I
DEFINITIONS; RULES OF CONSTRUCTION
Section 1.1. Definitions. For all purposes of this Agreement, the
following terms shall have the meanings set forth below, unless the context
clearly indicates otherwise:
"Account": Any account established in accordance with Section 7.2 or 8.8
hereof.
"Aggregate Loan Balance": As of any date, the aggregate Loan Balance, by
Mortgage Loan Group, as appropriate, of all Mortgage Loans as of such date.
"Agreement": This Pooling and Servicing Agreement, as it may be amended
from time to time, and including the Exhibits and Schedules hereto.
"Allocable Losses": As defined in Section 7.10 hereof.
"Appraised Value": The appraised value of any Property based upon the
appraisal or other valuation made at the time of the origination of the related
Mortgage Loan, or, in the case of a Mortgage Loan which is a purchase money
mortgage, the sales price of the Property at such time of origination, if such
sales price is less than such appraised value or, in the case of an appraised
value or purchase price determined by the related Originator to be excessive,
such appraised value adjusted downward.
"Assignment Opinion": As defined in Section 3.5(b)(ii) hereof.
"Authorized Officer": With respect to any Person, any individual who is
authorized to act for such Person in matters relating to this Agreement, and
whose action is binding upon such Person and, with respect to the Trustee, the
Sponsor and the Servicer, initially including those individuals whose names
appear on the lists of Authorized Officers delivered on the Startup Day.
"Available Funds": With respect to a Mortgage Loan Group, either the Group
I Available Funds or the Group II Available Funds, as appropriate, as defined in
Section 7.3(a) hereof. The term "Available Funds" does not include Insured
Payments and does not include any amounts that cannot be distributed to the
Owners of the Certificates by the Trustee as a result of proceedings under the
United States Bankruptcy Code.
"Available Funds Cap Carry-Forward Amortization Amount": As of any Payment
Date, any amount distributed to the Owners of the Class A-5 Certificates on such
Payment Date pursuant to Section 7.5(c)(x) hereof.
"Available Funds Cap Carry-Forward Amount": As of any Payment Date, the
excess, if any, of (x) the sum of (i) the excess, if any, of (a) the amount of
interest due on the Class A-5 Certificates on such Payment Date, calculated at
the Class A-5 Formula Pass- Through Rate on such Payment Date over (b) the
amount of interest due on the Class A-5
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Certificates on such Payment Date, calculated at the Class A-5 Pass-Through Rate
applicable to such Payment Date, (ii) the excess, if any, of (a) the aggregate
amount of interest due on the Class A-5 Certificates on all prior Payment Dates,
calculated at the Class A-5 Formula Pass-Through Rate applicable to each such
Payment Date over (b) the aggregate amount of interest due on the Class A-5
Certificates on all prior Payment Dates, calculated at the Class A-5
Pass-Through Rate applicable to each such Payment Date, (iii) the amount, if
any, described in clause (iv) hereof as of the immediately preceding Payment
Date and (iv) the product of (a) one-twelfth of the Class A-5 Formula
Pass-Through Rate on such Payment Date and (b) the sum of the amounts described
in clauses (ii) and (iii) preceding over (y) all Available Funds Cap
Carry-Forward Amortization Amounts actually funded on all prior Payment Dates.
"Available Funds Shortfall": With respect to a Mortgage Loan Group, as
defined in Section 7.5(b)(iii)(A) hereof.
"Balloon Loan": Any Mortgage Loan which has an amortization schedule which
extends beyond its maturity date, resulting in a relatively large unamortized
principal balance due in a single payment at maturity.
"Business Day": Any day that is not a Saturday, Sunday or other day on
which commercial banking institutions in the State of New York, the State of
Texas or in the city in which the Corporate Trust Office of the Trustee is
located, which initially is Minneapolis, Minnesota, are authorized or obligated
by law or executive order to be closed; provided, that in connection with any
determination of LIBOR, "Business Day" means a day on which banks are also open
for dealing in foreign currency and exchange in London and New York City.
"Cap Agreement": The requirement of the Trustee to make distributions from
the Reserve Fund pursuant to Section 7.5.
"Certificate": Any one of the Class A Certificates, Class B Certificates
or the Residual Certificates, each representing the interests and the rights
described in this Agreement.
"Certificate Account": The Certificate Account established in accordance
with Section 7.2 hereof and maintained by the Trustee.
"Certificate Insurance Policy": The certificate guaranty surety bond
number 97010145 issued by the Certificate Insurer to the Trustee for the benefit
of the Owners of the Class A Certificates.
"Certificate Insurer": Financial Guaranty Insurance Company, a New York
stock insurance company, and any successor thereto.
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"Certificate Insurer Default": The failure by the Certificate Insurer to
make a payment required under the Certificate Insurance Policy in accordance
with its terms or the bankruptcy or insolvency of the Certificate Insurer.
"Certificate Principal Balance": As to any Class of the Class A
Certificates, the Class A Certificate Principal Balance thereof (but not
including any Available Funds Cap Carry- Forward Amount). As to any particular
Class A Certificate, the product of the Percentage Interest evidenced thereby
and the Certificate Principal Balance of such Class of Class A Certificates. As
to Class B, the Class B Certificate Principal Balance. Except as described in
the definition of "Class RL Certificate Principal Balance," the Residual
Certificates do not have a "Certificate Principal Balance".
"Class": All of the Class A Certificates, all of the Class B Certificates
or all of the Residual Certificates, as the case may be.
"Class A Certificate": Any Certificate designated as a "Class A-1
Certificate," "Class A-2 Certificate," "Class A-3 Certificate," "Class A-4
Certificate," or "Class A-5 Certificate " on the face thereof, in the form of
Exhibits A-1, A-2, A-3, A-4 and A-5 hereto. The Class A Certificates shall be
issued with an initial aggregate Certificate Principal Balance equal to the
Original Class A Certificate Principal Balance therefor.
"Class A Certificate Principal Balance": As of any time of determination,
and with respect to any Class of Class A Certificates, the Original Class A
Certificate Principal Balance thereof less any amounts actually distributed in
respect of such Class as part of the Class A Distribution Amount pursuant to
Section 7.5(b)(vi), (vii) and (viii) hereof with respect to principal thereon on
all prior Payment Dates (but not including any Available Funds Cap Carry-Forward
Amount).
"Class A Certificate Termination Date": As to any Class of Class A
Certificates, the Payment Date on which the Class A Certificate Principal
Balance thereof is reduced to zero.
"Class A Distribution Amount": With respect to the Group I Certificates
for any Payment Date, the amount actually distributed to the Owners of such
Class A Certificates on such Payment Date, applied first to interest and then to
principal, which amount shall be the lesser of (x) the Group I Formula
Distribution Amount for such Payment Date and (y) the amount (including any
applicable portion of any Insured Payment) available for distribution on account
of such Class A Certificates for such Payment Date. With respect to the Class
A-5 Certificates for any Payment Date, the amount actually distributed to the
Owners of the Class A-5 Certificates on such Payment Date, applied first to
interest and then to principal, which amount shall be the lesser of (x) the
Group II Formula Distribution Amount for such Payment Date and (y) the amount
(including any applicable portion of any Insured Payment) available for
distribution on account of the Class A-5 Certificates for such Payment Date.
"Class A Interest Carry-Forward Amount": With respect to any Payment Date
and any Class of Class A Certificates, the sum of (i) the amount, if any, by
which (x) the Class A Interest Distribution Amount for such Class as of the
immediately preceding Payment
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Date exceeded (y) the amount of the actual distribution made to the Owners of
such Class A Certificates on such immediately preceding Payment Date on account
of the Class A Interest Distribution Amount pursuant to Section 7.5(b)(v) and
(ii) 30 days' interest on such excess at the applicable Class A Pass-Through
Rate.
"Class A Interest Distribution Amount": With respect to any Class of the
Class A Certificates for any Payment Date the sum of:
(i) the aggregate amount of interest accrued on the Class A Certificate
Principal Balance thereof immediately prior to such Payment Date
during the related Interest Accrual Period at the applicable Class A
Pass-Through Rate (in the case of the Group I Certificates based on
a 360-day year of 12 30-day months, and in the case of the Class A-5
Certificates, based on a 360-day year and the actual number of days
elapsed in such Interest Accrual Period); and
(ii) the Class A Interest Carry-Forward Amount for such Class of Class A
Certificates.
"Class A Pass-Through Rate": As to the Class A-1 Certificates, 6.650%; as
to the Class A-2 Certificates, 6.975%; as to the Class A-3 Certificates, as to
any Payment Date which occurs prior to the Step-Up Payment Date, 7.550%, and as
to any Payment Date which occurs on or after the Step-Up Payment Date, 8.050%;
as to the Class A-4 Certificates, as to any Payment Date which occurs prior to
the Step-Up Payment Date, 7.275%, and as to any Payment Date which occurs on or
after the Step-Up Payment Date, 7.775%; as to the Class A-5 Certificates (a) for
the initial Interest Accrual Period, 5.8875%, and (b) for each Interest Accrual
Period thereafter, a per annum rate of interest equal to the lesser of (x) the
Class A-5 Formula Pass-Through Rate for such Interest Accrual Period, and (y)
the per annum rate equal to the percentage obtained by (i) dividing (I) the
amount of interest included in the Group II Monthly Remittance Amount during the
related Remittance Period, reduced by the sum of (A) the Servicing Fee with
respect to the Mortgage Loans in Group II during the related Remittance Period,
(B) the Group II Premium Amount for such Remittance Period, (C) the Group II
Monthly Trustee Fee Amount for such Remittance Period and (D) in the case of
each Interest Accrual Period ending after the Payment Date in August, 1997, an
amount equal to 1/12 of 0.75% multiplied by the Aggregate Loan Balance of the
Mortgage Loans in Group II as of the first day of the related Remittance Period,
by (II) the product of (A) the then outstanding Certificate Principal Balance of
the Class A-5 Certificates as of the first day of such Remittance Period and (B)
the actual number of days elapsed during such Remittance Period divided by 360
and (ii) multiplying the result by 100.
"Class A Principal Carry-Forward Amount": With respect to any Payment
Date, either the Group I Principal Carry-Forward Amount or the Group II
Principal Carry-Forward Amount, or the sum of such amounts, as appropriate.
"Class A Principal Distribution Amount": With respect to the Group I
Certificates for any Payment Date, the lesser of (x) the Group I Principal
Distribution Amount for such Payment Date, and (y) the Group I Certificate
Principal Balance as of such Payment Date;
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with respect to the Class A-5 Certificates for any Payment Date, the lesser of
(x) the Group II Principal Distribution Amount for such Payment Date and (y) the
Group II Certificate Principal Balance as of such Payment Date.
"Class A-4 Lockout Distribution": For any Payment Date, an amount equal to
the product of the applicable Class A-4 Lockout Percentage and the Class A-4 Pro
Rata Distribution Amount for such Payment Date.
"Class A-4 Lockout Percentage": For each Payment Date, as follows:
Payment Date Class A-4
Occurring In Lockout Percentage
------------ ------------------
April 1997 - March 2000 0%
April 2000 - March 2002 45%
April 2002 - March 2003 80%
April 2003 - March 2004 100%
April 2004 and thereafter 140%
"Class A-4 Pro Rata Distribution Amount": For any Payment Date, an amount
equal to the product of (i) a fraction, the numerator of which is the Class A-4
Certificate Principal Balance and the denominator of which is the Group I
Certificate Principal Balance, in each case immediately prior to such Payment
Date, and (ii) the Group I Principal Distribution Amount.
"Class A-5 Formula Pass-Through Rate": For any Interest Accrual Period,
LIBOR applicable to such Interest Accrual Period plus, for each Interest Accrual
Period ending prior to the Step-Up Payment Date, 0.20%, and for each Interest
Accrual Period ending on or after the Step-Up Payment Date, 0.40%.
"Class A Required Distribution Amount": With respect to the Class A
Certificates for any Payment Date, the sum of the Class A Interest Distribution
Amount and the Class A Principal Distribution Amount.
"Class B Certificates": Those certificates in substantially the form set
forth in Exhibit B hereto.
"Class B Carry-Forward Amount": As of any Payment Date, the amount, if
any, by which (x) the Class B Distribution Amount as of the immediately
preceding Payment Date exceeded (y) the amount of the actual distribution to the
Owners of the Class B Certificates on such immediately preceding Payment Date
pursuant to Section 7.5(b)(ix), (xi) and (xii).
"Class B Certificate Principal Balance": The Class B Certificate Principal
Balance shall initially be $482,472.61 and shall be (x) increased on each
Payment Date by the amount of any unpaid Class B Interest pursuant to Section
7.5(b)(xi) and (y) decreased on each Payment Date by the amounts of (i) the
excess of any distributions to the Owners of the
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Class B Certificates on such Payment Date pursuant to Section 7.5(b)(ix), (xi)
and (xii) over the Class B Interest for the related Payment Date, and (ii) the
amount of any Allocable Losses allocated as a reduction of the Class B
Certificate Principal Balance on such Payment Date pursuant to Section 7.10
hereof. The Class B Certificate Principal Balance shall in no event be less than
zero.
"Class B Distribution Amount": As of any Payment Date, the sum of (i) the
Class B Interest Distribution Amount for such Payment Date and (ii) the Class B
Principal Distribution Amount for such Payment Date.
"Class B Interest": As of any Payment Date, the interest allocated to the
Class B Certificates as separate components in accordance with Note (5) of
Section 2.8(c) with respect to such Payment Date.
"Class B Interest Distribution Amount": As of any Payment Date, the lesser
of (i) the Class B Interest for such Payment Date and (ii) the amount actually
paid pursuant to Section 7.5(b)(xi) and (x).
"Class B Principal Distribution Amount": As of any Payment Date, the sum
of (i) the Subordination Reduction Amount, if any, for such Payment Date and
(ii) the Class B Carry- Forward Amount, if any, as of such Payment Date.
"Class LT-A_ Certificates": The uncertificated class of interests in the
Lower-Tier REMIC, as described in and designated in Section 2.8 hereof.
"Class LT-AL Certificates": The uncertificated class of interests in the
Lower-Tier REMIC, as described in and designated in Section 2.8 hereof.
"Class LT-1 Certificates": The uncertificated class of interests in the
Lower-Tier REMIC, as described in and designated in Section 2.8 hereof.
"Class LT-2 Certificates": The uncertificated class of interests in the
Lower-Tier REMIC, as described in and designated in Section 2.8 hereof.
"Class LT-3 Certificates": The uncertificated class of interests in the
Lower-Tier REMIC, as described in and designated in Section 2.8 hereof.
"Class LT-4 Certificates": The uncertificated class of interests in the
Lower-Tier REMIC, as described in and designated in Section 2.8 hereof.
"Class LT-5L Certificates": The uncertificated class of interests in the
Lower-Tier REMIC, as described in and designated in Section 2.8 hereof.
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"Class LT-M Certificates": The uncertificated class of interests in the
Lower-Tier REMIC, as described in and designated in Section 2.8 hereof.
"Class LT-ML Certificates": The uncertificated class of interests in the
Lower-Tier REMIC, as described in and designated in Section 2.8 hereof.
"Class RL Certificates": Those certificates representing certain residual
rights to distributions from the Lower-Tier REMIC in substantially the form set
forth as Exhibit C-1 hereto.
"Class RL Certificate Principal Balance": The Class RL Certificate
Principal Balance shall be no less than zero, shall initially be zero and shall
be (x) increased on each Payment Date as described in Section 2.8(c) and (y)
decreased on each Payment Date by the amounts, if any, distributed to the Owners
of the Class RL Certificates pursuant to Section 7.5(b)(xiv) and any Allocable
Losses allocated thereto pursuant to Section 7.10.
"Class RU Certificates": Those Certificates representing certain residual
rights to distributions from the Upper-Tier REMIC in substantially the form set
forth as Exhibit C-2 hereto.
"Clean-Up Call Date": The first Remittance Date following the date on
which the aggregate Loan Balances of all Mortgage Loans has declined to 10% or
less of the Original Aggregate Loan Balance.
"Closing Date": March 27, 1997.
"Code": The Internal Revenue Code of 1986, as amended and any successor
statute.
"Combined Loan-to-Value Ratio": With respect to any First Mortgage Loan,
the percentage equal to the Original Principal Amount of the related Note
divided by the Appraised Value of the related Property and with respect to any
Second Mortgage Loan, the percentage equal to (a) the sum of (i) the remaining
principal balance, as of origination of the Second Mortgage Loan of the Senior
Lien note(s) relating to such Second Mortgage Loan and (ii) the Original
Principal Amount of the Note relating to such Second Mortgage Loan divided by
(b) the Appraised Value.
"Compensating Interest": As defined in Section 8.9(b) hereof.
"Corporate Trust Office": The principal corporate trust office of the
Trustee at which, at any particular time, its corporate trust business shall be
administered, which office at the date hereof is located at Sixth Street and
Marquette Avenue, Minneapolis, Minnesota 55479- 0070, Attention: Corporate Trust
Services. The telecopy number for the Corporate Trust Office on the Closing Date
is (612) 667-3539.
"Coupon Rate": The rate of interest borne by each Note.
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"Cumulative Loss Amount": With respect to any Payment Date, an amount
equal to the aggregate of all Realized Losses incurred in all prior Remittance
Periods.
"Cut-Off Date": The close of business on March 1, 1997, or in the event
any Mortgage Loan was originated subsequent to the Cut-Off Date but prior to the
Startup Day, the date of origination of such Mortgage Loan.
"Delinquency Advance": With respect to any Delinquent Mortgage Loan and
Remittance Period, the interest (calculated at the Mortgage Loan Coupon Rate net
of the Servicing Fee Rate) due, but not collected, with respect to such Mortgage
Loan during such Remittance Period.
"Delinquency Ratio": With respect to any Payment Date, a fraction
expressed as a percentage (a) the numerator of which equals the aggregate Loan
Balance of all Mortgage Loans that are 90 or more days Delinquent, in
foreclosure or converted to REO Properties, as the case may be, as of the last
day of the immediately preceding calendar month and (b) the denominator of which
is the Aggregate Loan Balance of all of the Mortgage Loans as of the last day of
such immediately preceding calendar month.
"Delinquent": A Mortgage Loan is "Delinquent" if any payment due thereon
is not made by the close of business on the day such payment is scheduled to be
due. A Mortgage Loan is "30 days Delinquent" if such payment has not been
received by the close of business on the corresponding day of the month
immediately succeeding the month in which such payment was due, or, if there is
no such corresponding day (e.g., as when a 30-day month follows a 31-day month
in which a payment was due on the 31st day of such month) then on the last day
of such immediately succeeding month. Similarly for "60 days Delinquent," "90
days Delinquent" and so on. For purposes of this definition, Mortgage Loans
relating to Mortgagors in bankruptcy or insolvency proceedings under the United
States Bankruptcy Code which limit the ability of the Servicer to pursue
collection of such loans shall be excluded from being reported as "Delinquent."
"Delivery Order": The delivery order in the form set forth as Exhibit G
hereto and delivered by the Sponsor to the Trustee on the Startup Day pursuant
to Section 4.1 hereof.
"Depository": The Depository Trust Company, 7 Hanover Square, New York,
New York 10004 and any successor Depository hereafter named.
"Designated Depository Institution": With respect to each Account, an
institution whose deposits are insured by the Bank Insurance Fund or the Savings
Association Insurance Fund of the FDIC, the long-term deposits of which shall be
rated (x) A or better by S&P and (y) A2 or better by Moody's and in one of the
two highest short-term ratings of each of S&P and Moody's, unless otherwise
approved in writing by the Certificate Insurer and each of Moody's and S&P, and
which is any of the following: (i) a federal savings and loan association duly
organized, validly existing and in good standing under the federal banking laws,
(ii) an institution duly organized, validly existing and in good standing under
the applicable banking laws of any state, (iii) a national banking association
duly organized,
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validly existing and in good standing under the federal banking laws, (iv) a
principal subsidiary of a bank holding company, or (v) approved in writing by
the Certificate Insurer, Moody's and S&P, and, in each case acting or designated
by the Servicer as the depository institution for such Account; provided,
however, that any such institution or association shall have combined capital,
surplus and undivided profits of at least $100,000,000. Notwithstanding the
foregoing, an Account may be held by an institution otherwise meeting the
preceding requirements except that the only applicable rating requirement shall
be that the unsecured and uncollateralized debt obligations thereof shall be
rated Baa3 or better by Moody's if such institution has trust powers and the
Account is held by such institution in its trust capacity and not in its
commercial capacity.
"Determination Date": As to each Payment Date, the third Business Day next
preceding such Payment Date or such earlier day as shall be agreed by the
Certificate Insurer and Trustee.
"Direct Participant" or "DTC Participant": Any broker-dealer, bank or
other financial institution for which the Depository holds Class A Certificates
from time to time as a securities depository.
"Disqualified Organization": "Disqualified Organization" shall have the
meaning set forth from time to time in the definition thereof at Section
860E(e)(5) of the Code (or any successor statute thereto) and applicable to the
Trust.
"Document Delivery Requirements": The Sponsor's obligations to deliver
certain legal documents, to prepare and record certain Mortgage assignments or
to deliver certain opinions or other documentation relating to Mortgage
assignments, in each case with respect to the Mortgage Loans and as set forth in
Section 3.5 hereof.
"Eligible Investments": Those investments so designated pursuant to
Section 7.7 hereof.
"ERISA": The Employee Retirement Income Security Act of 1974, as amended.
"Escrow Loans": Any Mortgage Loan all or a portion of the proceeds of
which were originally paid into an escrow account pending completion of
improvements to be made to the related Property, but excluding any Mortgage Loan
for which $5,000 or less was paid into an escrow account for a period not
exceeding 90 days after the date of origination of the Mortgage Loan to cover
the cost of specified deferred maintenance on the related Property. The Escrow
Loans will be identified in a schedule to be prepared by the Originator and
delivered to the Sponsor, the Certificate Insurer and the Trustee pursuant to
Section 3.5(j) hereof.
"Event of Default": Any event described in clause (a) of Section 8.20
hereof.
"Excess Subordinated Amount": With respect to any Payment Date, either the
Group I Excess Subordinated Amount or the Group II Excess Subordinated Amount,
as appropriate.
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"FDIC": The Federal Deposit Insurance Corporation, or any successor
thereto.
"FHLMC": The Federal Home Loan Mortgage Corporation, a corporate
instrumentality of the United States created pursuant to the Emergency Home
Finance Act of 1970, as amended, or any successor thereof.
"File": The documents delivered to the Trustee pursuant to Section 3.5
hereof pertaining to a particular Mortgage Loan and any additional documents
required to be added to the File pursuant to this Agreement.
"Final Certification": As defined in Section 3.6(b) hereof.
"Final Determination": As defined in Section 9.3(a) hereof.
"Financing Statements": UCC-1 Financing Statements naming the Originator
and the Sponsor as debtor and the Trustee as secured party, filed with the
Secretary of State of each of Texas and Minnesota.
"First Mortgage Loan": A Mortgage Loan secured by a first priority
mortgage lien with respect to any Property.
"FNMA": FNMA, a federally-chartered and privately-owned corporation
existing under the Federal National Mortgage Association Charter Act, as
amended, or any successor thereof.
"Group I": The pool of fixed-rate Mortgage Loans identified in the related
Schedule of Mortgage Loans as having been assigned to Group I, including any
Qualified Replacement Mortgages delivered in replacement thereof.
"Group I Aggregate Loan Balance": As of any date, the aggregate Loan
Balance of all Mortgage Loans in Group I.
"Group I Available Funds": As defined in Section 7.3(a)(i) hereof.
"Group I Certificate Principal Balance": With respect to any Payment Date,
the aggregate of the Class A-1, Class A-2, Class A-3 and Class A-4 Certificate
Principal Balances as of such Payment Date.
"Group I Certificates": The Class A-1, Class A-2, Class A-3 and Class A-4
Certificates.
"Group I Excess Subordinated Amount": With respect to any Payment Date,
the amount, if any, by which (x) the Group I Subordinated Amount on such Payment
Date after taking into account the payment of principal made pursuant to clause
(a) through clause (e) of the Group I Principal Distribution Amount on such
Payment Date to the Owners of the
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Group I Certificates exceeds (y) the Group I Specified Subordinated Amount for
such Payment Date.
"Group I Formula Distribution Amount": With respect to any Payment Date,
the Group I Interest Distribution Amount and the Group I Principal Distribution
Amount.
"Group I Insured Distribution Amount": As to any Payment Date, the sum of
(x) the Group I Interest Distribution Amount for such Payment Date, (y) the
Group I Subordination Deficit, if any, for such Payment Date, and (z) any
Preference Amounts with respect to which affected Owners have complied with the
provisions of Section 7.3(e) hereof.
"Group I Interest Distribution Amount": As of any Payment Date, the
aggregate of the Class A Interest Distribution Amounts for the Class A-1
Certificates, the Class A-2 Certificates, the Class A-3 Certificates and the
Class A-4 Certificates for such Payment Date.
"Group I Monthly Remittance Amount": The amount remitted by the Servicer
from the Principal and Interest Account to the Trustee on each Remittance Date
pursuant to Section 8.8(d)(i) hereof and relating to Group I, including any
related Delinquency Advances and any related Compensating Interest and net of
the Servicing Fee.
"Group I Monthly Trustee Fee Amount": As of any Payment Date, the product
of (x) one-twelfth of the Trustee Fee Rate and (y) the Group I Certificate
Principal Balance as of the day preceding such Payment Date.
"Group I Premium Amount": As to any Payment Date, the difference between
(i) the product of (x) one-twelfth of the Premium Percentage and (y) the Group I
Certificate Principal Balance on such Payment Date (before taking into account
any distributions of principal to the Owners of the Group I Certificates to be
made on such Payment Date) and (ii) (a) with respect to the initial Payment
Date, zero and (b) with respect to each Payment Date thereafter, the product of
(x) one-twelfth of the Premium Percentage and (y) the Group I Principal
Distribution Amount with respect to the immediately preceding Payment Date.
"Group I Principal Carry-Forward Amount": With respect to any Payment
Date, the amount, if any, by which (x) the amount, if any, described in clause
(f) of the definition of "Group I Principal Distribution Amount," as of the
immediately preceding Payment Date exceeded (y) the amount of the actual
distribution made to the Owners of the Group I Certificates on such immediately
preceding Payment Date on account of the Group I Principal Distribution Amount.
"Group I Principal Distribution Amount": With respect to the Group I
Certificates for any Payment Date, the sum, without duplication, of:
(a) the Group I Principal Carry-Forward Amount, if any,
(b) the scheduled or unscheduled principal (other than the principal
portion of Prepaid Installments) due with respect to the Mortgage Loans in
Group I during the
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related Remittance Period and actually collected by the Servicer during
the related Remittance Period, in each case to the extent actually
received by the Trustee on the related Remittance Date,
(c) the Loan Balance of each Mortgage Loan in Group I that either was
repurchased by the Originator or by the Sponsor or purchased by the
Servicer on the related Remittance Date, to the extent such Loan Balance
is actually received by the Trustee,
(d) any Substitution Amounts delivered by the Sponsor on the related
Remittance Date in connection with a substitution of a Mortgage Loan in
Group I, to the extent such Substitution Amounts are actually received by
the Trustee,
(e) all Net Liquidation Proceeds and net insurance proceeds actually
collected by the Servicer with respect to the Mortgage Loans in Group I
during the related Remittance Period (to the extent such Net Liquidation
Proceeds and net insurance proceeds relate to principal and are actually
received by the Trustee on the related Remittance Date),
(f) any Group I Subordination Deficit for such Payment Date,
(g) the proceeds received by the Trustee of any termination of the Trust
(to the extent such proceeds related to principal of the Group I Mortgage
Loans),
(h) any Group I Subordination Increase Amount for such Payment Date, to
the extent of any Net Monthly Excess Cashflow in respect of the Group I
Monthly Remittance Amount;
(i) to the extent not included in the amount described in clause (h) of
the definition of "Group II Principal Distribution Amount" any Group I
Subordination Increase Amount for such Payment Date, to the extent of Net
Monthly Excess Cashflow in respect of the Group II Monthly Remittance
Amount, available for such purpose;
minus
(j) any Group I Subordination Reduction Amount for such Payment Date.
"Group I Principal Remittance Amount": With respect to any Remittance
Period, the amount remitted to the Trustee by the Servicer on the related
Remittance Date with respect to principal collections on the Group I Mortgage
Loans for such Remittance Period.
"Group I Reimbursement Amount": As of any Payment Date, the sum of (a)(i)
all Insured Payments previously paid by the Certificate Insurer in respect of
Group I and all Preference Amounts relating to Group I (in respect of Group I)
previously paid by the Certificate Insurer and in each case not previously
repaid to the Certificate Insurer pursuant
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to 7.5(b)(iii) and (iv) hereof plus (ii) interest accrued on each such Insured
Payment and such Preference Amounts not previously repaid calculated at the
weighted average of the Class A-1 Pass-Through Rate, the Class A-2 Pass-Through
Rate, the Class A-3 Pass-Through Rate and the Class A-4 Pass-Through Rate in
each case from the date the Certificate Insurer paid the related Insured Payment
or the Preference Amount, as the case may be, and (b)(i) any amounts then due
and owing to the Certificate Insurer under the Insurance Agreement relating to
Group I, as certified to the Trustee by the Certificate Insurer plus (ii)
interest on such amounts at the rate specified in the Insurance Agreement. The
Certificate Insurer shall notify the Trustee and the Sponsor of the amount of
any Group I Reimbursement Amount.
"Group I Specified Subordinated Amount": As defined in the Insurance
Agreement.
"Group I Subordinated Amount": As of any Payment Date, the excess, if any,
of (x) the Group I Aggregate Loan Balance of the Mortgage Loans as of the close
of business on the last day of the related Remittance Period over (y) the Group
I Certificate Principal Balance as of such Payment Date (after taking into
account the payment of principal made pursuant to clause (a) through clause (e)
of the Group I Principal Distribution Amount to the Owners of the Group I
Certificates on such Payment Date, except for any portion thereof related to an
Insured Payment).
"Group I Subordination Deficit": As of any Payment Date, the excess, if
any, of (x) the Group I Certificate Principal Balance, after taking into account
the payment of principal made pursuant to clause (a) through clause (e) of the
Group I Principal Distribution Amount to the Owners of the Group I Certificates
on such Payment Date (other than the principal portion of any Group I Insured
Payment), over (y) the Group I Aggregate Loan Balance as of the close of
business on the last day of the prior Remittance Period.
Group I Subordination Increase Amount": With respect to any Payment Date,
the excess, if any, of (i) the Group I Specified Subordinated Amount applicable
to such Payment Date over (ii) the Group I Subordinated Amount applicable to
such Payment Date prior to taking into account the payment of any Group I
Subordination Increase Amount on such Payment Date.
"Group I Subordination Reduction Amount": With respect to any Payment
Date, an amount equal to the lesser of (x) the Group I Excess Subordinated
Amount for such Payment Date and (y) the Group I Principal Remittance Amount for
the related Remittance Period.
"Group I Total Available Funds": As defined in Section 7.3(a)(i) hereof.
"Group I Total Available Funds Shortfall": As defined in Section 7.3(b)
hereof.
"Group I Total Monthly Excess Spread": As of any Payment Date, the excess
of (x) the interest portion of the Group I Monthly Remittance Amount remitted by
the Servicer on the immediately preceding Remittance Date over (y) the sum of
(i) the Group I Premium Amount, (ii) the Group I Monthly Trustee Fee Amount and
(iii) the Group I Interest Distribution Amount, in each case as of such Payment
Date.
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"Group II": The pool of adjustable rate Mortgage Loans identified in the
related Schedule of Mortgage Loans as having been assigned to Group II,
including any Qualified Replacement Mortgages delivered in replacement thereof.
"Group II Aggregate Loan Balance": As of any date, the aggregate Loan
Balance of all Mortgage Loans in Group II.
"Group II Available Funds": As defined in Section 7.3(a)(ii) hereof.
"Group II Certificate Principal Balance": With respect to any Payment
Date, the Class A-5 Certificate Principal Balance as of such Payment Date.
"Group II Certificates": The Class A-5 Certificates.
"Group II Excess Subordinated Amount": With respect to any Payment Date,
the amount, if any, by which (x) the Group II Subordinated Amount on such
Payment Date after taking into account the payment of principal made pursuant to
clause (a) through clause (e) of the Group II Principal Distribution Amount on
such Payment Date to the Owners of the Class A-5 Certificates exceeds (y) the
Group II Specified Subordinated Amount for such Payment Date.
"Group II Formula Distribution Amount": With respect to any Payment Date,
the Group II Interest Distribution Amount and the Group II Principal
Distribution Amount.
"Group II Insured Distribution Amount": As to any Payment Date, the sum of
(x) the Group II Interest Distribution Amount for such Payment Date, (y) the
Group II Subordination Deficit, if any, for such Payment Date, and (z) any
Preference Amounts with respect to which affected Owners have complied with the
provisions of Section 7.3(e) hereof.
"Group II Interest Distribution Amount": As of any Payment Date the Class
A Interest Distribution Amount with respect to the Class A-5 Certificates for
such Payment Date.
"Group II Monthly Remittance Amount": The amount remitted by the Servicer
from the Principal and Interest Account to the Trustee on each Remittance Date
pursuant to Section 8.8(d)(iii) hereof and relating to Group II, including any
related Delinquency Advances and any related Compensating Interest and net of
the Servicing Fee.
"Group II Monthly Trustee Fee Amount": As of any Payment Date, the product
of (x) one-twelfth of the Trustee Fee Rate and (y) the Class A-5 Certificate
Principal Balance as of the day preceding such Payment Date.
"Group II Premium Amount": As to any Payment Date, the difference between
(i) the product of (x) one-twelfth of the Premium Percentage and (y) the Class
A-5 Certificate Principal Balance on such Payment Date (before taking into
account any distributions of principal to the Owners of the Class A-5
Certificates to be made on such Payment Date) and
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(ii) (a) with respect to the initial Payment Date, zero and (b) with respect to
each Payment Date thereafter, the product of (x) one-twelfth of the Premium
Percentage and (y) the Group II Principal Distribution Amount with respect to
the immediately preceding Payment Date.
"Group II Principal Carry-Forward Amount": With respect to any Payment
Date, the amount, if any, by which (x) the amount, if any, described in clause
(f) of the definition of "Group II Principal Distribution Amount," as of the
immediately preceding Payment Date exceeded (y) the amount of the actual
distribution made to the Owners of the Class A-5 Certificates on such
immediately preceding Payment Date on account of the Group II Principal
Distribution Amount.
"Group II Principal Distribution Amount": With respect to the Class A-5
Certificates for any Payment Date, the sum, without duplication, of:
(a) the Group II Principal Carry-Forward Amount, if any,
(b) the scheduled and unscheduled principal (other than the principal
portion of Prepaid Installments) due with respect to the Mortgage Loans in
Group II during the related Remittance Period and actually collected by
the Servicer during the related Remittance Period, in each case to the
extent actually received by the Trustee on the related Remittance Date,
(c) the Loan Balance of each Mortgage Loan in Group II that either was
repurchased by an Originator or by the Sponsor or purchased by the
Servicer on the related Remittance Date, to the extent such Loan Balance
is actually received by the Trustee,
(d) any Substitution Amounts delivered by the Sponsor on the related
Remittance Date in connection with a substitution of a Mortgage Loan in
Group II, to the extent such Substitution Amounts are actually received by
the Trustee,
(e) all Net Liquidation Proceeds and net insurance proceeds actually
collected by the Servicer with respect to the Mortgage Loans in Group II
during the related Remittance Period (to the extent such Net Liquidation
Proceeds and net insurance proceeds relate to principal and are actually
received by the Trustee on the related Remittance Date),
(f) any Group II Subordination Deficit and for such Payment Date,
(g) the proceeds received by the Trustee of any termination of the Trust
(to the extent such proceeds related to principal on the Group II Mortgage
Loans),
(h) any Group II Subordination Increase Amount for such Payment Date, to
the extent of any Net Monthly Excess Cashflow in respect of the Group II
Monthly Remittance Amount;
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(i) to the extent not included in the amount described in clause (h) of
the definition of "Group I Principal Distribution Amount" any Group II
Subordination Increase Amount for such Payment Date, to the extent of Net
Monthly Excess Cashflow in respect of the Group I Monthly Remittance
Amount, available for such purpose;
minus
(j) any Group II Subordination Reduction Amount for such Payment Date.
"Group II Principal Remittance Amount: With respect to any Remittance
Period, the amount remitted to the Trustee by the Servicer on the related
Remittance Date with respect to principal collections on the Group II Mortgage
Loans for such Remittance Period.
"Group II Reimbursement Amount": As of any Payment Date, the sum of (a)(i)
all Insured Payments previously paid by the Certificate Insurer in respect of
Group II and all Preference Amounts relating to Group II (in respect of Group
II) previously paid by the Certificate Insurer and in each case not previously
repaid to the Certificate Insurer pursuant to 7.5(b)(iii) and (iv) hereof plus
(ii) interest accrued on each such Insured Payment and such Preference Amounts
not previously repaid calculated at the Class A-5 Pass-Through Rate in each case
from the date the Certificate Insurer paid the related Insured Payment or the
Preference Amounts, as the case may be, and (b)(i) any amounts then due and
owing to the Certificate Insurer under the Insurance Agreement relating to Group
II, as certified to the Trustee by the Certificate Insurer plus (ii) interest on
such amounts at the rate specified in the Insurance Agreement. The Certificate
Insurer shall notify the Trustee and the Sponsor of the amount of any Group II
Reimbursement Amount.
"Group II Specified Subordinated Amount": As defined in the Insurance
Agreement.
"Group II Subordinated Amount": As of any Payment Date, the excess, if
any, of (x) the Group II Aggregate Loan Balances of the Mortgage Loans as of the
close of business on the last day of the related Remittance Period over (y) the
Class A-5 Certificate Principal Balance as of such Payment Date (after taking
into account the payment of principal made pursuant to clause (a) through (e) of
the Group II Principal Distribution Amount to the Owners of the Class A-5
Certificates on such Payment Date, except for any portion thereof related to an
Insured Payment).
"Group II Subordination Deficit": As of any Payment Date, the excess, if
any, of (x) the Class A-5 Certificate Principal Balance, after taking into
account the payment of principal made pursuant to clause (a) through clause (e)
of the Group II Principal Distribution Amount to the Owners of the Class A-5
Certificates on such Payment Date (other than the principal portion of any Group
II Insured Payment), over (y) the Group II Aggregate Loan Balance as of the
close of business on the last day of the prior Remittance Period; provided, that
with respect to the Payment Date occurring in April, 2027 for the Class A-5
Certificates, the Group II Subordination Deficit shall be the aggregate
outstanding Certificate Principal Balance of the Class A-5 Certificates if the
Servicer has not purchased
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all remaining Mortgage Loans in Group II as of the preceding Remittance Date at
the Loan Purchase Price thereof.
"Group II Subordination Increase Amount": With respect to any Payment
Date, the excess, if any, of (i) the Group II Specified Subordinated Amount
applicable to such Payment Date over (ii) the Group II Subordinated Amount
applicable to such Payment Date prior to taking into account the payment of any
Group II Subordination Increase Amount on such Payment Date.
"Group II Subordination Reduction Amount": With respect to any Payment
Date, an amount equal to the lesser of (x) the Group II Excess Subordinated
Amount for such Payment Date and (y) the Group II Principal Remittance Amount
for the related Remittance Period.
"Group II Total Available Funds": As defined in Section 7.3(a)(ii) hereof.
"Group II Total Monthly Excess Spread": As of any Payment Date, the excess
of (x) the interest portion of the Group II Monthly Remittance Amount remitted
by the Servicer on the immediately preceding Remittance Date over (y) the sum of
(i) the Group II Premium Amount, (ii) the Group II Monthly Trustee Fee Amount
and (iii) the Class A-5 Interest Distribution Amount, in each case as of such
Payment Date.
"Group II Total Available Funds Shortfall": As defined in Section 7.3(b)
hereof.
"Highest Lawful Rate": As defined in Section 11.13.
"Indemnification Agreement": The Indemnification Agreement dated as of
March 1, 1997 between the Underwriter and the Certificate Insurer.
"Indirect Participant": Any financial institution for whom any Direct
Participant holds an interest in a Class A Certificate.
"Initial Premium": The initial premium payable by the Sponsor on behalf of
the Trust to the Certificate Insurer in consideration of the delivery to the
Trustee of the Certificate Insurance Policy.
"Insurance Agreement": The Insurance and Indemnity Agreement dated as of
March 1, 1997 among the Sponsor, the Servicer and the Certificate Insurer, as it
may be amended from time to time.
"Insurance Policy": Any hazard, title or primary mortgage insurance policy
relating to a Mortgage Loan.
"Insurance Proceeds": The proceeds of any Insurance Policy relating to a
Mortgage Loan, a Property or a REO Property, net of proceeds to be applied to
the repair of the
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Property or released to the Mortgagor and net of expenses reimbursable
therefrom, but excluding any Insured Payment.
"Insured Distribution Amount": As to any Payment Date, the sum of the
Group I Insured Distribution Amount and the Group II Insured Distribution
Amount.
"Insured Payment": As of each Payment Date, an amount equal to the Group I
Total Available Funds Shortfall or the Group II Total Available Funds Shortfall,
as the case may be, as of such Payment Date.
"Interest Accrual Period": With respect to the Group I Certificates and
any Payment Date, the calendar month immediately preceding such Payment Date;
with respect to the Class A-5 Certificates, the actual number of days elapsed
from and including the preceding Payment Date (or with respect to the first
Interest Accrual Period, from and including the Closing Date) to but excluding
such Payment Date.
"LIBOR": The London interbank offered rate for one-month United States
dollar deposits. LIBOR for each Interest Accrual Period shall be determined on
the second Business Day preceding the first day of such Interest Accrual Period
(each, a "LIBOR Determination Date"), on the basis of the offered rates of the
Reference Banks for one-month United States dollar deposits, as such rates
appear on the Reuters Screen LIBOR Page, as of 11:00 a.m. (London time) on such
LIBOR Determination Date. On each LIBOR Determination Date, LIBOR will be
established by the Trustee as follows:
(a) If on such LIBOR Determination Date two or more Reference Banks
provide such offered quotations, LIBOR shall be the arithmetic mean
(rounded upwards if necessary to the nearest whole multiple of 0.0625%) of
such offered quotations.
(b) If on such LIBOR Determination Date fewer than two Reference Banks
provide such offered quotations, LIBOR shall be the greater of (x) LIBOR
as determined on the previous LIBOR Determination Date and (y) the Reserve
Interest Rate.
The establishment of LIBOR on each LIBOR Determination Date by the Trustee
and the Trustee's calculation of the rate of interest applicable to the Class
A-5 Certificates for the related Accrual Period shall (in the absence of
manifest error) be final and binding.
"Lifetime Rate Cap ": The provision in the Note for a Group II Mortgage
Loan which limits the maximum Coupon Rate over the life of such Mortgage Loan to
a maximum over the Coupon Rate on the date of origination of such Mortgage Loan.
"Liquidated Loan": As defined in Section 8.13(b) hereof. A Mortgage Loan
which is purchased from the Trust pursuant to Section 3.3, 3.4, 3.6(b) or 8.10
hereof is not a "Liquidated Loan".
"Liquidation Expenses": Expenses which are incurred by the Servicer or any
Sub- Servicer in connection with the liquidation of any defaulted Mortgage Loan,
such expenses,
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including, without limitation, reasonable legal fees and expenses, and any
unreimbursed Servicing Advances expended by the Servicer or any Sub-Servicer
pursuant to Section 8.9(c) with respect to the related Mortgage Loan.
"Liquidation Proceeds": With respect to any Liquidated Loan, any amounts
(including the proceeds of any Insurance Policy) recovered by the Servicer in
connection with such Liquidated Loan, whether through trustee's sale,
foreclosure sale or otherwise.
"Loan Balance": With respect to each Mortgage Loan, as of any date of
determination, the outstanding principal balance thereof on the Cut-Off Date,
less any related principal collections or recoveries relating to such Mortgage
Loan received by the Servicer as of such date, as reported by the Servicer in
its report to the Trustee pursuant to Section 7.8(b) and/or Section 8.8(d)(ii)
hereof, as applicable; provided, however, that the Loan Balance for any Mortgage
Loan which has become a Liquidated Loan shall be zero following the date on
which such Mortgage Loan becomes a Liquidated Loan, and at all times thereafter.
The Loan Balance of any Mortgage Loan as of the Cut-Off Date shall be the
balance of such Mortgage Loan as of the Cut-Off Date.
"Loan Purchase Price": With respect to any Mortgage Loan purchased from
the Trust on a Remittance Date pursuant to Section 3.3, 3.4, 3.6(b) or 8.10
hereof, an amount equal to the Loan Balance of such Mortgage Loan as of the date
of purchase, plus one month's interest on the outstanding Loan Balance thereof
as of the beginning of the preceding Remittance Period computed at the related
Coupon Rate less, if the Servicer is the purchasing party, the Servicing Fee
Rate, together with, without duplication, the aggregate amount of (i) all
delinquent interest and all unreimbursed Reimbursable Advances, (ii) all
Delinquency Advances which the Servicer or any Sub-Servicer has theretofore
failed to remit with respect to such Mortgage Loan and (iii) any Reimbursement
Amount relating to such Mortgage Loan.
"Lower-Tier Interests": As defined in Section 2.8(c) hereof.
"Lower-Tier REMIC": The segregated pool of assets held by the Trust
consisting of the Mortgage Loans, the Certificate Insurance Policy and the
Certificate Account.
"Majority Owners": The Owner or Owners of Class A Certificates evidencing
Percentage Interests in excess of 51% in the aggregate.
"Master Transfer Agreement": The Master Loan Transfer Agreement between
the Sponsor and the Transferor dated as of March 1, 1997.
"Monthly Remittance Amount": As defined in Section 8.8(d)(iii) hereof.
"Moody's": Moody's Investors Service, Inc.
"Mortgage": The mortgage, deed of trust or other instrument creating a
first or second lien on an estate in fee simple interest in real property
securing a Note.
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"Mortgage Loan Group": Either Group I or Group II, as appropriate.
"Mortgage Loans": Such of the mortgage loans transferred and assigned to
the Trust pursuant to Section 3.5(a) hereof, together with any Qualified
Replacement Mortgages substituted therefor in accordance with this Agreement, as
from time to time are held as a part of the Trust Estate, the Mortgage Loans
originally so held being identified in the Schedule of Mortgage Loans. The term
"Mortgage Loan" includes the terms "First Mortgage Loan", and "Second Mortgage
Loan". The term "Mortgage Loan" includes any Mortgage Loan which is Delinquent,
which relates to a foreclosure or which relates to a Property which is a REO
Property prior to such Property's disposition by the Trust. Any mortgage loan
which, although intended by the parties hereto to have been, and which
purportedly was, transferred and assigned to the Trust by the Sponsor, in fact
was not transferred and assigned to the Trust for any reason whatsoever shall
nevertheless be considered a "Mortgage Loan" for all purposes of this Agreement.
"Mortgagor": The obligor on a Note.
"Net Liquidation Proceeds": As to any Liquidated Loan, Liquidation
Proceeds net of, without duplication, Liquidation Expenses and unreimbursed
Servicing Advances, unreimbursed Delinquency Advances and accrued and unpaid
Servicing Fees through the date of liquidation relating to such Liquidated Loan.
In no event shall Net Liquidation Proceeds with respect to any Liquidated Loan
be less than zero.
"Net Monthly Excess Cashflow": As of any Payment Date, and with respect to
either Mortgage Loan Group, the excess of (x) Total Monthly Excess Cashflow for
such Mortgage Loan Group over (y) amounts applied pursuant to Section
7.5(b)(iii)(A)-(D).
"Note": The note or other evidence of indebtedness evidencing the
indebtedness of a Mortgagor under a Mortgage Loan.
"Officer's Certificate": A certificate signed by any Authorized Officer of
any Person delivering such certificate and delivered to the Trustee.
"Operative Documents": Collectively, this Agreement, the Master Loan
Transfer Agreement, the Certificate Insurance Policy, the Certificates, the
Indemnification Agreement, the Insurance Agreement and the Sub-Servicing
Agreement.
"Original Aggregate Loan Balance": The aggregate Loan Balances of all
Mortgage Loans as of the Cut-Off Date, i.e., $85,482,472.61 of which the Group I
Mortgage Loans represent $70,000,485.51 and the Group II Mortgage Loans
represent $15,481,987.10.
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"Original Class A Certificate Principal Balance": As of the Startup Day:
Original Class A-1 Certificate Principal Balance $29,400,000.00
Original Class A-2 Certificate Principal Balance $19,900,000.00
Original Class A-3 Certificate Principal Balance $13,700,000.00
Original Class A-4 Certificate Principal Balance $7,000,000.00
Original Class A-5 Certificate Principal Balance $15,000,000.00
"Original Principal Amount": With respect to each Note, the principal
amount of such Note or the mortgage note relating to a Senior Lien, as the case
may be, on the date of origination thereof.
"Originator": EquiVantage Inc., a Delaware corporation, and its successors
and assigns.
"Outstanding": With respect to all Certificates of a Class, as of any date
of determination, all such Certificates theretofore executed and delivered
hereunder except:
(i) Certificates theretofore canceled by the Trustee or delivered to the
Trustee for cancellation;
(ii) Certificates or portions thereof for which full and final payment
money in the necessary amount has been theretofore deposited with
the Trustee in trust for the Owners of such Certificates;
(iii) Certificates in exchange for or in lieu of which other Certificates
have been executed and delivered pursuant to this Agreement, unless
proof satisfactory to the Trustee is presented that any such
Certificates are held by a bona fide purchaser; and
(iv) Certificates alleged to have been destroyed, lost or stolen for
which replacement Certificates have been issued as provided for in
Section 5.5 hereof.
Any Certificates in which the Certificate Insurer has an interest pursuant
to its right of subrogation shall be "Outstanding Certificates."
"Owner": The Person in whose name a Certificate is registered in the
Register, to the extent described in Section 5.4.
"Payment Date": Any date on which the Trustee is required to make
distributions to the Owners, which shall be the 25th day of each month (or, if
such 25th day is not a Business Day, the next succeeding Business Day),
commencing in the month immediately following the month in which the Startup Day
occurs.
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"Percentage Interest": As to any Class A Certificate, that percentage,
expressed as a fraction, the numerator of which is the Certificate Principal
Balance of such Certificate as of the Cut-Off Date and the denominator of which
is the Original Certificate Principal Balance of all Certificates of the same
Class; and as to any Class B Certificate or Residual Certificate, that
Percentage Interest set forth on such Class B Certificate or Residual
Certificate.
"Periodic Rate Cap": The provision in the Note for a Group II Mortgage
Loan which limits increases or decreases in the Coupon Rate on each rate
adjustment date to a maximum increment specified in such provision.
"Person": Any individual, corporation, partnership, joint venture,
association, joint-stock company, trust, unincorporated organization or
government or any agency or political subdivision thereof.
"Pool Certification": As defined in Section 3.6(a) hereof.
"Preference Amount": As to any Payment Date, with respect to the Class A
Certificates, any amounts included in previous distributions to Class A
Certificate Owners of Class A Distribution Amounts (exclusive of Insured
Payments) which are recovered from such Class A Certificate Owners as a voidable
preference by a trustee in bankruptcy pursuant to the United States Bankruptcy
Code in accordance with a final, nonappealable order of a court having competent
jurisdiction and which have not theretofore been repaid to such Class A
Certificate Owners provided such Class A Certificate Owners have complied with
the provisions of Section 7.3(e).
"Premium Percentage": As defined in the Insurance and Indemnity Agreement.
"Prepaid Installment": With respect to any Mortgage Loan, any installment
of principal thereof and interest thereon received prior to the scheduled due
date for such installment, intended by the Mortgagor as an early payment thereof
and not as a Prepayment with respect to such Mortgage Loan.
"Prepayment": Any payment of principal of a Mortgage Loan which is
received by the Servicer in advance of the scheduled due date for the payment of
such principal (other than the principal portion of any Prepaid Installment),
and the proceeds of any Insurance Policy which are to be applied as a payment of
principal on the related Mortgage Loan shall be deemed to be Prepayments for all
purposes of this Agreement.
"Preservation Expenses": Expenditures made by the Servicer or any
Sub-Servicer in connection with a foreclosed Mortgage Loan prior to the
liquidation thereof, including, without limitation, expenditures for real estate
property taxes, hazard insurance premiums, property restoration or preservation.
"Primary Parcel": With respect to any Property with multiple parcels, the
parcel having the greatest Appraised Value.
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"Principal and Interest Account": Collectively, each principal and
interest account created by the Servicer or any Sub-Servicer pursuant to Section
8.8(a) hereof, or pursuant to any Sub-Servicing Agreement.
"Prohibited Transaction": "Prohibited transaction" shall have the meaning
set forth from time to time in the definition thereof at Section 860F(a)(2) of
the Code (or any successor statute thereto) and applicable to the Trust.
"Property": The underlying property on which a lien is granted securing a
Mortgage Loan.
"Prospectus": Any prospectus (including any prospectus supplement)
relating to the Registration Statement pursuant to which the Class A
Certificates are offered.
"Purchase Option Period": As defined in Section 9.3(b) hereof.
"Qualified Liquidation": "Qualified liquidation" shall have the meaning
set forth from time to time in the definition thereof at Section 860F(a)(4) of
the Code (or any successor statute thereto) and applicable to the Upper-Tier
REMIC or the Lower-Tier REMIC.
"Qualified Mortgage": "Qualified mortgage" shall have the meaning set
forth from time to time in the definition thereof at Section 860G(a)(3) of the
Code (or any successor statute thereto) and applicable to the Upper-Tier REMIC
or the Lower-Tier REMIC.
"Qualified Replacement Mortgage": A Mortgage Loan substituted for another
pursuant to Section 3.3, 3.4 or 3.6(b) hereof, which (i) bears a variable rate
of interest if the Mortgage Loan to be substituted for is in Group II or bears a
fixed rate of interest if the Mortgage Loan to be substituted for is in Group I,
(ii) has a Coupon Rate at least equal to the Coupon Rate of the Mortgage Loan
being replaced (which, in the case of a Mortgage Loan in Group II, shall mean a
Mortgage Loan having an interest rate based on LIBOR and a margin over LIBOR, a
Periodic Rate Cap and a Lifetime Rate Cap at least equal to those applicable to
the Mortgage Loan being replaced), (iii), in the discretion of the Certificate
Insurer, is of the same or better property type and the same or better occupancy
status as the replaced Mortgage Loan, (iv) shall be of the same or better credit
quality classification at origination of the Mortgage Loan (determined in
accordance with the Sponsor's credit underwriting guidelines) as the Mortgage
Loan being replaced, (v) shall mature no later than February 1, 2027, (vi) has a
Combined Loan-to-Value Ratio as of the Cut-Off Date no higher than the Combined
Loan-to-Value Ratio of the replaced Mortgage Loan at such time and shall relate
to a Mortgagor having a debt-to-income ratio no higher than the debt-to-income
ratio of the Mortgagor whose Mortgage Loan is being replaced, (vii) has a Loan
Balance as of the related Replacement Cut-Off Date equal to or less than the
Loan Balance of the replaced Mortgage Loan as of such Replacement Cut-Off Date,
(viii) satisfies the criteria set forth from time to time in the definition
thereof at Section 860G(a)(4) of the Code (or any successor statute thereto) and
applicable to the Upper-Tier REMIC or the Lower-Tier REMIC, all as evidenced by
an Officer's Certificate of the Sponsor delivered to the Trustee
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and the Certificate Insurer prior to any such substitution, (ix) is a valid
First Mortgage Loan and (x) if such Qualified Replacement Mortgage is an Escrow
Loan, all Required Escrow Documents with respect thereto are delivered to the
Trustee within one year of the related Replacement Cut-Off Date. In the event
that one or more mortgage loans are proposed to be substituted for one or more
Mortgage Loans, the Certificate Insurer may allow the foregoing tests to be met
on a weighted average basis or other aggregate basis acceptable to the
Certificate Insurer, as evidenced by a written approval delivered to the Trustee
by the Certificate Insurer, except that the requirement of clause (viii) hereof
must be satisfied as to each Qualified Replacement Mortgage.
"Realized Loss": As to any Liquidated Loan, the amount, if any, by which
the Loan Balance thereof, accrued and unpaid interest and unreimbursed advances
as of the date of liquidation is in excess of Net Liquidation Proceeds realized
thereon.
"Record Date": With respect to each Payment Date, for each of the Class A
Certificates, the last day of the calendar month immediately preceding the
calendar month in which such Payment Date occurs, whether or not such day is a
Business Day.
"Reference Banks": Leading banks selected by the Trustee and engaged in
transactions in Eurodollar deposits in the international Eurocurrency market (i)
with an established place of business in London, (ii) whose quotations appear on
the Reuters Screen LIBOR Page on the LIBOR Determination Date in question, (iii)
which have been designated as such by the Trustee and (iv) not controlling,
controlled by or under common control with the Sponsor or any Originator.
"Register": The register maintained by the Trustee in accordance with
Section 5.4 hereof, in which the names of the Owners are set forth.
"Registrar": The Trustee, acting in its capacity as Trustee appointed
pursuant to Section 5.4 hereof, or any duly appointed and eligible successor
thereto.
"Registration Statement": The Registration Statement filed by the Sponsor
with the Securities and Exchange Commission, including all amendments thereto
and including the Prospectus relating to the Class A Certificates constituting a
part thereof.
"Reimbursable Advances": As to any Mortgage Loan, all Delinquency Advances
and Servicing Advances made by the Servicer with respect thereto, to the extent
not previously paid to or withheld by the Servicer.
"Reimbursement Amount": Either a Group I Reimbursement Amount or a Group
II Reimbursement Amount.
"REMIC": A "real estate mortgage investment conduit" within the meaning of
Section 860D of the Code.
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"REMIC Provisions": Provisions of the federal income tax law relating to
real estate mortgage investment conduits, which appear at Sections 860A through
860G of the Code, and related provisions, and regulations and rulings
promulgated thereunder, as the foregoing may be in effect from time to time.
"Remittance Date": Any date on which the Servicer is required to remit
monies on deposit in the Principal and Interest Account to the Trustee, which
shall be the eighteenth day of each calendar month, commencing in April, 1997
(or, if such eighteenth day is not a Business Day, the next succeeding Business
Day).
"Remittance Period": The period (inclusive) beginning at the opening of
business on the second day of the calendar month immediately preceding the month
in which a Remittance Date occurs and ending at the close of business on the
first day of the calendar month in which a Remittance Date occurs.
"REO Property": A Property acquired by the Servicer or any Sub-Servicer on
behalf of the Trust through foreclosure or deed-in-lieu of foreclosure in
connection with a defaulted Mortgage Loan.
"Replacement Cut-Off Date": With respect to any Qualified Replacement
Mortgage, the close of business on the first day of the calendar month in which
such Qualified Replacement Mortgage is conveyed to the Trust.
"Representation Letter" shall mean letters to, or agreements with, the
Depository to effectuate a book entry system with respect to the Class A
Certificates registered in the Register under the nominee name of the
Depository.
"Representations and Warranties": The representations and warranties
relating to the Mortgage Loans, as set forth in Section 5 of the Master Loan
Transfer Agreement and Section 3.3(a) hereof, together with any Additional
Representations and Warranties (as defined in the Master Loan Transfer
Agreement).
"Required Escrow Document": As defined in Section 3.5(k) hereof.
"Reserve Interest Rate": The rate per annum that the Trustee determines to
be either (i) the arithmetic mean (rounded upwards if necessary to the nearest
whole multiple of 0.0625%) of the one-month U.S. dollar lending rates that New
York City banks selected by the Trustee are quoting on the relevant LIBOR
Determination Date to the principal London offices of leading banks in the
London interbank market or, in the event that the Trustee can determine no such
arithmetic mean, (ii) the lowest one-month U.S. dollar lending rate which New
York City banks selected by the Trustee are quoting on such LIBOR Determination
Date to leading European banks.
"Residual Certificate": Any Class RL Certificate or any Class RU
Certificate.
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"Reserve Fund": The trust account created and maintained pursuant to
Section 7.11. Funds held in the Reserve Fund shall be used for the purposes set
forth in such Section.
"Reuters Screen LIBOR Page": The display designated as page "LIBOR" on the
Reuters Monitor Money Rates Service (or such other page as may replace the LIBOR
page on that service for the purpose of displaying London interbank offered
rates of major banks).
"Rolling Three Month Delinquency Rate": As of any Payment Date, the
fraction, expressed as a percentage, equal to the average of the Delinquency
Ratio for each of the three (or one and two, in the case of the first and second
Payment Dates) immediately preceding Remittance Periods.
"S&P": Standard & Poor's Ratings Group, a division of The McGraw-Hill
Companies, Inc.
"Schedule of Mortgage Loans": The Schedule of Mortgage Loans attached
hereto as Schedule I.
"Second Mortgage Loan": A Mortgage Loan which is secured by a second
priority mortgage lien with respect to the related Property.
"Securities Act": The Securities Act of 1933, as amended.
"Senior Lien": With respect to any Second Mortgage Loan, the mortgage loan
relating to the corresponding Property having a first priority lien.
"Servicer": EquiVantage Inc., a Delaware corporation, and its permitted
successors and assigns.
"Servicer Affiliate": A Person (i) controlling, controlled by or under
common control with the Servicer and (ii) which is qualified to service
residential mortgage loans.
"Servicer's Trust Receipt": The Servicer's trust receipt in the form set
forth as Exhibit J hereto.
"Servicing Advance": As defined in Section 8.9(c) and Section 8.13(a)
hereof.
"Servicing Fee": With respect to any Mortgage Loan, the monthly amount
retained by the Servicer or by any successor thereto as compensation for
servicing and administration duties relating to such Mortgage Loan pursuant to
Section 8.15 hereof and equal to the product of (x) one-twelfth of the related
Servicing Fee Rate and (y) the outstanding Loan Balance of such Mortgage Loan as
of the opening of business on the first day of the immediately preceding
Remittance Period.
"Servicing Fee Rate": With respect to each First Mortgage Loan, .50% per
annum. With respect to each Second Mortgage Loan, .75% per annum.
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"Servicing Standards": As defined in Section 8.1(a) hereof.
"Specified Subordinated Amount": Either the Group I Specified Subordinated
Amount or the Group II Specified Subordinated Amount.
"Sponsor": EquiVantage Acceptance Corp., a Delaware corporation.
"Startup Day": March 27, 1997.
"Step-up Payment Date": The second Payment Date which follows the Clean-Up
Call Date.
"Subordinated Amount": As of any Payment Date, either the Group I
Subordinated Amount or the Group II Subordinated Amount.
"Subordination Deficit": Either the Group I Subordination Deficit or the
Group II Subordination Deficit, as appropriate.
"Subordination Increase Amount": Either the Group I Subordination Increase
Amount or the Group II Subordination Increase Amount, as appropriate.
"Subordination Reduction Amount": Either the Group I Subordination
Reduction Amount or the Group II Subordination Reduction Amount, as appropriate.
"Sub-Servicer": Transworld Mortgage Corporation, a Texas corporation, and
its permitted successors and assigns, or any Person with whom the Servicer has
entered into a Sub-Servicing Agreement and who satisfies any requirements set
forth in Section 8.3 hereof in respect of the qualification of a Sub-Servicer.
"Sub-Servicing Agreement": The written contract between the Servicer and
any Sub-Servicer relating to servicing and/or administration of certain Mortgage
Loans as permitted by Section 8.3.
"Substitution Amount": In connection with the delivery of any Qualified
Replacement Mortgage, if the outstanding principal amount of such Qualified
Replacement Mortgage as of the applicable Replacement Cut-Off Date is less than
the Loan Balance of the Mortgage Loan being replaced as of such Replacement
Cut-Off Date, an amount equal to such difference together with accrued and
unpaid interest on such amount calculated at the Coupon Rate less, if the
Servicer is the replacing party, the Servicing Fee Rate, of the Mortgage Loan
being replaced.
"Tax Matters Person": The Tax Matters Person appointed pursuant to Section
11.17 hereof.
"Termination Notice": As defined in Section 9.3(b) hereof.
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"Termination Price": As defined in Section 9.2(a) hereof.
"Total Monthly Excess Cashflow": As defined in Section 7.5(b) hereof.
"Total Monthly Excess Spread": Either the Group I Total Monthly Excess
Spread or the Group II Total Monthly Excess Spread, as appropriate.
"Transaction Documents": Collectively this Agreement, the Insurance
Agreement, the Underwriting Agreement relating to the Class A Certificates, any
Sub-Servicing Agreement, the Indemnification Agreement relating to the
Prospectus, the Registration Statement and the Certificates.
"Transferor": EquiVantage Inc., a Delaware corporation, and its permitted
successors and assigns.
"Trust": EquiVantage Home Equity Loan Trust 1997-1, the trust created
under this Agreement.
"Trust Estate": Collectively, all money, instruments and other property,
to the extent such money, instruments and other property are subject or intended
to be held in trust, and in the subtrusts, for the benefit of the Owners,
including all proceeds thereof, including, without limitation, (i) the Mortgage
Loans, (ii) such amounts, including Eligible Investments, as from time to time
may be held in all Accounts, (iii) any Property, the ownership of which has been
effected on behalf of the Trust as a result of foreclosure or acceptance by the
Servicer of a deed in lieu of foreclosure and that has not been withdrawn from
the Trust, (iv) any Insurance Policies relating to the Mortgage Loans and any
rights of the Sponsor under any Insurance Policies, (v) Net Liquidation Proceeds
with respect to any Liquidated Loan, (vi) rights under the Certificate Insurance
Policy, (vii) the Sponsor's rights under the Master Loan Transfer Agreement and
(viii) the Reserve Fund.
"Trustee": Norwest Bank Minnesota, National Association, located on the
date of execution of this Agreement at the Corporate Trust Office, not in its
individual capacity but solely as Trustee under this Agreement, and any
successor hereunder.
"Trustee Fee Rate": 0.025% per annum.
"Underwriter": Prudential Securities Incorporated, as representative of
the several underwriters.
"Unrecoverable Delinquency Advance": Any Delinquency Advance which the
Servicer, in its good faith business judgment, believes will not ultimately be
recovered from the related Mortgage Loan.
"Unregistered Certificates": Certificates which are not registered as
evidenced by inclusion in the Register.
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"Upper-Tier REMIC": The segregated pool of assets held by the Trust
consisting of the Lower-Tier Interests (except for the Class RL Certificate, as
set forth in the chart in Section 2.8(c) hereof).
"Weighted Net Average Coupon Rate": With respect to any Remittance Period
and a Mortgage Loan Group, the weighted average Coupon Rates (weighted by Loan
Balances) of the related Mortgage Loans, calculated at the opening of business
on the first day of such Remittance Period, less the rate at which the Servicing
Fee is then calculated and less the Trustee Fee Rate and Premium Percentage.
Section 1.2. Use of Words and Phrases. "Herein", "hereby", "hereunder",
"hereof", "hereinbefore", "hereinafter" and other equivalent words refer to this
Agreement as a whole and not solely to the particular section of this Agreement
in which any such word is used. The definitions set forth in Section 1.1 hereof
include both the singular and the plural. Whenever used in this Agreement, any
pronoun shall be deemed to include both singular and plural and to cover all
genders.
Section 1.3. Captions; Table of Contents. The captions or headings in this
Agreement and the Table of Contents are for convenience only and in no way
define, limit or describe the scope and intent of any provisions of this
Agreement.
Section 1.4. Opinions. Each opinion with respect to the validity, binding
nature and enforceability of documents or Certificates may be qualified to the
extent that the same may be limited by applicable bankruptcy, insolvency,
reorganization, moratorium or other similar laws affecting the enforcement of
creditors' rights generally and by general principles of equity (whether
considered in a proceeding or action in equity or at law) and may state that no
opinion is expressed on the availability of the remedy of specific enforcement,
injunctive relief or any other equitable remedy. Any opinion required to be
furnished by any Person hereunder must be delivered by counsel upon whose
opinion the addressee of such opinion may reasonably rely, and such opinion may
state that it is given in reasonable reliance upon an opinion of another, a copy
of which must be attached, concerning the laws of a foreign jurisdiction.
ARTICLE II
ESTABLISHMENT AND ORGANIZATION OF THE TRUST
Section 2.1. Establishment of the Trust. The parties hereto do hereby
create and establish, pursuant to the laws of the State of New York and this
Agreement, the Trust, which, for convenience, shall be known as "EquiVantage
Home Equity Loan Trust 1997-1".
Section 2.2. Office. The office of the Trust shall be in care of the
Trustee, addressed to the Corporate Trust Office, or at such other address as
the Trustee may designate by notice to the Sponsor, the Servicer, the Owners and
to the Certificate Insurer.
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Section 2.3. Purposes and Powers. The purpose of the Trust is to engage in
the following activities, and only such activities: (i) the issuance of the
Certificates and the acquiring, owning and holding of Mortgage Loans and the
Trust Estate in connection therewith; (ii) activities that are necessary,
suitable or convenient to accomplish the foregoing or are incidental thereto or
connected therewith, including the investment of moneys in accordance with this
Agreement; and (iii) such other activities as may be required in connection with
conservation of the Trust Estate and distributions to the Owners; provided,
however, that nothing contained herein shall require or permit the Trustee to
take any action which would result in the loss of REMIC status for the
Upper-Tier REMIC or the Lower-Tier REMIC.
Section 2.4. Appointment of the Trustee; Declaration of Trust. The Sponsor
hereby appoints the Trustee as trustee of the Trust effective as of the Startup
Day, to have all the rights, powers and duties set forth herein. The Trustee
hereby acknowledges and accepts such appointment, represents and warrants its
eligibility as of the Startup Day to serve as Trustee pursuant to Section 10.8
hereof and declares that it will hold the Trust Estate in trust upon and subject
to the conditions set forth herein for the benefit of the Owners and the
Certificate Insurer, as their interests may appear.
Section 2.5. Expenses of the Trust. On each Payment Date the Trustee shall
receive the Monthly Trustee Fee Amount, as provided in Section 7.5(b)(ii)
hereof. Any other expenses of the Trust that have been reviewed and approved by
the Sponsor or the Servicer (which approval shall not be unreasonably withheld),
including the reasonable expenses of the Trustee, its agents and counsel, shall
be paid directly by the Sponsor or the Servicer to the Trustee or to such other
Person to whom such amounts may be due. Failure by the Sponsor to pay any such
fees or other expenses shall not relieve the Trustee of its obligations
hereunder. The Trustee hereby covenants with the Owners that every material
contract or other material agreement entered into by the Trustee on behalf of
the Trust shall expressly state therein that no Owner shall be personally liable
in connection with such contract or agreement.
Section 2.6. Ownership of the Trust. On the Startup Day the ownership
interests in the Trust shall be transferred as set forth in Section 4.2 hereof,
such transfer to be evidenced by sale of the Certificates as described therein.
Thereafter, transfer of any ownership interest shall be governed by Sections 5.4
and 5.8 hereof.
Section 2.7. Receipt of Trust Estate. The Sponsor hereby directs the
Trustee to accept the property conveyed to it pursuant to Section 3.5 hereof in
connection with the establishment of the Trust, and the Trustee hereby
acknowledges receipt of such property. The Sponsor further directs the Trustee
to issue the Certificates, to hold the Class A Certificates as transfer agent
for the Depository as provided in Section 5.4, and to deliver the Class B
Certificates and the Residual Certificates to the Sponsor.
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Section 2.8. Miscellaneous REMIC Provisions.
(a) The Trustee shall elect that the Upper-Tier REMIC and the Lower-Tier
REMIC shall be treated as REMICs under Section 860D of the Code, as described in
Section 11.15. Any inconsistencies or ambiguities in this Agreement or in the
administration of the Trust shall be resolved in a manner that preserves the
validity of such REMIC elections.
(b) The Class A Certificates and the Class B Certificates are hereby
designated as "regular interests" with respect to the Upper-Tier REMIC and the
Class RU Certificates are hereby designated as the single Class of "residual
interest" with respect to the Upper-Tier REMIC.
(c) The Lower-Tier REMIC will be evidenced by (x) the Class LT-A, Class
LT-1, Class LT-2, Class LT-3, Class LT-4, Class LT-M, Class LT-AL, Class LT-5L
and Class LT- ML Certificates (the "Lower-Tier Regular Interests"), which will
be uncertificated and non-transferable and are hereby designated as the "regular
interests" in the Lower-Tier REMIC and (y) the Class RL Certificates, which are
hereby designated as the single "residual interest" in the Lower-Tier REMIC (the
Lower-Tier Regular Interests, together with the Class RL Certificates, the
"Lower-Tier Interests"). The Lower-Tier Regular Interests shall be recorded on
the records of the Lower-Tier REMIC as being issued to and held by the Trustee
on behalf of the Upper-Tier REMIC.
For purposes of this Section 2.8, (i) the "Group I Turbo Amount"
means the sum of (A) any Group I Subordination Deficit (including the portion of
a Group I Principal Carry-Forward Amount which relates to a shortfall in a
distribution of a Group I Subordination Deficit) and (B) any Group I
Subordination Increase Amount, to the extent of any Net Monthly Excess Cashflow
in respect of the Group I Monthly Remittance Amount and (ii) the "Net Group I
Turbo Amount" means the Group I Turbo Amount determined as if each Group I
Mortgage Loan accrued interest at a rate equal to the excess of its Coupon Rate
over the sum of the Servicing Fee Rate, Trustee Fee Rate and Premium Percentage.
Any Net Group I Turbo Amount that is attributable to interest on the Group I
Mortgage Loans will not be paid to the Lower-Tier Regular Interests, but a
portion of the interest payable with respect to the Class LT-M Certificate which
equals 1% of the Net Group I Turbo Amount will be payable as a reduction of the
principal balances of the Class LT-1, Class LT-2, Class LT-3, and Class LT-4
Certificates in the same manner in which the Net Group I Turbo Amount is
allocated among the Class A-1, Class A-2, Class A-3 and Class A-4 Certificates,
respectively (and will be accrued and added to principal on the Class LT-M
Certificate). The amount of interest on the Group I Mortgage Loans equal to the
excess of the Group I Turbo Amount over the Net Group I Turbo Amount will be
payable as a reduction of the principal balances of the Lower-Tier Regular
Interests as follows: (i) 98% to the Class LT-A Certificates, (ii) 1% to the
Class LT-1, Class LT-2, Class LT-3 and Class LT-4 Certificates in the same
manner in which such excess is allocated among the Class A-1, Class A-2, Class
A-3 and Class A-4 Certificates, respectively and (iii) 1% to the Class LT-M
Certificates (and will be accrued and added to principal on the Class RL
Certificates). To the extent that interest on the Group I Mortgage Loans exceeds
the sum of interest allocated, as described below, to the Class A-1, Class A-2,
Class A-3, Class A-4 and
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Class B Certificates and the Group I Turbo Amount, such excess shall be added to
the amounts allocated below with respect to the Class LT-AL, Class LT-5L and
Class LT-ML Certificates. Principal payments on the Group I Mortgage Loans shall
be allocated 98% to the Class LT-A Certificate, 1% to the Class LT-M Certificate
and 1% to the Class LT-1, Class LT-2, Class LT-3 and Class LT-4 Certificates
until paid in full. The aggregate amount of principal allocated to the Class
LT-1, Class LT-2, Class LT-3 and Class LT-4 Certificates shall be apportioned
among such Classes in the same manner in which principal is payable with respect
to the Class A-1, Class A-2, Class A-3 and Class A-4 Certificates, respectively.
Notwithstanding the foregoing, 98% and 2% of any principal on the Group I
Mortgage Loans that are attributable to a Group I Subordination Reduction Amount
shall be allocated to the Class LT-A and Class LT-M Certificates, respectively,
until paid in full. Allocable Losses on the Group I Mortgage Loans will be
allocated first to the Class RL Certificate until the balance thereof
attributable to accruals with respect to the Group I Turbo Amount is reduced to
zero, then 98% to the Class LT-A Certificates and 2% to the Class LT-M
Certificates unless an Allocable Loss causes a Group I Subordination Deficit,
and then such loss is allocated to the extent paid from interest as above, and
if not paid from interest, as if such loss were a principal payment on the Group
I Mortgage Loans.
Similarly, for purposes of this Section 2.8, (i) the "Group II Turbo
Amount" means the sum of (A) any Group II Subordination Deficit (including the
portion of a Group II Principal Carry-Forward Amount which relates to a
shortfall in a distribution of a Group II Subordination Deficit) and (B) any
Group II Subordination Increase Amount, to the extent of any Net Monthly Excess
Cashflow in respect of the Group II Monthly Remittance Amount and (ii) the "Net
Group II Turbo Amount" means the Group II Turbo Amount determined as if each
Group II Mortgage Loan accrued interest at a rate equal to the excess of its
Coupon Rate over the sum of the Servicing Fee Rate, Trustee Fee Rate and Premium
Percentage. Any Net Group II Turbo Amount that is attributable to interest on
the Group II Mortgage Loans will not be paid to the Lower-Tier Regular
Interests, but a portion of the interest payable with respect to the Class LT-ML
Certificate which equals 1% of the Net Group II Turbo Amount will be payable to
the Class LT-5L Certificates (and will be accrued and added to principal on the
Class LT-ML Certificate). The amount of interest on the Group II Mortgage Loans
equal to the excess of the Group II Turbo Amount over the Net Group II Turbo
Amount will be payable as a reduction of the principal balances of the
Lower-Tier Regular Interests as follows: (i) 98% to the Class LT-AL
Certificates, (ii) 1% to the Class LT-5L Certificates and (iii) 1% to the Class
LT-ML Certificates (and will be accrued and added to principal on the Class RL
Certificates). To the extent that interest on the Group II Mortgage Loans
exceeds the sum of interest allocated, as described below, to the Class A-5 and
Class B Certificates and the Group II Turbo Amount, such excess shall be added
to the amounts allocated above with respect to the Class LT-A, Class LT-1, Class
LT- 2, Class LT-3, Class LT-4 and Class LT-M Certificates. Principal payments on
the Group II Mortgage Loans shall be allocated 98% to the Class LT-AL
Certificates, 1% to the Class LT- ML Certificates, and 1% to the Class LT-5L
Certificates until paid in full. Notwithstanding the foregoing, 98% and 2% of
any principal payments on the Group II Mortgage Loans that are attributable to a
Group II Subordination Reduction Amount shall be allocated to the Class LT-AL
and Class LT-ML Certificates, respectively, until paid in full. Allocable Losses
on the Group II Mortgage Loans will be allocated first to the Class RL
Certificate until the
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balance thereof attributable to accruals with respect to the Group II Turbo
Amount is reduced to zero, then 98% to the Class LT-AL Certificates and 2% to
the Class LT-ML Certificates unless an Allocable Loss causes a Group II
Subordination Deficit, and then such loss is allocated to the extent paid from
interest as above, and if not paid from interest, as if such loss were a
principal payment on the Group II Mortgage Loans.
The Lower-Tier Interests will have the following designations and
pass-through rates, and distributions of principal and interest thereon shall be
allocated to the Certificates in the following manner:
- --------------------------------------------------------------------------------
Lower-Tier Initial Pass-Through Allocation Allocation
Interests Balance Rate of Principal of Interest
--------- ------- ---- ------------ -----------
- --------------------------------------------------------------------------------
LT-A $68,600,475.80 (2) (3) (4), (5a)
- --------------------------------------------------------------------------------
LT-1 $294,000.00 (2) (3) (4), (5a)
- --------------------------------------------------------------------------------
LT-2 $199,000.00 (2) (3) (4), (5a)
- --------------------------------------------------------------------------------
LT-3 $137,000.00 (2) (3) (4), (5a)
- --------------------------------------------------------------------------------
LT-4 $70,000.00 (2) (3) (4), (5a)
- --------------------------------------------------------------------------------
LT-M $700,009.71 (2) (3) (4), (5a)
- --------------------------------------------------------------------------------
LT-AL $15,172,347.36 (2) (3) (4), (5b)
- --------------------------------------------------------------------------------
LT-5L $150,000.00 (2) (3) (4), (5b)
- --------------------------------------------------------------------------------
LT-ML $159,639.74 (2) (3) (5b)
- --------------------------------------------------------------------------------
Class RL Certificate $0.00 N/A N/A N/A (6)
- --------------------------------------------------------------------------------
- -------------
(1) [Reserved]
(2) The pass-through rate ("Pass-Through Rate") on these Lower-Tier Regular
Interests shall at any time of determination equal the Weighted Net
Average Coupon Rate in the related Mortgage Loan Group. If there are any
prepayment interest shortfalls with respect to a Mortgage Loan Group not
covered by Compensating Interest pursuant to Section 8.9(b), such
shortfall will reduce the interest accrued on each corresponding
Lower-Tier Regular Interest proportionally.
(3) Principal attributable to the Group I Mortgage Loans will be allocated to
and apportioned among the Class A-1, Class A-2, Class A-3 and Class A-4
Certificates in the same proportion as principal is payable with respect
to such Certificates pursuant to Section 7.5(b), except that a portion of
such principal in an amount equal to the Group I Subordination Reduction
Amount shall first be allocated to the Class B Certificates until the
balance thereof is zero and then to the Class RL Certificate, and
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all principal will be allocated to the Class B Certificates after the
Certificate Principal Balance of the Group I Certificates has been reduced
to zero until the balance thereof is zero and then to the Class RL
Certificate. Similarly, principal attributable to the Group II Mortgage
Loans will be allocated to the Class A-5 Certificates in the same amount
as principal is payable with respect to such Certificates pursuant to
Section 7.5(b), except that a portion of such principal in an amount equal
to the Group II Subordination Reduction Amount shall first be allocated to
the Class B Certificates until the balance thereof is zero and then to the
Class RL Certificate, and all principal will be allocated to the Class B
Certificates after the Certificate Principal Balance of the Group II
Certificates has been reduced to zero until the balance thereof is zero
and then to the Class RL Certificate.
(4) Except as provided in Note 5, interest on the Class LT-A Certificates,
Class LT-1 Certificates, Class LT-2 Certificates, Class LT-3 Certificates,
Class LT-4 Certificates and Class LT-M Certificates will be allocated
among the Class A-1, Class A-2, Class A-3 and Class A-4 Certificates in
the same proportion as interest is payable on such Certificates pursuant
to Section 7.5(b). Similarly, interest on the Class LT-AL Certificates,
Class LT-5L Certificates and Class LT-ML Certificates will be allocated to
the Class A-5 Certificates, subject to Note 5.
(5) (a) Any interest with respect to this Lower-Tier Interest in excess of
the product of (i) two times the weighted average coupon of the
Class LT-1, LT-2, LT-3, LT-4 and LT-M Certificates, where each of
such Classes, other than the Class LT-M Certificate, is first
subject to a cap and floor equal to the Class A-1, Class A-2, Class
A-3 and Class A-4 Pass-Through Rates, respectively, and the Class
LT-M Certificate is subject to a cap equal to 0%, and (ii) the
principal balance of this Lower-Tier Interest, shall not be
allocated to the Class A Certificates but will be allocated to the
Class B Certificates as a separate component.
(b) Any interest with respect to this Lower-Tier Interest in excess of
the product of (i) two times the weighted average coupon of the
Class LT-5L and LT-ML Certificates, where the Class LT-5L is first
subject to a cap and floor equal to the Class A-5 Pass-Through Rate,
and the Class LT-ML Certificate is subject to a cap equal to 0%, and
(ii) the principal balance of this Lower-Tier Interest, shall not be
allocated to the Class A Certificates but will be allocated to the
Class B Certificates as a separate component.
(6) On each Payment Date, available funds, if any, remaining in the
Lower-Tier REMIC after payments of interest and principal, as designated
above, will be distributed to the Class RL Certificate.
(d) The Startup Day is hereby designated as the "startup day" of the Trust
within the meaning of Section 860G(a)(9) of the Code. The "latest possible
maturity date" for purposes of Treasury Regulation Section 1.860G-1(a)(4)(iii)
for the regular interests are as follows: for the Class A-1 Certificates, the
Payment Date in February, 2012; for the Class A-2 Certificates, the Payment Date
in August, 2018; for the Class A-3 Certificates, the Payment Date in March,
2028; for the Class A-4 Certificates, the Payment Date in March, 2028; for the
Class A-5 Certificates, the Payment Date in April, 2027; and for the Lower- Tier
Regular Interests, the Payment Date in April, 2027.
Section 2.9. Grant of Security Interest.
(a) Except with respect to the REMIC Provisions, it is the intention of
the parties hereto that the conveyance by the Sponsor of the Trust Estate to the
Trustee on behalf of the Trust shall constitute a purchase and sale of such
Trust Estate and not a loan. In the event, however, that a court of competent
jurisdiction were to hold that the transaction evidenced hereby constitutes a
loan and not a purchase and sale, it is the intention of the parties hereto
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that this Agreement shall constitute a security agreement under applicable law,
and that the Sponsor shall be deemed to have granted to the Trustee, on behalf
of the Owners and the Certificate Insurer, a first priority perfected security
interest in all of the Sponsor's right, title and interest in, to and under the
Trust Estate. The conveyance by the Sponsor of the Trust Estate to the Trustee
on behalf of the Trust shall not constitute and is not intended to result in an
assumption by the Trustee or any Owner of any obligation of the Originators or
any other Person in connection with the Trust Estate.
(b) The Sponsor and the Servicer shall take no action inconsistent with
the Trust's ownership of the Trust Estate and shall indicate or shall cause to
be indicated in their records and records held on their behalf that ownership of
each Mortgage Loan and the assets in the Trust Estate are held by the Trustee on
behalf of the Owners and the Certificate Insurer. In addition, the Sponsor and
the Servicer shall respond to any inquiries from third parties with respect to
ownership of a Mortgage Loan or any other asset in the Trust Estate by stating
that it is not the owner of such asset and that ownership of such Mortgage Loan
or other Trust Estate asset is held by the Trustee on behalf of the Trust;
provided that this paragraph shall not be construed to prohibit the Servicer
from appearing as lienholder of record of the Mortgage Loans on behalf of the
Trustee for the purpose of receiving notices, executing release and modification
documents and taking other actions related to the Servicing of the Mortgage
Loans, so long as such actions are consistent with Article VIII hereof.
ARTICLE III
REPRESENTATIONS, WARRANTIES AND COVENANTS
OF THE SPONSOR AND THE SERVICER;
COVENANT OF SPONSOR TO CONVEY MORTGAGE LOANS
Section 3.1. Representations and Warranties of the Sponsor. The Sponsor
hereby represents, warrants and covenants to the Trustee, the Servicer, the
Certificate Insurer and to the Owners as of the Startup Day that:
(a) The Sponsor is a corporation duly organized, validly existing
and in good standing under the laws of the State of Delaware and is in
good standing as a foreign corporation in each jurisdiction in which the
nature of its business, or the properties owned or leased by it make such
qualification necessary. The Sponsor has all requisite corporate power and
authority to own and operate its properties, to carry out its business as
presently conducted and as proposed to be conducted and to enter into and
discharge its obligations under this Agreement and the other Operative
Documents to which it is a party.
(b) The execution and delivery of this Agreement and the other
Operative Documents to which the Sponsor is a party by the Sponsor and its
performance and compliance with the terms of this Agreement and of the
other Operative Documents to which it is a party have been duly authorized
by all necessary corporate action on the part of the Sponsor and will not
violate the Sponsor's Certificate of Incorporation or Bylaws or constitute
a default (or an event which, with notice or lapse of time, or
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both, would constitute a default) under, or result in the breach of, any
material contract, agreement or other instrument to which the Sponsor is a
party or by which the Sponsor is bound, or violate any statute or any
order, rule or regulation of any court, governmental agency or body or
other tribunal having jurisdiction over the Sponsor or any of its
properties.
(c) This Agreement and the other Operative Documents to which the
Sponsor is a party, assuming due authorization, execution and delivery by
the other parties hereto and thereto, each constitutes a valid, legal and
binding obligation of the Sponsor, enforceable against it in accordance
with the terms hereof and thereof, except as the enforcement hereof and
thereof may be limited by applicable bankruptcy, insolvency,
reorganization, moratorium or other similar laws affecting creditors'
rights generally and by general principles of equity (whether considered
in a proceeding or action in equity or at law).
(d) The Sponsor is not in default with respect to any order or
decree of any court or any order, regulation or demand of any federal,
state, municipal or governmental agency, which might have consequences
that would materially and adversely affect the condition (financial or
other) or operations of the Sponsor or its properties or might have
consequences that would materially and adversely affect its performance
hereunder and under the other Operative Documents to which it is a party.
(e) No litigation is pending or, to the best of the Sponsor's
knowledge, threatened against the Sponsor which litigation might have
consequences that would prohibit its entering into this Agreement or any
other Operative Document to which it is a party, or issuing the
Certificates, or that would materially and adversely affect the condition
(financial or otherwise) or operations of the Sponsor or its properties or
might have consequences that would materially and adversely affect its
performance hereunder and under the other Operative Documents to which it
is a party.
(f) No certificate of an officer, statement furnished in writing or
report delivered pursuant to the terms hereof by the Sponsor contains any
untrue statement of a material fact or omits to state any material fact
necessary to make the certificate, statement or report not misleading.
(g) The statements contained in the Registration Statement which
describe the Sponsor or matters or activities for which the Sponsor is
responsible in accordance with the Operative Documents or which are
attributed to the Sponsor therein are true and correct in all material
respects, and the Registration Statement does not contain any untrue
statement of a material fact with respect to the Sponsor or omit to state
a material fact required to be stated therein or necessary in order to
make the statements contained therein with respect to the Sponsor not
misleading. To the best of the Sponsor's knowledge and belief, the
Registration Statement does not contain any untrue statement of a material
fact required to be stated therein or
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omit to state any material fact required to be stated therein or necessary
to make the statements contained therein not misleading.
(h) All actions, approvals, consents, waivers, exemptions,
variances, franchises, orders, permits, authorizations, rights and
licenses required to be taken, given or obtained, as the case may be, by
or from any federal, state or other governmental authority or agency
(other than any such actions, approvals, etc. under any state securities
laws, real estate syndication or "Blue Sky" statutes, as to which the
Sponsor makes no such representation or warranty), that are necessary or
advisable in connection with the purchase and sale of the Certificates and
the execution and delivery by the Sponsor of the Operative Documents to
which it is a party, have been duly taken, given or obtained, as the case
may be, are in full force and effect on the date hereof, are not subject
to any pending proceedings or appeals (administrative, judicial or
otherwise) and either the time within which any appeal therefrom may be
taken or review thereof may be obtained has expired or no review thereof
may be obtained or appeal therefrom taken, and are adequate to authorize
the consummation of the transactions contemplated by this Agreement and
the other Operative Documents on the part of the Sponsor and the
performance by the Sponsor of its obligations under this Agreement and
such of the other Operative Documents to which it is a party.
(i) The transactions contemplated by this Agreement and the Other
Operative Documents to which the Sponsor is a party are in the ordinary
course of business of the Sponsor.
(j) The Sponsor received fair consideration and reasonably
equivalent value in exchange for the sale of the interests in the Mortgage
Loans evidenced by the Certificates.
(k) The Sponsor did not sell any interest in any Mortgage Loan
evidenced by the Certificates with any intent to hinder, delay or defraud
any of its respective creditors.
(l) The Sponsor is solvent and the Sponsor will not be rendered
insolvent as a result of the sale of the Mortgage Loans to the Trust or
the sale of the Certificates.
It is understood and agreed that the representations and warranties set
forth in this Section 3.1 shall survive delivery of the Mortgage Loans to the
Trustee.
Upon discovery by any of the Servicer, the Sponsor, the Certificate
Insurer or the Trustee of a breach of any of the representations and warranties
set forth in Section 3.1 which materially and adversely affects the interests of
the Owners or of the Certificate Insurer, the party discovering such breach
shall give prompt written notice to the other parties. Within 30 days of its
discovery or its receipt of notice of breach the Sponsor shall cure such breach
in all material respects; provided, however, that if the Sponsor can demonstrate
to the
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reasonable satisfaction of the Certificate Insurer that it is diligently
pursuing remedial action, then the cure period may be extended with the written
approval of the Certificate Insurer and with notice to each of Moody's and S&P.
Section 3.2. Representations and Warranties of the Servicer. The Servicer
hereby represents, warrants and covenants to the Trustee, the Sponsor, the
Certificate Insurer and to the Owners as of the Startup Day that:
(a) The Servicer is a corporation duly organized, validly existing
and in good standing under the laws of the State of Delaware, and is, or a
Sub-Servicer is, in compliance with the laws of each state in which any
Property is located to the extent necessary to enable it to perform its
obligations hereunder and is in good standing as a foreign corporation in
each jurisdiction in which the nature of its business, or the properties
owned or leased by it make such qualification necessary. The Servicer has
all requisite corporate power and authority to own and operate its
properties, to carry out its business as presently conducted and as
proposed to be conducted and to enter into and discharge, either directly
or through Sub-Servicers, its obligations under this Agreement and the
other Operative Documents to which it is a party. The Servicer has equity
of at least $10,000,000, as determined in accordance with generally
accepted accounting principles. Any Sub-Servicer appointed by the Servicer
will have all requisite corporate power and authority to own and operate
its properties, to carry out its business as presently conducted and as
proposed to be conducted.
(b) The execution and delivery of this Agreement by the Servicer and
its performance and compliance with the terms of this Agreement, any
Sub-Servicing Agreement and the other Operative Documents to which it is a
party have been duly authorized by all necessary corporate action on the
part of the Servicer and will not violate the Servicer's Articles of
Incorporation or Bylaws or constitute a default (or an event which, with
notice or lapse of time, or both, would constitute a default) under, or
result in the breach of, any material contract, agreement or other
instrument to which the Servicer is a party or by which the Servicer is
bound or violate any statute or any order, rule or regulation of any
court, governmental agency or body or other tribunal having jurisdiction
over the Servicer or any of its properties.
(c) This Agreement, any Sub-Servicing Agreement and the other
Operative Documents to which the Servicer is a party, assuming due
authorization, execution and delivery by the other parties hereto and
thereto, each constitutes a valid, legal and binding obligation of the
Servicer, enforceable against it in accordance with the terms hereof,
except as the enforcement hereof may be limited by applicable bankruptcy,
insolvency, reorganization, moratorium or other similar laws affecting
creditors' rights generally and by general principles of equity (whether
considered in a proceeding or action in equity or at law).
(d) The Servicer is not in default with respect to any order or
decree of any court or any order, regulation or demand of any federal,
state, municipal or
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governmental agency, which might have consequences that would materially
and adversely affect the condition (financial or other) or operations of
the Servicer or its properties or might have consequences that would
materially and adversely affect its performance hereunder, under any
Sub-Servicing Agreement and under the other Operative Documents to which
the Servicer is a party.
(e) No litigation is pending or, to the best of the Servicer's
knowledge, threatened against the Servicer which litigation might have
consequences that would prohibit its entering into this Agreement, any
Sub-Servicing Agreement or any other Operative Document to which it is a
party or that would materially and adversely affect the condition
(financial or otherwise) or operations of the Servicer or its properties
or might have consequences that would materially and adversely affect its
performance hereunder and under the other Operative Documents to which the
Servicer is a party.
(f) No certificate of an officer, statement furnished in writing or
report delivered pursuant to the terms hereof by the Servicer contains any
untrue statement of a material fact or omits to state any material fact
necessary to make the certificate, statement or report not misleading.
(g) The statements contained in the Registration Statement which
describe matters or activities for which the Servicer is responsible in
accordance with the Operative Documents or which are attributable to the
Servicer, either directly or through any Sub-Servicer, therein are true
and correct in all material respects, and the Registration Statement does
not contain any untrue statement of a material fact with respect to the
Servicer or omit to state a material fact required to be stated therein or
necessary to make the statements contained therein with respect to the
Servicer not misleading. To the best of the Servicer's knowledge and
belief, the Registration Statement does not contain any untrue statement
of a material fact or omit to state any material fact required to be
stated therein or necessary to make the statements contained therein not
misleading.
(h) The Servicing Fee is a "current (normal) servicing fee rate" as
that term is used in Statement of Financial Accounting Standards No. 65
issued by the Financial Accounting Standards Board. Neither the Servicer
nor any affiliate thereof will report on any financial statements any part
of the Servicing Fee as an adjustment to the sales price of the Mortgage
Loans.
(i) All actions, approvals, consents, waivers, exemptions,
variances, franchises, orders, permits, authorizations, rights and
licenses required to be taken, given or obtained, as the case may be, by
or from any federal, state or other governmental authority or agency
(other than any such actions, approvals, etc. under any state securities
laws, real estate syndication or "Blue Sky" statutes, as to which the
Servicer makes no such representation or warranty), that are necessary or
advisable in connection with the execution and delivery by the Servicer of
the Operative Documents to which it is a party, have been duly taken,
given or obtained,
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as the case may be, are in full force and effect on the date hereof and on
the Startup Day, are not subject to any pending proceedings or appeals
(administrative, judicial or otherwise) and either the time within which
any appeal therefrom may be taken or review thereof may be obtained has
expired or no review thereof may be obtained or appeal therefrom taken,
and are adequate to authorize the consummation of the transactions
contemplated by this Agreement and the other Operative Documents on the
part of the Servicer and the performance by the Servicer, either directly
or through a Sub-Servicer, of its obligations under this Agreement, any
Sub-Servicing Agreement and such of the other Operative Documents to which
it is a party.
(j) The collection practices used by the Servicer, or any
Sub-Servicer, with respect to the Mortgage Loans directly serviced by it
have been, in all material respects, legal, proper, prudent and customary
in the mortgage loan servicing business.
(k) The transactions contemplated by this Agreement are in the
ordinary course of business of the Servicer.
It is understood and agreed that the representations and warranties set
forth in this Section 3.2 shall survive delivery of the Mortgage Loans to the
Trustee.
Upon discovery by any of the Servicer, the Sponsor, the Certificate
Insurer or the Trustee of a breach of any of the representations and warranties
set forth in this Section 3.2 which materially and adversely affects the
interests of the Owners or of the Certificate Insurer, the party discovering
such breach shall give prompt written notice to the other parties. Within 30
days of its discovery or its receipt of notice of breach, the Servicer shall
cure such breach in all material respects and, upon the Servicer's continued
failure to cure such breach, may thereafter be removed by the Trustee pursuant
to Section 8.20 hereof; provided, however, that if the Servicer can demonstrate
to the reasonable satisfaction of the Certificate Insurer that it is diligently
pursuing remedial action, then the cure period may be extended with the written
approval of the Certificate Insurer and notice to each of Moody's and S&P.
Section 3.3. Representations and Warranties of the Sponsor with Respect to
the Mortgage Loans.
(a) The Sponsor makes the following representations and warranties as to
the Mortgage Loans on which the Trustee relies in accepting the Mortgage Loans
in trust and executing and authenticating the Certificates and on which the
Certificate Insurer relies in issuing the Certificate Insurance Policy. Such
representations and warranties speak as of the Startup Day (unless otherwise
specified), but shall survive the sale, transfer, and assignment of the Mortgage
Loans to the Trustee on behalf of the Trust:
(i) The information with respect to each Mortgage Loan set forth
in the Schedule of Mortgage Loans is true and correct as of
the Cut-Off Date;
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(ii) All of the original or certified documentation set forth in
Section 3.5 (including all material documents related thereto)
with respect to each Mortgage Loan has been or will be
delivered to the Trustee on the Startup Day, or as otherwise
provided in Section 3.5;
(iii) Each Mortgage Loan is being serviced by the Servicer or a
Person controlling, controlled by or under common control with
the Servicer and qualified to service the Mortgage Loans
serviced by it;
(iv) Each Mortgage Loan conforms, and all such Mortgage Loans in
the aggregate conform, in all material respects to the
description thereof set forth in the Registration Statement;
(v) The credit underwriting guidelines applicable to each Mortgage
Loan conform in all material respects to the description
thereof set forth in the Prospectus; and
(vi) Except as disclosed in the Master Loan Transfer Agreement and
the related Conveyance Agreement, none of the Mortgage Loans
are subject to Section 32 of the Federal Truth-in-Lending Act.
(vii) Each Mortgage Loan, as of the Startup Day, satisfies either
the test set out in paragraph (1) or the test set out in
paragraph (2) below.
(1) The fair market value of the interest in real property
securing such Mortgage Loan
(A) was at least equal to 80 percent of the adjusted
issue price of the Mortgage Loan at the time the
Mortgage Loan was originated (or, if later, the
time the Mortgage Loan was significantly
modified); or
(B) is at least equal to 80 percent of the adjusted
issue price of the Mortgage Loan on the Closing
Date.
For purposes of this paragraph (1), the fair market value of
the real property interest must be first reduced by the amount
of any lien on the real property interest that is senior to
the Mortgage Loan being tested, and must be further reduced by
a proportionate amount of any lien that is in parity with the
obligation being tested, in each case before the percentages
set forth in (1)(A) and (1)(B) are determined. The adjusted
issue price of a Mortgage Loan is its issue price plus the
amount of accrued original issue discount, if any, as of the
date of determination; or
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(2) Substantially all of the proceeds of the Mortgage Loan
were used to acquire or to improve or protect an
interest in real property that, at the origination date,
is the only security for the Mortgage Loan. For purposes
of this test, loan guarantees made by the United States
or any state (or any political subdivision, agency, or
instrumentality of the United States or of any state),
or other third party credit enhancement are not viewed
as additional security for a loan. An Mortgage Loan is
not considered to be secured by property other than real
property solely because the obligor is personally liable
on the obligation. For this purpose only, substantially
all of the proceeds of the Mortgage Loan means at least
90 percent of the gross proceeds.
(b) The Sponsor hereby assigns to the Trustee for the benefit of the
Owners of the Certificates and the Certificate Insurer all of its right, title
and interest (but none of its obligations, other than those set forth herein) in
respect of the Master Transfer Agreement, except for such rights to
indemnification thereunder for losses actually incurred only by the Sponsor.
Insofar as the Master Transfer Agreement provides for representations and
warranties and remedies thereunder for any breach of such representations and
warranties, the remedies with respect to such breaches may be enforced by the
Servicer or by the Trustee on behalf of the Owners and the Certificate Insurer
against the Person making such representation and warranty, and any rights to
indemnification for any breaches of such representations and warranties are
hereby assigned by the Sponsor to the Trustee for the benefit of the Owners of
the Certificates and the Certificate Insurer, except for such rights to
indemnification thereunder only for losses actually incurred only by the
Sponsor. Upon the discovery by the Sponsor, the Servicer, the Certificate
Insurer or the Trustee of a breach of any of the representations and warranties
made in the Master Transfer Agreement in respect of any Mortgage Loan which
materially and adversely affects the interests of the Owners or of the
Certificate Insurer in such Mortgage Loan, the party discovering such breach
shall give prompt written notice to the other parties and each of Moody's and
S&P. The Servicer shall promptly notify the Originator of such breach and
request that the Originator cure such breach or take the actions described in
Section 3.4(a) hereof within the time periods required thereby, and (i) if the
Originator does not cure such breach in all material respects, the Sponsor shall
cure such breach or take such actions and (ii) if the Originator does not
purchase such Mortgage Loan, the Sponsor shall purchase such Mortgage Loan. The
obligations of the Sponsor or Servicer, as the case may be, set forth herein
with respect to any Mortgage Loan as to which such a breach has occurred and is
continuing shall constitute the sole obligations of the Sponsor and of the
Servicer in respect of such breach.
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Section 3.4. Covenants of Sponsor to Take Certain Actions with Respect to
the Mortgage Loans In Certain Situations.
(a) Upon the earliest to occur of the Sponsor's discovery, its receipt of
notice of breach from any one of the other parties hereto or from the
Certificate Insurer or such time as a breach of any Representation and Warranty
materially and adversely affects the interests of the Owners or of the
Certificate Insurer as set forth above, the Sponsor shall promptly cure (or
cause the Originator to cure) such breach in all material respects or it shall
(or shall cause the Originator to), subject to the further requirements of this
paragraph, on the second Remittance Date next succeeding such discovery, receipt
of notice or such other time (i) substitute in lieu of each Mortgage Loan in the
related Mortgage Loan Group which has given rise to the requirement for action
by the Sponsor a Qualified Replacement Mortgage and deliver the Substitution
Amount applicable thereto, together with the aggregate amount of all
unreimbursed Delinquency Advances and unreimbursed Servicing Advances
theretofore made with respect to such Mortgage Loan, to the Servicer for deposit
in the Principal and Interest Account or (ii) purchase such Mortgage Loan from
the Trust at a purchase price equal to the Loan Purchase Price thereof, which
purchase price shall be delivered to the Servicer for deposit in the Principal
and Interest Account. In connection with any such proposed purchase or
substitution, the Sponsor at its expense, shall cause to be delivered to the
Trustee and to the Certificate Insurer an opinion of counsel experienced in
federal income tax matters stating whether or not such a proposed purchase or
substitution would constitute a Prohibited Transaction for the Trust or would
jeopardize the REMIC status of either the Upper-Tier REMIC or the Lower-Tier
REMIC as a REMIC, and unless otherwise directed by the Certificate Insurer the
Sponsor shall only be required to take either such action to the extent such
action would not constitute a Prohibited Transaction for the Trust or would not
jeopardize the status of either the Upper-Tier REMIC or the Lower-Tier REMIC as
a REMIC. It is understood and agreed that the obligation of the Sponsor to cure
the defect, or substitute for, or purchase any Mortgage Loan as to which a
Representation or Warranty is untrue in any material respect and has not been
remedied shall constitute the sole remedy available to the Owners, the Trustee
or the Certificate Insurer.
(b) In the event that any Qualified Replacement Mortgage is delivered by
the Sponsor to the Trust pursuant to Section 3.3, Section 3.4 or Section 3.6
hereof, the Originator and the Sponsor shall be obligated to take the actions
described in Section 3.4(a) with respect to such Qualified Replacement Mortgage
upon the discovery by any of the Owners, the Sponsor, the Servicer, the
Certificate Insurer, or the Trustee that the Representations and Warranties
applicable to such Qualified Replacement Mortgage are untrue in any material
respect on the date such Qualified Replacement Mortgage is conveyed to the Trust
such that the interests of the Owners or the Certificate Insurer in the related
Qualified Replacement Mortgage are materially and adversely affected; provided,
however, that for the purposes of this subsection (b) any of the Representations
and Warranties referring to items "as of the Cut-Off Date" or "as of the Startup
Day" shall be deemed to refer to such items as of the date such Qualified
Replacement Mortgage is conveyed to the Trust.
(c) The Sponsor acknowledges that a breach of any of the Representations
and Warranties (x) relating to marketability of title sufficient to transfer
unencumbered title to
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a Mortgage Loan, (y) relating to enforceability of the Mortgage Loan against the
related Mortgagor or Property or (z) set forth in clause (a)(v) of Section 3.3
above constitutes a breach of a representation or warranty which "materially and
adversely affects the interests of the Owners or of the Certificate Insurer" in
such Mortgage Loan.
(d) It is understood and agreed that the representations, warranties and
covenants set forth in this Section 3.4 shall survive delivery of the respective
Mortgage Loans (including Qualified Replacement Mortgage Loans) to the Trustee.
(e) On the Closing Date, the Servicer shall furnish to the Certificate
Insurer an Officer's Certificate certifying that the Mortgage Loans identified
on the schedule attached thereto are the only Mortgage Loans for which the
related Properties are located within those counties (the "Affected Counties")
within the States of Ohio, Tennessee, Kentucky and Indiana that have been
designated by the Federal Emergency Management Agency (FEMA) as having been
affected by floods occurring in the latter part of 1996 and through the Closing
Date. No later than the second Business Day following the Closing Date, the
Certificate Insurer will randomly select from such schedule ten Mortgage Loans
(the "Sample Loans") and notify the Servicer in writing of the identity of the
selected Mortgage Loans. Within 60 days following receipt of the written notice
identifying the Sample Loans, the Servicer shall (i) undertake, or cause to be
undertaken, a physical inspection of the Properties securing the Sample Loans
and the preparation of an inspection report with respect to such inspections;
and (ii) furnish an Officer's Certificate of the Servicer to the Certificate
Insurer and the Sponsor identifying, on the basis of the information in the
inspection reports, those Properties (the "Breaching Properties") as to which
the physical condition thereof does not comply with the representations and
warranties contained in Section 5(b)(xi) of the Master Transfer Agreement. No
provision of this subsection shall be deemed to modify, reduce, expand or
otherwise affect the obligations of the Sponsor pursuant to Sections 3.3(b) or
3.4(a) of this Agreement with respect to any Mortgage Loan.
Section 3.5. Conveyance of the Mortgage Loans.
(a) The Sponsor, concurrently with the execution and delivery hereof,
hereby transfers, sells, assigns, sets over and otherwise conveys without
recourse, to the Trustee on behalf of the Trust, all right, title and interest
of the Sponsor in and to each Mortgage Loan listed on the Schedule of Mortgage
Loans delivered by the Sponsor on the Startup Day, all its right, title and
interest in and to payments of principal and interest (including Prepaid
Installments) due after the Cut-Off Date, and all payments of principal
collected after the Cut-Off Date, together with all of its right, title and
interest in and to all related Insurance Policies. The transfer by the Sponsor
of the Mortgage Loans set forth on the Schedule of Mortgage Loans to the Trustee
on behalf of the Trust is absolute and is intended by the Owners and all parties
hereto to be treated as a sale by the Sponsor.
(b) In connection with the transfer, sale and assignment of the Mortgage
Loans, the Sponsor agrees to:
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(i) cause to be delivered, on the Startup Day with respect to the
Mortgage Loans, without recourse, to the Trustee (A) the
original Notes, endorsed without recourse by the related
Originator "For value received, I hereby transfer, endorse and
assign to Norwest Bank Minnesota, National Association, as
Trustee for EquiVantage Home Equity Loan Trust 1997-1, the
Note and Deed of Trust or Mortgage securing the same, so far
as the same pertains to said Note, without recourse"; (B)
originals or certified copies of all intervening assignments,
if any, showing a complete chain of assignment from
origination to the Originator, including warehousing
assignments, with evidence of recording or certification of
filing for recordation thereon; (C) originals of all
assumption and modification agreements, if any; (D) either:
(1) the original Mortgage, with evidence of recording thereon,
(2) a true and accurate copy of the Mortgage where the
original Mortgage has been transmitted for recording, until
such time as the original Mortgage is returned by the public
recording office, or (3) a copy of the Mortgage certified by
the public recording office in those instances where the
original recorded Mortgage has been lost; (E) the original
mortgage title insurance policy, title commitment, binder or
attorney's opinion of title and abstract of title; provided
that, in the event a copy of any mortgage, title policy or
title commitment was originally delivered to the Trustee
pursuant to this Section 3.5(b)(i)(E), the Sponsor shall cause
the related original mortgage, title policy, or title
commitment to be delivered to the Trustee within one year of
the Startup Day; and (F) an assignment in blank of each
Mortgage executed by the record holder of such Mortgage, which
assignment shall be in recordable form;
(ii) cause, within 30 days following the Startup Day, assignments
of the Mortgages from the Sponsor or the related Originator,
if the Originator is the record holder of such Mortgage to
"Norwest Bank Minnesota, National Association, as Trustee of
EquiVantage Home Equity Loan Trust 1997-1 under the Pooling
and Servicing Agreement dated as of March 1, 1997", to be
submitted for recording in the appropriate jurisdictions
wherein such recordation is necessary to perfect the lien
thereof as against creditors of or purchasers from the Sponsor
to the Trustee on behalf of the Trust; provided, however, that
the Sponsor shall not be required to record an assignment for
any Mortgage (x) until such original recording information is
available or (y) as to which the Sponsor furnishes, within
such 30-day period, at the Sponsor's expense, an opinion of
counsel to the Trustee ("Assignment Opinion"), or other
documentation acceptable to the Trustee and the Certificate
Insurer, which opines or provides evidence that recording is
not necessary to perfect the rights of the Trustee in the
related Mortgage (in form and substance satisfactory to the
Certificate Insurer, Moody's and S&P). Following the
expiration of
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such 30-day period and except with respect to Mortgages
covered by the Assignment Opinions, the Sponsor shall cause to
be recorded a Mortgage assignment for any Mortgage for which
original recording information is subsequently received by the
related Originator, and shall promptly deliver a copy of such
Mortgage assignment to the Trustee; and
(iii) cause, within five Business Days following the expiration of
such 30- day period referred to in clause (ii) above, to be
delivered to the Trustee certified copies of all Mortgage
assignments submitted for recording, together with a list
(which list also shall be delivered to the Certificate
Insurer) of (x) all Mortgages for which no Mortgage assignment
has yet been submitted for recording by the Sponsor and (y)
reasons why the Sponsor has not yet submitted such Mortgage
assignments for recording. With respect to any Mortgage
assignment set forth on the aforementioned list which has not
been submitted for recording for a reason other than a lack of
original recording information or with respect to Mortgages
covered by the Assignment Opinions, the Trustee shall make an
immediate demand on the Sponsor to cause such Mortgage
assignments to be recorded, and shall inform the Certificate
Insurer of the Sponsor's failure to cause such Mortgage
assignments to be recorded. Thereafter, the Trustee shall,
with respect to any assignment on the aforementioned list,
upon the request of the Certificate Insurer (which request
shall be made only if (i) applicable law requires such
recordation to perfect the rights of the Trustee in the
related Mortgage or (ii) the Certificate Insurer has removed
the Servicer pursuant to Section 8.20), complete and cause to
be submitted for recording the assignment of Mortgage referred
to in clause (F) of Section 3.5(b)(i).
In furtherance of the foregoing, the Sponsor agrees to cause to be
delivered on the Startup Day an original executed power of attorney, executed by
the Sponsor, substantially in the form of Exhibit L, authorizing the Trustee to
complete and record the assignments of Mortgage described in clause (F) of
Section 3.5(b)(i) above, and if necessary, to execute a new assignment of
Mortgage for any Mortgage Loan if the original assignment of Mortgage delivered
by the Sponsor to the Trustee is not in recordable form at such time as the
assignment of Mortgage is to be recorded by the Trustee.
All Mortgage assignments as to which an acceptable Assignment Opinion has
not been delivered shall be accomplished within twelve months of the Startup Day
(including any assignments not originally recorded due to lack of recordation
information), unless the Certificate Insurer agrees to extend such period, at
the expense of the Originator or of the Sponsor. Notwithstanding anything to the
contrary contained in this Section 3.5, in those instances as identified by the
Sponsor where the public recording office retains the original Mortgage, the
assignment of a Mortgage or the intervening assignments of the Mortgage after it
has been recorded, the Sponsor shall be deemed to have satisfied its obligations
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hereunder upon delivery to the Trustee of a copy of such Mortgage, such
assignment or assignments of Mortgage certified by the public recording office
to be a true copy of the recorded original thereof.
If the Servicer is removed pursuant to Section 8.20, the Trustee or other
successor Servicer shall submit all assignments for recording; the costs of such
assignments shall be paid by the Servicer.
Copies of all Mortgage assignments received by the Trustee shall be kept
in the related File.
The Servicer hereby acknowledges that the Financing Statements have been
duly submitted for filing. From time to time hereafter, the Servicer shall take
or cause to be taken such actions and execute such documents as are necessary to
perfect and protect the Trust's and the Owners' interests in the Files against
all other Persons, including, without limitation, the filing of financing
statements, amendments thereto and continuation statements.
(c) In the case of Mortgage Loans which have been prepaid in full on or
after the Cut-Off Date and prior to the Startup Day, the Sponsor, in lieu of the
foregoing, will deliver within 15 Business Days after the Startup Day to the
Trustee a certification of an Authorized Officer in the form set forth in
Exhibit D.
(d) The Sponsor shall transfer, sell, assign, set over and otherwise
convey without recourse, to the Trustee on behalf of the Trust all right, title
and interest of the Sponsor in and to any Qualified Replacement Mortgage
delivered to the Trustee on behalf of the Trust by the Sponsor pursuant to
Section 3.3, Section 3.4 or Section 3.6 hereof and all its right, title and
interest to unscheduled payments of principal (including Prepayments) collected
on and after the applicable Replacement Cut-Off Date, together with all payments
of principal collected and interest due after the applicable Replacement Cut-Off
Date, and all of its right, title and interest in and to all related Insurance
Policies.
(e) As to each Mortgage Loan released from the Trust in connection with
the repurchase thereof or conveyance of a Qualified Replacement Mortgage
therefor, the Sponsor will prepare and deliver to the Trustee an appropriate
instrument for execution by the Trustee, and the Trustee will transfer, assign,
set over and otherwise convey without representation, warranty or recourse, on
the Sponsor's order, all of its right, title and interest in and to such
released Mortgage Loan and all the Trust's right, title and interest to
unscheduled payments of principal (including Prepayments) collected on and after
the applicable Replacement Cut-Off Date, together with all payments of principal
collected and interest due after the applicable Replacement Cut-Off Date, and
all of its right, title and interest in and to all related Insurance Policies.
(f) In connection with any transfer, sale and assignment of a Qualified
Replacement Mortgage to the Trustee on behalf of the Trust, the Sponsor agrees
to cause to be delivered to the Trustee the items described in Section 3.5(b) on
the date of such transfer,
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sale and assignment or, if a later delivery time is permitted by Section 3.5(b),
then no later than such later delivery time.
(g) As to each Mortgage Loan released from the Trust in connection with
the repurchase thereof or conveyance of a Qualified Replacement Mortgage the
Trustee shall deliver on the date of conveyance of such Qualified Replacement
Mortgage and on the order of the Sponsor (i) the original Note, or the certified
copy, relating thereto, if the certified copy is a legal substitute for an
otherwise unavailable original Note endorsed without recourse, to the Sponsor
and (ii) such other documents as constituted the File with respect thereto.
(h) If a Mortgage assignment is lost during the process of recording, or
is returned from the recorder's office unrecorded due to a defect therein, the
Sponsor shall prepare a substitute assignment or cure such defect, as the case
may be, and thereafter cause each such assignment to be duly recorded.
(i) The Sponsor shall reflect on its records that the Mortgage Loans have
been sold to the Trust.
(j) The Sponsor shall deliver to the Servicer, the Certificate Insurer and
the Trustee a schedule of the Escrow Loans.
(k) With respect to each Escrow Loan, the Sponsor shall deliver to the
Trustee within one year after the Closing Date the following documents related
to such Escrow Loan: (i) escrow agreement, (ii) disbursement ledger, (iii)
Mortgagor's certification as to completion, (iv) if applicable, contractor's
certification as to completion and (v) if applicable, appraiser's unqualified
certification as to final completion pursuant to which the appraiser (or, if the
original appraiser has since died, retired, has been certified as an
incompetent, has gone insane or otherwise is unable to perform, a suitable
substitute appraiser) confirms that the Appraised Value of the Property upon
completion of the improvement (disregarding intervening changes, if any, in
market value) is at least equal to such appraiser's original estimate of such
Appraised Value (each such document, a "Required Escrow Document"). The Trustee
shall hold each Required Escrow Document so delivered in the related File. No
later than the end of the thirteenth month following the Startup Day, the
Trustee shall report to the Sponsor, the Originator, the Servicer and the
Certificate Insurer whether all Required Escrow Documents relating to the Escrow
Loans have been received by the Trustee. If such report indicates that any
Required Escrow Document has not been received, the Sponsor shall be required to
take the actions set forth in Section 3.6(b) if the lack of such Required Escrow
Document materially and adversely affects the interest of the Owners or of the
Certificate Insurer in the related Escrow Loan.
Section 3.6. Acceptance by Trustee; Certain Substitutions of Mortgage
Loans; Certification by Trustee.
(a) The Trustee agrees to execute and deliver on the Startup Day an
acknowledgment of receipt of the Notes delivered by the Sponsor in the form
attached as
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Exhibit E hereto, and declares that it will hold the related File, together with
any amendments, replacements or supplements thereto, as well as any other assets
included in the definition of Trust Estate and delivered to the Trustee, as
Trustee in trust upon and subject to the conditions set forth herein for the
benefit of the Owners and the Certificate Insurer. The Trustee further agrees to
review the documents contained in each such File and any other documents
delivered by the Sponsor within 90 days after the Startup Day (or within 90 days
with respect to any Qualified Replacement Mortgage after the assignment thereof)
and to deliver to the Sponsor, the Servicer and the Certificate Insurer a pool
certification in the form attached hereto as Exhibit F (the "Pool
Certification") to the effect that, except as described in such certification,
as to each Mortgage Loan listed in the Schedule of Mortgage Loans (other than
any Mortgage Loan paid in full or any Mortgage Loan specifically identified in
such Pool Certification as not covered by such Pool Certification), (i) all
documents required to be delivered to it pursuant to this Agreement are in its
possession, (ii) such documents have been reviewed by it and have not been
mutilated, damaged, torn or otherwise physically altered and relate to such
Mortgage Loan and (iii) based on its examination and only as to the foregoing
documents, the information set forth on the Schedule of Mortgage Loans
accurately reflects the information set forth in the related File; provided,
however, that such Pool Certification shall not be delivered prior to 90 days
after the Startup Day. The Trustee shall be under no duty or obligation to
inspect, review or examine any such documents, instruments, certificates or
other papers to determine that they are genuine, enforceable, or appropriate for
the represented purpose or that they are other than what they purport to be on
their face, nor shall the Trustee be under any duty to determine independently
whether there are any intervening assignments or assumption or modification
agreements with respect to any Mortgage Loan.
(b) If the Trustee during such 90-day period finds any document
constituting a part of a File which is not properly executed, has not been
received within the specified period, or is unrelated to the Mortgage Loans
identified in the Schedule of Mortgage Loans, or that any Mortgage Loan does not
conform in a material respect to the description thereof as set forth in the
Schedule of Mortgage Loans, the Trustee shall promptly so notify the Sponsor and
the Certificate Insurer. In performing any such review, the Trustee may
conclusively rely on the Sponsor as to the purported genuineness of any such
document and any signature thereon. It is understood that the scope of the
Trustee's review of the items delivered by the Sponsor pursuant to Section
3.5(b)(i) is limited solely to confirming that the documents listed in Section
3.5(b)(i) have been executed and received, relate to the Files identified in the
Schedule of Mortgage Loans and conform materially to the description thereof in
the Schedule of Mortgage Loans. The Sponsor agrees to use reasonable efforts to
remedy a material defect in a document constituting part of a File of which it
is so notified by the Trustee. If, however, within 60 days after the Trustee's
notice to it respecting such defect the Sponsor has not remedied or caused to be
remedied the defect and the defect materially and adversely affects the interest
in the related Mortgage Loan of the Owners or of the Certificate Insurer, the
Sponsor will (or will cause the Originator or an affiliate of the Sponsor to) on
the next succeeding Remittance Date (i) substitute in lieu of such Mortgage Loan
a Qualified Replacement Mortgage and, deliver the Substitution Amount applicable
thereto to the Servicer for deposit in the Principal and Interest Account or
(ii) purchase such Mortgage Loan at a purchase price equal to the Loan Purchase
Price thereof, which purchase
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price shall be delivered to the Servicer for deposit in the Principal and
Interest Account. In connection with any such proposed purchase or substitution
the Sponsor shall cause at the Sponsor's expense to be delivered promptly to the
Trustee and to the Certificate Insurer an opinion of counsel experienced in
federal income tax matters stating whether or not such a proposed purchase or
substitution would constitute a Prohibited Transaction for the Trust or would
jeopardize the status of either the Upper-Tier REMIC or the Lower-Tier REMIC as
a REMIC, and the Sponsor shall only be required to take either such action to
the extent such action would not constitute a Prohibited Transaction for the
Trust or would not jeopardize the status of either the Upper-Tier REMIC or the
Lower-Tier REMIC as a REMIC. Within 375 days after the Closing Date, the Trustee
shall deliver to the Certificate Insurer a final certification (the "Final
Certification") evidencing the completeness of the Files acquired by the Trustee
on behalf of the Trust. To the extent that the Final Certification reflects any
exceptions, the Seller and Trustee shall continue to deliver to the Certificate
Insurer a monthly certification reflecting the status of any exceptions until
all such exceptions have been cured.
Section 3.7.Cooperation Procedures.
(a) The Sponsor shall, in connection with the delivery of each Qualified
Replacement Mortgage to the Trustee, provide the Trustee with the information
set forth in the Schedule of Mortgage Loans with respect to such Qualified
Replacement Mortgage.
(b) The Sponsor, the Servicer and the Trustee covenant to provide each
other, the Certificate Insurer and each of Moody's and S&P with all data and
information required to be provided by them hereunder at the times required
hereunder, and additionally covenant reasonably to cooperate with each other in
providing any additional information required by any of them, the Certificate
Insurer or either Moody's and S&P in connection with their respective duties
hereunder.
(c) The Trustee shall have no duty hereunder with respect to any
complaint, claim, demand, notice or other document it may receive or which may
be alleged to have been delivered to or served upon it by third parties as a
consequence of the assignment of any Mortgage Loan hereunder, and the Servicer
hereby expressly releases, indemnifies and agrees to hold the Trustee harmless
from any losses to the Trustee or Trust Fund resulting therefrom; provided,
however, that the Trustee shall use commercially reasonable efforts to deliver
to the Servicer any such complaint, claim, demand, notice or other document
which is delivered to the Corporate Trust Office of the Trustee and contains
sufficient information to enable the Trustee to identify it as pertaining to a
Mortgage Loan.
(d) The Trustee shall file on behalf of the Trust all reports required to
be filed with the Securities and Exchange Commission or any exchange or
association of securities dealers pursuant to the Securities and Exchange Act of
1934, as amended, or any rules and regulations thereunder.
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ARTICLE IV
ISSUANCE AND SALE OF CERTIFICATES
Section 4.1. Issuance of Certificates. On the Startup Day, upon the
Trustee's receipt from the Sponsor of an executed Delivery Order in the form set
forth as Exhibit G hereto, the Trustee shall execute, authenticate and deliver
the Certificates on behalf of the Trust in accordance with the directions set
forth in such Delivery Order.
Section 4.2. Sale of Certificates. At 11:00 a.m. New York City time on the
Startup Date, at the offices of Andrews & Kurth L.L.P., 1701 Pennsylvania
Avenue, N.W., Washington, D.C. 20006, the Sponsor will sell and convey the
Mortgage Loans and the money, instruments and other property related thereto to
the Trustee, and the Trustee will (i) deliver to the Underwriter, the Class A
Certificates with an aggregate Percentage Interest in each Class equal to 100%,
registered in the name of Cede & Co. or in such other names as the Underwriter
shall direct, against payment of the purchase price thereof by wire transfer of
immediately available funds to the Trustee and (ii) deliver to the Sponsor, the
Class B Certificates and the Residual Certificates, with an aggregate Percentage
Interest equal to 100%, registered as the Sponsor shall request. Upon receipt of
the proceeds of the sale of the Certificates, the Trustee shall, from the
proceeds of the sale of the Certificates, pay such fees and expenses as are
identified by the Sponsor, and pay to the Sponsor the balance after deducting
such amounts. The Sponsor shall pay directly to the Certificate Insurer the
Initial Premium.
ARTICLE V
CERTIFICATES AND TRANSFER OF INTERESTS
Section 5.1. Terms.
(a) The Certificates are pass-through securities having the rights
described therein and herein. Notwithstanding references herein or therein with
respect to the Certificates as to "principal" and "interest" no debt of any
Person is represented thereby, nor are the Certificates or the underlying Notes
guaranteed by any Person (except that the Notes may be recourse to the
Mortgagors thereof to the extent permitted by law and except for the rights of
the Trustee with respect to the Certificate Insurance Policy). Distributions on
the Certificates are payable solely from payments received on or with respect to
the Mortgage Loans (other than the Servicing Fees), moneys in the Principal and
Interest Account and the Certificate Account, except as otherwise provided
herein, from earnings on moneys and the proceeds of property held as a part of
the Trust Estate upon the occurrence of certain events, from Insured Payments,
Delinquency Advances and Compensating Interest made by the Servicer or otherwise
held by the Servicer in Trust for the Owners, except as otherwise provided
herein. Each Certificate entitles the Owner thereof to receive monthly on each
Payment Date, in order of priority of distributions with respect to such Class
of Certificates, a specified portion of such payments with respect to the
Mortgage Loans in the related
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Mortgage Loan Group, certain related Insured Payments, pro rata in accordance
with such Owner's Percentage Interest.
(b) Each Owner is required, and hereby agrees, to return to the Trustee
any Certificate with respect to which the Trustee has made the final
distribution due thereon. Any such Certificate as to which the Trustee has made
the final distribution thereon shall be deemed canceled and shall no longer be
Outstanding for any purpose of this Agreement, whether or not such Certificate
is ever returned to the Trustee.
Section 5.2. Forms. The Class A-1 Certificates, Class A-2 Certificates,
Class A-3 Certificates, Class A-4 Certificates, Class A-5 Certificates, Class B
Certificates, Class RL Certificates and Class RU Certificates shall be in
substantially the forms set forth in Exhibits A-1, A-2, A-3, A-4, A-5, B, C-1
and C-2 hereof, respectively, with such appropriate insertions, omissions,
substitutions and other variations as are required or permitted by this
Agreement or as may in the Sponsor's judgment be necessary, appropriate or
convenient to comply, or facilitate compliance, with applicable laws, and may
have such letters, numbers or other marks of identification and such legends or
endorsements placed thereon as may be required to comply with the rules of any
applicable securities laws.
Section 5.3. Execution, Authentication and Delivery. Each Certificate
shall be executed on behalf of the Trust, by the manual or facsimile signature
of one of the Trustee's Authorized Officers and shall be authenticated by the
manual signature of one of the Trustee's Authorized Officers.
Certificates bearing the signature of individuals who were at any time the
proper officers of the Trustee shall, upon proper authentication by the Trustee,
bind the Trust, notwithstanding that such individuals or any of them have ceased
to hold such offices prior to the execution and delivery of such Certificates or
did not hold such offices at the date of authentication of such Certificates.
The initial Certificates shall be dated as of the Startup Day and
delivered at the Closing to the parties specified in Section 4.2 hereof.
No Certificate shall be valid until executed and authenticated as set
forth above.
Section 5.4. Registration and Transfer of Certificates.
(a) The Trustee, as registrar, shall cause to be kept a register (the
"Register") in which, subject to such reasonable regulations as it may
prescribe, the Trustee shall provide for the registration of Certificates and
the registration of transfer of Certificates. The Trustee is hereby appointed
registrar for the purpose of registering Certificates and transfers of
Certificates as herein provided. The Owners shall have the right to inspect the
Register at all reasonable times and to obtain copies thereof.
(b) Subject to the provisions of Section 5.8 hereof, upon surrender for
registration of transfer of any Certificate at the office designated as the
location of the Register, the
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Trustee shall execute, authenticate and deliver, in the name of the designated
transferee or transferees, one or more new Certificates of a like Class and in
the aggregate Certificate Principal Balance of the Certificate so surrendered.
(c) At the option of any Owner, Certificates of any Class owned by such
Owner may be exchanged for other Certificates authorized of like Class, tenor
and a like aggregate Certificate Principal Balance and bearing numbers not
contemporaneously outstanding, upon surrender of the Certificates to be
exchanged at the office designated as the location of the Register. Whenever any
Certificate is so surrendered for exchange, the Trustee shall execute,
authenticate and deliver the Certificate or Certificates which the Owner making
the exchange is entitled to receive.
(d) All Certificates issued upon any registration of transfer or exchange
of Certificates shall be valid evidence of the same ownership interests in the
Trust and entitled to the same benefits under this Agreement as the Certificates
surrendered upon such registration of transfer or exchange.
(e) Every Certificate presented or surrendered for registration of
transfer or exchange shall be duly endorsed, or be accompanied by a written
instrument of transfer in form satisfactory to the Trustee duly executed by the
Owner thereof or his attorney duly authorized in writing.
(f) No service charge shall be made to an Owner for any registration of
transfer or exchange of Certificates, but the Trustee may require payment of a
sum sufficient to cover any tax or other governmental charge that may be imposed
in connection with any registration of transfer or exchange of Certificates; any
other expenses in connection with such transfer or exchange shall be an expense
of the Trust. The Trustee shall not be liable for any expenses in connection
with the issuance of Certificates pursuant to this Section 5.4.
(g) It is intended that the Class A Certificates be registered so as to
participate in a global book-entry system with the Depository, as set forth
herein. The Class A Certificates shall, except as otherwise provided in the next
paragraph, be initially issued in the form of a single fully registered Class A
Certificate with a denomination equal to the related Original Class A
Certificate Principal Balance. Upon initial issuance, the ownership of each such
Class A Certificate shall be registered in the Register in the name of Cede &
Co., or any successor thereto, as nominee for the Depository.
The minimum denominations shall be $1,000 for any Class A Certificate, and
10% Percentage Interest for any Class B Certificate or any Residual Certificate.
The Sponsor and the Trustee are hereby authorized to execute and deliver
the Representation Letter with the Depository.
With respect to Class A Certificates registered in the Register in the
name of Cede & Co., as nominee of the Depository, the Sponsor, the Servicer, the
Certificate Insurer and the Trustee shall have no responsibility or obligation
to Direct or Indirect Participants or
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beneficial owners for which the Depository holds Class A Certificates from time
to time as a Depository. Without limiting the immediately preceding sentence,
the Sponsor, the Servicer, the Certificate Insurer and the Trustee shall have no
responsibility or obligation with respect to (i) the accuracy of the records of
the Depository, Cede & Co., or any Direct or Indirect Participant with respect
to the ownership interest in the Class A Certificates, (ii) the delivery to any
Direct or Indirect Participant or any other Person, other than a registered
Owner of a Class A Certificate as shown in the Register, of any notice with
respect to the Class A Certificates or (iii) the payment to any Direct or
Indirect Participant or any other Person, other than a registered Owner of a
Class A Certificate as shown in the Register, of any amount with respect to any
distribution of principal or interest on the Class A Certificates. No Person
other than a registered Owner of a Class A Certificate as shown in the Register
shall receive a certificate evidencing such Class A Certificate.
Upon delivery by the Depository to the Trustee of written notice to the
effect that the Depository has determined to substitute a new nominee in place
of Cede & Co., and subject to the provisions hereof with respect to the payment
of interest by the mailing of checks or drafts to the registered Owners of Class
A Certificates appearing as registered Owners in the registration books
maintained by the Trustee at the close of business on a Record Date, the name
"Cede & Co." in this Agreement shall refer to such new nominee of the
Depository.
(h) In the event that (i) the Depository or the Sponsor advises the
Trustee in writing that the Depository is no longer willing or able to discharge
properly its responsibilities as nominee and depository with respect to the
Class A Certificates and the Sponsor is unable to locate a qualified successor
or (ii) the Sponsor at its sole option elects to terminate the book-entry system
through the Depository, the Class A Certificates shall no longer be restricted
to being registered in the Register in the name of Cede & Co. (or a successor
nominee) as nominee of the Depository. At that time, the Sponsor may determine
that the Class A Certificates shall be registered in the name of and deposited
with a successor depository operating a global book-entry system, as may be
acceptable to the Sponsor, or such depository's agent or designee but, if the
Sponsor does not select such alternative global book-entry system, then the
Class A Certificates may be registered in whatever name or names registered
Owners of Class A Certificates transferring Class A Certificates shall
designate, in accordance with the provisions hereof.
(i) Notwithstanding any other provision of this Agreement to the contrary,
so long as any Class A Certificate is registered in the name of Cede & Co., as
nominee of the Depository, all distributions of principal or interest on such
Class A Certificates as the case may be and all notices with respect to such
Class A Certificates as the case may be shall be made and given, respectively,
in the manner provided in the Representation Letter.
Section 5.5. Mutilated, Destroyed, Lost or Stolen Certificates. If (i) any
mutilated Certificate is surrendered to the Trustee, or the Trustee receives
evidence to its satisfaction of the destruction, loss or theft of any
Certificate, and (ii) in the case of any mutilated Certificate, such mutilated
Certificate shall first be surrendered to the Trustee, and in the case of any
destroyed, lost or stolen Certificate, there shall be first delivered to the
Trustee such security or indemnity as may be reasonably required by it to hold
the Trust and the Trustee
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harmless (provided, that with respect to an Owner which is an insurance company
of investment grade credit rating, a letter of indemnity furnished by it shall
be sufficient for this purpose), then, in the absence of notice to the Trustee
that such Certificate has been acquired by a bona fide purchaser, the Trustee
shall execute, authenticate and deliver, in exchange for or in lieu of any such
mutilated, destroyed, lost or stolen Certificate, a new Certificate of like
Class, tenor and aggregate Certificate Principal Balance, bearing a number not
contemporaneously outstanding.
Upon the issuance of any new Certificate under this Section, the Trustee
may require the payment of a sum sufficient to cover any tax or other
governmental charge that may be imposed in relation thereto; any other expenses
in connection with such issuance shall be an expense of the Trust. The Trustee
shall not be liable for any expenses in connection with the issuance of
Certificates pursuant to this Section 5.5.
Every new Certificate issued pursuant to this Section in exchange for or
in lieu of any mutilated, destroyed, lost or stolen Certificate shall constitute
evidence of a substitute interest in the Trust, and shall be entitled to all the
benefits of this Agreement equally and proportionately with any and all other
Certificates of the same Class duly issued hereunder and such mutilated,
destroyed, lost or stolen Certificate shall not be valid for any purpose.
The provisions of this Section are exclusive and shall preclude (to the
extent lawful) all other rights and remedies with respect to the replacement or
payment of mutilated, destroyed, lost or stolen Certificates.
Section 5.6. Persons Deemed Owners. The Trustee and the Certificate
Insurer and any of their respective agents may treat the Person in whose name
any Certificate is registered as the Owner of such Certificate for the purpose
of receiving distributions with respect to such Certificate and for all other
purposes whatsoever, and neither the Trustee, the Certificate Insurer nor any of
their respective agents shall be affected by notice to the contrary.
Section 5.7. Cancellation. All Certificates surrendered for registration
of transfer or exchange shall, if surrendered to any Person other than the
Trustee, be delivered to the Trustee and shall be promptly canceled by it. No
Certificate shall be authenticated in lieu of or in exchange for any Certificate
canceled as provided in this Section, except as expressly permitted by this
Agreement. All canceled Certificates may be held or destroyed by the Trustee in
accordance with its standard policy. The Sponsor, the Servicer, the Certificate
Insurer and any Originator may at any time deliver any Certificate to the
Trustee for cancellation, and the Trustee is hereby authorized to cancel any
such Certificate.
Section 5.8. Limitation on Transfer of Ownership Rights.
(a) No sale or other transfer of any Class A Certificate shall be made to
the Sponsor or any of its respective affiliates, the Servicer, any Sub-Servicer
or the Trust.
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(b) No sale or other transfer of record or beneficial ownership of any
Residual Certificate (whether pursuant to a purchase, a transfer resulting from
a default under a secured lending agreement or otherwise) shall be made to a
Disqualified Organization or agent of a Disqualified Organization. The transfer,
sale or other disposition of any Residual Certificate (whether pursuant to a
purchase, a transfer resulting from a default under a secured lending agreement
or otherwise) to a Disqualified Organization shall be deemed to be of no legal
force or effect whatsoever and such transferee shall not be deemed to be an
Owner for any purpose hereunder, including, but not limited to, the receipt of
distributions on such Residual Certificate. Furthermore, in no event shall the
Trustee accept surrender for transfer, registration of transfer, or register the
transfer, of any Residual Certificate nor authenticate and make available any
new Residual Certificate unless the Trustee has received an affidavit from the
proposed transferee substantially in the form attached hereto as Exhibit H. Each
holder of any Residual Certificate, by his acceptance thereof, shall be deemed
for all purposes to have consented to the provisions of this Section 5.8(b).
(c) No other sale or other transfer of record or beneficial ownership of a
Unregistered Certificate shall be made unless such transfer is exempt from the
registration requirements of the Securities Act of 1933, as amended, and any
applicable state securities laws or is made in accordance with said Act and
laws. In the event such a transfer is to be made, (i) the Trustee or the Sponsor
shall require a written opinion of counsel acceptable to and in form and
substance satisfactory to the Sponsor that such transfer may be made pursuant to
an exemption, describing the applicable exemption and the basis therefor, from
said Act and laws or is being made pursuant to said Act and laws, which opinion
of counsel shall not be an expense of the Trustee or the Sponsor, and (ii) the
Trustee shall require the Transferee to execute an investment letter acceptable
to and in form and substance satisfactory to the Sponsor certifying to the
Trustee and the Sponsor the facts surrounding such transfer, which investment
letter shall not be an expense of the Trustee. The Owner of a Unregistered
Certificate desiring to effect such transfer shall, and does hereby agree to,
indemnify the Trustee and the Sponsor against any liability that may result if
the transfer is not so exempt or is not made in accordance with such federal and
state laws.
(d) Notwithstanding the foregoing, no sale or other transfer of record or
beneficial ownership of a Class B Certificate or a Residual Certificate shall be
made unless the Trustee shall have received a representation letter from the
transferee of such Certificate, acceptable to and in form and substance
satisfactory to the Trustee, to the effect that such transferee is not an
employee benefit plan subject to Section 406 of ERISA nor a plan nor other
arrangement subject to Section 4975 of the Code (collectively, a "Plan"), nor is
acting on behalf of any Plan nor using the assets of any Plan to affect such
transfer.
Section 5.9. Assignment of Rights. An Owner may pledge, encumber,
hypothecate or assign all or any part of its right to receive distributions
hereunder, but such pledge, encumbrance, hypothecation or assignment shall not
constitute a transfer of an ownership interest sufficient to render the
transferee an Owner of the Trust without compliance with the provisions of
Section 5.4 and Section 5.8 hereof.
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ARTICLE VI
COVENANTS
Section 6.1. Distributions. The Trustee will duly and punctually pay
distributions with respect to the Certificates from the Trust Estate in
accordance with the terms of the Certificates and this Agreement based on the
related Servicer's report. Such distributions shall be made (i) by check mailed
on each Payment Date or (ii) if requested by any Owner, to such Owner by wire
transfer to an account within the United States designated no later than five
Business Days prior to the related Record Date, made on each Payment Date, in
each case to each Owner of record on the immediately preceding Record Date;
provided, however, that an Owner of a Class A Certificate shall only be entitled
to payment by wire transfer if such Owner owns Class A Certificates with an
Original Certificate Principal Balance of at least $5,000,000.
Section 6.2. Money for Distributions to be Held in Trust; Withholding.
(a) All payments of amounts due and payable with respect to any
Certificate that are to be made from amounts withdrawn from the Certificate
Account pursuant to Section 7.5 hereof or from Insured Payments shall be made by
the Trustee on behalf of the Trust, and no amounts so withdrawn from the
Certificate Account for payments of the Certificates and no Insured Payment
shall be paid over to the Trustee except as provided in this Section.
(b) The Trustee on behalf of the Trust shall comply with all requirements
of the Code and applicable state and local law with respect to the withholding
from any distributions made by it to any Owner of any applicable withholding
taxes imposed thereon and with respect to any applicable reporting requirements
in connection therewith.
(c) Any money held by the Trustee in trust for the payment of any amount
due with respect to any Class A Certificate, Class B Certificate or Residual
Certificate and remaining unclaimed by the Owner of such Certificate for the
period then specified in the escheat laws of the State of New York after such
amount has become due and payable shall be discharged from such trust and be
paid first to the Owners of the Class A Certificates, second, to the Certificate
Insurer on account of any Reimbursement Amounts, third, to the Owners of the
Class B Certificates and fourth to the Owners of the Residual Certificates; and
the Owner of such Certificate shall thereafter, as an unsecured general
creditor, look only to the Certificate Insurer or the Sponsor for payment
thereof (but only to the extent of the amounts so paid to the Certificate
Insurer or the Sponsor), and all liability of the Trustee with respect to such
trust money shall thereupon cease; provided, however, that the Trustee, before
being required to make any such payment, shall at the expense of the Trust cause
to be published once, in the eastern edition of The Wall Street Journal, notice
that such money remains unclaimed and that, after a date specified therein,
which shall be not fewer than 30 days from the date of such publication, any
unclaimed balance of such money then remaining will be paid to the Certificate
Insurer (to the extent of any Reimbursement Amount then owing to it) or the
Sponsor. The Trustee shall, at the direction of the Sponsor, also adopt and
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employ, at the expense of the Sponsor, any other reasonable means of
notification of such payment (including but not limited to mailing notice of
such payment to Owners whose right to or interest in moneys due and payable but
not claimed is determinable from the Register at the last address of record for
each such Owner).
Section 6.3. Protection of Trust Estate.
(a) The Trustee will hold the Trust Estate in trust for the benefit of the
Owners and the Certificate Insurer, and with the consent of the Certificate
Insurer, at the request and expense of the Sponsor, will from time to time
execute and deliver all such supplements and amendments hereto pursuant to
Section 11.14 hereof and all instruments of further assurance and other
instruments, and will take such other action upon such request to:
(i) more effectively hold in trust all or any portion of the
Trust Estate;
(ii) perfect, publish notice of, or protect the validity of any
grant made or to be made by this Agreement;
(iii) enforce any of the Mortgage Loans; or
(iv) preserve and defend title to the Trust Estate and the rights
of the Trustee, and the ownership interests of the Owners
represented thereby, in such Trust Estate against the claims
of all Persons and parties.
The Trustee shall send copies of any request received from the Certificate
Insurer or the Sponsor to take any action pursuant to this Section 6.3 to the
other party.
(b) The Trustee shall have the power to enforce, and shall enforce the
obligations of the other parties to this Agreement and of the Certificate
Insurer, by action, suit or proceeding at law or equity, and shall also have the
power to enjoin, by action or suit in equity, any acts or occurrences which may
be unlawful or in violation of the rights of the Owners; provided, however, that
nothing in this Section shall require any action by the Trustee unless the
Trustee shall first (i) have been furnished indemnity satisfactory to it and
(ii) when required by this Agreement, have been requested to take such action by
a majority of the Percentage Interests represented by the Class A Certificates
then Outstanding or, if there are no longer any Class A Certificates then
outstanding, by such majority of the Percentage Interests represented by the
Class B Certificates.
(c) The Trustee shall execute any instrument reasonably required pursuant
to this Section so long as such instrument does not conflict with this Agreement
or with the Trustee's fiduciary duties.
Section 6.4. Performance of Obligations. The Trustee will not take any
action that would release the Sponsor, the Servicer, the Originator or the
Certificate Insurer from any
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of their respective covenants or obligations under any instrument or document
relating to the Trust Estate or the Certificates or which would result in the
amendment, hypothecation, subordination, termination or discharge of, or impair
the validity or effectiveness of, any such instrument or document, except as
expressly provided in this Agreement or such other instrument or document.
The Trustee may contract with other Persons to assist it in performing its
duties hereunder.
Section 6.5. Negative Covenants. The Trustee will not, to the extent
within the control of the Trustee, take any of the following actions:
(i) sell, transfer, exchange or otherwise dispose of any of the
Trust Estate except as expressly permitted by this
Agreement;
(ii) claim any credit on or make any deduction from the
distributions payable in respect of, the Certificates (other
than amounts properly withheld from such payments under the
Code) or assert any claim against any present or former
Owner by reason of the payment of any taxes levied or
assessed upon any of the Trust Estate;
(iii) incur, assume or guaranty on behalf of the Trust any
indebtedness of any Person except pursuant to this
Agreement;
(iv) dissolve or liquidate the Trust Estate in whole or in part,
except pursuant to Article IX hereof; or
(v) impair the validity or effectiveness of this Agreement, or
release any Person from any covenants or obligations with
respect to the Trust or to the Certificates under this
Agreement, except as may be expressly permitted hereby or
(B) create or extend any lien, charge, adverse claim,
security interest, mortgage or other encumbrance to or upon
the Trust Estate or any part thereof or any interest therein
or the proceeds thereof except as may be expressly permitted
herein.
Section 6.6. No Other Powers. The Trustee will not, to the extent within
the control of the Trustee, permit the Trust to engage in any business activity
or transaction other than those activities permitted by Section 2.3 hereof.
Section 6.7. Limitation of Suits. No Owner shall have any right to
institute any proceeding, judicial or otherwise, with respect to this Agreement
or the Certificate Insurance Policy or for the appointment of a receiver or
trustee, or for any other remedy hereunder, unless:
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(1) such Owner has previously given written notice to the Sponsor and
the Trustee of such Owner's intention to institute such proceeding;
(2) the Owners of not less than 25% of the Percentage Interests
represented by the Class A Certificates then Outstanding or, if
there are no Class A Certificates then Outstanding, by such
percentage of the Percentage Interests represented by the Class B
Certificates, shall have made written request to the Trustee to
institute such proceeding in respect of such Event of Default;
(3) such Owner or Owners have offered to the Trustee reasonable
indemnity against the costs, expenses and liabilities to be incurred
in compliance with such request;
(4) the Trustee for 60 days after its receipt of such notice, request
and offer of indemnity has failed to institute such proceeding;
(5) as long as any Class A Certificates are Outstanding, the
Certificate Insurer consented in writing thereto; and
(6) no direction inconsistent with such written request has been given
to the Trustee during such 60-day period by the Certificate Insurer
or by the Owners of a majority of the Percentage Interests
represented by the Class A Certificates or, if there are no Class A
Certificates then Outstanding, by such majority of the Percentage
Interests represented by the Class B Certificates;
it being understood and intended that no one or more Owners shall have any right
in any manner whatever by virtue of, or by availing themselves of, any provision
of this Agreement to affect, disturb or prejudice the rights of any other Owner
of the same Class or to obtain or to seek to obtain priority or preference over
any other Owner of the same Class or to enforce any right under this Agreement,
except in the manner herein provided and for the equal and ratable benefit of
all the Owners of the same Class.
In the event the Trustee shall receive conflicting or inconsistent
requests and indemnity from two or more Classes of Owners, each representing
less than a majority of the applicable Class of Certificates, the Trustee shall
act at the direction of the Certificate Insurer.
Section 6.8. Unconditional Rights of Owners to Receive Distributions.
Notwithstanding any other provision in this Agreement, the Owner of any
Certificate shall have the right, which is absolute and unconditional, to
receive distributions to the extent provided herein and therein with respect to
such Certificate or to institute suit for the enforcement of any such
distribution, and such right shall not be impaired without the consent of such
Owner.
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Section 6.9. Rights and Remedies Cumulative. Except as otherwise provided
herein, no right or remedy herein conferred upon or reserved to the Trustee, the
Certificate Insurer or to the Owners is intended to be exclusive of any other
right or remedy, and every right and remedy shall, to the extent permitted by
law, be cumulative and in addition to every other right and remedy given
hereunder or now or hereafter existing at law or in equity or otherwise. Except
as otherwise provided herein, the assertion or employment of any right or remedy
hereunder, or otherwise, shall not prevent the concurrent assertion or
employment of any other appropriate right or remedy.
Section 6.10. Delay or Omission Not Waiver. No delay of the Trustee, the
Certificate Insurer or any Owner of any Certificate to exercise any right or
remedy under this Agreement to any Event of Default shall impair any such right
or remedy or constitute a waiver of any such Event of Default or an acquiescence
therein. Every right and remedy given by this Article VI or by law to the
Trustee, the Certificate Insurer or to the Owners may be exercised from time to
time, and as often as may be deemed expedient, by the Trustee, the Certificate
Insurer or by the Owners, as the case may be.
Section 6.11. Control by Owners. The Certificate Insurer or the Majority
Owners, with the consent of the Certificate Insurer (which may not be
unreasonably withheld) may direct the time, method and place of conducting any
proceeding for any remedy available to the Trustee with respect to the
Certificates or exercising any trust or power conferred on the Trustee with
respect to the Certificates or the Trust Estate, including, but not limited to,
those powers set forth in Section 6.3 and Section 8.20 hereof; provided that:
(1) such direction shall not be in conflict with any rule of law or with
this Agreement;
(2) the Trustee shall have been provided with indemnity satisfactory to
it; and
(3) the Trustee may take any other action deemed proper by the Trustee,
which is not inconsistent with such direction; provided, however,
that the Trustee need not take any action which it determines might
involve it in liability or may be unjustly prejudicial to the Owners
not so directing.
ARTICLE VII
ACCOUNTS, DISBURSEMENTS AND RELEASES
Section 7.1. Collection of Money. Except as otherwise expressly provided
herein, the Trustee may demand payment or delivery of all money and other
property payable to or receivable by the Trustee pursuant to this Agreement,
including (a) all payments due on the Mortgage Loans in accordance with the
respective terms and conditions of such Mortgage Loans and required to be paid
over to the Trustee by the Servicer or by any Sub-Servicer and
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(b) Insured Payments in accordance with the terms of the Certificate Insurance
Policy. The Trustee shall hold all such money and property received by it, other
than pursuant to or as contemplated by Section 6.2(b) hereof, as part of the
Trust Estate and shall apply it as provided in this Agreement.
Section 7.2. Establishment of Certificate Account. The Sponsor shall
establish and maintain, at the corporate trust office of the Trustee, a
Certificate Account to be held by the Trustee as a segregated trust account in
the name of the Trust so long as the Trustee qualifies as a Designated
Depository Institution and if the Trustee does not qualify, then by any
Designated Depository Institution for the benefit of the Owners of the
Certificates and the Certificate Insurer, as their interests may appear.
Section 7.3. The Certificate Insurance Policy.
(a) (i) By 12:00 noon New York City time on each Determination
Date the Trustee shall determine with respect to the
immediately following Payment Date the amount (after taking
into account investment earnings) expected to be on deposit
in the Certificate Account on such Payment Date with respect
to Group I and equal to the sum of (A) such amount excluding
the amount of any Total Monthly Excess Cash Flow relating to
Group I included in such amount for the related Payment Date
plus (B) any amount of Total Monthly Excess Cash Flow from
either Group to be applied on account of Group I on such
Payment Date. The amount described in clause (A) of the
preceding sentence with respect to each Payment Date, after
taking into account the portion of the Group I Principal
Distribution Amount to be actually distributed on such
Payment Date without regard to any Insured Payment to be
made with respect to Group I on such Payment Date, is the
"Group I Available Funds"; the sum of the amounts described
in clauses (A) and (B) of the preceding sentence with
respect to each Payment Date is the "Group I Total Available
Funds."
(ii) By 12:00 Noon New York City time on each Determination Date
the Trustee shall determine with respect to the immediately
following Payment Date the amount (after taking into account
investment earnings) expected to be on deposit in the
Certificate Account on such Payment Date with respect to
Group II and equal to the sum of (A) such amount excluding
the amount of any Total Monthly Excess Cash Flow relating to
Group II included in such amount for the related Payment
Date plus (B) any amounts of Total Monthly Excess Cash Flow
from either Group to be applied on account of Group II on
such Payment Date. The amount described in clause (A) of the
preceding sentence with respect to each Payment Date, after
taking into account the portion of the Group II Principal
Distribution Amount to be actually distributed on such
Payment Date without
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regard to any Insured Payment to be made with respect to
Group II on such Payment Date, is the "Group II Available
Funds" the sum of the amounts described in clauses (A) and
(B) of the preceding sentence with respect to each Payment
Date is the "Group II Total Available Funds."
(b) If the Group I Insured Distribution Amount for any Payment Date
exceeds the Group I Total Available Funds for such Payment Date (but net of any
Group I Reimbursement Amount, Group I Premium Amount and Group I Monthly Trustee
Fee Amount) (such event being a "Group I Total Available Funds Shortfall"), the
Trustee shall complete a Notice in the form of Exhibit A attached to the
Certificate Insurance Policy and submit such notice to the Certificate Insurer
no later than 5:00 p.m. New York City time on the Determination Date as a claim
for an Insured Payment in an amount equal to such Group I Total Available Funds
Shortfall. The Notice shall specify the amount of the Insured Payment and shall
constitute a claim for an Insured Payment pursuant to the Certificate Insurance
Policy. Similarly, if on any Payment Date the Group II Insured Distribution
Amount exceeds the Group II Total Available Funds for such Payment Date (but net
of any Group II Reimbursement Amount, Group II Premium Amount and Group II
Monthly Trustee Fee Amount) (such event being a "Group II Total Available Funds
Shortfall"), the Trustee shall complete a Notice in the form of Exhibit A
attached to the Certificate Insurance Policy and submit such notice to the
Certificate Insurer no later than 5:00 p.m. New York City time on the
Determination Date as a claim for an Insured Payment in an amount equal to such
Group II Total Available Funds Shortfall.
(c) The Trustee shall report to the Sponsor, the Certificate Insurer and
the Servicer with respect to the amounts then held in each Account held by the
Trustee and the identity of the investments included therein, as the Sponsor,
the Certificate Insurer or the Servicer may from time to time request. Without
limiting the generality of the foregoing, the Trustee, at the request of the
Sponsor, the Certificate Insurer or the Servicer, shall transmit promptly to the
Certificate Insurer, the Sponsor and the Servicer copies of all accountings of
receipts in respect of the Mortgage Loans furnished to it by the Servicer.
(d) The Trustee shall (i) receive as attorney-in-fact of the Owners of the
Class A Certificates any Insured Payment from the Certificate Insurer and (ii)
disburse the same to such Owners as set forth in Section 7.5(b). Insured
Payments disbursed by the Trustee from proceeds of the Certificate Insurance
Policy shall not be considered payment by the Trust with respect to the Class A
Certificates, and the Certificate Insurer shall become the owner of such unpaid
amounts due from the Trust in respect of Insured Payments as the deemed assignee
of such Owners, as hereinafter provided. The Trust and the Trustee hereby agree
on behalf of each Owner of Class A Certificates for the benefit of the
Certificate Insurer that they recognize that to the extent the Certificate
Insurer pays Insured Payments, either directly or indirectly (as by paying
through the Trustee), to the Owners of the Class A Certificates, the Certificate
Insurer will be entitled to receive the amount of any Class A Interest
Carry-Forward Amount and Class A Principal Carry-Forward Amount (each calculated
for purposes of this Section 7.3(d) without regard to any related Insured
Payment) and will be
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subrogated to the rights of the Owners of the Class A Certificates with respect
to such Insured Payment, shall be deemed to the extent of the payments so made
to be an Owner of such Class A Certificates and shall receive future
distributions of the Class A Distribution Amount until all such Insured Payments
by the Certificate Insurer have been fully reimbursed, as described in the
following paragraph, and without duplication of any Reimbursement Amounts paid
pursuant to Section 7.5. To evidence such subrogation, the Trustee shall note
the Certificate Insurer's rights as subrogee on the Register upon receipt from
the Certificate Insurer of proof of the payment of any Insured Payment, after
making the distribution on any such future Payment Date to Owners of the Class A
Certificates other than to the Certificate Insurer.
It is understood and agreed that the intention of the parties is that the
Certificate Insurer shall not be entitled to reimbursement on any Payment Date
for amounts previously paid by it unless on such Payment Date the Owners of the
Class A Certificates shall also have received the full amount of the Class A
Distribution Amount (exclusive of any Class A Interest Carry-Forward Amount and
Class A Principal Carry Forward Amount, representing amounts previously paid to
the Owners of the Class A Certificates as Insured Payments) for such Payment
Date.
The Certificate Insurer shall be entitled to receive the related
Reimbursement Amount pursuant to Sections 7.5(b)(iii) and (iv) hereof with
respect to each Insured Payment made by the Certificate Insurer. The Trustee
hereby agrees on behalf of each Owner of Class A Certificates and the Trust for
the benefit of the Certificate Insurer that it recognizes that to the extent the
Certificate Insurer makes Insured Payments, either directly or indirectly (as by
paying through the Trustee), to the Owners of such Class A Certificates, the
Certificate Insurer will be entitled to receive the related Reimbursement Amount
pursuant to Sections 7.5(b)(iii) and (iv).
(e) Each Owner of a Class A Certificate which pays any Preference Amounts
theretofore received by such Owner on account of such Class A Certificate will
be entitled to receive reimbursement for such amounts from the Certificate
Insurer in accordance with the terms of the Certificate Insurance Policy, but
only after (i) delivering a copy to the Certificate Insurer of a final,
nonappealable order (a "Preference Order") of a court having competent
jurisdiction under the United States Bankruptcy Code demanding payment of such
amount to the bankruptcy court, (ii) irrevocably assigning such Owner's rights
and claim with respect to such Preference Order to the Certificate Insurer in
such form as is required by the Certificate Insurer, and (iii) appointing the
Certificate Insurer as such Certificateholder's agent in respect of such claim
or amount in such form as required by the Certificate Insurer. In no event,
however, shall any Class A Certificateholder be entitled to reimbursement for
any payment avoided under a Preference Order as to which the Certificate Insurer
previously has made a payment under the Certificate Insurance Policy, nor is the
Certificate Insurer obligated to make any payment in respect of any payment
avoided under a Preference Order which represents a payment of the principal
amount of the Class A Certificates prior to the time the Certificate Insurer
otherwise would have been required to make a payment in respect of such
principal.
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The Trustee, for itself and on behalf of the Owners, agrees that the
Certificate Insurer may at any time during the continuation of any proceeding
relating to a Preference Order direct all matters relating to such Preference
Order, including, without limitation, the direction of any appeal of any order
relating to such Preference Order and the posting of any surety, supersedeas or
performance bond pending any such appeal. In addition and without limitation of
the foregoing, the Certificate Insurer shall be subrogated, to the extent of
Insured Payments, to the rights of the Sponsor, the Servicer, the Trustee and
each Owner in the conduct of any such preference claim, including without
limitation, all rights of any party to any adversarial proceeding or action with
respect to any court order issued in connection with any such preference claim.
(f) The Trustee shall keep a complete and accurate record of the amount of
interest and principal paid in respect of any Certificate from moneys received
under the Certificate Insurance Policy. The Certificate Insurer shall have the
right to inspect such records at reasonable times during normal business hours
upon one Business Day's prior notice to the Trustee.
Section 7.4. [Reserved]
Section 7.5. Flow of Funds.
(a) The Trustee shall deposit to the Certificate Account, without
duplication, upon receipt, any Insured Payments, the proceeds of any liquidation
of the assets of the Trust, the Monthly Remittance Amount remitted by the
Servicer or any Sub-Servicer, together with any Substitution Amounts and any
Loan Purchase Price amounts received by the Trustee.
(b) With respect to the Certificate Account on each Payment Date, the
Trustee shall, based upon the information set forth in a report provided by the
Servicer and based upon a calculation made by the Trustee, make the following
allocations, disbursements and transfers in the following order of priority, and
each such allocation, transfer and disbursement shall be treated as having
occurred only after all preceding allocations, transfers and disbursements have
occurred:
(i) first, to the Certificate Insurer, from amounts then on
deposit in the Certificate Account, (x) from amounts then on
deposit therein with respect to Group I, the Group I Premium
Amount for such Payment Date and (y) from amounts then on
deposit therein with respect to Group II, the Group II
Premium Amount for such Payment Date;
(ii) second, to the Trustee, from amounts then on deposit in the
Certificate Account, (x) from amounts then on deposit
therein with respect to Group I, the Group I Monthly Trustee
Fee Amount for such Payment Date and (y) from amounts then
on deposit therein with
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respect to Group II, the Group II Monthly Trustee Fee Amount
for such Payment Date, together with expenses (to the extent
not paid by the Sponsor or the Servicer pursuant to Section
2.5) for such Payment Date;
(iii) third, on each Payment Date, the Trustee shall allocate,
with respect to each Mortgage Loan Group an amount equal to
the sum of (x) the Total Monthly Excess Spread with respect
to such Mortgage Loan Group and Payment Date plus (y) any
Subordination Reduction Amount with respect to such Mortgage
Loan Group and Payment Date (such sum being the "Total
Monthly Excess Cashflow" with respect to such Mortgage Loan
Group and Payment Date) in the following order of priority:
(A) first, such Total Monthly Excess Cashflow shall be
allocated on such Payment Date with respect to the
related Mortgage Loan Group in an amount equal to the
difference, if any, between (x) the related Group
Formula Distribution Amount for such Payment Date and
(y) the Available Funds with respect to such Mortgage
Loan Group for such Payment Date (the amount of such
difference being the "Available Funds Shortfall" with
respect to the related Mortgage Loan Group);
(B) second, any portion of the Total Monthly Excess Cashflow
with respect to such Mortgage Loan Group remaining after
the application described in clause (A) above shall be
allocated against any Available Funds Shortfall with
respect to the other Mortgage Loan Group;
(C) third, any portion of the Total Monthly Excess Cashflow
with respect to such Mortgage Loan Group remaining after
the allocations described in clauses (A) and (B) above
shall be paid to the Certificate Insurer in respect of
amounts owed on account of any Reimbursement Amount with
respect to the related Mortgage Loan Group; and
(D) fourth, any portion of the Total Monthly Excess Cashflow
with respect to such Mortgage Loan Group remaining after
the allocations described in clauses (A), (B) and (C)
above shall be paid to the Certificate Insurer in
respect of any Reimbursement Amount with respect to the
other Mortgage Loan Group.
(iv) fourth, on each Payment Date, the Trustee shall pay to the
Certificate Insurer an amount equal to the lesser of (x) the
excess of (i) the
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amount then on deposit in the Certificate Account over (ii)
the Insured Distribution Amount for such Payment Date and
(y) any Reimbursement Amount as of such Payment Date not
reimbursed pursuant to clause (iii) above.
(v) fifth, from remaining amounts then on deposit in the
Certificate Account for the related Mortgage Loan Group,
together with the amount of any related Insured Payment,
concurrently to the Owners of the Class A-1 Certificates,
the Class A-2 Certificates, the Class A- 3 Certificates, the
Class A-4 Certificates and the Class A-5 Certificates,
respectively, the Class A Interest Distribution Amount for
each such Class of Class A Certificates;
(vi) sixth, from remaining amounts then on deposit in the
Certificate Account for the Group I, together with the
amount of any related Insured Payment, to the Owners of the
Class A-4 Certificates, in reduction of the Class A-4
Certificate Principal Balance, an amount equal to the Class
A-4 Lockout Distribution;
(vii) seventh, from remaining amounts then on deposit in the
Certificate Account for Group I, together with the amount of
any related Insured Payment, in respect of the Group I
Principal Distribution Amount, net of amounts distributed
pursuant to clause (vi), to the Owners of the Class A-1
Certificates, in reduction of the Class A-1 Certificate
Principal Balance, until such Class A-1 Certificate
Principal Balance is reduced to zero, then to the Owners of
the Class A-2 Certificates, in reduction of the Class A-2
Certificate Principal Balance, until such Class A-2
Certificate Principal Balance is reduced to zero, then to
the Owners of the Class A-3 Certificates, in reduction of
the Class A-3 Certificate Principal Balance, until such
Class A-3 Certificate Principal Balance is reduced to zero,
then to the Owners of the Class A-4 Certificates, in
reduction of the Class A-4 Certificate Principal Balance,
until such Class A-4 Certificate Principal Balance is
reduced to zero;
(viii) eighth, from remaining amounts then on deposit in the
Certificate Account for Group II, together with the amount
of any related Insured Payment, in respect of the Group II
Principal Distribution Amount, to the Owners of the Class
A-5 Certificates, in reduction of the Class A-5 Certificate
Principal Balance, until such Class A-5 Certificate
Principal Balance is reduced to zero;
(ix) ninth, to the Reserve Fund, to the extent of the lesser of
(i) all remaining amounts then on deposit in the Certificate
Account for Group II, and (ii) amounts distributable
pursuant to clause (x) below,
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which distribution shall be deemed to be made to the Owners
of the Class B Certificates as part of the Class B
Distribution Amount;
(x) tenth, from amounts deposited into the Reserve Fund pursuant
to the preceding clause, to the Owners of the Class A-5
Certificates, an amount equal to the Available Funds Cap
Carry-Forward Amount for such Payment Date;
(xi) eleventh, on each Payment Date, the Trustee shall distribute
from the amount, if any, remaining on deposit in the
Certificate Account after the allocations described in
clause (i) through (x) above, to the Owners of the Class B
Certificates, the lesser of (x) such remaining available
funds and (y) the Class B Interest in excess of the amount
deposited in the Reserve Fund pursuant to clause (ix);
however, any unpaid Class B Interest for such Payment Date
shall be added to the Class B Certificate Principal Balance;
(xii) twelfth, on each Payment Date, the Trustee shall distribute
from the amount, if any, remaining on deposit in the
Certificate Account after the allocations described in
clause (i) through (xi) above, to the Owners of the Class B
Certificates, the lesser of (x) such remaining available
funds and (y) the Class B Distribution Amount as of such
Payment Date, less the amounts distributed pursuant to
clauses (x) and (xi), applied as a distribution of principal
on account of the Class B Certificates, until the Class B
Certificate Principal Balance has been reduced to zero;
(xiii) thirteenth, from the amount, if any, remaining on deposit in
the Certificate Account following the making by the Trustee
of all allocations, transfers and disbursements described
above under the prior clauses of this Section 7.5 (including
any related Insured Payment with respect to the Class A
Certificates), the Trustee shall pay to the Servicer, to the
extent the Servicer has not otherwise withheld such amounts
pursuant to Sections 8.8(c) and (d), any unreimbursed
Delinquency Advances, unreimbursed Servicing Advances and
accrued and unpaid Servicing Fees, in each case as certified
to the Trustee by the Servicer to be owing to it as of such
Payment Date, and/or to the Trustee, any reimbursable
amounts then unpaid to the Trustee;
(xiv) fourteenth, on each Payment Date, the Trustee shall apply
the amount, if any, remaining in the Certificate Account
after the allocations described in clauses (i) through
(xiii) above, to the Owners of the Class RL Certificates;
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provided, however, that if, on any Payment Date, (x) the Certificate Insurer is
then in default under the Certificate Insurance Policy relating to the Mortgage
Loans and (y) a Group I Subordination Deficit exists, then any distribution of
the Group I Principal Distribution Amount on such Payment Date shall be made pro
rata to the Owners of each of the Class A- 1, Class A-2, Class A-3 and Class A-4
Certificates. Notwithstanding any of the distributions or allocations set forth
in clause (ix), (xi) and (xii) above, no money will be allocated or distributed
to the Owners of the Class B Certificates on any Payment Date unless the
Subordinated Amount for each Mortgage Loan Group is equal to or greater than the
required Specified Subordinated Amount for such Mortgage Loan Group as
determined after distributions in clauses (i) through (x) for such Payment Date.
(c) Notwithstanding clauses (b)(v), (vi) and (vii) above, the aggregate
amounts distributed on all Payment Dates to the Owners of the Class A
Certificates on account of principal shall not exceed the Original Class A
Certificate Principal Balance.
(d) Any amounts properly distributed to the Owners of the Class B
Certificates or to the Owners of the Residual Certificates pursuant to the terms
of this Agreement shall be distributed free of the subordination described
herein, and any such amounts shall in no event be required to be returned to the
Trustee or paid over to the Owners of the Class A Certificates, except as
provided in Section 7.5(b)(ix) and (xi).
(e) Whenever, during the administration of the Trust, there comes into the
possession of the Trustee any money or property which this Agreement does not
otherwise require to be distributed on account of the Class A Certificates or
the Class B Certificates, the Trustee shall distribute such money or other
property to the Owners of the Class RL Certificates.
Section 7.6. Investment of Accounts.
(a) So long as no event described in Sections 8.20(a) hereof shall have
occurred and be continuing, and consistent with any requirements of the Code,
all or a portion of the Accounts held by the Trustee shall be invested and
reinvested by the Trustee in the name of the Trustee for the benefit of the
Owners, as directed in writing by the Servicer, in one or more Eligible
Investments bearing interest or sold at a discount. No investment in any Account
shall mature later than the Payment Date.
(b) If any amounts are needed for disbursement from any Account held by
the Trustee and sufficient uninvested funds are not available to make such
disbursement, the Trustee shall cause to be sold or otherwise converted to cash
a sufficient amount of the investments in such Account. No investments will be
liquidated prior to maturity unless the proceeds thereof are needed for
disbursement.
(c) Subject to Section 10.1 hereof, the Trustee shall not in any way be
held liable by reason of any insufficiency in any Account held by the Trustee
resulting from any loss
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on any Eligible Investment included therein (except to the extent that the bank
serving as Trustee is the obligor thereon).
(d) The Trustee shall hold funds in the Accounts held by the Trustee
uninvested upon the occurrence of either of the following events:
(i) the Servicer or the Certificate Insurer, as the case may be,
shall have failed to give investment directions to the
Trustee within ten days after receipt of a written request
for such directions from the Trustee; or
(ii) the Servicer or the Certificate Insurer, as the case may be,
shall have failed to give investment directions to the
Trustee during the ten-day period described in clause (i)
preceding, by 11:15 a.m. New York time (or such other time
as may be agreed by the Servicer or the Certificate Insurer,
as the case may be, and the Trustee) on any Business Day
(any such investment by the Trustee pursuant to this clause
(ii) to mature on the next Business Day after the date of
such investment).
(e) For purposes of investment, the Trustee may but shall not be required
to aggregate all amounts on deposit in the Accounts. All income or other gain
from investments in the Accounts shall be deposited in the related Account
immediately on receipt.
Section 7.7. Eligible Investments. The following are Eligible Investments:
(a) Direct general obligations of the United States or the obligations of
any agency or instrumentality of the United States fully and unconditionally
guaranteed, the timely payment or the guarantee of which constitutes a full
faith and credit obligation of the United States.
(b) Federal Housing Administration debentures, but excluding any such
securities whose terms do not provide for payment of a fixed dollar amount upon
maturity or call for redemption.
(c) FHLMC senior debt obligations, but excluding any such securities whose
terms do not provide for payment of a fixed dollar amount upon maturity or call
for redemption.
(d) FNMA senior debt obligations, but excluding any such securities whose
terms do not provide for payment of a fixed dollar amount upon maturity or call
for redemption.
(e) Federal funds, certificates of deposit, time and demand deposits, and
bankers' acceptances (having original maturities of not more than 365 days) of
any domestic bank,
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the short-term debt obligations of which have been rated A-1 or better by S&P
and P-1 by Moody's.
(f) Deposits of any bank or savings and loan association which has
combined capital, surplus and undivided profits of at least $50,000,000 which
deposits are not in excess of the applicable limits insured by the Bank
Insurance Fund or the Savings Association Insurance Fund of the FDIC, provided
that the long-term deposits of such bank or savings and loan association are
rated at least "BBB" by S&P and "Baa3" by Moody's.
(g) Commercial paper (having original maturities of not more than 270
days) rated A-1 or better by S&P and P-1 or better by Moody's.
(h) Investments in money market or common trust funds rated AAAm or AAAm-G
by S&P and Aaa by Moody's.
(i) Such other investments as have been approved in writing by S&P,
Moody's and the Certificate Insurer;
provided that no instrument described above is permitted to evidence either the
right to receive (a) only interest with respect to obligations underlying such
instrument or (b) both principal and interest payments derived from obligations
underlying such instrument and the interest and principal payments with respect
to such instrument provided a yield to maturity at par greater than 120% of the
yield to maturity at par of the underlying obligations; and provided, further,
that no instrument described above may be purchased at a price greater than par
if such instrument may be prepaid or called at a price less than its purchase
price prior to stated maturity. Any Eligible Investment may be purchased by or
through the Trustee or any of its affiliates.
Section 7.8. Reports by Trustee.
(a) On each Payment Date, the Trustee shall provide to each Owner, to the
Servicer, to the Certificate Insurer, to the Underwriter, to the Sponsor, to S&P
and to Moody's a written report in substantially the form set forth as Exhibit I
hereto, as such form may be revised by the Trustee, the Servicer, Moody's and
S&P from time to time, but in every case setting forth the information requested
on Exhibit I hereto and the following information, in each case as of such
Payment Date:
(i) the amount of the distribution with respect to each Class of
the Class A Certificates, the Class B Certificates and the
Residual Certificates;
(ii) the amount of such distributions allocable to principal on
the related Certificates, separately identifying the
aggregate amount of regularly scheduled installment payments
of principal, any Prepayments or other unscheduled
recoveries of principal included therein and separately
identifying any Subordination Increase Amount;
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(iii) the amount of such distributions allocable to interest on
the related Certificates;
(iv) the Monthly Remittance Amount for each Mortgage Loan Group,
separately identifying the Mortgage interest and principal
collections;
(v) the Class A Certificate Principal Balance for each Class of
Class A Certificates, together with the principal amount of
the Class A Certificates (based on a Certificate in an
original principal amount of $1,000) then outstanding, in
each case after giving effect to any payment of principal on
such Payment Date;
(vi) the Class B Certificate Principal Balance, together with the
principal amount of the Class B Certificates (based on a
Certificate in an original principal amount of $1,000) then
outstanding, in each case after giving effect to any payment
of principal on such Payment Date;
(vii) the amounts described in Sections 7.5(b)(iii), (iv) and
(xiii);
(viii) the amount of any Insured Payment included in the amounts
distributed on any of the Class A Certificates on such
Payment Date, and the aggregate unreimbursed Insured
Payments outstanding since the Closing Date;
(ix) information furnished by the Sponsor pursuant to Section
6049(d)(7)(C) of the Code and the regulations promulgated
thereunder to assist the Owners in computing their market
discount;
(x) the total of any Substitution Amounts and any Loan Purchase
Price amounts included in such distribution;
(xi) the amount of any Subordination Reduction Amount;
(xii) the amounts, if any, of any Realized Losses for the related
Remittance Period and the Aggregate Loan Balance of Mortgage
Loans which experienced such Realized Losses, the Cumulative
Loss Amount and the Rolling Three Month Delinquency Rate, in
each case by Mortgage Loan Group as of such Payment Date;
(xiii) a number with respect to each Class of the Class A
Certificates (the "Pool Factor") computed by dividing the
Class A Certificate Principal Balance of such Class (after
giving effect to any distribution of principal to be made on
such Payment Date) by the Original Class A Certificate
Principal Balance of such Class;
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(xiv) the aggregate of any Insurance Proceeds received by the
Servicer during the related Remittance Period;
(xv) the Specified Subordinated Amount, and the Subordinated
Amount for each Mortgage Loan Group;
(xvi) the weighted average Coupon Rate of the Mortgage Loans for
each Mortgage Loan Group, and the weighted average maturity
of the Mortgage Loans for each Mortgage Loan Group; and
(xvii) the Aggregate Loan Balance for each Mortgage Loan Group.
Items (i) through (iii) above shall, with respect to the Class A
Certificates, be presented on the basis of a Certificate having a $1,000
denomination. In addition, by January 31 of each calendar year following any
year during which the Certificates are outstanding, the Trustee shall furnish a
report to each Owner of record at any time during each calendar year as to the
aggregate of amounts reported pursuant to (i), (ii) and (iii) with respect to
the Certificates for such calendar year.
(b) In addition, on each Payment Date, the Trustee will distribute to each
Owner, to the Certificate Insurer, to the Underwriter, to the Servicer, to the
Sponsor, to S&P and to Moody's, together with the information described in
Subsection (a) preceding, the following information as of the close of business
on the last Business Day of the prior calendar month (or later day within the
calendar month prior to such Payment Date that the Servicer elects as a
reporting cut-off), which is pursuant to Section 8.8(d)(ii) required to be
prepared by the Servicer and furnished to the Trustee for such purpose on or
prior to the related Remittance Date:
(i) for each Mortgage Loan Group, the total number of Mortgage
Loans and the Aggregate Loan Balance thereof, together with
the number, aggregate principal balances of the Mortgage
Loans and the percentage of all Mortgage Loans, identified
by Mortgage Loan Group, (a) 30-59 days Delinquent, (b) 60-89
days Delinquent and (c) 90 or more days Delinquent;
(ii) the number, Aggregate Loan Balance of all Mortgage Loans and
percentage by Mortgage Loan Group of the Aggregate Loan
Balance of such Mortgage Loans, identified by Mortgage Loan
Group, in foreclosure proceedings (and whether any such
Mortgage Loans are also included in any of the statistics
described in the foregoing clause (i));
(iii) the number, Aggregate Loan Balance of all Mortgage Loans and
percentage by Mortgage Loan Group of the Aggregate Loan
Balance
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of such Mortgage Loans, identified by Mortgage Loan Group,
relating to Mortgagors in bankruptcy proceedings (and
whether any such Mortgage Loans are also included in any of
the statistics described in the foregoing clause (i));
(iv) the number, Aggregate Loan Balance of all Mortgage Loans and
percentage by Mortgage Loan Group of the Aggregate Loan
Balance of such Mortgage Loans, identified by Mortgage Loan
Group, relating to REO Properties (and whether any such
Mortgage Loans are also included in any of the statistics
described in the foregoing clause (i));
(v) the book value of any REO Property;
(vi) the number and amount of all Prepayments received in respect
of each Mortgage Loan Group (and separately setting forth
the number and amount of any voluntary Prepayments in full);
(vii) the number and Aggregate Loan Balance of all Mortgages,
identified by Mortgage Loan Group, subject to losses;
(viii) the number and Aggregate Loan Balance of Mortgages,
identified by Mortgage Loan Group, outstanding; and
(ix) a Form of Liquidation Report, substantially in the form of
Exhibit K hereto, for each Mortgage Loan which has
experienced a Realized Loss during the Remittance Period.
Section 7.9. Additional Reports by Trustee.
(a) The Trustee shall report to the Sponsor, the Servicer and the
Certificate Insurer with respect to the amount then held in each Account
(including investment earnings accrued or scheduled to accrue) held by the
Trustee and the identity of the investments included therein, as the Sponsor,
the Servicer or the Certificate Insurer may from time to time request. Without
limiting the generality of the foregoing, the Trustee shall, at the request of
the Sponsor, the Servicer or the Certificate Insurer, transmit promptly to the
Sponsor, the Servicer and the Certificate Insurer copies of all accountings of
receipts in respect of the Mortgage Loans furnished to it by the Servicer. The
content of reports by the Trustee pursuant to this subsection shall consist of
its trust accounting system statements.
(b) The Trustee is hereby authorized to execute purchases and sales
directed by the Servicer through the facilities of its own trading or capital
markets operations. The Trustee shall send statements to the servicer monthly
reflecting activity for each account created hereunder for the preceding month.
Although the Servicer recognizes that it may obtain a broker confirmation or
written statement containing comparable information at no
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additional cost, the Servicer hereby agrees that confirmations of investments
are not required to be issued by the Trustee for each month in which a monthly
statement is rendered. No statement need be rendered pursuant to the provision
hereof if no activity occurred in the account for such month.
(c) From time to time, at the request of the Certificate Insurer, the
Trustee shall report to the Certificate Insurer and each of Moody's and S&P with
respect to its actual knowledge, without independent investigation, of any
breach of any of the Representations and Warranties. On the date that is
eighteen months after the Startup Day, the Trustee shall provide the Certificate
Insurer with a written report of all of such inaccuracies to such date of which
it has actual knowledge, without independent investigation, and of the action
taken by the Originator under the related Master Transfer Agreement or by the
Sponsor under Section 3.4(a) hereof with respect thereto.
Section 7.10. Allocation of Realized Losses. If, on any Payment Date, and
following the making of all allocations, transfers and distributions (other than
as provided in this Section) on such Payment Date (x) the Group I Certificate
Principal Balance exceeds (y) the Group I Aggregate Loan Balance as of the close
of business on the last day of the related Remittance Period, or (x) the Group
II Certificate Principal Balance exceeds (y) the Group II Aggregate Loan Balance
as of the close of business on the last day of the related Remittance Period,
(any such excess, "Allocable Losses"), such Allocable Losses shall be applied as
a reduction of the Class RL Certificate Principal Balance until the Class RL
Certificate Principal Balance has been reduced to zero, then to the Class B
Certificate Principal Balance until the Class B Certificate Principal Balance
has been reduced to zero and allocated to the corresponding Lower-Tier Interests
pursuant to Section 2.8(c).
Section 7.11. Reserve Fund.
(a) The Trustee shall establish and maintain a separate trust account in
its own name and designated "Reserve Fund/EquiVantage Home Equity Loan Trust
Pass-Through Certificates, Series 1997-1", which account shall be an Eligible
Account and which shall be used to make payments under the Cap Agreement with
respect to the Class A-5 Certificates in accordance with Section 7.5. The
Trustee shall account for payments made to the Class A-5 Certificates under the
Cap Agreement separately from the other distributions on the Class A-5
Certificates. Any amounts deposited into the Reserve Fund pursuant to Section
7.5 hereof shall by held in non-interest bearing accounts.
(b) The Reserve Fund will be part of the Trust Fund but not part of either
the Upper-Tier REMIC or the Lower-Tier REMIC. For federal and state income tax
purposes the Owners of the Class B Certificates shall be deemed to be the owners
of the Reserve Fund. Any amounts transferred by the Upper-Tier REMIC to the
Reserve Fund shall be treated as amounts distributed by the Upper-Tier REMIC to
the Owners of the Class B Certificates. Any amounts remaining in the Reserve
Fund upon termination of the Trust shall be paid to the Owners of the Class A-5
Certificates, to the extent of any outstanding Available Funds Cap Carry-Forward
Amount, and thereafter to the Owners of the Class B Certificates.
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ARTICLE VIII
SERVICING AND ADMINISTRATION
OF MORTGAGE LOANS
Section 8.1. Servicer and Sub-Servicers.
(a) Acting directly or through one or more Sub-Servicers as provided in
Section 8.3, the Servicer, as master servicer, shall service and administer the
Mortgage Loans for the benefit, and in the best interests of, the Owners and, to
the extent not conflicting with the best interests of the Owners, the interest
of the Certificate Insurer in accordance with this Agreement and applicable law
and with reasonable care, and using that degree of skill and attention that the
Servicer exercises with respect to comparable mortgage loans that it services
for itself or others, and shall have full power and authority, acting alone, to
do or cause to be done any and all things in connection with such servicing and
administration which it may deem necessary or desirable. To the extent
consistent with the foregoing, the Servicer shall seek to maximize the timely
and complete recovery of principal of and interest on the Mortgage Loans.
Notwithstanding any provision to the contrary elsewhere in this Agreement, the
Servicer shall not have any duties, responsibilities, or fiduciary relationship
with the Trustee except those expressly set forth herein.
(b) The duties of the Servicer shall include collecting and posting of all
payments, responding to inquiries of Mortgagors or by federal, state or local
government authorities with respect to the Mortgage Loans, investigating
delinquencies, reporting tax information to Mortgagors in accordance with its
customary practices and accounting for collections and furnishing monthly and
annual statements to the Trustee with respect to distributions, paying
Compensating Interest and making Delinquency Advances and Servicing Advances
pursuant hereto. The Servicer and any Sub-Servicer shall follow its customary
standards, policies and procedures in performing its duties as Servicer or
Sub-Servicer, as applicable. The Servicer shall cooperate with the Trustee and
furnish to the Trustee with reasonable promptness information in its possession
as may be necessary or appropriate to enable the Trustee to perform its duties
hereunder. The Trustee shall furnish the Servicer and any Sub-Servicer with any
powers of attorney and other documents reasonably necessary or appropriate to
enable the Servicer and any Sub-Servicer to carry out its servicing and
administrative duties hereunder.
(c) Without limiting the generality of the foregoing, the Servicer (i)
shall continue, and is hereby authorized and empowered by the Trustee, subject
to Section 8.1(a), to execute and deliver, on behalf of itself, the Owners and
the Trustee or any of them, any and all instruments of satisfaction or
cancellation, or of partial release, subject to the provisions of Section 8.1(i)
below, or full release or discharge and all other comparable instruments, with
respect to the Mortgage Loans and with respect to the related Properties;
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(ii) may consent to any modification of the terms of any Note not expressly
prohibited hereby if the effect of any such modification (x) will not be to
affect materially and adversely the security afforded by the related Property,
the timing of receipt or amounts of any payments required hereby or the
interests of the Certificate Insurer and (y) will not cause the Upper-Tier REMIC
or the Lower-Tier REMIC to fail to qualify as a REMIC; provided, however, that
the Servicer shall not consent to any such modifications without the prior
consent of the Certificate Insurer if the Aggregate Loan Balance of all Mortgage
Loans which have been subject to modifications pursuant to this Section 8.1(c)
exceeds 5% of the Original Aggregate Loan Balance. For purposes of the foregoing
proviso, no modification that provides for partial releases pursuant to Section
8.1(i), modification pursuant to Section 8.2 or assumptions pursuant to Section
8.12 will be counted toward such 5% limit. The Servicer will, however, notify
the Certificate Insurer of all partial releases to the extent that the Aggregate
Loan Balance of Mortgage Loans affected by such partial releases exceeds 5% of
the Original Aggregate Loan Balance.
(d) The parties intend that the Upper-Tier REMIC and the Lower-Tier REMIC
each shall constitute, and that the affairs of the Trust shall be conducted so
as to qualify each of the Upper-Tier REMIC and the Lower-Tier REMIC as a REMIC.
In furtherance of such intention, the Servicer covenants and agrees that it
shall act as agent (and the Servicer is hereby appointed to act as agent) on
behalf of the Trust and that in such capacity it shall: (i) use its best efforts
to conduct the affairs of the Trust at all times that any Class of Certificates
are outstanding so as to maintain the status of each of the Upper-Tier REMIC and
the Lower-Tier REMIC as a REMIC under the REMIC Provisions; (ii) not knowingly
or intentionally take any action or omit to take any action that would cause the
termination of the REMIC status of the Upper-Tier REMIC or the Lower-Tier REMIC
or that would subject the Upper-Tier REMIC or the Lower-Tier REMIC to tax and
(iii) exercise reasonable care not to allow the Upper-Tier REMIC or the
Lower-Tier REMIC to receive income from the performance of services or from
assets not permitted under the REMIC Provisions to be held by a REMIC.
(e) The Servicer may, and is hereby authorized to, perform any or all of
its servicing responsibilities with respect to all or certain of the Mortgage
Loans through a Sub-Servicer as it may from time to time designate, but no such
designation of a Sub-Servicer shall serve to release the Servicer from any of
its obligations under this Agreement. Such Sub-Servicer shall have all the
rights and powers of the Servicer with respect to such Mortgage Loans under this
Agreement.
(f) Without limiting the generality of the foregoing, but subject to
Sections 8.13 and 8.14, the Servicer in its own name or in the name of a
Sub-Servicer may be authorized and empowered pursuant to a power of attorney
executed and delivered by the Trustee to execute and deliver, and may be
authorized and empowered by the Trustee, to execute and deliver, on behalf of
itself, the Owners and the Trustee or any of them, (i) any and all instruments
of satisfaction or cancellation or of partial or full release or discharge and
all other comparable instruments with respect to the Mortgage Loans and with
respect to the Properties, (ii) and to institute foreclosure proceedings or
obtain a deed in lieu of foreclosure
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so as to effect ownership of any Property on behalf of the Trust, and (iii) to
hold title to any Property upon such foreclosure or deed in lieu of foreclosure
on behalf of the Trust. Section 8.14(a) shall constitute a power of attorney
from the Trustee to the Servicer to execute an instrument of satisfaction (or
assignment of mortgage without recourse) with respect to any Mortgage Loan paid
in full (or with respect to which payment in full has been escrowed). Subject to
Sections 8.13 and 8.14, the Trustee shall furnish the Servicer with any powers
of attorney and other documents as the Servicer or such Sub-Servicer shall
reasonably request to enable the Servicer and such Sub-Servicer to carry out
their respective servicing and administrative duties hereunder.
(g) The Servicer shall give prompt notice to the Trustee and the
Certificate Insurer of any action, of which the Servicer has actual knowledge,
to (i) assert a claim against the Trust or (ii) assert jurisdiction over the
Trust.
(h) Unreimbursed Servicing Advances incurred by the Servicer or any
Sub-Servicer in connection with the servicing of the Mortgage Loans (including
any penalties in connection with the payment of any taxes and assessments or
other charges) on any Property shall be recoverable by the Servicer or such
Sub-Servicer to the extent described in Section 8.9(c) and in Section
7.5(b)(xiii) hereof.
(i) The Servicer shall have the right to approve requests of Mortgagors
for consent to partial releases or division of Mortgaged Properties. No such
request shall be approved by the Servicer unless: (A) (w) the provisions of the
related Note and Mortgage have been complied with, (x) the loan-to-value ratio
(which may, for this purpose be determined at the time of any such action in a
manner reasonably acceptable to the Certificate Insurer) after any release does
not exceed the loan-to-value ratio set forth for such Mortgage Loan in the
related Schedule of Mortgage Loans, and (y) the lien priority of the related
Mortgage is not affected; or (B) the Certificate Insurer shall have approved the
granting of such request; or (C) the partial release is expressly provided for
by the terms of the Mortgage Loan.
(j) Each of the Sponsor and the Servicer may make loans to and generally
engage in any kind of business with the Mortgagors and/or any other obligors
under the Mortgage Loans as though either the Sponsor or the Servicer were not a
party to this Agreement; provided, that the foregoing shall not have a material
adverse effect on the transactions contemplated by this Agreement. Each of the
Sponsor and the Servicer may have other existing loans and in the future may
make additional loans to any of the Mortgagors and/or to other obligors under
the Mortgage Loans, which other and/or additional loans may not be sold, or a
loan participation therein granted, to the Trustee. The Servicer shall collect
payments under the Mortgage Loans in the same preference and priority as the
collection and/or enforcement of any other and/or additional loans by the
Servicer.
(k) Each of the Sponsor, the Servicer and the Trustee shall be entitled to
rely, and shall be fully protected in relying, upon any promissory note,
writing, resolution, notice, consent, certificate, affidavit, letter, cablegram,
telegram, telecopy, telex or teletype message,
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statement, order or other document reasonably believed by it to be genuine and
correct and to have been signed, sent or made by the proper person or persons
and upon advice and statements of legal counsel (including, without limitation,
counsel to the Mortgagor(s)), independent accountants and other experts selected
by the Sponsor or the Trustee. The Servicer shall be fully justified in failing
or refusing to take any action under this Agreement for which it has sought and
failed to receive instructions from the Trustee provided that the Servicer is
entitled to receive instructions from the Trustee hereunder. The Servicer shall
in all cases be fully protected in acting, or in refraining from acting, under
this Agreement and the Mortgage Loans in accordance with an express written
request of the Trustee, and such request and any action taken or failure to act
pursuant thereto shall be binding upon the Sponsor and Trustee.
(l) The relationship of the Servicer (and of any successor to the Servicer
as servicer under this Agreement) to the Trustee under this Agreement is
intended by the parties to be that of an independent contractor and not that of
a joint venturer, partner or agent of the Trustee.
Section 8.2. Collection of Certain Mortgage Loan Payments.
(a) The Servicer may in its discretion (i) waive any assumption fees, late
payment charges, charges for checks returned for insufficient funds, prepayment
fees, if any, or other fees which may be collected in the ordinary course of
servicing the Mortgage Loans, (ii) if a Mortgagor is in default or about to be
in default because of a Mortgagor's financial condition, arrange with the
Mortgagor a schedule, not to exceed twelve (12) months in duration, for the
payment of delinquent payments due on the related Mortgage Loan (it being
understood that such Mortgagor will be considered Delinquent until all such
delinquent payments have been made), (iii) modify payments of monthly principal
and interest on any Mortgage Loan becoming subject to the terms of the Soldiers'
and Sailors' Civil Relief Act of 1940, as amended, in accordance with the
Servicer's general policies for comparable mortgage loans subject to such Act,
(iv) with respect to Mortgage Loans aggregating not more than 5.0% of the
Original Aggregate Loan Balance, extend the due date for payments due on a Note
for a period (with respect to each payment as to which the due date is extended)
not greater than 125 days after the initially scheduled due date for such
payment (during which extension the Mortgagor will not be considered Delinquent
with respect to the payment(s) for which the due date is so extended), (v) amend
any Note to extend the maturity thereof, provided that no maturity shall be
extended by more than three (3) months and that no more than 5.0% of the
Original Aggregate Loan Balance shall be modified to have a maturity date which
has been extended beyond the maturity date thereof as of the Cut-Off Date
without the prior consent of the Certificate Insurer.
(b) The Servicer shall hold in escrow in the Principal and Interest
Account on behalf of the related Mortgagor all Prepaid Installments received by
it, and shall apply such Prepaid Installments as directed by such Mortgagor and
as set forth in the related Note.
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Section 8.3. Sub-Servicing Agreements Between Servicer and Sub-Servicers.
The Servicer may enter into Sub-Servicing Agreements for any servicing and
administration of Mortgage Loans with any institution which is in compliance
with the laws of each state necessary to enable it to perform its obligations
under such Sub-Servicing Agreement and which is acceptable to the Certificate
Insurer and is experienced in serving loans of a type similar to the Mortgage
Loans and has equity of at least $2,500,000, as determined in accordance with
generally accepted accounting principles. The Servicer shall give notice to the
Certificate Insurer, the Trustee, Moody's and S&P of the appointment of any
Sub-Servicer and shall furnish to the Certificate Insurer, the Trustee, Moody's
and S&P a copy of the Sub-Servicing Agreement. For purposes of this Agreement,
the Servicer shall be deemed to have received payments on Mortgage Loans when
any Sub-Servicer has received such payments. Any such Sub-Servicing Agreement
shall be consistent with and not violate the provisions of this Agreement. Any
such Sub-Servicing Agreement may be terminated by the Trustee with the written
consent of the Certificate Insurer (which consent shall not be unreasonably
withheld), provided that the Servicer has been terminated hereunder. As of the
Startup Day the only Sub-Servicer is Transworld Mortgage Corporation.
Section 8.4. Successor Sub-Servicers. Each Sub-Servicing Agreement shall
expressly provide that the Servicer may terminate any Sub-Servicing Agreement in
accordance with the terms and conditions of such Sub-Servicing Agreement and
either directly service the related Mortgage Loans itself or enter into a
Sub-Servicing Agreement with a successor Sub-Servicer that qualifies under
Section 8.3. The Trustee shall have no duty or obligation to monitor or
supervise the performance of any Sub-Servicer.
Section 8.5. Liability of Servicer. The Servicer shall not be relieved of
its obligations under this Agreement notwithstanding any Sub-Servicing Agreement
or any of the provisions of this Agreement relating to agreements or
arrangements between the Servicer and a Sub-Servicer or otherwise, and the
Servicer shall be obligated to the same extent and under the same terms and
conditions as if it alone were servicing and administering the Mortgage Loans.
The Servicer shall be entitled to enter into any agreement with a Sub-Servicer
for indemnification of the Servicer by such Sub-Servicer and nothing contained
in such Sub-Servicing Agreement shall be deemed to limit or modify this
Agreement. The Trust shall have no liability to the Servicer except for payment
of the Servicing Fee and reimbursement of Delinquency Advances and Servicing
Advances as expressly contemplated in this Agreement. The Trust shall have no
obligation to indemnify the Servicer for costs or expenses, except with respect
to the preceding sentence. The Trust shall not indemnify the Servicer for any
losses due to the Servicer's negligence.
Section 8.6. No Contractual Relationship Between Sub-Servicer and Trustee
or the Owners. Any Sub-Servicing Agreement and any other transactions or
services relating to the Mortgage Loans involving a Sub-Servicer shall be deemed
to be between the Sub-Servicer and the Servicer alone and the Certificate
Insurer, the Trustee and the Owners shall not be deemed parties thereto and
shall have no claims, rights, obligations, duties or liabilities with respect to
any Sub-Servicer except as set forth in Section 8.7.
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Section 8.7. Assumption or Termination of Sub-Servicing Agreement by
Trustee. In connection with the assumption of the responsibilities, duties and
liabilities and of the authority, power and rights of the Servicer hereunder by
the Trustee pursuant to Section 8.20, the Servicer's rights and obligations
under any Sub-Servicing Agreement then in force between the Servicer and a
Sub-Servicer may be assumed or terminated by the Trustee at the Trustee's
option, in each case after consultation with the Certificate Insurer.
The Servicer shall, upon request of the Trustee, but at the expense of the
Servicer, deliver to the assuming party documents and records relating to each
Sub-Servicing Agreement and an accounting of amounts collected and held by it
and otherwise use its best reasonable efforts to effect the orderly and
efficient transfer of the Sub-Servicing Agreements to the assuming party.
Section 8.8. Principal and Interest Account.
(a) The Servicer and/or each Sub-Servicer shall establish in the name of
the Trust for the benefit of the Owners of the Certificates and the Certificate
Insurer and maintain at one or more Designated Depository Institutions the
Principal and Interest Account.
Subject to Subsection (c) below, the Servicer and any Sub-Servicer shall
deposit all receipts related to the Mortgage Loans to the Principal and Interest
Account on a daily basis (but no later than the second Business Day after
receipt).
On the Startup Day, the Sponsor and/or the Servicer shall deposit to the
Principal and Interest Account all scheduled payments of principal and interest
due and received, and all Prepayments received after the Cut-Off Date.
(b) All funds in the Principal and Interest Account may only be held (i)
uninvested, up to the limits insured by the FDIC or (ii) invested in Eligible
Investments. The Principal and Interest Account shall be held in trust in the
name of the Trust and for the benefit of the Owners of the Certificates and the
Certificate Insurer. Any investment earnings on funds held in the Principal and
Interest Account shall be for the account of the Servicer and may only be
withdrawn from the Principal and Interest Account by the Servicer immediately
following the remittance of the Monthly Remittance Amounts by the Servicer. Any
references herein to amounts on deposit in the Principal and Interest Account
shall refer to amounts net of such investment earnings. The amount of any losses
on investments in the Principal and Interest Account, to the extent not offset
by earnings on other investments held therein, shall be deposited in the
Principal and Interest Account by the Servicer promptly upon the recognition of
such net losses.
(c) The Servicer shall deposit to the Principal and Interest Account all
payments of principal and interest (including Prepaid Installments) due after
the Cut-Off Date, any Prepayments and Net Liquidation Proceeds collected after
the Cut-Off Date, all Loan Purchase Prices and Substitution Amounts received or
paid by the Servicer with respect to the Mortgage Loans, other recoveries or
amounts related to the Mortgage Loans received by
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the Servicer, Compensating Interest and Delinquency Advances together with any
amounts which are reimbursable from the Principal and Interest Account, amounts
on account of net investment losses and any condemnation proceeds, but net of
(i) the Servicing Fee with respect to each Mortgage Loan and other servicing
compensation to the Servicer as permitted by Section 8.15 hereof, and (ii) Net
Liquidation Proceeds to the extent such Net Liquidation Proceeds exceed the sum
of (A) the Loan Balance of the related Mortgage Loan plus (B) accrued and unpaid
interest on such Mortgage Loan at the Coupon Rate (net of any Servicing Fee) to
the date of such liquidation. Amounts described in clause (ii) of the preceding
sentence shall be retained by the Servicer as additional servicing compensation
or paid over to the related Mortgagor if required by law.
(d) (i) The Servicer may make withdrawals from the Principal and
Interest Account only for the following purposes:
(A) to effect the timely remittance to the Trustee of the
Monthly Remittance Amounts due on each Remittance Date;
(B) to reimburse itself pursuant to Section 8.9 hereof for
any unreimbursed Reimbursable Advances;
(C) to withdraw investment earnings on amounts on deposit in
the Principal and Interest Account;
(D) to withdraw amounts that have been deposited to the
Principal and Interest Account in error; and
(E) to clear and terminate the Principal and Interest
Account following the termination of the Trust pursuant
to Article IX.
(ii) On each Remittance Date, the Servicer shall send to the
Trustee a report, in print and/or electronic form, detailing
the payments on the Mortgage Loans during the prior Remittance
Period. Such report shall be in the form and have the
specifications as may be agreed to between the Servicer and
the Trustee from time to time. The Trustee shall have no duty
or obligation with respect to the accuracy of the information
contained in the report referred to in this Section
8.8(d)(ii).
(iii) On each Remittance Date, the Servicer shall remit to the
Trustee by wire transfer, or otherwise make funds available in
immediately available funds all amounts then on deposit in the
Principal and Interest Account which relate to collections on
or with respect to the Mortgage Loans with respect to the
immediately preceding Remittance Period, including the amount
of any Delinquency Advance, any Compensating Interest, Loan
Purchase Prices and
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Substitution Amounts; such amount being the "Monthly
Remittance Amount."
(e) The Servicer shall furnish the Trustee monthly statements of the
Principal and Interest Account, if it is not held by the Trustee.
(f) Notwithstanding any other provisions of this Agreement, the Servicer
shall be entitled to reimburse itself for any previously unreimbursed expense
otherwise reimbursable pursuant to the terms of this Agreement, including, but
not limited to, any Delinquency Advance, any Servicing Advance, and any
Liquidation Expense, that the Servicer determines (as evidenced by an Officer's
Certificate) to be otherwise nonrecoverable by withdrawal from the Principal and
Interest Account of amounts on deposit therein attributable to any of the
Mortgage Loans on any Business Day prior to the Payment Date succeeding the date
of any such determination.
Section 8.9. Delinquency Advances, Compensating Interest and Servicing
Advances.
(a) On each Remittance Date the Servicer shall make a Delinquency Advance
with respect to delinquent interest on each Mortgage Loan which was a Delinquent
Mortgage Loan with respect to the related Remittance Period; provided, however,
that the Servicer will not be required to make any Delinquency Advance if it
determines that such Delinquency Advance would be an Unrecoverable Delinquency
Advance.
The Servicer shall be permitted to reimburse itself for any Delinquency
Advance from any subsequent collections or recoveries on the Mortgage Loans. If
not theretofore recovered by the Servicer, Delinquency Advances shall be
recoverable pursuant to Section 7.5(b)(xiii) hereof.
(b) On or prior to each Remittance Date, the Servicer shall deposit in the
Principal and Interest Account with respect to any full or partial Prepayment
received on a Mortgage Loan during the related Remittance Period, out of its own
funds without any right of reimbursement therefor, an amount equal to the
difference between (x) 30 days' interest at the related Coupon Rate less the
Servicing Fee Rate on the Loan Balance of such Mortgage Loan as of the first day
of the related Remittance Period and (y) to the extent not previously advanced,
the interest (less the Servicing Fee) actually paid by the Mortgagor with
respect to the Mortgage Loan during such Remittance Period (any such amount paid
by the Servicer, "Compensating Interest"). The Servicer shall in no event be
required to pay Compensating Interest with respect to any Remittance Period in
an amount in excess of the aggregate Servicing Fee received by the Servicer with
respect to all Mortgage Loans for the related Remittance Period.
(c) The Servicer will pay all reasonable and customary "out-of-pocket"
costs and expenses (including reasonable legal fees) incurred in the performance
of its servicing obligations, including, but not limited to, the cost of (i)
Preservation Expenses, (ii) any
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enforcement or judicial proceedings, including foreclosures, (iii) the
management and liquidation of REO Property (including, without limitation,
realtor's commissions), and (iv) advances made for taxes, insurance and other
charges against the Property, each such expenditure under clauses (i) - (iv)
constituting a Servicing Advance, but the Servicer is only required to pay such
costs and expenses to the extent the Servicer reasonably believes such costs and
expenses will increase Net Liquidation Proceeds on the related Mortgage Loan.
Each such amount so paid will constitute a "Servicing Advance".
The Servicer may recover Servicing Advances from the Mortgagors to the
extent permitted by the Mortgage Loans and from Net Liquidation Proceeds,
condemnation proceeds or other insurance proceeds with respect to the related
Mortgage Loan pursuant to Section 7.5(b)(xiii).
Section 8.10. Purchase of Mortgage Loans. The Servicer may, but is not
obligated to, purchase for its own account any Mortgage Loan which becomes
Delinquent, in whole or in part, as to four consecutive monthly installments or
any Mortgage Loan as to which enforcement proceedings have been brought by the
Servicer or by any Sub-Servicer pursuant to Section 8.13. Any such Loan so
purchased shall be purchased by the Servicer on a Remittance Date at a purchase
price equal to the Loan Purchase Price thereof, which purchase price shall be
deposited in the Certificate Account simultaneously with the purchase of such
Mortgage Loan.
Section 8.11. Maintenance of Insurance.
(a) The Servicer shall cause to be maintained with respect to each
Mortgage Loan a hazard insurance policy with a generally acceptable carrier
licensed in the state in which the Property is located that provides for fire
and extended coverage, and which provides for a recovery by the Servicer on
behalf of the Trust of insurance proceeds relating to such Mortgage Loan in an
amount not less than the least of (i) the outstanding Loan Balance of the
Mortgage Loan, (ii) the minimum amount required to compensate for damage or loss
to the material improvements on a Property on a replacement cost basis and (iii)
the full insurable value of the material improvements to the Property but in any
event in an amount not less than such amount as is necessary to avoid the
application of any coinsurance clause contained in the related insurance policy.
No amounts advanced by the Servicer for force-placed insurance shall be added to
the Loan Balance of a Mortgage Loan for any purpose under this Agreement.
(b) If the Mortgage Loan at the time of origination relates to a Property
as to which material improvements are located in an area identified in the
Federal Register by the Federal Emergency Management Agency as having special
flood hazards, the Servicer will cause to be maintained with respect thereto a
flood insurance policy in a form meeting the requirements of the current
guidelines of the Federal Insurance Administration with a generally acceptable
carrier in an amount representing coverage, and which provides for a recovery by
the Servicer on behalf of the Trust of insurance proceeds relating to such
Mortgage Loan of not less than the least of (i) the outstanding Loan Balance of
the Mortgage
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Loan, (ii) the minimum amount required to compensate for damage or loss on a
replacement cost basis and (iii) the maximum amount of insurance that is
available for such improvements under the Flood Disaster Protection Act of 1973.
The Servicer shall indemnify the Trust and the Certificate Insurer out of the
Servicer's own funds for any loss to the Trust and the Certificate Insurer
resulting from the Servicer's failure to maintain the insurance required by this
Section.
(c) In the event that the Servicer shall obtain and maintain a blanket
policy from an insurer rated at least "A:X" or better in Best's Key Rating Guide
insuring against fire, flood and hazards of extended coverage on all of the
Mortgage Loans, then, to the extent such policy names the Servicer as loss payee
and provides coverage in an amount equal to the aggregate unpaid principal
balance on the Mortgage Loans without co-insurance, and otherwise complies with
the requirements of this Section 8.11, the Servicer shall be deemed conclusively
to have satisfied its obligations with respect to fire and hazard insurance
coverage under this Section 8.11, it being understood and agreed that such
blanket policy may contain a deductible clause, in which case the Servicer
shall, in the event that there shall not have been maintained on the related
Property a policy complying with the preceding paragraphs of this Section 8.11,
and there shall have been a loss which would have been covered by such policy,
deposit in the Principal and Interest Account from the Servicer's own funds the
difference, if any, between the amount that would have been payable under a
policy complying with the preceding paragraphs of this Section 8.11 and the
amount paid under such blanket policy, including the amount in the deductible
clause. Upon the request of the Trustee or the Certificate Insurer, the Servicer
shall cause to be delivered to the Trustee or the Certificate Insurer, a
certified true copy of such policy.
Section 8.12. Due-on-Sale Clauses; Assumption and Substitution Agreements.
When a Property has been or is about to be conveyed by the Mortgagor, the
Servicer shall, to the extent it has knowledge of such conveyance or prospective
conveyance, exercise its rights to accelerate the maturity of the related
Mortgage Loan under any "due-on-sale" clause contained in the related Mortgage
or Note; provided, however, that the Servicer shall not exercise any such right
if (i) the "due-on-sale" clause, in the reasonable belief of the Servicer, is
not enforceable under applicable law or (ii) the Servicer reasonably believes
that the assumption of the Mortgage Loan would not materially and adversely
affect the interests of the Owners or the Certificate Insurer and (a) the
requested assumption of the Mortgage Loan results from the death of a Mortgagor,
or (b) the requested assumption is, in the judgment of the Servicer, necessary
to prevent or cure a default or imminent default on the Mortgage Loan, or (iii)
the Certificate Insurer provides its prior written consent. The Servicer shall
notify the Certificate Insurer of any assumptions permitted under this Section
8.12 to the extent such assumptions exceed 5.0% of the Original Aggregate Loan
Balance. In such event, the Servicer shall enter into an assumption and
modification agreement with the person to whom such Property has been or is
about to be conveyed, pursuant to which such person becomes liable under the
Note and, unless prohibited by such Note or applicable law, the Mortgagor
remains liable thereon. If the foregoing is not permitted under applicable law,
the Servicer is authorized to enter into a substitution of liability agreement
with such person, pursuant to which the original Mortgagor is released from
liability and such person is
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substituted as Mortgagor and becomes liable under the Note; provided, however,
that any such substitution of liability agreement must be delivered by the
Servicer pursuant to its usual procedures for mortgage loans held in its own
portfolio and the Servicer shall, prior to executing and delivering such
agreement, obtain the prior written consent of the Certificate Insurer. The
Mortgage Loan, as assumed, shall conform in all respects to the requirements,
representations and warranties of this Agreement and any related agreement. The
Servicer shall notify the Trustee that any such assumption or substitution
agreement has been completed by forwarding to the Trustee the original copy of
such assumption or substitution agreement, which copy shall be added by the
Trustee to the related File and which shall, for all purposes, be considered a
part of such File to the same extent as all other documents and instruments
constituting a part thereof. The Servicer shall be responsible for recording any
such assumption or substitution agreements. In connection with any such
assumption or substitution agreement, the required monthly payment on the
related Mortgage Loan shall not be changed but shall remain as in effect
immediately prior to the assumption or substitution, the stated maturity or
outstanding principal amount of such Mortgage Loan shall not be changed, the
Coupon Rate shall not be changed nor shall any required monthly payments of
principal or interest be deferred or forgiven. Any fee collected by the Servicer
or the Sub-Servicer for consenting to any such conveyance or entering into an
assumption or substitution agreement shall be retained by or paid to the
Servicer as additional servicing compensation.
Notwithstanding the foregoing paragraph or any other provision of this
Agreement, the Servicer shall not be deemed to be in default, breach or any
other violation of its obligations hereunder by reason of any assumption of a
Mortgage Loan by operation of law or any assumption which the Servicer may be
restricted by law from preventing, for any reason whatsoever.
Any request for consent by the Servicer under Sections 8.1(c), 8.1(i),
8.2(a) and 8.12 to the Certificate Insurer shall be deemed granted unless denied
by notice in writing to the Servicer within five (5) Business Days after receipt
of a written request for such consent.
Section 8.13. Realization Upon Defaulted Mortgage Loans.
(a) The Servicer shall foreclose upon or otherwise comparably effect the
ownership on behalf of the Trust of Properties relating to defaulted Mortgage
Loans as to which no satisfactory arrangements can be made for collection of
Delinquent payments and which the Servicer has not purchased pursuant to Section
8.10, unless the Servicer reasonably believes as evidenced by an Officer's
Certificate that Net Liquidation Proceeds with respect to such Mortgage Loan
would not be increased as a result of such foreclosure or other action, in which
case such Mortgage Loan will be charged-off and will become a Liquidated Loan.
The Servicer shall have no obligation to purchase any property at any
foreclosure sale. The Servicer will give notice of any such charge-off to the
Certificate Insurer and each of Moody's and S&P by delivery of a Liquidation
Report in the form attached as Exhibit K hereto. In connection with such
foreclosure or other conversion, the Servicer shall exercise such of the rights
and powers vested in it hereunder, and use the same
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degree of care and skill in their exercise or use, as prudent mortgage lenders
would exercise or use under the circumstances in the conduct of their own
affairs, including, but not limited to, advancing funds for the payment of
taxes, amounts due with respect to Senior Liens, and insurance premiums, if it
determines that such advances would be recoverable. Any amounts so advanced
shall constitute "Servicing Advances" within the meaning of Section 8.9(c)
hereof.
The Servicer shall sell any REO Property within 23 months of its
acquisition by the Trust, unless the Servicer obtains for the Trustee an opinion
of counsel experienced in federal income tax matters, addressed to the Trustee,
the Certificate Insurer and the Servicer, to the effect that the holding by the
Trust of such REO Property for any greater period will not result in the
imposition of taxes on "Prohibited Transactions" of the Upper-Tier REMIC or the
Lower-Tier REMIC as defined in Section 860F of the Code or cause the Upper-Tier
REMIC or the Lower-Tier REMIC to fail to qualify as a REMIC under the REMIC
Provisions at any time that any Certificates are outstanding, in which case the
Servicer shall sell any REO Property by the end of any extended period specified
in any such opinion.
Notwithstanding the generality of the foregoing provisions, the Servicer
shall manage, conserve, protect and operate each REO Property for the Owners
solely for the purpose of its prompt disposition and sale in a manner which does
not cause such REO Property to fail to qualify as "foreclosure property" within
the meaning of Section 860G(a)(8) of the Code or result in the receipt by the
Upper-Tier REMIC or the Lower-Tier REMIC of any "income from non-permitted
assets" within the meaning of Section 860F(a)(2)(B) of the Code or any "net
income from foreclosure property" which is subject to taxation under the REMIC
Provisions. Pursuant to its efforts to sell such REO Property, the Servicer
shall either itself or through an agent selected by the Servicer protect and
conserve such REO Property in the same manner and to such extent as is customary
in the locality where such REO Property is located and may, incident to its
conservation and protection of the interests of the Owners, rent the same, or
any part thereof, as the Servicer deems to be in the best interest of the Owners
for the period prior to the sale of such REO Property.
The Servicer shall take into account the existence of any hazardous
substances, hazardous wastes or solid wastes, as such terms are defined in the
Comprehensive Environmental Response Compensation and Liability Act, the
Resource Conservation and Recovery Act of 1976, or other federal, state or local
environmental legislation, on a Property in determining whether to foreclose
upon or otherwise comparably convert the ownership of such Property. To the
extent that the Servicer has actual knowledge of any such substance or waste, it
shall consult with the Certificate Insurer and the Trustee regarding the
appropriate course of action. Except with the prior written consent of the
Certificate Insurer, the Servicer shall not institute foreclosure actions with
respect to a property containing substance or waste as described above if it
reasonably believes that such action would not be consistent with its servicing
standards, and in no event shall the Servicer manage, operate or take any other
action with respect thereto which the Servicer in good faith believes will
result in "clean-up" or other liability under applicable law. The net income
from the rental
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or sale of a REO property shall be deposited in the Principal and Interest
Account within two (2) Business Days after receipt thereof by the Servicer.
(b) The Servicer shall determine, with respect to each defaulted Mortgage
Loan, when it has recovered, whether through trustee's sale, foreclosure sale or
otherwise, all amounts it expects to recover from or on account of such
defaulted Mortgage Loan, whereupon such Mortgage Loan shall become a "Liquidated
Loan".
Section 8.14. Trustee to Cooperate; Release of Files.
(a) Upon the payment in full of any Mortgage Loan (including the
repurchase of any Mortgage Loan or any liquidation of such Mortgage Loan through
foreclosure or otherwise), or the receipt by the Servicer of a notification that
payment in full will be escrowed in a manner customary for such purposes, the
Servicer shall deliver to the Trustee a Servicer's Trust Receipt. Upon receipt
of such Servicer's Trust Receipt, the Trustee shall promptly release the related
File, in trust to (i) the Servicer, (ii) an escrow agent or (iii) any employee,
agent or attorney of the Trustee, in each case pending its release by the
Servicer, such escrow agent or such employee, agent or attorney of the Trustee,
as the case may be. Upon any such payment in full, or the receipt of such
notification that such funds have been placed in escrow, the Servicer is
authorized to give, as attorney-in-fact for the Trustee and the mortgagee under
the Mortgage which secured the Note, an instrument of satisfaction (or
assignment of Mortgage without recourse) regarding the Property relating to such
Mortgage, which instrument of satisfaction or assignment, as the case may be,
shall be delivered to the Person or Persons entitled thereto against receipt
therefor of payment in full. No expense incurred in connection with such
instrument of satisfaction or assignment, as the case may be, shall be
chargeable to the Principal and Interest Account. In lieu of executing any such
satisfaction or assignment, as the case may be, the Servicer may prepare and
submit to the Trustee, a satisfaction (or assignment without recourse, if
requested by the Person or Persons entitled thereto) in form for execution by
the Trustee with all requisite information completed by the Servicer; in such
event, the Trustee shall execute and acknowledge such satisfaction or
assignment, as the case may be, and deliver the same with the related File, as
aforesaid. In connection with a foreclosure, the Servicer may prepare and submit
to the Trustee an assignment of mortgage to the Servicer, in form for execution
by the Trustee with all requisite information completed by the Servicer; in such
event, the Trustee shall execute and acknowledge such assignment, and deliver
the same with the related File to the Servicer.
(b) From time to time and as appropriate in the servicing of any Mortgage
Loan, including, without limitation, foreclosure or other comparable conversion
of a Mortgage Loan or collection under any applicable Insurance Policy, the
Trustee shall (except in the case of the payment or liquidation pursuant to
which the related File is released to an escrow agent or an employee, agent or
attorney of the Trustee), upon request of the Servicer and delivery to the
Trustee of a Servicer's Trust Receipt, release the related File to the Servicer
and shall execute such documents as shall be reasonably necessary to the
prosecution of any such proceedings, including, without limitation, an
assignment without recourse of the related Mortgage to the Servicer; provided
that there shall not, without the prior written
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consent of the Certificate Insurer, be released and unreturned at any one time
more than 10% of the entire number of Files then on deposit with the Trustee.
Such receipt by the Servicer shall obligate the Servicer to return the File to
the Trustee when the need therefor by the Servicer no longer exists unless the
Mortgage Loan shall be liquidated, in which case, upon receipt of the
liquidation information, in physical or electronic form, the Servicer's Trust
Receipt shall be released by the Trustee to the Servicer.
(c) In all cases where the Servicer determines that it is necessary for
the Trustee to sign any document or to authorize the release of a File within a
limited period of time, the Servicer shall notify an Authorized Officer of the
Trustee by telephone or facsimile transmission of such need and the Trustee
shall thereupon use its best efforts to comply with the Servicer's needs, but in
any event will comply within two Business Days of such request with respect to
the release of a File or the execution of a release or assignment provided such
request shall be received by 12:00 noon on the second Business Day prior to such
release, execution or assignment.
Section 8.15. Servicing Compensation. As compensation for its activities
hereunder, the Servicer shall be entitled to retain the amount of the Servicing
Fee from the interest collections with respect to each Mortgage Loan. Additional
servicing compensation in the form of prepayment charges, release fees, bad
check charges, assumption fees, late payment charges, or any other
servicing-related fees, Net Liquidation Proceeds not required to be deposited in
the Principal and Interest Account pursuant to Section 8.8(c), and similar items
may, to the extent collected from Mortgagors, be retained by the Servicer.
The Servicer may not sell, pledge or transfer its right to the Servicing
Fee or any servicing compensation, under this Agreement (in whole or in part),
except to a successor servicer hereunder, without the consent of the Certificate
Insurer. Any pledge of the Servicing Fee hereunder shall be expressly
subordinate to the rights of the Trustee under this Agreement.
Section 8.16. Annual Statement as to Compliance. The Servicer, at its own
expense, will deliver to the Trustee, Certificate Insurer, S&P and Moody's, on
or before the last day of April of each year, commencing in 1998, an Officer's
Certificate stating, as to each signer thereof, that (i) a review of the
activities of each of the Servicer and the Sub-Servicer during such preceding
calendar year and of performance under this Agreement has been made under such
officers' supervision, and (ii) to the best of such officers' knowledge, based
on such review, each of the Servicer and the Sub-Servicer has fulfilled all its
obligations under this Agreement for such year, or, if there has been a default
in the fulfillment of all such obligations, specifying each such default known
to such officers and the nature and status thereof including the steps being
taken by the Servicer or the Sub-Servicer as applicable, to remedy such
defaults. Any Sub-Servicer which is not a Servicer Affiliate shall also deliver
an annual statement as to compliance in the form described above or the Servicer
shall cover such Sub-Servicer's performance in its own statement. These
statements shall be available to Owners upon written request.
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Section 8.17. Annual Independent Certified Public Accountants' Reports;
Annual Financial Statements of the Sub-Servicer.
(a) On or before the last day of April of each year, commencing in 1998,
the Sub-Servicer, at its own expense, shall cause to be delivered to the
Trustee, the Certificate Insurer, S&P and Moody's a letter or letters of a firm
of independent, nationally recognized certified public accountants reasonably
acceptable to the Certificate Insurer stating that such firm has, with respect
to the Sub-Servicer's overall servicing operations (i) performed applicable
tests in accordance with the compliance testing procedures as set forth in
Appendix 3 of the Audit Guide for Audits of HUD Approved Nonsupervised
Mortgagees or (ii) examined such operations in accordance with the requirements
of the Uniform Single Audit Program for Mortgage Bankers, and in either case
stating such firm's conclusions relating thereto.
(b) The Servicer shall furnish or caused to be furnished to the Trustee as
soon as available, and in any event within 90 days after the close of each
fiscal year of the Servicer, the audited balance sheet of the Servicer and the
audited profit and loss statement and statement of cash flows of the Servicer
for such year, all in reasonable detail and stating in comparative form the
respective figures for the corresponding date and period in the preceding year,
prepared in accordance with generally accepted accounting principles,
consistently applied, and accompanied by the certificate of the Servicer's
independent accountants (who shall be a nationally recognized firm).
(c) The Trustee shall have no duty or obligation with respect to the
information provided pursuant to this Section 8.17.
Section 8.18. Access to Certain Documentation and Information Regarding the
Mortgage Loans. The Servicer shall provide to the Trustee, the Certificate
Insurer and the supervisory agents and examiners of each of the foregoing access
to the documentation regarding the Mortgage Loans required by applicable state
and federal regulations, such access being afforded without charge but only upon
reasonable request and during normal business hours at the offices of the
Servicer designated by it.
Upon any change in the format of the computer diskette or other form of
report maintained by the Servicer in respect of the Mortgage Loans, the Servicer
shall deliver a copy of such new format to the Trustee.
Section 8.19. Assignment of Agreement. The Servicer may not assign its
obligations under this Agreement, in whole or in part, unless it shall have
first obtained the written consent of the Trustee and Certificate Insurer, which
such consent shall not be unreasonably withheld; provided, however, that any
assignee must meet the eligibility requirements set forth in Section 8.20(g)
hereof for a successor servicer. Notice of any such assignment shall be given by
the Servicer to the Trustee, the Certificate Insurer and Moody's.
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Section 8.20. Removal of Servicer; Resignation of Servicer.
(a) The Certificate Insurer (or, with the consent of the Certificate
Insurer, the Majority Owners) may remove the Servicer upon the occurrence of any
of the following events (each, an "Event of Default"); provided in the event of
an Event of Default pursuant to clauses (ix), (x) or (xi) below, the Certificate
Insurer may consider whether such Event of Default is related to the Servicer's
performance, the credit quality of the Mortgage Loans or economic conditions
beyond the control of the Servicer:
(i) The Servicer shall (A) apply for or consent to the
appointment of a receiver, trustee, liquidator or custodian
or similar entity with respect to itself or its property,
(B) admit in writing its inability to pay its debts
generally as they become due, (C) make a general assignment
for the benefit of creditors, (D) be adjudicated a bankrupt
or insolvent, (E) commence a voluntary case under the
federal bankruptcy laws of the United States of America or
file a voluntary petition or answer seeking reorganization,
an arrangement with creditors or an order for relief or
seeking to take advantage of any insolvency law or file an
answer admitting the material allegations of a petition
filed against it in any bankruptcy, reorganization or
insolvency proceeding or (F) cause corporate action to be
taken by it for the purpose of effecting any of the
foregoing; or
(ii) If without the application, approval or consent of the
Servicer, a proceeding shall be instituted in any court of
competent jurisdiction, under any law relating to
bankruptcy, insolvency, reorganization or relief of debtors,
seeking in respect of the Servicer an order for relief or an
adjudication in bankruptcy, reorganization, dissolution,
winding up, liquidation, a composition or arrangement with
creditors, a readjustment of debts, the appointment of a
trustee, receiver, conservator, liquidator or custodian or
similar entity with respect to the Servicer or of all or any
substantial part of its assets, or other like relief in
respect thereof under any bankruptcy or insolvency law, and,
if such proceeding is being contested by the Servicer in
good faith, the same shall (A) result in the entry of an
order for relief or any such adjudication or appointment or
(B) continue undismissed or pending and unstayed for any
period of thirty (30) consecutive days; or
(iii) The Servicer shall fail to perform any one or more of its
obligations hereunder (other than its obligations referenced
in clauses (vi) and (vii) below) and shall continue in
default thereof for a period of thirty (30) days after the
earlier to occur of (x) the date on which an Authorized
Officer of the Servicer knows or reasonably should know of
such failure or (y) receipt by the Servicer of a written
notice from
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the Trustee, any Owner, the Sponsor or the Certificate
Insurer of said failure; or
(iv) The Servicer shall fail to cure any breach of any of its
representations and warranties set forth in Section 3.2
which materially and adversely affects the interests of the
Owners or Certificate Insurer for a period of thirty (30)
days after the earlier of (x) the date on which an
Authorized Officer of the Servicer knows or reasonably
should know of such breach or (y) receipt by the Servicer of
a written notice from the Trustee, any Owner, the Sponsor or
the Certificate Insurer of such breach; or
(v) If the Certificate Insurer pays out any money under the
Certificate Insurance Policy, or if the Certificate Insurer
otherwise funds any shortfall with its own money, because
the amounts available to the Trustee (other than from the
Certificate Insurer) are insufficient to make required
distributions on the Class A Certificates; or
(vi) The failure by the Servicer to make any required Servicing
Advance for a period of 30 days following the earlier of (x)
the date on which an Authorized Officer of the Servicer
knows or reasonably should know of such failure or (y)
receipt by the Servicer of a written notice from the
Trustee, any Owner, the Sponsor or the Certificate Insurer
of such failure; or
(vii) The failure by the Servicer to make any required Delinquency
Advance, to pay any Compensating Interest or to pay over any
Monthly Remittance Amount or other amounts required to be
remitted by the Servicer pursuant to this Agreement; or
(viii) If on any Payment Date the net worth of the Servicer is less
than $10,000,000, as determined in accordance with generally
accepted accounting principals; or
(ix) If (a) on any Payment Date occurring before March 1, 1998,
the Rolling Three Month Delinquency Rate exceeds 6.0%, (b)
on any Payment Date on or after March 1, 1998 and before
March 1, 1999, the Rolling Three Month Delinquency Rate
exceeds 7.0%, (c) on any Payment Date on or after March 1,
1999 and before March 1, 2000, the Rolling Three Month
Delinquency Rate exceeds 8.5%, (d) on any Payment Date on or
after March 1, 2000 and before March 1, 2001, the Rolling
Three Month Delinquency Rate exceeds 10.0%, or (e) on any
Payment Date on or after March 1, 2001, the Rolling Three
Month Delinquency Rate exceeds 12.0%; or
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(x) If (a) on the Payment Date occurring in March, 1998, the
aggregate Cumulative Loss Amounts over the prior twelve
month period exceed 0.50% of the average Aggregate Loan
Balance as of the close of business on the last day of each
of the twelve preceding Remittance Periods, (b) on the
Payment Date occurring in March, 1999, the aggregate
Cumulative Loss Amounts exceed 0.75% of the average
Aggregate Loan Balance as of the close of business on the
last day of each of the twelve preceding Remittance Periods,
(c) on the Payment Date occurring in March, 2000, the
aggregate Cumulative Loss Amounts exceed 1.50% of the
average Aggregate Loan Balance as of the close of business
on the last day of each of the twelve preceding Remittance
Periods, (d) on the Payment Date occurring in March, 2001,
the aggregate Cumulative Loss Amounts exceed 2.00% of the
average Aggregate Loan Balance as of the close of business
on the last day of each of the twelve preceding Remittance
Periods, or (e) on the Payment Date occurring in March,
2002, the aggregate Cumulative Loss Amounts exceed 1.50% of
the average Aggregate Loan Balance as of the close of
business on the last day of each of the twelve preceding
Remittance Periods; or
(xi) If (a) on any Payment Date occurring before March 1, 1998,
the Cumulative Loss Amount exceeds 0.50% of the Original
Aggregate Loan Balance, (b) on any Payment Date on or after
March 1, 1998 and before March 1, 1999, the Cumulative Loss
Amount exceeds 1.00% of the Original Aggregate Loan Balance,
(c) on any Payment Date on or after March 1, 1999 and before
March 1, 2000, the Cumulative Loss Amount exceeds 2.50% of
the Original Aggregate Loan Balance, (d) on any Payment Date
on or after March 1, 2000 and before March 1, 2001, the
Cumulative Loss Amount exceeds 4.00% of the Original
Aggregate Loan Balance, or (e) on any Payment Date on or
after March 1, 2001, the Cumulative Loss Amount exceeds 5.00
% of the Original Aggregate Loan Balance; or
(xii) The Certificate Insurer determines that the performance of
the Servicer (or any Sub-Servicer) is not in compliance with
the Servicing Standards, which non-compliance is reasonably
likely to have a material adverse effect on the servicing of
the Mortgage Loans; or
(xiii) The Servicer shall enter into any merger, consolidation or
other corporate transaction pursuant to which (x) the
Servicer is not the surviving entity, (y) the long-term
unsecured debt rating of the surviving entity is below
investment grade or (z) the Certificate Insurer determines
that the servicing capabilities of such surviving
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entity as successor Servicer could materially adversely
affect the servicing of the Mortgage Loans;
provided, however, that (A) prior to any removal of the Servicer pursuant to
clauses (iii) and (iv), the Certificate Insurer, in its sole discretion, may
extend the 30-day cure period upon the Servicer's prompt and diligent pursuit of
such cure, (B) prior to any removal of the Servicer pursuant to clauses (iii),
(iv) and (vi) of this Section 8.20(a), any applicable grace period granted by
any such clause shall have expired prior to the time such occurrence shall have
been remedied and (C) in the event of the refusal or inability of the Servicer
to comply with its obligations described in clause (vii) above, such removal
shall be effective (without the requirement of any action on the part of the
Sponsor the Certificate Insurer or of the Trustee) at 4 p.m. New York City time
on the second Business Day following the day on which the Trustee or the
Certificate Insurer notifies an Authorized Officer of the Servicer that a
required amount described in clause (vii) above has not been received by the
Trustee, unless the required amount described in clause (vii) above is paid by
the Servicer prior to such time. Upon the Trustee's obtaining actual knowledge
that a required amount described in clause (vii) above has not been made by the
Servicer, the Trustee shall so notify an Authorized Officer of the Servicer, the
Certificate Insurer and each of Moody's and S&P as soon as is reasonably
practical.
(b) The Servicer shall not resign from the obligations and duties hereby
imposed on it, except upon determination that its duties hereunder are no longer
permissible under applicable law or are in material conflict by reason of
applicable law with any other activities carried on by it, the other activities
of the Servicer so causing such a conflict being of a type and nature carried on
by the Servicer at the date of this Agreement. Any such determination permitting
the resignation of the Servicer shall be evidenced by an opinion of counsel to
such effect which shall be delivered to the Trustee, the Sponsor and the
Certificate Insurer.
(c) No removal or resignation of the Servicer shall become effective until
the Trustee or a successor servicer shall have assumed the Servicer's
responsibilities and obligations in accordance with this Section.
(d) Upon removal or resignation of the Servicer, the Servicer also shall
promptly deliver or cause to be delivered to a successor servicer or the Trustee
all the books and records (including, without limitation, records kept in
electronic form) that the Servicer has maintained for the Mortgage Loans,
including all tax bills, assessment notices, insurance premium notices and all
other documents as well as all original documents then in the Servicer's
possession.
(e) Any collections received by the Servicer after removal or resignation
shall be endorsed by it to the Trustee and remitted directly and immediately to
the Trustee or the successor Servicer.
(f) Upon removal or resignation of the Servicer, the Trustee shall act as
the successor Servicer. If, at the time the Servicer is removed or resigns, the
Trustee is unable
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to act as successor Servicer, then the Trustee (x) may solicit bids for a
successor Servicer as described below, and (y) pending the appointment of a
successor Servicer as a result of soliciting such bids, shall serve as Servicer.
The Trustee shall, if it is unable to obtain a qualifying bid and is prevented
by law from acting as Servicer, appoint, or petition a court of competent
jurisdiction to appoint, any housing and home finance institution, bank or
mortgage servicing institution which is acceptable to the Certificate Insurer
and is experienced in servicing loans of a type similar to the Mortgage Loans
and has equity of not less than $10,000,000, as determined in accordance with
generally accepted accounting principles, and acceptable to the Certificate
Insurer as the successor to the Servicer hereunder in the assumption of all or
any part of the responsibilities, duties or liabilities of the Servicer
hereunder.
The compensation of any successor servicer (including, without limitation,
the Trustee) so appointed shall be the aggregate Servicing Fees, together with
the other servicing compensation in the form of assumption fees, late payment
charges or otherwise as provided in Section 8.15.
(g) In the event the Trustee solicits bids as provided above, the Trustee
shall solicit, by public announcement, bids from housing and home finance
institutions, banks and mortgage servicing institutions meeting the
qualifications set forth above. Such public announcement shall specify that the
successor Servicer shall be entitled to the full amount of the aggregate
Servicing Fees as servicing compensation, together with the other servicing
compensation in the form of assumption fees, late payment charges or otherwise
as provided in Section 8.15. Within thirty days after any such public
announcement, the Trustee shall, with the consent of the Certificate Insurer,
negotiate and effect the sale, transfer and assignment of the servicing rights
and responsibilities hereunder to the qualified party submitting the highest
satisfactory bid. The Trustee shall deduct from any sum received by the Trustee
from the successor to the Servicer in respect of such sale, transfer and
assignment all costs and expenses of any public announcement and of any sale,
transfer and assignment of the servicing rights and responsibilities hereunder.
After such deductions, the remainder of such sum shall be paid by the Trustee to
the Servicer at the time of such sale, transfer and assignment to the Servicer's
successor.
(h) The Trustee and such successor shall take such action, consistent with
this Agreement, as shall be necessary to effectuate any such succession, and the
Servicer shall bear all the costs of transferring all files and records related
to the Mortgage Loans and other reasonable costs necessary to effect such
succession. The Servicer agrees to cooperate with the Trustee and any successor
Servicer in effecting the termination of the Servicer's servicing
responsibilities and rights hereunder and shall promptly provide the Trustee or
such successor Servicer, as applicable, all documents and records reasonably
requested by it to enable it to assume the Servicer's functions hereunder and
shall promptly also transfer to the Trustee or such successor Servicer, as
applicable, all amounts which then have been or should have been deposited in
the Principal and Interest Account by the Servicer or which are thereafter
received with respect to the Mortgage Loans. Neither the Trustee nor any other
successor Servicer shall be held liable by reason of any failure to make, or any
delay in
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making, any distribution hereunder or any portion thereof caused by (i) the
failure of the Servicer to deliver, or any delay in delivering, cash, documents
or records to it, or (ii) restrictions imposed by any regulatory authority
having jurisdiction over the Servicer.
(i) The Trustee or any other successor Servicer, upon assuming the duties
of Servicer hereunder, shall immediately make all Delinquency Advances and pay
all Compensating Interest which the Servicer has theretofore failed to remit
with respect to the Mortgage Loans; provided, however, that if the Trustee is
acting as successor Servicer, the Trustee shall only be required to make
Delinquency Advances (including the Delinquency Advances described in this
clause (j)) if, in the Trustee's reasonable good faith judgment, such
Delinquency Advances will ultimately be recoverable from the related Mortgage
Loans.
(j) The Servicer which is being removed or is resigning shall give notice
to the Mortgagors and to each of Moody's and S&P of the transfer of the
servicing to the successor.
(k) Any successor Servicer shall assume all rights and obligations of the
predecessor Servicer under this Agreement, except those arising before
succession (other than the obligation to make Delinquency Advances) and under
Section 3.
(l) If the Servicer is removed pursuant to Section 8.20(a) hereof the
Servicer shall remain entitled to reimbursement for Reimbursable Advances to the
extent that the related amounts are thereafter recovered with respect to the
related Mortgage Loans.
Section 8.21. Inspections by Certificate Insurer; Errors and Omissions
Insurance.
(a) At any reasonable time and from time to time upon reasonable notice,
the Certificate Insurer, the Trustee, or any agents or representatives thereof
may inspect the Servicer's servicing operations and discuss the servicing
operations of the Servicer with any of its officers or directors. The costs and
expenses incurred by the Servicer or its agents or representatives in connection
with any such examinations or discussions shall be paid by the Servicer.
(b) The Servicer agrees to maintain (and to cause each Sub-Servicer to
maintain) errors and omissions coverage and a fidelity bond, each at least to
the extent generally maintained by prudent mortgage loan servicers having
servicing portfolios of a similar size.
Section 8.22. Merger, Conversion, Consolidation or Succession to Business
of Servicer. Any corporation into which the Servicer may be merged or converted
or with which it may be consolidated, or any corporation resulting from any
merger, conversion or consolidation to which the Servicer shall be a party, or
any corporation succeeding to all or substantially all of the business of the
Servicer, shall be the successor of the Servicer hereunder, without the
execution or filing of any paper or any further act on the part of any of the
parties hereto, provided (x) that such corporation meets the qualifications set
forth in Section 8.20(f) and (y) that any successor Servicer must meet the
qualifications set forth in Section 8.20(f).
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Section 8.23. Financial Statements. The Servicer understands that, in
connection with the transfer of the Certificates, Owners may request that the
Servicer make available to prospective Owners any quarterly unaudited financial
statement of the Servicer for the then-current fiscal year and annual audited
financial statements of the Servicer for one or more of the most recently
completed five fiscal years for which such statements are available, which
request shall not be unreasonably denied. Such financial statements shall also
be supplied to the Certificate Insurer and each of Moody's and S&P.
The Servicer also agrees to make available on a reasonable basis to the
Sponsor, the Trustee, the Certificate Insurer, any Owner or any prospective
Owner a knowledgeable financial or accounting officer for the purpose of
answering reasonable questions respecting recent developments affecting the
Servicer or Sub-Servicer or the financial statements of the Servicer or
Sub-Servicer and to permit the Sponsor, the Trustee, the Certificate Insurer,
any Owner or any prospective Owner to inspect the Sub-Servicer's servicing
facilities during normal business hours for the purpose of satisfying the
Sponsor, the Trustee, the Certificate Insurer, any Owner or such prospective
Owner that the Servicer has the ability to service the Mortgage Loans in
accordance with this Agreement.
Section 8.24. REMIC. The Servicer covenants and agrees for the benefit of
the Owners (i) to take no action which would result in the termination of REMIC
status for the Upper-Tier REMIC or the Lower-Tier REMIC, (ii) not to engage in
any "prohibited transaction", as such term is defined in Section 860F(a)(2) of
the Code and (iii) not to engage in any other action which may result in the
imposition of any other taxes under the Code.
Section 8.25. The Designated Depository Institution. The Servicer shall
give the Sponsor, the Trustee and the Certificate Insurer (a) at least thirty
days' prior written notice of any anticipated change of the Designated
Depository Institution at which any Account is maintained and (b) written notice
of any change in the ratings of such Designated Depository Institution of which
the Servicer is aware, within two Business Days after discovery.
Section 8.26. Appointment of Custodian. If the Servicer in good faith
determines that the Trustee is unable to deliver Files to the Servicer as
required pursuant to Section 8.14 hereof, the Servicer shall so notify the
Sponsor, the Certificate Insurer, S&P, Moody's and the Trustee, and make request
that a custodian acceptable to the Servicer and the Certificate Insurer be
appointed to retain custody of the Files on behalf of the Trustee. The Trustee
and the Sponsor agree to co-operate reasonably with the Servicer in connection
with the appointment of such custodian.
Section 8.27. Indemnification by the Sponsor and Servicer. The Sponsor and
Servicer each jointly and severally agrees to indemnify and hold the Trust,
harmless against any and all claims, losses, penalties, fines, forfeitures,
legal fees and related costs, judgments and any other costs, fees and expenses
that the Trust may sustain in any way related to (i) the breach of any
representation or warranty made by the Sponsor or the Servicer under this
Agreement or the Master Transfer Agreement or (ii) the failure of the Sponsor or
the Servicer
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to perform their respective duties in compliance with the terms of this
Agreement or the Master Transfer Agreement. The provisions of this section shall
survive the termination of this Agreement and the payment of the outstanding
Certificates.
ARTICLE IX
TERMINATION OF TRUST
Section 9.1. Termination of Trust. The Trust created hereunder and all
obligations created by this Agreement will terminate upon the earlier of (i) the
payment to the Owners of all Certificates from amounts other than those
available under the Certificate Insurance Policy of all amounts held by the
Trustee and required to be paid to such Owners pursuant to this Agreement upon
the later to occur of (a) the final payment or other liquidation (or any advance
made with respect thereto) of the last Mortgage Loan in the Trust Estate or (b)
the disposition of all property acquired in respect of any Mortgage Loan
remaining in the Trust Estate, (ii) at any time when a Qualified Liquidation of
the Upper-Tier REMIC or the Lower-Tier REMIC is effected as described below or
(iii) as described in Section 9.2, 9.3 and 9.4 hereof. To effect a termination
of this Agreement pursuant to clause (ii) above, the Owners of all Certificates
then Outstanding shall (x) unanimously direct the Trustee on behalf of the Trust
to adopt a plan of complete liquidation for the Upper-Tier REMIC or the Lower-
Tier REMIC, as contemplated by Section 860F(a)(4) of the Code and (y) provide to
the Trustee an opinion of counsel experienced in federal income tax matters to
the effect that such liquidation constitutes a Qualified Liquidation, and the
Trustee either shall sell the Mortgage Loans and distribute the proceeds of the
liquidation of the Trust Estate, or shall distribute equitably in kind all of
the assets of the Trust Estate to the remaining Owners of the Certificates based
on their interests in the Trust, each in accordance with such plan, so that the
liquidation or distribution of the Trust Estate, the distribution of any
proceeds of the liquidation and the termination of this Agreement occur no later
than the close of the 90th day after the date of adoption of the plan of
liquidation and such liquidation qualifies as a Qualified Liquidation. In no
event, however, will the Trust created by this Agreement continue beyond the
expiration of twenty-one (21) years from the death of the last survivor of the
descendants of Joseph P. Kennedy, the late Ambassador of the United States to
the United Kingdom, living on the date hereof. The Trustee shall give written
notice of termination of the Agreement to each Owner in the manner set forth in
Section 11.5.
Section 9.2. Termination Upon Option of Class RL Certificate Owners and
Servicer.
(a) On any Remittance Date on or after the Remittance Date on which the
then-outstanding Aggregate Loan Balance of the Mortgage Loans in the Trust
Estate is less than or equal to ten percent of the sum of the Aggregate Loan
Balance of all Mortgage Loans in the Trust Estate as of the Cut-Off Date, the
Owners of the Class RL Certificates and the Servicer, acting directly or through
one or more affiliates, may determine to purchase and
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may cause the purchase from the Trust of all (but not fewer than all) Mortgage
Loans in the Trust Estate and all property theretofore acquired in respect of
any such Mortgage Loan by foreclosure, deed in lieu of foreclosure, or otherwise
then remaining in the Trust Estate at a price equal to the sum of (w) the
greater of (i) 100% of the Aggregate Loan Balance of the related Mortgage Loans
and related accrued interest as of the day of purchase minus the amount actually
remitted by the Servicer representing the related Monthly Remittance Amount on
such Remittance Date for the related Remittance Period and (ii) the fair market
value of such Mortgage Loans (disregarding accrued interest), (x) the amount of
any difference between the Monthly Remittance Amount actually remitted by the
Servicer on such Remittance Date and the Monthly Remittance Amount due on such
Remittance Date and (y) the Reimbursement Amount, if any, as of such Remittance
Date (such amount, the "Termination Price"). The right of the Owners of the
Class RL Certificates so to exercise such optional purchase right is superior to
such right of the Servicer. The Servicer may only exercise such optional right
if the Owners of the Class RL Certificates decline to do so. In connection with
such purchase, the Servicer shall remit to the Trustee all amounts then on
deposit in the Principal and Interest Account for deposit to the Certificate
Account, which deposit shall be deemed to have occurred immediately preceding
such purchase.
(b) In connection with any such purchase, the Servicer shall provide to
the Trustee and the Certificate Insurer an opinion of counsel, at the expense of
the Servicer, experienced in federal income tax matters to the effect that such
purchase constitutes a Qualified Liquidation of the Upper-Tier REMIC and the
Lower-Tier REMIC.
(c) Promptly following any such purchase, the Trustee will release the
Files to the Servicer, or otherwise upon their order, in a manner similar to
that described in Section 8.14 hereof.
(d) If the Servicer does not exercise its option pursuant to this Section
9.2 with respect to the Trust Estate, then the Certificate Insurer may do so on
the same terms.
Section 9.3. Termination Upon Loss of REMIC Status.
(a) Following a final determination by the Internal Revenue Service, or by
a court of competent jurisdiction, in either case from which no appeal is taken
within the permitted time for such appeal, or if any appeal is taken, following
a final determination of such appeal from which no further appeal can be taken,
to the effect that either the Upper-Tier REMIC or the Lower-Tier REMIC does not
and will no longer qualify as a "REMIC" pursuant to Section 860D of the Code
(the "Final Determination"), on any Remittance Date on or after the date which
is 30 calendar days following such Final Determination, (i) the Owners of a
majority in Percentage Interest represented by the Class A Certificates then
Outstanding may direct the Trustee to adopt a plan of complete liquidation with
respect to the Trust Estate and (ii) the Certificate Insurer may notify the
Trustee of the Certificate Insurer's determination to purchase from the Trust
all (but not fewer than all) Mortgage Loans in the Trust Estate and all property
theretofore acquired by foreclosure, deed in lieu of foreclosure, or otherwise
in respect of any Mortgage Loan then remaining in the Trust Estate at a price
equal to the
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Termination Price. In connection with such purchase, the Servicer shall remit to
the Trustee all amounts then on deposit in the Principal and Interest Account
for deposit in the Certificate Account, which deposit shall be deemed to have
occurred immediately preceding such purchase.
(b) Upon receipt of such direction from the Owners of such Class A
Certificates or such notice from the Certificate Insurer, the Trustee shall
notify the holders of the Class RL Certificates of such election to liquidate or
such determination to purchase, as the case may be, (the "Termination Notice").
The Owners of a majority of the Percentage Interest of the Class RL Certificates
then Outstanding may, on any Remittance Date, within 60 days from the date of
receipt of the Termination Notice (the "Purchase Option Period"), at their
option, purchase from the Trust all (but not fewer than all) Mortgage Loans in
the Trust Estate, and all property theretofore acquired by foreclosure, deed in
lieu of foreclosure, or otherwise in respect of any Mortgage Loan then remaining
in the Trust Estate at a purchase price equal to the Termination Price.
(c) If, during the Purchase Option Period, the Owners of the Class RL
Certificates have not exercised the option described in the immediately
preceding paragraph, then upon the expiration of the Purchase Option Period (i)
in the event that the Owners of the Class A Certificates have given the Trustee
the direction described in clause (a)(i) above, the Trustee shall sell the
Mortgage Loans and distribute the proceeds of the liquidation of the Trust
Estate, such that, if so directed, the liquidation of the Trust Estate and the
distribution of the proceeds of such liquidation occur no later than the close
of the 60th day, or such later day as the Owners of the Class A Certificates
shall permit or direct in writing, after the expiration of the Purchase Option
Period and (ii) in the event that the Certificate Insurer has given the Trustee
notice of the Certificate Insurer's determination to purchase the Mortgage Loans
in the Trust Estate described in clause (a)(ii) preceding, the Certificate
Insurer shall, on any Remittance Date within 60 days after such notice, purchase
all (but not fewer than all) Mortgage Loans in the Trust Estate, and all
property theretofore acquired by foreclosure, deed in lieu of foreclosure or
otherwise in respect of any Mortgage Loan then remaining in the Trust Estate. In
connection with such purchase, the Servicer shall remit to the Trustee all
amounts then on deposit in the Principal and Interest Account for deposit to the
Certificate Account, which deposit shall be deemed to have occurred immediately
preceding such purchase.
(d) Following a Final Determination, the Owners of a majority of the
Percentage Interest of the Class RL Certificates then Outstanding may, at their
option on any Remittance Date and upon delivery to the Owners of the Class A
Certificates and the Certificate Insurer of an opinion of counsel experienced in
federal income tax matters selected by the Owners of such Class RL Certificates
which opinion shall be reasonably satisfactory in form and substance to a
majority of the Percentage Interests represented by the Class A Certificates
then Outstanding and the Certificate Insurer, to the effect that the effect of
the Final Deter mination is to increase substantially the probability that the
gross income of the Trust will be subject to federal taxation, purchase from the
Trust all (but not fewer than all) Mortgage Loans in the Trust Estate, and all
property theretofore acquired by foreclosure, deed in lieu
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of foreclosure, or otherwise in respect of any Mortgage Loan then remaining in
the Trust Estate at a purchase price equal to the Termination Price. In
connection with such purchase, the Servicer shall remit to the Trustee all
amounts then on deposit in the Principal and Interest Account for deposit to the
Certificate Account, which deposit shall be deemed to have occurred immediately
preceding such purchase. The foregoing opinion shall be deemed satisfactory
unless the Owners of a majority of the Percentage Interest represented by the
Class A Certificates then Outstanding or the Certificate Insurer give the Owners
of a majority of the Percentage Interest of the Class RL Certificates notice
that such opinion is not satisfactory within thirty days after receipt of such
opinion.
Section 9.4. Disposition of Proceeds. The Trustee shall, upon receipt
thereof, deposit the proceeds of any liquidation of the Trust Estate pursuant to
this Article IX to the Certificate Account; provided, however, that any amounts
representing Servicing Fees, unreimbursed Delinquency Advances or unreimbursed
Servicing Advances theretofore funded by the Servicer from the Servicer's own
funds shall be paid by the Trustee to the Servicer from such proceeds.
Section 9.5. Netting of Amounts. If any Person paying the Termination
Price would receive a portion of the amount so paid, such Person may net any
such amount against the Termination Price otherwise payable.
ARTICLE X
THE TRUSTEE
Section 10.1 Certain Duties and Responsibilities.
(a) The Trustee (i) except during the continuance of an Event of Default,
undertakes to perform such duties and only such duties as are specifically set
forth in this Agreement, and no implied covenants or obligations shall be read
into this Agreement against the Trustee and (ii) in the absence of bad faith on
its part, may conclusively rely, as to the truth of the statements and the
correctness of the opinions expressed therein, upon certificates or opinions
furnished pursuant to and conforming to the requirements of this Agreement; but
in the case of any such certificates or opinions which by any provision hereof
are specifically required to be furnished to the Trustee, shall be under a duty
to examine the same to determine whether or not they conform to the requirements
of this Agreement.
During the continuance of an Event of Default, the Trustee shall exercise
such of the rights and powers vested in it by this Agreement, and use the same
degree of care and skill in their exercise as a prudent person would exercise or
use under the circumstances with respect to such person's property or affairs.
(b) Notwithstanding the appointment of the Servicer hereunder, the Trustee
is hereby empowered, but prior to the Trustee assuming the duties of the
Servicer pursuant to
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Section 8.20, shall not be obligated or otherwise responsible to perform the
duties of the Servicer. Specifically, and not in limitation of the foregoing,
the Trustee shall have the power (but not the obligation if prior to the Trustee
assuming the duties of the Servicer pursuant to Section 8.20):
(i) to collect Mortgagor payments;
(ii) to foreclose on defaulted Mortgage Loans;
(iii) to enforce due-on-sale clauses and to enter into assumption
and substitution agreements as permitted by Section 8.12
hereof;
(iv) to deliver instruments of satisfaction pursuant to Section
8.14 hereof;
(v) to make Delinquency Advances and Servicing Advances and to
pay Compensating Interest, all as provided in this
Agreement; and
(vi) to enforce the Mortgage Loans.
(c) No provision of this Agreement shall be construed to relieve the
Trustee from liability for its own negligent action, its own negligent failure
to act or its own willful misconduct, except that:
(i) this subsection shall not be construed to limit the effect
of subsection (a) of this Section;
(ii) the Trustee shall not be liable for any error of judgment
made in good faith by an Authorized Officer, unless it shall
be proved that the Trustee was negligent in ascertaining the
pertinent facts; and
(iii) the Trustee shall not be liable with respect to any action
taken, suffered or omitted to be taken by it in good faith
in accordance with the direction of the Sponsor, the
Certificate Insurer or, with the Certificate Insurer's
consent, of the Owners of a majority in Percentage Interest
of the Certificates of the affected Class or Classes and the
Certificate Insurer relating to the time, method and place
of conducting any proceeding for any remedy available to the
Trustee, or exercising any trust or power conferred upon the
Trustee, under this Agreement relating to such Certificates;
(iv) the Trustee shall not be required to take notice or be
deemed to have notice or knowledge of any default by the
Servicer unless the Trustee shall have received written
notice thereof. In the absence of actual receipt of such
notice, the Trustee may conclusively assume that there is no
such default; and
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(v) subject to the other provisions of this Agreement and
without limiting the generality of this Section, the Trustee
shall have no duty (A) to see to any recording, filing, or
depositing of this Agreement, any Mortgage or any agreement
referred to herein or any financing statement or
continuation statement evidencing a security interest, or to
see to the maintenance of any such recording or filing or
depositing or to any rerecording, refiling or redepositing
of any thereof, (B) to see to any insurance, (C) to see the
payment or discharge of any tax, assessment, or other
governmental charge or any lien or encumbrance of any kind
owing with respect to, assessed or levied against, any
property of the Trust, (D) to confirm or verify the contents
of any reports or certificates of the Servicer delivered to
the Trustee pursuant to this Agreement believed by the
Trustee to be genuine and to have been signed or presented
by the proper party or parties.
(d) Whether or not therein expressly so provided, every provision of this
Agreement relating to the conduct or affecting the liability of or affording
protection to the Trustee shall be subject to the provisions of this Section.
(e) No provision of this Agreement shall require the Trustee to expend or
risk its own funds or otherwise incur any financial liability in the performance
of any of its duties hereunder, or in the exercise of any of its rights or
powers, if it shall have reasonable grounds for believing that repayment of such
funds or adequate indemnity against such risk or liability is not reasonably
assured to it and none of the provisions contained in this Agreement shall in
any event require the Trustee to perform, or be responsible for the manner of
performance of, any of the obligations of the Servicer under this Agreement
except during such time, if any, as the Trustee shall be the successor to, and
be vested with the rights, duties and powers and privileges of, the Servicer in
accordance with the terms of this Agreement.
(f) The permissive right of the Trustee to take actions enumerated in this
Agreement shall not be construed as a duty and the Trustee shall not be
answerable for other than its own negligence or willful misconduct.
(g) The Trustee shall be under no obligation to institute any suit, or to
take any remedial proceeding under this Agreement, or to take any steps in the
execution of the trusts hereby created or in the enforcement of any rights and
powers hereunder until it shall be indemnified to its reasonable satisfaction
against any and all costs and expenses, outlays and counsel fees and other
reasonable disbursements and against all liability, except liability which is
adjudicated to have resulted from its negligence or willful misconduct, in
connection with any action so taken.
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Section 10.2. Removal of Trustee for Cause
(a) The Trustee may be removed pursuant to paragraph (b) hereof upon the
occurrence of any of the following events (whatever the reason for such event
and whether it shall be voluntary or involuntary or be effected by operation of
law or pursuant to any judgment, decree or order of any court or any order, rule
or regulation of any administrative or governmental body):
(1) the Trustee shall fail to distribute to the Owners entitled
thereto on any Payment Date amounts available for distribution
in accordance with the terms hereof; or
(2) the Trustee shall cease to be eligible in accordance with
Section 10.8 hereof or fail in the performance of, or breach,
any covenant or agreement of the Trustee in this Agreement, or
if any representation or warranty of the Trustee made in this
Agreement or in any certificate or other writing delivered
pursuant hereto or in connection herewith shall prove to be
incorrect in any material respect as of the time when the same
shall have been made, and such failure or breach shall
continue or not be cured for a period of 30 days after there
shall have been given, by registered or certified mail, to the
Trustee by the Sponsor, the Certificate Insurer or by the
Owners of at least 25% of the aggregate Percentage Interests
represented by the Class A Certificates, or, if there are no
Class A Certificates then Outstanding, by such Percentage
Interests represented by the Class B Certificates, a written
notice specifying such failure or breach and requiring it to
be remedied; or
(3) a decree or order of a court or agency or supervisory
authority having jurisdiction for the appointment of a
conservator or receiver or liquidator in any insolvency,
readjustment of debt, marshaling of assets and liabilities or
similar proceedings, or for the winding-up or liquidation of
its affairs, shall have been entered against the Trustee, and
such decree or order shall have remained in force undischarged
or unstayed for a period of 60 days; or
(4) a conservator or receiver or liquidator or sequestrator or
custodian of the property of the Trustee is appointed in any
insolvency, readjustment of debt, marshaling of assets and
liabilities or similar proceedings of or relating to the
Trustee or relating to all or substantially all of its
property; or
(5) the Trustee shall become insolvent (however insolvency is
evidenced), generally fail to pay its debts as they come due,
file or consent to the filing of a petition to take advantage
of any applicable
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insolvency or reorganization statute, make an assignment for
the benefit of its creditors, voluntarily suspend payment of
its obligations, or take corporate action for the purpose of
any of the foregoing.
(b) The Sponsor and the Trustee shall give notice to Moody's and S&P, to
each other, to the Certificate Insurer and to each Owner if it becomes aware
that an event described in subsection (a) has occurred and is continuing.
(c) If any event described in paragraph (a) occurs and is continuing, then
and in every such case (i) the Sponsor or the Certificate Insurer or (ii) with
the written consent of the Certificate Insurer, the Majority Owners, or, if
there are no Class A Certificates then Outstanding, by a majority of the Class B
Certificates then Outstanding, may, whether or not the Trustee resigns pursuant
to Section 10.9 hereof, immediately, concurrently with the giving of notice to
the Trustee, and without delaying the 30 days required for notice therein,
appoint a successor trustee pursuant to the terms of Section 10.9 hereof.
Section 10.3. Certain Rights of the Trustee. Except as otherwise provided
in Section 10.1 hereof:
(a) the Trustee may rely and shall be protected in acting or refraining
from acting upon any resolution, certificate, statement, instrument, opinion,
report, notice, request, direction, consent, order, bond, note or other paper or
document believed by it to be genuine and to have been signed or presented by
the proper party or parties;
(b) any request or direction of the Sponsor, the Servicer or the Owners of
any Class of Certificates mentioned herein shall be sufficiently evidenced in
writing;
(c) whenever in the administration of this Agreement the Trustee shall
deem it desirable that a matter be proved or established prior to taking,
suffering or omitting any action hereunder, the Trustee (unless other evidence
be herein specifically prescribed) may, in the absence of bad faith on its part,
rely upon an Officer's Certificate;
(d) the Trustee may consult with counsel, and the written advice of such
counsel shall be full and complete authorization and protection in respect of
any action taken, suffered or omitted by it hereunder in good faith and in
reasonable reliance thereon;
(e) the Trustee shall be under no obligation to exercise any of the rights
or powers vested in it by this Agreement at the request or direction of any of
the Owners pursuant to this Agreement, unless such Owners shall have offered to
the Trustee reasonable security or indemnity against the costs, expenses and
liabilities which might be incurred by it in compliance with such request or
direction;
(f) the Trustee shall not be bound to make any investigation into the
facts or matters stated in any resolution, certificate, statement, instrument,
opinion, report, notice,
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request, direction, consent, order, bond, note or other paper or document, but
the Trustee in its discretion may make such further inquiry or investigation
into such facts or matters as it may see fit;
(g) the Trustee may execute any of the trusts or powers hereunder or
perform any duties hereunder either directly or by or through agents or
attorneys and the Trustee shall not be responsible for any misconduct or
negligence on the part of any agent or attorney appointed with due care by it
hereunder; and
(h) the Trustee shall not be liable for any action it takes or omits to
take in good faith which it reasonably believes to be authorized by the
Authorized Officer of any Person or within its rights or powers under this
Agreement other than as to validity and sufficiency of its authentication of the
Certificates. The Trustee shall at no time have any responsibility for or with
respect to (i) the legality, validity, sufficiency or enforceability of any
Mortgages and the Mortgage Loans, including the perfection or priority thereof,
(ii) the ability of the Mortgage Loans to pay any portion of the Certificates,
(iii) the validity of the assignment of any of the Mortgages and the Mortgage
Loans, (iv) the review of any Mortgage or Mortgage Loan, except as provided
herein, (v) the compliance by the Sponsor or any Mortgagor with any covenant
contained hereunder or in the Mortgages and the Mortgage Loans, (vi) the breach
by the Sponsor or the Servicer of any warranty or representation made hereunder
or the accuracy of any such warranty or representation, (vii) the use or
application by the Sponsor of the proceeds of the Certificates, (viii) any
offering materials used to sell the Certificates and (ix) the acts or omissions
of the Servicer.
Section 10.4. Not Responsible for Recitals or Issuance of Certificates.
The recitals contained herein and in the Certificates, except any such recitals
relating to the Trustee, shall be taken as the statements of the Sponsor, and
the Trustee assumes no responsibility for their correctness. The Trustee makes
no representation as to the validity or sufficiency of this Agreement or of the
Certificates other than as to validity and sufficiency of its authentication of
the Certificates.
Section 10.5. May Hold Certificates. The Trustee or any other agent of the
Trust, in its individual or any other capacity, may become an Owner or pledgee
of Certificates and may otherwise deal with the Trust with the same rights it
would have if it were not Trustee or such other agent.
Section 10.6. Money Held in Trust. Money held by the Trustee in trust
hereunder need not be segregated from other trust funds except to the extent
required herein or required by law. The Trustee shall be under no liability for
interest on any money received by it hereunder except as otherwise agreed with
the Sponsor and except to the extent of income or other gain on investments
which are deposits in or certificates of deposit of the Trustee in its
commercial capacity and income or other gain actually received by the Trustee on
Eligible Investments.
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Section 10.7. Compensation and Reimbursement; No Lien for Fees. The
Trustee shall receive compensation for fees and reimbursement pursuant to
Section 2.5 hereof and Section 7.5(b)(ii) hereof. The Trustee shall have no lien
on the Trust Estate for the payment of any fees or expenses (prior to an Event
of Default).
Section 10.8. Corporate Trustee Required; Eligibility. There shall at all
times be a Trustee hereunder which shall be a corporation or association
organized and doing business under the laws of the United States of America or
of any State authorized under such laws to exercise corporate trust powers,
having a combined capital and surplus of at least $100,000,000, subject to
supervision or examination by the United States of America, having a rating or
ratings acceptable to the Certificate Insurer and having a long-term deposit
rating of at least BBB from S&P (or such lower rating as may be acceptable to
S&P) and Baa-2 from Moody's. If such Trustee publishes reports of condition at
least annually, pursuant to law or to the requirements of the aforesaid
supervising or examining authority, then for the purposes of this Section, the
combined capital and surplus of such corporation or association shall be deemed
to be its combined capital and surplus as set forth in its most recent report of
condition so published. If at any time the Trustee shall cease to be eligible in
accordance with the provisions of this Section, it shall, upon the request of
the Sponsor or of the Certificate Insurer, resign immediately in the manner and
with the effect hereinafter specified in this Article X.
Section 10.9. Resignation and Removal; Appointment of Successor.
(a) No resignation or removal of the Trustee and no appointment of a
successor trustee pursuant to this Article X shall become effective until the
acceptance of appointment by the successor trustee under Section 10.10 hereof.
(b) The Trustee, or any trustee or trustees hereafter appointed, may
resign at any time by giving written notice of resignation to the Certificate
Insurer and to the Sponsor and by mailing notice of resignation by first-class
mail, postage prepaid, to the Owners at their addresses appearing on the
Register. A copy of such notice shall be sent by the resigning Trustee to
Moody's and S&P. Upon receiving notice of resignation, the Sponsor shall
promptly appoint a successor trustee or trustees satisfying the eligibility
requirements of Section 10.8 and acceptable to the Certificate Insurer by
written instrument, in duplicate, executed on behalf of the Trust by an
Authorized Officer of the Sponsor, one copy of which instrument shall be
delivered to the Trustee so resigning and one copy to the successor trustee or
trustees. If no successor trustee shall have been appointed and have accepted
appointment within 30 days after the giving of such notice of resignation, the
resigning trustee may petition any court of competent jurisdiction for the
appointment of a successor trustee, or any Owner may, on behalf of himself and
all others similarly situated, petition any such court for the appointment of a
successor trustee. Such court may thereupon, after such notice, if any, as it
may deem proper and prescribe, appoint a successor trustee.
(c) If at any time the Trustee shall cease to be eligible under Section
10.8 hereof and shall fail to resign after written request therefor by the
Sponsor or by the Certificate
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Insurer, the Sponsor or the Certificate Insurer may remove the Trustee and
appoint a successor trustee by written instrument, in duplicate, executed on
behalf of the Trust by an Authorized Officer of the Sponsor or the Certificate
Insurer, one copy of which instrument shall be delivered to the Trustee so
removed and one copy to the successor trustee.
(d) The Majority Owners, or, if there are no Class A Certificates then
Outstanding, by a majority of the Class B Certificates then Outstanding, may at
any time remove the Trustee and appoint a successor trustee acceptable to the
Certificate Insurer by delivering to the Trustee to be removed, to the successor
trustee so appointed, to the Sponsor and to the Certificate Insurer, copies of
the record of the act taken by the Owners, as provided for in Sections 11.3 and
11.4 hereof.
(e) If the Trustee fails to perform its duties in accordance with the
terms of this Agreement or becomes ineligible to serve as Trustee, the Sponsor,
the Seller or the Certificate Insurer may remove the Trustee and appoint a
successor trustee by written instrument, in triplicate, signed by the Sponsor,
the Seller or the Certificate Insurer duly authorized, one complete set of which
instruments shall be delivered to each of the Sponsor, the Seller and to the
Trustee so removed and one complete set to the successor trustee so appointed.
(f) If the Trustee shall resign, be removed or become incapable of acting,
or if a vacancy shall occur in the office of the Trustee for any cause, the
Sponsor shall promptly appoint a successor trustee satisfying the eligibility
requirements of Section 10.8.
(g) The Sponsor shall give notice of any removal of the Trustee by mailing
notice of such event by first-class mail, postage prepaid to the Owners as their
names and addresses appear in the Register. Each notice shall include the name
of the successor trustee and the address of its corporate trust office.
Section 10.10. Acceptance of Appointment by Successor Trustee. Every
successor trustee appointed hereunder shall execute, acknowledge and deliver to
the Sponsor on behalf of the Trust and to its predecessor Trustee an instrument
accepting such appointment hereunder and stating its eligibility to serve as
Trustee hereunder, and thereupon the resignation or removal of the predecessor
Trustee shall become effective and such successor trustee, without any further
act, deed or conveyance, shall become vested with all the rights, powers,
trusts, duties and obligations of its predecessor hereunder; but, on request of
the Sponsor or the successor trustee, such predecessor Trustee shall, upon
payment of its charges then unpaid, execute and deliver an instrument
transferring to such successor trustee all of the rights, powers and trusts of
the Trustee so ceasing to act, and shall duly assign, transfer and deliver to
such successor trustee all property and money held by such Trustee so ceasing to
act hereunder. Upon request of any such successor trustee, the Sponsor on behalf
of the Trust shall execute any and all instruments for more fully and certainly
vesting in and confirming to such successor trustee all such rights, powers and
trusts.
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Upon acceptance of appointment by a successor trustee as provided in this
Section, the Sponsor shall mail notice thereof by first-class mail, postage
prepaid, to the Owners at their last addresses appearing upon the Register. The
Sponsor shall send a copy of such notice to Moody's and S&P. If the Sponsor
fails to mail such notice within ten days after acceptance of appointment by the
successor trustee, the successor trustee shall cause such notice to be mailed at
the expense of the Sponsor.
No successor Trustee shall accept its appointment unless at the time of
such acceptance such successor shall be qualified and eligible under this
Article X.
Section 10.11. Merger, Conversion, Consolidation or Succession to Business
of the Trustee. Any corporation or association into which the Trustee may be
merged or converted or with which it may be consolidated, or any corporation or
association resulting from any merger, conversion or consolidation to which the
Trustee shall be a party, or any corporation or association succeeding to all or
substantially all of the corporate trust business of the Trustee, shall be the
successor of the Trustee hereunder, without the execution or filing of any paper
or any further act on the part of any of the parties hereto; provided, however,
that such corporation or association shall be otherwise qualified and eligible
under this Article X. In case any Certificates have been executed, but not
delivered, by the Trustee then in office, any successor by merger, conversion or
consolidation to such Trustee may adopt such execution and deliver the
Certificates so executed with the same effect as if such successor Trustee had
itself executed such Certificates.
Section 10.12. Reporting; Withholding.
(a) The Trustee shall timely provide to the Owners the Internal Revenue
Service's Form 1099 and any other statement required by applicable Treasury
regulations as determined by the Sponsor, and shall withhold, as required by
applicable law, federal, state or local taxes, if any, applicable to
distributions to the Owners, including, but not limited to, backup withholding
under Section 3406 of the Code and the withholding tax on distributions to
foreign investors under Sections 1441 and 1442 of the Code.
(b) The Trustee shall timely file all reports required to be filed by the
Trust with any federal, state or local governmental authority having
jurisdiction over the Trust, including other reports that must be filed with the
Owners, such as the Internal Revenue Service's Form 1066 and Schedule Q and the
form required under Section 6050K of the Code, if applicable. Furthermore, the
Trustee shall report to Owners, if required, with respect to the allocation of
expenses pursuant to Section 212 of the Code in accordance with the specific
instructions to the Trustee by the Sponsor with respect to such allocation of
expenses. The Trustee shall collect any forms or reports from the Owners
determined by the Sponsor to be required under applicable federal, state and
local tax laws.
(c) The Trustee shall provide to the Internal Revenue Service and to
persons described in section 860(e)(3) and (6) of the Code the information
described in Treasury Regulation section 1.860D-1(b)(5)(ii), or any successor
regulation thereto. Such information
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will be provided in the manner described in Treasury Regulation section
1.860E-2(a)(5), or any successor regulation thereto.
(d) The Servicer covenants and agrees that it shall provide, or cause to
be provided, to the Trustee any information necessary to enable the Trustee to
meet its obligations under subsections (a), (b) and (c) above.
Section 10.13. Liability of the Trustee. Except during the continuance of
an Event of Default, the Trustee shall be liable in accordance herewith only to
the extent of the obligations specifically imposed upon and undertaken by the
Trustee herein. Neither the Trustee nor any of the directors, officers,
employees or agents of the Trustee shall be under any liability on any
Certificate or otherwise to any Account, the Certificate Insurer, the Sponsor,
the Servicer or any Owner for any action taken or for refraining from the taking
of any action in good faith pursuant to this Agreement, or for errors in
judgment; provided, however, that this provision shall not protect the Trustee
or any such Person against any liability which would otherwise be imposed by
reason of negligent action, negligent failure to act or bad faith in the
performance of duties or by reason of reckless disregard of obligations and
duties hereunder. Subject to the foregoing sentence, the Trustee shall not be
liable for losses on investments of amounts in any Account (except for any
losses on obligations on which the bank serving as Trustee is the obligor). In
addition, the Sponsor and Servicer covenant and agree to indemnify the Trustee,
and when the Trustee is acting as Servicer, the Servicer, from, and hold it
harmless against, any and all losses, liabilities, damages, claims or expenses
(including all reasonable and documented legal fees and expenses) other than
those resulting from the negligence or bad faith of the Trustee. The Trustee and
any director, officer, employee or agent of the Trustee may rely and shall be
protected in acting or refraining from acting in good faith on any certificate,
notice or other document of any kind prima facie properly executed and submitted
by the Authorized Officer of any Person respecting any matters arising
hereunder. The provisions of this Section 10.13 shall survive the termination of
this Agreement and the payment of the Outstanding Certificates.
Section 10.14. Appointment of Co-Trustee or Separate Trustee.
Notwithstanding any other provisions of this Agreement, at any time, for the
purpose of meeting any legal requirements of any jurisdiction in which any part
of the Trust Estate or any Property may at the time be located, the Servicer and
the Trustee acting jointly and with the consent of the Certificate Insurer shall
have the power and shall execute and deliver all instruments to appoint one or
more Persons approved by the Trustee to act as co-Trustee or co-Trustees,
jointly with the Trustee, of all or any part of the Trust Estate or separate
Trustee or separate Trustees of any part of the Trust Estate, and to vest in
such Person or Persons, in such capacity and for the benefit of the Owners, such
title to the Trust Estate, or any part thereof, and, subject to the other
provisions of this Section 10.14, such powers, duties, obligations, rights and
trusts as the Servicer and the Trustee may consider necessary or desirable. If
the Servicer shall not have joined in such appointment within 15 days after the
receipt by it of a request so to do, or in the case any event indicated in
Sections 8.20(a) shall have occurred and be continuing, the Trustee alone (with
the consent of the Certificate Insurer) shall have
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the power to make such appointment. No co-Trustee or separate Trustee hereunder
shall be required to meet the terms of eligibility as a successor Trustee under
Section 10.8 and no notice to Owners of the appointment of any co-Trustee or
separate Trustee shall be required under Section 10.8.
Every separate Trustee and co-Trustee shall, to the extent permitted, be
appointed and act subject to the following provisions and conditions:
(i) All rights, powers, duties and obligations conferred or
imposed upon the Trustee shall be conferred or imposed upon
and exercised or performed by the Trustee and such separate
Trustee or co-Trustee jointly (it being understood that such
separate Trustee or co-Trustee is not authorized to act
separately without the Trustee joining in such act), except
to the extent that under any law of any jurisdiction in
which any particular act or acts are to be performed
(whether as Trustee hereunder or as successor to the
Servicer hereunder), the Trustee shall be incompetent or
unqualified to perform such act or acts, in which event such
rights, powers, duties and obligations (including the
holding of title to the Trust Estate or any portion thereof
in any such jurisdiction) shall be exercised and performed
singly by such separate Trustee or co-Trustee, but solely at
the direction of the Trustee;
(ii) No co-Trustee hereunder shall be held personally liable by
reason of any act or omission of any other co-Trustee
hereunder; and
(iii) The Servicer and the Trustee acting jointly and with the
consent of the Certificate Insurer may at any time accept
the resignation of or remove any separate Trustee or
co-Trustee.
Any notice, request or other writing given to the Trustee shall be deemed
to have been given to each of the then separate Trustees and co-Trustees, as
effectively as if given to each of them. Every instrument appointing any
separate Trustee or co-Trustee shall refer to this Agreement and the conditions
of this Section 10.14. Each separate Trustee and co-Trustee, upon its acceptance
of the trusts conferred, shall be vested with the estates or property specified
in its instrument of appointment, either jointly with the Trustee or separately,
as may be provided therein, subject to all the provisions of this Agreement,
specifically including every provision of this Agreement relating to the conduct
of, affecting the liability of, or affording protection to, the Trustee. Every
such instrument shall be filed with the Trustee and a copy thereof given to the
Servicer.
Any separate Trustee or co-Trustee may, at any time, constitute the
Trustee, its agent or attorney-in-fact, with full power and authority, to the
extent not prohibited by law, to do any lawful act under or in respect of this
Agreement on its behalf and in its name. If any separate Trustee or co-Trustee
shall die, become incapable of acting, resign or be removed,
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all of its estates, properties, rights, remedies and trusts shall vest in and be
exercised by the Trustee, to the extent permitted by law, without the
appointment of a new or successor Trustee.
The Trustee shall give to Moody's, the Sponsor and the Certificate Insurer
notice of the appointment of any co-Trustee or separate Trustee.
ARTICLE XI
MISCELLANEOUS
Section 11.1. Compliance Certificates and Opinions. Upon any application
or request by the Sponsor, the Servicer, the Certificate Insurer or the Owners
to the Trustee to take any action under any provision of this Agreement, the
Sponsor, the Servicer, the Certificate Insurer or the Owners, as the case may
be, shall furnish to the Trustee a certificate stating that all conditions
precedent, if any, provided for in this Agreement relating to the proposed
action have been complied with, except that in the case of any such application
or request as to which the furnishing of any documents is specifically required
by any provision of this Agreement relating to such particular application or
request, no additional certificate need be furnished.
Except as otherwise specifically provided herein, each certificate or
opinion with respect to compliance with a condition or covenant provided for in
this Agreement shall include:
(a) a statement that each individual signing such certificate or opinion
has read such covenant or condition and the definitions herein relating thereto;
(b) a brief statement as to the nature and scope of the examination or
investigation upon which the statements or opinions contained in such
certificate or opinion are based; and
(c) a statement as to whether, in the opinion of each such individual,
such condition or covenant has been complied with.
Section 11.2. Form of Documents Delivered to the Trustee. In any case
where several matters are required to be certified by, or covered by an opinion
of, any specified Person, it is not necessary that all such matters be certified
by, or covered by the opinion of, only one such Person, or that they be so
certified or covered by only one document, but one such Person may certify or
give an opinion with respect to some matters and one or more other such Persons
as to other matters, and any such Person may certify or give an opinion as to
such matters in one or several documents.
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Any certificate of an Authorized Officer of the Sponsor, the Servicer or
the Trustee may be based, insofar as it relates to legal matters, upon an
opinion of counsel, unless such Authorized Officer knows, or in the exercise of
reasonable care should know, that the opinion is erroneous. Any such certificate
of an Authorized Officer or any opinion of counsel may be based, insofar as it
relates to factual matters upon a certificate or opinion of, or representations
by, one or more Authorized Officers of the Sponsor or of the Servicer, stating
that the information with respect to such factual matters is in the possession
of the Sponsor or of the Servicer, unless such Authorized Officer or counsel
knows, or in the exercise of reasonable care should know, that the certificate
or opinion or representations with respect to such matters are erroneous. Any
opinion of counsel may also be based, insofar as it relates to factual matters,
upon a certificate or opinion of, or representations by, an Authorized Officer
of the Sponsor, the Servicer or the Trustee, stating that the information with
respect to such matters is in the possession of such Person, unless such counsel
knows, or in the exercise of reasonable care should know, that the certificate
or opinion or representations with respect to such matters are erroneous. Any
opinion of counsel may be based on the written opinion of other counsel, in
which event such opinion of counsel shall be accompanied by a copy of such other
counsel's opinion and shall include a statement to the effect that such counsel
believes that such counsel and the addressee thereof may reasonably rely upon
the opinion of such other counsel.
Where any Person is required to make, give or execute two or more
applications, requests, consents, certificates, statements, opinions or other
instruments under this Agreement, they may, but need not, be consolidated and
form one instrument.
Section 11.3. Acts of Owners.
(a) Any request, demand, authorization, direction, notice, consent, waiver
or other action provided by this Agreement to be given or taken by the Owners
may be embodied in and evidenced by one or more instruments of substantially
similar tenor signed by such Owners in person or by an agent duly appointed in
writing; and, except as herein otherwise expressly provided, such action shall
become effective when such instrument or instruments are delivered to the
Trustee, and, where it is hereby expressly required, to the Sponsor. Such
instrument or instruments (and the action embodied therein and evidenced
thereby) are herein sometimes referred to as the "act" of the Owners signing
such instrument or instruments. Proof of execution of any such instrument or of
a writing appointing any such agent shall be sufficient for any purpose of this
Agreement and conclusive in favor of the Trustee and the Trust, if made in the
manner provided in this Section.
(b) The fact and date of the execution by any Person of any such
instrument or writing may be proved by the affidavit of a witness of such
execution or by the certificate of any notary public or other officer authorized
by law to take acknowledgments of deeds, certifying that the individual signing
such instrument or writing acknowledged to him the execution thereof. Whenever
such execution is by an officer of a corporation or a member of a partnership on
behalf of such corporation or partnership, such certificate or affidavit shall
also constitute sufficient proof of his authority.
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(c) The ownership of Certificates shall be proved by the Register.
(d) Any request, demand, authorization, direction, notice, consent, waiver
or other action by the Owner of any Certificate shall bind the Owner of every
Certificate issued upon the registration of transfer thereof or in exchange
therefor or in lieu thereof, in respect of anything done, omitted or suffered to
be done by the Trustee or the Trust in reliance thereon, whether or not notation
of such action is made upon such Certificates.
Section 11.4. Notices, etc., to Trustee. Any request, demand,
authorization, direction, notice, consent, waiver or act of the Owners or other
documents provided or permitted by this Agreement to be made upon, given or
furnished to, or filed with the Trustee by any Owner, the Certificate Insurer or
by the Sponsor shall be sufficient for every purpose hereunder if made, given,
furnished or filed in writing to or with and received by the Trustee at its
corporate trust office as set forth in Section 2.2 hereof.
Section 11.5. Notices and Reports to Owners; Waiver of Notices. Where this
Agreement provides for notice to Owners of any event or the mailing of any
report to Owners, such notice or report shall be sufficiently given (unless
otherwise herein expressly provided) if mailed, first-class postage prepaid, to
each Owner affected by such event or to whom such report is required to be
mailed, at the address of such Owner as it appears on the Register, not later
than the latest date, and not earlier than the earliest date, prescribed for the
giving of such notice or the mailing of such report. In any case where a notice
or report to Owners is mailed in the manner provided above, neither the failure
to mail such notice or report nor any defect in any notice or report so mailed
to any particular Owner shall affect the sufficiency of such notice or report
with respect to other Owners, and any notice or report which is mailed in the
manner herein provided shall be conclusively presumed to have been duly given or
provided.
Where this Agreement provides for notice in any manner, such notice may be
waived in writing by any Person entitled to receive such notice, either before
or after the event, and such waiver shall be the equivalent of such notice.
Waivers of notice by Owners shall be filed with the Trustee, but such filing
shall not be a condition precedent to the validity of any action taken in
reliance upon such waiver.
In case, by reason of the suspension of regular mail service as a result
of a strike, work stoppage or similar activity, it shall be impractical to mail
notice of any event to Owners when such notice is required to be given pursuant
to any provision of this Agreement, then any manner of giving such notice as
shall be satisfactory to the Trustee shall be deemed to be a sufficient giving
of such notice.
Where this Agreement provides for notice to any rating agency that rated
any Certificates, failure to give such notice shall not affect any other rights
or obligations created hereunder.
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Section 11.6. Rules by Trustee and Sponsor. The Trustee may make
reasonable rules for any meeting of Owners. The Sponsor may make reasonable
rules and set reasonable requirements for its functions.
Section 11.7. Successors and Assigns. All covenants and agreements in this
Agreement by any party hereto shall bind its successors and assigns, whether so
expressed or not.
Section 11.8. Severability. In case any provision in this Agreement or in
the Certificates shall be invalid, illegal or unenforceable, the validity,
legality and enforceability of the remaining provisions shall not in any way be
affected or impaired thereby.
Section 11.9. Benefits of Agreement. Nothing in this Agreement or in the
Certificates, expressed or implied, shall give to any Person, other than the
Owners, the Certificate Insurer and the parties hereto and their successors
hereunder, any benefit or any legal or equitable right, remedy or claim under
this Agreement.
Section 11.10. Legal Holidays. In any case where the date of any
Remittance Date, any Payment Date, any other date on which any distribution to
any Owner is proposed to be paid, or any date on which a notice is required to
be sent to any Person pursuant to the terms of this Agreement shall not be a
Business Day, then (notwithstanding any other provision of the Certificates or
this Agreement) payment or mailing need not be made on such date, but may be
made on the next succeeding Business Day with the same force and effect as if
made or mailed on the nominal date of any such Remittance Date, such Payment
Date, or such other date for the payment of any distribution to any Owner or the
mailing of such notice, as the case may be, and no interest shall accrue for the
period from and after any such nominal date, provided such payment is made in
full on such next succeeding Business Day.
Section 11.11. Governing Law. In view of the fact that Owners are expected
to reside in many states and outside the United States and the desire to
establish with certainty that this Agreement will be governed by and construed
and interpreted in accordance with the law of a state having a well-developed
body of commercial and financial law relevant to transactions of the type
contemplated herein, this Agreement and each Certificate shall be construed in
accordance with and governed by the laws of the State of New York applicable to
agreements made and to be performed therein.
Section 11.12. Counterparts. This instrument may be executed in any number
of counterparts, each of which so executed shall be deemed to be an original,
but all such counterparts shall together constitute but one and the same
instrument.
Section 11.13. Usury. The amount of interest payable or paid on any
Certificate under the terms of this Agreement shall be limited to an amount
which shall not exceed the maximum nonusurious rate of interest allowed by the
applicable laws of the State of New York or any applicable law of the United
States permitting a higher maximum nonusurious rate that preempts such
applicable New York laws, which could lawfully be contracted for,
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charged or received (the "Highest Lawful Rate"). In the event any payment of
interest on any Certificate exceeds the Highest Lawful Rate, the Trust
stipulates that such excess amount will be deemed to have been paid to the Owner
of such Certificate as a result of an error and the Owner receiving such excess
payment shall promptly, upon discovery of such error or upon notice thereof from
the Trustee on behalf of the Trust, refund the amount of such excess or, at the
option of such Owner, apply the excess to the payment of principal of such
Certificate, if any, remaining unpaid. In addition, all sums paid or agreed to
be paid to the Trustee for the benefit of Owners of Certificates for the use,
forbearance or detention of money shall, to the extent permitted by applicable
law, be amortized, prorated, allocated and spread throughout the full term of
such Certificates.
Section 11.14. Amendment.
(a) The Trustee, the Sponsor and the Servicer, may at any time and from
time to time, with the prior written approval of the Certificate Insurer but
without the giving of notice to or the receipt of the consent of the Owners,
amend this Agreement, and the Trustee shall consent to such amendment, for the
purpose of (i) curing any ambiguity, or correcting or supplementing any
provision hereof which may be inconsistent with any other provision hereof, or
to add provisions hereto which are not inconsistent with the provisions hereof,
(ii) upon receipt of an opinion of counsel, the cost of which shall be paid by
the Servicer, experienced in federal income tax matters to the effect that no
entity-level tax will be imposed on the Trust or upon the transferor of a
Residual Certificate as a result of the ownership of any Residual Certificate by
a Disqualified Organization, removing the restriction on transfer set forth in
Section 5.8(b) hereof or (iii) complying with the requirements of the Code and
the regulations proposed or promulgated thereunder; provided, however, that any
such action shall not, as evidenced by an opinion of counsel delivered to the
Trustee, materially and adversely affect the interests of any Owner (without its
written consent).
(b) The Trustee, the Sponsor and the Servicer may, at any time and from
time to time, with the prior written approval of the Certificate Insurer but
without the giving of notice to or the receipt of the consent of the Owners,
amend this Agreement, and the Trustee is hereby authorized to accept and execute
such amendment, for the purpose of changing the definition of "Specified
Subordinated Amount".
(c) This Agreement may also be amended by the Trustee, the Sponsor, and
the Servicer at any time and from time to time, with the prior written approval
of the Certificate Insurer and not less than a majority of the Percentage
Interest represented by each affected Class of Certificates then Outstanding,
for the purpose of adding any provisions or changing in any manner or
eliminating any of the provisions of this Agreement or of modifying in any
manner the rights of the Owners hereunder; provided, however, that no such
amendment shall (i) change in any manner the amount of, or change the timing of,
payments which are required to be distributed to any Owner without the consent
of the Owner of such Certificate or (ii) reduce the aforesaid percentages of
Percentage Interests which are required to consent
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to any such amendments, without the consent of the Owners of all Certificates of
the Class or Classes affected then Outstanding.
(d) Each proposed amendment to this Agreement shall be accompanied by an
opinion of counsel nationally recognized in federal income tax matters addressed
to the Trustee and to the Certificate Insurer to the effect that such amendment
would not adversely affect the status of the Lower-Tier REMIC or the Upper-Tier
REMIC as a REMIC.
(e) The Sponsor shall provide the Certificate Insurer, the Owners, Moody's
and S&P with copies of any amendments to this Agreement, together with copies of
any opinions or other documents or instruments executed in connection therewith.
(f) The Trustee shall not be required to enter into any amendment which
affects its rights or obligations hereunder.
Section 11.15. REMIC Status; Taxes.
(a) The Tax Matters Person, at its own expense, shall prepare and file or
cause to be filed with the Internal Revenue Service Federal tax or information
returns with respect to each of the Lower-Tier REMIC and the Upper-Tier REMIC
and the Certificates containing such information and at the times and in such
manner as may be required by the Code or applicable Treasury regulations, and
shall furnish to Owners such statements or information at the times and in such
manner as may be required thereby. For this purpose, the Tax Matters Person may,
but need not, rely on any proposed regulations of the United States Department
of the Treasury. The Tax Matters Person shall indicate the election to treat
each of the Lower-Tier REMIC and the Upper-Tier REMIC as a REMIC (which election
shall apply to the taxable period ending December 31, 1997 and each calendar
year thereafter) in such manner as the Code or applicable Treasury regulations
may prescribe. The Trustee, as Tax Matters Person appointed pursuant to Section
11.17 hereof shall sign all tax information returns filed pursuant to this
Section 11.15 unless applicable law requires otherwise. The Tax Matters Person
shall provide information necessary for the computation of tax imposed on the
transfer of a Residual Certificate to a Disqualified Organization, or an agent
of a Disqualified Organization, or a pass-through entity in which a Disqualified
Organization is the record holder of an interest. The Tax Matters Person shall
provide the Trustee with copies of any Federal tax or information returns filed,
or caused to be filed, by the Tax Matters Person with respect to each of the
Lower-Tier REMIC and the Upper-Tier REMIC or the Certificates.
(b) The Tax Matters Person, at its own expense, shall timely file all
reports required to be filed by the Trust and each of the Lower-Tier REMIC and
the Upper-Tier REMIC with any federal, state or local governmental authority
having jurisdiction over the Trust, including other reports that must be filed
with the Owners, such as the Internal Revenue Service's Form 1066 and Schedule Q
and the form required under Section 6050K of the Code, if applicable to REMICs.
Furthermore, the Tax Matters Person shall report to Owners, if required, with
respect to the allocation of expenses pursuant to Section 212 of the
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Code in accordance with the specific instructions to the Tax Matters Person by
the Sponsor with respect to such allocation of expenses. The Tax Matters Person
shall collect any forms or reports from the Owners determined by the Sponsor to
be required under applicable federal, state and local tax laws.
(c) The Tax Matters Person, at its own expense, shall provide to the
Internal Revenue Service and to persons described in Section 860E(e)(3) and (6)
of the Code the information described in Treasury Regulation Section
1.860D-1(b)(5)(ii), or any successor regulation thereto. Such information will
be provided in the manner described in Treasury Regulation Section
1.860E(2)(a)(5), or any successor regulation thereto.
(d) The Sponsor covenants and agrees that within ten Business Days after
the Startup Day it shall provide to the Trustee any information necessary to
enable the Trustee to meet its obligations under subsections (b) and (c) above.
(e) The Trustee, the Sponsor and the Servicer each covenants and agrees
for the benefit of the Owners (i) to take no action which would result in the
termination of "REMIC" status for the Upper-Tier REMIC and the Lower-Tier REMIC,
(ii) not to engage in any "prohibited transaction", as such term is defined in
Section 860F(a)(2) of the Code and (iii) not to engage in any other action which
may result in the imposition on the Upper-Tier REMIC or the Lower-Tier REMIC of
any other taxes under the Code.
(f) Each of the Lower-Tier REMIC and the Upper-Tier REMIC shall, for
federal income tax purposes, maintain books on a calendar year basis and report
income on an accrual basis.
(g) Except as otherwise permitted by Section 7.6(b), no Eligible
Investment shall be sold prior to its stated maturity (unless sold pursuant to a
plan of liquidation in accordance with Article IX hereof).
(h) Neither the Sponsor nor the Trustee shall enter into any arrangement
by which the Trustee will receive a fee or other compensation for services
rendered pursuant to this Agreement, which fee or other compensation is paid
from the Trust Estate, other than as expressly contemplated by this Agreement.
(i) Notwithstanding the foregoing clauses (g) and (h), the Trustee or the
Sponsor may engage in any of the transactions prohibited by such clauses,
provided that the Trustee shall have received (not at the expense of the Trust
or the Trustee) an opinion of counsel experienced in federal income tax matters
to the effect that such transaction does not result in a tax imposed on the
Trust or cause a termination of REMIC status for the Upper-Tier REMIC or the
Lower-Tier REMIC; provided, however, that such transaction is otherwise
permitted under this Agreement.
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Section 11.16. Additional Limitation on Action and Imposition of Tax.
(a) Any provision of this Agreement to the contrary notwithstanding, the
Trustee shall not, without having obtained (not at the expense of the Trust or
the Trustee) an opinion of counsel experienced in federal income tax matters to
the effect that such transaction does not result in a tax imposed on the Trust
or cause a termination of REMIC status for the Upper-Tier REMIC or the
Lower-Tier REMIC, (i) sell any assets in the Trust Estate, (ii) accept any
contribution of assets after the Startup Day or (iii) agree to any amendment of
this Agreement under Section 11.14 hereof.
(b) In the event that any tax is imposed on "prohibited transactions" of
the Lower-Tier REMIC or Upper-Tier REMIC as defined in Section 860F(a)(2) of the
Code, on the "net income from foreclosure property" as defined in Section
860G(c) of the Code, on any contribution to the Lower-Tier REMIC or Upper-Tier
REMIC after the Startup Day pursuant to Section 860G(d) of the Code, or any
other tax is imposed, such tax shall be paid by (i) the Trustee, if such tax
arises out of or results from a material breach by the Trustee of any of its
obligations under this Agreement, (ii) the Servicer, if such tax arises out of
or results from a breach by the Servicer of any of its obligations under this
Agreement, or otherwise (iii) the Owners of the Class B Certificates in
proportion to their Percentage Interests. To the extent such tax is chargeable
against the Owners of the Class B Certificates, notwithstanding anything to the
contrary contained herein, the Trustee is hereby authorized to retain from
amounts otherwise distributable to the Owners of the Class B Certificates on any
Payment Date sufficient funds to reimburse the Trustee for the payment of such
tax (to the extent that the Trustee has not been previously reimbursed or
indemnified therefor). The Trustee agrees to first seek indemnification for any
such tax payment from any indemnifying parties before reimbursing itself from
amounts otherwise distributable to the Owners of the Class B Certificates.
Section 11.17. Appointment of Tax Matters Person. A Tax Matters Person
will be appointed for each of the Upper-Tier REMIC and the Lower-Tier REMIC for
all purposes of the Code and such Tax Matters Person will perform, or cause to
be performed, without any right of reimbursement, such duties and take, or cause
to be taken, such actions as are required to be performed or taken by the Tax
Matters Person under the Code, including, but not limited to, the representation
of each of the Upper-Tier REMIC and the Lower-Tier REMIC in any tax audit
(including any administrative or judicial proceedings with respect thereto that
involve the Internal Revenue Service or state tax authorities). The Owners of
the Class RL and Class RU Certificates hereby designate the Trustee, acting as
their respective agent, to be the Tax Matters Person for the Lower-Tier REMIC
and the Upper-Tier REMIC
Section 11.18. The Certificate Insurer. The Certificate Insurer is a
third-party beneficiary of this Agreement. Any right conferred to the
Certificate Insurer shall be suspended during occurrence and continuance of a
Certificate Insurer Default. During any period of suspension the Certificate
Insurer's rights hereunder shall vest in the Owners of the Class A Certificates
and shall be exercisable by the Owners of at least a majority in Percentage
Interest of the Class A Certificates then Outstanding or if there are no Class A
120
<PAGE>
Certificates then Outstanding, by such Percentage Interest represented by the
Class B Certificates then Outstanding. At such time as the Class A Certificates
are no longer Outstanding hereunder and the Certificate Insurer has been
reimbursed for all Insured Payments to which it is entitled hereunder, the
Certificate Insurer's rights hereunder shall terminate.
Section 11.19. Notices. All notices hereunder shall be given as follows,
until any superseding instructions are given to all other Persons listed below:
The Trustee: Norwest Bank Minnesota,
National Association
Sixth Street & Marquette Avenue
Minneapolis, Minnesota 55479-0070
Attention: Corporate Trust Services
Asset-Backed Administration
Re: EquiVantage Home Equity
Loan Trust 1997-1
Tel: (612) 667-7167
Fax: (612) 667-3539
with a copy to:
Norwest Bank Minnesota, N.A.
11000 Broken Land Parkway
Columbia, Maryland 21044
Attention: Corporate Trust Services
Re: EquiVantage Home Equity Loan Trust
1997-1
Tel: (410) 884-2000
Fax: (410) 884-2363
The Sponsor: EquiVantage Acceptance Corp.
13111 Northwest Freeway, Suite 301
Houston, Texas 77040
Attention: Chief Financial Officer
Tel: (713) 895-1957
Fax: (713) 895-1999
with a copy addressed to the attention of
the General Counsel at the same address.
121
<PAGE>
The Servicer: EquiVantage Inc.
13111 Northwest Freeway, Suite 300
Houston, Texas 77040
Attention: Chief Financial Officer
Tel: (713) 895-1900
Fax: (713) 895-3870
with a copy addressed to the attention of
the General Counsel at the same address.
The Certificate
Insurer: Financial Guaranty Insurance Company
115 Broadway
New York, NY 10006
Attention: Research and Risk
Management Department
Re: EquiVantage Home Equity
Loan Trust 1997-1
Confirmation: (212) 312-3000
Fax: (212) 312-3093
Moody's: Moody's Investors Service
99 Church Street
New York, New York 10007
Attention: The Mortgage Monitoring
Department
S&P: Standard & Poor's Ratings Services
26 Broadway
15th Floor
New York, New York 10004
Attention: Surveillance Dept.
Underwriter: Prudential Securities Incorporated
One New York Plaza
New York, New York 10292
Attention: Asset Backed Securities Group
122
<PAGE>
IN WITNESS WHEREOF, the Sponsor, the Servicer and the Trustee have caused
this Pooling and Servicing Agreement to be duly executed by their respective
officers thereunto duly authorized, all as of the day and year first above
written.
EQUIVANTAGE ACCEPTANCE CORP.,
as Sponsor
By:
-----------------------------
Name: Elizabeth Folk
Title: Senior Vice President
EQUIVANTAGE INC.,
as Servicer
By:
-----------------------------
Name: Karen S. Crawford
Title: Senior Vice President
NORWEST BANK MINNESOTA,
NATIONAL ASSOCIATION,
as Trustee
By:
-----------------------------
Name: Michael L. Mayer
Title: Vice President
[Pooling and Servicing Agreement]
123
<PAGE>
SCHEDULE I
SCHEDULE OF MORTGAGE LOANS
S-1
<PAGE>
EQUIVANTAGE--1997-1 LOAN LIST
<TABLE>
<CAPTION>
LOAN NO TYPE LASTNAME FIRSTNAME ADDRESS
- ----------- ---------- ------------------ ------------------ ------------------------------------------------
<S> <C> <C> <C> <C>
289876 ARM STACK FELICE 262 A SEABREEZE COURT
289914 ARM SKIBITCKY MICHAEL F 63 DANIELE DRIVE
301676 BLLN SLAUGHTER KENNETH 1431 CUMBERLAND AVE
302945 FR HARDIMAN KENNETH 2924 N. LASALLE
303358 FR WESLEY HENRY L 725 BERNARD
303701 FR WOOD KAREN 2320 EAST FIFTH AVE.
304019 FR DAVIDSON HOBERT E 814 E. LINCOLN ST
304420 FR VISICARO FRANK 7713 GARDNER RD
305726 BLLN SWINT CHARLIE 2460 HARVEL DR N.W.
306223 FR JOHNSON DOROTHY 106 HILLVALE DRIVE
306347 BLLN HENDERSON JYREL W 203 WEBSTER ROAD
306487 FR H ELAM WILMATIN 1711 KNOWLES STREET
306565 FR EVANS THOMAS R 228 S.DARLINGTON
306653 FR SLOOP TIMOTHY W 117 WOODSHIRE DR
307142 FR WILKINS JERRY D 217 LINCOLN DRIVE
307998 FR ANDERSON WILLIAM J. 127 WASHINGTON STREET
308743 FR IANNELLA LIBERO 414E UNIVERSITY
309484 ARM SULLIVAN MARY 1708 DARROW
309510 ARM2-28 JORDAN WILLIAM 105 MAPLE STREET
309665 ARM2-28 MCGILL DONNA C. 2041 SPRUCE HILL ROA
309715 ARM HARRIS KEVIN LE 3959 ADAMSVILLE DRIV
309762 ARM MILLER DAVID A. 18612 PARKMOUNT AVE S
309907 ARM2-28 FRASER MICHAEL 5433 SOUTH BOULEVARD
309918 FR FORD JAMES 2208 ONTARIO STREET
309937 ARM LIBURDI SAMUEL A 995 LEBLANC
309942 ARM MCCANDLESS SHERRIE 2253 WILKINS STREET
309966 ARM2-28 KURTZ JAMES M. 412 S. D STREET
309985 ARM STEVENS LINDA J. 16875 NORMANDY
309995 ARM2-28 MILLER LINDA 12707 MELGROVE AVENUE
310052 ARM2-28 SHEPARD DONNETTA 3016 CAPPS DRIVE
310108 ARM2-28 RIDGEWAY BRUCE A. 3421 TOWNE VILLAGE R
310243 ARM2-28 LINARES MIGUEL 1159 SHEPHERDS LANE
310363 ARM2-28 LISIAK ROBERT M 1645 GLEN FOREST S.E
310434 FR PARISH C P 516 RIDGELAND AVE
310703 ARM2-28 FILIPOWICZ GARY L. 1544 11TH STREET
310761 ARM2-28 SMITH JACQUES 1275 SOUTHPORT ROAD
310859 BLLN HALLIBURTON JOE A 19418 MANSFIELD
310865 FR WILLIAMS W J 3392 ELK POINT DR
310874 ARM2-28 SEWELL HOMER S. 1193 UPPER SALEM CHU
310875 ARM MARCHANT DUANE H. 339 NORTH 2450 EAST
310900 FR PANNELL THOMAS M 4855 VANGUARD AVENUE
310953 ARM2-28 BRANCHE THEODORE 8446 DOLL DRIVE
310966 FR WHITEHEAD GARY 1302 S. SHEFFIELD AV
310985 ARM2-28 SCHOENBERGER JEFFERY 6222 BRIERLY CREEK R
311019 FR BOWMAN ROBERT 257W NIMISILA ROAD
311022 ARM2-28 WITHERSPOON DONALD 7403 DIGBY ROAD
311064 FR DONNARUMMA DANIEL V 6228 HARRISON
311074 ARM2-28 JAMES RUSSELL 3601 LADYWOOD COURT
311101 ARM2-28 HYNICK GARY 2322 8TH AVENUE EAST
311132 FR CURETON ROBERT L 4696 RIVERWOOD CIR
311134 BLLN ALEXANDER ROYCE C. 3911 NE 123RD AVENUE
311136 FR WHITE YOLANDA G 4216 HAPSBURG COURT
311180 ARM2-28 JOHNSON EDWARD L 912 WEST 60TH STREE
311200 FR BENSON MICHAEL E 2426N CATHERWOOD AVE
311210 ARM HOUSTON JOHN B 3706 BEACON TREE DR
311230 FR VERDIN CLAUDE 728 NATALIE DRIVE
311245 BLLN SCHMIDT JOEL R 21515 MARGARETA
311247 ARM2-28 OZAN PHILIP 4988 EDSAL DRIVE
311252 FR ROBINSON CHARLES M 105S CEDAR BLUFF CIR
311264 FR HAUSER WILLIAM R 329 HOPEWELL ROAD
311265 BLLN SARASWAT SANJIV 143 STARWOOD DRIVE
311269 FR ASHWORTH BOBBY R 413 LAKEHURST DRIVE
311283 ARM2-28 HAINES KAREN R. 5092 SOUTH COUNTY RO
311284 BLLN GRIMES KENNETH 11485E 9000 NORTH RD
311285 FR BLACKSTON CLIFTON L 101 JACOB BROOK CT
311287 ARM2-28 SEGOVIA LUIS R 2321S 10TH AVE
311288 ARM LIPPY LEONARD 2349 PINE STREET
311292 BLLN OWENS ISADORA 17415 WAYNE DRIVE
311294 ARM2-28 TEDERINGTON RONALD 11077 OWOSSO ROAD
311295 FR SCOTT CAROL J 839 MARVIN STREET
311296 FR FARRAR JR JAMES M 1500 VIOSCA
311299 FR BROCKINGTON GRACE M 918N STREEPER
311300 FR CLARK DAVID M 1995 KNIGHT LANE
311305 BLLN MCFARLAND JR CHARLES A 4211N OXFORD STREET
<CAPTION>
LOAN NO CITY STATE ZIP COUNTY ORIG BAL UPB UPB AS OF 03/01
- ----------- ---------------------- ----------- --------- ----------------------- ----------- --------- ---------------
<S> <C> <C> <C> <C> <C> <C> <C>
289876 NORTH WILDWOOD NJ 08260 CAPE MAY 72,000.00 71,231.29 71,231.29
289914 OCEAN NJ 07712 MONMOUTH 121,755.00 118,913.03 118,844.71
301676 EVANSVILLE IN 47712 VANDERBURGH 53,250.00 52,980.51 52,980.51
302945 INDIANAPOLIS IN 46218 MARION 24,000.00 23,574.68 23,574.68
303358 SHREVEPORT LA 71106 CADDO 26,000.00 25,191.44 25,191.44
303701 KNOXVILLE TN 37917 KNOX 18,750.00 17,559.66 17,559.66
304019 INDIANAPOLIS IN 46203 Marion 41,600.00 41,385.15 41,385.15
304420 TAMPA FL 33625 HILLSBOROUGH 80,000.00 78,129.20 78,129.20
305726 ATLANTA GA 30318 FULTON 53,600.00 53,414.94 53,414.94
306223 COLUMBIA SC 29203 Richland 39,000.00 38,839.79 38,839.79
306347 GREENVILLE SC 29607 GREENVILLE 51,000.00 50,786.48 50,786.48
306487 NASHVILLE TN 37218 DAVIDSON 50,400.00 50,238.95 50,238.95
306565 LAMAR SC 29069 DARLINGTON 25,125.00 24,616.88 24,616.88
306653 INMAN SC 29349 SPARTANBURG 81,600.00 81,377.88 81,377.88
307142 GAFFNEY SC 29341 CHEROKEE 50,400.00 50,293.64 50,293.64
307998 FAYETTEVILLE GA 30214 FAYETTE 28,000.00 28,000.00 28,000.00
308743 ROYAL OAK MI 48067 MACOMB 54,900.00 54,775.32 54,775.32
309484 EVANSTON IL 60201 COOK 93,380.00 93,184.12 93,184.12
309510 CHAGRIN FALLS OH 44022 CUYAHOGA 130,500.00 130,289.36 130,289.36
309665 LOUISVILLE TN 37777 BLOUNT 80,580.00 80,468.92 80,468.92
309715 ATLANTA GA 30331 FULTON 64,000.00 63,891.29 63,891.29
309762 CLEVELAND OH 44135 CUYAHOGA 48,000.00 47,918.44 47,918.44
309907 MAPLE HEIGHTS OH 44137 CUYAHOGA 68,000.00 67,918.06 67,918.06
309918 COLUMBUS OH 43211 FRANKLIN 53,500.00 53,417.47 53,417.47
309937 LINCOLN PARK MI 48146 WAYNE 70,200.00 70,128.22 70,128.22
309942 BURLINGTON NC 27217 ALAMANCE 52,800.00 52,694.88 52,721.47
309966 HAMILTON OH 45013 BUTLER 157,250.00 157,060.49 157,060.49
309985 DETROIT MI 48221 WAYNE 73,800.00 73,690.23 73,690.23
309995 GARFIELD HEIGHTS OH 44105 CUYAHOGA 41,500.00 41,455.11 41,455.11
310052 NASHVILLE TN 37207 DAVIDSON 66,150.00 66,089.41 66,089.41
310108 ANTIOCH TN 37013 DAVIDSON 79,650.00 79,577.04 79,577.04
310243 ATLANTA GA 30324 DEKALB 52,000.00 51,959.56 51,959.56
310363 ADA MI 49301 KENT 232,000.00 231,749.55 231,749.55
310434 MICHIGAN CITY IN 46360 LA PORTE 37,600.00 37,553.81 37,553.81
310703 CUYAHOGA FALLS OH 44221 SUMMIT 91,800.00 91,689.38 91,689.38
310761 MT. PLEASANT TN 38474 MAURY 68,934.00 68,850.92 68,850.92
310859 DETROIT MI 48235 WAYNE 30,800.00 30,800.00 30,800.00
310865 MEMPHIS TN 38128 SHELBY 11,000.00 10,956.74 10,956.74
310874 JASPER GA 30143 PICKENS 88,601.00 87,997.27 87,997.27
310875 SAINT GEORGE UT 84790 WASHINGTON 92,000.00 90,915.33 90,915.33
310900 DAYTON OH 45418 MONTGOMERY 42,400.00 42,202.85 42,202.85
310953 GARFIELD HEIGHTS OH 44125 CUYAHOGA 105,300.00 105,159.09 105,159.09
310966 INDIANAPOLIS IN 46221 MARION 22,500.00 22,386.06 22,386.06
310985 CINCINNATI OH 45247 HAMILTON 51,200.00 51,152.97 51,152.97
311019 AKRON OH 44319 SUMMIT 82,000.00 81,926.37 81,926.37
311022 BALTIMORE MD 21207 BALTIMORE COUNTY 93,000.00 92,893.79 92,893.79
311064 GARDEN CITY MI 48135 WAYNE 72,900.00 70,912.56 70,912.56
311074 RALEIGH NC 27616 WAKE 85,000.00 84,930.11 84,930.11
311101 OSKALOOSA IA 52577 MAHASKA 37,600.00 37,567.92 37,567.92
311132 DECATUR GA 30035 DE KALB 130,500.00 130,195.10 130,195.10
311134 VANCOUVER WA 98682 CLARK 103,500.00 102,316.92 102,316.92
311136 DECATUR GA 30034 DE KALB 106,000.00 105,973.48 105,973.48
311180 ASHTABULA OH 44004 ASHTABULA 56,000.00 55,928.93 55,928.93
311200 INDIANAPOLIS IN 46219 MARION 48,000.00 47,453.88 47,453.88
311210 COLUMBUS OH 43224 FRANKLIN 76,500.00 76,437.26 76,437.26
311230 HOUMA LA 70364 TERREBONNE 100,000.00 99,593.88 99,593.88
311245 DETROIT MI 48219 WAYNE 19,600.00 19,591.74 19,591.74
311247 LYNDHURST OH 44052 Cuyahoga 104,000.00 103,887.49 103,887.49
311252 SOUTHPORT FL 32409 BAY 36,375.00 36,111.91 36,111.91
311264 FORSYTH GA 31029 MONROE 63,000.00 62,562.72 62,562.72
311265 BOLINGBROOK IL 60440 WILL 142,650.00 142,569.58 142,569.58
311269 NASHVILLE TN 37206 DAVIDSON 48,000.00 47,947.62 47,947.62
311283 ANDERSON IN 46013 MADISON 62,000.00 61,916.84 61,916.84
311284 GRANT PARK IL 60940 KANKAKEE 41,200.00 41,172.95 41,172.95
311285 MAULDIN SC 29662 GREENVILLE 135,000.00 134,933.44 134,933.44
311287 BROADVIEW IL 60153 COOK 104,000.00 103,868.03 103,868.03
311288 OVIEDO FL 32765 SEMINOLE 95,200.00 95,065.66 95,065.66
311292 CLEVELAND OH 44128 CUYAHOGA 56,950.00 56,904.22 56,904.22
311294 FOWLERVILLE MI 48836 LIVINGSTON 107,600.00 107,504.20 107,504.20
311295 SOUTH BELOIT IL 61080 WINNEBAGO 31,000.00 30,765.39 30,765.39
311296 BOSSIER CITY LA 71111 BOSSIER 40,000.00 39,908.49 39,908.49
311299 BALTIMORE MD 21205 BALTIMORE CITY 44,000.00 43,955.99 43,955.99
311300 LEXINGTON KY 40511 FAYETTE 56,100.00 56,059.76 56,059.76
311305 INDIANAPOLIS IN 46205 MARION 54,800.00 54,770.59 54,770.59
<CAPTION>
LOAN NO P&I RATE ORIG TERM CLTV
- ----------- --------- --------- ----------------- ---------
<S> <C> <C> <C> <C>
289876 760.31 12.3750 360 0.6000
289914 1,084.04 10.2500 360 0.7000
301676 558.00 12.2500 180 0.7500
302945 243.65 10.7500 240 0.8000
303358 308.71 11.8000 180 0.6500
303701 257.75 10.9500 120 0.7500
304019 375.87 10.3500 360 0.8000
304420 954.48 11.8900 180 1.1268
305726 503.57 10.8300 180 0.8000
306223 342.54 10.0100 360 0.7358
306347 515.58 11.7700 180 0.7500
306487 496.80 11.4400 360 0.7000
306565 288.26 11.1700 180 0.7500
306653 821.80 11.7200 360 0.8000
307142 486.46 11.1700 360 0.8000
307998 351.33 12.8400 180 0.7000
308743 525.32 11.0600 360 0.8459
309484 768.21 9.2500 360 0.8120
309510 1,192.76 10.4900 360 0.8419
309665 797.36 11.4900 360 0.8500
309715 573.50 10.2500 360 0.8000
309762 430.13 10.2500 360 0.8000
309907 621.51 10.4900 360 0.8500
309918 497.40 10.7000 360 0.8492
309937 681.83 11.2500 360 0.9000
309942 443.97 9.5000 360 0.8000
309966 1,437.25 10.4900 360 0.8500
309985 620.55 9.5000 360 0.9000
309995 394.90 10.9900 360 0.6917
310052 667.72 11.7500 360 0.9000
310108 803.99 11.7500 360 0.9000
310243 554.57 12.4900 360 0.8000
310363 2,209.39 11.0000 360 0.8958
310434 341.13 10.4000 360 0.8000
310703 839.04 10.4900 360 0.8500
310761 630.05 10.4900 360 0.8628
310859 284.04 10.6000 180 0.8000
310865 133.72 12.2400 180 0.6766
310874 993.17 10.7500 180 0.7704
310875 911.07 11.5000 360 0.7077
310900 467.38 10.4500 180 0.8000
310953 924.08 10.0000 360 0.9000
310966 297.98 13.8900 180 0.5000
310985 516.43 11.7400 360 0.8000
311019 716.58 9.9500 360 0.8000
311022 867.44 10.7400 360 0.8455
311064 684.29 9.6000 240 0.8526
311074 890.06 12.2400 360 0.8500
311101 336.65 10.2400 360 0.8000
311132 1,342.57 10.9500 240 0.9000
311134 973.94 10.8500 180 0.9000
311136 1,139.52 12.6000 360 0.7970
311180 501.82 10.2500 360 0.8000
311200 401.86 9.4500 360 0.7869
311210 801.64 12.2500 360 0.8500
311230 955.10 9.8500 240 0.8000
311245 222.81 13.3900 180 0.8000
311247 989.63 10.9900 360 0.7820
311252 393.12 10.1000 180 0.7500
311264 698.36 10.5500 180 0.4846
311265 1,477.21 12.0900 180 0.9000
311269 455.30 10.9500 360 0.8000
311283 543.64 9.9900 360 0.7209
311284 404.86 11.4000 180 0.8000
311285 1,460.73 12.6900 360 0.8182
311287 931.95 10.2500 360 0.8889
311288 817.92 9.7500 360 0.8500
311292 600.74 12.3400 180 0.8500
311294 943.47 9.9900 360 0.6725
311295 325.58 9.6000 180 0.4769
311296 501.48 14.1400 240 0.8000
311299 430.70 11.3500 360 0.8000
311300 614.01 12.8500 360 0.8500
311305 576.79 12.3100 180 0.8000
</TABLE>
Page 1
<PAGE>
EQUIVANTAGE--1997-1 LOAN LIST
<TABLE>
<CAPTION>
NOTE FIRST MATURITY NEXT PMT
LOAN NO REM TERM AM TERM SALES PRICE APPR VAL DATE PMT DATE DATE
- ----------- ----------------- --------------- -------------- ----------- ---------- ---------- ----------- -----------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
289876 330 360 0.00 120000.00 29-Jul-94 01-Sep-94 01-Aug-24 01-Mar-97
289914 325 360 173937.00 177000.00 25-Feb-96 01-Apr-94 01-Mar-24 01-Mar-97
301676 163 360 0.00 71000.00 04-Aug-95 01-Oct-95 01-Sep-10 01-Mar-97
302945 226 240 0.00 30000.00 07-Nov-95 01-Jan-96 01-Dec-15 01-Mar-97
303358 166 180 0.00 40000.00 05-Dec-95 01-Jan-96 01-Dec-10 01-Mar-97
303701 107 120 0.00 25000.00 23-Dec-95 01-Feb-96 01-Jan-06 01-Mar-97
304019 348 360 0.00 52000.00 17-Jan-96 01-Mar-96 01-Feb-26 01-Mar-97
304420 169 180 0.00 71000.00 12-Feb-96 01-Apr-96 01-Mar-11 01-Mar-97
305726 171 360 0.00 67000.00 09-Apr-96 01-Jun-96 01-May-11 01-Mar-97
306223 351 360 0.00 53000.00 26-Apr-96 01-Jun-96 01-May-26 01-Mar-97
306347 172 360 0.00 68000.00 02-May-96 01-Jul-96 01-Jun-11 01-Mar-97
306487 352 360 0.00 72000.00 13-May-96 01-Jul-96 01-Jun-26 01-Mar-97
306565 171 180 0.00 33500.00 14-May-96 01-Jul-96 01-Jun-11 01-Apr-97
306653 352 360 0.00 102000.00 20-May-96 01-Jul-96 01-Jun-26 01-Mar-97
307142 354 360 0.00 63000.00 07-Jun-96 01-Aug-96 01-Jul-26 01-Feb-97
307998 180 180 0.00 40000.00 24-Jan-97 01-Mar-97 01-Feb-12 01-Mar-97
308743 355 360 64900.00 64900.00 15-Aug-96 01-Oct-96 01-Sep-26 01-Mar-97
309484 356 360 0.00 115000.00 19-Sep-96 15-Nov-96 15-Oct-26 15-Mar-97
309510 356 360 0.00 155000.00 20-Sep-96 01-Nov-96 01-Oct-26 01-Mar-97
309665 356 360 94800.00 94800.00 26-Sep-96 01-Nov-96 01-Oct-26 01-Mar-97
309715 356 360 80000.00 80000.00 27-Sep-96 01-Nov-96 01-Oct-26 01-Mar-97
309762 356 360 0.00 60000.00 02-Oct-96 01-Nov-96 01-Oct-26 01-Mar-97
309907 357 360 0.00 80000.00 07-Oct-96 01-Dec-96 01-Nov-26 01-Mar-97
309918 356 360 0.00 63000.00 08-Oct-96 15-Nov-96 15-Oct-26 15-Mar-97
309937 357 360 0.00 78000.00 16-Oct-96 01-Dec-96 01-Nov-26 01-Mar-97
309942 356 360 66000.00 66000.00 09-Oct-96 15-Nov-96 15-Oct-26 15-Mar-97
309966 357 360 0.00 185000.00 11-Oct-96 01-Dec-96 01-Nov-26 01-Mar-97
309985 357 360 0.00 82000.00 11-Oct-96 01-Dec-96 01-Nov-26 01-Mar-97
309995 357 360 0.00 60000.00 11-Oct-96 01-Dec-96 01-Nov-26 01-Mar-97
310052 357 360 0.00 73500.00 11-Oct-96 01-Dec-96 01-Nov-26 01-Mar-97
310108 357 360 0.00 88500.00 11-Oct-96 01-Dec-96 01-Nov-26 01-Mar-97
310243 357 360 65000.00 65000.00 17-Oct-96 01-Dec-96 01-Nov-26 01-Mar-97
310363 357 360 0.00 259000.00 15-Oct-96 01-Dec-96 01-Nov-26 01-Mar-97
310434 357 360 0.00 47000.00 04-Nov-96 01-Dec-96 01-Nov-26 01-Mar-97
310703 357 360 0.00 108000.00 18-Oct-96 01-Dec-96 01-Nov-26 01-Mar-97
310761 357 360 79900.00 79900.00 16-Oct-96 01-Dec-96 01-Nov-26 01-Mar-97
310859 180 360 0.00 38500.00 05-Feb-97 15-Mar-97 15-Feb-12 15-Mar-97
310865 178 180 0.00 44000.00 04-Nov-96 01-Jan-97 01-Dec-11 01-Mar-97
310874 177 180 0.00 115000.00 18-Oct-96 01-Dec-96 01-Nov-11 01-Mar-97
310875 356 360 0.00 130000.00 17-Oct-96 01-Dec-96 01-Nov-26 01-Apr-97
310900 178 180 0.00 53000.00 18-Dec-96 15-Jan-97 15-Dec-11 15-Mar-97
310953 357 360 0.00 117000.00 22-Oct-96 01-Dec-96 01-Nov-26 01-Mar-97
310966 177 180 0.00 45000.00 24-Oct-96 15-Dec-96 15-Nov-11 15-Mar-97
310985 357 360 64000.00 64000.00 23-Oct-96 01-Dec-96 01-Nov-26 01-Mar-97
311019 358 360 0.00 102500.00 13-Nov-96 01-Jan-97 01-Dec-26 01-Mar-97
311022 357 360 0.00 110000.00 23-Oct-96 01-Dec-96 01-Nov-26 01-Mar-97
311064 237 240 0.00 85500.00 05-Nov-96 15-Dec-96 15-Nov-16 15-Mar-97
311074 357 360 0.00 100000.00 24-Oct-96 01-Dec-96 01-Nov-26 01-Mar-97
311101 358 360 47000.00 47000.00 25-Oct-96 01-Dec-96 01-Nov-26 01-Feb-97
311132 238 240 0.00 145000.00 06-Nov-96 01-Jan-97 01-Dec-16 01-Mar-97
311134 179 360 0.00 115000.00 05-Dec-96 01-Jan-97 01-Dec-11 01-Feb-97
311136 359 360 0.00 133000.00 27-Nov-96 01-Jan-97 01-Dec-26 01-Feb-97
311180 357 360 0.00 70000.00 25-Oct-96 01-Dec-96 01-Nov-26 01-Mar-97
311200 357 360 0.00 61000.00 30-Oct-96 01-Dec-96 01-Nov-26 01-Mar-97
311210 357 360 0.00 90000.00 29-Oct-96 01-Dec-96 01-Nov-26 01-Mar-97
311230 237 240 0.00 125000.00 29-Oct-96 01-Dec-96 01-Nov-16 01-Mar-97
311245 178 360 25000.00 24500.00 18-Nov-96 01-Jan-97 01-Dec-11 01-Mar-97
311247 357 360 0.00 133000.00 31-Oct-96 01-Dec-96 01-Nov-26 01-Mar-97
311252 177 180 0.00 48500.00 30-Oct-96 15-Dec-96 15-Nov-11 15-Mar-97
311264 177 180 0.00 130000.00 31-Oct-96 01-Dec-96 01-Nov-11 01-Mar-97
311265 178 360 0.00 158500.00 02-Nov-96 01-Jan-97 01-Dec-11 01-Mar-97
311269 357 360 0.00 60000.00 05-Nov-96 15-Dec-96 15-Nov-26 15-Mar-97
311283 357 360 0.00 86000.00 31-Oct-96 01-Dec-96 01-Nov-26 01-Mar-97
311284 178 360 0.00 51500.00 04-Nov-96 01-Jan-97 01-Dec-11 01-Mar-97
311285 358 360 0.00 165000.00 01-Nov-96 01-Jan-97 01-Dec-26 01-Mar-97
311287 357 360 0.00 117000.00 04-Nov-96 01-Dec-96 01-Nov-26 01-Mar-97
311288 357 360 0.00 112000.00 01-Nov-96 01-Dec-96 01-Nov-26 01-Mar-97
311292 177 360 0.00 67000.00 21-Jan-97 15-Dec-96 15-Nov-11 15-Mar-97
311294 358 360 0.00 160000.00 01-Nov-96 01-Jan-97 01-Dec-26 01-Mar-97
311295 177 180 0.00 65000.00 04-Nov-96 01-Dec-96 01-Nov-11 01-Mar-97
311296 237 240 0.00 50000.00 18-Oct-96 24-Nov-96 24-Oct-16 24-Feb-97
311299 357 360 0.00 55000.00 31-Oct-96 01-Dec-96 01-Nov-26 01-Mar-97
311300 357 360 0.00 66000.00 25-Oct-96 01-Dec-96 01-Nov-26 01-Mar-97
311305 178 360 0.00 68500.00 01-Nov-96 01-Jan-97 01-Dec-11 01-Mar-97
<CAPTION>
NEXT PMT
AS OF
LOAN NO 03/01 PROPTYPE UNITS OCCUP LIEN LIEN BAL PURPOSE
- ----------- ---------- ----------------- ------------- --------------- ----- ------------- -----------------
<S> <C> <C> <C> <C> <C> <C> <C>
289876 01-Mar-97 3 1 3 18 0 3
289914 01-Apr-97 3 1 3 18 0 1
301676 01-Mar-97 5 2 1 18 0 1
302945 01-Mar-97 1 1 1 18 0 3
303358 01-Mar-97 1 1 1 18 0 3
303701 01-Mar-97 1 1 1 18 0 3
304019 01-Mar-97 1 1 1 18 0 3
304420 01-Mar-97 8 1 1 18 0 3
305726 01-Mar-97 1 1 1 18 0 4
306223 01-Mar-97 1 1 1 18 0 3
306347 01-Mar-97 1 1 1 18 0 3
306487 01-Mar-97 2 2 3 18 0 2
306565 01-Apr-97 8 1 1 18 0 3
306653 01-Mar-97 1 1 1 18 0 3
307142 01-Feb-97 1 1 1 18 0 3
307998 01-Mar-97 5 2 3 18 0 3
308743 01-Mar-97 1 1 1 18 0 1
309484 15-Mar-97 5 2 1 18 0 4
309510 01-Mar-97 1 1 1 18 0 4
309665 01-Mar-97 8 1 1 18 0 1
309715 01-Mar-97 1 1 3 18 0 1
309762 01-Mar-97 1 1 1 18 0 3
309907 01-Mar-97 1 1 1 18 0 3
309918 15-Mar-97 1 1 1 18 0 2
309937 01-Mar-97 1 1 1 18 0 4
309942 15-Feb-97 1 1 1 18 0 1
309966 01-Mar-97 1 1 1 18 0 4
309985 01-Mar-97 1 1 1 18 0 4
309995 01-Mar-97 1 1 1 18 0 3
310052 01-Mar-97 1 1 1 18 0 4
310108 01-Mar-97 1 1 1 18 0 4
310243 01-Mar-97 1 1 1 18 0 1
310363 01-Mar-97 1 1 1 18 0 4
310434 01-Mar-97 5 2 1 18 0 3
310703 01-Mar-97 1 1 1 18 0 4
310761 01-Mar-97 1 1 1 18 0 1
310859 15-Mar-97 1 1 3 18 0 4
310865 01-Mar-97 1 1 1 38 18771 3
310874 01-Mar-97 1 1 1 18 0 3
310875 01-Apr-97 1 1 3 18 0 4
310900 15-Mar-97 1 1 1 18 0 3
310953 01-Mar-97 1 1 1 18 0 4
310966 15-Mar-97 1 1 1 18 0 4
310985 01-Mar-97 1 1 1 18 0 1
311019 01-Mar-97 1 1 1 18 0 3
311022 01-Mar-97 1 1 1 18 0 4
311064 15-Mar-97 1 1 1 18 0 4
311074 01-Mar-97 1 1 1 18 0 3
311101 01-Feb-97 1 1 1 18 0 1
311132 01-Mar-97 1 1 1 18 0 3
311134 01-Feb-97 1 1 1 18 0 4
311136 01-Feb-97 1 1 1 18 0 4
311180 01-Mar-97 1 1 1 18 0 4
311200 01-Mar-97 1 1 1 18 0 3
311210 01-Mar-97 1 1 1 18 0 3
311230 01-Mar-97 1 1 1 18 0 3
311245 01-Mar-97 1 1 3 18 0 1
311247 01-Mar-97 1 1 1 18 0 3
311252 15-Mar-97 8 1 1 18 0 3
311264 01-Mar-97 1 1 1 18 0 3
311265 01-Mar-97 1 1 1 18 0 4
311269 15-Mar-97 1 1 1 18 0 3
311283 01-Mar-97 1 1 1 18 0 3
311284 01-Mar-97 1 1 1 18 0 4
311285 01-Mar-97 1 1 1 18 0 4
311287 01-Mar-97 1 1 1 18 0 4
311288 01-Mar-97 1 1 1 18 0 3
311292 15-Mar-97 1 1 1 18 0 2
311294 01-Mar-97 1 1 1 18 0 4
311295 01-Mar-97 1 1 1 18 0 3
311296 24-Feb-97 1 1 1 18 0 4
311299 01-Mar-97 2 1 1 18 0 3
311300 01-Mar-97 1 1 1 18 0 4
311305 01-Mar-97 1 1 1 18 0 4
<CAPTION>
BNK RUP NEXT INT PERIODIC LIFE
LOAN NO GRADE DISCHARGE SECT 32 MARGIN INDEX CHANGE CAP CAP
- ----------- ----------- ------------ --------------- ------------- --------- ---------- --------------- ---------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
289876 C -- F 6.75 6MOLIB 01-Sep-97 1 6
289914 B -- F 4.38 6MOLIB 01-Oct-97 1 6
301676 C -- F 0 -- 0 0
302945 B 01-Nov-87 F 0 -- 0 0 0
303358 B 01-Apr-93 F 0 -- 0 0 0
303701 B 01-Dec-89 F 0 -- 0 0 0
304019 B -- F 0 -- 0 0 0
304420 B -- F 0 -- 0 0 0
305726 B -- F 0 -- 0 0 0
306223 A -- F 0 -- 0 0 0
306347 B -- F 0 -- 0 0 0
306487 A -- F 0 -- 0 0 0
306565 A -- F 0 -- 0 0 0
306653 B -- F 0 -- 0 0 0
307142 A -- F 0 -- 0 0 0
307998 B 01-May-89 F 0 -- 0 0 0
308743 A -- F 0 -- 0 0 0
309484 A -- F 5.5 6MOLIB 15-Apr-97 1.5 7
309510 B -- F 6.25 6MOLIB 01-Oct-98 1.5 7
309665 B -- F 7.25 6MOLIB 01-Oct-98 1.5 7
309715 B -- F 6.75 6MOLIB 01-Apr-97 1.5 7
309762 B 20-Feb-91 F 6.75 6MOLIB 01-Apr-97 1.5 7
309907 A -- F 6.25 6MOLIB 01-Nov-98 1.5 7
309918 A 30-Dec-93 F 0 -- 0 0 0
309937 A -- F 7.5 6MOLIB 01-May-97 1.5 7
309942 B -- F 6 6MOLIB 15-Apr-97 1.5 7
309966 B -- F 6.25 6MOLIB 01-Nov-98 1.5 7
309985 A -- F 5.75 6MOLIB 01-May-97 1.5 7
309995 C -- F 6.75 6MOLIB 01-Nov-98 1.5 7
310052 A -- F 7.5 6MOLIB 01-Nov-98 1.5 7
310108 A -- F 7.5 6MOLIB 01-Nov-98 1.5 7
310243 B -- F 8.25 6MOLIB 01-Nov-98 1.5 7
310363 B -- F 6.75 6MOLIB 01-Nov-98 1.5 7
310434 A -- F 0 -- 0 0 0
310703 B 01-Jan-90 F 5.75 6MOLIB 01-Nov-98 1.5 7
310761 B 01-Apr-93 F 6.25 6MOLIB 01-Nov-98 1.5 7
310859 A -- F 0 -- 0 0 0
310865 B -- F 0 -- 0 0 0
310874 A -- F 6.5 6MOLIB 01-Nov-98 1.5 7
310875 B -- F 8 6MOLIB 01-May-97 1.5 7
310900 A -- F 0 -- 0 0 0
310953 A -- F 5.75 6MOLIB 01-Nov-98 1.5 7
310966 C 01-Jan-91 T 0 -- 0 0 0
310985 B -- F 7.5 6MOLIB 01-Nov-98 1.5 7
311019 A 01-Jun-88 F 0 -- 0 0 0
311022 B -- F 6.5 6MOLIB 01-Nov-98 1.5 7
311064 A+ -- F 0 -- 0 0 0
311074 B 15-May-89 F 3.8 6MOLIB 01-Nov-98 1.5 7
311101 B -- F 6 6MOLIB 01-Nov-98 1.5 7
311132 A -- F 0 -- 0 0 0
311134 A 04-Jun-92 F 0 -- 0 0 0
311136 B -- F 0 -- 0 0 0
311180 A 01-Apr-88 F 6.5 6MOLIB 01-Nov-98 1.5 7
311200 A -- F 0 -- 0 0 0
311210 B -- F 8.75 6MOLIB 01-May-97 1.5 7
311230 A -- F 0 -- 0 0 0
311245 B -- F 0 -- 0 0 0
311247 B -- F 6.75 6MOLIB 01-Nov-98 1.5 7
311252 A -- F 0 -- 0 0 0
311264 A -- F 0 -- 0 0 0
311265 A -- F 0 -- 0 0 0
311269 A -- F 0 -- 0 0 0
311283 B -- F 5.75 6MOLIB 01-Nov-98 1.5 7
311284 A -- F 0 -- 0 0 0
311285 B 01-Jul-93 F 0 -- 0 0 0
311287 A -- F 6 6MOLIB 01-Nov-98 1.5 7
311288 B 01-Mar-88 F 6.25 6MOLIB 01-May-97 1.5 7
311292 B -- F 0 -- 0 0 0
311294 B -- F 5.75 6MOLIB 01-Dec-98 1.5 7
311295 A -- F 0 -- 0 0 0
311296 C 17-Apr-90 F 0 -- 0 0 0
311299 B -- F 0 -- 0 0 0
311300 B -- T 0 -- 0 0 0
311305 B -- F 0 -- 0 0 0
</TABLE>
Page 2
<PAGE>
EQUIVANTAGE--1997-1 LOAN LIST
<TABLE>
<CAPTION>
PRE PMT
LOAN NO FLOOR CEILING PEN DOC LEVEL
- ----------- --------------- ----------- --------------- -------------------
<S> <C> <C> <C> <C>
289876 0 16.2 P F
289914 0 12.625 F
301676 0 0 P F
302945 0 0 P F
303358 0 0 P F
303701 0 0 F
304019 0 0 P F
304420 0 0 P F
305726 0 0 F
306223 0 0 F
306347 0 0 F
306487 0 0 F
306565 0 0 F
306653 0 0 F
307142 0 0 F
307998 0 0 P F
308743 0 0 F
309484 0 16.25 F
309510 0 17.49 P F
309665 0 18.49 F
309715 0 17.25 F
309762 0 17.25 P F
309907 0 17.49 P F
309918 0 0 P F
309937 0 18.25 F
309942 0 16.5 F
309966 0 17.49 P F
309985 0 16.5 P F
309995 0 17.99 P F
310052 0 18.75 F
310108 0 18.75 F
310243 0 19.49 P F
310363 0 18 P F
310434 0 0 F
310703 0 17.49 P F
310761 0 17.49 F
310859 0 0 P F
310865 0 0 F
310874 0 17.75 F
310875 0 18.5 P F
310900 0 0 P F
310953 0 17 P F
310966 0 0 F
310985 0 18.74 F
311019 0 0 P F
311022 0 17.74 F
311064 0 0 F
311074 0 19.24 F
311101 0 17.24 F
311132 0 0 P F
311134 0 0 P F
311136 0 0 P F
311180 0 17.25 P F
311200 0 0 P F
311210 0 19.25 P F
311230 0 0 P F
311245 0 0 P F
311247 0 17.99 P F
311252 0 0 P F
311264 0 0 P F
311265 0 0 F
311269 0 0 F
311283 0 16.99 P F
311284 0 0 F
311285 0 0 F
311287 0 17.25 F
311288 0 16.75 P F
311292 0 0 P F
311294 0 16.99 P F
311295 0 0 F
311296 0 0 P F
311299 0 0 F
311300 0 0 P F
311305 0 0 P F
</TABLE>
Page 3
<PAGE>
EQUIVANTAGE--1997-1 LOAN LIST
<TABLE>
<CAPTION>
LOAN NO TYPE LASTNAME FIRSTNAME ADDRESS
- ----------- --------- ------------------ ------------------ ------------------------------------------------
<S> <C> <C> <C> <C>
311308 BLLN WYNN JOSEPH R 1848 KING CHARLES RD
311309 BLLN ROZIER MARY 12470 MCKAY
311313 FR FISK BRUCE A 9710SE222ND DRIVE
311317 BLLN TYUS SR ROBERT T 18657 GEORGE WASHINGT
311319 FR WILLIS JR HAROLD E 1520 TAYLOR-BLAIR RD
311320 FR STEWART MICKEY R 306 MARGINAL STREET
311323 FR NELSON FRANKIE S 749 EMILE AVENUE
311326 FR MANN JR ANTHONY W 6417 DIAMOND ST
311327 FR MCSWAIN THOMAS E 3513 FISH POND ROAD
311328 BLLN ELLENS JAMES L 8098 SPRAGUE
311330 FR MILLS WILLIAM R 2552 WINCHESTER HWY
311332 FR EDINGTON DAVID L 4718 WOODLAND DRIVE
311336 FR A GOODWIN FRANKLIN 4537 ROBIE ROAD
311337 ARM2_28 CALDWELL WILLIE D 10008 ELLARD DRIVE
311339 BLLN ORTEGA OCTAVIO M 325W 21ST ST
311340 FR DRAKE FRANK F 3948 HYDESDALE LANE
311341 FR BRISKER LAURA 26800S RIVER PARK DR
311342 BLLN ASHLEY, JR HARRY T. 678 HOLIDAY DRIVE
311344 FR PICKARD KEITH S 21648 WALTHAM
311345 FR KINCAID JOHNNY L 3321 PINEY ROAD
311346 FR HOWELL JANET B 354 MAIN STREET
311347 BLLN O'CONNOR JUNE 575 HILLIARD ROAD
311349 FR THOMPSON ETHEL H 3510 LANCASTER ST
311355 FR MCDANIEL SCOTT 3717 STERLING
311359 FR MIDDLETON MAE T J 1414/1416 PORT ST
311363 FR WALKER WANDA 4312 SOUTH OHIO STRE
311366 BLLN SMITH PEGGY C 1202 CHURCH STREET
311367 FR WORLEY PERRY R 411 WOODLAWN AVE
311372 FR LADSON JR DAN 1210 MEYERS STREET
311374 FR WHITFIELD ROOSEVELT 1117 HUEY STREET
311375 FR PRESSLEY JERRY K 625 AUSTIN STREET
311376 FR BASHAM ROBERT B 1400W 53RD STREET
311377 BLLN BURNELL EDITH 20120 ARDMORE
311378 FR MCDONALD MARY A 31514 HARTFORD
311380 FR HARRIS CONNIE RT 5 BOX 214 PALM ST
311384 FR STROUD GARY R 207 REDDEN COURT
311385 FR HOLBROOK MICHAEL C 15329 COYLE
311386 FR EVANCHO JOHN E 325 WEST 7TH STREET
311388 FR YOUNG ALPHONSE 17 FOXWORTH STREET
311389 FR SEXTON WILLIAM C 363 SHADOWTOWN ROAD
311393 BLLN FOULKS GLEN A 127 SPRINGBROOK RD
311395 BLLN A DAVIS MARGARET 3120 W LEXINGTON
311396 FR NOHR KEVIN M 1800 HORATIO-HAGOOD
311397 FR SCHOEFFLER STACEY S 201 NORTH VIVIAN ST
311399 FR M CAMPBELL JR NATHANIAL 2806 GAMMA LANE
311402 BLLN WHITENACK PAUL V 1827N B STREET
311403 ARM GILMORE WILLIE A 10800 APPLE WAY
311404 BLLN MULFORD RAYMOND E 2164 ARKANSAS STREET
311406 FR FINNEY MARK A 14717 EDGEHILL
311407 FR CROSLAN JR EMANUEL 8115 LOWELL VLY DR
311408 BLLN HUNTER WILLIE R 8731 HOSMER
311410 FR CAPORALE EUGENE F 838 KING ROAD
311412 FR TAYLOR LEONARD J 6478 SCENIC COURT
311413 FR RAMIREZ JESSE 6347 HATCHERY ROAD
311414 FR HALTER DONALD R 348 LOCUST N.W.
311415 FR SIMEUNG POTE 558N CRYSTAL AVE
311416 BLLN DAMON LOUISE C 3848 SHAW STREET
311418 FR BELL THOMAS 193 WARD ROAD
311421 FR PEREZ GERARDO 8640S BALTIMORE AVE
311424 BLLN SPAULDING DIANE I 2655 BARTHAS PLACE
311426 BLLN GUNNELS DEAN A 11490 ELMS ROAD
311427 BLLN HARRIS STANLEY J 4336 JOHN WESLEY DR
311429 FR MITCHELL RICHARD 1710 NORTH WASHINGTO
311430 FR FUNDERBURK THOMAS F 109 OLGA DRIVE
311433 ARM2_28 HILLER BRADLEY 60 LODEWYCK AVENUE
311434 FR WALKER JOHN W 3049 ARROW ROAD
311435 FR CORBIN JOHN H 345 BLUFFSIDE POINT
311437 FR CAGLE MARY S 1677 CHERRY LANE
311439 FR FREEMAN JOSEPH L 128E OAK STREET
311440 BLLN BAKER CYNTHIA L 1093 PATTERSON DRIVE
311444 FR WIDEMAN JOEL 119 CRYSTAL LANE
311447 FR SCOTT JR THOMAS 735 MEADOW BEND
311449 FR HARRIS HELON 413 SHANNON COURT
311454 FR HOOKS ELLA M 114 VANNOGDEN NE DR
311457 FR MILLER CHARLIE C 678 CHALMERS
311459 BLLN DAVIS ROBERT T 213 EAST MAIN ST
311465 FR R HOY RICHARD 7031 151ST AVENUE NE
311466 FR SKEEL RONALD T 1744 EVERETT STREET
<CAPTION>
LOAN NO CITY STATE ZIP COUNTY ORIG BAL UPB UPB AS OF 03/01
- ----------- --------------------- ----------- --------- ----------------------- ----------- --------- ---------------
<S> <C> <C> <C> <C> <C> <C> <C>
311308 ATLANTA GA 30331 FULTON 75,500.00 75,456.48 75,456.48
311309 DETROIT MI 48212 WAYNE 27,000.00 26,978.45 26,978.45
311313 GRESHAM OR 97080 CLACKAMAS 75,000.00 74,804.20 74,804.20
311317 SOUTHFIELD MI 48075 OAKLAND 252,300.00 252,100.31 252,100.31
311319 WEST JEFFERSON OH 43162 MADISON 170,000.00 169,876.40 169,876.40
311320 SYLVESTER GA 31791 WORTH 64,000.00 63,742.02 63,742.02
311323 WESTWEGO LA 70094 JEFFERSON 32,000.00 31,947.99 31,947.99
311326 TAMPA FL 33619 HILLSBOROUGH 30,000.00 26,685.81 26,685.81
311327 CHERRYVILLE NC 28021 LINCOLN 111,350.00 111,263.00 111,263.00
311328 DETROIT MI 48214 WAYNE 18,750.00 18,742.36 18,742.36
311330 KELSO TN 37348 LINCOLN 50,000.00 49,770.65 49,770.65
311332 INDIANAPOLIS IN 46254 MARION 37,000.00 36,659.39 36,659.39
311336 LILBURN GA 30247 GWINNETT 139,500.00 139,347.78 139,347.78
311337 LANHAM MD 20706 PRINCE GEORGE'S 243,950.00 243,765.10 243,765.10
311339 NEWTON NC 28658 CATAWBA 30,295.00 30,263.28 30,263.28
311340 NASHVILLE TN 37218 DAVIDSON 89,600.00 88,995.05 88,995.05
311341 INKSTER MI 48141 WAYNE 30,000.00 29,938.45 29,876.30
311342 FORTVILLE IN 46040 HANCOCK 58,000.00 57,940.58 57,940.58
311344 WARREN MI 48089 MACOMB 15,000.00 14,935.78 14,935.78
311345 MORGANTON NC 28655 Burke 40,000.00 39,888.62 39,888.62
311346 WHITE BLUFF TN 37187 DICKSON 32,800.00 32,487.64 32,487.64
311347 ELYRIA OH 44035 LORAIN 30,780.00 30,748.64 30,748.64
311349 NEW ORLEANS LA 70131 ORLEANS PARISH 41,600.00 41,447.68 41,447.68
311355 FLINT MI 48504 GENESEE 15,000.00 14,812.41 14,812.41
311359 NEW ORLEANS LA 70117 ORLEANS 38,400.00 38,383.09 38,383.09
311363 MICHIGAN CITY IN 46360 LA PORTE 25,000.00 24,810.78 24,810.78
311366 GREENBRIER TN 37073 ROBERTSON 56,950.00 56,921.29 56,921.29
311367 MT. HOLLY NC 28120 GASTON 48,000.00 47,781.91 47,781.91
311372 SAVANNAH GA 31405 CHATHAM 40,040.00 39,932.04 39,932.04
311374 CLEVELAND MS 38732 BOLIVAR 30,375.00 30,292.93 30,292.93
311375 ALBEMARLE NC 28001 STANLY 28,500.00 28,368.10 28,368.10
311376 CHATTANOOGA TN 37409 HAMILTON 35,275.00 35,043.37 35,043.37
311377 DETROIT MI 48235 WAYNE 46,100.00 46,070.98 46,070.98
311378 WARREN MI 48093 MACOMB 45,600.00 45,254.90 45,254.90
311380 HAZLEHURST GA 31539 JEFF DAVIS 49,500.00 49,407.76 49,407.76
311384 CLARKSVILLE IN 47129 CLARK 63,200.00 62,928.94 62,928.94
311385 DETROIT MI 48227 WAYNE 40,000.00 39,704.04 39,704.04
311386 SALEM OH 44460 COLUMBIANA 55,250.00 55,206.37 55,206.37
311388 SUMTER SC 29150 SUMTER 36,000.00 35,929.18 35,929.18
311389 BLOUNTVILLE TN 37617 SULLIVAN 42,300.00 41,893.47 41,893.47
311393 AFTON TN 37616 GREENE 56,250.00 56,201.13 56,201.13
311395 CHICAGO IL 60612 COOK 68,500.00 68,459.40 68,459.40
311396 REMBERT SC 29128 SUMTER 37,600.00 37,363.01 37,363.01
311397 EUNICE LA 70535 SAINT LANDRY 77,000.00 76,480.14 76,480.14
311399 FLINT MI 48506 GENESEE 29,470.00 29,269.00 29,269.00
311402 ELWOOD IN 46036 MADISON 66,300.00 66,217.66 66,217.66
311403 CLINTON MD 20735 PRINCE GEORGE'S 170,000.00 169,848.97 169,848.97
311404 OREGON OH 43616 LUCAS 49,600.00 49,510.10 49,510.10
311406 NEWBURY OH 44065 GEAUGA 46,400.00 46,381.75 46,381.75
311407 BAHAMA NC 27503 DURHAM 52,200.00 52,118.63 52,118.63
311408 DETROIT MI 48201 WAYNE 14,000.00 13,992.44 13,992.44
311410 WINLOCK WA 98596 LEWIS 57,265.00 57,063.38 57,063.38
311412 INDIANAPOLIS IN 46260 MARION 79,050.00 79,012.92 79,012.92
311413 WATERFORD MI 48329 OAKLAND 93,500.00 93,428.52 93,428.52
311414 CANAL FULTON OH 44614 STARK 44,500.00 44,216.89 44,216.89
311415 ELGIN IL 60123 KANE 42,050.00 41,956.80 41,956.80
311416 COLUMBIA SC 29203 RICHLAND 60,000.00 59,974.46 59,974.46
311418 LUGOFF SC 29078 KERSHAW 53,400.00 53,363.79 53,363.79
311421 CHICAGO IL 60617 COOK 40,600.00 40,328.38 40,328.38
311424 CINCINNATI OH 45239 HAMILTON 54,750.00 54,715.52 54,715.52
311426 BIRCH RUN MI 48415 SAGINAW 85,000.00 84,926.09 84,926.09
311427 DECATUR GA 30035 DE KALB 68,000.00 67,957.19 67,957.19
311429 KOKOMO IN 46901 HOWARD 48,000.00 47,644.87 47,644.87
311430 KINGS MOUNTAIN NC 28086 CLEVELAND 72,000.00 71,826.17 71,826.17
311433 MOUNT CLEMENS MI 48043 MACOMB 99,450.00 99,384.26 99,384.26
311434 CARROLLTON OH 44615 CARROLLTON 36,040.00 35,939.64 35,939.64
311435 CORDOVA TN 38018 SHELBY 349,000.00 348,805.44 348,805.44
311437 HAW RIVER NC 27258 ALAMANCE 10,000.00 9,956.85 9,956.85
311439 VILLE PLATTE LA 70586 EVANGELINE 22,500.00 22,450.28 22,450.28
311440 KINGSTON SPRINGS TN 37082 CHEATHAM 50,200.00 50,156.28 50,156.28
311444 ANDERSON SC 29621 ANDERSON 46,400.00 46,192.09 46,192.09
311447 BATON ROUGE LA 70820 EAST BATON ROUGE 62,050.00 62,002.41 62,002.41
311449 FREDERICK MD 21701 FREDERICK 55,500.00 55,463.57 55,463.57
311454 MILLEDGEVILLE GA 31061 BALDWIN 42,000.00 41,869.65 41,869.65
311457 DETROIT MI 48215 WAYNE 55,200.00 54,928.83 54,928.83
311459 KITZMILLER MD 21538 GARRETT 53,000.00 52,975.30 52,975.30
311465 REDMOND WA 98052 75,000.00 74,792.36 74,792.36
311466 LAFAYETTE IN 47905 TIPPECANOE 34,450.00 34,276.89 34,276.89
<CAPTION>
LOAN NO P&I RATE ORIG TERM CLTV
- ----------- --------- --------- ----------------- ---------
<S> <C> <C> <C> <C>
311308 776.02 11.9900 180 0.7550
311309 246.98 10.5000 180 0.6279
311313 728.74 10.1000 240 0.5172
311317 2,675.08 12.4100 180 0.8700
311319 1,852.68 12.7900 360 0.7798
311320 767.28 11.9800 180 0.8000
311323 389.59 13.6400 240 0.7442
311326 331.43 10.4900 180 0.7500
311327 1,026.90 10.6000 360 0.7575
311328 215.36 13.5400 180 0.7500
311330 558.92 10.7000 180 0.7692
311332 511.77 11.1000 120 0.8123
311336 1,323.22 10.9500 360 0.8885
311337 2,275.39 10.7400 360 0.8500
311339 291.95 11.1500 180 0.8300
311340 1,009.97 10.8500 180 0.8000
311341 355.05 11.7400 180 0.5455
311342 562.89 11.2400 180 0.7532
311344 173.71 11.3400 180 0.2727
311345 375.47 9.6000 240 0.6299
311346 442.77 10.5100 120 0.8000
311347 255.45 9.3500 180 0.3800
311349 526.07 12.9900 180 0.8000
311355 222.99 12.8900 120 0.4545
311359 430.49 13.1900 360 0.8000
311363 262.57 9.6000 180 0.4902
311366 611.78 12.5900 180 0.8500
311367 536.56 10.7000 180 0.8000
311372 382.42 9.8500 240 0.7700
311374 355.43 12.9800 240 0.7500
311375 315.04 10.5000 180 0.7917
311376 404.26 11.1500 180 0.8500
311377 459.69 11.5900 180 0.7260
311378 478.92 9.6000 180 0.4471
311380 567.28 12.6400 240 0.7615
311384 731.08 11.3200 180 0.8000
311385 426.18 9.8500 180 0.7843
311386 507.46 10.5500 360 0.8500
311388 402.43 12.2400 240 0.8000
311389 567.23 10.3500 120 0.6934
311393 578.16 11.9900 180 0.8654
311395 711.99 12.1400 180 0.7611
311396 441.39 11.5900 180 0.8000
311397 867.94 10.8500 180 0.8750
311399 330.16 10.7400 180 0.7000
311402 599.05 10.3500 180 0.8500
311403 1,491.87 10.0000 360 0.8500
311404 509.81 11.9900 180 0.8000
311406 538.42 13.6900 360 0.8000
311407 646.84 13.9400 240 0.6636
311408 147.14 12.2900 180 0.7000
311410 589.14 10.9500 240 0.8500
311412 868.89 12.9100 360 0.8500
311413 869.29 10.7000 360 0.8500
311414 519.56 11.4900 180 0.6642
311415 444.10 11.3500 240 0.8496
311416 679.70 13.3400 180 0.8000
311418 518.65 11.2500 360 0.8476
311421 495.13 12.3000 180 0.7000
311424 545.95 11.5900 180 0.7500
311426 752.22 10.1000 180 0.8500
311427 678.07 11.5900 180 0.8000
311429 511.41 9.8500 180 0.8000
311430 728.53 10.7000 240 0.8000
311433 1,100.12 13.0000 360 0.8500
311434 338.30 9.6000 240 0.5300
311435 3,627.51 12.1400 360 0.6345
311437 115.87 11.3500 180 0.0833
311439 286.19 14.3900 240 0.7031
311440 515.59 11.9800 180 0.6972
311444 523.02 10.8500 180 0.8000
311447 664.64 12.5500 360 0.8500
311449 545.38 11.4000 360 0.5904
311454 578.93 14.6900 180 0.7925
311457 588.13 9.8500 180 0.8000
311459 583.80 12.9400 180 0.6463
311465 865.36 12.7500 240 0.6469
311466 352.08 10.8500 240 0.8460
</TABLE>
Page 4
<PAGE>
EQUIVANTAGE--1997-1 LOAN LIST
<TABLE>
<CAPTION>
NOTE FIRST MATURITY NEXT PMT
LOAN NO REM TERM AM TERM SALES PRICE APPR VAL DATE PMT DATE DATE
- ----------- ----------------- --------------- ----------------- ----------- --------- --------- ----------- -----------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
311308 178 360 0.00 100000.00 05-Nov-96 01-Jan-97 01-Dec-11 01-Mar-97
311309 178 360 0.00 43000.00 30-Dec-96 01-Jan-97 01-Dec-11 01-Mar-97
311313 238 240 0.00 145000.00 07-Nov-96 01-Jan-97 01-Dec-16 01-Mar-97
311317 177 360 0.00 290000.00 01-Nov-96 01-Dec-96 01-Nov-11 01-Mar-97
311319 357 360 0.00 218000.00 02-Nov-96 01-Dec-96 01-Nov-26 01-Mar-97
311320 178 180 0.00 80000.00 04-Nov-96 01-Jan-97 01-Dec-11 01-Mar-97
311323 238 240 0.00 43000.00 04-Nov-96 01-Jan-97 01-Dec-16 01-Mar-97
311326 177 180 0.00 40000.00 04-Nov-96 15-Dec-96 15-Nov-11 15-Mar-97
311327 358 360 0.00 147000.00 15-Nov-96 15-Dec-96 15-Nov-26 15-Feb-97
311328 178 360 0.00 25000.00 05-Nov-96 01-Jan-97 01-Dec-11 01-Mar-97
311330 178 180 0.00 65000.00 04-Nov-96 01-Jan-97 01-Dec-11 01-Mar-97
311332 118 120 0.00 110000.00 06-Nov-96 01-Jan-97 01-Dec-06 01-Mar-97
311336 357 360 0.00 157000.00 05-Nov-96 15-Dec-96 15-Nov-26 15-Mar-97
311337 358 360 0.00 287000.00 04-Nov-96 01-Jan-97 01-Dec-26 01-Mar-97
311339 177 360 0.00 36500.00 05-Nov-96 15-Dec-96 15-Nov-11 15-Mar-97
311340 177 180 0.00 112000.00 05-Nov-96 01-Dec-96 01-Nov-11 01-Mar-97
311341 179 180 0.00 55000.00 07-Nov-96 01-Jan-97 01-Dec-11 01-Feb-97
311342 177 360 0.00 77000.00 07-Nov-96 15-Dec-96 15-Nov-11 15-Mar-97
311344 178 180 0.00 55000.00 06-Nov-96 01-Jan-97 01-Dec-11 01-Mar-97
311345 238 240 0.00 63500.00 05-Nov-96 01-Jan-97 01-Dec-16 01-Mar-97
311346 118 120 0.00 41000.00 05-Nov-96 01-Jan-97 01-Dec-06 01-Mar-97
311347 178 360 0.00 81000.00 05-Nov-96 01-Jan-97 01-Dec-11 01-Mar-97
311349 178 180 0.00 52000.00 05-Nov-96 01-Jan-97 01-Dec-11 01-Mar-97
311355 117 120 0.00 33000.00 14-Nov-96 15-Dec-96 15-Nov-06 15-Mar-97
311359 358 360 0.00 48000.00 05-Nov-96 01-Jan-97 01-Dec-26 01-Mar-97
311363 177 180 0.00 51000.00 06-Nov-96 15-Dec-96 15-Nov-11 15-Mar-97
311366 178 360 0.00 67000.00 06-Nov-96 01-Jan-97 01-Dec-11 01-Mar-97
311367 178 180 0.00 60000.00 06-Nov-96 01-Jan-97 01-Dec-11 01-Mar-97
311372 238 240 0.00 52000.00 08-Nov-96 01-Jan-97 01-Dec-16 01-Mar-97
311374 237 240 0.00 40500.00 19-Nov-96 15-Dec-96 15-Nov-16 15-Mar-97
311375 178 180 0.00 36000.00 06-Nov-96 01-Jan-97 01-Dec-11 01-Mar-97
311376 177 180 0.00 41500.00 08-Nov-96 15-Dec-96 15-Nov-11 15-Mar-97
311377 178 360 0.00 63500.00 07-Nov-96 01-Jan-97 01-Dec-11 01-Mar-97
311378 177 180 0.00 102000.00 08-Nov-96 15-Dec-96 15-Nov-11 15-Mar-97
311380 238 240 0.00 65000.00 06-Nov-96 01-Jan-97 01-Dec-16 01-Mar-97
311384 178 180 0.00 79000.00 09-Nov-96 01-Jan-97 01-Dec-11 01-Mar-97
311385 177 180 0.00 51000.00 08-Nov-96 15-Dec-96 15-Nov-11 15-Mar-97
311386 358 360 0.00 65000.00 08-Nov-96 01-Jan-97 01-Dec-26 01-Mar-97
311388 238 240 0.00 45000.00 06-Nov-96 01-Jan-97 01-Dec-16 01-Mar-97
311389 118 120 0.00 61000.00 27-Dec-96 01-Jan-97 01-Dec-06 01-Mar-97
311393 177 360 0.00 65000.00 07-Nov-96 15-Dec-96 15-Nov-11 15-Mar-97
311395 178 360 0.00 90000.00 07-Nov-96 15-Dec-96 15-Nov-11 15-Feb-97
311396 177 180 0.00 47000.00 08-Nov-96 15-Dec-96 15-Nov-11 15-Mar-97
311397 177 180 0.00 88000.00 07-Nov-96 15-Dec-96 15-Nov-11 15-Mar-97
311399 177 180 0.00 42100.00 11-Nov-96 15-Dec-96 15-Nov-11 15-Mar-97
311402 177 360 0.00 78000.00 12-Nov-96 15-Dec-96 15-Nov-11 15-Mar-97
311403 358 360 0.00 200000.00 13-Nov-96 01-Jan-97 01-Dec-26 01-Mar-97
311404 177 360 0.00 62000.00 11-Nov-96 15-Dec-96 15-Nov-11 15-Mar-97
311406 358 360 0.00 58000.00 07-Nov-96 01-Jan-97 01-Dec-26 01-Mar-97
311407 238 240 0.00 135000.00 08-Nov-96 01-Jan-97 01-Dec-16 01-Mar-97
311408 178 360 0.00 20000.00 08-Nov-96 01-Jan-97 01-Dec-11 01-Mar-97
311410 237 240 0.00 195000.00 07-Nov-96 15-Dec-96 15-Nov-16 15-Mar-97
311412 358 360 0.00 93000.00 22-Nov-96 01-Jan-97 01-Dec-26 01-Mar-97
311413 358 360 0.00 110000.00 11-Nov-96 01-Jan-97 01-Dec-26 01-Mar-97
311414 177 180 0.00 67000.00 07-Nov-96 15-Dec-96 15-Nov-11 15-Mar-97
311415 238 240 0.00 137000.00 08-Nov-96 01-Jan-97 01-Dec-16 01-Mar-97
311416 178 360 0.00 75000.00 18-Nov-96 01-Jan-97 01-Dec-11 01-Mar-97
311418 358 360 0.00 63000.00 08-Nov-96 01-Jan-97 01-Dec-26 01-Mar-97
311421 177 180 0.00 58000.00 07-Nov-96 15-Dec-96 15-Nov-11 15-Mar-97
311424 178 360 0.00 73000.00 11-Nov-96 01-Jan-97 01-Dec-11 01-Mar-97
311426 178 360 0.00 100000.00 08-Nov-96 01-Jan-97 01-Dec-11 01-Mar-97
311427 178 360 0.00 85000.00 08-Nov-96 01-Jan-97 01-Dec-11 01-Mar-97
311429 177 180 0.00 60000.00 11-Nov-96 15-Dec-96 15-Nov-11 15-Mar-97
311430 238 240 0.00 90000.00 08-Nov-96 01-Jan-97 01-Dec-16 01-Mar-97
311433 358 360 0.00 117000.00 08-Nov-96 01-Jan-97 01-Dec-26 01-Mar-97
311434 238 240 0.00 68000.00 12-Nov-96 01-Jan-97 01-Dec-16 01-Mar-97
311435 358 360 0.00 550000.00 08-Nov-96 01-Jan-97 01-Dec-26 01-Mar-97
311437 178 180 0.00 120000.00 08-Nov-96 01-Jan-97 01-Dec-11 01-Mar-97
311439 237 240 0.00 32000.00 08-Nov-96 15-Dec-96 15-Nov-16 15-Mar-97
311440 177 360 0.00 72000.00 08-Nov-96 15-Dec-96 15-Nov-11 15-Mar-97
311444 178 180 0.00 58000.00 11-Nov-96 01-Jan-97 01-Dec-11 01-Mar-97
311447 357 360 0.00 73000.00 08-Nov-96 15-Dec-96 15-Nov-26 15-Mar-97
311449 358 360 0.00 94000.00 11-Nov-96 01-Jan-97 01-Dec-26 01-Mar-97
311454 178 180 0.00 53000.00 15-Nov-96 01-Jan-97 01-Dec-11 01-Mar-97
311457 178 180 0.00 69000.00 12-Nov-96 01-Jan-97 01-Dec-11 01-Mar-97
311459 178 360 0.00 82000.00 15-Nov-96 01-Jan-97 01-Dec-11 01-Mar-97
311465 237 240 0.00 190000.00 11-Nov-96 15-Dec-96 15-Nov-16 15-Mar-97
311466 237 240 0.00 77000.00 11-Nov-96 15-Dec-96 15-Nov-16 15-Mar-97
<CAPTION>
NEXT PMT
LOAN NO AS OF 03/01 PROPTYPE UNITS OCCUP LIEN LIEN BAL PURPOSE
- ----------- ----------- ----------------- ------------- --------------- ----- ------------- -----------------
<S> <C> <C> <C> <C> <C> <C> <C>
311308 01-Mar-97 1 1 1 18 0 3
311309 01-Mar-97 5 2 1 18 0 3
311313 01-Mar-97 8 1 1 18 0 4
311317 01-Mar-97 1 1 1 18 0 3
311319 01-Mar-97 1 1 1 18 0 4
311320 01-Mar-97 1 1 1 18 0 4
311323 01-Mar-97 1 1 1 18 0 3
311326 15-Mar-97 1 1 1 18 0 3
311327 15-Feb-97 1 1 1 18 0 4
311328 01-Mar-97 1 1 3 18 0 3
311330 01-Mar-97 1 1 1 18 0 3
311332 01-Mar-97 1 1 1 38 52353 3
311336 15-Mar-97 1 1 1 18 0 3
311337 01-Mar-97 1 1 1 18 0 4
311339 15-Mar-97 1 1 1 18 0 2
311340 01-Mar-97 1 1 1 18 0 3
311341 01-Mar-97 1 1 1 18 0 3
311342 15-Mar-97 1 1 1 18 0 3
311344 01-Mar-97 1 1 1 18 0 2
311345 01-Mar-97 1 1 1 18 0 3
311346 01-Mar-97 1 1 1 18 0 4
311347 01-Mar-97 1 1 1 18 0 3
311349 01-Mar-97 1 1 1 18 0 3
311355 15-Mar-97 1 1 1 18 0 3
311359 01-Mar-97 5 2 1 18 0 3
311363 15-Mar-97 1 1 1 18 0 4
311366 01-Mar-97 1 1 1 18 0 3
311367 01-Mar-97 1 1 1 18 0 3
311372 01-Mar-97 1 1 1 18 0 3
311374 15-Mar-97 1 1 1 18 0 3
311375 01-Mar-97 1 1 1 18 0 3
311376 15-Mar-97 1 1 1 18 0 3
311377 01-Mar-97 1 1 1 18 0 3
311378 15-Mar-97 1 1 1 18 0 3
311380 01-Mar-97 1 1 1 18 0 3
311384 01-Mar-97 1 1 1 18 0 4
311385 15-Mar-97 1 1 1 18 0 3
311386 01-Mar-97 1 1 1 18 0 3
311388 01-Mar-97 1 1 1 18 0 3
311389 01-Mar-97 1 1 1 18 0 2
311393 15-Mar-97 1 1 1 18 0 4
311395 15-Feb-97 5 2 1 18 0 3
311396 15-Mar-97 1 1 1 18 0 3
311397 15-Mar-97 1 1 1 18 0 3
311399 15-Mar-97 1 1 1 18 0 3
311402 15-Mar-97 1 1 1 18 0 4
311403 01-Mar-97 1 1 1 18 0 4
311404 15-Mar-97 1 1 1 18 0 3
311406 01-Mar-97 1 1 1 18 0 3
311407 01-Mar-97 1 1 1 38 37390 3
311408 01-Mar-97 1 1 1 18 0 3
311410 15-Mar-97 1 1 1 38 108485 3
311412 01-Mar-97 1 1 1 18 0 2
311413 01-Mar-97 1 1 1 18 0 3
311414 15-Mar-97 1 1 1 18 0 4
311415 01-Mar-97 1 1 1 38 74351 3
311416 01-Mar-97 1 1 1 18 0 3
311418 01-Mar-97 1 1 1 18 0 2
311421 15-Mar-97 5 2 3 18 0 4
311424 01-Mar-97 1 1 1 18 0 3
311426 01-Mar-97 1 1 1 18 0 3
311427 01-Mar-97 1 1 1 18 0 3
311429 15-Mar-97 1 1 1 18 0 3
311430 01-Mar-97 1 1 1 18 0 3
311433 01-Mar-97 1 1 1 18 0 3
311434 01-Mar-97 1 1 1 18 0 3
311435 01-Mar-97 1 1 1 18 0 3
311437 01-Mar-97 1 1 1 18 0 3
311439 15-Mar-97 1 1 1 18 0 3
311440 15-Mar-97 1 1 1 18 0 3
311444 01-Mar-97 8 1 1 18 0 4
311447 15-Mar-97 1 1 1 18 0 2
311449 01-Mar-97 6 1 1 18 0 3
311454 01-Mar-97 1 1 1 18 0 3
311457 01-Mar-97 1 1 1 18 0 3
311459 01-Mar-97 1 1 1 18 0 3
311465 15-Mar-97 1 1 1 38 47920 3
311466 15-Mar-97 1 1 3 38 30691 3
<CAPTION>
BNK RUP NEXT INT PERIODIC LIFE
LOAN NO GRADE DISCHARGE SECT 32 MARGIN INDEX CHANGE CAP CAP
- ----------- ------------- ------------ --------------- ------------- --------- ----------- --------------- -----
311308 C -- F 0 -- 0 0
311309 B -- F 0 -- 0 0
311313 A -- F 0 -- 0 0
311317 B -- F 0 -- 0 0
311319 B -- F 0 -- 0 0
311320 B -- F 0 -- 0 0
311323 C -- T 0 -- 0 0
311326 B -- F 0 -- 0 0
311327 B -- F 0 -- 0 0
311328 B -- F 0 -- 0 0
311330 A -- F 0 -- 0 0
311332 A 01-May-91 F 0 -- 0 0
311336 A -- F 0 -- 0 0
311337 B -- F 6.5 6MOLIB 01-Dec-98 1.5 7
311339 A -- F 0 -- 0 0
311340 A 01-Jun-92 F 0 -- 0 0
311341 B 21-Jul-95 T 0 -- 0 0
311342 B 28-Oct-86 F 0 -- 0 0
311344 B -- T 0 -- 0 0
311345 A -- F 0 -- 0 0
311346 A -- F 0 -- 0 0
311347 A 01-Mar-90 F 0 -- 0 0
311349 B -- F 0 -- 0 0
311355 B -- F 0 -- 0 0
311359 B -- F 0 -- 0 0
311363 A -- T 0 -- 0 0
311366 B -- F 0 -- 0 0
311367 A -- F 0 -- 0 0
311372 B 19-Nov-92 F 0 -- 0 0
311374 C -- T 0 -- 0 0
311375 A -- F 0 -- 0 0
311376 A 11-Jul-91 T 0 -- 0 0
311377 B 28-Dec-92 F 0 -- 0 0
311378 A -- T 0 -- 0 0
311380 B -- F 0 -- 0 0
311384 C -- F 0 -- 0 0
311385 A -- F 0 -- 0 0
311386 A -- F 0 -- 0 0
311388 B 22-Jun-90 F 0 -- 0 0
311389 A 10-Aug-92 F 0 -- 0 0
311393 B -- F 0 -- 0 0
311395 B 27-Feb-92 F 0 -- 0 0
311396 A -- F 0 -- 0 0
311397 A 01-Dec-90 F 0 -- 0 0
311399 B -- F 0 -- 0 0
311402 A -- F 0 -- 0 0
311403 B -- F 6.5 6MOLIB 01-Jun-97 1.5 7
311404 B 01-Jun-93 F 0 -- 0 0
311406 B 14-Jun-93 F 0 -- 0 0
311407 C -- F 0 -- 0 0
311408 B -- F 0 -- 0 0
311410 A -- F 0 -- 0 0
311412 B 01-Feb-91 F 0 -- 0 0
311413 A -- F 0 -- 0 0
311414 C -- F 0 -- 0 0
311415 A -- F 0 -- 0 0
311416 C -- F 0 -- 0 0
311418 B -- F 0 -- 0 0
311421 A -- F 0 -- 0 0
311424 B -- F 0 -- 0 0
311426 A -- F 0 -- 0 0
311427 B -- F 0 -- 0 0
311429 A 15-Jul-93 F 0 -- 0 0
311430 A 01-Dec-89 F 0 -- 0 0
311433 B 04-May-94 F 8.76 6MOLIB 01-Dec-98 1.5 7
311434 A 01-Jan-88 T 0 -- 0 0
311435 A -- F 0 -- 0 0
311437 B -- F 0 -- 0 0
311439 C -- F 0 -- 0 0
311440 C -- F 0 -- 0 0
311444 A -- F 0 -- 0 0
311447 B -- F 0 -- 0 0
311449 A -- F 0 -- 0 0
311454 C 01-Oct-95 F 0 -- 0 0
311457 A -- F 0 -- 0 0
311459 C -- F 0 -- 0 0
311465 C -- F 0 -- 0 0
311466 A -- F 0 -- 0 0
</TABLE>
Page 5
<PAGE>
EQUIVANTAGE--1997-1 LOAN LIST
<TABLE>
<CAPTION>
PRE PMT
LOAN NO FLOOR CEILING PEN DOC LEVEL
- ----------- --------------- ------------- --------------- -------------------
<S> <C> <C> <C> <C>
311308 0 0 P F
311309 0 0 P F
311313 0 0 P F
311317 0 0 P F
311319 0 0 P F
311320 0 0 P F
311323 0 0 F
311326 0 0 P F
311327 0 0 F
311328 0 0 F
311330 0 0 F
311332 0 0 P F
311336 0 0 P F
311337 0 17.74 F
311339 0 0 F
311340 0 0 F
311341 0 0 F
311342 0 0 F
311344 0 0 F
311345 0 0 F
311346 0 0 F
311347 0 0 P F
311349 0 0 P F
311355 0 0 P F
311359 0 0 P F
311363 0 0 F
311366 0 0 F
311367 0 0 F
311372 0 0 P F
311374 0 0 F
311375 0 0 F
311376 0 0 F
311377 0 0 P F
311378 0 0 F
311380 0 0 P F
311384 0 0 P F
311385 0 0 P F
311386 0 0 P F
311388 0 0 F
311389 0 0 F
311393 0 0 F
311395 0 0 F
311396 0 0 F
311397 0 0 P F
311399 0 0 F
311402 0 0 F
311403 11 17 F
311404 0 0 P F
311406 0 0 P F
311407 0 0 F
311408 0 0 P F
311410 0 0 F
311412 0 0 P F
311413 0 0 P F
311414 0 0 P F
311415 0 0 F
311416 0 0 F
311418 0 0 F
311421 0 0 F
311424 0 0 P F
311426 0 0 P F
311427 0 0 P F
311429 0 0 P F
311430 0 0 F
311433 0 20 P F
311434 0 0 F
311435 0 0 L
311437 0 0 F
311439 0 0 P F
311440 0 0 F
311444 0 0 F
311447 0 0 P F
311449 0 0 F
311454 0 0 P F
311457 0 0 P F
311459 0 0 F
311465 0 0 F
311466 0 0 P F
</TABLE>
Page 6
<PAGE>
EQUIVANTAGE--1997-1 LOAN LIST
<TABLE>
<CAPTION>
LOAN NO TYPE LASTNAME FIRSTNAME ADDRESS
- ----------- --------- ------------------ ------------------ ------------------------------------------------
<S> <C> <C> <C> <C> <C>
311468 FR REYNOLDS LOURDES C 293 THUNDERBIRD TRL
311469 FR MINOR SR ROBERT E 15827 S TRUMBULL AVE
311472 BLLN FAJARDO LUIS M. 103 EAST BERKLEY LA
311474 FR MILLER JR CHARLES J 42 WILLARD PLACE
311475 FR JOHNSON ROY L. 187 DYKES ROAD
311477 FR SHEPHERD RONALD L 7853 SEHALTON STREET
311478 BLLN CARTER GARY 3733 MOBLEYS CUT RD
311479 FR STEPHENS JOSEPH 1400S 10TH AVE
311480 ARM2 28 DEAN EDWIN 133 CAVALCADE DRIVE
311482 BLLN ALLEN HUGH E 431 HAYTER DRIVE
311483 BLLN BURGESS DAVE H 1407 DEVENS DRIVE
311484 FR GATES JOHN 1706 NORTH MEADE
311485 FR CURTIS KENNETH 7964B COUNTY LINE RD
311486 FR CROLEY DOUGLAS E 17208 WALDEN AVENUE
311487 BLLN AMBROSE MARCELO 320 33RD AVENUE NOR
311488 BLLN AMBROSE MARCELO 314 33RD AVENUE NOR
311489 BLLN DEPUGH LINDA AN 12210 OLD COLONY DRIV
311490 FR WILSON WILLIE M 8237S LOOMIS BLVD
311493 FR FRIEDRICH MARK 2596 MC HENRY ROAD
311496 BLLN MCCORD CAROLYN H 1304 BRYAN STREET
311497 BLLN SPECK DERRELL D 191 OLD MT JULIET R
311498 FR HANNA RAYMOND M 3177 W 165TH
311499 BLLN BROOKS JACK R 239 LAKESHORE DRIVE
311502 BLLN SCRANTON JAMES C 4605 BAYONNE AVENUE
311503 FR KIRKPATRICK RALPH C 12400 LANHAM SEVERN R
311506 ARM2 28 MENDOZA PATRICK 7020 TERRACE DRIVE
311508 BLLN TAYLOR MARVIN 1649 EMERALD AVENUE
311510 BLLN TAYLOR MELVIN 7312S SAINT LAWRENCE
311514 FR BARLOW TERRY 3759 BARLOW WAY
311515 BLLN TAPP DENTON 3404 E 108TH STREET
311516 FR BRINKLEY YANCY 17339 MARX
311517 FR JONES DAVID V 4132E 100TH ST
311518 BLLN MCMILLAN STEVE 102 CARLTON DRIVE
311520 FR LAWSON BILLY R RT 1 BOX 541
311522 FR TURNER SAM 5750W SUPERIOR STREET
311524 FR DOUCET SR BOBBY 1503 CLEMENT/PO BOX
311525 BLLN SIMMONS MARY 7146 S MICHIGAN AVE
311526 BLLN AUSBROOKS MICHAEL D 875 PARKLAND WAY
311527 BLLN RAMEY JR HAROLD T 402 BORDERS ROAD
311528 FR CANTRELL DARRELL A 3051 BILBREY ROAD
311529 FR LOVETERE THOMAS F 4617 LIGHTKEEPERS WA
311532 ARM2 28 TRUSNIK/ PAYTOSH LEONARD TRUSNIK 729 NAVAJO TRAIL
311534 FR SMITH MOSES E 1294 EAST AVENUE
311535 BLLN SMITH SHIRLEY 1826 STARK AVENUE SW
311536 FR SIPES MELISSA O 3860 WHITEWATER ROAD
311539 FR MURDIE SCOTT 880 HANFORD DRIVE
311540 FR BENNETT NORMAN G 203 HOPEWELL
311542 BLLN GIBBS WILLIE M 4816 BRENTHAVEN ROAD
311544 FR BOLEWARE JR TALMADGE 37 EARL BRASHIER
311545 FR HUDSON RANDY L RURAL RT 10 BOX 67C
311546 FR BOMER CHERYL 19746 ST. MARY'S
311547 FR LAUGHLIN SUE A. 1527 SOUTHEAST BLVD
311549 ARM2 28 HORVATH RONALD D. 1038 LOUISE
311550 FR YANCER DENNIS R 2635 N ALAMANDO
311551 FR LANE DAVID 113 FEASTER STREET
311554 FR LAMBROS KAREN A 14240 DELAWARE AVENUE
311555 FR WILSON DENNIS 327 PRINCESS AVENUE
311556 FR PORTER THOMAS W 5063 BROADWAY STREET
311557 BLLN FEARS MARY D 608N 2ND STREET
311558 BLLN CAIN MICHAEL W 302 POPLAR SPGS RD
311559 FR BARNETTE ARTHUR L 5030 ATHENS STREET
311561 BLLN MCKENZIE DONALD R 100 DICKERSON STREE
311562 FR BOLTIN EARL B 1228 HICKORY HILL RD
311565 BLLN SCARLATTA III CHARLES A 602 HYSON STREET
311566 BLLN CROCKETT JOHN M 2764 AZIZA
311567 FR SURRATT JAMES L 832 LOMBARDY DRIVE
311569 BLLN WORRILL LORENZO 2905 ARROWOOD DRIVE
311574 FR THORPE JOE A Y J 302 VAN BOKLEN ST
311576 BLLN BARNES VALORI 5730 GARFIELD AVENUE
311577 FR YOUNG TYRONE R 33N JULIA ST
311578 BLLN NICHOLS JOHN K 644 WEAVER CREEK RD
311580 FR JOHNSON WALTER P RT 6 BOX198 DAVE BUC
311582 FR HARDISON BETTY 928 CAROLYN AVENUE
311584 FR HARDISON BETTY 608 26TH AVENUE N
311585 FR HARDISON BETTY D 2128 OTAY STREET
311586 FR HARDISON CALVIN 411 CHURCH STREET
311588 BLLN SHELBY SHEILA 8821 SOUTH STATE STR
311589 FR COBB PAMELA P LOT 9 TAYLORWOOD CIR
<CAPTION>
LOAN NO CITY STATE ZIP COUNTY ORIG BAL UPB UPB AS OF 03/01
- ----------- --------------------- ----------- --------- ----------------------- ----------- --------- ---------------
<S> <C> <C> <C> <C>
311468 CAROL STREAM IL 60188 DU PAGE 79,000.00 78,911.88 78,911.88
311469 MARKHAM IL 60426 COOK 72,000.00 71,970.72 71,970.72
311472 HOFFMAN ESTATES IL 60194 COOK 144,500.00 144,425.65 144,425.65
311474 WAGGAMAN LA 70094 JEFFERSON PARISH 12,600.00 12,558.32 12,558.32
311475 SOSO MS 39480 JONES 15,000.00 14,951.33 14,951.33
311477 WAYNESBURG OH 44688 STARK 66,150.00 66,099.43 66,099.43
311478 THOMPSONS STATION TN 37179 WILLIAMSON 100,000.00 99,861.84 99,861.84
311479 MAYWOOD IL 60153 COOK 36,000.00 35,918.52 35,918.52
311480 FRANKLIN TN 37064 WILLIAMSON 144,000.00 143,896.83 143,896.83
311482 MORRISTOWN TN 37813 HAMBLEN 53,000.00 52,940.90 52,940.90
311483 BRENTWOOD TN 37027 WILLIAMSON 216,750.00 216,633.91 216,633.91
311484 CHICAGO IL 60639 COOK 25,272.00 25,132.59 25,132.59
311485 LIBERTY NC 27298 ALAMANCE 39,750.00 39,590.82 39,590.82
311486 CLEVELAND OH 44128 CUYAHOGA 43,600.00 43,531.51 43,531.51
311487 NASHVILLE TN 37209 DAVIDSON 30,780.00 30,749.22 30,749.22
311488 NASHVILLE TN 37209 DAVIDSON 55,900.00 55,844.10 55,844.10
311489 UPPER MARLBORO MD 20772 PRINCE GEORGE'S 135,200.00 135,143.21 135,143.21
311490 CHICAGO IL 60620 COOK 54,500.00 54,210.83 54,210.83
311493 GOSHEN OH 45122 CLERMONT 83,960.00 83,880.31 83,880.31
311496 OLD HICKORY TN 37138 DAVIDSON 67,124.00 67,096.38 67,096.38
311497 MOUNT JULIET TN 37122 WILSON 71,100.00 71,047.37 71,047.37
311498 CLEVELAND OH 44111 CUYAHOGA 122,400.00 122,273.93 122,273.93
311499 MOORESVILLE NC 28115 IREDELL 148,750.00 148,629.96 148,629.96
311502 BALTIMORE MD 21206 BALTIMORE CITY 96,050.00 95,974.64 95,974.64
311503 BOWIE MD 20715 PRINCE GEORGES 90,000.00 89,526.81 89,526.81
311506 DOWNERS GROVE IL 60516 DU PAGE 165,600.00 165,499.35 165,499.35
311508 ATLANTA GA 30310 FULTON 52,000.00 51,955.73 51,955.73
311510 CHICAGO IL 60619 COOK 93,750.00 93,703.77 93,703.77
311514 KODAK TN 37764 SEVIER 31,150.00 31,067.78 31,067.78
311515 CLEVELAND OH 44104 CUYAHOGA 32,500.00 32,489.99 32,489.99
311516 DETROIT MI 48203 WAYNE 16,500.00 16,427.03 16,427.03
311517 CLEVELAND OH 44105 CUYAHOGA 47,700.00 47,652.39 47,652.39
311518 JONESBORO GA 30236 CLAYTON 53,550.00 53,480.50 53,480.50
311520 PINNACLE NC 27043 STOKES 108,000.00 107,907.61 107,907.61
311522 CHICAGO IL 60644 COOK 20,000.00 19,854.03 19,854.03
311524 VILLE PLATTE LA 70586 EVANGELINE 18,950.00 18,876.24 18,876.24
311525 CHICAGO IL 60619 COOK 40,000.00 39,965.24 39,965.24
311526 BOWLING GREEN KY 42101 WARREN 68,000.00 67,937.69 67,937.69
311527 SHELBY NC 28150 CLEVELAND 100,000.00 99,935.07 99,935.07
311528 COOKEVILLE TN 38501 PUTNAM 59,500.00 59,235.86 59,235.86
311529 LITTLE RIVER SC 29566 HORRY 91,686.00 91,617.40 91,617.40
311532 MACEDONIA OH 44056 SUMMIT 135,000.00 134,897.89 134,897.89
311534 AKRON OH 44307 SUMMIT 49,300.00 49,273.48 49,273.48
311535 CANTON OH 44706 STARK 25,600.00 25,587.93 25,587.93
311536 VALDOSTA GA 31601 LOWNDES 80,000.00 79,959.57 79,959.57
311539 DELTONA FL 32738 VOLUSIA 66,400.00 66,321.01 66,321.01
311540 MADISONVILLE KY 42431 HOPKINS 30,000.00 29,737.72 29,737.72
311542 COLUMBIA SC 29206 RICHLAND 80,750.00 80,686.24 80,686.24
311544 SEMINARY MS 39479 JONES 25,500.00 25,404.28 25,404.28
311545 DECATUR IL 62522 MACON 45,000.00 44,906.08 44,906.08
311546 DETROIT MI 48235 WAYNE 40,000.00 39,823.08 39,823.08
311547 SALEM OH 44460 COLUMBIANA 51,200.00 51,162.91 51,162.91
311549 YPSILANTI MI 48197 WASHTENAW 128,700.00 128,607.80 128,607.80
311550 COLEMAN MI 48618 Midland 89,000.00 88,920.09 88,920.09
311551 WHITMIRE SC 29178 NEWBERRY 30,400.00 30,262.51 30,262.51
311554 LAKEWOOD OH 44107 CUYAHOGA 86,800.00 86,717.81 86,717.81
311555 WOODSTOCK GA 30189 CHEROKEE 30,900.00 30,757.88 30,757.88
311556 COATESVILLE IN 46121 HENDRICKS 63,750.00 63,710.81 63,710.81
311557 NASHVILLE TN 37207 DAVIDSON 53,550.00 53,484.38 53,484.38
311558 BROWNSVILLE KY 42210 EDMONSON 48,875.00 48,857.50 48,857.50
311559 KANNAPOLIS NC 28081 CABARRUS 48,000.00 47,969.85 47,969.85
311561 YORK SC 29745 YORK 35,000.00 34,974.89 34,974.89
311562 CORDOVA SC 29039 ORANGEBURG 15,120.00 14,996.15 14,996.15
311565 BALTIMORE MD 21230 BALTIMORE CITY 80,000.00 79,952.95 79,952.95
311566 ROCK HILL SC 29732 YORK 68,800.00 68,749.48 68,749.48
311567 ROCK HILL SC 29730 YORK 85,850.00 85,642.74 85,642.74
311569 EAST POINT GA 30331 Fulton 70,400.00 70,383.91 70,383.91
311574 EASTOVER SC 29044 RICHLAND 50,000.00 49,980.76 49,980.76
311576 MAPLE HEIGHTS OH 44137 CUYAHOGA 80,000.00 79,966.01 79,966.01
311577 HENDERSON KY 42420 HENDERSON 52,200.00 52,061.95 52,061.95
311578 BLUFF CITY TN 37618 SULLIVAN 46,400.00 46,350.98 46,350.98
311580 JOHNSON CITY TN 37601 CARTER 36,000.00 35,873.78 35,873.78
311582 NASHVILLE TN 37216 DAVIDSON 67,400.00 67,350.22 67,350.22
311584 NASHVILLE TN 37209 DAVIDSON 32,800.00 32,778.27 32,778.27
311585 NASHVILLE TN 37216 DAVIDSON 39,200.00 39,174.04 39,174.04
311586 COLUMBIA TN 38401 MAURY 53,200.00 53,168.43 53,168.43
311588 CHICAGO IL 60619 COOK 74,400.00 74,352.35 74,352.35
311589 SHARPSBURG NC 27878 NASH 49,200.00 49,144.55 49,144.55
<CAPTION>
LOAN NO P&I RATE ORIG TERM CLTV
- ----------- --------- --------- ----------------- ---------
311468 743.40 10.8500 360 0.6371
311469 826.96 13.5400 360 0.8000
311472 1,542.19 12.5000 180 0.8500
311474 168.14 14.0400 180 0.8079
311475 202.19 14.2400 180 0.5357
311477 615.01 10.7000 360 0.9000
311478 866.51 9.8500 180 0.8000
311479 376.25 11.1900 240 0.4390
311480 1,371.35 11.0000 360 0.9000
311482 498.73 10.8500 180 0.7681
311483 2,283.05 12.3200 180 0.8500
311484 319.75 13.0000 180 0.7500
311485 478.35 12.0500 180 0.7500
311486 365.02 9.4500 360 0.5383
311487 301.29 11.3500 180 0.8100
311488 547.18 11.3500 180 0.8600
311489 1,537.97 13.4000 180 0.8000
311490 592.35 10.2000 180 0.6124
311493 837.22 11.5900 360 0.7996
311496 768.32 13.4900 180 0.8391
311497 669.06 10.8500 180 0.8365
311498 1,011.39 9.3000 360 0.9000
311499 1,355.12 10.4500 180 0.8490
311502 1,021.38 12.4500 180 0.8500
311503 918.20 9.1000 180 0.6923
311506 1,671.58 11.7500 360 0.9000
311508 464.04 10.2000 180 0.7647
311510 1,014.40 12.6900 180 0.7500
311514 301.64 10.0500 240 0.5990
311515 326.07 11.6700 180 0.6500
311516 187.43 10.9900 180 0.7500
311517 399.35 9.4500 360 0.8224
311518 458.11 9.7000 180 0.8500
311520 963.78 10.2000 360 0.8000
311522 214.92 10.0000 180 0.1835
311524 231.72 12.3500 180 0.8498
311525 411.14 11.9900 180 0.4706
311526 686.40 11.7500 180 0.7907
311527 986.48 11.4500 180 0.7874
311528 674.41 10.9500 180 0.8500
311529 859.32 10.8000 360 0.7400
311532 1,260.20 10.7500 360 0.9000
311534 518.52 12.3000 360 0.8500
311535 219.00 9.7000 180 0.8000
311536 858.78 12.5800 360 0.3970
311539 609.87 10.5500 360 0.8000
311540 430.24 11.9900 120 0.7500
311542 741.67 10.5500 180 0.8500
311544 318.12 12.7300 180 0.6375
311545 489.23 11.8000 240 0.6818
311546 454.39 10.9900 180 0.7921
311547 485.66 10.9500 360 0.8000
311549 1,225.64 11.0000 360 0.9000
311550 777.75 9.9500 360 0.8091
311551 340.77 10.7500 180 0.8000
311554 742.56 9.7000 360 0.8000
311555 353.15 11.1000 180 0.8500
311556 641.06 11.7000 360 0.8500
311557 540.95 11.7600 180 0.8500
311558 582.98 14.1000 180 0.8500
311559 486.36 11.8000 360 0.8000
311561 383.07 12.8500 180 0.7000
311562 226.65 13.1000 120 0.4447
311565 816.74 11.9000 180 0.6905
311566 691.84 11.7000 180 0.8000
311567 868.67 10.7000 240 0.8500
311569 778.76 13.0000 180 0.8000
311574 462.99 10.6500 360 0.7353
311576 906.90 13.3500 180 0.9412
311577 503.74 10.0000 240 0.9000
311578 445.39 11.1000 180 0.7864
311580 465.96 13.4400 180 0.8000
311582 634.75 10.8600 360 0.8220
311584 321.32 11.3600 360 0.8000
311585 384.01 11.3600 360 0.7396
311586 541.50 11.8600 360 0.7000
311588 843.41 13.3500 180 0.8000
311589 461.12 10.8000 360 0.8000
</TABLE>
Page 7
<PAGE>
EQUIVANTAGE--1997-1 LOAN LIST
<TABLE>
<CAPTION>
NOTE FIRST MATURITY NEXT PMT
LOAN NO REM TERM AM TERM SALES PRICE APPR VAL DATE PMT DATE DATE
- ----------- ----------------- --------------- ----------------- ----------- --------- --------- ----------- -----------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
311468 357 360 0.00 124000.00 13-Nov-96 15-Dec-96 15-Nov-26 15-Mar-97
311469 358 360 0.00 90000.00 11-Nov-96 01-Jan-97 01-Dec-26 01-Mar-97
311472 178 360 0.00 170000.00 18-Nov-96 15-Dec-96 15-Nov-11 15-Feb-97
311474 178 180 0.00 65000.00 13-Nov-96 01-Jan-97 01-Dec-11 01-Mar-97
311475 178 180 0.00 28000.00 13-Nov-96 01-Jan-97 01-Dec-11 01-Mar-97
311477 358 360 0.00 73500.00 12-Nov-96 01-Jan-97 01-Dec-26 01-Mar-97
311478 177 360 0.00 125000.00 12-Nov-96 15-Dec-96 15-Nov-11 15-Mar-97
311479 238 240 0.00 82000.00 02-Dec-96 15-Jan-97 15-Dec-16 15-Mar-97
311480 358 360 0.00 160000.00 11-Nov-96 15-Dec-96 15-Nov-26 16-Feb-97
311482 177 360 0.00 69000.00 11-Nov-96 15-Dec-96 15-Nov-11 15-Mar-97
311483 178 360 0.00 255000.00 12-Nov-96 15-Dec-96 15-Nov-11 15-Feb-97
311484 177 180 0.00 128000.00 13-Nov-96 15-Dec-96 15-Nov-11 15-Mar-97
311485 178 180 0.00 53000.00 15-Nov-96 01-Jan-97 01-Dec-11 01-Mar-97
311486 357 360 0.00 81000.00 15-Nov-96 15-Dec-96 15-Nov-26 15-Mar-97
311487 177 360 0.00 38000.00 12-Nov-96 15-Dec-96 15-Nov-11 15-Mar-97
311488 177 360 0.00 65000.00 12-Nov-96 15-Dec-96 15-Nov-11 15-Mar-97
311489 178 360 0.00 169000.00 22-Nov-96 01-Jan-97 01-Dec-11 01-Mar-97
311490 178 180 0.00 89000.00 13-Nov-96 01-Jan-97 01-Dec-11 01-Mar-97
311493 357 360 0.00 105000.00 13-Nov-96 15-Dec-96 15-Nov-26 15-Mar-97
311496 178 360 0.00 80000.00 14-Nov-96 01-Jan-97 01-Dec-11 01-Mar-97
311497 178 360 0.00 85000.00 13-Nov-96 01-Jan-97 01-Dec-11 01-Mar-97
311498 358 360 0.00 135000.00 14-Nov-96 01-Jan-97 01-Dec-26 01-Mar-97
311499 178 360 0.00 175200.00 14-Nov-96 01-Jan-97 01-Dec-11 01-Mar-97
311502 177 360 0.00 113000.00 19-Nov-96 15-Dec-96 15-Nov-11 15-Mar-97
311503 178 180 0.00 130000.00 14-Nov-96 01-Jan-97 01-Dec-11 01-Mar-97
311506 358 360 0.00 184000.00 27-Nov-96 01-Jan-97 01-Dec-26 01-Mar-97
311508 178 360 0.00 68000.00 18-Nov-96 01-Jan-97 01-Dec-11 01-Mar-97
311510 178 360 0.00 125000.00 21-Nov-96 01-Jan-97 01-Dec-11 01-Mar-97
311514 238 240 0.00 52000.00 14-Nov-96 01-Jan-97 01-Dec-16 01-Mar-97
311515 179 360 0.00 50000.00 14-Nov-96 15-Dec-96 15-Nov-11 15-Jan-97
311516 178 180 0.00 22000.00 15-Nov-96 01-Jan-97 01-Dec-11 01-Mar-97
311517 358 360 0.00 58000.00 21-Nov-96 01-Jan-97 01-Dec-26 01-Mar-97
311518 178 360 0.00 63000.00 15-Nov-96 01-Jan-97 01-Dec-11 01-Mar-97
311520 358 360 0.00 135000.00 15-Nov-96 01-Jan-97 01-Dec-26 01-Mar-97
311522 177 180 0.00 109000.00 20-Nov-96 15-Dec-96 15-Nov-11 15-Mar-97
311524 178 180 0.00 85000.00 18-Nov-96 01-Jan-97 01-Dec-11 01-Mar-97
311525 177 360 0.00 85000.00 14-Nov-96 15-Dec-96 15-Nov-11 15-Mar-97
311526 177 360 0.00 86000.00 15-Nov-96 15-Dec-96 15-Nov-11 15-Mar-97
311527 178 360 0.00 127000.00 15-Nov-96 01-Jan-97 01-Dec-11 01-Mar-97
311528 178 180 0.00 70000.00 14-Nov-96 15-Jan-97 15-Dec-11 15-Mar-97
311529 358 360 123900.00 123900.00 15-Nov-96 01-Jan-97 01-Dec-26 01-Mar-97
311532 358 360 0.00 150000.00 18-Nov-96 01-Jan-97 01-Dec-26 01-Mar-97
311534 358 360 0.00 58000.00 18-Nov-96 01-Jan-97 01-Dec-26 01-Mar-97
311535 179 360 0.00 32000.00 19-Nov-96 01-Jan-97 01-Dec-11 01-Feb-97
311536 358 360 0.00 201500.00 15-Nov-96 01-Jan-97 01-Dec-26 01-Mar-97
311539 357 360 0.00 83000.00 20-Nov-96 15-Dec-96 15-Nov-26 15-Mar-97
311540 118 120 0.00 40000.00 15-Nov-96 01-Jan-97 01-Dec-06 01-Mar-97
311542 178 360 0.00 95000.00 19-Nov-96 01-Jan-97 01-Dec-11 01-Mar-97
311544 178 180 0.00 40000.00 22-Nov-96 01-Jan-97 01-Dec-11 01-Mar-97
311545 238 240 0.00 66000.00 18-Nov-96 01-Jan-97 01-Dec-16 01-Mar-97
311546 178 180 0.00 50500.00 18-Nov-96 01-Jan-97 01-Dec-11 01-Mar-97
311547 358 360 0.00 64000.00 18-Nov-96 01-Jan-97 01-Dec-26 01-Mar-97
311549 358 360 0.00 143000.00 19-Nov-96 01-Jan-97 01-Dec-26 01-Mar-97
311550 358 360 0.00 110000.00 19-Nov-96 15-Dec-96 15-Nov-26 15-Feb-97
311551 178 180 0.00 38000.00 18-Nov-96 01-Jan-97 01-Dec-11 01-Mar-97
311554 358 360 108500.00 108500.00 19-Nov-96 01-Jan-97 01-Dec-26 01-Mar-97
311555 178 180 0.00 110000.00 15-Nov-96 01-Jan-97 01-Dec-11 01-Mar-97
311556 358 360 0.00 75000.00 15-Nov-96 01-Jan-97 01-Dec-26 01-Mar-97
311557 178 360 0.00 63000.00 18-Nov-96 01-Jan-97 01-Dec-11 01-Mar-97
311558 178 360 0.00 57500.00 15-Nov-96 01-Jan-97 01-Dec-11 01-Mar-97
311559 358 360 0.00 60000.00 18-Nov-96 01-Jan-97 01-Dec-26 01-Mar-97
311561 177 360 0.00 50000.00 18-Nov-96 15-Dec-96 15-Nov-11 15-Mar-97
311562 118 120 0.00 34000.00 18-Nov-96 01-Jan-97 01-Dec-06 01-Mar-97
311565 178 360 0.00 115850.00 20-Nov-96 01-Jan-97 01-Dec-11 01-Mar-97
311566 178 360 0.00 86000.00 18-Nov-96 01-Jan-97 01-Dec-11 01-Mar-97
311567 238 240 0.00 101000.00 18-Nov-96 01-Jan-97 01-Dec-16 01-Mar-97
311569 179 360 0.00 88000.00 13-Dec-96 01-Feb-97 01-Jan-12 01-Mar-97
311574 359 360 0.00 68000.00 18-Nov-96 01-Jan-97 01-Dec-26 01-Feb-97
311576 178 360 0.00 85000.00 19-Nov-96 15-Jan-97 15-Dec-11 15-Mar-97
311577 238 240 0.00 58000.00 19-Nov-96 01-Jan-97 01-Dec-16 01-Mar-97
311578 177 360 0.00 59000.00 20-Nov-96 15-Dec-96 15-Nov-11 15-Mar-97
311580 178 180 0.00 45000.00 20-Nov-96 15-Jan-97 15-Dec-11 15-Mar-97
311582 358 360 0.00 82000.00 19-Nov-96 01-Jan-97 01-Dec-26 01-Mar-97
311584 358 360 0.00 41000.00 19-Nov-96 01-Jan-97 01-Dec-26 01-Mar-97
311585 358 360 0.00 53000.00 19-Nov-96 01-Jan-97 01-Dec-26 01-Mar-97
311586 358 360 0.00 76000.00 19-Nov-96 01-Jan-97 01-Dec-26 01-Mar-97
311588 177 360 0.00 93000.00 20-Nov-96 15-Dec-96 15-Nov-11 15-Mar-97
311589 357 360 0.00 61500.00 19-Nov-96 15-Dec-96 15-Nov-26 15-Mar-97
<CAPTION>
NEXT PMT
LOAN NO AS OF 03/01 PROPTYPE UNITS OCCUP LIEN LIEN BAL PURPOSE
- ----------- ----------- ----------------- ------------- --------------- ----- ------------- -----------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
311468 15-Mar-97 1 1 1 18 0 3
311469 01-Mar-97 1 1 1 18 0 3
311472 15-Feb-97 1 1 1 18 0 3
311474 01-Mar-97 1 1 1 38 40723 3
311475 01-Mar-97 1 1 1 18 0 3
311477 01-Mar-97 1 1 1 18 0 3
311478 15-Mar-97 1 1 1 18 0 3
311479 15-Mar-97 1 1 3 18 0 3
311480 15-Feb-97 1 1 1 18 0 4
311482 15-Mar-97 1 1 1 18 0 4
311483 15-Feb-97 1 1 1 18 0 2
311484 15-Mar-97 5 2 1 38 70728 3
311485 01-Mar-97 8 1 1 18 0 4
311486 15-Mar-97 1 1 1 18 0 3
311487 15-Mar-97 1 1 3 18 0 3
311488 15-Mar-97 8 1 1 18 0 2
311489 01-Mar-97 1 1 1 18 0 3
311490 01-Mar-97 1 1 1 18 0 3
311493 15-Mar-97 1 1 1 18 0 3
311496 01-Mar-97 1 1 1 18 0 4
311497 01-Mar-97 1 1 1 18 0 3
311498 01-Mar-97 1 1 1 18 0 4
311499 01-Mar-97 1 1 1 18 0 3
311502 15-Mar-97 1 1 1 18 0 3
311503 01-Mar-97 1 1 1 18 0 2
311506 01-Mar-97 1 1 1 18 0 3
311508 01-Mar-97 1 1 3 18 0 3
311510 01-Mar-97 5 2 1 18 0 4
311514 01-Mar-97 1 1 1 18 0 3
311515 15-Jan-97 1 1 3 18 0 4
311516 01-Mar-97 1 1 1 18 0 3
311517 01-Mar-97 1 1 1 18 0 2
311518 01-Mar-97 1 1 1 18 0 3
311520 01-Mar-97 1 1 1 18 0 3
311522 15-Mar-97 1 1 1 18 0 3
311524 01-Mar-97 1 1 1 38 53282 4
311525 15-Mar-97 1 1 1 18 0 3
311526 15-Mar-97 1 1 1 18 0 4
311527 01-Mar-97 1 1 1 18 0 3
311528 15-Mar-97 8 1 1 18 0 3
311529 01-Mar-97 3 1 2 18 0 1
311532 01-Mar-97 1 1 1 18 0 4
311534 01-Mar-97 1 1 1 18 0 3
311535 01-Feb-97 1 1 1 18 0 3
311536 01-Mar-97 1 3 1 18 0 3
311539 15-Mar-97 1 1 1 18 0 3
311540 01-Mar-97 1 1 1 18 0 4
311542 01-Mar-97 1 1 1 18 0 4
311544 01-Mar-97 1 1 1 18 0 4
311545 01-Mar-97 1 1 1 18 0 3
311546 01-Mar-97 1 1 1 18 0 3
311547 01-Mar-97 1 1 1 18 0 3
311549 01-Mar-97 1 1 1 18 0 3
311550 15-Feb-97 8 1 1 18 0 2
311551 01-Mar-97 1 1 1 18 0 3
311554 01-Mar-97 1 1 1 18 0 1
311555 01-Mar-97 1 1 1 38 62597 3
311556 01-Mar-97 1 1 1 18 0 3
311557 01-Mar-97 1 1 1 18 0 4
311558 01-Mar-97 1 1 1 18 0 4
311559 01-Mar-97 1 1 1 18 0 3
311561 15-Mar-97 1 1 1 18 0 3
311562 01-Mar-97 1 1 1 18 0 3
311565 01-Mar-97 2 1 3 18 0 3
311566 01-Mar-97 1 1 1 18 0 2
311567 01-Mar-97 1 1 1 18 0 2
311569 01-Mar-97 1 1 1 18 0 3
311574 01-Feb-97 1 1 1 18 0 3
311576 15-Mar-97 1 1 1 18 0 4
311577 01-Mar-97 1 1 1 18 0 4
311578 15-Mar-97 1 1 1 18 0 3
311580 15-Mar-97 1 1 1 18 0 3
311582 01-Mar-97 1 1 1 18 0 2
311584 01-Mar-97 1 1 3 18 0 3
311585 01-Mar-97 1 1 3 18 0 3
311586 01-Mar-97 5 2 3 18 0 3
311588 15-Mar-97 1 1 1 18 0 3
311589 15-Mar-97 8 1 1 18 0 4
<CAPTION>
BNK RUP NEXT INT PERIODIC LIFE
LOAN NO GRADE DISCHARGE SECT 32 MARGIN INDEX CHANGE CAP CAP
----------- ----------- ------------ --------------- ------------- --------- ----------- --------------- -----
311468 B -- F 0 -- 0 0
311469 B 29-Oct-95 F 0 -- 0 0
311472 B -- F 0 -- 0 0
311474 B 27-Jan-94 T 0 -- 0 0
311475 C -- T 0 -- 0 0
311477 A 01-Sep-89 F 0 -- 0 0
311478 A -- F 0 -- 0 0
311479 A -- F 0 -- 0 0
311480 A 01-Dec-88 F 6.75 6MOLIB 15-Nov-98 1.5 7
311482 A -- F 0 -- 0 0
311483 B -- F 0 -- 0 0
311484 C -- F 0 -- 0 0
311485 A -- F 0 -- 0 0
311486 A -- F 0 -- 0 0
311487 A 01-Dec-88 F 0 -- 0 0
311488 A 01-Dec-88 F 0 -- 0 0
311489 C -- F 0 -- 0 0
311490 A -- F 0 -- 0 0
311493 B 01-Nov-89 F 0 -- 0 0
311496 B -- F 0 -- 0 0
311497 A -- F 0 -- 0 0
311498 A+ -- F 0 -- 0 0
311499 A 06-Mar-91 F 0 -- 0 0
311502 B -- F 0 -- 0 0
311503 A -- F 0 -- 0 0
311506 A -- F 7.5 6MLIB 01-Dec-98 1.5 7
311508 A -- F 0 -- 0 0
311510 B 19-Dec-91 F 0 -- 0 0
311514 A -- F 0 -- 0 0
311515 A -- F 0 -- 0 0
311516 B -- F 0 -- 0 0
311517 A+ -- F 0 -- 0 0
311518 A 01-Sep-91 F 0 -- 0 0
311520 A -- F 0 -- 0 0
311522 A -- F 0 -- 0 0
311524 A -- F 0 -- 0 0
311525 C -- F 0 -- 0 0
311526 B -- F 0 -- 0 0
311527 B -- F 0 -- 0 0
311528 B 01-Mar-87 F 0 -- 0 0
311529 A -- F 0 -- 0 0
311532 A -- F 6.5 6MLIB 01-Dec-98 1.5 7
311534 A -- F 0 -- 0 0
311535 A 01-Jun-87 T 0 -- 0 0
311536 B -- F 0 -- 0 0
311539 A -- F 0 -- 0 0
311540 C 01-Jun-90 F 0 -- 0 0
311542 A -- F 0 -- 0 0
311544 B -- T 0 -- 0 0
311545 A -- F 0 -- 0 0
311546 B -- F 0 -- 0 0
311547 B -- F 0 -- 0 0
311549 A -- F 6.75 6MLIB 01-Dec-98 1.5 7
311550 A -- F 0 -- 0 0
311551 A -- F 0 -- 0 0
311554 A -- F 0 -- 0 0
311555 A -- F 0 -- 0 0
311556 B -- F 0 -- 0 0
311557 A -- F 0 -- 0 0
311558 B 01-Dec-93 F 0 -- 0 0
311559 B -- F 0 -- 0 0
311561 C -- F 0 -- 0 0
311562 C 01-Mar-94 F 0 -- 0 0
311565 B -- F 0 -- 0 0
311566 B -- F 0 -- 0 0
311567 A -- F 0 -- 0 0
311569 C -- F 0 -- 0 0
311574 A -- F 0 -- 0 0
311576 C -- F 0 -- 0 0
311577 A -- F 0 -- 0 0
311578 A -- F 0 -- 0 0
311580 B 01-Nov-95 F 0 -- 0 0
311582 A -- F 0 -- 0 0
311584 A -- F 0 -- 0 0
311585 A -- F 0 -- 0 0
311586 A -- F 0 -- 0 0
311588 C -- F 0 -- 0 0
311589 A -- F 0 -- 0 0
</TABLE>
Page 8
<PAGE>
EQUIVANTAGE--1997-1 LOAN LIST
<TABLE>
<CAPTION>
PRE PMT
LOAN NO FLOOR CEILING PEN DOC LEVEL
- ----------- --------------- ------------- --------------- -------------------
<S> <C> <C> <C> <C>
311468 0 0 F
311469 0 0 F
311472 0 0 F
311474 0 0 F
311475 0 0 F
311477 0 0 P F
311478 0 0 P F
311479 0 0 F
311480 0 18 P F
311482 0 0 F
311483 0 0 F
311484 0 0 F
311485 0 0 F
311486 0 0 P F
311487 0 0 F
311488 0 0 F
311489 0 0 F
311490 0 0 F
311493 0 0 P F
311496 0 0 F
311497 0 0 F
311498 0 0 P F
311499 0 0 P F
311502 0 0 F
311503 0 0 F
311506 0 18.75 F
311508 0 0 P F
311510 0 0 F
311514 0 0 F
311515 0 0 P F
311516 0 0 P F
311517 0 0 P F
311518 0 0 P F
311520 0 0 F
311522 0 0 F
311524 0 0 P F
311525 0 0 F
311526 0 0 P F
311527 0 0 P F
311528 0 0 F
311529 0 0 F
311532 0 17.75 P F
311534 0 0 P F
311535 0 0 F
311536 0 0 P F
311539 0 0 P F
311540 0 0 P F
311542 0 0 F
311544 0 0 F
311545 0 0 F
311546 0 0 P F
311547 0 0 P F
311549 0 18 P F
311550 0 0 P F
311551 0 0 F
311554 0 0 P F
311555 0 0 P F
311556 0 0 P F
311557 0 0 F
311558 0 0 P F
311559 0 0 F
311561 0 0 F
311562 0 0 F
311565 0 0 F
311566 0 0 F
311567 0 0 F
311569 0 0 F
311574 0 0 F
311576 0 0 P F
311577 0 0 P F
311578 0 0 F
311580 0 0 F
311582 0 0 F
311584 0 0 F
311585 0 0 F
311586 0 0 F
311588 0 0 F
311589 0 0 F
</TABLE>
Page 9
<PAGE>
EQUIVANTAGE--1997-1 LOAN LIST
<TABLE>
<CAPTION>
LOAN NO TYPE LASTNAME FIRSTNAME ADDRESS
- ----------- ---------- ------------------ ------------------ ------------------------------------------------
<S> <C> <C> <C> <C>
311592 FR RHODES PHILLIP 1109 JACKSON STREET
311594 FR HENDON APRIL P 258 ARAGON ROAD
311595 FR SCURLOCK LOYMAN J 217 A ADAMS STREET
311596 FR MARKER PAUL L 312E SYCAMORE ST
311597 FR DAVIS BELINDA 9283 PETOSKEY
311598 FR CAMPBELL GARY 106 VICTORIA COURT
311599 FR LEWIS VERA 108 PINE STREET
311602 FR REINHART MICHAEL C 306 EATON AVENUE
311603 FR MILES JANNIE B 741N HOMAN AVE
311604 FR COUGHLIN MICHAEL R 785 STARK STREET
311605 FR PARKER LULA M 2225 DESLONDE STREET
311606 FR BOLDEN WILLIE L 1021 NEELY FERRY ROA
311607 BLLN LYNCH JANIE P 2518 COVE CREEK ROAD
311609 FR DURRETT DENNIS M 229 CARNEGIE AVENUE
311610 BLLN WILKERSON BARBARA 14616 SOUTH MYRTLE
311615 FR TEMPLET GARY J. 13390 J B TEMPLET
311617 FR V BISHOP JACQUELIN 11055 TEACHOUT ROAD
311619 BLLN FAIL JOHN W 114 HENDERSON LANE
311620 FR ALMON, JR WOODROW 4412 RUSTIC WOODS DR
311621 BLLN BERGMAN GARY E 3045 CIMARRON TRAIL
311622 FR MIDDLETON RUBY T 5406 SALTERS HILL RD
311626 BLLN JOHNSON TIMMY D 109 OAK LANE
311627 BLLN OLIVER MARK A 714 PORTER ROAD
311628 FR CROTHERS WILLIAM D 3N 31 TIMBERLINE R
311629 FR HURLESS ROBERT L 125 BROOKLYN AVENUE
311630 BLLN VROMAN FRANK A 34648 SHERIDAN
311632 FR KISER JOHN R 5624 INDIAN BROOK DR
311636 FR WATTS JACK D 913 HICKORY HILL DR
311637 FR GLEPKO THOMAS J 12318 CARRINGTON AVE
311639 FR WALLACE JR EDWARD 1005 BRIARWOOD DRIVE
311642 FR ALEXANDER ELLEN A 11131 SE 166TH PLACE
311644 BLLN DUNN RAMONA 1627 COLLINS ROAD
311645 BLLN HENDERSON HELEN M 91 WAYNESBURG RD
311646 FR STYNDL DALE P 329-31W JACKSON ST
311647 FR BELL, JR JOHN W. 1299 BENTEEN WAY SE
311649 FR LANGSTON LESTER D. 6335 NORTH FREE ROAD
311650 BLLN MANUEL RUSSELL P 6349S BAYOU BLACK DR
311652 FR CRAWFORD JR JAMIE R 14 PEEKSVILLE ROAD
311654 BLLN HARRISON JULIE L 3421 OAK KNOLL DRIVE
311655 FR RUSHLOW BARBARA 104 AUBURN
311656 FR BLAIR JANNET R 320N PARK AVE
311657 FR LUSK DONALD T 1025 BAYFIELD
311659 FR E NEIL BARBARA 2575 77 SOUTH 6TH ST
311662 FR HATCHER ELLEN J 932 SILVERDENE PL
311665 FR AUSTIN RHONDA V 148 WEST 155TH PLAC
311666 FR KREBS HAROLD L 1339 SARGEANT STREET
311667 BLLN LARRY CATHERINE 802S 3RD AVE
311668 FR ALLING ANDREW F 1072 HAMPTON
311669 FR TATE LURA L 1100 DOUGLAS AVE S
311670 BLLN SPENCER KELVIN 3574 BINKLEY ROAD
311671 BLLN CAMPEAU STEPHEN E 6909 FOX LANE
311676 BLLN HOWARD DORIS M 153 PRESTON STREET
311677 FR BAKER THOMAS J 860 FAIRWAY DRIVE
311679 FR BURNS LLOYD C 157 COUNTY ROAD
311684 FR WARSTLER GUY 308 NORTH MAIN STRE
311685 BLLN LAMBERT DOUGLAS A 25319 STATE ROUTE 772
311686 FR DUNKER VICKIE A 5707 MENDOTA DRIVE
311687 BLLN GRANBERRY SANDRA F 394 THIRD STREET
311689 FR RODRIGUEZ JUAN 2630 NORTH PARKSIDE
311695 BLLN MCCOY EDWARD K RT 3W BOX 433 VINEYAR
311696 FR SCICLUNA GEORGE J 5065 NORTHLAWN
311697 FR SMITH HALLET P 1045 BELLE TERRE
311699 FR RIVERS LOVURN B 4535 POST STREET
311703 BLLN EDER DENISE R 10345 ASHTON CIRCLE
311704 FR PISANI TONY D 222 LESLIE STREET
311706 BLLN TAYLOR DELLA M 131 TAYLOR ROAD
311707 FR DESSELLE EDWIN H. 2178 WEST BRYANT ROA
311708 FR TOUVELL SR WILLIAM E 1223 PUTNAM AVENUE
311709 FR STITTS MELVIN D 4710 JAMERSON FRST C
311713 BLLN L STOUT JR LAWRENCE 3274SELINCOLN ST
311714 FR HUMES ROSALIND 13994 RUTLAND
311715 BLLN MOODY ERNEST C 8 BELLE FRST AVE
311716 FR JACKSON HOUSTON L 340 EWING DRIVE
311717 FR CONEY DOROTHY A 215 WEST DRIVE
311719 FR HENSON IRENE 8631 LAKEWOOD HWY
311720 FR JENKINS JESSE 15530 JENKINS ROAD
311721 FR REYNOLDS MICHAEL G 1496 DOOLEY TOWN DR
311722 ARM2-28 STAKER JAMES A 10684N ALPINE HIGHWAY
<CAPTION>
LOAN NO CITY STATE ZIP COUNTY ORIG BAL UPB UPB AS OF 03/01
- ----------- --------------------- ----------- --------- ----------------------- ----------- --------- ---------------
<S> <C> <C> <C> <C> <C> <C> <C>
311592 CINCINNATI OH 45215 HAMILTON 52,000.00 51,946.31 51,946.31
311594 MONTEGUT LA 70377 TERREBONNE 32,250.00 32,182.23 32,182.23
311595 RACELAND LA 70394 LAFOURCHE 29,032.00 28,936.66 28,936.66
311596 MIAMISBURG OH 45342 MONTGOMERY 55,250.00 55,129.18 55,129.18
311597 DETROIT MI 48204 WAYNE 7,800.00 7,732.80 7,732.80
311598 FRANKLIN TN 37064 Williamson 39,249.00 39,085.03 39,085.03
311599 SALUDA SC 29138 SALUDA 44,690.00 44,675.08 44,675.08
311602 ROMEOVILLE IL 60446 WILL 102,600.00 102,077.35 102,077.35
311603 CHICAGO IL 60624 COOK 52,000.00 51,958.15 51,958.15
311604 SHEFFIELD LAKE OH 44054 LORAIN 40,000.00 39,809.69 39,809.69
311605 NEW ORLEANS LA 70117 ORLEANS 25,000.00 24,907.94 24,907.94
311606 SIMPSONVILLE SC 29681 GREENVILLE 92,000.00 91,582.01 91,582.01
311607 GASTONIA NC 28056 Gaston 107,100.00 107,044.27 107,044.27
311609 YOUNGSTOWN OH 44515 Mahoning 47,200.00 47,165.82 47,165.82
311610 HARVEY IL 60426 COOK 53,300.00 53,284.24 53,284.24
311615 GONZALES LA 70737 ASCENSION 102,000.00 101,923.29 101,923.29
311617 COLORADO SPRINGS CO 80908 EL PASO 113,000.00 112,900.51 112,900.51
311619 LAURENS SC 29360 LAURENS 57,970.00 57,937.59 57,937.59
311620 STONE MOUNTAIN GA 30083 DE KALB 78,400.00 78,351.72 78,351.72
311621 MURFREESBORO TN 37129 RUTHERFORD 68,000.00 67,987.90 67,987.90
311622 HOLLYWOOD SC 29449 CHARLESTON 22,000.00 21,714.21 21,714.21
311626 KINGSTON TN 37763 ROANE 84,000.00 83,972.26 83,972.26
311627 BIDWELL OH 45614 GALLIA 30,000.00 29,979.65 29,979.65
311628 WEST CHICAGO IL 60185 DUPAGE 24,375.00 24,302.07 24,302.07
311629 CANTON OH 44710 STARK 66,600.00 66,533.53 66,533.53
311630 WESTLAND MI 48185 WAYNE 66,700.00 66,624.17 66,624.17
311632 MATTHEWS NC 28105 UNION 22,500.00 22,381.71 22,381.71
311636 NICHOLASVILLE KY 40356 JESSAMINE 24,400.00 24,353.58 24,353.58
311637 CLEVELAND OH 44135 CUYAHOGA 48,450.00 48,438.49 48,438.49
311639 DALLAS NC 28034 GASTON 49,300.00 49,183.28 49,183.28
311642 RENTON WA 98055 KING 20,000.00 19,791.56 19,791.56
311644 VANLEER TN 37181 DICKSON 17,000.00 16,991.73 16,991.73
311645 CARROLLTON OH 44615 CARROLL 51,500.00 51,457.34 51,457.34
311646 PAINESVILLE OH 44077 LAKE 55,600.00 55,555.13 55,555.13
311647 ATLANTA GA 30315 FULTON 52,000.00 51,945.67 51,945.67
311649 PIQUA OH 45356 MIAMI 29,000.00 28,751.59 28,751.59
311650 GIBSON LA 70356 TERREBONNE 76,500.00 76,396.34 76,396.34
311652 LOCUST GROVE GA 30248 HENRY 49,600.00 49,567.71 49,567.71
311654 BRIGHTON MI 48116 LIVINGSTON 50,000.00 49,974.85 49,962.08
311655 INKSTER MI 48141 WAYNE 53,550.00 53,528.94 53,528.94
311656 ALLIANCE OH 44601 STARK 42,500.00 42,474.73 42,474.73
311657 LAKE ORION MI 48382 OAKLAND 96,700.00 96,643.01 96,643.01
311659 COLUMBUS OH 43207 FRANKLIN 32,000.00 31,870.40 31,870.40
311662 NASHVILLE TN 37206 DAVIDSON 69,150.00 69,092.37 69,092.37
311665 HARVEY IL 60426 COOK 60,000.00 59,960.09 59,960.09
311666 BALTIMORE MD 21223 BALTIMORE CITY 32,000.00 31,916.57 31,916.57
311667 MAYWOOD IL 60153 COOK 85,000.00 84,923.67 84,923.67
311668 LYMAN SC 29365 SPARTANBURG 53,125.00 52,996.73 52,996.73
311669 NASHVILLE TN 37204 DAVIDSON 84,100.00 83,996.65 83,996.65
311670 JOELTON TN 37080 DAVIDSON 76,800.00 76,765.66 76,765.66
311671 WATERFORD MI 48327 OAKLAND 126,500.00 126,409.21 126,409.21
311676 JACKSON TN 38301 MADISON 26,250.00 26,222.59 26,222.59
311677 LONGS SC 29568 HORRY 42,835.00 42,662.49 42,662.49
311679 ATHENS TN 37303 MCMINN 48,000.00 47,776.83 47,776.83
311684 NAVARRE OH 44662 STARK 64,000.00 63,940.68 63,940.68
311685 WAVERLY OH 45690 PIKE 101,250.00 101,196.13 101,196.13
311686 KOKOMO IN 46902 HOWARD 48,800.00 48,449.84 48,449.84
311687 PONTIAC MI 48322 OAKLAND 71,680.00 71,609.85 71,609.85
311689 CHICAGO IL 60639 COOK 32,000.00 31,853.27 31,853.27
311695 HAYESVILLE NC 28904 CLAY 43,400.00 43,382.56 43,382.56
311696 STERLING HEIGHTS MI 48310 MACOMB 124,000.00 122,073.96 122,073.96
311697 ST. MARTINVILLE LA 70582 ST. MARTIN 44,000.00 43,976.18 43,976.18
311699 JACKSONVILLE FL 32205 DUVAL 21,450.00 21,322.92 21,322.92
311703 WILSONVILLE OR 97070 CLACKAMAS 157,250.00 157,108.80 157,108.80
311704 HOUMA LA 70363 TERREBONNE 18,265.00 18,101.66 18,101.66
311706 JONESBOROUGH TN 37659 WASHINGTON 84,000.00 83,947.23 83,947.23
311707 CENTER POINT LA 71323 AVOYELLES 22,500.00 22,375.76 22,375.76
311708 ZANESVILLE OH 43701 MUSKINGUM 25,000.00 24,886.31 24,886.31
311709 MARIETTA GA 30066 COBB 78,100.00 78,060.59 78,060.59
311713 PORTLAND OR 97214 MULTNOMAH 106,250.00 106,162.19 106,162.19
311714 DETROIT MI 48227 WAYNE 35,600.00 35,484.07 35,484.07
311715 NASHVILLE TN 37206 Davidson 54,000.00 53,962.23 53,962.23
311716 NASHVILLE TN 37207 DAVIDSON 106,250.00 105,778.32 105,778.32
311717 DUBLIN GA 31021 LAURENS 70,400.00 70,054.91 70,054.91
311719 MINERAL BLUFF GA 30559 FANNIN 54,400.00 54,344.86 54,344.86
311720 WIMAUMA FL 33598 HILLSBOROUGH 68,000.00 67,983.32 67,983.32
311721 STATHAM GA 30666 BARROW 117,725.00 117,685.13 117,685.13
311722 HIGHLAND UT 84003 UTAH 89,600.00 89,532.23 89,532.23
<CAPTION>
LOAN NO P&I RATE ORIG TERM CLTV
- ----------- --------- --------- ----------------- ---------
<S> <C> <C> <C> <C>
311592 559.42 12.6100 360 0.8000
311594 349.50 11.7500 240 0.7500
311595 322.51 12.1400 240 0.6311
311596 587.30 11.4500 240 0.8500
311597 112.99 12.2400 120 0.5200
311598 461.00 11.6000 180 0.8456
311599 435.75 11.3000 360 0.8200
311602 1,068.28 9.4500 180 0.9000
311603 477.61 10.5500 360 0.8000
311604 434.75 10.2000 180 0.7273
311605 315.16 12.9300 180 0.6757
311606 1,028.40 10.7000 180 0.7965
311607 1,138.88 12.4500 180 0.8500
311609 447.71 10.9500 360 0.8000
311610 542.10 11.8500 180 0.8200
311615 1,099.70 12.6400 360 0.8430
311617 995.83 10.0500 360 0.6807
311619 686.41 13.9900 180 0.8500
311620 787.77 11.6900 360 0.8000
311621 811.10 14.1000 180 0.8000
311622 318.70 12.2400 120 0.5238
311626 822.24 11.3500 180 0.7850
311627 291.38 11.2500 180 0.5455
311628 276.93 12.5000 240 0.7500
311629 557.58 9.4500 360 0.9000
311630 663.07 11.5500 180 0.8497
311632 258.71 11.2100 180 0.8138
311636 277.05 12.4900 240 0.7989
311637 529.52 12.8300 360 0.8500
311639 503.85 10.8500 240 0.8427
311642 226.69 10.9500 180 0.7993
311644 208.85 14.5500 180 0.4250
311645 464.94 10.3400 180 0.7254
311646 506.52 10.4500 360 0.8000
311647 501.11 11.1500 360 0.8000
311649 421.79 12.3400 120 0.3053
311650 771.61 11.7400 180 0.8500
311652 488.92 11.4400 360 0.8000
311654 537.51 12.6000 180 0.3623
311655 491.85 10.5500 360 0.8500
311656 432.26 11.8500 360 0.7589
311657 986.49 11.8900 360 0.7614
311659 382.61 11.9300 180 0.7442
311662 622.23 10.3000 360 0.8753
311665 586.86 11.3400 360 0.7500
311666 311.14 10.1100 240 0.6312
311667 742.80 9.9500 180 0.7589
311668 537.55 10.7000 240 0.8500
311669 763.02 10.4000 360 0.8495
311670 671.14 9.9500 180 0.7178
311671 1,205.65 11.0100 180 0.7906
311676 252.96 11.1500 180 0.7500
311677 513.82 11.9900 180 0.6500
311679 529.10 10.4500 180 0.8000
311684 552.21 9.8000 360 0.8000
311685 1,068.83 12.3500 180 0.7500
311686 421.06 9.8000 360 0.8000
311687 707.11 11.4500 180 0.8000
311689 355.71 10.6000 180 0.7920
311695 500.18 13.5900 180 0.7000
311696 1,577.50 9.1000 120 0.8000
311697 461.75 12.2700 360 0.8000
311699 260.90 12.2500 180 0.6500
311703 1,374.17 9.9500 180 0.8500
311704 257.84 11.6000 120 0.3321
311706 838.26 11.6000 180 0.7304
311707 284.53 12.9900 180 0.7500
311708 279.30 10.6900 180 0.7143
311709 838.99 12.5900 360 0.8135
311713 967.94 10.4500 180 0.8500
311714 478.89 14.2000 180 0.4450
311715 518.75 11.1100 180 0.7826
311716 1,204.30 10.9500 180 0.8500
311717 895.37 13.1000 180 0.8000
311719 530.02 11.2900 360 0.8000
311720 735.78 12.6900 360 0.8500
311721 1,426.63 14.3400 360 0.8500
311722 836.40 10.7500 360 0.8000
</TABLE>
Page 10
<PAGE>
EQUIVANTAGE--1997-1 LOAN LIST
<TABLE>
<CAPTION>
NOTE FIRST MATURITY NEXT PMT
LOAN NO REM TERM AM TERM SALES PRICE APPR VAL DATE PMT DATE DATE
- ----------- ----------------- --------------- -------------- ----------- --------- --------- ----------- -----------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
311592 358 360 0.00 65000.00 19-Nov-96 01-Jan-97 01-Dec-26 01-Mar-97
311594 238 240 0.00 43000.00 19-Nov-96 15-Dec-96 15-Nov-16 15-Feb-97
311595 237 240 0.00 46000.00 19-Nov-96 15-Dec-96 15-Nov-16 15-Mar-97
311596 238 240 0.00 65000.00 06-Jan-97 01-Jan-97 01-Dec-16 01-Mar-97
311597 118 120 0.00 15000.00 20-Nov-96 01-Jan-97 01-Dec-06 01-Mar-97
311598 178 180 0.00 160000.00 18-Nov-96 01-Jan-97 01-Dec-11 01-Mar-97
311599 359 360 0.00 54500.00 26-Nov-96 01-Jan-97 01-Dec-26 01-Feb-97
311602 178 180 0.00 114000.00 21-Nov-96 01-Jan-97 01-Dec-11 01-Mar-97
311603 358 360 0.00 65000.00 21-Nov-96 01-Jan-97 01-Dec-26 01-Mar-97
311604 178 180 0.00 55000.00 19-Nov-96 01-Jan-97 01-Dec-11 01-Mar-97
311605 178 180 0.00 37000.00 22-Nov-96 15-Jan-97 15-Dec-11 15-Mar-97
311606 178 180 0.00 115500.00 20-Nov-96 01-Jan-97 01-Dec-11 01-Mar-97
311607 178 360 0.00 126000.00 20-Nov-96 15-Jan-97 15-Dec-11 15-Mar-97
311609 358 360 0.00 59000.00 21-Nov-96 15-Dec-96 15-Nov-26 15-Feb-97
311610 179 360 0.00 65000.00 05-Dec-96 01-Feb-97 01-Jan-12 01-Mar-97
311615 357 360 0.00 121000.00 14-Nov-96 15-Dec-96 15-Nov-26 15-Mar-97
311617 358 360 0.00 166000.00 13-Nov-96 15-Jan-97 15-Dec-26 15-Mar-97
311619 177 360 68200.00 68200.00 15-Nov-96 15-Dec-96 15-Nov-11 15-Mar-97
311620 358 360 0.00 98000.00 13-Nov-96 01-Jan-97 01-Dec-26 01-Mar-97
311621 179 360 0.00 85000.00 13-Nov-96 15-Dec-96 15-Nov-11 15-Jan-97
311622 117 120 0.00 42000.00 14-Nov-96 15-Dec-96 15-Nov-06 15-Mar-97
311626 179 360 0.00 107000.00 13-Nov-96 15-Dec-96 15-Nov-11 15-Jan-97
311627 178 360 0.00 55000.00 13-Nov-96 01-Jan-97 01-Dec-11 01-Mar-97
311628 237 240 0.00 187000.00 13-Nov-96 15-Dec-96 15-Nov-16 15-Mar-97
311629 358 360 0.00 74000.00 14-Nov-96 01-Jan-97 01-Dec-26 01-Mar-97
311630 178 360 0.00 78500.00 15-Nov-96 01-Jan-97 01-Dec-11 01-Mar-97
311632 178 180 0.00 94000.00 13-Nov-96 01-Jan-97 01-Dec-11 01-Mar-97
311636 238 240 0.00 72300.00 14-Nov-96 15-Dec-96 15-Nov-16 15-Feb-97
311637 359 360 0.00 57000.00 14-Nov-96 15-Dec-96 15-Nov-26 15-Jan-97
311639 238 240 0.00 58500.00 15-Nov-96 15-Dec-96 15-Nov-16 15-Feb-97
311642 177 180 0.00 130000.00 15-Nov-96 15-Dec-96 15-Nov-11 15-Mar-97
311644 177 360 0.00 40000.00 14-Nov-96 15-Dec-96 15-Nov-11 15-Mar-97
311645 178 360 0.00 71000.00 15-Nov-96 01-Jan-97 01-Dec-11 01-Mar-97
311646 358 360 0.00 69500.00 11-Nov-96 01-Jan-97 01-Dec-26 01-Mar-97
311647 357 360 0.00 65000.00 14-Nov-96 15-Dec-96 15-Nov-26 15-Mar-97
311649 118 120 0.00 95000.00 21-Nov-96 01-Jan-97 01-Dec-06 01-Mar-97
311650 178 360 0.00 90000.00 20-Nov-96 01-Jan-97 01-Dec-11 01-Mar-97
311652 358 360 0.00 62000.00 20-Nov-96 01-Jan-97 01-Dec-26 01-Mar-97
311654 178 360 0.00 138000.00 20-Nov-96 01-Jan-97 01-Dec-11 01-Mar-97
311655 359 360 0.00 63000.00 22-Nov-96 01-Jan-97 01-Dec-26 01-Feb-97
311656 358 360 0.00 56000.00 20-Nov-96 01-Jan-97 01-Dec-26 01-Mar-97
311657 358 360 0.00 127000.00 21-Nov-96 01-Jan-97 01-Dec-26 01-Mar-97
311659 178 180 0.00 43000.00 21-Nov-96 01-Jan-97 01-Dec-11 01-Mar-97
311662 358 360 0.00 79000.00 19-Nov-96 01-Jan-97 01-Dec-26 01-Mar-97
311665 358 360 0.00 80000.00 22-Nov-96 15-Jan-97 15-Dec-26 15-Mar-97
311666 238 240 0.00 50700.00 20-Nov-96 15-Jan-97 15-Dec-16 15-Mar-97
311667 178 360 0.00 112000.00 22-Nov-96 01-Jan-97 01-Dec-11 01-Mar-97
311668 238 240 0.00 62500.00 20-Nov-96 01-Jan-97 01-Dec-16 01-Mar-97
311669 357 360 0.00 99000.00 20-Nov-96 01-Jan-97 01-Dec-26 01-Apr-97
311670 179 360 0.00 107000.00 22-Nov-96 01-Jan-97 01-Dec-11 01-Feb-97
311671 178 360 0.00 160000.00 27-Nov-96 01-Jan-97 01-Dec-11 01-Mar-97
311676 177 360 0.00 35000.00 27-Nov-96 01-Jan-97 01-Dec-11 01-Apr-97
311677 178 180 65900.00 65900.00 25-Nov-96 01-Jan-97 01-Dec-11 01-Mar-97
311679 178 180 0.00 60000.00 30-Nov-96 01-Jan-97 01-Dec-11 01-Mar-97
311684 358 360 0.00 80000.00 22-Nov-96 01-Jan-97 01-Dec-26 01-Mar-97
311685 178 360 0.00 135000.00 23-Nov-96 01-Jan-97 01-Dec-11 01-Mar-97
311686 358 360 0.00 61000.00 23-Nov-96 01-Jan-97 01-Dec-26 01-Mar-97
311687 177 360 89600.00 89600.00 21-Nov-96 01-Jan-97 01-Dec-11 01-Apr-97
311689 178 180 0.00 130000.00 22-Nov-96 15-Jan-97 15-Dec-11 15-Mar-97
311695 178 360 0.00 62000.00 22-Nov-96 15-Jan-97 15-Dec-11 15-Mar-97
311696 117 120 0.00 155000.00 21-Nov-96 01-Jan-97 01-Dec-06 01-Apr-97
311697 358 360 0.00 55000.00 21-Nov-96 15-Dec-96 15-Nov-26 15-Feb-97
311699 177 180 0.00 33000.00 22-Nov-96 01-Jan-97 01-Dec-11 01-Apr-97
311703 178 360 0.00 185000.00 21-Nov-96 01-Jan-97 01-Dec-11 01-Mar-97
311704 118 120 0.00 55000.00 21-Nov-96 01-Jan-97 01-Dec-06 01-Mar-97
311706 178 360 0.00 115000.00 21-Nov-96 01-Jan-97 01-Dec-11 01-Mar-97
311707 177 180 0.00 30000.00 06-Nov-96 11-Dec-96 11-Nov-11 11-Mar-97
311708 178 180 0.00 35000.00 21-Nov-96 01-Jan-97 01-Dec-11 01-Mar-97
311709 358 360 0.00 96000.00 22-Nov-96 01-Jan-97 01-Dec-26 01-Mar-97
311713 178 360 0.00 125000.00 21-Nov-96 01-Jan-97 01-Dec-11 01-Mar-97
311714 178 180 0.00 80000.00 26-Nov-96 01-Jan-97 01-Dec-11 01-Mar-97
311715 178 360 0.00 69000.00 21-Nov-96 01-Jan-97 01-Dec-11 01-Mar-97
311716 178 180 0.00 125000.00 22-Nov-96 01-Jan-97 01-Dec-11 01-Mar-97
311717 178 180 0.00 88000.00 21-Nov-96 01-Jan-97 01-Dec-11 01-Mar-97
311719 357 360 0.00 68000.00 21-Nov-96 01-Jan-97 01-Dec-26 01-Apr-97
311720 359 360 0.00 80000.00 10-Dec-96 01-Feb-97 01-Jan-27 01-Mar-97
311721 358 360 138500.00 138500.00 22-Nov-96 15-Dec-96 15-Nov-26 15-Feb-97
311722 358 360 0.00 112000.00 22-Nov-96 01-Jan-97 01-Dec-26 01-Mar-97
<CAPTION>
NEXT PMT
LOAN NO AS OF 03/01 PROPTYPE UNITS OCCUP LIEN LIEN BAL PURPOSE
- ----------- ----------- ----------------- ------------- --------------- ----- ----------- -----------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
311592 01-Mar-97 1 1 1 18 0 3
311594 15-Feb-97 8 1 1 18 0 3
311595 15-Mar-97 1 1 1 18 0 3
311596 01-Mar-97 1 1 1 18 0 3
311597 01-Mar-97 1 1 1 18 0 3
311598 01-Mar-97 1 1 1 38 96049 3
311599 01-Feb-97 1 1 1 18 0 2
311602 01-Mar-97 1 1 1 18 0 4
311603 01-Mar-97 1 1 1 18 0 3
311604 01-Mar-97 1 1 3 18 0 3
311605 15-Mar-97 1 1 1 18 0 3
311606 01-Mar-97 1 1 1 18 0 3
311607 15-Mar-97 1 1 1 18 0 3
311609 15-Feb-97 1 1 1 18 0 3
311610 01-Mar-97 1 1 1 18 0 4
311615 15-Mar-97 1 1 1 18 0 2
311617 15-Mar-97 1 1 1 18 0 3
311619 15-Mar-97 1 1 1 18 0 1
311620 01-Mar-97 1 1 1 18 0 3
311621 15-Jan-97 1 1 1 18 0 4
311622 15-Mar-97 1 1 1 18 0 3
311626 15-Jan-97 1 1 1 18 0 3
311627 01-Mar-97 1 1 1 18 0 3
311628 15-Mar-97 1 1 1 38 115876 3
311629 01-Mar-97 1 1 1 18 0 2
311630 01-Mar-97 1 1 1 18 0 3
311632 01-Mar-97 1 1 1 38 54000 3
311636 15-Feb-97 1 1 1 38 33361 3
311637 15-Jan-97 1 1 1 18 0 4
311639 15-Feb-97 1 1 1 18 0 4
311642 15-Mar-97 8 1 1 38 83913 3
311644 15-Mar-97 1 1 1 18 0 3
311645 01-Mar-97 1 1 1 18 0 2
311646 01-Mar-97 1 1 1 18 0 3
311647 15-Mar-97 1 1 1 18 0 3
311649 01-Mar-97 1 1 1 18 0 3
311650 01-Mar-97 1 1 1 18 0 4
311652 01-Mar-97 1 1 3 18 0 4
311654 01-Apr-97 1 1 1 18 0 3
311655 01-Feb-97 1 1 1 18 0 3
311656 01-Mar-97 1 1 1 18 0 3
311657 01-Mar-97 1 1 1 18 0 3
311659 01-Mar-97 5 2 1 18 0 3
311662 01-Mar-97 1 1 1 18 0 3
311665 15-Mar-97 1 1 1 18 0 3
311666 15-Mar-97 2 1 1 18 0 4
311667 01-Mar-97 1 1 1 18 0 3
311668 01-Mar-97 1 1 1 18 0 3
311669 01-Apr-97 1 1 1 18 0 4
311670 01-Feb-97 1 1 1 18 0 2
311671 01-Mar-97 4 1 1 18 0 4
311676 01-Apr-97 1 1 1 18 0 3
311677 01-Mar-97 3 1 2 18 0 1
311679 01-Mar-97 8 1 1 18 0 2
311684 01-Mar-97 1 1 1 18 0 3
311685 01-Mar-97 1 1 1 18 0 3
311686 01-Mar-97 1 1 1 18 0 3
311687 01-Apr-97 1 1 1 18 0 1
311689 15-Mar-97 1 1 1 38 70961 3
311695 15-Mar-97 1 1 1 18 0 3
311696 01-Apr-97 1 1 1 18 0 3
311697 15-Feb-97 1 1 1 18 0 3
311699 01-Apr-97 1 1 3 18 0 3
311703 01-Mar-97 1 1 1 18 0 4
311704 01-Mar-97 1 1 1 18 0 3
311706 01-Mar-97 1 1 1 18 0 3
311707 11-Mar-97 1 1 1 18 0 4
311708 01-Mar-97 1 1 1 18 0 3
311709 01-Mar-97 1 1 1 18 0 3
311713 01-Mar-97 1 1 1 18 0 4
311714 01-Mar-97 1 1 1 18 0 3
311715 01-Mar-97 1 1 3 18 0 3
311716 01-Mar-97 1 1 1 18 0 4
311717 01-Mar-97 1 1 1 18 0 4
311719 01-Apr-97 1 1 1 18 0 3
311720 01-Mar-97 1 1 1 18 0 3
311721 15-Feb-97 1 1 1 18 0 1
311722 01-Mar-97 1 1 1 18 0 3
<CAPTION>
BNK RUP NEXT INT PERIODIC LIFE
LOAN NO GRADE DISCHARGE SECT 32 MARGIN INDEX CHANGE CAP CAP
- ----------- ----------- ------------ ------------- ------------- --------- ----------- --------------- -----
311592 B 01-May-92 F 0 -- 0 0
311594 A -- F 0 -- 0 0
311595 B -- F 0 -- 0 0
311596 A -- F 0 -- 0 0
311597 C -- T 0 -- 0 0
311598 B -- F 0 -- 0 0
311599 B -- F 0 -- 0 0
311602 A+ 13-Aug-92 F 0 -- 0 0
311603 A 29-Aug-94 T 0 -- 0 0
311604 A 01-Jul-92 F 0 -- 0 0
311605 C 22-Feb-95 T 0 -- 0 0
311606 A -- F 0 -- 0 0
311607 B -- F 0 -- 0 0
311609 B -- F 0 -- 0 0
311610 B -- F 0 -- 0 0
311615 B -- F 0 -- 0 0
311617 B -- F 0 -- 0 0
311619 B 13-Nov-95 F 0 -- 0 0
311620 B -- F 0 -- 0 0
311621 C 01-Nov-89 F 0 -- 0 0
311622 B 26-Jan-94 F 0 -- 0 0
311626 B 26-Apr-94 F 0 -- 0 0
311627 B 17-Oct-92 F 0 -- 0 0
311628 B -- F 0 -- 0 0
311629 A+ 01-Jun-90 F 0 -- 0 0
311630 A -- F 0 -- 0 0
311632 A 01-Sep-90 F 0 -- 0 0
311636 B 05-Dec-95 F 0 -- 0 0
311637 B -- F 0 -- 0 0
311639 A -- F 0 -- 0 0
311642 A -- F 0 -- 0 0
311644 C -- F 0 -- 0 0
311645 A -- F 0 -- 0 0
311646 A -- F 0 -- 0 0
311647 A 23-Dec-91 F 0 -- 0 0
311649 B -- F 0 -- 0 0
311650 B -- F 0 -- 0 0
311652 A -- F 0 -- 0 0
311654 C -- F 0 -- 0 0
311655 A -- F 0 -- 0 0
311656 B 30-Apr-91 F 0 -- 0 0
311657 B -- F 0 -- 0 0
311659 B -- T 0 -- 0 0
311662 A -- F 0 -- 0 0
311665 B -- T 0 -- 0 0
311666 A -- F 0 -- 0 0
311667 A -- F 0 -- 0 0
311668 A -- F 0 -- 0 0
311669 A -- F 0 -- 0 0
311670 A -- F 0 -- 0 0
311671 A -- F 0 -- 0 0
311676 A -- F 0 -- 0 0
311677 B -- F 0 -- 0 0
311679 A -- F 0 -- 0 0
311684 A -- F 0 -- 0 0
311685 C -- F 0 -- 0 0
311686 A -- F 0 -- 0 0
311687 B -- F 0 -- 0 0
311689 A -- F 0 -- 0 0
311695 C -- F 0 -- 0 0
311696 A -- F 0 -- 0 0
311697 B -- F 0 -- 0 0
311699 A -- F 0 -- 0 0
311703 A -- F 0 -- 0 0
311704 A -- F 0 -- 0 0
311706 B -- F 0 -- 0 0
311707 B -- F 0 -- 0 0
311708 A -- F 0 -- 0 0
311709 B 01-Feb-95 F 0 -- 0 0
311713 A 01-Jan-92 F 0 -- 0 0
311714 C 10-Jun-96 T 0 -- 0 0
311715 A -- F 0 -- 0 0
311716 A -- F 0 -- 0 0
311717 C -- F 0 -- 0 0
311719 A -- F 0 -- 0 0
311720 B -- F 0 -- 0 0
311721 B -- F 0 -- 0 0
311722 A -- F 7.75 6MOLIB 01-Dec-98 1.5 7
</TABLE>
Page 11
<PAGE>
EQUIVANTAGE--1997-1 LOAN LIST
<TABLE>
<CAPTION>
PRE PMT
LOAN NO FLOOR CEILING PEN DOC LEVEL
- ----------- ----------- ------------- --------------- -------------------
<S> <C> <C> <C> <C>
311592 0 0 P F
311594 0 0 P F
311595 0 0 P F
311596 0 0 P F
311597 0 0 F
311598 0 0 F
311599 0 0 F
311602 0 0 F
311603 0 0 F
311604 0 0 P F
311605 0 0 F
311606 0 0 F
311607 0 0 F
311609 0 0 P F
311610 0 0 F
311615 0 0 P F
311617 0 0 F
311619 0 0 F
311620 0 0 P F
311621 0 0 F
311622 0 0 F
311626 0 0 P F
311627 0 0 P F
311628 0 0 F
311629 0 0 P F
311630 0 0 F
311632 0 0 F
311636 0 0 P F
311637 0 0 P F
311639 0 0 F
311642 0 0 F
311644 0 0 F
311645 0 0 P F
311646 0 0 P F
311647 0 0 P F
311649 0 0 P F
311650 0 0 P F
311652 0 0 P F
311654 0 0 P F
311655 0 0 P F
311656 0 0 P F
311657 0 0 P F
311659 0 0 F
311662 0 0 P F
311665 0 0 F
311666 0 0 F
311667 0 0 F
311668 0 0 F
311669 0 0 P F
311670 0 0 P F
311671 0 0 F
311676 0 0 F
311677 0 0 F
311679 0 0 F
311684 0 0 P F
311685 0 0 P F
311686 0 0 P F
311687 0 0 P F
311689 0 0 F
311695 0 0 F
311696 0 0 P F
311697 0 0 P F
311699 0 0 F
311703 0 0 P F
311704 0 0 P F
311706 0 0 P F
311707 0 0 P F
311708 0 0 P F
311709 0 0 P F
311713 0 0 F
311714 0 0 F
311715 0 0 F
311716 0 0 P F
311717 0 0 P F
311719 0 0 P F
311720 0 0 P F
311721 0 0 P F
311722 10.75 17.75 P F
</TABLE>
Page 12
<PAGE>
EQUIVANTAGE--1997-1 LOAN LIST
<TABLE>
<CAPTION>
LOAN NO TYPE LASTNAME FIRSTNAME ADDRESS
- ----------- --------- ------------------ ------------------ ------------------------------------------------
<S> <C> <C> <C> <C>
311724 FR TESTERMAN GEORGE E 516 KERNODLE DRIVE
311725 FR OATES JOSIEPHIN 15081 SARATOGA
311726 BLLN ALLEN DAVID 3347 22ND STREET
311727 FR MANNING LEE 424 PECAN STREET
311728 BLLN B FRICKS MARGARET 220 WALTER STREET
311729 FR STEVIC JEANE L 1075 MURRAY AVENUE
311730 FR HUMAN TIMOTHY W 916 BARBER LANE
311732 FR MCGUIRE ROBERT 218 PRNC COLLINS ST
311733 FR MEEKS GERALD W 205 SKYLINE DRIVE
311734 FR WRIGHT DAN ETHE 907 SOUTH STREET
311735 FR SCHAFFER PAUL D. 175 NORTH BUCKEYE S
311737 BLLN COSTON STANLEY R 17514 ARLINGTON
311738 BLLN BROWN JERRY D 1309S HIGHWAY 14
311739 BLLN NEAL KIRK 244 WEST LEWISTON
311742 FR SHEEHAN JAMES S 228 DELLROSE DRIVE
311743 BLLN MAGOVICH RICHARD 17058 RACCOON TRAIL
311744 FR ROCHE JR EARL T 3208 LOYOLA DRIVE
311745 FR THOMPSON SHARON 683 NOME AVENUE
311746 FR RICKETSON MICHAEL L 1007 LACROIX AVENUE
311747 FR GRIFFEA CHARLES A 6751S CARPENTER ST
311749 FR WARREN LYNN A 3441S PRAIRIE AVE
311751 BLLN COATES MICHAEL K 3376 MARKDALE COURT
311753 BLLN LAWSON MICHELLE 109 COLDBROOK DRIVE
311754 BLLN GLASS IOLA 1434 SYLVAN ROAD
311755 FR BOWEN CLARA H. R . 1 BOX 86
311756 FR DOLL MICHAEL A 213S ELM STREET
311757 FR BEEDY WILLIAM C 2234 SUNNYLAND BLVD
311758 FR PARTON RETA K P 1517E NORTHFIELD BLVD
311761 FR DEMAHY JOSEPH 2465 IRISH BEND ROAD
311762 BLLN BROCK BRIAN W 13 WALKER CIRCLE
311764 FR YOUNG HARRY L 210 GROVE PARK ROAD
311765 FR DANIEL CHARLEY R 3110 JERSEY MONROE R
311767 FR PEARSON JR JOHN E 2348 NW MESENA ROAD
311769 FR EVERETT VICKIE M 986 LEMONS ROAD
311770 FR LAHMON JAMES S 6440 COLLINWOOD DR
311776 FR ELSTEN NELLIE 235 E ALLEN
311777 FR M ROBINSON KATHLEEN 4552 SCHL SECT RD
311778 FR POLLARD BESSIE 4948 WEST WABANSIA
311779 FR BILLMAN RICHARD L 4377 CENTRAL ROAD
311782 BLLN MYERS JOHN E 510W HARRISON ST
311784 BLLN PRIDE NATHANIEL 2890 HUNTERS POINT
311785 FR SMITH JAMES M 9853 CLEARCREEK FRAN
311786 FR POSEY HUNTER M 11725 FAUST
311787 FR THOMPSON KATIE M 421 EAST 115TH ST
311789 FR DE JARNETTE MARY J. 8245 FIREHALL ROAD
311792 FR BAILEY-ORGAN YVONNE 19115 WICKFIELD AVE
311793 FR HOPKINS JR ROBERT L 1409 CENTRAL AVENUE
311796 FR CALVIN TOMMY 5075 CRAIGMONT DRIVE
311797 FR M ROMANO PHILLIP 3347 WEST 94TH STREE
311799 FR SHULTZ ROBERT S 135S SPRING ST
311802 BLLN WINGO WALTER 5610 CHERRYCREST LN
311804 BLLN BLAYLOCK DONALD G 831 HILL STREET
311805 FR HOYT JR HOMER C 25190 DENVER
311806 FR KIDDER WILLIAM B 5480 OAK STREET
311807 BLLN JOHNSTON SHAWN P 29520 34 MILE ROAD
311808 FR NELSON JAMES R 1913 OAKRIDGE DRIVE
311809 BLLN GALLANT WADYE T 18151 RAMSGATE DRIVE
311810 FR RAYFORD AARON C 2210 BAKER
311812 BLLN STEPHENS MICHAEL R 3345 S 5TH STREET
311813 FR RICHARDSON BETTYE R 611 SOUTH STREET
311814 FR DAVIS G T 2215 OLD BAY SPGS RD
311815 FR MCINTYRE MICHAEL 131 ST. ANDREWS DRI
311816 FR PRENTISS KENNETH 194 MORGAN WAY
311818 FR HYATT JAMES F 709 CONIFER CIRCLE
311819 BLLN GIRTON DOUGLAS 252 AUBURN
311822 FR DYE FRANK S 5702 63RD AVENUE
311825 FR BLACK STEVIN B 513 HURRICANE CRK R
311826 FR MCCORMICK WALTER E 10803 WHITEHILL
311827 FR VINSON RONALD P 1801W CLOVERDALE RD
311829 BLLN DUNAWAY MERVIN A 3113 ROUNDWOOD FRST
311830 FR NUCHOLS DAVID E 4414 BEAUS BEND ROAD
311832 BLLN NIX SANDRA D 149 KEOWEE LANE
311833 FR TROSCLAIR JERRY 506 MIDDLEWOOD DR
311834 BLLN MARTINEZ EZEQUIEL 109 MAIN STREET
311835 FR GROVES RALPH F 185 BALDWIN
311836 FR MEDLEY RONNIE J 620 MARION STREET
311837 FR VASQUEZ JUAN 332 WEST YPSILANTI
311839 FR EFIRD CHARLES D 439 NEISLER ROAD
<CAPTION>
LOAN NO CITY STATE ZIP COUNTY ORIG BAL UPB UPB AS OF 03/01
- ----------- --------------------- ----------- --------- ----------------------- ----------- --------- ---------------
<S> <C> <C> <C> <C> <C> <C> <C>
311724 GRAHAM NC 27253 ALAMANCE 49,000.00 48,901.64 48,901.64
311725 DETROIT MI 48205 Wayne 17,500.00 17,368.13 17,368.13
311726 WYANDOTTE MI 48192 WAYNE 85,000.00 84,934.06 84,934.06
311727 POULAN GA 31781 WORTH 41,500.00 41,327.44 41,327.44
311728 EASLEY SC 29642 PICKENS 96,000.00 95,945.89 95,945.89
311729 AKRON OH 44310 SUMMIT 60,800.00 60,760.61 60,760.61
311730 JOLIET IL 60435 WILL 105,000.00 104,921.45 104,921.45
311732 HOUMA LA 70364 TERREBONNE 33,849.00 33,788.93 33,788.93
311733 PRINCETON KY 42445 CALDWELL 25,400.00 25,276.93 25,276.93
311734 OAKDALE LA 71463 ALLEN 27,200.00 27,100.40 27,100.40
311735 BELLEVUE OH 44811 HURON 73,950.00 73,864.75 73,864.75
311737 DETROIT MI 48212 WAYNE 21,350.00 21,337.30 21,337.30
311738 GREER SC 29651 GREENVILLE 115,000.00 114,907.22 114,907.22
311739 FERNDALE MI 48220 OAKLAND 159,800.00 159,668.27 159,601.55
311742 NASHVILLE TN 37214 DAVIDSON 33,000.00 32,853.51 32,853.51
311743 STRONGSVILLE OH 44136 CUYAHOGA 221,000.00 220,900.64 220,900.64
311744 KENNER LA 70065 JEFFERSON 43,000.00 42,924.63 42,924.63
311745 AKRON OH 44320 SUMMIT 73,600.00 73,522.60 73,522.60
311746 AKRON OH 44307 SUMMIT 52,000.00 51,763.75 51,763.75
311747 CHICAGO IL 60621 COOK 64,175.00 64,020.07 64,020.07
311749 CHICAGO IL 60616 Cook 20,000.00 19,919.08 19,919.08
311751 CINCINNATI OH 45248 Hamilton 157,250.00 157,052.59 157,052.59
311753 SPARTANBURG SC 29306 SPARTANBURG 47,120.00 47,099.77 47,099.77
311754 ATLANTA GA 30310 FULTON 52,500.00 52,465.92 52,465.92
311755 CEDAR BLUFF MS 39741 CLAY 28,800.00 28,611.59 28,611.59
311756 TROY OH 45373 MIAMI 46,800.00 46,768.59 46,768.59
311757 SPRINGFIELD OH 45506 CLARK 73,720.00 73,539.67 73,539.67
311758 MURFREESBORO TN 37130 RUTHERFORD 130,000.00 129,671.45 129,671.45
311761 FRANKLIN LA 70538 SAINT MARY 44,300.00 44,265.95 44,265.95
311762 CLARKSVILLE TN 37042 MONTGOMERY 86,275.00 86,215.83 86,215.83
311764 BALTIMORE MD 21225 Anne Arundel 73,100.00 73,044.11 73,044.11
311765 COVINGTON GA 30209 WALTON 83,700.00 83,190.39 83,190.39
311767 THOMSON GA 30824 MCDUFFIE 156,250.00 156,250.00 156,250.00
311769 STOKESDALE NC 27357 ROCKINGHAM 45,600.00 45,387.68 45,387.68
311770 HORN LAKE MS 38637 DE SOTO 54,500.00 54,474.07 54,474.07
311776 ALEXANDRIA IN 46001 MADISON 38,400.00 38,104.99 38,104.99
311777 CINCINNATI OH 45211 HAMILTON 56,000.00 55,723.64 55,723.64
311778 CHICAGO IL 60639 COOK 67,500.00 67,465.28 67,465.28
311779 COLUMBIAVILLE MI 48421 LAPEER 67,500.00 67,337.03 67,337.03
311782 ALLIANCE OH 44601 STARK 43,350.00 43,313.88 43,313.88
311784 LEBANON TN 37087 WILSON 47,400.00 47,376.11 47,376.11
311785 MIAMISBURG OH 45342 WARREN 116,800.00 115,834.49 115,834.49
311786 DETROIT MI 48228 Wayne 36,000.00 35,859.88 35,859.88
311787 CLEVELAND OH 44108 CUYAHOGA 54,120.00 54,079.06 54,079.06
311789 GRAND RONDE OR 97347 POLK 91,500.00 91,371.61 91,371.61
311792 WARRENSVILLE OH 44122 CUYAHOGA 18,935.00 18,900.01 18,900.01
311793 ZANESVILLE OH 43701 MUSKINGUM 36,000.00 35,901.04 35,901.04
311796 FLORISSANT MO 63033 SAINT LOUIS 70,500.00 70,360.19 70,360.19
311797 CLEVELAND OH 44102 CUYAHOGA 28,250.00 28,227.20 28,227.20
311799 LOUDONVILLE OH 44842 Ashland 52,275.00 52,242.87 52,242.87
311802 CHARLOTTE NC 28217 MECKLENBURG 86,700.00 86,654.89 86,654.89
311804 BRISTOL TN 37620 SULLIVAN 34,000.00 33,967.79 33,967.79
311805 DENHAM SPRINGS LA 70726 LIVINGSTON PARISH 37,000.00 36,836.35 36,836.35
311806 KINGSMILL OH 45034 WARREN 70,000.00 69,626.96 69,626.96
311807 RICHMOND MI 48062 MACOMB 68,000.00 67,963.41 67,963.41
311808 DAYTON OH 45417 MONTGOMERY 58,650.00 58,500.80 58,500.80
311809 LATHRUP VILLAGE MI 48076 OAKLAND 160,200.00 160,040.11 160,040.11
311810 AURORA IL 60506 KANE 52,164.00 51,943.74 51,943.74
311812 TERRE HAUTE IN 47802 VIGO 48,000.00 47,983.20 47,983.20
311813 AMITE LA 70422 TANGIPAHOA 26,300.00 26,203.80 26,203.80
311814 LAUREL MS 39440 JONES 97,750.00 97,481.02 97,481.02
311815 FRANKLIN TN 37069 WILLIAMSON 58,250.00 58,216.21 58,216.21
311816 DRUMMONDS TN 38023 TIPTON 100,215.00 100,102.02 100,102.02
311818 SPARTANBURG SC 29303 SPARTANBURG 68,000.00 67,669.00 67,669.00
311819 PONTIAC MI 48342 OAKLAND 31,500.00 31,494.05 31,494.05
311822 RIVERDALE MD 20737 PRINCE GEORGES 24,000.00 23,756.22 23,640.88
311825 PIEDMONT SC 29673 ANDERSON 34,060.00 33,986.48 33,986.48
311826 DETROIT MI 48224 WAYNE 47,200.00 47,171.00 47,171.00
311827 CHILLICOTHE IL 61523 PEORIA 55,250.00 55,187.70 55,187.70
311829 ANTIOCH TN 37013 DAVIDSON 116,450.00 116,383.26 116,383.26
311830 LOUISVILLE TN 37777 BLOUNT 71,250.00 71,215.74 71,215.74
311832 PICKENS SC 29671 PICKENS 64,800.00 64,783.78 64,783.78
311833 HOUMA LA 70363 TERREBONNE 72,450.00 71,925.49 71,925.49
311834 BARLOW OR 97013 CLACKAMAS 72,000.00 71,924.27 71,924.27
311835 PONTIAC MI 48342 Oakland 24,750.00 24,641.66 24,641.66
311836 BADIN NC 28009 STANLY 93,500.00 93,432.29 93,432.29
311837 PONTIAC MI 48340 OAKLAND 27,200.00 27,061.44 27,061.44
311839 CONCORD NC 28025 CABARRUS 22,100.00 22,006.36 22,006.36
<CAPTION>
LOAN NO P&I RATE ORIG TERM CLTV
- ----------- --------- --------- ----------------- ---------
<S> <C> <C> <C> <C>
311724 542.61 12.0900 240 0.7206
311725 277.00 14.5000 120 0.7000
311726 907.17 12.5000 180 0.8500
311727 488.76 11.6500 180 0.8137
311728 994.12 12.0900 180 0.7500
311729 618.39 11.8500 360 0.8000
311730 984.10 10.8000 360 0.8140
311732 396.57 13.0000 240 0.5460
311733 272.95 10.0000 180 0.4456
311734 343.97 12.9900 180 0.8000
311735 651.70 10.0500 360 0.8500
311737 217.15 11.8500 180 0.7000
311738 1,047.65 10.4500 180 0.7931
311739 1,443.86 10.3500 180 0.8500
311742 374.04 10.9500 180 0.3793
311743 2,461.99 13.1000 180 0.8500
311744 506.54 13.0900 240 0.6615
311745 602.82 9.2000 360 0.8000
311746 581.27 10.7000 180 0.8000
311747 649.35 10.7000 240 0.8500
311749 239.26 11.9400 180 0.2667
311751 1,414.97 10.3000 180 0.8500
311753 532.31 13.3000 180 0.8000
311754 517.90 11.4500 180 0.7292
311755 330.78 11.1900 180 0.8000
311756 456.33 11.3000 360 0.9000
311757 740.96 10.6000 240 0.8882
311758 1,284.82 10.3500 240 0.7784
311761 550.88 14.0000 240 0.5868
311762 834.68 11.2000 180 0.8500
311764 679.63 10.7000 360 0.8500
311765 935.62 10.7000 180 0.9000
311767 1,936.00 12.6000 180 0.7267
311769 492.59 11.7000 240 0.8000
311770 596.50 12.8500 360 0.7786
311776 441.34 9.2000 144 0.4712
311777 594.95 9.8000 180 0.7000
311778 720.40 12.5000 360 0.6750
311779 683.00 10.7000 240 0.9000
311782 390.07 10.3000 180 0.8500
311784 509.19 12.5900 180 0.8172
311785 1,209.10 9.3500 180 0.8000
311786 440.20 12.3500 180 0.8000
311787 505.20 10.7500 360 0.8200
311789 931.33 11.8600 360 0.7500
311792 217.80 12.7000 240 0.2428
311793 340.28 9.7000 240 0.7500
311796 785.13 12.1800 240 0.7306
311797 257.36 10.4500 360 0.4154
311799 525.67 11.7000 360 0.8500
311802 921.95 12.4500 180 0.8500
311804 339.30 11.6000 180 0.8500
311805 420.31 10.9900 180 0.5367
311806 707.91 8.9500 180 0.7778
311807 715.20 12.3000 180 0.8000
311808 577.69 10.3000 240 0.8500
311809 1,341.21 9.4500 180 0.9000
311810 612.69 11.6000 180 0.8500
311812 576.35 14.2000 180 0.8000
311813 332.76 13.0000 180 0.5844
311814 1,005.64 10.9500 240 0.8500
311815 597.37 11.9600 360 0.8500
311816 939.26 10.8000 360 0.8528
311818 728.65 9.9500 180 0.7556
311819 369.25 13.8400 180 0.7000
311822 325.19 10.6000 120 0.7717
311825 391.41 11.2000 180 0.7817
311826 474.63 11.7000 360 0.8000
311827 517.83 10.8000 360 0.8500
311829 1,365.05 13.8400 180 0.8500
311830 777.04 12.8000 360 0.7500
311832 696.62 12.6000 180 0.8000
311833 867.93 10.0500 144 0.8625
311834 589.72 9.2000 180 0.9000
311835 282.86 11.1000 180 0.7500
311836 886.89 10.9500 360 0.8500
311837 283.21 9.4500 180 0.6476
311839 257.47 11.4500 180 0.6882
</TABLE>
Page 13
<PAGE>
EQUIVANTAGE--1997-1 LOAN LIST
<TABLE>
<CAPTION>
NOTE FIRST MATURITY NEXT PMT
LOAN NO REM TERM AM TERM SALES PRICE APPR VAL DATE PMT DATE DATE
- ----------- ----------------- --------------- ----------------- ----------- --------- --------- ----------- -----------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
311724 238 240 0.00 68000.00 22-Nov-96 01-Jan-97 01-Dec-16 01-Mar-97
311725 118 120 0.00 25000.00 22-Nov-96 15-Jan-97 15-Dec-06 15-Mar-97
311726 177 360 0.00 100000.00 22-Nov-96 01-Jan-97 01-Dec-11 01-Apr-97
311727 178 180 0.00 51000.00 25-Nov-96 15-Jan-97 15-Dec-11 15-Mar-97
311728 178 360 0.00 128000.00 27-Nov-96 01-Jan-97 01-Dec-11 01-Mar-97
311729 358 360 0.00 76000.00 21-Nov-96 01-Jan-97 01-Dec-26 01-Mar-97
311730 358 360 0.00 129000.00 22-Nov-96 01-Jan-97 01-Dec-26 01-Mar-97
311732 238 240 0.00 62000.00 22-Nov-96 01-Jan-97 01-Dec-16 01-Mar-97
311733 178 180 0.00 57000.00 22-Nov-96 01-Jan-97 01-Dec-11 01-Mar-97
311734 178 180 0.00 34000.00 12-Nov-96 18-Dec-96 18-Nov-11 18-Feb-97
311735 358 360 0.00 87000.00 22-Nov-96 01-Jan-97 01-Dec-26 01-Mar-97
311737 178 360 0.00 30500.00 22-Nov-96 01-Jan-97 01-Dec-11 01-Mar-97
311738 178 360 0.00 145000.00 22-Nov-96 15-Jan-97 15-Dec-11 15-Mar-97
311739 178 360 0.00 188000.00 22-Nov-96 01-Jan-97 01-Dec-11 01-Mar-97
311742 178 180 0.00 87000.00 22-Nov-96 01-Jan-97 01-Dec-11 01-Mar-97
311743 178 360 0.00 260000.00 22-Nov-96 01-Jan-97 01-Dec-11 01-Mar-97
311744 238 240 0.00 65000.00 25-Nov-96 01-Jan-97 01-Dec-16 01-Mar-97
311745 358 360 0.00 92000.00 22-Nov-96 01-Jan-97 01-Dec-26 01-Mar-97
311746 178 180 0.00 65000.00 22-Nov-96 01-Jan-97 01-Dec-11 01-Mar-97
311747 238 240 0.00 75500.00 22-Nov-96 01-Jan-97 01-Dec-16 01-Mar-97
311749 178 180 0.00 75000.00 22-Nov-96 01-Jan-97 01-Dec-11 01-Mar-97
311751 177 360 0.00 185000.00 25-Nov-96 01-Jan-97 01-Dec-11 01-Apr-97
311753 178 360 0.00 58900.00 22-Nov-96 01-Jan-97 01-Dec-11 01-Mar-97
311754 178 360 0.00 72000.00 22-Nov-96 01-Jan-97 01-Dec-11 01-Mar-97
311755 177 180 0.00 36000.00 22-Nov-96 01-Jan-97 01-Dec-11 01-Apr-97
311756 358 360 0.00 52000.00 25-Nov-96 01-Jan-97 01-Dec-26 01-Mar-97
311757 238 240 0.00 83000.00 22-Nov-96 01-Jan-97 01-Dec-16 01-Mar-97
311758 238 240 0.00 167000.00 21-Nov-96 01-Jan-97 01-Dec-16 01-Mar-97
311761 239 240 0.00 75500.00 22-Nov-96 15-Jan-97 15-Dec-16 15-Feb-97
311762 178 360 0.00 101500.00 22-Nov-96 01-Jan-97 01-Dec-11 01-Mar-97
311764 358 360 0.00 86000.00 22-Nov-96 01-Jan-97 01-Dec-26 01-Mar-97
311765 178 180 0.00 93000.00 22-Nov-96 01-Jan-97 01-Dec-11 01-Mar-97
311767 180 180 0.00 215000.00 22-Nov-96 15-Jan-97 15-Dec-11 15-Jan-97
311769 238 240 0.00 57000.00 22-Nov-96 15-Jan-97 15-Dec-16 15-Mar-97
311770 358 360 0.00 70000.00 22-Nov-96 01-Jan-97 01-Dec-26 01-Mar-97
311776 142 144 0.00 81500.00 25-Nov-96 01-Jan-97 01-Dec-08 01-Mar-97
311777 178 180 0.00 80000.00 05-Feb-97 01-Jan-97 01-Dec-11 01-Mar-97
311778 358 360 0.00 100000.00 26-Nov-96 15-Jan-97 15-Dec-26 15-Mar-97
311779 238 240 0.00 75000.00 02-Dec-96 01-Jan-97 01-Dec-16 01-Mar-97
311782 178 360 0.00 51000.00 23-Nov-96 01-Jan-97 01-Dec-11 01-Mar-97
311784 178 360 0.00 58000.00 22-Nov-96 01-Jan-97 01-Dec-11 01-Mar-97
311785 177 180 0.00 146000.00 26-Nov-96 01-Jan-97 01-Dec-11 01-Apr-97
311786 178 180 0.00 45000.00 25-Nov-96 15-Jan-97 15-Dec-11 15-Mar-97
311787 358 360 0.00 66000.00 25-Nov-96 01-Jan-97 01-Dec-26 01-Mar-97
311789 357 360 122000.00 122000.00 26-Nov-96 01-Jan-97 01-Dec-26 01-Apr-97
311792 238 240 0.00 78000.00 23-Nov-96 15-Jan-97 15-Dec-16 15-Mar-97
311793 238 240 0.00 48000.00 28-Nov-96 01-Jan-97 01-Dec-16 01-Mar-97
311796 238 240 0.00 96500.00 26-Nov-96 01-Jan-97 01-Dec-16 01-Mar-97
311797 358 360 0.00 68000.00 14-Dec-96 15-Jan-97 15-Dec-26 15-Mar-97
311799 358 360 0.00 61500.00 25-Nov-96 01-Jan-97 01-Dec-26 01-Mar-97
311802 178 360 0.00 102000.00 23-Nov-96 01-Jan-97 01-Dec-11 01-Mar-97
311804 177 360 40000.00 40000.00 25-Nov-96 01-Jan-97 01-Dec-11 01-Apr-97
311805 178 180 0.00 145000.00 25-Nov-96 01-Jan-97 01-Dec-11 01-Mar-97
311806 178 180 0.00 90000.00 26-Nov-96 01-Jan-97 01-Dec-11 01-Mar-97
311807 178 360 0.00 85000.00 25-Nov-96 01-Jan-97 01-Dec-11 01-Mar-97
311808 238 240 0.00 69000.00 25-Nov-96 01-Jan-97 01-Dec-16 01-Mar-97
311809 178 360 178000.00 178000.00 26-Nov-96 01-Jan-97 01-Dec-11 01-Mar-97
311810 178 180 0.00 110000.00 25-Nov-96 01-Jan-97 01-Dec-11 01-Mar-97
311812 178 360 0.00 60000.00 25-Nov-96 01-Jan-97 01-Dec-11 01-Mar-97
311813 178 180 0.00 45000.00 25-Nov-96 01-Jan-97 01-Dec-11 01-Mar-97
311814 238 240 0.00 115000.00 25-Nov-96 01-Jan-97 01-Dec-16 01-Mar-97
311815 358 360 0.00 205000.00 25-Nov-96 01-Jan-97 01-Dec-26 01-Mar-97
311816 357 360 117500.00 117900.00 25-Nov-96 01-Jan-97 01-Dec-26 01-Apr-97
311818 178 180 0.00 90000.00 25-Nov-96 01-Jan-97 01-Dec-11 01-Mar-97
311819 179 360 45000.00 45000.00 06-Dec-96 01-Jan-97 01-Dec-11 01-Feb-97
311822 118 120 0.00 125000.00 25-Nov-96 01-Jan-97 01-Dec-06 01-Mar-97
311825 179 180 0.00 112000.00 06-Dec-96 01-Feb-97 01-Jan-12 01-Mar-97
311826 358 360 0.00 59000.00 26-Nov-96 01-Jan-97 01-Dec-26 01-Mar-97
311827 357 360 0.00 65000.00 26-Nov-96 01-Jan-97 01-Dec-26 01-Apr-97
311829 177 360 0.00 137000.00 25-Nov-96 01-Jan-97 01-Dec-11 01-Apr-97
311830 358 360 0.00 95000.00 26-Nov-96 01-Jan-97 01-Dec-26 01-Mar-97
311832 179 360 0.00 81000.00 05-Dec-96 01-Feb-97 01-Jan-12 01-Mar-97
311833 142 144 0.00 84000.00 29-Nov-96 01-Jan-97 01-Dec-08 01-Mar-97
311834 178 360 80000.00 80000.00 26-Nov-96 01-Jan-97 01-Dec-11 01-Mar-97
311835 178 180 0.00 33000.00 29-Nov-96 01-Jan-97 01-Dec-11 01-Mar-97
311836 358 360 0.00 110000.00 25-Nov-96 01-Jan-97 01-Dec-26 01-Mar-97
311837 178 180 0.00 42000.00 03-Dec-96 01-Jan-97 01-Dec-11 01-Mar-97
311839 178 180 0.00 51000.00 26-Nov-96 01-Jan-97 01-Dec-11 01-Mar-97
<CAPTION>
NEXT PMT
LOAN NO AS OF 03/01 PROPTYPE UNITS OCCUP LIEN LIEN BAL PURPOSE
- ----------- ----------- ----------------- ------------- --------------- ----- ------------- -----------------
<S> <C> <C> <C> <C> <C> <C> <C>
311724 01-Mar-97 1 1 1 18 0 3
311725 15-Mar-97 1 1 1 18 0 3
311726 01-Apr-97 1 1 1 18 0 3
311727 15-Mar-97 8 1 1 18 0 4
311728 01-Mar-97 1 1 1 18 0 3
311729 01-Mar-97 1 1 1 18 0 4
311730 01-Mar-97 1 1 1 18 0 4
311732 01-Mar-97 1 1 1 18 0 3
311733 01-Mar-97 1 1 1 18 0 3
311734 18-Feb-97 1 1 1 18 0 2
311735 01-Mar-97 1 1 1 18 0 3
311737 01-Mar-97 1 1 1 18 0 3
311738 15-Mar-97 1 1 1 18 0 3
311739 01-Apr-97 1 1 1 18 0 4
311742 01-Mar-97 1 1 1 18 0 3
311743 01-Mar-97 1 1 1 18 0 4
311744 01-Mar-97 1 1 1 18 0 3
311745 01-Mar-97 1 1 1 18 0 4
311746 01-Mar-97 1 2 3 18 0 3
311747 01-Mar-97 1 1 1 18 0 3
311749 01-Mar-97 1 1 1 18 0 3
311751 01-Apr-97 1 1 1 18 0 3
311753 01-Mar-97 1 1 1 18 0 2
311754 01-Mar-97 1 1 1 18 0 3
311755 01-Apr-97 1 1 1 18 0 3
311756 01-Mar-97 1 1 1 18 0 3
311757 01-Mar-97 1 1 1 18 0 3
311758 01-Mar-97 1 1 1 18 0 3
311761 15-Feb-97 1 1 1 18 0 3
311762 01-Mar-97 1 1 1 18 0 4
311764 01-Mar-97 1 1 1 18 0 2
311765 01-Mar-97 1 1 1 18 0 3
311767 15-Jan-97 1 1 1 18 0 4
311769 15-Mar-97 8 1 1 18 0 3
311770 01-Mar-97 1 1 1 18 0 3
311776 01-Mar-97 1 1 1 18 0 3
311777 01-Mar-97 1 1 1 18 0 3
311778 15-Mar-97 5 2 1 18 0 3
311779 01-Mar-97 1 1 1 18 0 4
311782 01-Mar-97 1 1 1 18 0 4
311784 01-Mar-97 1 1 1 18 0 2
311785 01-Apr-97 1 1 1 18 0 4
311786 15-Mar-97 1 1 1 18 0 3
311787 01-Mar-97 5 2 1 18 0 3
311789 01-Apr-97 8 1 1 18 0 1
311792 15-Mar-97 1 1 1 18 0 3
311793 01-Mar-97 1 1 1 18 0 3
311796 01-Mar-97 1 1 1 18 0 3
311797 15-Mar-97 1 1 1 18 0 4
311799 01-Mar-97 1 1 1 18 0 3
311802 01-Mar-97 1 1 1 18 0 3
311804 01-Apr-97 1 1 1 18 0 1
311805 01-Mar-97 1 1 1 38 40823 3
311806 01-Mar-97 1 1 1 18 0 2
311807 01-Mar-97 1 1 1 18 0 4
311808 01-Mar-97 1 1 1 18 0 3
311809 01-Mar-97 1 1 1 18 0 1
311810 01-Mar-97 1 1 1 38 41336 4
311812 01-Mar-97 1 1 1 18 0 3
311813 01-Mar-97 1 1 3 18 0 3
311814 01-Mar-97 1 1 1 18 0 4
311815 01-Mar-97 1 1 1 38 115995 4
311816 01-Apr-97 1 1 1 18 0 1
311818 01-Mar-97 1 1 1 18 0 3
311819 01-Feb-97 5 2 3 18 0 1
311822 01-Apr-97 1 1 1 38 72468 4
311825 01-Mar-97 1 1 1 38 53490 3
311826 01-Mar-97 1 1 1 18 0 3
311827 01-Apr-97 1 1 1 18 0 3
311829 01-Apr-97 1 1 1 18 0 3
311830 01-Mar-97 1 1 1 18 0 3
311832 01-Mar-97 1 1 1 18 0 3
311833 01-Mar-97 1 1 1 18 0 4
311834 01-Mar-97 1 1 1 18 0 1
311835 01-Mar-97 1 1 1 18 0 3
311836 01-Mar-97 1 1 1 18 0 3
311837 01-Mar-97 1 1 1 18 0 3
311839 01-Mar-97 1 1 1 38 13000 3
<CAPTION>
BNK RUP NEXT INT PERIODIC LIFE
LOAN NO GRADE DISCHARGE SECT 32 MARGIN INDEX CHANGE CAP CAP
- ----------- ------------- ------------ --------------- ------------- --------- ----------- --------------- -----
<S> <C> <C> <C> <C> <C> <C> <C> <C>
311724 B -- F 0 -- 0 0
311725 C -- T 0 -- 0 0
311726 B -- F 0 -- 0 0
311727 A -- F 0 -- 0 0
311728 B -- F 0 -- 0 0
311729 B -- F 0 -- 0 0
311730 A -- F 0 -- 0 0
311732 C -- F 0 -- 0 0
311733 A -- T 0 -- 0 0
311734 B -- F 0 -- 0 0
311735 A -- F 0 -- 0 0
311737 C -- F 0 -- 0 0
311738 A -- F 0 -- 0 0
311739 B -- F 0 -- 0 0
311742 B -- F 0 -- 0 0
311743 B -- F 0 -- 0 0
311744 C -- T 0 -- 0 0
311745 A -- F 0 -- 0 0
311746 A 06-Feb-92 F 0 -- 0 0
311747 A -- F 0 -- 0 0
311749 B -- F 0 -- 0 0
311751 A -- F 0 -- 0 0
311753 A 01-Jan-95 F 0 -- 0 0
311754 B -- F 0 -- 0 0
311755 A -- F 0 -- 0 0
311756 A 01-Jun-92 F 0 -- 0 0
311757 A 01-Oct-92 F 0 -- 0 0
311758 A -- F 0 -- 0 0
311761 C 02-Mar-95 F 0 -- 0 0
311762 B -- F 0 -- 0 0
311764 A 28-Oct-94 F 0 -- 0 0
311765 A -- F 0 -- 0 0
311767 C -- F 0 -- 0 0
311769 B -- F 0 -- 0 0
311770 B 01-Jul-88 F 0 -- 0 0
311776 A 01-May-93 F 0 -- 0 0
311777 A -- F 0 -- 0 0
311778 B -- F 0 -- 0 0
311779 A -- F 0 -- 0 0
311782 A -- F 0 -- 0 0
311784 C -- F 0 -- 0 0
311785 A+ -- F 0 -- 0 0
311786 A -- T 0 -- 0 0
311787 A -- F 0 -- 0 0
311789 A -- F 0 -- 0 0
311792 C -- F 0 -- 0 0
311793 A 01-Jun-92 F 0 -- 0 0
311796 C -- F 0 -- 0 0
311797 B -- F 0 -- 0 0
311799 B -- F 0 -- 0 0
311802 B -- F 0 -- 0 0
311804 B -- F 0 -- 0 0
311805 B -- F 0 -- 0 0
311806 A+ -- F 0 -- 0 0
311807 B -- F 0 -- 0 0
311808 A -- F 0 -- 0 0
311809 A+ -- F 0 -- 0 0
311810 B -- F 0 -- 0 0
311812 B 01-Apr-94 T 0 -- 0 0
311813 B 01-Feb-88 F 0 -- 0 0
311814 A -- F 0 -- 0 0
311815 A -- F 0 -- 0 0
311816 A 18-Mar-94 F 0 -- 0 0
311818 A -- F 0 -- 0 0
311819 B -- F 0 -- 0 0
311822 A -- F 0 -- 0 0
311825 B -- F 0 -- 0 0
311826 B 21-Aug-89 F 0 -- 0 0
311827 A 01-Dec-92 F 0 -- 0 0
311829 B 07-Dec-94 F 0 -- 0 0
311830 B -- F 0 -- 0 0
311832 C -- F 0 -- 0 0
311833 A -- F 0 -- 0 0
311834 A+ -- F 0 -- 0 0
311835 B -- F 0 -- 0 0
311836 A -- F 0 -- 0 0
311837 A -- T 0 -- 0 0
311839 A -- F 0 -- 0 0
</TABLE>
Page 14
<PAGE>
EQUIVANTAGE--1997-1 LOAN LIST
<TABLE>
<CAPTION>
PRE PMT
LOAN NO FLOOR CEILING PEN DOC LEVEL
- ----------- --------------- ------------- --------------- -------------------
<S> <C> <C> <C> <C>
311724 0 0 F
311725 0 0 F
311726 0 0 P F
311727 0 0 P F
311728 0 0 F
311729 0 0 P F
311730 0 0 F
311732 0 0 P F
311733 0 0 P F
311734 0 0 P F
311735 0 0 P F
311737 0 0 P F
311738 0 0 P F
311739 0 0 P F
311742 0 0 F
311743 0 0 F
311744 0 0 F
311745 0 0 P F
311746 0 0 P F
311747 0 0 F
311749 0 0 F
311751 0 0 P F
311753 0 0 F
311754 0 0 P F
311755 0 0 P F
311756 0 0 P F
311757 0 0 P F
311758 0 0 L
311761 0 0 P F
311762 0 0 F
311764 0 0 F
311765 0 0 P F
311767 0 0 F
311769 0 0 F
311770 0 0 F
311776 0 0 P F
311777 0 0 P F
311778 0 0 F
311779 0 0 P F
311782 0 0 P F
311784 0 0 F
311785 0 0 P F
311786 0 0 F
311787 0 0 P F
311789 0 0 P F
311792 0 0 F
311793 0 0 P F
311796 0 0 P F
311797 0 0 P F
311799 0 0 P F
311802 0 0 F
311804 0 0 P F
311805 0 0 P L
311806 0 0 P F
311807 0 0 P F
311808 0 0 P F
311809 0 0 F
311810 0 0 F
311812 0 0 F
311813 0 0 P F
311814 0 0 P F
311815 0 0 P F
311816 0 0 F
311818 0 0 F
311819 0 0 P F
311822 0 0 F
311825 0 0 F
311826 0 0 P F
311827 0 0 F
311829 0 0 F
311830 0 0 P L
311832 0 0 F
311833 0 0 P F
311834 0 0 P F
311835 0 0 F
311836 0 0 F
311837 0 0 F
311839 0 0 F
</TABLE>
Page 15
<PAGE>
EQUIVANTAGE--1997-1 LOAN LIST
<TABLE>
<CAPTION>
LOAN NO TYPE LASTNAME FIRSTNAME ADDRESS
- ----------- --------- -------------------- --------------- ---------------------------------------------------
<S> <C> <C> <C> <C>
311840 FR CREASMAN JAMES A 1547 BRAYTON MTN RD
311842 FR WEBBER THOMAS W 711 DEARBORN
311844 FR PATTERSON CHARLES R 110N CEDAR ST
311845 BLLN DOCOS STEPHEN J 4716 CAMPBELL ROAD
311846 BLLN TEMROWSKI DANIEL M 1654 NEWCASTLE
311847 FR CUMMINGS CYNTHIA F 719 INDIGO LANE
311851 FR TOMASELLI PAUL L 4812 PEARL ROAD
311852 FR FOUST MARY E 3348 OWENS MEADOW RU
311855 FR CARPENTER DOUGLAS 458 LIVE OAK TRAIL
311857 FR KIMBROUGH LORA K 2419 EUGENIA AVENUE
311859 FR COLE WILLIAM 2282 JACKSON AVENUE
311862 BLLN DAVIS TERESA G 4224 MAPLEWOOD ST
311863 FR BONVILLIAN EUGENE M 125 LEBOUEF STREET
311864 BLLN BARNEY CARL E 17322 VAUGHAN
311865 FR FRAZIER DONNA Y. 2401 HUNT CLUB ROAD
311866 FR FORNEY CAROLYN M 5201 ELDERBANK DRIVE
311869 FR BOYD AUGUSTUS 112 LEE ROAD
311871 FR SPEIGHT GARY L 3309 ARDISIA ROAD
311872 FR AMOS REBECCA J 6904 WOODLAKE CIR SW
311874 FR WALKER TERRI J 498 HILLTOP DRIVE
311875 FR KIRK RICHARD 145 OLD U.S. RD #60
311876 FR BURKE TORRE S 4551 EBONY STREET
311877 FR HUTTO TERRY E 114 WESTWOOD
311879 BLLN A EVANS ELIZABETH 402 S FLANNER ST
311880 FR YEAGER JULIE R 108 TAYLOR STREET
311881 FR LEE ALBERT J 17231 A.J. LEE ROAD
311882 FR MAXWELL TALMAGE W 2420 HICKORY XING
311883 BLLN SMILEY HARRY L. 133 MAPLE WOOD DRIV
311884 FR SHANNON DOLORES 273 DUMAS BAILEY RO
311885 FR GAINES RONALD E 3218 HILLCREST ROAD
311887 BLLN ANDRUS ADRIANNE 1307W MORNING VIS DR
311888 FR BANFORD DENNIS W 2725 WOODS RIDGE DR
311889 BLLN MARTIN O T 165 ROY MOORE ROAD
311890 FR WEST MICHAEL P 34W WOODSDALE AVE
311892 FR HARP LOUIS 956 SNOW AVENUE
311893 FR TERRIO LESLYN 207 STERLING DRIVE
311894 FR BREHM VERA I 753SWWHIPPLE AVENUE
311895 BLLN DEAL LILLIE 6637S HARTWELL AVE
311896 BLLN DEAL LILLIE 7200S DAMEN AVE
311906 FR FUGATE L B 310 OLD UNION ROAD
311907 BLLN VANLIER JOE T 4389 ENCHANTED CIR
311909 FR FAVORS SHIRLEY 1378 WILLOW TRAIL
311913 FR HENDERSON MARY A 3941 STILLWOOD DRIVE
311914 FR ORANGE STEVEN 205 CHESTNUT STREET
311915 FR GRISSOM CLIFTON 607 DELAWARE AVENUE
311916 FR TRAHAN VICTOR M 1236 MISSISSIPPI STR
311917 BLLN WALLACE MELVIN 4470 VICTORIA DRIVE
311923 BLLN HUNT JIMMY L 605 WAUGH STREET
311924 ARM2-28 ALBRECHT CLIFFORD 740 ORCHARD AVENUE,
311925 FR LOMBARDI BRADLEY 13825 LIBERTY AVENUE
311927 BLLN PARKS THOMAS R 1103 GORDON ROAD
311928 FR CHANEY JUANITA L 502 NORTH WEBSTER
311929 FR HEARN JR HARRY J 7280NWDUNCOURTNEY DR
311932 FR SMITH SHIRLEY R UTE 4 BOX 63A M
311933 BLLN HOUSE JAMES 606 MCMURRAY DRIVE
311934 FR PRINCE ROBERT E 1110E CALHOUN ROAD
311935 FR WADE BILL J 7087 CORN CRIB LOOP
311936 BLLN BARFIELD CARLISLE R UTE 1 BOX 490
311937 FR DALY BETTY L 3340 TAHOE RD
311938 FR LONG FREDDIE P 2924 MILLTOWN COURT
311939 FR BARNES CARL 1143 BENTON STREET
311942 FR BUNN WILLIAM H 2548 ARDSLEY DRIVE
311944 FR REED SR JOE L 1524 EDGEWOOD AVENUE
311945 ARM SCHOLPA CARLOS A 962 SUNNYBROOK DRIV
311946 BLLN BRANDT SHEROLYN 5137 AVENUE D STRE
311947 BLLN CANTRELL JAMES E 6395 HYDE PARK
311948 FR BONNETT JAMES L 142 WOODVALE CIRCLE
311949 FR ROBINSON JAMES H 3145 IVAN HILL DR
311950 BLLN HARTSOCK CAROLYN B 171 VIRGINIA STREET
311952 FR C MCBRIDE CLEVELAND 381 OLD HICKORY BLV
311953 BLLN WISE CRAIG D 1001 WOODALL DRIVE
311954 BLLN POSEY MICHAEL O D BUTLER ROAD
311956 FR JOHNSON/LONGMI EULA RUS 312 ROTUNDA DRIVE
311957 BLLN ZIRBES MICHAEL L 849 EAST HILLSIDE
311958 FR CROTTS JR WILLIE R 26 TENTH STREET
311959 FR CARO JAMES P 504 NEDERLAND DRIVE
311960 BLLN CRAWFORD LOREN D 3108 CLEARBROOK CT
311962 ARM KELLEY BRIAN E. 27043 CHARLES DRIVE
<CAPTION>
LOAN NO CITY STATE ZIP COUNTY ORIG BAL UPB UPB AS OF 03/01
- ----------- ----------------------- ----------- --------- ---------------------- ----------- --------- ---------------
<S> <C> <C> <C> <C> <C> <C> <C>
311840 GRAYSVILLE TN 37338 RHEA 46,100.00 46,069.35 46,069.35
311842 VALPARAISO IN 46383 PORTER 34,150.00 34,025.21 34,025.21
311844 NILES OH 44446 TRUMBULL 65,960.00 65,797.59 65,797.59
311845 CROSS PLAINS TN 37049 ROBERTSON 117,075.00 117,046.35 117,046.35
311846 GROSSE POINTE WOODS MI 48236 WAYNE 189,000.00 188,946.50 188,946.50
311847 ATLANTA GA 30318 FULTON 63,000.00 62,955.34 62,955.34
311851 CLEVELAND OH 44109 CUYAHOGA 60,000.00 59,681.93 59,681.93
311852 KENNESAW GA 30144 COBB 79,200.00 79,131.11 79,131.11
311855 CLEVELAND TN 37323 BRADLEY 86,400.00 86,350.31 86,325.09
311857 NASHVILLE TN 37211 DAVIDSON 44,800.00 44,686.04 44,686.04
311859 MASSILLON OH 44646 STARK 74,000.00 73,939.64 73,939.64
311862 KINGSPORT TN 37664 SULLIVAN 30,750.00 30,741.39 30,741.39
311863 HOUMA LA 70363 TERREBONNE 48,630.00 48,522.23 48,522.23
311864 DETROIT MI 48219 WAYNE 26,600.00 26,573.46 26,573.46
311865 SUMTER SC 29154 SUMTER 56,250.00 56,200.56 56,200.56
311866 CHARLOTTE NC 28216 Mecklenburg 40,000.00 39,973.17 39,973.17
311869 CHESTER MD 21619 QUEEN ANNES 64,400.00 64,126.88 64,126.88
311871 JACKSONVILLE FL 32209 DUVAL 34,400.00 34,228.69 34,228.69
311872 NAVARRE OH 44662 STARK 71,000.00 70,930.36 70,930.36
311874 FOREST PARK GA 30050 CLAYTON 52,700.00 52,666.43 52,666.43
311875 FRANKFORT KY 40601 FRANKLIN 53,840.00 53,709.50 53,709.50
311876 ORLANDO FL 32811 ORANGE 43,200.00 43,148.58 43,148.58
311877 FILLMORE IN 46128 PUTNAM 69,600.00 69,476.65 69,476.65
311879 BURLINGTON NC 27215 ALAMANCE 36,750.00 36,726.95 36,726.95
311880 GILBERT SC 29054 LEXINGTON 51,040.00 50,983.91 50,983.91
311881 LIVINGSTON LA 70754 LIVINGSTON 66,300.00 66,267.37 66,267.37
311882 HARTWELL GA 30643 HART 27,000.00 26,890.20 26,890.20
311883 GAFFNEY SC 29340 CHEROKEE 57,600.00 57,451.79 57,451.79
311884 PICAYUNE MS 39466 PEARL RIVER 45,000.00 44,783.79 44,783.79
311885 VINCENNES IN 47591 KNOX 28,572.00 28,504.32 28,504.32
311887 SALT LAKE CITY UT 84123 Salt Lake 136,000.00 135,915.50 135,915.50
311888 ALPHARETTA GA 30202 FULTON 56,450.00 56,338.35 56,338.35
311889 UNIONVILLE TN 37180 BEDFORD 56,250.00 56,207.25 56,207.25
311890 AKRON OH 44301 SUMMIT 72,250.00 72,198.69 72,198.69
311892 MADISON TN 37115 DAVIDSON 52,000.00 51,680.12 51,680.12
311893 HOUMA LA 70363 TERREBONNE 30,400.00 30,376.64 30,376.64
311894 CANTON OH 44710 STARK 52,900.00 52,827.70 52,827.70
311895 CHICAGO IL 60636 COOK 33,000.00 32,987.35 32,987.35
311896 CHICAGO IL 60636 COOK 54,000.00 53,964.99 53,964.99
311906 CHURCH HILL TN 37642 HAWKINS 31,000.00 30,879.34 30,879.34
311907 NASHVILLE TN 37218 DAVIDSON 129,600.00 129,558.12 129,558.12
311909 ATLANTA GA 30311 FULTON 63,835.00 63,784.60 63,784.60
311913 MEMPHIS TN 38128 Shelby 51,850.00 51,614.43 51,614.43
311914 HUNTINGBURG, IN 47542 DUBOIS 49,725.00 49,616.26 49,561.11
311915 MADISON TN 37115 DAVIDSON 63,750.00 63,671.66 63,671.66
311916 DONALDSONVILLE LA 70346 ASCENSION 125,500.00 125,449.04 125,449.04
311917 BATON ROUGE LA 70812 EAST BATON ROUGE 64,000.00 63,972.81 63,972.81
311923 ALLIANCE OH 44601 STARK 38,400.00 38,371.57 38,371.57
311924 MASSILLON OH 44646 STARK 71,900.00 71,830.16 71,830.16
311925 CLEVELAND OH 44135 CUYAHOGA 57,600.00 57,313.17 57,313.17
311927 LYNDHURST OH 44124 CUYAHOGA 93,500.00 93,396.40 93,396.40
311928 KOKOMO IN 46901 HOWARD 24,000.00 23,900.20 23,900.20
311929 ATLANTA GA 30328 FULTON 32,000.00 31,870.64 31,870.64
311932 AMITE LA 70422 ST. HELENA 38,500.00 38,440.06 38,440.06
311933 NASHVILLE TN 37211 DAVIDSON 91,392.00 91,366.43 91,366.43
311934 GREENWOOD SC 29646 GREENWOOD 99,000.00 98,752.64 98,752.64
311935 DOUGLASVILLE GA 30134 DOUGLAS 30,750.00 30,607.02 30,607.02
311936 LAKE CITY SC 29560 CLARENDON 39,600.00 39,521.66 39,521.66
311937 LEXINGTON KY 40515 FAYETTE 56,100.00 56,065.53 56,065.53
311938 BUFORD GA 30519 GWINNETT 28,200.00 28,167.21 28,167.21
311939 GARY IN 46403 LAKE 29,600.00 29,456.66 29,456.66
311942 DURHAM NC 27704 DURHAM 73,600.00 73,544.55 73,544.55
311944 KNOXVILLE TN 37919 KNOX 46,000.00 45,894.63 45,894.63
311945 NORCROSS GA 30093 GWINNETT 85,850.00 85,814.00 85,814.00
311946 SAINT AUGUSTINE FL 32095 SAINT JOHNS 67,200.00 67,161.27 67,161.27
311947 ROMULUS MI 48174 WAYNE 56,100.00 56,024.10 56,024.10
311948 COLUMBIA SC 29203 RICHLAND 30,000.00 29,866.70 29,866.70
311949 ATLANTA GA 30311 FULTON 35,000.00 34,863.66 34,863.66
311950 KINGSPORT TN 37665 SULLIVAN 36,000.00 35,985.54 35,985.54
311952 JACKSON TN 38305 MADISON 56,000.00 55,937.50 55,937.50
311953 ALTAMONTE SPRINGS FL 32714 SEMINOLE 82,450.00 82,422.16 82,422.16
311954 REYNOLDS GA 31076 TAYLOR 34,800.00 34,790.26 34,790.26
311956 AVONDALE LA 70094 JEFFERSON 28,000.00 27,973.87 27,973.87
311957 NAPERVILLE IL 60540 DUPAGE 121,500.00 121,404.06 121,404.06
311958 GREENVILLE SC 29611 GREENVILLE 42,400.00 42,193.60 42,193.60
311959 HOUMA LA 70360 TERREBONNE 37,345.00 37,199.64 37,199.64
311960 NEWBERG OR 97132 YAMHILL 133,000.00 132,892.69 132,892.69
311962 SOUTHFIELD MI 48076 OAKLAND 120,000.00 119,881.47 119,881.47
<CAPTION>
LOAN NO P&I RATE ORIG TERM CLTV
- ----------- --------- --------- ----------------- ---------
<S> <C> <C> <C> <C>
311840 450.90 11.3400 360 0.8088
311842 432.30 13.0100 180 0.6500
311844 660.75 10.5500 240 0.8500
311845 1,267.69 12.7000 180 0.7227
311846 1,973.22 12.2000 180 0.9000
311847 602.35 11.0500 360 0.6702
311851 652.12 10.2000 180 0.7500
311852 700.90 10.1000 360 0.9000
311855 888.72 12.0000 360 0.8000
311857 441.27 10.3000 240 0.8000
311859 671.38 10.4000 360 0.7957
311862 318.67 12.1000 180 0.7500
311863 513.59 11.3500 240 0.7972
311864 301.54 13.3500 180 0.7000
311865 495.71 10.0500 360 0.7500
311866 390.02 11.3000 360 0.6154
311869 749.86 11.4400 180 0.8000
311871 363.38 9.7000 180 0.8000
311872 644.16 10.4000 360 0.7320
311874 523.89 11.5500 360 0.8500
311875 576.92 9.9500 180 0.8000
311876 391.94 10.4000 360 0.8000
311877 680.90 10.2000 240 0.8000
311879 416.32 13.3400 180 0.7500
311880 523.04 11.9500 360 0.8000
311881 717.90 12.7000 360 0.8500
311882 322.66 11.9200 180 0.7500
311883 611.17 12.4200 180 0.8000
311884 516.85 11.1900 180 0.7235
311885 310.54 10.2000 180 0.8388
311887 1,362.38 11.6500 180 0.8000
311888 629.45 12.2000 240 0.8500
311889 604.26 12.5900 180 0.7500
311890 690.24 11.0400 360 0.8500
311892 619.08 11.8500 180 0.6500
311893 378.03 14.0000 240 0.8000
311894 460.33 9.9000 360 0.6381
311895 385.79 13.8000 180 0.6000
311896 610.04 13.3000 180 0.7500
311906 379.06 12.3500 180 0.5849
311907 1,278.48 11.4500 180 0.8000
311909 586.31 10.5500 360 0.8500
311913 579.59 10.7000 180 0.8500
311914 528.57 11.4500 240 0.8500
311915 578.39 10.4000 360 0.8500
311916 1,138.63 10.4000 360 0.8367
311917 725.52 13.3500 180 0.8000
311923 361.35 10.8500 180 0.8000
311924 608.78 9.5800 360 0.8866
311925 608.44 9.7000 180 0.8000
311927 748.96 8.9500 180 0.8500
311928 282.66 11.6500 180 0.6877
311929 383.03 11.9500 180 0.6692
311932 477.36 13.9500 240 0.7000
311933 947.11 12.1000 180 0.8541
311934 1,001.73 10.7000 240 0.7984
311935 338.96 10.4500 180 0.7500
311936 469.21 14.0000 180 0.6000
311937 564.13 11.7000 360 0.8500
311938 290.12 10.9500 240 0.8468
311939 401.18 14.3500 180 0.8000
311942 689.81 10.8000 360 0.8000
311944 477.94 11.1000 240 0.7188
311945 769.30 10.2500 360 0.8500
311946 690.71 11.9900 180 0.8000
311947 490.25 9.9500 180 0.8500
311948 339.85 10.9400 180 0.6452
311949 427.74 12.3400 180 0.7925
311950 327.96 10.4500 180 0.8000
311952 587.97 11.2600 240 0.6292
311953 800.81 11.2500 180 0.8500
311954 360.64 12.1000 180 0.8000
311956 319.90 12.5900 240 0.6829
311957 1,115.95 10.5500 180 0.7839
311958 454.34 9.9500 180 0.8000
311959 456.65 12.3500 180 0.8477
311960 1,211.63 10.4500 180 0.8471
311962 1,009.03 9.5000 360 0.7900
</TABLE>
Page 16
<PAGE>
EQUIVANTAGE--1997-1 LOAN LIST
<TABLE>
<CAPTION>
NOTE FIRST MATURITY NEXT PMT
LOAN NO REM TERM AM TERM SALES PRICE APPR VAL DATE PMT DATE DATE
- ----------- ----------------- --------------- -------------- ----------- --------- --------- ----------- -----------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
311840 358 360 0.00 57000.00 26-Nov-96 01-Jan-97 01-Dec-26 01-Mar-97
311842 178 180 0.00 75000.00 26-Nov-96 01-Jan-97 01-Dec-11 01-Mar-97
311844 238 240 0.00 77600.00 26-Nov-96 15-Jan-97 15-Dec-16 15-Mar-97
311845 179 360 0.00 162000.00 02-Dec-96 01-Jan-97 01-Dec-11 01-Feb-97
311846 179 360 0.00 210000.00 02-Dec-96 01-Feb-97 01-Jan-12 01-Mar-97
311847 358 360 0.00 94000.00 26-Nov-96 01-Jan-97 01-Dec-26 01-Mar-97
311851 178 180 0.00 80000.00 26-Nov-96 01-Jan-97 01-Dec-11 01-Mar-97
311852 358 360 88000.00 88000.00 26-Nov-96 01-Jan-97 01-Dec-26 01-Mar-97
311855 358 360 0.00 108000.00 02-Dec-96 01-Jan-97 01-Dec-26 01-Mar-97
311857 238 240 0.00 56000.00 26-Nov-96 01-Jan-97 01-Dec-16 01-Mar-97
311859 358 360 0.00 93000.00 27-Nov-96 01-Jan-97 01-Dec-26 01-Mar-97
311862 179 360 0.00 41000.00 26-Nov-96 01-Jan-97 01-Dec-11 01-Feb-97
311863 238 240 0.00 61000.00 26-Nov-96 01-Jan-97 01-Dec-16 01-Mar-97
311864 178 360 0.00 38000.00 27-Nov-96 15-Jan-97 15-Dec-11 15-Mar-97
311865 358 360 0.00 75000.00 27-Nov-96 01-Jan-97 01-Dec-26 01-Mar-97
311866 358 360 0.00 65000.00 27-Nov-96 01-Jan-97 01-Dec-26 01-Mar-97
311869 178 180 0.00 80500.00 05-Dec-96 01-Jan-97 01-Dec-11 01-Mar-97
311871 178 180 0.00 43000.00 26-Nov-96 01-Jan-97 01-Dec-11 01-Mar-97
311872 358 360 0.00 97000.00 27-Nov-96 01-Jan-97 01-Dec-26 01-Mar-97
311874 358 360 0.00 62000.00 29-Nov-96 01-Jan-97 01-Dec-26 01-Mar-97
311875 179 180 0.00 67300.00 06-Dec-96 01-Feb-97 01-Jan-12 01-Mar-97
311876 358 360 54000.00 54000.00 27-Nov-96 01-Jan-97 01-Dec-26 01-Mar-97
311877 239 240 0.00 87000.00 27-Nov-96 15-Jan-97 15-Dec-16 15-Feb-97
311879 178 360 0.00 49000.00 05-Dec-96 15-Jan-97 15-Dec-11 15-Mar-97
311880 358 360 0.00 63800.00 27-Nov-96 15-Jan-97 15-Dec-26 15-Mar-97
311881 358 360 0.00 78000.00 27-Nov-96 01-Jan-97 01-Dec-26 01-Mar-97
311882 178 180 0.00 36000.00 15-Nov-96 01-Jan-97 01-Dec-11 01-Mar-97
311883 178 360 0.00 72000.00 18-Nov-96 01-Jan-97 01-Dec-11 01-Mar-97
311884 178 180 0.00 62200.00 27-Nov-96 01-Jan-97 01-Dec-11 01-Mar-97
311885 179 180 0.00 73000.00 04-Dec-96 01-Feb-97 01-Jan-12 01-Mar-97
311887 178 360 0.00 170000.00 27-Nov-96 01-Jan-97 01-Dec-11 01-Mar-97
311888 238 240 0.00 260000.00 27-Nov-96 01-Jan-97 01-Dec-16 01-Mar-97
311889 177 360 0.00 75000.00 27-Nov-96 01-Jan-97 01-Dec-11 01-Apr-97
311890 358 360 0.00 85000.00 27-Nov-96 01-Jan-97 01-Dec-26 01-Mar-97
311892 177 180 0.00 80000.00 27-Nov-96 01-Jan-97 01-Dec-11 01-Apr-97
311893 239 240 0.00 38000.00 04-Dec-96 01-Feb-97 01-Jan-17 01-Mar-97
311894 357 360 82900.00 82900.00 27-Nov-96 01-Jan-97 01-Dec-26 01-Apr-97
311895 178 360 0.00 55000.00 30-Nov-96 01-Jan-97 01-Dec-11 01-Mar-97
311896 177 360 0.00 72000.00 30-Nov-96 01-Jan-97 01-Dec-11 01-Apr-97
311906 178 180 0.00 53000.00 27-Nov-96 01-Jan-97 01-Dec-11 01-Mar-97
311907 179 360 0.00 162000.00 27-Nov-96 01-Jan-97 01-Dec-11 01-Feb-97
311909 358 360 0.00 75100.00 06-Dec-96 01-Feb-97 01-Jan-27 01-Apr-97
311913 178 180 0.00 61000.00 29-Nov-96 01-Jan-97 01-Dec-11 01-Mar-97
311914 238 240 58500.00 58500.00 02-Dec-96 01-Jan-97 01-Dec-16 01-Mar-97
311915 357 360 0.00 75000.00 27-Nov-96 01-Jan-97 01-Dec-26 01-Apr-97
311916 359 360 0.00 150000.00 27-Nov-96 01-Jan-97 01-Dec-26 01-Feb-97
311917 178 360 0.00 80000.00 27-Nov-96 01-Jan-97 01-Dec-11 01-Mar-97
311923 178 360 0.00 48000.00 02-Dec-96 01-Jan-97 01-Dec-11 01-Mar-97
311924 358 360 0.00 81100.00 02-Dec-96 01-Jan-97 01-Dec-26 01-Mar-97
311925 178 180 0.00 72000.00 29-Nov-96 15-Jan-97 15-Dec-11 15-Mar-97
311927 178 360 110000.00 110000.00 29-Nov-96 15-Jan-97 15-Dec-11 15-Mar-97
311928 178 180 0.00 34900.00 04-Dec-96 01-Jan-97 01-Dec-11 01-Mar-97
311929 178 180 0.00 260000.00 29-Nov-96 01-Jan-97 01-Dec-11 01-Mar-97
311932 238 240 0.00 55000.00 02-Dec-96 01-Jan-97 01-Dec-16 01-Mar-97
311933 179 360 0.00 107000.00 03-Dec-96 01-Jan-97 01-Dec-11 01-Feb-97
311934 238 240 0.00 124000.00 22-Nov-96 01-Jan-97 01-Dec-16 01-Mar-97
311935 178 180 0.00 41000.00 04-Dec-96 01-Jan-97 01-Dec-11 01-Mar-97
311936 178 360 0.00 66000.00 22-Nov-96 01-Jan-97 01-Dec-11 01-Mar-97
311937 358 360 0.00 66000.00 25-Nov-96 01-Jan-97 01-Dec-26 01-Mar-97
311938 239 240 0.00 112000.00 03-Dec-96 01-Feb-97 01-Jan-17 01-Mar-97
311939 177 180 0.00 37000.00 04-Dec-96 01-Jan-97 01-Dec-11 01-Apr-97
311942 358 360 0.00 92000.00 04-Dec-96 01-Feb-97 01-Jan-27 01-Apr-97
311944 238 240 0.00 64000.00 02-Dec-96 01-Jan-97 01-Dec-16 01-Mar-97
311945 359 360 101000.00 101000.00 05-Dec-96 01-Feb-97 01-Jan-27 01-Mar-97
311946 178 360 0.00 84000.00 02-Dec-96 01-Jan-97 01-Dec-11 01-Mar-97
311947 177 360 0.00 66000.00 04-Dec-96 01-Jan-97 01-Dec-11 01-Apr-97
311948 178 180 0.00 46500.00 02-Dec-96 01-Jan-97 01-Dec-11 01-Mar-97
311949 178 180 0.00 159000.00 05-Dec-96 01-Jan-97 01-Dec-11 01-Mar-97
311950 179 360 0.00 45000.00 02-Dec-96 01-Feb-97 01-Jan-12 01-Mar-97
311952 239 240 0.00 89000.00 02-Dec-96 01-Feb-97 01-Jan-17 01-Mar-97
311953 179 360 0.00 97000.00 04-Dec-96 01-Feb-97 01-Jan-12 01-Mar-97
311954 179 360 0.00 43500.00 06-Dec-96 01-Feb-97 01-Jan-12 01-Mar-97
311956 239 240 0.00 41000.00 04-Dec-96 01-Feb-97 01-Jan-17 01-Mar-97
311957 178 360 0.00 155000.00 03-Dec-96 01-Jan-97 01-Dec-11 01-Mar-97
311958 178 180 0.00 53000.00 03-Dec-96 15-Jan-97 15-Dec-11 15-Mar-97
311959 178 180 0.00 112000.00 03-Dec-96 01-Jan-97 01-Dec-11 01-Mar-97
311960 178 360 0.00 157000.00 02-Dec-96 01-Jan-97 01-Dec-11 01-Mar-97
311962 358 360 151900.00 151900.00 03-Dec-96 01-Feb-97 01-Jan-27 01-Apr-97
<CAPTION>
NEXT PMT
LOAN NO AS OF 03/01 PROPTYPE UNITS OCCUP LIEN LIEN BAL PURPOSE
- ----------- ----------- ----------------- ------------- --------------- ----- ----------- -----------------
<S> <C> <C> <C> <C> <C> <C> <C>
311840 01-Mar-97 8 1 1 18 0 2
311842 01-Mar-97 1 1 1 38 14600 4
311844 15-Mar-97 1 1 1 18 0 4
311845 01-Feb-97 1 1 1 18 0 2
311846 01-Mar-97 1 1 1 18 0 4
311847 01-Mar-97 1 1 1 18 0 3
311851 01-Mar-97 1 1 3 18 0 4
311852 01-Mar-97 1 1 1 18 0 1
311855 01-Apr-97 1 1 1 18 0 3
311857 01-Mar-97 1 1 1 18 0 4
311859 01-Mar-97 1 1 1 18 0 3
311862 01-Feb-97 1 1 1 18 0 3
311863 01-Mar-97 1 1 1 18 0 4
311864 15-Mar-97 1 1 3 18 0 3
311865 01-Mar-97 1 1 1 18 0 2
311866 01-Mar-97 1 1 1 18 0 3
311869 01-Mar-97 1 1 3 18 0 2
311871 01-Mar-97 1 1 1 18 0 3
311872 01-Mar-97 1 1 1 18 0 3
311874 01-Mar-97 1 1 1 18 0 3
311875 01-Mar-97 1 1 1 18 0 3
311876 01-Mar-97 1 1 1 18 0 1
311877 15-Feb-97 1 1 1 18 0 3
311879 15-Mar-97 1 1 1 18 0 3
311880 15-Mar-97 8 1 1 18 0 3
311881 01-Mar-97 1 1 1 18 0 3
311882 01-Mar-97 8 1 1 18 0 3
311883 01-Mar-97 1 1 1 18 0 3
311884 01-Mar-97 1 1 1 18 0 3
311885 01-Mar-97 1 1 1 38 32659 3
311887 01-Mar-97 1 1 3 18 0 3
311888 01-Mar-97 1 1 1 38 164549 3
311889 01-Apr-97 1 1 1 18 0 3
311890 01-Mar-97 1 1 1 18 0 4
311892 01-Apr-97 1 1 1 18 0 3
311893 01-Mar-97 1 1 1 18 0 3
311894 01-Apr-97 1 1 1 18 0 1
311895 01-Mar-97 1 1 3 18 0 3
311896 01-Apr-97 1 1 1 18 0 4
311906 01-Mar-97 1 1 1 18 0 4
311907 01-Feb-97 1 1 1 18 0 2
311909 01-Apr-97 1 1 1 18 0 2
311913 01-Mar-97 1 1 1 18 0 3
311914 01-Apr-97 1 1 1 18 0 1
311915 01-Apr-97 1 1 1 18 0 3
311916 01-Feb-97 1 1 1 18 0 3
311917 01-Mar-97 1 1 1 18 0 4
311923 01-Mar-97 1 1 1 18 0 3
311924 01-Mar-97 1 1 1 18 0 3
311925 15-Mar-97 4 1 1 18 0 3
311927 15-Mar-97 1 1 1 18 0 1
311928 01-Mar-97 5 2 1 18 0 3
311929 01-Mar-97 1 1 1 38 142000 3
311932 01-Mar-97 1 1 1 18 0 4
311933 01-Feb-97 1 1 1 18 0 2
311934 01-Mar-97 1 1 1 18 0 3
311935 01-Mar-97 8 1 3 18 0 4
311936 01-Mar-97 1 1 1 18 0 3
311937 01-Mar-97 1 1 1 18 0 3
311938 01-Mar-97 1 1 1 38 66640 3
311939 01-Apr-97 1 1 1 18 0 3
311942 01-Apr-97 1 1 1 18 0 3
311944 01-Mar-97 1 1 1 18 0 3
311945 01-Mar-97 1 1 1 18 0 1
311946 01-Mar-97 1 1 1 18 0 3
311947 01-Apr-97 1 1 1 18 0 3
311948 01-Mar-97 1 1 1 18 0 3
311949 01-Mar-97 1 1 1 38 91000 3
311950 01-Mar-97 1 1 1 18 0 3
311952 01-Mar-97 1 1 1 18 0 3
311953 01-Mar-97 1 1 1 18 0 3
311954 01-Mar-97 1 1 1 18 0 4
311956 01-Mar-97 1 1 1 18 0 3
311957 01-Mar-97 1 1 1 18 0 3
311958 15-Mar-97 1 1 1 18 0 4
311959 01-Mar-97 1 1 1 38 57598 3
311960 01-Mar-97 1 1 1 18 0 3
311962 01-Apr-97 1 1 1 18 0 1
<CAPTION>
BNK RUP NEXT INT PERIODIC LIFE
LOAN NO GRADE DISCHARGE SECT 32 MARGIN INDEX CHANGE CAP CAP
- ----------- ----------- ------------ --------------- ------------- --------- ----------- --------------- -----
<S> <C> <C> <C> <C> <C> <C> <C> <C>
311840 B -- F 0 -- 0 0
311842 C -- F 0 -- 0 0
311844 A -- F 0 -- 0 0
311845 B -- F 0 -- 0 0
311846 A -- F 0 -- 0 0
311847 B 01-Jun-92 F 0 -- 0 0
311851 A -- F 0 -- 0 0
311852 A+ -- F 0 -- 0 0
311855 B -- F 0 -- 0 0
311857 A 10-Apr-91 F 0 -- 0 0
311859 A -- F 0 -- 0 0
311862 C -- F 0 -- 0 0
311863 A -- F 0 -- 0 0
311864 C -- F 0 -- 0 0
311865 A -- F 0 -- 0 0
311866 B -- F 0 -- 0 0
311869 A -- F 0 -- 0 0
311871 A 01-Sep-89 F 0 -- 0 0
311872 A 01-Dec-93 F 0 -- 0 0
311874 A -- F 0 -- 0 0
311875 A 01-Nov-92 T 0 -- 0 0
311876 A -- F 0 -- 0 0
311877 A -- F 0 -- 0 0
311879 C -- F 0 -- 0 0
311880 B -- F 0 -- 0 0
311881 B -- F 0 -- 0 0
311882 A -- F 0 -- 0 0
311883 B -- F 0 -- 0 0
311884 A -- F 0 -- 0 0
311885 A -- T 0 -- 0 0
311887 A -- F 0 -- 0 0
311888 A -- F 0 -- 0 0
311889 B -- F 0 -- 0 0
311890 A -- F 0 -- 0 0
311892 B -- F 0 -- 0 0
311893 C -- F 0 -- 0 0
311894 A -- F 0 -- 0 0
311895 C -- F 0 -- 0 0
311896 C -- F 0 -- 0 0
311906 C -- F 0 -- 0 0
311907 B -- F 0 -- 0 0
311909 B -- F 0 -- 0 0
311913 A -- F 0 -- 0 0
311914 A -- F 0 -- 0 0
311915 A -- F 0 -- 0 0
311916 A -- F 0 -- 0 0
311917 C -- F 0 -- 0 0
311923 B -- F 0 -- 0 0
311924 A 01-Apr-91 F 6.25 6MLIB 01-Dec-98 1.5 7
311925 A 01-Sep-88 F 0 -- 0 0
311927 A+ -- F 0 -- 0 0
311928 A 01-Feb-93 T 0 -- 0 0
311929 B 03-Nov-93 F 0 -- 0 0
311932 C -- F 0 -- 0 0
311933 C -- F 0 -- 0 0
311934 A -- F 0 -- 0 0
311935 A 01-Feb-92 F 0 -- 0 0
311936 C -- F 0 -- 0 0
311937 A -- F 0 -- 0 0
311938 A -- F 0 -- 0 0
311939 C -- T 0 -- 0 0
311942 A -- F 0 -- 0 0
311944 B -- F 0 -- 0 0
311945 B 01-Aug-90 F 7.75 6MLIB 01-Jul-97 1.5 7
311946 C 01-Oct-95 F 0 -- 0 0
311947 A -- F 0 -- 0 0
311948 A -- F 0 -- 0 0
311949 B -- F 0 -- 0 0
311950 A -- F 0 -- 0 0
311952 B -- F 0 -- 0 0
311953 B -- F 0 -- 0 0
311954 B 10-Mar-95 F 0 -- 0 0
311956 C -- T 0 -- 0 0
311957 A -- F 0 -- 0 0
311958 A -- F 0 -- 0 0
311959 A -- F 0 -- 0 0
311960 B -- F 0 -- 0 0
311962 B -- F 7 6MLIB 01-Jul-97 1.5 7
</TABLE>
Page 17
<PAGE>
EQUIVANTAGE--1997-1 LOAN LIST
<TABLE>
<CAPTION>
PRE PMT
LOAN NO FLOOR CEILING PEN DOC LEVEL
- ----------- ----------- ------------- --------------- -------------------
<S> <C> <C> <C> <C>
311840 0 0 P F
311842 0 0 F
311844 0 0 P F
311845 0 0 P L
311846 0 0 P F
311847 0 0 P F
311851 0 0 P F
311852 0 0 P F
311855 0 0 F
311857 0 0 P F
311859 0 0 P F
311862 0 0 F
311863 0 0 P F
311864 0 0 P F
311865 0 0 F
311866 0 0 F
311869 0 0 F
311871 0 0 P F
311872 0 0 P F
311874 0 0 P F
311875 0 0 F
311876 0 0 P F
311877 0 0 P F
311879 0 0 F
311880 0 0 F
311881 0 0 P F
311882 0 0 F
311883 0 0 F
311884 0 0 P F
311885 0 0 F
311887 0 0 F
311888 0 0 P F
311889 0 0 F
311890 0 0 P F
311892 0 0 F
311893 0 0 P F
311894 0 0 P F
311895 0 0 F
311896 0 0 F
311906 0 0 F
311907 0 0 P F
311909 0 0 P F
311913 0 0 F
311914 0 0 P F
311915 0 0 P F
311916 0 0 P F
311917 0 0 F
311923 0 0 P F
311924 9.58 16.58 P F
311925 0 0 P F
311927 0 0 P F
311928 0 0 F
311929 0 0 P F
311932 0 0 P F
311933 0 0 F
311934 0 0 F
311935 0 0 P F
311936 0 0 L
311937 0 0 P F
311938 0 0 P F
311939 0 0 F
311942 0 0 F
311944 0 0 F
311945 0 17.25 P F
311946 0 0 P F
311947 0 0 P F
311948 0 0 F
311949 0 0 P F
311950 0 0 F
311952 0 0 F
311953 0 0 P F
311954 0 0 F
311956 0 0 F
311957 0 0 F
311958 0 0 F
311959 0 0 P F
311960 0 0 F
311962 0 16.5 F
</TABLE>
Page 18
<PAGE>
EQUIVANTAGE--1997-1 LOAN LIST
<TABLE>
<CAPTION>
LOAN NO TYPE LASTNAME FIRSTNAME ADDRESS
- ----------- ---------- ------------------ ------------------ ------------------------------------------------
<S> <C> <C> <C> <C>
311964 FR JOHNSTON KURT A. 44222 SHERIDAN
311966 FR FORTNEY LINDA F. 17 BISCAYNE EAST
311967 BLLN MOORE LAURA E 207 30TH STREET
311969 BLLN CAMPBELL JAMES S 6186 MEADOWLARK DR
311970 BLLN ROBERTS BESSIE B 1006 BATTLEFIELD DR
311972 BLLN OLSEN ROGER P 1233NE 72ND AVENUE
311974 FR TURNER BRYAN R. R 14 BOX 1026
311975 BLLN HARPER RICHARD 4204 THOMASVILLE RD
311976 FR JOHNSON JR ADAM 628 S MORRIS AVE
311978 FR THORNSBERRY JAMES P 1322 ANDERSON STREET
311980 FR LAWSON STANLEY 390 COMMANDER COURT
311982 FR CRUM VICKIE L 1886 FAIRVIEW COURT
311983 FR SCALES MARY A 1806 LISCHEY AVENUE
311984 FR CONNER ALFONZO 1534W 119TH STREET
311985 FR MANKIN WILLIAM D 202 WASHINGTON ST
311986 FR LENOIR RICKEY 6150 BLACKBERRY ST
311987 FR HADDOCK HERSHEL 561 ROXANNE DRIVE
311989 FR MCNABB KAREN A 2129 2133 POPLAR STR
311991 ARM2-28 CLOVESKO VERNELL 492 CLEVELAND ROAD
311992 BLLN HEATHERLY MICHAEL L 853 LEE ROAD
311994 FR SPAULDING MARIAN 7850 CANDLEFLOWER CI
311995 BLLN DUGAN JAMES R. 4314 MAIN STREET
311997 FR COURTER WILLIAM K 7110 BURLWOOD
311998 BLLN CRIHFIELD MICHAEL W 32 SILVER LANE
311999 FR CRAIG ROBERT 4386 CRESTKNOLL DR
312000 FR PETERS THOMAS L 9168SESTAYTON ROAD
312003 FR HAMMONDS JR VACIE 915 RAMSEY STREET
312004 FR PERRY NANCY 152 FULLER ROAD
312005 FR GANAWAY JOHN S 1504 ECKART STREET
312006 FR JOHNSTON TERESA 5965 SINGLETON ROAD
312007 FR REYNOLDS JOHN S. 2425 ELM SWAMP ROAD
312008 FR JACKSON DWAYNE K 4051 BUDDS CREEK RD
312009 FR ROGERS FAYE C 775 SHANNON LANE
312010 FR BOWES ROBERT L 103 THOMAS ROAD
312012 FR LLOYD SR ROGER D RT 3 BOX 659-G
312013 FR RICHARD JUDE JAM 124 WINDSOR STREET
312014 FR WALLS MARION 48 LANNON AVENUE
312015 FR BEARD FREDDIE L 241 EASTERN STAR RD
312016 FR REL JR LORENZO A 5361 GRND CAILLOU RD
312017 BLLN GRAVES DENNIS W 40 HILLSIDE PLACE
312022 FR HUNT RANDY L 1909 LARSON WAY
312023 FR JEFFERSON PAULA 512 HOWLAND
312024 BLLN HAYNES GENEVA D 14384 ASBURY PARK
312025 BLLN LAWSON CLARISSA 13828 EASTBURN
312027 BLLN FEDRAW KATHLEEN 1858 AUBURNDALE
312028 FR TARWATER RICHARD 3109 SOUTH 12TH STRE
312029 FR ABBOTT SHARON 2111 ARLENE AVENUE
312031 BLLN PITTS SONDRA P 816 WESTWOOD AVENUE
312034 BLLN THURMAN RONALD D 1949W 64TH STREET
312035 BLLN YOUNG LENA L 3410N AVON AVE
312036 BLLN YOUNG LENA L 3402 NORTH AVON AVE
312037 BLLN GRIFFIN DAISY T 2206 COOK ROAD
312043 BLLN V MEADOWS DIANE 4464 VICTOR AVENUE
312044 FR JOHNSON IDA 1187 LINE STREET
312045 BLLN SMITH WILLISH 15278 MEADOW
312046 FR KING JR ROBERT N 8032 DEVONSHIRE DR
312047 BLLN WESTFALL KENT E. 168 N. TANGLEWOOD D
312048 FR TALENT CRAIG K 235N 8TH STREET
312050 FR WASHINGTON ROY L 20505 SHAFTSBURY
312052 ARM ROBINSON KENNETH P 25286 COLE
312056 BLLN HATCHER SUZANNE C 38800 ELMITE
312057 BLLN BROCK KAREN G. 528 ELLIOTT AVENUE
312062 FR ACKOLS DIADRA B 1264 BRETT COURT
312064 BLLN MCCORMICK VIOLA 329 PLEASANT GROVE
312065 BLLN NOFFSINGER MARK A 16481 NORTH 60TH AVE
312066 FR BEASLEY DOUGLAS 129 PERRY DRIVE
312068 FR CRAPPS FAYE 194 CHRISTIAN ROAD
312069 FR ELLIS STEPHEN 993 SWAN POND ROAD
312071 FR STRAIN ISABELL 1306 PENNOCK AVENUE
312072 BLLN POLACK JOCELYN M 1653 N ADAMS
312074 BLLN DILDILIAN GREGORY 621 LAWSON
312075 FR CARTER MILDRED 1855 WOODSBORO DRIVE
312076 FR KENNEDY BOBBY M. 1326 ANDERSON STREET
312078 FR LANE JAMES 2279SW17TH STREET
312079 FR SCOTT SABRINA 3117 CEDARCROFT DR
312080 FR CLINE WILLIAM M 425 FAITH ROAD
312082 FR COCHRAN JR JILES A 110 COCHRAN FARM LA
312084 FR BARTON JOHN W. 1107 FRANKLIN AVENUE
<CAPTION>
LOAN NO CITY STATE ZIP COUNTY ORIG BAL UPB UPB AS OF 03/01
- ----------- --------------------- ----------- --------- ----------------------- ----------- --------- ---------------
<S> <C> <C> <C> <C>
311964 CANTON MI 48187 WAYNE 38,300.00 38,254.87 38,254.87
311966 MEMPHIS TN 38109 SHELBY 25,000.00 24,944.67 24,944.67
311967 OLD HICKORY TN 37138 DAVIDSON 41,600.00 41,583.64 41,583.64
311969 INDIANAPOLIS IN 46226 MARION 68,000.00 67,967.94 67,967.94
311970 NASHVILLE TN 37204 DAVIDSON 44,000.00 43,928.24 43,928.24
311972 PORTLAND OR 97213 MULTNOMAH 85,000.00 84,856.27 84,856.27
311974 BEDFORD IN 47421 LAWRENCE 56,000.00 55,903.31 55,903.31
311975 CHAPMANSBORO TN 37035 CHEATHAM 63,126.00 63,091.27 63,091.27
311976 BELLWOOD IL 60104 COOK 17,250.00 17,162.90 17,118.75
311978 BRISTOL TN 37620 SULLIVAN 29,600.00 29,484.25 29,484.25
311980 SUMTER SC 29153 SUMTER 40,800.00 40,750.97 40,750.97
311982 SALEM OH 44460 COLUMBIANA 71,000.00 70,630.05 70,630.05
311983 NASHVILLE TN 37207 DAVIDSON 78,200.00 77,839.74 77,839.74
311984 CHICAGO IL 60643 COOK 72,480.00 72,459.03 72,459.03
311985 BARNESVILLE OH 43713 BELMONT 24,200.00 24,103.55 24,103.55
311986 BATON ROUGE LA 70806 EAST BATON ROUGE 31,200.00 31,170.52 31,170.52
311987 ANTIOCH TN 37013 DAVIDSON 15,000.00 14,941.07 14,941.07
311989 ANDERSON IN 46012 MADISON 46,000.00 45,918.94 45,918.94
311991 CLEVELAND OH 44108 CUYAHOGA 48,650.00 48,613.20 48,613.20
311992 JONESVILLE SC 29353 UNION 53,900.00 53,790.90 53,790.90
311994 COLORADO SPRINGS CO 80920 EL PASO 36,800.00 36,623.00 36,623.00
311995 PERRY OH 44081 LAKE 96,350.00 96,268.85 96,268.85
311997 CHARLOTTE NC 28211 MECKLENBURG 176,500.00 176,276.47 176,051.02
311998 CARRIERE MS 39426 PEARL RIVER 155,550.00 155,505.00 155,505.00
311999 GRAND BLANC MI 48439 GENESEE 100,000.00 99,749.32 99,749.32
312000 AUMSVILLE OR 97325 MARION 172,500.00 172,383.99 172,383.99
312003 NASHVILLE TN 37206 DAVIDSON 56,000.00 55,742.01 55,742.01
312004 CARSON WA 98610 SKAMANIA 21,000.00 20,975.58 20,975.58
312005 FORT WAYNE IN 46806 ALLEN 31,500.00 30,955.25 30,955.25
312006 NORCROSS GA 30071 GWINNETT 61,600.00 61,470.12 61,470.12
312007 LEBANON IN 46052 BOONE 93,500.00 93,139.52 93,139.52
312008 CUNNINGHAM TN 37052 MONTGOMERY 60,000.00 59,777.13 59,777.13
312009 WOODSTOCK GA 30189 CHEROKEE 82,950.00 82,884.49 82,884.49
312010 ROXBORO NC 27573 PERSON 46,000.00 45,982.87 45,982.87
312012 ERWIN TN 37650 UNICOI 47,200.00 47,066.01 47,066.01
312013 LAFAYETTE LA 70507 LAFAYETTE 16,585.00 16,521.62 16,521.62
312014 ATLANTA GA 30317 DEKALB 39,750.00 39,750.00 39,750.00
312015 KINGSPORT TN 37663 WASHINGTON 34,000.00 33,867.68 33,867.68
312016 HOUMA LA 70363 TERREBONNE 40,640.00 40,567.83 40,567.83
312017 LAFAYETTE IN 47905 TIPPECANOE 52,000.00 52,000.00 52,000.00
312022 VANCOUVER WA 98661 CLARK 28,500.00 28,412.61 28,412.61
312023 PONTIAC MI 48341 OAKLAND 34,800.00 34,710.78 34,710.78
312024 DETROIT MI 48227 WAYNE 45,400.00 45,376.22 45,376.22
312025 DETROIT MI 48205 WAYNE 32,000.00 31,973.42 31,973.42
312027 WEST BLOOMFIELD MI 48324 OAKLAND 59,000.00 58,323.83 58,298.85
312028 TERRE HAUTE IN 47802 VIGO 38,640.00 38,321.13 38,321.13
312029 DAYTON OH 45406 MONTGOMERY 32,800.00 32,723.37 32,723.37
312031 DAYTON OH 45407 MONTGOMERY 35,200.00 35,181.23 35,181.23
312034 INDIANAPOLIS IN 46260 MARION 46,750.00 46,716.13 46,716.13
312035 TAMPA FL 33603 HILLSBOROUGH 48,800.00 48,763.11 48,763.11
312036 TAMPA FL 33603 HILLSBOROUGH 49,600.00 49,557.57 49,557.57
312037 DURHAM NC 27713 DURHAM 57,375.00 57,347.66 57,347.66
312043 CINCINNATI OH 45242 HAMILTON 33,200.00 33,177.92 33,177.92
312044 JACKSONVILLE FL 32209 DUVAL 32,000.00 31,922.74 31,922.74
312045 ROMULUS MI 48174 WAYNE 70,550.00 70,531.54 70,531.54
312046 JONESBORO GA 30236 CLAYTON 22,147.00 22,062.82 22,062.82
312047 OZARK MO 65721 CHRISTIAN 98,175.00 98,149.01 98,149.01
312048 SAINT HELENS OR 97051 COLUMBIA 117,300.00 116,963.60 116,963.60
312050 DETROIT MI 48219 WAYNE 21,800.00 21,667.67 21,667.67
312052 ROSEVILLE MI 48066 MACOMB 68,000.00 67,969.59 67,969.59
312056 HARRISON TOWNSHIP MI 48045 MACOMB 106,350.00 106,301.10 106,301.10
312057 CINCINNATI OH 45215 HAMILTON 48,100.00 48,086.09 48,086.09
312062 RIVERDALE GA 30296 CLAYTON 113,400.00 113,286.83 113,286.83
312064 COLUMBUS IN 47201 BARTHOLOMEW 46,750.00 46,733.07 46,733.07
312065 GLENDALE AZ 85306 MARICOPA 90,320.00 90,283.75 90,283.75
312066 NEW AUGUSTA MS 39462 PERRY 50,000.00 49,825.71 49,825.71
312068 MORTON MS 39117 SCOTT 35,600.00 35,527.78 35,527.78
312069 HARRIMAN TN 37748 ROANE 52,000.00 51,889.86 51,889.86
312071 NASHVILLE TN 37207 DAVIDSON 51,850.00 51,837.32 51,837.32
312072 SOUTH BEND IN 46628 St Joseph 34,400.00 34,385.88 34,385.88
312074 ROYAL OAK MI 48067 OAKLAND 149,600.00 149,539.91 149,539.91
312075 COLUMBIA SC 29210 RICHLAND 62,050.00 62,026.89 62,026.89
312076 BRISTOL TN 37620 SULLIVAN 24,000.00 23,936.94 23,936.94
312078 MASSILLON OH 44646 STARK 73,600.00 73,531.78 73,531.78
312079 ANTIOCH TN 37013 DAVIDSON 74,900.00 74,697.56 74,697.56
312080 MOORESVILLE NC 28115 IREDELL 40,000.00 39,746.16 39,746.16
312082 CLEVELAND NC 27013 IREDELL 62,400.00 62,226.26 62,226.26
312084 HOUMA LA 70364 TERREBONNE 31,550.00 31,382.33 31,382.33
<CAPTION>
LOAN NO P&I RATE ORIG TERM CLTV
- ----------- --------- --------- ----------------- ---------
311964 391.43 10.8500 240 0.3678
311966 313.03 12.8000 180 0.5435
311967 382.09 10.5500 180 0.8000
311969 581.73 9.7000 180 0.8000
311970 439.09 11.6000 180 0.3946
311972 907.17 12.5000 180 0.7391
311974 664.08 13.2000 240 0.8000
311975 659.06 12.2000 180 0.8145
311976 202.19 11.0500 168 0.6874
311978 360.98 12.3000 180 0.8000
311980 412.83 10.7000 240 0.8000
311982 728.60 9.2000 180 0.8765
311983 866.85 10.5500 180 0.8500
311984 742.75 11.9500 360 0.8000
311985 292.00 12.1000 180 0.6722
311986 354.48 12.5000 240 0.8000
311987 182.44 12.2500 180 0.7875
311989 540.56 13.0500 240 0.8000
311991 454.14 10.7500 360 0.7000
311992 571.07 12.4000 180 0.7000
311994 413.66 10.8000 180 0.8150
311995 863.39 10.2500 180 0.8680
311997 1,738.49 10.3000 240 0.7915
311998 1,594.02 11.9500 180 0.8500
311999 896.51 8.9500 240 0.8000
312000 1,680.67 11.2900 360 0.7500
312003 620.76 10.5500 180 0.8000
312004 216.05 10.9500 240 0.7636
312005 445.19 10.1000 108 0.7915
312006 717.65 11.4500 180 0.7847
312007 1,149.37 12.4500 180 0.8500
312008 752.84 12.8400 180 0.8000
312009 761.88 10.5500 360 0.8132
312010 431.13 10.8000 360 0.8364
312012 438.43 9.4500 240 0.8000
312013 204.95 12.5500 180 0.8473
312014 432.58 12.7700 360 0.7500
312015 415.74 12.3500 180 0.8000
312016 520.90 13.2500 180 0.8128
312017 528.88 11.8500 180 0.7429
312022 278.82 10.2000 240 0.7702
312023 341.38 10.2400 240 0.6960
312024 371.85 9.2000 180 0.5095
312025 333.84 12.1900 180 0.5926
312027 588.78 11.6000 180 0.6556
312028 375.30 11.2500 360 0.8000
312029 337.44 10.9500 240 0.8200
312031 371.31 12.3400 180 0.8000
312034 443.45 10.9500 180 0.8500
312035 459.58 10.8600 180 0.8000
312036 467.11 10.8600 180 0.8000
312037 627.51 12.8400 180 0.8500
312043 324.73 11.3400 180 0.4000
312044 323.79 10.7000 240 0.8000
312045 747.48 12.4000 180 0.8500
312046 274.41 12.6000 180 0.8500
312047 1,036.37 12.3500 180 0.8500
312048 1,055.49 10.3000 360 0.8500
312050 362.14 12.6500 96 0.5883
312052 594.24 9.9500 360 0.8500
312056 1,176.44 13.0000 180 0.7500
312057 492.91 11.9500 180 0.6500
312062 949.39 9.4500 360 0.9000
312064 555.78 14.0500 180 0.8500
312065 1,041.65 13.6000 180 0.8000
312066 649.16 13.5000 180 0.6098
312068 392.23 12.0100 240 0.7495
312069 561.37 11.6900 240 0.8000
312071 561.43 12.7000 360 0.8500
312072 310.82 10.3500 180 0.8000
312074 1,362.86 10.4500 180 0.8500
312075 581.56 10.8000 360 0.8500
312076 232.40 10.0500 240 0.4000
312078 635.04 9.8000 360 0.8000
312079 748.59 8.7500 180 0.7000
312080 387.29 11.2100 360 0.6400
312082 625.09 10.5500 240 0.8000
312084 358.22 10.4500 168 0.8500
</TABLE>
Page 19
<PAGE>
EQUIVANTAGE--1997-1 LOAN LIST
<TABLE>
<CAPTION>
NOTE FIRST MATURITY NEXT PMT
LOAN NO REM TERM AM TERM SALES PRICE APPR VAL DATE PMT DATE DATE
- ----------- ----------------- --------------- -------------- ----------- --------- --------- ----------- -----------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
311964 239 240 0.00 179000.00 03-Dec-96 01-Feb-97 01-Jan-17 01-Mar-97
311966 179 180 0.00 46000.00 03-Dec-96 01-Feb-97 01-Jan-12 01-Mar-97
311967 179 360 0.00 52000.00 03-Dec-96 01-Feb-97 01-Jan-12 01-Mar-97
311969 179 360 0.00 85000.00 04-Dec-96 01-Feb-97 01-Jan-12 01-Mar-97
311970 178 360 0.00 111500.00 04-Dec-96 15-Jan-97 15-Dec-11 15-Mar-97
311972 178 360 0.00 115000.00 05-Dec-96 15-Jan-97 15-Dec-11 15-Mar-97
311974 238 240 0.00 70000.00 04-Dec-96 15-Jan-97 15-Dec-16 15-Mar-97
311975 178 360 0.00 77500.00 02-Dec-96 01-Jan-97 01-Dec-11 01-Mar-97
311976 166 168 0.00 118000.00 06-Dec-96 01-Jan-97 01-Dec-10 01-Mar-97
311978 178 180 0.00 37000.00 05-Dec-96 15-Jan-97 15-Dec-11 15-Mar-97
311980 239 240 0.00 51000.00 12-Dec-96 01-Feb-97 01-Jan-17 01-Mar-97
311982 178 180 0.00 81000.00 04-Dec-96 01-Feb-97 01-Jan-12 01-Apr-97
311983 178 180 0.00 92000.00 05-Dec-96 15-Jan-97 15-Dec-11 15-Mar-97
311984 359 360 0.00 90600.00 06-Dec-96 01-Feb-97 01-Jan-27 01-Mar-97
311985 178 180 0.00 36000.00 04-Dec-96 01-Jan-97 01-Dec-11 01-Mar-97
311986 239 240 0.00 39000.00 04-Dec-96 01-Feb-97 01-Jan-17 01-Mar-97
311987 178 180 0.00 92000.00 05-Dec-96 15-Jan-97 15-Dec-11 15-Mar-97
311989 238 240 0.00 57500.00 04-Dec-96 15-Jan-97 15-Dec-16 15-Mar-97
311991 358 360 0.00 69500.00 05-Dec-96 01-Jan-97 01-Dec-26 01-Mar-97
311992 179 360 0.00 77000.00 04-Dec-96 01-Feb-97 01-Jan-12 01-Mar-97
311994 178 180 0.00 148000.00 04-Dec-96 01-Feb-97 01-Jan-12 01-Apr-97
311995 178 360 0.00 111000.00 11-Dec-96 01-Feb-97 01-Jan-12 01-Apr-97
311997 239 240 0.00 223000.00 05-Dec-96 01-Feb-97 01-Jan-17 01-Mar-97
311998 179 360 0.00 183000.00 12-Dec-96 01-Feb-97 01-Jan-12 01-Mar-97
311999 239 240 125000.00 125000.00 12-Dec-96 01-Feb-97 01-Jan-17 01-Mar-97
312000 358 360 0.00 230000.00 13-Dec-96 15-Jan-97 15-Dec-26 15-Mar-97
312003 178 180 0.00 70000.00 05-Dec-96 15-Jan-97 15-Dec-11 15-Mar-97
312004 239 240 0.00 110000.00 05-Dec-96 01-Feb-97 01-Jan-17 01-Mar-97
312005 105 108 0.00 39800.00 05-Dec-96 01-Jan-97 01-Dec-05 01-Apr-97
312006 179 180 0.00 78500.00 05-Dec-96 01-Feb-97 01-Jan-12 01-Mar-97
312007 178 180 0.00 110000.00 06-Dec-96 15-Jan-97 15-Dec-11 15-Mar-97
312008 178 180 0.00 75000.00 05-Dec-96 01-Jan-97 01-Dec-11 01-Mar-97
312009 358 360 0.00 102000.00 05-Dec-96 01-Jan-97 01-Dec-26 01-Mar-97
312010 359 360 0.00 55000.00 05-Dec-96 01-Feb-97 01-Jan-27 01-Mar-97
312012 238 240 0.00 59000.00 05-Dec-96 15-Jan-97 15-Dec-16 15-Mar-97
312013 178 180 0.00 56000.00 05-Dec-96 01-Jan-97 01-Dec-11 01-Mar-97
312014 360 360 0.00 53000.00 05-Dec-96 01-Feb-97 01-Jan-27 01-Feb-97
312015 178 180 42500.00 42500.00 05-Dec-96 01-Feb-97 01-Jan-12 01-Apr-97
312016 179 180 0.00 50000.00 05-Dec-96 01-Feb-97 01-Jan-12 01-Mar-97
312017 180 360 0.00 70000.00 06-Dec-96 01-Feb-97 01-Jan-12 01-Feb-97
312022 238 240 0.00 90000.00 06-Dec-96 15-Jan-97 15-Dec-16 15-Mar-97
312023 238 240 0.00 50000.00 09-Dec-96 15-Jan-97 15-Dec-16 15-Mar-97
312024 179 360 0.00 89100.00 10-Dec-96 01-Feb-97 01-Jan-12 01-Mar-97
312025 177 360 54000.00 54000.00 05-Dec-96 01-Jan-97 01-Dec-11 01-Apr-97
312027 179 360 0.00 90000.00 05-Dec-96 01-Feb-97 01-Jan-12 01-Mar-97
312028 358 360 0.00 48300.00 06-Dec-96 15-Jan-97 15-Dec-26 15-Mar-97
312029 238 240 0.00 40000.00 12-Dec-96 15-Jan-97 15-Dec-16 15-Mar-97
312031 178 360 0.00 44000.00 09-Dec-96 15-Jan-97 15-Dec-11 15-Mar-97
312034 178 360 0.00 55000.00 16-Dec-96 15-Jan-97 15-Dec-11 15-Mar-97
312035 178 360 0.00 61000.00 06-Dec-96 15-Jan-97 15-Dec-11 15-Mar-97
312036 178 360 0.00 62000.00 06-Dec-96 15-Jan-97 15-Dec-11 15-Mar-97
312037 178 360 67500.00 67500.00 05-Dec-96 01-Jan-97 01-Dec-11 01-Mar-97
312043 178 360 0.00 83000.00 10-Dec-96 01-Feb-97 01-Jan-12 01-Apr-97
312044 238 240 0.00 40000.00 06-Dec-96 15-Jan-97 15-Dec-16 15-Mar-97
312045 179 360 0.00 83000.00 11-Dec-96 01-Feb-97 01-Jan-12 01-Mar-97
312046 178 180 0.00 80000.00 06-Dec-96 15-Jan-97 15-Dec-11 15-Mar-97
312047 179 360 0.00 115500.00 09-Dec-96 15-Jan-97 15-Dec-11 15-Feb-97
312048 359 360 0.00 138000.00 06-Dec-96 01-Feb-97 01-Jan-27 01-Mar-97
312050 95 96 0.00 75000.00 11-Dec-96 01-Feb-97 01-Jan-05 01-Mar-97
312052 359 360 0.00 80000.00 06-Dec-96 01-Feb-97 01-Jan-27 01-Mar-97
312056 178 360 0.00 141800.00 06-Dec-96 01-Feb-97 01-Jan-12 01-Apr-97
312057 179 360 0.00 74000.00 10-Dec-96 01-Feb-97 01-Jan-12 01-Mar-97
312062 358 360 0.00 126000.00 06-Dec-96 15-Jan-97 15-Dec-26 15-Mar-97
312064 178 360 0.00 55000.00 06-Dec-96 15-Jan-97 15-Dec-11 15-Mar-97
312065 178 360 112900.00 112900.00 10-Dec-96 01-Jan-97 01-Dec-11 01-Mar-97
312066 178 180 0.00 82000.00 13-Dec-96 15-Jan-97 15-Dec-11 15-Mar-97
312068 238 240 0.00 47500.00 06-Dec-96 15-Jan-97 15-Dec-16 15-Mar-97
312069 238 240 0.00 65000.00 09-Dec-96 15-Jan-97 15-Dec-16 15-Mar-97
312071 359 360 0.00 61000.00 09-Dec-96 15-Jan-97 15-Dec-26 15-Feb-97
312072 179 360 43000.00 43000.00 06-Dec-96 01-Feb-97 01-Jan-12 01-Mar-97
312074 179 360 0.00 176000.00 11-Dec-96 01-Feb-97 01-Jan-12 01-Mar-97
312075 359 360 0.00 73000.00 09-Dec-96 01-Feb-97 01-Jan-27 01-Mar-97
312076 238 240 0.00 60000.00 09-Dec-96 15-Jan-97 15-Dec-16 15-Mar-97
312078 358 360 0.00 92000.00 09-Dec-96 15-Jan-97 15-Dec-26 15-Mar-97
312079 179 180 0.00 107000.00 10-Dec-96 01-Feb-97 01-Jan-12 01-Mar-97
312080 358 360 0.00 62500.00 09-Dec-96 15-Jan-97 15-Dec-26 15-Mar-97
312082 238 240 0.00 78000.00 09-Dec-96 15-Jan-97 15-Dec-16 15-Mar-97
312084 166 168 0.00 103000.00 09-Dec-96 15-Jan-97 15-Dec-10 15-Mar-97
<CAPTION>
NEXT PMT
LOAN NO AS OF 03/01 PROPTYPE UNITS OCCUP LIEN LIEN BAL PURPOSE
- ----------- ----------- ----------------- ------------- --------------- ----- ------------- -----------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
311964 01-Mar-97 1 1 1 38 27530 3
311966 01-Mar-97 1 1 1 18 0 3
311967 01-Mar-97 1 1 1 18 0 3
311969 01-Mar-97 1 1 1 18 0 2
311970 15-Mar-97 1 1 1 18 0 4
311972 15-Mar-97 1 1 1 18 0 3
311974 15-Mar-97 1 1 1 18 0 4
311975 01-Mar-97 8 1 1 18 0 2
311976 01-Apr-97 1 1 1 38 63868 3
311978 15-Mar-97 1 1 1 18 0 4
311980 01-Mar-97 8 1 1 18 0 3
311982 01-Apr-97 1 1 1 18 0 4
311983 15-Mar-97 1 1 1 18 0 4
311984 01-Mar-97 1 1 1 18 0 3
311985 01-Mar-97 1 1 1 18 0 3
311986 01-Mar-97 1 1 1 18 0 2
311987 15-Mar-97 1 1 1 38 57453 3
311989 15-Mar-97 5 2 1 18 0 4
311991 01-Mar-97 5 2 3 18 0 3
311992 01-Mar-97 1 1 1 18 0 3
311994 01-Apr-97 1 1 1 38 83816 3
311995 01-Apr-97 1 1 1 18 0 4
311997 01-Apr-97 1 1 1 18 0 4
311998 01-Mar-97 4 2 1 18 0 2
311999 01-Mar-97 1 1 1 18 0 1
312000 15-Mar-97 1 1 1 18 0 3
312003 15-Mar-97 1 1 1 18 0 4
312004 01-Mar-97 8 1 1 38 63000 3
312005 01-Apr-97 1 1 1 18 0 3
312006 01-Mar-97 1 1 1 18 0 4
312007 15-Mar-97 1 1 1 18 0 4
312008 01-Mar-97 1 1 1 18 0 4
312009 01-Mar-97 1 1 1 18 0 4
312010 01-Mar-97 1 1 1 18 0 3
312012 15-Mar-97 1 1 1 18 0 3
312013 01-Mar-97 1 1 1 38 30862 3
312014 01-Feb-97 1 1 3 18 0 3
312015 01-Apr-97 8 1 1 18 0 1
312016 01-Mar-97 1 1 1 18 0 4
312017 01-Feb-97 1 1 1 18 0 4
312022 15-Mar-97 1 1 1 38 40822 3
312023 15-Mar-97 1 1 1 18 0 3
312024 01-Mar-97 1 1 1 18 0 3
312025 01-Apr-97 1 1 1 18 0 1
312027 01-Apr-97 1 1 1 18 0 4
312028 15-Mar-97 1 1 1 18 0 4
312029 15-Mar-97 1 1 1 18 0 4
312031 15-Mar-97 1 1 1 18 0 2
312034 15-Mar-97 1 1 1 18 0 3
312035 15-Mar-97 1 1 3 18 0 3
312036 15-Mar-97 1 1 3 18 0 4
312037 01-Mar-97 1 1 1 18 0 1
312043 01-Apr-97 1 1 1 18 0 3
312044 15-Mar-97 1 1 1 18 0 4
312045 01-Mar-97 1 1 1 18 0 2
312046 15-Mar-97 1 1 1 38 45853 3
312047 15-Feb-97 1 1 1 18 0 4
312048 01-Mar-97 1 1 1 18 0 3
312050 01-Mar-97 1 1 1 38 22319 3
312052 01-Mar-97 1 1 1 18 0 4
312056 01-Apr-97 1 1 1 18 0 3
312057 01-Mar-97 1 1 1 18 0 3
312062 15-Mar-97 1 1 1 18 0 4
312064 15-Mar-97 1 1 1 18 0 4
312065 01-Mar-97 1 1 1 18 0 1
312066 15-Mar-97 1 1 1 18 0 3
312068 15-Mar-97 1 1 1 18 0 3
312069 15-Mar-97 8 1 1 18 0 3
312071 15-Feb-97 1 1 1 18 0 4
312072 01-Mar-97 1 1 3 18 0 1
312074 01-Mar-97 1 1 1 18 0 4
312075 01-Mar-97 1 1 1 18 0 3
312076 15-Mar-97 1 1 1 18 0 3
312078 15-Mar-97 1 1 1 18 0 3
312079 01-Mar-97 1 1 1 18 0 2
312080 15-Mar-97 8 1 3 18 0 3
312082 15-Mar-97 8 1 1 18 0 3
312084 15-Mar-97 1 1 1 38 56000 3
<CAPTION>
BNK RUP NEXT INT PERIODIC LIFE
LOAN NO GRADE DISCHARGE SECT 32 MARGIN INDEX CHANGE CAP CAP
- ----------- ----------- ------------ ------------- ------------- --------- ----------- --------------- -----
311964 C -- F 0 -- 0 0
311966 B 25-Jan-95 F 0 -- 0 0
311967 A -- F 0 -- 0 0
311969 A 01-May-93 F 0 -- 0 0
311970 C -- F 0 -- 0 0
311972 C -- F 0 -- 0 0
311974 C -- F 0 -- 0 0
311975 B 01-Jul-92 F 0 -- 0 0
311976 A -- T 0 -- 0 0
311978 B -- T 0 -- 0 0
311980 A -- F 0 -- 0 0
311982 A+ -- F 0 -- 0 0
311983 A -- F 0 -- 0 0
311984 B -- F 0 -- 0 0
311985 C 01-Nov-94 T 0 -- 0 0
311986 B -- F 0 -- 0 0
311987 B -- F 0 -- 0 0
311989 B -- F 0 -- 0 0
311991 A -- F 7.25 6MLIB 01-Dec-98 1.5 7
311992 A 01-Jul-94 F 0 -- 0 0
311994 A -- F 0 -- 0 0
311995 A+ -- F 0 -- 0 0
311997 A -- F 0 -- 0 0
311998 B -- F 0 -- 0 0
311999 A -- F 0 -- 0 0
312000 A -- F 0 -- 0 0
312003 A -- F 0 -- 0 0
312004 B -- F 0 -- 0 0
312005 A -- F 0 -- 0 0
312006 B -- F 0 -- 0 0
312007 B -- F 0 -- 0 0
312008 C -- F 0 -- 0 0
312009 A -- F 0 -- 0 0
312010 A -- F 0 -- 0 0
312012 A -- F 0 -- 0 0
312013 B -- F 0 -- 0 0
312014 B -- F 0 -- 0 0
312015 B 01-Nov-89 F 0 -- 0 0
312016 B -- F 0 -- 0 0
312017 C -- F 0 -- 0 0
312022 A -- F 0 -- 0 0
312023 B -- F 0 -- 0 0
312024 A -- F 0 -- 0 0
312025 B 28-Feb-91 F 0 -- 0 0
312027 C -- F 0 -- 0 0
312028 A -- F 0 -- 0 0
312029 A -- F 0 -- 0 0
312031 B 01-Dec-94 F 0 -- 0 0
312034 A -- F 0 -- 0 0
312035 A -- F 0 -- 0 0
312036 A -- F 0 -- 0 0
312037 B -- F 0 -- 0 0
312043 B -- F 0 -- 0 0
312044 A -- F 0 -- 0 0
312045 B 01-Jan-92 F 0 -- 0 0
312046 A -- F 0 -- 0 0
312047 B -- F 0 -- 0 0
312048 A -- F 0 -- 0 0
312050 B 30-Jun-95 F 0 -- 0 0
312052 A -- F 7.45 6MOLIB 01-Jul-97 1.5 7
312056 C -- F 0 -- 0 0
312057 C -- F 0 -- 0 0
312062 A+ -- F 0 -- 0 0
312064 B 07-Mar-95 F 0 -- 0 0
312065 C 01-Jul-93 F 0 -- 0 0
312066 C -- F 0 -- 0 0
312068 B 04-Dec-91 F 0 -- 0 0
312069 A 06-Oct-93 F 0 -- 0 0
312071 B 01-May-92 F 0 -- 0 0
312072 A -- F 0 -- 0 0
312074 A -- F 0 -- 0 0
312075 A 20-Sep-88 F 0 -- 0 0
312076 A 18-Jun-93 F 0 -- 0 0
312078 B 01-Jul-95 F 0 -- 0 0
312079 A -- F 0 -- 0 0
312080 A -- F 0 -- 0 0
312082 A -- F 0 -- 0 0
312084 A 01-Apr-89 F 0 -- 0 0
</TABLE>
Page 20
<PAGE>
EQUIVANTAGE--1997-1 LOAN LIST
<TABLE>
<CAPTION>
PRE PMT
LOAN NO FLOOR CEILING PEN DOC LEVEL
- ----------- --------------- ------------- --------------- -------------------
<S> <C> <C> <C> <C>
311964 0 0 P F
311966 0 0 F
311967 0 0 F
311969 0 0 P F
311970 0 0 F
311972 0 0 F
311974 0 0 F
311975 0 0 F
311976 0 0 F
311978 0 0 F
311980 0 0 F
311982 0 0 P F
311983 0 0 F
311984 0 0 F
311985 0 0 F
311986 0 0 P F
311987 0 0 P F
311989 0 0 P F
311991 0 17.75 P F
311992 0 0 L
311994 0 0 F
311995 0 0 P F
311997 0 0 P F
311998 0 0 F
311999 0 0 P F
312000 0 0 P F
312003 0 0 F
312004 0 0 P F
312005 0 0 P F
312006 0 0 P F
312007 0 0 F
312008 0 0 F
312009 0 0 P F
312010 0 0 F
312012 0 0 P F
312013 0 0 P F
312014 0 0 P F
312015 0 0 F
312016 0 0 P F
312017 0 0 F
312022 0 0 F
312023 0 0 P F
312024 0 0 P F
312025 0 0 F
312027 0 0 P F
312028 0 0 P F
312029 0 0 P F
312031 0 0 P F
312034 0 0 P F
312035 0 0 P F
312036 0 0 P F
312036 0 0 P F
312037 0 0 F
312043 0 0 P F
312044 0 0 P F
312045 0 0 P F
312046 0 0 P F
312047 0 0 P F
312048 0 0 P F
312050 0 0 P F
312052 10.95 16.95 P F
312056 0 0 F
312057 0 0 P F
312062 0 0 P F
312064 0 0 F
312065 0 0 F
312066 0 0 P F
312068 0 0 P F
312069 0 0 F
312071 0 0 F
312072 0 0 P F
312074 0 0 P F
312075 0 0 F
312076 0 0 F
312078 0 0 P F
312079 0 0 P F
312080 0 0 F
312082 0 0 F
312084 0 0 F
</TABLE>
Page 21
<PAGE>
EQUIVANTAGE--1997-1 LOAN LIST
<TABLE>
<CAPTION>
LOAN NO TYPE LASTNAME FIRSTNAME ADDRESS
- ----------- ---------- ------------------ ------------------ ------------------------------------------------
<S> <C> <C> <C> <C>
312085 FR WEATHERS LUCILLE 359 LUCY AVENUE
312086 FR HAMILL MARY ALICE 3353 SE SCHILLER STREET
312087 FR OVERSTREET GEORGE T 139 IKE SHOEMAKE DR
312088 FR PRUETT ELLEN R 5025 COLEMONT DRIVE
312089 BLLN KIOVANNI AMOS 23640 BRANDYWYNNE
312092 BLLN FAISON MILLER 148 P.W. MOORE ROAD
312093 FR JOHNSON GLORESTI 112 HOOKS STREET
312094 FR GAINES JOHNATHA 5023 EAST BROOKSTOWN
312095 BLLN KOCK GERHARD H 2103 GARFIELD
312096 BLLN MCFARLAND FLORIA L 11501 LARDET AVENUE
312099 BLLN NITSCHE WAYNE A 904S 4TH STREET
312100 BLLN DALTON CHARLENE 4225 VIRGINIA AVENUE
312104 FR MCCOY CORBET 502 SUNSET ROAD
312106 BLLN R FORSLUND FREDERICK 406 WEST PEARL
312107 BLLN VELLECA JOYCE A 327 NEWELL STREET
312109 BLLN GARRETT JASON RT 2 178 S RAILROAD
312110 FR ADKINS THOMAS C 816 WESGAR AVENUE
312112 BLLN PENNINGTON/ GAR MILDRED 512 DODGE STREET
312114 FR PICHOFF PATRICK 323 AVENUE I
312115 FR NEWSON PERCY 5321 SOUTH HONORE
312116 FR CHAVIS LINDA C 7214 VALLEY HAVEN DR
312118 FR BRODEN LAWRENCE 121 SOUTH MULBERRY
312119 BLLN ROWE JAMES E. RR. 1 BOX 244
312120 BLLN EDWARDS RITA F 151W OLD WELLHOUSE R
312122 FR NOWAKOWSKI JOHN F 233 LAKEVIEW DRIVE
312123 BLLN PERRY EUGENE 438 STATE ROUTE 420
312124 BLLN PHILLIPS DOROTHY 915 ELLISTON STREET
312125 FR WELCOME SHIRLEY 319 FIELD STREET
312126 FR HEARD BILLY W 56 TYLER LANE
312127 FR HOLMES WILLIAM J 772 KEITH DRIVE
312128 BLLN EASON SUE M 2115 JERRY JONES DR
312129 FR THOMAS HALFORD ROUTE 1, BOX 17
312130 FR SWARTZ LUCEN 407 OAK AVENUE
312132 FR SMITH MATTHEW 101 SOUTH MICKLEY A
312133 BLLN SMITH ROY 1342 BILL DEDMAN ROA
312134 FR MILLS DALE LYN 2740 HERRON STREET
312135 BLLN DUIGUID KAREN 18824 LAMONT
312136 BLLN WILSON DONALD O 840 BLAINE
312137 ARM2-28 YOUNG MARION 100 WILSON STREET
312139 FR POLLARD MAGGIE J 385 DESCHAMPS ROAD
312142 FR BAILEY VINCENT D 9112 GOLDAMBER GARTH
312143 FR ISOM ROBERT L 1849 WILDCAT CREEK R
312144 FR SMITH JOSEPH P 807 SUGAR HOLW RD
312145 BLLN GRAHAM ROBERT M 113 PHEASANT WOODS
312147 FR KING OTHO L 7542 S WENTWORTH AVE
312149 FR ZURBRUGG WILLIAM E 6611 MIDFIELD DRIVE
312152 FR WILSON STANLEY 453 HIAWATHA CIRCLE
312154 FR MCNABB GLADYS K 3253 ERIE STREET
312155 BLLN MATTHEWS JR FRANK 988-990 E 18TH AVE
312156 FR LANTAGNE JAMES M 23785 WAGNER
312157 ARM2-28 DUNGEY STEVEN E 2955 LANDSDOWNE
312159 ARM2-28 CAMPO PAMELA A 15198 OLD FARMS ROAD
312164 FR DRUCKENBROAD ALLEN 123 N. SYCAMORE STR
312165 ARM2-28 HALL RONALD L 1868 PARKER ROAD
312166 FR LARKIN MICHAEL 2701 HORTON DRIVE
312167 FR A DIVINCENTIS SALVADOR 1500W ESPLANADE AVE
312172 ARM2-28 KUJAWA EUGENE N 39589 BAROQUE BLVD
312175 FR MEERTINS CONRAD 4008 RIVERMIST CT
312176 FR MCWILLIAMS TERRY 1823 118TH AVENUE
312177 FR WOMACK JUANITA 13703 S PARKWAY DR
312178 FR ADDINGTON MARK E. 42 SANDERS DRIVE
312179 FR BEELES MIKE S. 467 PARK DR
312180 BLLN WILLIAMS LUCILLE E 16406 CLEARVIEW AVE
312183 FR REED EMMA 157 EMMA DRIVE
312184 FR HANNAH ROY D 157 SOUTH FRANCIS
312185 FR MAZZOLA JACQUELIN 1911 ALGONQUIN AVE
312186 FR KING JR GEORGE W 630 BALDWIN COURT
312187 FR G LEE GERALDINE 4115 ARCOT CIRCLE
312188 FR DOWDY HERBERT 505W MELODY DRIVE
312189 BLLN KAHLON KARNAIL S 24100 MEADOWLARK
312190 FR PASOUR JASON E 106 HILLSIDE DRIVE
312192 ARM MAXEY JERRY 10715 TOULON DRIVE
312193 FR ROETTKER JAMES D. 8829 IROQUOIS AVENUE
312194 FR WEBB JAMES K 105 BLUE MIST COURT
312195 BLLN WOOD DAVID 2640 SOUTH LYON
312196 BLLN FIELDS HARLEY H 6832 BUICK DRIVE
312197 FR MCCONNELL CHRISTINA 829 MILL STREET WES
312199 FR WYRICK INGRID R 28059 VALLEY DRIVE
<CAPTION>
LOAN NO CITY STATE ZIP COUNTY ORIG BAL UPB UPB AS OF 03/01
- ----------- --------------------- ----------- --------- ----------------------- ----------- --------- ---------------
<S> <C> <C> <C> <C>
312085 CONCORD NC 28025 CABARRUS 51,000.00 50,947.40 50,947.40
312086 PORTLAND OR 97202 MULTNOMAH 142,800.00 142,800.00 142,751.47
312087 LAUREL MS 39440 WAYNE 40,600.00 40,571.60 40,571.60
312088 ANTIOCH TN 37013 DAVIDSON 35,000.00 34,815.98 34,815.98
312089 SOUTHFIELD MI 48034 OAKLAND 96,800.00 96,764.73 96,764.73
312092 FAISON NC 28541 Duplin 36,000.00 35,988.87 35,988.87
312093 GORDON GA 31031 WILKINSON 11,400.00 11,347.50 11,347.50
312094 BATON ROUGE LA 70805 EBR PARISH 25,000.00 24,956.46 24,956.46
312095 CLINTON IA 52732 CLINTON 30,000.00 29,986.67 29,986.67
312096 CLEVELAND OH 44104 CUYAHOGA 45,600.00 45,586.98 45,586.98
312099 COLLINS MS 39428 COVINGTON 27,375.00 27,366.07 27,366.07
312100 CINCINNATI OH 45223 HAMILTON 32,000.00 31,989.41 31,989.41
312104 BALTIMORE MD 21223 BALTIMORE CITY 45,320.00 45,202.38 45,202.38
312106 HAZEL PARK MI 48030 OAKLAND 61,625.00 61,597.61 61,597.61
312107 BARBERTON OH 44203 SUMMIT 72,800.00 72,776.47 72,776.47
312109 CARLTON GA 30627 MADISON 28,500.00 28,492.79 28,492.79
312110 EUTAWVILLE SC 29048 ORANGEBURG 29,400.00 29,193.07 29,193.07
312112 KANNAPOLIS NC 28081 CABARRUS 37,500.00 37,273.16 37,273.16
312114 BOGALUSA LA 70427 WASHINGTON 24,000.00 23,955.92 23,955.92
312115 CHICAGO IL 60609 COOK 60,987.00 60,950.02 60,950.02
312116 CHARLOTTE NC 28211 MECKLENBURG 74,500.00 74,158.36 74,158.36
312118 GRAMERCY LA 70052 SAINT JAMES 13,000.00 12,943.89 12,943.89
312119 EVANSTON IN 47531 SPENCER 41,250.00 41,231.55 41,231.55
312120 STATESVILLE NC 28677 IREDELL 62,800.00 62,761.41 62,761.41
312122 HUDSON MI 49247 LENAWEE 124,950.00 124,660.14 124,660.14
312123 HUMBOLDT TN 38343 GIBSON 18,000.00 18,000.00 18,000.00
312124 OLD HICKORY TN 37138 DAVIDSON 59,500.00 59,450.43 59,450.43
312125 NEW IBERIA LA 70560 IBERIA PARISH 16,100.00 16,060.06 16,060.06
312126 CARROLLTON GA 30117 CARROLL 24,200.00 24,117.65 24,117.65
312127 DALTON GA 30721 WHITFIELD 70,000.00 69,364.83 69,364.83
312128 VALDOSTA GA 31602 LOWNDES 80,000.00 79,971.16 79,971.16
312129 TROY NC 27371 MONTGOMERY 43,000.00 42,902.75 42,902.75
312130 TRENTON OH 45067 BUTLER 63,500.00 63,161.61 63,161.61
312132 BESSEMER CITY NC 28016 GASTON 36,000.00 35,840.03 35,840.03
312133 BOWLING GREEN KY 42101 WARREN 25,000.00 24,996.17 24,996.17
312134 GASTONIA NC 28052 GASTON 49,600.00 49,495.09 49,495.09
312135 DETROIT MI 48234 WAYNE 24,750.00 24,735.36 24,735.36
312136 DETROIT MI 48202 WAYNE 44,000.00 43,983.79 43,983.79
312137 UNION SC 29379 UNION 52,113.00 52,093.16 52,093.16
312139 SUMTER SC 29154 SUMTER 48,750.00 48,713.52 48,713.52
312142 COLUMBIA MD 21045 HOWARD 107,650.00 107,609.91 107,609.91
312143 ROCK HILL SC 29713 YORK 42,000.00 41,903.68 41,903.68
312144 PINEY FLATS TN 37686 SULLIVAN 37,750.00 37,379.68 37,379.68
312145 LOVELAND OH 45140 HAMILTON 321,000.00 320,732.52 320,732.52
312147 CHICAGO IL 60620 COOK 84,800.00 84,760.13 84,760.13
312149 FORT WAYNE IN 46815 ALLEN 58,050.00 56,788.92 56,788.92
312152 CHICKAMAUGA GA 30707 WALKER 26,000.00 25,946.36 25,946.36
312154 BATON ROUGE LA 70805 EAST BATON ROUGE 34,000.00 33,935.42 33,935.42
312155 COLUMBUS OH 43211 FRANKLIN 52,000.00 51,866.79 51,866.79
312156 WARREN MI 48089 Macomb 129,750.00 129,384.72 129,384.72
312157 WATERFORD MI 48329 OAKLAND 156,800.00 156,729.89 156,729.89
312159 FOLSOM LA 70437 SAINT TAMMANY PARI 102,000.00 101,957.68 101,957.68
312164 SPRINGFIELD OH 45503 CLARK 28,000.00 27,937.84 27,937.84
312165 GOSHEN OH 45122 CLERMONT 34,500.00 34,484.96 34,484.96
312166 ANDERSON IN 46011 MADISON 31,300.00 31,225.86 31,225.86
312167 KENNER LA 70065 JEFFERSON 18,550.00 18,484.70 18,484.70
312172 CLINTON TOWNSHIP MI 48038 MACOMB 122,320.00 122,268.71 122,268.71
312175 LITHONIA GA 30038 DEKALB 112,050.00 111,860.72 111,860.72
312176 ALLEGAN MI 49010 ALLEGAN 25,000.00 24,880.39 24,880.39
312177 GARFIELD HEIGHTS OH 44105 CUYAHOGA 54,825.00 53,923.00 53,923.00
312178 FLORENCE KY 41042 BOONE 60,000.00 59,976.16 59,976.16
312179 GREENWOOD IN 46227 JOHNSON 20,000.00 19,901.67 19,901.67
312180 CLEVELAND OH 44128 CUYAHOGA 54,000.00 53,958.72 53,958.72
312183 SPRINGFIELD SC 29146 ORANGEBURG 25,000.00 24,957.92 24,957.92
312184 PONTIAC MI 48341 OAKLAND 22,000.00 21,957.61 21,957.61
312185 DELTONA FL 32725 VOLUSIA 65,250.00 65,200.64 65,200.64
312186 NASHVILLE TN 37207 DAVIDSON 60,000.00 59,935.23 59,935.23
312187 JACKSONVILLE FL 32210 DUVAL 52,000.00 51,984.28 51,984.28
312188 HOLLY SPRINGS MS 38635 MARSHALL 35,200.00 35,133.14 35,133.14
312189 OAK PARK MI 48237 OAKLAND 49,900.00 49,878.85 49,878.85
312190 DALLAS NC 28034 GASTON 60,800.00 60,725.47 60,725.47
312192 CINCINNATI OH 45240 HAMILTON 89,250.00 89,182.50 89,182.50
312193 WAYNESBURG OH 44688 STARK 57,200.00 57,178.92 57,178.92
312194 NASHVILLE TN 37217 DAVIDSON 130,000.00 129,367.20 129,367.20
312195 INDIANAPOLIS IN 46241 MARION 18,000.00 17,996.91 17,996.91
312196 INDIANAPOLIS IN 46214 MARION 71,380.00 71,350.39 71,350.39
312197 ALLIANCE OH 44601 STARK 30,000.00 29,939.09 29,939.09
312199 ALBEMARLE NC 28001 STANLY 18,500.00 18,459.50 18,459.50
<CAPTION>
LOAN NO P&I RATE ORIG TERM CLTV
- ----------- --------- --------- ----------------- ---------
<S> <C> <C> <C> <C>
312085 556.23 11.8500 240 0.8500
312086 1,383.71 11.2200 360 0.8500
312087 524.74 14.6700 240 0.7000
312088 357.08 9.1000 180 0.4268
312089 914.54 10.9000 180 0.8000
312092 360.63 11.6500 180 0.6923
312093 178.03 14.1500 120 0.5302
312094 323.75 13.4500 180 0.7143
312095 335.38 13.1500 180 0.6383
312096 469.40 12.0100 180 0.8000
312099 335.22 14.5000 180 0.7500
312100 312.99 11.3400 180 0.6809
312104 465.07 9.2000 180 0.8240
312106 688.93 13.1500 180 0.8500
312107 718.16 11.4500 180 0.8000
312109 305.27 12.5500 180 0.7500
312110 359.04 10.4500 144 0.4900
312112 394.41 12.3000 180 0.7700
312114 302.08 12.9000 180 0.7500
312115 613.28 11.7000 360 0.8500
312116 828.15 10.6000 180 0.7304
312118 149.80 11.2500 180 0.5909
312119 360.48 9.9500 180 0.7500
312120 631.50 11.7000 180 0.8000
312122 1,377.33 10.4500 180 0.8500
312123 211.85 13.9000 180 0.4865
312124 535.39 10.3000 180 0.8500
312125 201.06 12.7500 180 0.7000
312126 318.23 13.7500 180 0.7457
312127 978.17 11.3500 120 0.6352
312128 758.84 10.9500 180 0.5096
312129 480.67 10.7000 180 0.7679
312130 642.17 8.9500 180 0.7471
312132 407.82 10.9400 180 0.7347
312133 311.12 14.7500 180 0.3185
312134 535.80 11.7000 240 0.8000
312135 261.27 12.3500 180 0.7500
312136 414.04 10.8500 180 0.8000
312137 484.51 10.7000 360 0.8700
312139 456.91 10.8000 360 0.7500
312142 1,008.94 10.8000 360 0.7974
312143 465.57 10.5500 180 0.8000
312144 498.66 9.9900 120 0.6302
312145 2,888.42 10.3000 180 0.8106
312147 931.43 12.9000 360 0.8000
312149 503.01 9.8500 360 0.9000
312152 306.71 11.6800 180 0.5039
312154 420.16 12.5500 180 0.6800
312155 526.89 11.8000 180 0.8000
312156 1,269.36 10.2000 240 0.7500
312157 1,370.24 9.9500 360 0.8000
312159 917.82 10.3000 360 0.4322
312164 316.49 10.9000 180 0.8000
312165 304.55 10.0700 360 0.6389
312166 340.19 10.2000 180 0.7920
312167 239.61 13.4000 180 0.7089
312172 1,096.11 10.2500 360 0.8000
312175 958.57 9.7000 360 0.8623
312176 335.24 10.3500 120 0.3030
312177 545.52 10.4500 240 0.8500
312178 548.84 10.5000 360 0.8571
312179 241.32 12.1000 180 0.7952
312180 502.05 10.7000 180 0.9000
312183 329.58 13.8000 180 0.6250
312184 269.72 12.4000 180 0.6667
312185 609.10 10.7500 360 0.7500
312186 640.27 11.5100 240 0.8000
312187 524.89 11.7500 360 0.8000
312188 434.99 12.5500 180 0.7822
312189 445.30 10.2000 180 0.7448
312190 609.06 10.5500 240 0.8000
312192 833.13 10.7500 360 0.8500
312193 538.26 10.8500 360 0.8000
312194 1,393.01 9.9500 180 0.8387
312195 216.84 14.2500 180 0.6000
312196 642.29 10.3000 180 0.8300
312197 357.16 11.8500 180 0.6522
312199 210.85 11.0500 180 0.7635
</TABLE>
Page 22
<PAGE>
EQUIVANTAGE--1997-1 LOAN LIST
<TABLE>
<CAPTION>
NOTE FIRST MATURITY NEXT PMT
LOAN NO REM TERM AM TERM SALES PRICE APPR VAL DATE PMT DATE DATE
- ----------- ----------------- --------------- -------------- ----------- --------- --------- ----------- -----------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
312085 239 240 0.00 60000.00 10-Dec-96 01-Feb-97 01-Jan-17 01-Mar-97
312086 360 360 0.00 168000.00 20-Jan-97 01-Mar-97 01-Feb-27 01-Mar-97
312087 239 240 0.00 58000.00 10-Dec-96 01-Feb-97 01-Jan-17 01-Mar-97
312088 178 180 0.00 82000.00 12-Dec-96 01-Feb-97 01-Jan-12 01-Apr-97
312089 179 360 0.00 121000.00 12-Dec-96 01-Feb-97 01-Jan-12 01-Mar-97
312092 179 360 0.00 52000.00 10-Dec-96 01-Feb-97 01-Jan-12 01-Mar-97
312093 119 120 0.00 21500.00 06-Jan-97 15-Feb-97 15-Jan-07 15-Mar-97
312094 179 180 0.00 35000.00 11-Dec-96 01-Feb-97 01-Jan-12 01-Mar-97
312095 178 360 0.00 47000.00 16-Dec-96 01-Feb-97 01-Jan-12 01-Apr-97
312096 179 360 0.00 57000.00 10-Dec-96 15-Feb-97 15-Jan-12 15-Mar-97
312099 178 360 0.00 36500.00 16-Dec-96 01-Feb-97 01-Jan-12 01-Apr-97
312100 179 360 0.00 47000.00 11-Dec-96 01-Feb-97 01-Jan-12 01-Mar-97
312104 179 180 0.00 55000.00 27-Jan-97 01-Feb-97 01-Jan-12 01-Mar-97
312106 178 360 0.00 72500.00 10-Dec-96 15-Jan-97 15-Dec-11 15-Mar-97
312107 179 360 0.00 91000.00 10-Dec-96 01-Feb-97 01-Jan-12 01-Mar-97
312109 179 360 0.00 38000.00 11-Dec-96 01-Feb-97 01-Jan-12 01-Mar-97
312110 142 144 0.00 60000.00 10-Dec-96 15-Jan-97 15-Dec-08 15-Mar-97
312112 178 360 0.00 48700.00 10-Dec-96 15-Jan-97 15-Dec-11 15-Mar-97
312114 179 180 0.00 32000.00 10-Dec-96 15-Jan-97 15-Dec-11 15-Feb-97
312115 358 360 0.00 71750.00 11-Dec-96 15-Jan-97 15-Dec-26 15-Mar-97
312116 178 180 0.00 102000.00 10-Dec-96 15-Jan-97 15-Dec-11 15-Mar-97
312118 178 180 0.00 22000.00 13-Dec-96 15-Jan-97 15-Dec-11 15-Mar-97
312119 179 360 0.00 55000.00 10-Dec-96 01-Feb-97 01-Jan-12 01-Mar-97
312120 178 360 0.00 78500.00 10-Dec-96 15-Jan-97 15-Dec-11 15-Mar-97
312122 179 180 0.00 147000.00 11-Dec-96 01-Feb-97 01-Jan-12 01-Mar-97
312123 180 360 0.00 37000.00 10-Dec-96 15-Jan-97 15-Dec-11 15-Jan-97
312124 178 360 0.00 70000.00 10-Dec-96 15-Jan-97 15-Dec-11 15-Mar-97
312125 179 180 0.00 23000.00 11-Dec-96 01-Feb-97 01-Jan-12 01-Mar-97
312126 178 180 0.00 71000.00 13-Dec-96 15-Jan-97 15-Dec-11 15-Mar-97
312127 118 120 0.00 110200.00 11-Dec096 15-Jan-97 15-Dec-06 15-Mar-07
312128 179 360 0.00 157000.00 12-Dec-96 01-Feb-97 01-Jan-12 01-Mar-97
312129 179 180 0.00 56000.00 11-Dec-96 01-Feb-97 01-Jan-12 01-Mar-97
312130 178 180 0.00 85000.00 11-Dec-96 15-Jan-97 15-Dec-11 15-Mar-97
312132 178 180 0.00 49000.00 11-Dec-96 15-Jan-97 15-Dec-11 15-Mar-97
312133 179 360 0.00 78500.00 11-Dec-96 01-Feb-97 01-Jan-12 01-Mar-97
312134 238 240 0.00 62000.00 11-Dec-96 15-Jan-97 15-Dec-16 15-Mar-97
312135 178 360 0.00 33000.00 12-Dec-96 15-Jan-97 15-Dec-11 15-Mar-97
312136 179 360 0.00 55000.00 12-Dec-96 01-Feb-97 01-Jan-12 01-Mar-97
312137 359 360 0.00 59900.00 11-Dec-96 15-Jan-97 15-Dec-26 15-Feb-97
312139 358 360 0.00 65000.00 11-Dec-96 15-Jan-97 15-Dec-26 15-Mar-97
312142 359 360 0.00 135000.00 14-Dec-96 01-Feb-97 01-Jan-27 01-Mar-97
312143 179 180 0.00 52500.00 12-Dec-96 15-Jan-97 15-Dec-11 15-Feb-97
312144 118 120 0.00 59900.00 11-Dec-96 15-Jan-97 15-Dec-06 15-Mar-97
312145 178 360 0.00 396000.00 11-Dec-96 15-Jan-97 15-Dec-11 15-Mar-97
312147 358 360 0.00 106000.00 12-Dec-96 01-Feb-97 01-Jan-27 01-Apr-97
312149 358 360 0.00 64500.00 11-Dec-96 01-Feb-97 01-Jan-27 01-Apr-97
312152 179 180 0.00 51600.00 12-Dec-96 01-Feb-97 01-Jan-12 01-Mar-97
312154 179 180 0.00 50000.00 13-Dec-96 01-Feb-97 01-Jan-12 01-Mar-97
312155 178 360 0.00 65000.00 11-Dec-96 15-Jan-97 15-Dec-11 15-Mar-97
312156 238 240 0.00 173000.00 17-Dec-96 15-Jan-97 15-Dec-16 15-Mar-97
312157 359 360 0.00 196000.00 16-Dec-96 01-Feb-97 01-Jan-27 01-Mar-97
312159 359 360 0.00 236000.00 16-Dec-96 01-Feb-97 01-Jan-27 01-Mar-97
312164 179 180 0.00 35000.00 12-Dec-96 01-Feb-97 01-Jan-12 01-Mar-97
312165 359 360 0.00 54000.00 16-Dec-96 01-Feb-97 01-Jan-27 01-Mar-97
312166 179 180 0.00 50000.00 12-Dec-96 15-Feb-97 15-Jan-12 15-Mar-97
312167 178 180 0.00 85000.00 16-Dec-96 15-Jan-97 15-Dec-11 15-Mar-97
312172 359 360 152900.00 152900.00 18-Dec-96 01-Feb-97 01-Jan-27 01-Mar-97
312175 358 360 0.00 129950.00 13-Dec-96 01-Feb-97 01-Jan-27 01-Apr-97
312176 119 120 0.00 82500.00 16-Dec-96 01-Feb-97 01-Jan-07 01-Mar-97
312177 238 240 0.00 64500.00 13-Dec-96 15-Jan-97 15-Dec-16 15-Mar-97
312178 359 360 0.00 70000.00 12-Dec-96 01-Feb-97 01-Jan-27 01-Mar-97
312179 178 180 0.00 76000.00 13-Dec-96 15-Jan-97 15-Dec-11 15-Mar-97
312180 178 360 0.00 60000.00 12-Dec-96 15-Jan-97 15-Dec-11 15-Mar-97
312183 179 180 0.00 40000.00 13-Dec-96 15-Jan-97 15-Dec-11 15-Feb-97
312184 179 180 0.00 33000.00 12-Dec-96 01-Feb-97 01-Jan-12 01-Mar-97
312185 358 360 87000.00 87000.00 13-Dec-96 15-Jan-97 15-Dec-26 15-Mar-97
312186 239 240 0.00 75000.00 12-Dec-96 01-Feb-97 01-Jan-17 01-Mar-97
312187 359 360 0.00 65000.00 17-Dec-96 01-Feb-97 01-Jan-27 01-Mar-97
312188 179 180 0.00 45000.00 13-Dec-96 01-Feb-97 01-Jan-12 01-Mar-97
312189 179 360 67000.00 67000.00 27-Dec-96 01-Feb-97 01-Jan-12 01-Mar-97
312190 239 240 0.00 76000.00 13-Dec-96 15-Feb-97 15-Jan-17 15-Mar-97
312192 358 360 0.00 105000.00 12-Dec-96 15-Jan-97 15-Dec-26 15-Mar-97
312193 359 360 0.00 71500.00 13-Dec-96 15-Jan-97 15-Dec-26 15-Feb-97
312194 178 180 0.00 155000.00 13-Dec-96 15-Jan-97 15-Dec-11 15-Mar-97
312195 179 360 0.00 30000.00 17-Dec-96 01-Feb-97 01-Jan-12 01-Mar-97
312196 179 360 0.00 86000.00 16-Dec-96 15-Feb-97 15-Jan-12 15-Mar-97
312197 179 180 0.00 46000.00 13-Dec-96 15-Jan-97 15-Dec-11 15-Feb-97
312199 179 180 0.00 110000.00 16-Dec-96 01-Feb-97 01-Jan-12 01-Mar-97
<CAPTION>
NEXT PMT
LOAN NO AS OF 03/01 PROPTYPE UNITS OCCUP LIEN LIEN BAL PURPOSE
- ----------- ----------- ----------------- ------------- --------------- ----- ------------- -----------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
312085 01-Mar-97 1 1 1 18 0 2
312086 01-Apr-97 1 1 1 18 0 4
312087 01-Mar-97 1 1 1 18 0 3
312088 01-Apr-97 1 1 1 18 0 3
312089 01-Mar-97 1 1 1 18 0 3
312092 01-Mar-97 1 1 1 18 0 3
312093 15-Mar-97 1 1 1 18 0 3
312094 01-Mar-97 1 1 1 18 0 3
312095 01-Apr-97 1 1 1 18 0 3
312096 15-Mar-97 2 2 1 18 0 3
312099 01-Apr-97 1 1 1 18 0 3
312100 01-Mar-97 1 1 1 18 0 3
312104 01-Mar-97 1 1 1 18 0 4
312106 15-Mar-97 1 1 1 18 0 4
312107 01-Mar-97 1 1 1 18 0 3
312109 01-Mar-97 1 1 1 18 0 3
312110 15-Mar-97 1 1 1 18 0 3
312112 15-Mar-97 1 1 1 18 0 2
312114 15-Feb-97 1 1 1 18 0 3
312115 15-Mar-97 1 1 1 18 0 3
312116 15-Mar-97 1 1 1 18 0 4
312118 15-Mar-97 1 1 1 18 0 3
312119 01-Mar-97 8 1 1 18 0 2
312120 15-Mar-97 8 1 1 18 0 4
312122 01-Mar-97 8 1 1 18 0 3
312123 15-Jan-97 1 1 1 18 0 4
312124 15-Mar-97 1 1 1 18 0 4
312125 01-Mar-97 1 1 1 18 0 3
312126 15-Mar-97 1 1 1 38 28746 3
312127 15-Mar-97 1 1 1 18 0 3
312128 01-Mar-97 1 1 1 18 0 3
312129 01-Mar-97 1 1 1 18 0 2
312130 15-Mar-97 1 1 1 18 0 4
312132 15-Mar-97 1 1 1 18 0 3
312133 01-Mar-97 1 1 1 18 0 3
312134 15-Mar-97 1 1 1 18 0 3
312135 15-Mar-97 1 1 1 18 0 3
312136 01-Mar-97 1 1 1 18 0 3
312137 15-Feb-97 1 1 1 18 0 3
312139 15-Mar-97 1 1 1 18 0 3
312142 01-Mar-97 1 1 1 18 0 4
312143 15-Feb-97 1 1 1 18 0 3
312144 15-Mar-97 1 1 1 18 0 3
312145 15-Mar-97 1 1 1 18 0 3
312147 01-Apr-97 2 2 1 18 0 3
312149 01-Apr-97 1 1 1 18 0 2
312152 01-Mar-97 1 1 1 18 0 3
312154 01-Mar-97 1 1 1 18 0 4
312155 15-Mar-97 5 2 1 18 0 3
312156 15-Mar-97 1 3 3 18 0 3
312157 01-Mar-97 1 1 1 18 0 4
312159 01-Mar-97 1 1 1 18 0 3
312164 01-Mar-97 1 1 1 18 0 3
312165 01-Mar-97 1 1 1 18 0 4
312166 15-Mar-97 1 1 1 38 8300 3
312167 15-Mar-97 3 1 1 38 41703 3
312172 01-Mar-97 1 1 1 18 0 1
312175 01-Apr-97 1 1 1 18 0 2
312176 01-Mar-97 1 1 1 18 0 3
312177 15-Mar-97 1 1 1 18 0 2
312178 01-Mar-97 1 1 1 18 0 3
312179 15-Mar-97 1 1 1 38 40438 3
312180 15-Mar-97 1 1 1 18 0 3
312183 15-Feb-97 1 1 1 18 0 3
312184 01-Mar-97 1 1 1 18 0 3
312185 15-Mar-97 1 1 1 18 0 1
312186 01-Mar-97 1 1 1 18 0 3
312187 01-Mar-97 1 1 1 18 0 2
312188 01-Mar-97 1 1 1 18 0 3
312189 01-Mar-97 1 1 3 18 0 1
312190 15-Mar-97 8 1 1 18 0 4
312192 15-Mar-97 1 1 1 18 0 3
312193 15-Feb-97 1 1 1 18 0 3
312194 15-Mar-97 1 1 1 18 0 3
312195 01-Mar-97 1 1 1 18 0 3
312196 15-Mar-97 1 1 1 18 0 3
312197 15-Feb-97 1 1 1 18 0 3
312199 01-Mar-97 1 1 1 38 65490 3
<CAPTION>
BNK RUP NEXT INT PERIODIC LIFE
LOAN NO GRADE DISCHARGE SECT 32 MARGIN INDEX CHANGE CAP CAP
- ----------- ----------- ------------ ------------- ------------- --------- ----------- --------------- -----
<S> <C> <C> <C> <C> <C> <C> <C>
312085 B -- F 0 -- 0 0
312086 B -- F 0 -- 0 0
312087 C 01-Oct-95 F 0 -- 0 0
312088 A -- F 0 -- 0 0
312089 A 01-May-93 F 0 -- 0 0
312092 A -- F 0 -- 0 0
312093 C 01-Apr-95 F 0 -- 0 0
312094 C -- F 0 -- 0 0
312095 B -- F 0 -- 0 0
312096 B -- F 0 -- 0 0
312099 C 06-Jun-95 F 0 -- 0 0
312100 B -- F 0 -- 0 0
312104 A -- T 0 -- 0 0
312106 A -- F 0 -- 0 0
312107 B -- F 0 -- 0 0
312109 B -- F 0 -- 0 0
312110 A -- F 0 -- 0 0
312112 B -- F 0 -- 0 0
312114 B -- F 0 -- 0 0
312115 B 12-Aug-93 F 0 -- 0 0
312116 B -- F 0 -- 0 0
312118 B 01-Jul-88 T 0 -- 0 0
312119 A -- F 0 -- 0 0
312120 B 01-Sep-92 F 0 -- 0 0
312122 A -- F 0 -- 0 0
312123 C -- F 0 -- 0 0
312124 A -- F 0 -- 0 0
312125 B -- F 0 -- 0 0
312126 B -- F 0 -- 0 0
312127 B 27-Sep-95 F 0 -- 0 0
312128 B -- F 0 -- 0 0
312129 A -- F 0 -- 0 0
312130 A+ -- F 0 -- 0 0
312132 A -- F 0 -- 0 0
312133 C -- F 0 -- 0 0
312134 B -- F 0 -- 0 0
312135 C 01-May-94 F 0 -- 0 0
312136 B -- F 0 -- 0 0
312137 A -- F 7.2 6MOLIB 15-Dec-98 1.5 7
312139 B -- F 0 -- 0 0
312142 A -- F 0 -- 0 0
312143 A -- F 0 -- 0 0
312144 A -- F 0 -- 0 0
312145 A -- F 0 -- 0 0
312147 B -- F 0 -- 0 0
312149 A+ -- F 0 -- 0 0
312152 C -- F 0 -- 0 0
312154 C -- F 0 -- 0 0
312155 A -- F 0 -- 0 0
312156 A -- F 0 -- 0 0
312157 B -- F 6.95 6MOLIB 01-Jan-99 1.5 7
312159 B -- F 7.3 6MOLIB 01-Jan-99 1.5 7
312164 A -- F 0 -- 0 0
312165 B 01-Jun-89 F 7.07 6MLIB 01-Jan-99 1.5 7
312166 A -- F 0 -- 0 0
312167 B -- F 0 -- 0 0
312172 B -- F 7.25 6MOLIB 01-Jan-99 1.5 7
312175 A+ -- F 0 -- 0 0
312176 A -- F 0 -- 0 0
312177 A -- F 0 -- 0 0
312178 A -- F 0 -- 0 0
312179 B -- F 0 -- 0 0
312180 A -- F 0 -- 0 0
312183 C -- F 0 -- 0 0
312184 B -- T 0 -- 0 0
312185 A 03-Oct-91 F 0 -- 0 0
312186 B -- F 0 -- 0 0
312187 A -- F 0 -- 0 0
312188 B 21-Mar-94 F 0 -- 0 0
312189 A -- F 0 -- 0 0
312190 A -- F 0 -- 0 0
312192 B -- F 8.25 6MLIB 15-Jun-97 1.5 7
312193 A -- F 0 -- 0 0
312194 A -- F 0 -- 0 0
312195 C -- F 0 -- 0 0
312196 A -- F 0 -- 0 0
312197 C 01-May-91 F 0 -- 0 0
312199 A -- F 0 -- 0 0
</TABLE>
Page 23
<PAGE>
EQUIVANTAGE--1997-1 LOAN LIST
<TABLE>
<CAPTION>
PRE PMT
LOAN NO FLOOR CEILING PEN DOC LEVEL
- ----------- --------------- ------------- --------------- -------------------
<S> <C> <C> <C> <C>
312085 0 0 F
312086 0 0 P F
312087 0 0 P F
312088 0 0 P F
312089 0 0 P F
312092 0 0 F
312093 0 0 P F
312094 0 0 P F
312095 0 0 L
312096 0 0 P F
312099 0 0 P F
312100 0 0 P F
312104 0 0 F
312106 0 0 P F
312107 0 0 P F
312109 0 0 P F
312110 0 0 F
312112 0 0 F
312114 0 0 F
312115 0 0 F
312116 0 0 F
312118 0 0 F
312119 0 0 P F
312120 0 0 F
312122 0 0 P F
312123 0 0 F
312124 0 0 P F
312125 0 0 P F
312126 0 0 P F
312127 0 0 P F
312128 0 0 P F
312129 0 0 F
312130 0 0 P F
312132 0 0 F
312133 0 0 P F
312134 0 0 F
312135 0 0 P F
312136 0 0 P F
312137 10.7 17.7 F
312139 0 0 F
312142 0 0 F
312143 0 0 F
312144 0 0 F
312145 0 0 P F
312147 0 0 F
312149 0 0 P F
312152 0 0 P F
312154 0 0 P F
312155 0 0 P F
312156 0 0 P F
312157 9.95 16.95 P F
312159 10.3 17.3 P F
312164 0 0 P F
312165 10.07 17.07 P F
312166 0 0 P F
312167 0 0 F
312172 10.25 17.25 F
312175 0 0 P F
312176 0 0 P F
312177 0 0 P F
312178 0 0 P F
312179 0 0 P F
312180 0 0 P F
312183 0 0 F
312184 0 0 F
312185 0 0 P L
312186 0 0 P F
312187 0 0 P F
312188 0 0 P F
312189 0 0 P F
312190 0 0 F
312192 0 17.75 P F
312193 0 0 F
312194 0 0 P F
312195 0 0 P F
312196 0 0 P F
312197 0 0 P F
312199 0 0 F
</TABLE>
Page 24
<PAGE>
EQUIVANTAGE--1997-1 LOAN LIST
<TABLE>
<CAPTION>
LOAN NO TYPE LASTNAME FIRSTNAME ADDRESS
- ----------- --------- ------------------ ------------------ ------------------------------------------------
<S> <C> <C> <C> <C>
312200 BLLN MCFARLAND ROY M 6822 FAIRVIEW ROAD
312202 BLLN SHOOK WALTER 512 SHOOK ROAD
312203 BLLN SNYDER WILLIAM D 610 NORTH MAIN
312204 FR SOUTHALL MARVA R 725 REVELS DRIVE
312205 FR FLECK LOUIS J 600W NATIONAL HWY
312206 BLLN WILLIAMS NORRIS S 1808 RUSSELL STREET
312207 BLLN BYRD JOHN K 317 OWEN STREET
312208 BLLN ERICKSON LINDA P 1156 GEORGE BASON RD
312209 FR REED CLINT M. 1504 MONTICELLO COUR
312210 BLLN FELDMEYER SCOT W 1129 AVALON DRIVE
312213 BLLN BANNERMAN MARSHA L 1043 N MOUNT STREET
312214 ARM2-28 BOYCHI MIKE 5540 BRIDGEPORT
312215 FR DAVIDSON VIRGINIA 3631 KINSER PIKE
312216 FR DYSON LARRY 198 KELLUM
312218 ARM2-28 SHIVERS MARYLOU 30805 BARTON
312219 ARM SHELLEY THOMAS A 1401 COUNTY ROAD EF
312222 BLLN COMPTON BETTY A 168 VISTAVIEW DRIVE
312224 FR GIBSON ETHELDRE 816 149TH STREET CO
312225 BLLN SLONE JERRY 6723 METTETAL
312226 FR S WHITE KATHLEEN 2745 MARY AVENUE
312227 BLLN SAXER ROBERT F 401 BANK STREET
312229 FR TAYLOR DIANE 211 BONNARIDGE DR
312230 BLLN LOWRY LISA 29 LYNE COVE COURT
312232 FR CRABTREE JR UAIL S 1321 JAHNZ AVENUE
312233 FR SWARTZ ROBERT L 54313 MYSTIQUE CT
312235 FR BENNETT MARY 6759S THROOP ST
312239 FR COOPER JAMES P. 865 TIEASHA LANE
312240 FR FERGUSON ROY H 262 BANK ROAD
312242 ARM2-28 WILLIAMS JEFFREY 3317 52ND PLACE N.E.
312243 BLLN WALKER JAMES 6 NEAL STREET
312244 BLLN NEAL DENNIS 6711 FLAT CREEK RD
312245 FR DOCKERY CHARLES E 706 FORESTVIEW ROAD
312246 BLLN OLIVER JOHN R 4330 KENTUCKY STREET
312247 FR RUSSELL THELMA K 109 JR. HILL ROAD
312248 BLLN HUTTON NORMA 12310 CLOVERLAWN
312249 BLLN SALMON JOHN A 2900 PEARSON AVENUE
312250 BLLN ALLEN REBA W 1043 GEN GEORGE PATT
312251 BLLN MINNICK ROBERT W 3424W STROUDSVILLE RD
312255 FR DOWELL BETTY A 1458 AKRON STREET
312256 ARM2-28 KOCHANSKI KEVIN J 3893 SANDBAR COURT
312257 ARM2-28 BAETIONG ANGELITA 701 EAST LINCOLN
312260 BLLN SHECKARD EDWARD 62 SWEDEN CIRCLE
312264 BLLN WYATT JAMES C. 326 WILD GOOSE LAKE
312265 BLLN HOLMES HERBERT 756 ST PAUL'S CHURC
312266 FR EMINIAN BARBARA 2303 HOLMDEN AVENUE
312267 FR BANDY CLAUDINE 3218 LYNCHBURG
312269 FR WATSON JOHN H 1515 LANDEVEIS END
312270 FR FORDER REGINALD 4854 ASTER DRIVE
312272 ARM2-28 MILLS BETTY J 1681 SMELTZER ROAD
312274 FR WADE ANNETTE 2ND & LEXINGTON AVE
312275 BLLN COTTRILL EDWARD C 1015 NWORRVILLE STREET
312276 FR WILLIAMS JULIA M. 2492 MONTEREY
312279 FR WILLIAMS VON MARK 6043 GUYNELL DRIVE
312280 FR PIRTLE JOHNNY A 23 CARRUTHERS DR.
312283 BLLN LUSTER ALONZO R 359 BEECHWOOD DRIVE
312284 FR WEAVER ADRIA 9809 SANDUSKY AVENUE
312285 BLLN GULLEY ALLEN M 62 W BEVERLY
312286 BLLN WEINBERG SCOTT E 1389 MONOMOY STREET
312287 FR TRYNER ROBERT F 14212 N. 100 WEST
312294 FR JONES JERRY D 29W 110 WOODLAND AV
312295 FR REX MICHAEL A 908 NE 109TH AVE
312297 BLLN CHURCH DAVID AR 181 COUTANT STREET
312298 FR BROTHERTON THOMAS H 234 WILLOW WOOD DR
312299 FR CHILLIS MARY 3452 W HIRSH ST
312300 FR CHEEK ETHEL LE 109 WEBBER LANE
312302 FR SAMS MARCELLA 5121 VERMONT STREET
312303 FR CASSIDY LEEANNE 121 FERN AVENUE
312304 FR COMBS LARRY W 4814 CLIFF AVENUE
312305 BLLN ALDERSON GLORIA 605 VESTER AVENUE
312306 BLLN WOODARD JERRY G. 1009 SHILOH DRIVE
312307 FR GARCIA JESUS E 1453 SHELL STREET
312310 FR FAILE ROBERT R 1762 NAZARETH ROAD
312312 FR PANTHER JR WILLIAM A 2214 MONTEREY PARK D
312314 FR PANTHER JR WILLIAM A 2825 MONTEREY PARK
312315 BLLN HOLBERT JAMES M 3306 WILLOW TREE RD
312317 BLLN MARKAHN PAUL 5109 HUNTERS POINT L
312318 FR GEORGE GERALDINE 545 BRYAN ROAD
312319 FR HARRISON JAMES A 304 GREENMEADOW CIR
<CAPTION>
LOAN NO CITY STATE ZIP COUNTY ORIG BAL UPB UPB AS OF 03/01
- ----------- --------------------- ----------- --------- ----------------------- ----------- --------- ---------------
<S> <C> <C> <C> <C>
312200 CORRYTON TN 37721 KNOX 66,300.00 66,231.00 66,231.00
312202 SENECA SC 29672 OCONEE 34,700.00 34,534.90 34,534.90
312203 GASTON IN 47342 DELAWARE 35,200.00 35,190.69 35,190.69
312204 NASHVILLE TN 37207 DAVIDSON 68,000.00 67,741.55 67,741.55
312205 WASHINGTON IN 47501 DAVIESS 32,000.00 31,856.62 31,856.62
312206 NASHVILLE TN 37206 DAVIDSON 77,400.00 77,375.80 77,375.80
312207 GIBSONVILLE NC 27249 ALAMANCE 51,000.00 50,988.57 50,988.57
312208 GRAHAM NC 27253 ALAMANCE 144,500.00 144,500.00 144,500.00
312209 MURFREESBORO TN 37129 RUTHERFORD 119,000.00 118,849.29 118,697.28
312210 MAINEVILLE OH 45039 WARREN 172,000.00 171,944.43 171,888.33
312213 BALTIMORE MD 21217 BALTIMORE CITY 30,000.00 29,967.83 29,967.83
312214 CANAL FULTON OH 44614 STARK 85,000.00 84,955.94 84,955.94
312215 BLOOMINGTON IN 47404 MONROE 78,300.00 78,272.38 78,272.38
312216 SALTILLO MS 38866 LEE 21,500.00 21,500.00 21,500.00
312218 GARDEN CITY MI 48135 WAYNE 68,850.00 68,826.76 68,826.76
312219 SWANTON OH 43558 FULTON 93,500.00 93,456.38 93,456.38
312222 ELGIN SC 29045 KERSHAW 50,000.00 49,985.37 49,985.37
312224 TACOMA WA 98445 PIERCE 109,600.00 109,497.32 109,497.32
312225 DETROIT MI 48228 WAYNE 34,400.00 34,389.37 34,378.63
312226 GASTONIA NC 28052 GASTON 29,500.00 29,442.07 29,442.07
312227 LODI OH 44254 MEDINA 56,000.00 55,981.90 55,981.90
312229 HERMITAGE TN 37076 DAVIDSON 25,900.00 25,781.78 25,781.78
312230 IRMO SC 29063 RICHLAND 73,950.00 73,920.92 73,920.92
312232 SUMMERVILLE SC 29485 DORCHESTER 77,350.00 77,164.24 77,164.24
312233 MISHAWAKA IN 46545 ST. JOSEPH 103,600.00 103,552.68 103,552.68
312235 CHICAGO IL 60636 COOK 54,400.00 54,373.24 54,373.24
312239 GABLE SC 29051 SUMTER 34,900.00 34,835.53 34,835.53
312240 FALL BRANCH TN 37656 WASHINGTON 30,000.00 29,855.22 29,855.22
312242 TACOMA WA 98442 PIERCE 156,825.00 156,772.05 156,772.05
312243 SUMTER SC 29150 SUMTER 64,600.00 64,600.00 64,600.00
312244 COLLEGE GROVE TN 37046 WILLIAMSON 67,900.00 67,872.06 67,872.06
312245 KNOXVILLE TN 37919 KNOX 71,825.00 71,654.51 71,654.51
312246 GARY IN 46409 LAKE 41,250.00 41,216.80 41,216.80
312247 MILLEDGEVILLE GA 31061 BALDWIN 23,100.00 22,825.77 22,825.77
312248 DETROIT MI 48204 WAYNE 20,000.00 19,995.00 19,995.00
312249 MARYVILLE TN 37804 BLOUNT 70,400.00 70,358.56 70,358.56
312250 NASHVILLE TN 37221 DAVIDSON 25,000.00 24,981.50 24,981.50
312251 CEDAR HILL TN 37032 ROBERTSON 41,650.00 41,615.35 41,615.35
312255 TOLEDO OH 43605 LUCAS 55,250.00 55,233.11 55,233.11
312256 OXFORD MI 48371 OAKLAND 213,300.00 213,210.36 213,210.36
312257 MADISON HEIGHTS MI 48071 OAKLAND 68,670.00 68,642.41 68,642.41
312260 SILVERTON OR 97381 MARION COUNTY 170,000.00 169,929.48 169,929.48
312264 GREGORY MI 48137 WASHTENAW 58,200.00 58,186.55 58,186.55
312265 SUMTER SC 29154 SUMTER 17,250.00 17,246.14 17,246.14
312266 CLEVELAND OH 44109 CUYAHOGA 42,500.00 42,401.62 42,401.62
312267 MEMPHIS TN 38134 SHELBY 57,500.00 57,358.70 57,358.70
312269 MARIETTA GA 30068 COBB 55,000.00 54,790.77 54,790.77
312270 NASHVILLE TN 37211 DAVIDSON 82,125.00 82,092.36 82,092.36
312272 MARION OH 43302 MARION 39,500.00 39,476.80 39,476.80
312274 NORWAY SC 29113 ORANGEBURG 59,500.00 59,428.49 59,428.49
312275 MASSILLON OH 44647 STARK 59,200.00 59,172.08 59,172.08
312276 DETROIT MI 48206 WAYNE 16,000.00 15,918.25 15,918.25
312279 BATON ROUGE LA 70811 EAST BATON ROUGE 40,500.00 39,899.38 39,899.38
312280 JACKSON TN 38305 MADISON 32,000.00 31,934.47 31,934.47
312283 AKRON OH 44320 SUMMIT 62,250.00 62,237.32 62,237.32
312284 CLEVELAND OH 44105 CUYAHOGA 40,550.00 40,400.18 40,400.18
312285 PONTIAC MI 48340 OAKLAND 46,750.00 46,731.22 46,731.22
312286 AURORA IL 60506 KANE 16,500.00 16,492.66 16,492.66
312287 SUMMITVILLE IN 46035 MADISON 20,000.00 19,918.38 19,918.38
312294 WEST CHICAGO IL 60185 DUPAGE 58,000.00 57,748.43 57,748.43
312295 PORTLAND OR 97220 MULTNOMAH 84,000.00 83,946.64 83,946.64
312297 FLUSHING MI 48433 GENESEE 88,315.00 88,279.53 88,279.53
312298 CHIPPEWA LAKE OH 44215 MEDINA 90,000.00 89,972.48 89,972.48
312299 CHICAGO IL 60651 COOK 55,000.00 54,866.69 54,866.69
312300 UNION SC 29379 UNION 22,000.00 21,953.62 21,953.62
312302 GARY IN 46409 LAKE 56,250.00 56,229.05 56,229.05
312303 NASHVILLE TN 37207 DAVIDSON 55,165.00 55,139.53 55,139.53
312304 LOUISVILLE KY 40215 JEFFERSON 31,135.00 31,101.07 31,101.07
312305 NASHVILLE TN 37207 DAVIDSON 50,400.00 50,383.35 50,383.35
312306 SPRINGFIELD TN 37073 Robertson 84,800.00 84,774.07 84,774.07
312307 HAMMOND IN 46320 LAKE 40,000.00 39,817.08 39,817.08
312310 LEXINGTON SC 29073 LEXINGTON 12,584.00 12,569.56 12,569.56
312312 GASTONIA NC 28054 GASTON 46,900.00 46,885.31 46,885.31
312314 GASTONIA NC 28054 GASTON 63,425.00 63,380.44 63,380.44
312315 SEVIERVILLE TN 37862 SEVIER 43,500.00 43,477.75 43,477.75
312317 HERMITAGE TN 37076 DAVIDSON 52,875.00 52,761.88 52,761.88
312318 CLARKSVILLE TN 37043 MONTGOMERY 25,000.00 24,816.45 24,816.45
312319 ANDERSON SC 29624 ANDERSON 48,500.00 48,264.09 48,264.09
<CAPTION>
LOAN NO P&I RATE ORIG TERM CLTV
- ----------- --------- --------- ----------------- ---------
312200 545.43 9.2500 180 0.8500
312202 309.66 10.2000 180 0.5783
312203 371.58 12.3500 180 0.8000
312204 842.55 12.6000 180 0.8500
312205 360.70 10.8500 180 0.8000
312206 772.40 11.6000 180 0.9000
312207 567.75 13.0900 180 0.7500
312208 1,525.39 12.3500 180 0.8500
312209 1,172.13 10.3000 240 0.7727
312210 1,696.74 11.4500 180 0.7478
312213 276.67 10.6000 180 0.7143
312214 699.27 9.2500 360 0.8500
312215 748.63 11.0500 360 0.9000
312216 330.60 13.7500 120 0.5000
312218 668.71 11.2500 360 0.8500
312219 803.31 9.7500 360 0.8500
312222 510.46 11.9000 180 0.7692
312224 941.63 9.7500 360 0.8000
312225 344.60 11.6500 180 0.8000
312226 357.85 12.2000 180 0.5086
312227 552.43 11.4500 180 0.8000
312229 288.71 10.6500 180 0.3278
312230 679.22 10.5500 180 0.8500
312232 833.57 10.0500 180 0.8500
312233 897.70 9.8500 360 0.8000
312235 589.04 12.7000 360 0.8500
312239 437.90 12.8400 180 0.6712
312240 399.78 10.2000 120 0.4839
312242 1,523.18 11.2500 360 0.8500
312243 624.49 11.1900 180 0.8500
312244 777.20 13.4900 180 0.8083
312245 780.65 10.2000 180 0.8500
312246 435.45 12.3500 180 0.7500
312247 527.37 13.1500 60 0.5133
312248 215.00 12.6000 180 0.7407
312249 774.91 12.9300 180 0.8000
312250 235.25 10.8500 180 0.1852
312251 375.09 10.3100 180 0.8500
312255 555.58 11.7000 360 0.8500
312256 1,909.80 10.2400 360 0.9000
312257 625.59 10.4500 360 0.9000
312260 1,529.69 10.3000 180 0.8500
312264 641.53 12.9500 180 0.6000
312265 192.17 13.1000 180 0.7500
312266 468.48 10.4500 180 0.8500
312267 610.88 9.8000 180 0.6845
312269 681.11 12.5900 180 0.7922
312270 751.23 10.5000 360 0.9000
312272 307.93 8.6500 360 0.6475
312274 602.05 10.7000 240 0.8500
312275 506.45 9.7000 180 0.8000
312276 204.42 9.2000 120 0.4923
312279 471.57 11.4400 180 0.7500
312280 379.13 11.7600 180 0.8000
312283 713.51 13.5100 180 0.7500
312284 477.60 9.7000 144 0.8110
312285 425.89 10.4500 180 0.8500
312286 184.46 13.1500 180 0.7500
312287 238.11 11.8500 180 0.7755
312294 666.53 11.2000 180 0.4143
312295 835.05 11.5500 360 0.8000
312297 804.55 10.4500 180 0.8500
312298 905.02 11.7000 360 0.7317
312299 589.35 9.9500 180 0.6322
312300 256.30 11.4500 180 0.8000
312302 527.20 10.8000 360 0.9000
312303 475.98 9.8000 360 0.8500
312304 330.75 11.4400 240 0.8500
312305 493.35 11.3500 180 0.9000
312306 852.73 11.7000 180 0.8000
312307 445.39 10.6300 180 0.7143
312310 130.32 11.0500 240 0.8500
312312 467.67 11.5900 360 0.7949
312314 608.33 11.0900 360 0.8457
312315 467.64 12.6000 180 0.7250
312317 557.76 12.3400 180 0.7500
312318 296.61 9.8500 144 0.2551
312319 537.62 10.5500 180 0.6818
</TABLE>
Page 25
<PAGE>
EQUIVANTAGE--1997-1 LOAN LIST
<TABLE>
<CAPTION>
NOTE FIRST MATURITY NEXT PMT
LOAN NO REM TERM AM TERM SALES PRICE APPR VAL DATE PMT DATE DATE
- ----------- ----------------- --------------- -------------- ----------- --------- --------- ----------- -----------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
312200 178 360 0.00 78000.00 16-Dec-96 15-Jan-97 15-Dec-11 15-Mar-97
312202 178 360 0.00 60000.00 18-Dec-96 01-Feb-97 01-Jan-12 01-Apr-97
312203 179 360 0.00 44000.00 18-Dec-96 01-Feb-97 01-Jan-12 01-Mar-97
312204 178 180 0.00 80000.00 16-Dec-96 15-Jan-97 15-Dec-11 15-Mar-97
312205 178 180 0.00 40000.00 16-Dec-96 15-Jan-97 15-Dec-11 15-Mar-97
312206 179 360 0.00 86000.00 13-Dec-96 01-Feb-97 01-Jan-12 01-Mar-97
312207 179 360 0.00 68000.00 16-Dec-96 01-Feb-97 01-Jan-12 01-Mar-97
312208 180 360 0.00 170000.00 16-Dec-96 15-Feb-97 15-Jan-12 15-Feb-97
312209 239 240 0.00 154000.00 13-Dec-96 01-Feb-97 01-Jan-17 01-Mar-97
312210 179 360 0.00 230000.00 16-Dec-96 01-Feb-97 01-Jan-12 01-Mar-97
312213 179 360 0.00 42000.00 23-Dec-96 15-Feb-97 15-Jan-12 15-Mar-97
312214 359 360 0.00 100000.00 14-Dec-96 01-Feb-97 01-Jan-27 01-Mar-97
312215 359 360 0.00 87000.00 19-Dec-96 01-Feb-97 01-Jan-27 01-Mar-97
312216 120 120 0.00 43000.00 17-Dec-96 01-Feb-97 01-Jan-07 01-Feb-97
312218 359 360 0.00 81000.00 20-Dec-96 01-Feb-97 01-Jan-27 01-Mar-97
312219 359 360 0.00 110000.00 17-Dec-96 01-Feb-97 01-Jan-27 01-Mar-97
312222 179 360 0.00 65000.00 16-Dec-96 01-Feb-97 01-Jan-12 01-Mar-97
312224 358 360 0.00 137000.00 17-Dec-96 01-Feb-97 01-Jan-27 01-Apr-97
312225 179 360 0.00 43000.00 07-Jan-97 01-Feb-97 01-Jan-12 01-Mar-97
312226 179 180 0.00 58000.00 20-Dec-96 01-Feb-97 01-Jan-12 01-Mar-97
312227 179 360 0.00 70000.00 16-Dec-96 01-Feb-97 01-Jan-12 01-Mar-97
312229 178 180 0.00 79000.00 19-Dec-96 01-Feb-97 01-Jan-12 01-Apr-97
312230 179 360 0.00 87000.00 16-Dec-96 01-Feb-97 01-Jan-12 01-Mar-97
312232 179 180 0.00 91000.00 16-Dec-96 01-Feb-97 01-Jan-12 01-Mar-97
312233 359 360 0.00 129500.00 17-Dec-96 01-Feb-97 01-Jan-27 01-Mar-97
312235 358 360 0.00 64000.00 18-Dec-96 15-Jan-97 15-Dec-26 15-Mar-97
312239 179 180 0.00 52000.00 17-Dec-96 01-Feb-97 01-Jan-12 01-Mar-97
312240 119 120 0.00 62000.00 17-Dec-96 15-Feb-97 15-Jan-07 15-Mar-97
312242 359 360 184500.00 184500.00 17-Dec-96 01-Feb-97 01-Jan-27 01-Mar-97
312243 180 360 0.00 76000.00 19-Dec-96 01-Feb-97 01-Jan-12 01-Feb-97
312244 178 360 0.00 84000.00 19-Dec-96 01-Feb-97 01-Jan-12 01-Apr-97
312245 179 180 0.00 84500.00 17-Dec-96 15-Feb-97 15-Jan-12 15-Mar-97
312246 178 360 0.00 55000.00 17-Dec-96 15-Jan-97 15-Dec-11 15-Mar-97
312247 59 60 0.00 45000.00 18-Dec-96 01-Feb-97 01-Jan-02 01-Mar-97
312248 179 360 0.00 27000.00 20-Dec-96 01-Feb-97 01-Jan-12 01-Mar-97
312249 179 360 0.00 88000.00 17-Dec-96 01-Feb-97 01-Jan-12 01-Mar-97
312250 178 360 0.00 135000.00 17-Dec-96 15-Jan-97 15-Dec-11 15-Mar-97
312251 178 360 0.00 49000.00 17-Dec-96 15-Jan-97 15-Dec-11 15-Mar-97
312255 359 360 0.00 65000.00 19-Dec-96 15-Feb-97 15-Jan-27 15-Mar-97
312256 359 360 0.00 237000.00 17-Dec-96 01-Feb-97 01-Jan-27 01-Mar-97
312257 359 360 0.00 76300.00 18-Dec-96 01-Feb-97 01-Jan-27 01-Mar-97
312260 179 360 0.00 200000.00 27-Dec-96 15-Feb-97 15-Jan-12 15-Mar-97
312264 179 360 0.00 97000.00 19-Dec-96 01-Feb-97 01-Jan-12 01-Mar-97
312265 179 360 0.00 23000.00 18-Dec-96 15-Feb-97 15-Jan-12 15-Mar-97
312266 179 180 0.00 50000.00 18-Dec-96 01-Feb-97 01-Jan-12 01-Mar-97
312267 179 180 0.00 84000.00 18-Dec-96 01-Feb-97 01-Jan-12 01-Mar-97
312269 178 180 0.00 198000.00 17-Dec-96 15-Jan-97 15-Dec-11 15-Mar-97
312270 359 360 91250.00 91250.00 19-Dec-96 01-Feb-97 01-Jan-27 01-Mar-97
312272 359 360 0.00 61000.00 19-Dec-96 01-Feb-97 01-Jan-27 01-Mar-97
312274 239 240 0.00 70000.00 18-Dec-96 01-Feb-97 01-Jan-17 01-Mar-97
312275 179 360 0.00 74000.00 20-Dec-96 01-Feb-97 01-Jan-12 01-Mar-97
312276 119 120 0.00 32500.00 19-Dec-96 01-Feb-97 01-Jan-07 01-Mar-97
312279 178 180 0.00 54000.00 19-Dec-96 15-Jan-97 15-Dec-11 15-Mar-97
312280 179 180 0.00 40000.00 20-Dec-96 01-Feb-97 01-Jan-12 01-Mar-97
312283 179 360 0.00 83000.00 18-Dec-96 15-Feb-97 15-Jan-12 15-Mar-97
312284 143 144 0.00 50000.00 19-Dec-96 01-Feb-97 01-Jan-09 01-Mar-97
312285 179 360 0.00 55000.00 19-Dec-96 01-Feb-97 01-Jan-12 01-Mar-97
312286 178 360 25500.00 22000.00 18-Dec-96 15-Jan-97 15-Dec-11 15-Mar-97
312287 178 180 0.00 103000.00 18-Dec-96 01-Feb-97 01-Jan-12 01-Apr-97
312294 178 180 0.00 140000.00 18-Dec-96 15-Jan-97 15-Dec-11 15-Mar-97
312295 358 360 0.00 105000.00 19-Dec-96 15-Jan-97 15-Dec-26 15-Mar-97
312297 179 360 0.00 103900.00 18-Dec-96 01-Feb-97 01-Jan-12 01-Mar-97
312298 359 360 0.00 123000.00 19-Dec-96 01-Feb-97 01-Jan-27 01-Mar-97
312299 179 180 0.00 87000.00 19-Dec-96 01-Feb-97 01-Jan-12 01-Mar-97
312300 179 180 0.00 27500.00 18-Dec-96 15-Feb-97 15-Jan-12 15-Mar-97
312302 359 360 0.00 62500.00 18-Dec-96 15-Feb-97 15-Jan-27 15-Mar-97
312303 359 360 64900.00 64900.00 18-Dec-96 15-Feb-97 15-Jan-27 15-Mar-97
312304 239 240 0.00 80000.00 19-Dec-96 01-Feb-97 01-Jan-17 01-Mar-97
312305 179 360 0.00 56000.00 18-Dec-96 01-Feb-97 01-Jan-12 01-Mar-97
312306 179 360 0.00 106000.00 18-Dec-96 01-Feb-97 01-Jan-12 01-Mar-97
312307 178 180 0.00 56000.00 20-Dec-96 01-Feb-97 01-Jan-12 01-Apr-97
312310 239 240 0.00 82000.00 18-Dec-96 15-Feb-97 15-Jan-17 15-Mar-97
312312 359 360 0.00 59000.00 20-Dec-96 01-Feb-97 01-Jan-27 01-Mar-97
312314 358 360 0.00 75000.00 20-Dec-96 15-Jan-97 15-Dec-26 15-Mar-97
312315 178 360 0.00 60000.00 19-Dec-96 15-Jan-97 15-Dec-11 15-Mar-97
312317 178 360 0.00 70500.00 18-Dec-96 01-Feb-97 01-Jan-12 01-Apr-97
312318 142 144 0.00 98000.00 19-Dec-96 15-Jan-97 15-Dec-08 15-Mar-97
312319 178 180 0.00 99000.00 18-Dec-96 01-Feb-97 01-Jan-12 01-Apr-97
<CAPTION>
NEXT PMT
LOAN NO AS OF 03/01 PROPTYPE UNITS OCCUP LIEN LIEN BAL PURPOSE
- ----------- ----------- ----------------- ------------- --------------- ----- ----------- -----------------
<S> <C> <C> <C> <C> <C> <C> <C>
312200 15-Mar-97 1 1 1 18 0 4
312202 01-Apr-97 1 1 1 18 0 3
312203 01-Mar-97 1 1 1 18 0 3
312204 15-Mar-97 1 1 1 18 0 3
312205 15-Mar-97 1 1 1 18 0 2
312206 01-Mar-97 1 1 1 18 0 3
312207 01-Mar-97 1 1 1 18 0 3
312208 15-Feb-97 1 1 1 18 0 3
312209 01-Apr-97 3 1 1 18 0 4
312210 01-Apr-97 1 1 1 18 0 3
312213 15-Mar-97 6 1 1 18 0 3
312214 01-Mar-97 1 1 1 18 0 3
312215 01-Mar-97 1 1 1 18 0 4
312216 01-Feb-97 1 1 1 18 0 3
312218 01-Mar-97 1 1 1 18 0 4
312219 01-Mar-97 1 1 1 18 0 4
312222 01-Mar-97 8 1 1 18 0 2
312224 01-Apr-97 1 1 1 18 0 4
312225 01-Apr-97 1 1 1 18 0 4
312226 01-Mar-97 1 1 1 18 0 3
312227 01-Mar-97 1 1 1 18 0 3
312229 01-Apr-97 1 1 1 18 0 2
312230 01-Mar-97 1 1 1 18 0 3
312232 01-Mar-97 1 1 1 18 0 3
312233 01-Mar-97 1 1 1 18 0 4
312235 15-Mar-97 1 1 1 18 0 3
312239 01-Mar-97 8 1 1 18 0 3
312240 15-Mar-97 1 1 1 18 0 3
312242 01-Mar-97 1 1 1 18 0 1
312243 01-Feb-97 1 1 1 18 0 3
312244 01-Apr-97 1 1 1 18 0 4
312245 15-Mar-97 1 1 1 18 0 4
312246 15-Mar-97 1 1 1 18 0 3
312247 01-Mar-97 1 1 1 18 0 3
312248 01-Mar-97 1 1 1 18 0 3
312249 01-Mar-97 1 1 1 18 0 4
312250 15-Mar-97 3 1 1 18 0 3
312251 15-Mar-97 1 1 1 18 0 4
312255 15-Mar-97 1 1 1 18 0 4
312256 01-Mar-97 1 1 1 18 0 4
312257 01-Mar-97 1 1 1 18 0 4
312260 15-Mar-97 1 1 1 18 0 3
312264 01-Mar-97 1 1 1 18 0 3
312265 15-Mar-97 1 1 3 18 0 3
312266 01-Mar-97 1 1 1 18 0 4
312267 01-Mar-97 1 1 1 18 0 4
312269 15-Mar-97 1 1 1 38 101863 3
312270 01-Mar-97 1 1 1 18 0 1
312272 01-Mar-97 1 1 1 18 0 3
312274 01-Mar-97 1 1 1 18 0 2
312275 01-Mar-97 1 1 1 18 0 3
312276 01-Mar-97 1 1 1 18 0 4
312279 15-Mar-97 1 1 3 18 0 3
312280 01-Mar-97 1 1 1 18 0 4
312283 15-Mar-97 1 1 1 18 0 4
312284 01-Mar-97 1 1 3 18 0 3
312285 01-Mar-97 1 1 1 18 0 4
312286 15-Mar-97 3 1 1 18 0 1
312287 01-Apr-97 1 1 1 38 59873 3
312294 15-Mar-97 1 1 1 18 0 3
312295 15-Mar-97 1 1 1 18 0 3
312297 01-Mar-97 1 1 1 18 0 4
312298 01-Mar-97 1 1 1 18 0 3
312299 01-Mar-97 1 1 1 18 0 3
312300 15-Mar-97 1 1 1 18 0 3
312302 15-Mar-97 1 1 1 18 0 4
312303 15-Mar-97 1 1 1 18 0 1
312304 01-Mar-97 1 1 1 38 36865 3
312305 01-Mar-97 1 1 1 18 0 2
312306 01-Mar-97 1 1 1 18 0 4
312307 01-Apr-97 1 1 1 18 0 3
312310 15-Mar-97 8 1 1 38 57116 3
312312 01-Mar-97 1 1 3 18 0 2
312314 15-Mar-97 1 1 1 18 0 2
312315 15-Mar-97 1 1 1 18 0 3
312317 01-Apr-97 1 1 1 18 0 3
312318 15-Mar-97 1 1 1 18 0 3
312319 01-Apr-97 1 1 1 38 19000 3
<CAPTION>
BNK RUP NEXT INT PERIODIC LIFE
LOAN NO GRADE DISCHARGE SECT 32 MARGIN INDEX CHANGE CAP CAP
- ----------- ----------- ------------ ------------- ------------- --------- ----------- --------------- -----
<S> <C> <C> <C> <C> <C> <C> <C> <C>
312200 A -- F 0 -- 0 0
312202 A -- F 0 -- 0 0
312203 C -- F 0 -- 0 0
312204 B -- F 0 -- 0 0
312205 B -- F 0 -- 0 0
312206 B 01-Dec-90 F 0 -- 0 0
312207 C -- F 0 -- 0 0
312208 B -- F 0 -- 0 0
312209 A -- F 0 -- 0 0
312210 B -- F 0 -- 0 0
312213 B -- T 0 -- 0 0
312214 B -- F 6.25 6MLIB 01-Jan-99 1.5 7
312215 A -- F 0 -- 0 0
312216 C -- F 0 -- 0 0
312218 B -- F 8.25 6MOLIB 01-Jan-99 1.5 7
312219 A -- F 7 6MOLIB 01-Jul-97 1.5 7
312222 A 01-Jun-92 F 0 -- 0 0
312224 B -- F 0 -- 0 0
312225 B -- T 0 -- 0 0
312226 C -- F 0 -- 0 0
312227 B -- F 0 -- 0 0
312229 A -- F 0 -- 0 0
312230 A -- F 0 -- 0 0
312232 A -- F 0 -- 0 0
312233 B -- F 0 -- 0 0
312235 A -- T 0 -- 0 0
312239 B -- F 0 -- 0
312240 A -- F 0 -- 0 0
312242 B -- F 8.25 6MLIB 01-Jan-99 1.5 7
312243 A -- F 0 -- 0 0
312244 B -- F 0 -- 0 0
312245 A -- F 0 -- 0 0
312246 C 24-Jan-92 F 0 -- 0 0
312247 C -- F 0 -- 0 0
312248 B -- T 0 -- 0 0
312249 C -- F 0 -- 0 0
312250 A -- F 0 -- 0 0
312251 A 01-Jan-94 F 0 -- 0 0
312255 B -- F 0 -- 0 0
312256 A -- F 6.74 6MOLIB 01-Jan-99 1.5 7
312257 A -- F 6.95 6MLIB 01-Jan-99 1.5 7
312260 A -- F 0 -- 0 0
312264 B 10-Mar-88 F 0 -- 0 0
312265 B -- F 0 -- 0 0
312266 A -- F 0 -- 0 0
312267 A -- F 0 -- 0 0
312269 B -- F 0 -- 0 0
312270 A+ -- F 0 -- 0 0
312272 B -- F 5.65 6MOLIB 01-Jan-99 1.5 7
312274 A -- F 0 -- 0 0
312275 A 01-Dec-87 F 0 -- 0 0
312276 A -- F 0 -- 0 0
312279 A -- F 0 -- 0 0
312280 B -- F 0 -- 0 0
312283 C 01-Jan-96 F 0 -- 0 0
312284 A -- F 0 -- 0 0
312285 A -- F 0 -- 0 0
312286 B -- F 0 -- 0 0
312287 B -- F 0 -- 0 0
312294 B -- F 0 -- 0 0
312295 B -- F 0 -- 0 0
312297 B -- F 0 -- 0 0
312298 B 02-Apr-92 F 0 -- 0 0
312299 A -- F 0 -- 0 0
312300 A -- F 0 -- 0 0
312302 A -- F 0 -- 0 0
312303 A -- F 0 -- 0 0
312304 A -- F 0 -- 0 0
312305 A -- F 0 -- 0 0
312306 B -- F 0 -- 0 0
312307 B -- F 0 -- 0 0
312310 A -- F 0 -- 0 0
312312 B -- F 0 -- 0 0
312314 B -- F 0 -- 0 0
312315 C 03-Jun-96 F 0 -- 0 0
312317 B -- F 0 -- 0 0
312318 A -- F 0 -- 0 0
312319 A -- F 0 -- 0 0
</TABLE>
Page 26
<PAGE>
EQUIVANTAGE--1997-1 LOAN LIST
<TABLE>
<CAPTION>
PRE PMT
LOAN NO FLOOR CEILING PEN DOC LEVEL
- ----------- --------------- ------------- --------------- -------------------
<S> <C> <C> <C> <C>
312200 0 0 P F
312202 0 0 F
312203 0 0 P F
312204 0 0 F
312205 0 0 P F
312206 0 0 P F
312207 0 0 F
312208 0 0 F
312209 0 0 F
312210 0 0 P F
312213 0 0 F
312214 9.25 16.25 P F
312215 0 0 P F
312216 0 0 P F
312218 11.25 18.25 P F
312219 10.75 16.75 P F
312222 0 0 F
312224 0 0 F
312225 0 0 F
312226 0 0 F
312227 0 0 P F
312229 0 0 P L
312230 0 0 F
312232 0 0 F
312233 0 0 P F
312235 0 0 F
312239 0 0 F
312240 0 0 F
312242 11.25 18.25 F
312243 0 0 F
312244 0 0 F
312245 0 0 F
312246 0 0 P F
312247 0 0 P F
312248 0 0 F
312249 0 0 F
312250 0 0 P F
312251 0 0 P F
312255 0 0 P F
312256 10.24 17.24 P F
312257 10.45 17.45 F
312260 0 0 P F
312264 0 0 P F
312265 0 0 F
312266 0 0 P F
312267 0 0 P F
312269 0 0 F
312270 0 0 F
312272 8.65 15.65 P F
312274 0 0 F
312275 0 0 P F
312276 0 0 P F
312279 0 0 F
312280 0 0 F
312283 0 0 P F
312284 0 0 P F
312285 0 0 P F
312286 0 0 F
312287 0 0 P F
312294 0 0 F
312295 0 0 P F
312297 0 0 P F
312298 0 0 P F
312299 0 0 F
312300 0 0 F
312302 0 0 P F
312303 0 0 P F
312304 0 0 F
312305 0 0 P F
312306 0 0 F
312307 0 0 F
312310 0 0 F
312312 0 0 F
312314 0 0 F
312315 0 0 F
312317 0 0 F
312318 0 0 P F
312319 0 0 F
</TABLE>
Page 27
<PAGE>
EQUIVANTAGE--1997-1 LOAN LIST
<TABLE>
<CAPTION>
LOAN NO TYPE LASTNAME FIRSTNAME ADDRESS
- ----------- --------- ------------------ ------------------ ----------------------------------------------------------------
<S> <C> <C> <C> <C>
312320 BLLN COODE III CHARLES D 4821 BARCLAY SQ DR
312322 ARM2-28 CRENSHAW PAMELA K 226 HENNING
312324 FR ANDERSON WAYNE 608 WITHROW
312326 ARM2-28 HOSANGADI ASHOK B 10410 ONEIDA
312328 FR GRIFFIN NELLIE L 108 JASMINE DR
312331 BLLN CLARK RENA 944 ANSEL ROAD
312332 BLLN R MITCHELL LAWRENCE 9138 N NICHOLSON
312333 BLLN A HARDISON CHARLENE 735 GEN GEORGE PATT
312334 BLLN JACKSON DARRELL E 102E 2ND AVENUE
312336 FR JORDAN ROGER 2778 FLANNAGAN ROAD
312337 FR BARTON ROBERT 535 KITTI WAKE
312340 BLLN OGLETREE DEBORAH J 1716 TENNYSON AVENUE
312342 FR LUKE DOUGLAS 213 DWAYNE STREET
312344 BLLN GARRETT DERRICK E 2409 HARMONY WAY
312346 BLLN BRONER HOWARD F 9665 PINEHURST
312347 ARM2-28 FLOOD MARK A 233 BATH STREET
312349 ARM2-28 CHAFE JOHN E. 1945 SPRINGFIELD LAK
312354 FR MCKAY DANNY E. 5215 INDIANA AVENUE
312355 FR HOWARD JR SIDNEY 1278 AVONDALE CIRCLE
312356 FR WINGATE WILLIE L 805 BUTLER LANE
312359 FR HALEY FANNIE 324 ROYAL AVENUE
312363 FR POTIER WHITNEY 5029 BRIDGE STREET H
312364 BLLN ADAMS CHARLES E 3288W 54TH ST
312366 BLLN SUTTON DAISY L 1610N 22ND AVENUE
312367 FR DAVIDSON TIMOTHY E 1272 PIROS DRIVE
312369 BLLN A EVETTS CHRISTOPH 3143 CROSSWOOD DR
312374 BLLN BEASLEY TERRY JO 2009 COLLEGE VIEW RO
312377 BLLN JOHNSON BRENDA M 819 S KENWOOD AVE
312378 FR TOLER JR ARNOLD G 122 ASHDOWN DRIVE
312379 FR FODEY JOE 4573 MOUNT RUSHMORE
312380 ARM2-28 STROTHER HARRISON 14111 OAK PARK BLVD
312383 ARM2-28 RICHARDSON HENRY W 417 OLD SAYBROOK DR
312384 BLLN THOMPSON ESTELENE 1304 CEDARBEND COURT
312385 ARM STATHAM MICHAEL 10209 NEW FOREST CT
312386 FR FOSTER EVELYN 10014 LITTLEFIELD
312387 FR CANLAS JOSEPH J 3621 DELILLE STREET
312389 FR J CRAWFORD JR BRANTLEY 6400 FULTON DRIVE
312390 FR TWYMAN MICHAEL 1206 NASHVILLE CIRCL
312392 FR TURNER LAURA 9719 SOUTH DOBSON
312393 FR FARJOODI ABOLGHAS 2817 HIGHLAND PLACE
312394 FR MILLER HERBERT VANEMET 14551 DUANE ROAD
312395 BLLN SEYMORE RICHARD C 1143NW SCHNEIDER XING
312396 FR HOOVER ANDREA L 8142 CASTLE ROCK DR.
312398 FR BASS JOYCE G. 106 ESTELLE AVENUE]
312399 FR FIELDER JR CONNIE L 610 RUSSELL STREET
312402 FR BATCHELOR LARRY 2914 S NEBRASKA ST
312404 ARM2-28 ANNICK WILLIAM J 1629 UNION AVENUE
312406 FR THOMAS BEVERLY 218 HOLSTON VIEW DR
312407 FR NIEDZWIECKI DAVID S 9744 SILVERCREEK RD
312408 FR CALHOUN DOROTHY 1411 WEST 110TH STRE
312409 ARM O'CAMPO ALFRED 911 GARNOA DRIVE
312410 FR HOLMES SERESA 4701 WINDMERE CHASE
312412 FR GOODE III EZEKIEL 6601 HWY 702
312413 BLLN COX DEBORAH 107 ROSE LEA AVENUE
312414 FR WILLIS MARY L 10006 S WENTWORTH AVE
312415 ARM2-28 WAKELEE DONALD D 15416 RAMAGE AVENUE
312417 BLLN S HARRIS WILLIE A 601 EAST COOPER ST
312418 BLLN CLINARD DAVID M. 1170 HARRISTOWN ROAD
312420 ARM2-28 SWEENEY ROGER L 516 E LINCOLN WAY
312422 BLLN NELSON JUNE B. 249 DISTON LANE
312423 FR DIAZ DOMINGO 2485 CADILLAC DRIVE
312425 FR MOORE ROBERT C 7 BRIARWOOD LANE
312426 FR GALLOWAY ROBERT W 4840 ALLISON DRIVE
312427 FR CARROUTHERS DEWEY N 868 WHITEHAVEN LANE
312428 FR HILLMAN\SMITH NINA B. P BOX 276
312429 FR MARTIN DELLA H. 5097 CRESSER
312433 FR THIGPEN MARIA 141 SOUTH FIRST STR
312434 BLLN JORDAN SHARON K 14063 COLLINGHAM
312435 ARM HENDERSON BOBBY N 866 WOODLAND TRCE L
312436 FR SYLVESTER LEROY JA 1023 STEPHANIE DRIVE
312439 FR HOWLAND JOHN D 125 SMITH STREET
312441 BLLN MAYHUGH BRUCE S 1034 WALLER ROAD
312442 FR HUNTER EDGAR S. 313 KINGVIEW DRIVE
312444 FR JOHNSON ANGELO 865 WARRINGTON ROAD
312445 BLLN FOSTER J S 404 CHEROKEE STREET
312446 BLLN MORRIS JO A 8126 QUEENS AVENUE
312448 BLLN DIONISIO ROLAND 27866 OSMUN
312449 ARM2-28 BERCHEM DANIEL P 34731 RHONSWOOD
<CAPTION>
LOAN NO CITY STATE ZIP COUNTY ORIG BAL UPB UPB AS OF 03/01
- ----------- --------------------- ----------- --------- ----------------------- ----------- --------- ---------------
<S> <C> <C> <C> <C> <C> <C> <C>
312320 NASHVILLE TN 37013 DAVIDSON 64,600.00 64,580.90 64,580.90
312322 NOVI MI 48377 OAKLAND 40,000.00 39,982.57 39,982.57
312324 CENTRAL CITY KY 42330 MUHLENBERG 31,000.00 31,000.00 30,855.89
312326 OAK PARK MI 48237 OAKLAND 117,300.00 116,342.30 116,342.30
312328 GREENVILLE SC 29611 GREENVILLE 20,000.00 19,898.12 19,898.12
312331 CLEVELAND OH 44103 CUYAHOGA 29,600.00 29,583.67 29,583.67
312332 FOWLERVILLE MI 48836 LIVINGSTON 96,350.00 96,319.88 96,319.88
312333 NASHVILLE TN 37221 DAVIDSON 42,000.00 41,984.83 41,984.83
312334 CENTRAL CITY KY 42330 MUHLENBERG 36,000.00 35,980.84 35,980.84
312336 GREENVILLE MS 38701 WASHINGTON 47,600.00 47,600.00 47,600.00
312337 WEST COLUMBIA SC 29170 LEXINGTON 85,662.00 85,626.10 85,626.10
312340 DAYTON OH 45406 MONTGOMERY 54,400.00 54,387.84 54,387.84
312342 CHAUVIN LA 70344 TERREBONNE 48,731.00 48,633.46 48,633.46
312344 EVANSVILLE IN 47720 VANDERBURGH 53,550.00 53,531.32 53,531.32
312346 DETROIT MI 48204 WAYNE 19,875.00 19,865.67 19,865.67
312347 ELYRIA OH 44035 LORAIN 50,000.00 49,971.23 49,971.23
312349 AKRON OH 44312 SUMMIT 75,600.00 75,498.50 75,498.50
312354 NASHVILLE TN 37209 DAVIDSON 46,000.00 45,764.97 45,764.97
312355 NASHVILLE TN 37207 DAVIDSON 53,125.00 53,096.42 53,096.42
312356 FLORENCE SC 29501 FLORENCE 49,300.00 49,239.59 49,179.80
312359 ROCKFORD IL 61101 WINNEBAGO 28,000.00 27,967.40 27,967.40
312363 SAINT MARTINVILLE LA 70582 SAINT MARTIN 25,200.00 25,151.90 25,151.90
312364 CLEVELAND OH 44102 CUYAHOGA 47,250.00 47,232.59 47,232.59
312366 NASHVILLE TN 37208 DAVIDSON 36,000.00 35,985.54 35,985.54
312367 COLORADO SPRINGS CO 80922 EL PASO 22,200.00 22,138.75 22,138.75
312369 NASHVILLE TN 37214 Davidson 69,600.00 69,583.50 69,583.50
312374 MURFREESBORO TN 37130 RUTHERFORD 112,000.00 111,956.44 111,956.44
312377 INDIANAPOLIS IN 46225 MARION 18,320.00 18,314.88 18,314.88
312378 SIMPSONVILLE SC 29681 GREENVILLE 62,900.00 62,827.81 62,827.81
312379 GAHANNA OH 43230 FRANKLIN 107,000.00 107,000.00 107,000.00
312380 OAK PARK MI 48237 OAKLAND 110,400.00 110,343.44 110,343.44
312383 COLUMBIA SC 29210 LEXINGTON 112,200.00 112,154.92 112,154.92
312384 MOUNT JULIET TN 37122 WILSON 85,850.00 85,782.21 85,782.21
312385 ELLICOTT CITY MD 21042 HOWARD 301,543.00 301,403.80 301,403.80
312386 DETROIT MI 48227 WAYNE 40,000.00 39,920.69 39,920.69
312387 CHALMETTE LA 70043 SAINT BERNARD 29,000.00 28,970.69 28,970.69
312389 LIZELLA GA 31052 BIBB 88,825.00 88,797.83 88,797.83
312390 INDIANAPOLIS IN 46229 MARION 27,562.00 27,509.64 27,509.64
312392 CHICAGO IL 60628 COOK 68,000.00 67,976.79 67,976.79
312393 INDIANAPOLIS IN 46208 MARION 18,000.00 17,909.33 17,909.33
312394 NEW ORLEANS LA 70128 ORLEANS 23,000.00 23,000.00 23,000.00
312395 DOVER OH 44622 TUSCARAWAS 77,775.00 77,743.76 77,743.76
312396 WARREN OH 44484 TRUMBULL 42,000.00 41,984.29 41,984.29
312398 ATHENS GA 30606 CLARKE 59,500.00 59,425.63 59,425.63
312399 NASHVILLE TN 37206 DAVIDSON 89,000.00 88,908.33 88,908.33
312402 MARION IN 46953 GRANT 34,800.00 34,764.10 34,764.10
312404 ASHTABULA OH 44004 ASHTABULA 84,000.00 83,951.67 83,951.67
312406 ROGERSVILLE TN 37857 HAWKINS 117,500.00 116,352.64 116,352.64
312407 WADSWORTH OH 44281 MEDINA 88,000.00 87,959.38 87,959.38
312408 CHICAGO IL 60643 COOK 56,000.00 55,983.80 55,983.80
312409 CINCINNATI OH 45231 HAMILTON 86,000.00 85,955.32 85,910.30
312410 RALEIGH NC 27604 WAKE 141,100.00 141,042.71 141,042.71
312412 NINETY SIX SC 29666 GREENWOOD 16,250.00 16,165.25 16,165.25
312413 HAMILTON OH 45011 BUTLER 40,800.00 40,786.99 40,786.99
312414 CHICAGO IL 60628 COOK 57,000.00 56,976.35 56,976.35
312415 MAPLE HEIGHTS OH 44137 CUYAHOGA 79,050.00 79,050.00 79,050.00
312417 BROWNSVILLE TN 38012 HAYWOOD 38,200.00 38,190.74 38,190.74
312418 ASHLAND CITY TN 37015 CHEATHAM 56,000.00 55,982.88 55,982.88
312420 LISBON OH 44432 COLUMBIANA 71,400.00 71,366.69 71,366.69
312422 CINCINNATI OH 45246 HAMILTON 43,000.00 42,981.38 42,981.38
312423 ATLANTA GA 30345 DEKALB 80,000.00 79,908.20 79,908.20
312425 JACKSON TN 38301 MADISON 57,800.00 57,785.05 57,785.05
312426 SUGAR HILL GA 30518 GWINNETT 33,770.00 33,703.04 33,703.04
312427 MEMPHIS TN 38116 SHELBY 65,400.00 65,245.08 65,245.08
312428 NEELY MS 39461 GREENE 26,068.00 26,023.21 26,023.21
312429 MEMPHIS TN 38116 SHELBY 50,568.00 50,445.43 50,445.43
312433 DREW MS 38737 SUNFLOWER 45,000.00 44,944.44 44,944.44
312434 DETROIT MI 48205 WAYNE 46,500.00 46,455.69 46,455.69
312435 CORDOVA TN 38108 SHELBY 286,000.00 285,851.73 285,851.73
312436 BREAUX BRIDGE LA 70517 SAINT MARTIN 21,000.00 20,962.82 20,962.82
312439 GREENFIELD OH 45123 HIGHLAND 28,000.00 27,985.79 27,985.79
312441 BRENTWOOD TN 37027 WILLIAMSON 200,000.00 199,917.03 199,917.03
312442 NASHVILLE TN 37218 DAVIDSON 62,400.00 62,105.84 62,105.84
312444 AKRON OH 44320 SUMMIT 48,000.00 47,939.21 47,939.21
312445 WAYNESVILLE NC 28786 HAYWOOD 36,400.00 36,373.58 36,373.58
312446 CINCINNATI OH 45236 HAMILTON 64,000.00 63,973.44 63,973.44
312448 MADISON HEIGHTS MI 48071 OAKLAND 85,000.00 84,972.53 84,972.53
312449 FARMINGTON MI 48335 OAKLAND 136,000.00 135,946.76 135,946.76
<CAPTION>
LOAN NO P&I RATE ORIG TERM CLTV
- ----------- --------- --------- ----------------- ---------
<S> <C> <C> <C> <C>
312320 657.03 11.8500 180 0.8500
312322 353.10 10.0700 360 0.4762
312324 424.40 10.8500 120 0.7209
312326 1,079.13 10.5700 360 0.8500
312328 208.24 9.4500 180 0.4132
312331 308.81 12.1900 180 0.8000
312332 961.50 11.6000 180 0.7963
312333 398.07 10.9400 180 0.3360
312334 380.03 12.3500 180 0.8000
312336 692.31 12.3400 120 0.8000
312337 802.86 10.8000 360 0.8609
312340 606.03 13.1000 180 0.8000
312342 584.85 12.0000 180 0.6666
312344 514.02 11.1000 180 0.8500
312346 218.30 12.9000 180 0.7500
312347 393.35 8.7500 360 0.7937
312349 635.69 9.5000 360 0.7000
312354 587.70 9.2000 120 0.6571
312355 558.75 12.3000 360 0.8500
312356 498.84 10.7000 240 0.8500
312359 287.87 10.9400 240 0.6364
312363 310.60 12.5000 180 0.8000
312364 444.63 10.8500 180 0.7500
312366 327.96 10.4500 180 0.8000
312367 253.02 11.0500 180 0.8475
312369 761.22 12.8400 180 0.8000
312374 1,032.89 10.6000 180 0.8000
312377 189.85 12.1000 180 0.6543
312378 651.39 11.0500 240 0.8500
312379 990.79 10.6500 360 0.8492
312380 954.19 9.8200 360 0.8000
312383 1,022.15 10.4500 360 0.8500
312384 788.51 10.5500 180 0.8500
312385 2,601.80 9.8000 360 0.8690
312386 482.64 12.1000 180 0.8000
312387 319.31 12.0000 240 0.5686
312389 893.21 11.7000 360 0.8500
312390 340.61 12.5500 180 0.8500
312392 657.88 11.2000 360 0.8000
312393 232.42 9.4500 120 0.3750
312394 286.63 12.7100 180 0.8140
312395 708.53 10.4500 180 0.8500
312396 393.01 10.7800 360 0.4565
312398 590.04 10.4000 240 0.8500
312399 735.41 9.3000 360 0.5779
312402 379.55 11.8500 240 0.7733
312404 660.83 8.7500 360 0.8000
312406 1,101.26 10.8000 360 0.6912
312407 759.29 9.8000 360 0.8000
312408 573.87 11.9500 360 0.8000
312409 706.88 9.2400 360 0.6880
312410 1,280.16 10.4000 360 0.8500
312412 187.77 11.3000 180 0.4392
312413 404.35 11.5100 180 0.8000
312414 512.90 10.3000 360 0.6706
312415 650.32 9.2500 360 0.8500
312417 414.82 12.7400 180 0.8489
312418 563.12 11.7000 180 0.8000
312420 613.44 9.7500 360 0.8500
312422 380.54 10.1000 180 0.4599
312423 828.47 11.0500 240 0.7257
312425 614.63 12.4500 360 0.8500
312426 407.47 12.1000 180 0.8500
312427 710.82 10.2000 180 0.8494
312428 340.01 13.5900 180 0.6860
312429 541.86 9.9500 180 0.7901
312433 389.93 9.8500 360 0.9000
312434 516.20 13.0500 180 0.7500
312435 2,352.85 9.2500 360 0.9533
312436 269.58 13.2800 180 0.2471
312439 232.38 9.3500 360 0.7179
312441 1,799.64 10.3000 180 0.8000
312442 682.05 10.3000 180 0.8000
312444 472.79 10.3000 240 0.8000
312445 345.00 10.9400 180 0.8000
312446 575.89 10.3000 180 0.8205
312448 838.51 11.4500 180 0.8500
312449 1,251.17 10.5700 360 0.8500
</TABLE>
Page 28
<PAGE>
EQUIVANTAGE--1997-1 LOAN LIST
<TABLE>
<CAPTION>
NOTE FIRST MATURITY NEXT PMT
LOAN NO REM TERM AM TERM SALES PRICE APPR VAL DATE PMT DATE DATE
- ----------- ----------------- --------------- ----------------- ----------- --------- --------- ----------- -----------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
312320 179 360 0.00 76000.00 18-Dec-96 01-Feb-97 01-Jan-12 01-Mar-97
312322 359 360 0.00 84000.00 19-Dec-96 01-Feb-97 01-Jan-27 01-Mar-97
312324 120 120 0.00 43000.00 02-Jan-97 01-Mar-97 01-Feb-07 01-Mar-97
312326 359 360 0.00 138000.00 19-Dec-96 01-Feb-97 01-Jan-27 01-Mar-97
312328 178 180 0.00 48400.00 19-Dec-96 01-Feb-97 01-Jan-12 01-Apr-97
312331 178 360 0.00 37000.00 19-Dec-96 15-Jan-97 15-Dec-11 15-Mar-97
312332 179 360 0.00 121000.00 19-Dec-96 01-Feb-97 01-Jan-12 01-Mar-97
312333 179 360 0.00 125000.00 19-Dec-96 01-Feb-97 01-Jan-12 01-Mar-97
312334 178 360 0.00 45000.00 19-Dec-96 15-Jan-97 15-Dec-11 15-Mar-97
312336 120 120 0.00 59500.00 20-Dec-96 01-Feb-97 01-Jan-07 01-Feb-97
312337 359 360 0.00 99500.00 18-Dec-96 01-Feb-97 01-Jan-27 01-Mar-97
312340 179 360 0.00 68000.00 23-Dec-96 01-Feb-97 01-Jan-12 01-Mar-97
312342 179 180 0.00 73100.00 19-Dec-96 01-Feb-97 01-Jan-12 01-Mar-97
312344 179 360 0.00 63000.00 19-Dec-96 01-Feb-97 01-Jan-12 01-Mar-97
312346 178 360 0.00 26500.00 23-Dec-96 01-Feb-97 01-Jan-12 01-Apr-97
312347 359 360 0.00 63000.00 20-Dec-96 01-Feb-97 01-Jan-27 01-Mar-97
312349 359 360 0.00 108000.00 23-Dec-96 01-Feb-97 01-Jan-27 01-Mar-97
312354 119 120 0.00 70000.00 20-Dec-96 01-Feb-97 01-Jan-07 01-Mar-97
312355 358 360 0.00 62500.00 19-Dec-96 15-Jan-97 15-Dec-26 15-Mar-97
312356 239 240 0.00 58000.00 19-Dec-96 01-Feb-97 01-Jan-17 01-Mar-97
312359 239 240 0.00 44000.00 20-Dec-96 01-Feb-97 01-Jan-17 01-Mar-97
312363 179 180 0.00 31500.00 20-Dec-96 15-Feb-97 15-Jan-12 15-Mar-97
312364 179 360 0.00 63000.00 24-Dec-96 01-Feb-97 01-Jan-12 01-Mar-97
312366 179 360 0.00 45000.00 19-Dec-96 01-Feb-97 01-Jan-12 01-Mar-97
312367 179 180 0.00 115000.00 23-Dec-96 15-Feb-97 15-Jan-12 15-Mar-97
312369 179 360 0.00 87000.00 19-Dec-96 01-Feb-97 01-Jan-12 01-Mar-97
312374 179 360 0.00 140000.00 20-Dec-96 01-Feb-97 01-Jan-12 01-Mar-97
312377 179 360 0.00 28000.00 20-Dec-96 15-Feb-97 15-Jan-12 15-Mar-97
312378 239 240 0.00 74000.00 20-Dec-96 01-Feb-97 01-Jan-17 01-Mar-97
312379 360 360 0.00 126000.00 23-Dec-96 01-Feb-97 01-Jan-27 01-Feb-97
312380 359 360 0.00 138000.00 23-Dec-96 01-Feb-97 01-Jan-27 01-Mar-97
312383 359 360 0.00 132000.00 20-Dec-96 01-Feb-97 01-Jan-27 01-Mar-97
312384 178 360 0.00 101000.00 20-Dec-96 01-Feb-97 01-Jan-12 01-Apr-97
312385 359 360 0.00 347000.00 23-Dec-96 01-Feb-97 01-Jan-27 01-Mar-97
312386 179 180 0.00 50000.00 23-Dec-96 15-Feb-97 15-Jan-12 15-Mar-97
312387 239 240 0.00 51000.00 23-Dec-96 01-Feb-97 01-Jan-17 01-Mar-97
312389 359 360 0.00 104500.00 23-Dec-96 01-Feb-97 01-Jan-27 01-Mar-97
312390 179 180 0.00 140000.00 20-Dec-96 15-Feb-97 15-Jan-12 15-Mar-97
312392 359 360 0.00 85000.00 23-Dec-96 15-Feb-97 15-Jan-27 15-Mar-97
312393 119 120 0.00 48000.00 23-Dec-96 01-Feb-97 01-Jan-07 01-Mar-97
312394 180 180 0.00 43000.00 22-Jan-97 15-Mar-97 15-Feb-12 15-Mar-97
312395 179 360 0.00 91500.00 23-Dec-96 01-Feb-97 01-Jan-12 01-Mar-97
312396 359 360 92000.00 92000.00 23-Dec-96 01-Feb-97 01-Jan-27 01-Mar-97
312398 239 240 0.00 70000.00 26-Dec-96 01-Feb-97 01-Jan-17 01-Mar-97
312399 358 360 0.00 154000.00 20-Dec-96 01-Feb-97 01-Jan-27 01-Apr-97
312402 239 240 0.00 45000.00 21-Dec-96 01-Feb-97 01-Jan-17 01-Mar-97
312404 359 360 0.00 105000.00 23-Dec-96 01-Feb-97 01-Jan-27 01-Mar-97
312406 358 360 0.00 170000.00 23-Dec-96 01-Feb-97 01-Jan-27 01-Apr-97
312407 359 360 0.00 110000.00 24-Dec-96 01-Feb-97 01-Jan-27 01-Mar-97
312408 359 360 0.00 70000.00 20-Dec-96 15-Feb-97 15-Jan-27 15-Mar-97
312409 359 360 0.00 125000.00 23-Dec-96 01-Feb-97 01-Jan-27 01-Mar-97
312410 359 360 166492.00 166000.00 23-Dec-96 15-Feb-97 15-Jan-27 15-Mar-97
312412 179 180 0.00 37000.00 27-Dec-96 01-Feb-97 01-Jan-12 01-Mar-97
312413 179 360 0.00 51000.00 23-Dec-96 15-Feb-97 15-Jan-12 15-Mar-97
312414 359 360 0.00 85000.00 21-Dec-96 01-Feb-97 01-Jan-27 01-Mar-97
312415 360 360 0.00 93000.00 10-Jan-97 01-Mar-97 01-Feb-27 01-Mar-97
312417 179 360 0.00 45000.00 23-Dec-96 01-Feb-97 01-Jan-12 01-Mar-97
312418 179 360 0.00 70000.00 30-Dec-96 01-Feb-97 01-Jan-12 01-Mar-97
312420 359 360 0.00 84000.00 23-Dec-96 01-Feb-97 01-Jan-27 01-Mar-97
312422 179 360 0.00 93500.00 30-Dec-96 01-Feb-97 01-Jan-12 01-Mar-97
312423 239 240 0.00 385000.00 23-Dec-96 01-Feb-97 01-Jan-17 01-Mar-97
312425 359 360 0.00 68000.00 23-Dec-96 01-Feb-97 01-Jan-27 01-Mar-97
312426 179 180 0.00 185000.00 23-Dec-96 01-Feb-97 01-Jan-12 01-Mar-97
312427 179 180 0.00 77000.00 30-Dec-96 01-Feb-97 01-Jan-12 01-Mar-97
312428 179 180 0.00 38000.00 23-Dec-96 01-Feb-97 01-Jan-12 01-Mar-97
312429 179 180 0.00 64000.00 23-Dec-96 01-Feb-97 01-Jan-12 01-Mar-97
312433 359 360 0.00 50000.00 30-Dec-96 15-Feb-97 15-Jan-27 15-Mar-97
312434 179 360 0.00 62000.00 30-Dec-96 01-Feb-97 01-Jan-12 01-Mar-97
312435 359 360 0.00 300000.00 24-Dec-96 01-Feb-97 01-Jan-27 01-Mar-97
312436 179 180 0.00 85000.00 24-Dec-96 01-Feb-97 01-Jan-12 01-Mar-97
312439 359 360 0.00 39000.00 24-Dec-96 15-Feb-97 15-Jan-27 15-Mar-97
312441 179 360 0.00 250000.00 23-Dec-96 01-Feb-97 01-Jan-12 01-Mar-97
312442 178 180 0.00 78000.00 23-Dec-96 01-Feb-97 01-Jan-12 01-Apr-97
312444 239 240 0.00 60000.00 27-Dec-96 15-Feb-97 15-Jan-17 15-Mar-97
312445 178 360 0.00 45500.00 24-Dec-96 01-Feb-97 01-Jan-12 01-Apr-97
312446 179 360 0.00 78000.00 24-Dec-96 01-Feb-97 01-Jan-12 01-Mar-97
312448 179 360 0.00 100000.00 27-Dec-96 01-Feb-97 01-Jan-12 01-Mar-97
312449 359 360 0.00 160000.00 26-Dec-96 01-Feb-97 01-Jan-27 01-Mar-97
<CAPTION>
NEXT PMT
LOAN NO AS OF 03/01 PROPTYPE UNITS OCCUP LIEN LIEN BAL PURPOSE
- ----------- ----------- ----------------- ------------- --------------- ----- ------------- -----------------
<S> <C> <C> <C> <C> <C> <C> <C>
312320 01-Mar-97 1 1 1 18 0 4
312322 01-Mar-97 1 1 1 18 0 3
312324 01-Apr-97 1 1 1 18 0 4
312326 01-Mar-97 1 1 1 18 0 3
312328 01-Apr-97 1 1 1 18 0 3
312331 15-Mar-97 1 1 1 18 0 4
312332 01-Mar-97 1 1 1 18 0 3
312333 01-Mar-97 3 1 3 18 0 3
312334 15-Mar-97 1 1 1 18 0 3
312336 01-Feb-97 1 1 1 18 0 4
312337 01-Mar-97 1 1 1 18 0 4
312340 01-Mar-97 1 1 1 18 0 3
312342 01-Mar-97 1 1 1 18 0 3
312344 01-Mar-97 1 1 1 18 0 3
312346 01-Apr-97 1 1 1 18 0 3
312347 01-Mar-97 1 1 1 18 0 3
312349 01-Mar-97 1 1 3 18 0 4
312354 01-Mar-97 1 1 1 18 0 3
312355 15-Mar-97 1 1 1 18 0 2
312356 01-Apr-97 1 1 1 18 0 4
312359 01-Mar-97 1 1 1 18 0 4
312363 15-Mar-97 1 1 1 18 0 4
312364 01-Mar-97 1 1 1 18 0 4
312366 01-Mar-97 1 1 1 18 0 2
312367 15-Mar-97 1 1 1 38 75266 4
312369 01-Mar-97 1 1 1 18 0 3
312374 01-Mar-97 1 1 1 18 0 3
312377 15-Mar-97 1 1 1 18 0 3
312378 01-Mar-97 1 1 1 18 0 3
312379 01-Feb-97 1 1 1 18 0 4
312380 01-Mar-97 1 1 1 18 0 3
312383 01-Mar-97 1 1 1 18 0 3
312384 01-Apr-97 1 1 1 18 0 4
312385 01-Mar-97 1 1 1 18 0 4
312386 15-Mar-97 1 1 1 18 0 4
312387 01-Mar-97 1 1 1 18 0 3
312389 01-Mar-97 1 1 1 18 0 3
312390 15-Mar-97 1 1 1 38 91438 3
312392 15-Mar-97 1 1 1 18 0 3
312393 01-Mar-97 1 1 1 18 0 3
312394 15-Mar-97 1 1 1 38 12000 3
312395 01-Mar-97 1 1 1 18 0 3
312396 01-Mar-97 1 1 1 18 0 1
312398 01-Mar-97 1 1 1 18 0 3
312399 01-Apr-97 1 1 1 18 0 3
312402 01-Mar-97 1 1 3 18 0 4
312404 01-Mar-97 1 1 1 18 0 3
312406 01-Apr-97 1 1 1 18 0 3
312407 01-Mar-97 1 1 1 18 0 3
312408 15-Mar-97 1 1 1 18 0 4
312409 01-Apr-97 1 1 1 18 0 3
312410 15-Mar-97 4 1 1 18 0 1
312412 01-Mar-97 8 1 3 18 0 3
312413 15-Mar-97 1 1 1 18 0 4
312414 01-Mar-97 1 1 1 18 0 4
312415 01-Mar-97 1 1 1 18 0 3
312417 01-Mar-97 1 1 1 18 0 2
312418 01-Mar-97 1 1 1 18 0 3
312420 01-Mar-97 1 1 1 18 0 4
312422 01-Mar-97 1 1 1 18 0 3
312423 01-Mar-97 1 1 1 38 199387 3
312425 01-Mar-97 1 1 1 18 0 4
312426 01-Mar-97 1 1 1 38 123488 3
312427 01-Mar-97 1 1 1 18 0 4
312428 01-Mar-97 1 1 1 18 0 3
312429 01-Mar-97 1 1 1 18 0 4
312433 15-Mar-97 1 1 1 18 0 2
312434 01-Mar-97 1 1 1 18 0 3
312435 01-Mar-97 1 1 1 18 0 3
312436 01-Mar-97 1 1 1 18 0 3
312439 15-Mar-97 1 1 1 18 0 2
312441 01-Mar-97 1 1 1 18 0 3
312442 01-Apr-97 1 1 1 18 0 4
312444 15-Mar-97 1 1 1 18 0 3
312445 01-Apr-97 1 1 1 18 0 3
312446 01-Mar-97 4 1 1 18 0 3
312448 01-Mar-97 1 1 1 18 0 4
312449 01-Mar-97 1 1 1 18 0 3
<CAPTION>
BNK RUP NEXT INT PERIODIC LIFE
LOAN NO GRADE DISCHARGE SECT 32 MARGIN INDEX CHANGE CAP CAP
- ----------- ------------- ------------ --------------- ------------- --------- ----------- --------------- -----
<S> <C> <C> <C> <C> <C> <C> <C> <C>
312320 B -- F 0 -- 0 0
312322 B -- F 7.07 6MOLIB 01-Jan-99 1.5 7
312324 B -- F 0 -- 0 0
312326 B -- F 7.57 6MOLIB 01-Jan-99 1.5 7
312328 A -- F 0 -- 0 0
312331 A 30-Nov-94 T 0 -- 0 0
312332 B -- F 0 -- 0 0
312333 A 26-Apr-90 F 0 -- 0 0
312334 C -- F 0 -- 0 0
312336 B -- F 0 -- 0 0
312337 A 01-May-90 F 0 -- 0 0
312340 C -- F 0 -- 0 0
312342 B -- F 0 -- 0 0
312344 B -- F 0 -- 0 0
312346 B -- T 0 -- 0 0
312347 B -- F 5.75 6MOLIB 01-Jan-99 1.5 7
312349 B -- F 6.5 6MOLIB 01-Jan-99 1.5 7
312354 A 19-Jun-92 T 0 -- 0 0
312355 B -- F 0 -- 0 0
312356 A -- F 0 -- 0 0
312359 A -- F 0 -- 0 0
312363 B -- F 0 -- 0 0
312364 B -- F 0 -- 0 0
312366 A -- F 0 -- 0 0
312367 A -- F 0 -- 0 0
312369 B 01-Mar-95 F 0 -- 0 0
312374 A 01-Oct-91 F 0 -- 0 0
312377 B -- F 0 -- 0 0
312378 B -- F 0 -- 0 0
312379 A -- F 0 -- 0 0
312380 A 01-Mar-93 F 6.32 6MOLIB 01-Jan-99 1.5 7
312383 B -- F 7.45 6MOLIB 01-Jan-99 1.5 7
312384 A 01-Sep-93 F 0 -- 0 0
312385 B -- F 7.3 6MOLIB 01-Jul-97 1.5 7
312386 A -- F 0 -- 0 0
312387 C -- T 0 -- 0 0
312389 B 01-Apr-93 F 0 -- 0 0
312390 B -- F 0 -- 0 0
312392 A -- T 0 -- 0 0
312393 B -- T 0 -- 0 0
312394 B -- T 0 -- 0 0
312395 A 06-Jul-94 F 0 -- 0 0
312396 B -- F 0 -- 0 0
312398 A -- F 0 -- 0 0
312399 A -- F 0 -- 0 0
312402 B -- F 0 -- 0 0
312404 B 01-Mar-90 F 5.75 6MOLIB 01-Jan-99 1.5 7
312406 A -- F 0 -- 0 0
312407 A -- F 0 -- 0 0
312408 B -- F 0 -- 0 0
312409 B -- F 6.74 6MOLIB 01-Jul-97 1.5 7
312410 A -- F 0 -- 0 0
312412 A -- F 0 -- 0 0
312413 B -- F 0 -- 0 0
312414 A -- F 0 -- 0 0
312415 B -- F 6.25 6MOLIB 01-Feb-99 1.5 7
312417 C -- F 0 -- 0 0
312418 B 20-Jan-94 F 0 -- 0 0
312420 B -- F 6.75 6MOLIB 01-Jan-99 1.5 7
312422 B -- F 0 -- 0 0
312423 B -- F 0 -- 0 0
312425 B 01-Apr-92 F 0 -- 0 0
312426 B -- F 0 -- 0 0
312427 A -- F 0 -- 0 0
312428 C 01-Nov-93 T 0 -- 0 0
312429 A -- F 0 -- 0 0
312433 A+ 24-Jan-89 F 0 -- 0 0
312434 C -- F 0 -- 0 0
312435 A -- F 6 6MOLIB 01-Jul-97 1.5 7
312436 A -- F 0 -- 0 0
312439 A -- F 0 -- 0 0
312441 A -- F 0 -- 0 0
312442 A -- F 0 -- 0 0
312444 A -- F 0 -- 0 0
312445 A -- F 0 -- 0 0
312446 A -- F 0 -- 0 0
312448 A -- F 0 -- 0 0
312449 B -- F 7.57 6MOLIB 01-Jan-99 1.5 7
</TABLE>
Page 29
<PAGE>
EQUIVANTAGE--1997-1 LOAN LIST
<TABLE>
<CAPTION>
PRE PMT
LOAN NO FLOOR CEILING PEN DOC LEVEL
- ----------- ----------- ------------- --------------- -------------------
<S> <C> <C> <C> <C>
312320 0 0 F
312322 10.07 17.07 P F
312324 0 0 P F
312326 10.57 17.57 P F
312328 0 0 F
312331 0 0 P F
312332 0 0 P F
312333 0 0 P F
312334 0 0 P F
312336 0 0 P F
312337 0 0 F
312340 0 0 P F
312342 0 0 P F
312344 0 0 P F
312346 0 0 F
312347 8.75 15.75 P F
312349 9.5 16.5 P F
312354 0 0 F
312355 0 0 P F
312356 0 0 F
312359 0 0 F
312363 0 0 P F
312364 0 0 P F
312366 0 0 P F
312367 0 0 F
312369 0 0 F
312374 0 0 F
312377 0 0 F
312378 0 0 F
312379 0 0 F
312380 9.82 16.82 P F
312383 10.75 17.75 P F
312384 0 0 F
312385 10.8 16.8 F
312386 0 0 P F
312387 0 0 F
312389 0 0 P F
312390 0 0 P F
312392 0 0 F
312393 0 0 F
312394 0 0 F
312395 0 0 P F
312396 0 0 P F
312398 0 0 P F
312399 0 0 P F
312402 0 0 P F
312404 8.75 15.75 P F
312406 0 0 F
312407 0 0 P F
312408 0 0 F
312409 10.24 16.24 P F
312410 0 0 P F
312412 0 0 F
312413 0 0 P F
312414 0 0 F
312415 9.25 16.25 P F
312417 0 0 F
312418 0 0 F
312420 9.75 16.75 P F
312422 0 0 P F
312423 0 0 P L
312425 0 0 F
312426 0 0 P F
312427 0 0 F
312428 0 0 F
312429 0 0 F
312433 0 0 P F
312434 0 0 P F
312435 10.25 16.25 F
312436 0 0 P L
312439 0 0 P F
312441 0 0 P F
312442 0 0 P F
312444 0 0 P F
312445 0 0 F
312446 0 0 P F
312448 0 0 P F
312449 10.57 17.57 P F
</TABLE>
Page 30
<PAGE>
EQUIVANTAGE--1997-1 LOAN LIST
<TABLE>
<CAPTION>
LOAN NO TYPE LASTNAME FIRSTNAME ADDRESS
- ----------- --------- ------------------- ------------------ ------------------------------------------------
<S> <C> <C> <C> <C>
312450 ARM2_28 MCGLOTHAN ROYCE R. 20651 DONNYBROOK ROAD
312451 BLLN WOODARD ROBERT 1308 SCHOOL STREET
312452 BLLN AUFDENKAMPE GARY A. 1510 LEXINGTON DRIVE
312455 FR WILEY IDELL R 3112 USH AVENUE
312456 ARM2_28 OTWELL STEVEN D 12724 WALTHAM CLOSE
312457 ARM2_28 MADDOX VELMA S 826 ASHBY STREET
312459 ARM2_28 SCOTT ROGER D 667 WAGON WHEEL DR
312460 BLLN THRASHER/OWENS VELPO LE 211 A & B CURTIS C
312461 FR CORBITT EARL T. 4520 XAVIER DRIVE
312463 BLLN MERCER JOHN H. 3100 LEBANON ROAD
312464 FR GOODRICH ANDRE LA 329 E 37TH STREET
312465 FR WATSON SYLVIA A 305 EAST GARFIELD
312466 BLLN TROTTER JOE E 4198 FARM VIEW DRIVE
312467 BLLN JONES/JARACKAS LARRY V. 149 DARWIN
312469 FR KING KENNETH E 2470 GALVIN AVENUE
312470 ARM2_28 PEDERSON JAMES P 4514 SHORE ACRES RD
312474 FR THRASHER JAMES 29915 L LANE
312475 ARM2_28 GILLUM SR. HERMON 3163 NORTH TREZEVANT
312476 FR FERGUSON BRUCE D 9302 FRANKFORT ROAD
312477 ARM2_28 VENTURINO/WHIT FREDRICK 14289 DUFFIELD ROAD
312478 ARM BRYANT KEVIN J. 1107 COUNTRY CLUB RO
312479 BLLN LINK KENNETH 6 416 BARTON DRI
312480 FR PARKER MARK S. 6713 ASSET DRIVE
312481 FR TALLANT DAVID W. 25 HOPEWELL ESTATE
312483 FR HOLSTEN JEFF D. 10440 N DELAWARE STRE
312484 FR WOODS KEITH B 509 HANOVER ROAD
312485 FR PRATER JAMES H. 10425 PARADISE LANE
312486 ARM SAVAS HARRY 1446 NANCYWOOD
312487 BLLN RILEY GLEN C. 15 OAKLEY PLACE
312488 BLLN HAMMOND BARBARA 18 MAID LYNN COURT
312489 ARM2_28 GRAYBEAL HOWARD P 633 INA AVENUE
312491 FR COWLES JAMES A. 8461 ROCKWOOD DRIVE
312492 BLLN GISSENDANNER TERRY M 42353 STANBERRY
312493 FR KELLER KENNETH 19606 HEARTLAND STREE
312494 FR L WILBER VICTORIA 110 EAST ANDREWS
312495 FR LANE JORDAN 12819 SUMMERLAND AVE
312496 BLLN EVANS JOYCE 533W FRANKLIN ST
312499 FR PETERSON/LIPOV JEFFREY 3200 S.E. 4TH COURT
312500 BLLN MATTFIELD STEPHEN R 522 GARFIELD STREET
312504 FR PATTERSON JAMES RA 5807 ELAM ROAD
312505 ARM2_28 BRICKLEY BRUCE A 51 N HAYDEN PKY
312506 FR OGLETREE DOROTHY 22500 AVON
312507 BLLN ROBERTS BERNICE 873 DRUMMOND STREET
312508 FR DIGNEY RICHARD M 94 SAUGATUCK ROAD
312512 BLLN NOGUERAS SAMUEL 181 WEST PRINCETON
312513 FR LIGHTNER DENNIS J 2400 DOGWOOD DRIVE
312514 FR CHURCH KAREN 904 PEACH FESTIVAL
312516 FR OHLER JOYCE A. 5018 RIDGE AVENUE SE
312518 FR HARRIS ROBERT C 986 OFFUTT RD & 932
312524 FR WOLFF ROBERT L 244 WILSON STREET
312525 FR HARRIS LAURA L 1477 RAVEN AVENUE
312526 ARM2_28 STAFFNE ERWIN R. 931 EAST ROSE
312527 FR SHUFFLER JUDITH D 508 MORGAN STREET
312529 FR LOPEZ/PEREZ ROMAN LO 1829 SOUTH CALIFORNI
312533 ARM2_28 AMATA THEODORE 2447 LEE ROAD
312534 FR WILSON\GALES CHARLOTT 10097 OLD PLANK ROAD
312535 FR MONAGHAN THOMAS M 846 LYNN AVENUE
312536 FR HOLMES DEANNA R 609 LEE AVENUE
312537 FR TEFFETELLER ROBERT W 334 MARTIN VALLEY R
312538 FR PERRIN PATRICK T 17 SOUTH 3RD ST
312539 ARM2_28 MASKER KEVIN E. 3255 WEST GILFORD RO
312540 FR C SWINGER JACQUELIN 3021 WELDON PLACE
312541 BLLN TROTTER MICHAEL J. 216 SAVELY DRIVE
312543 FR HARRIS RONALD W 305 BUCHANAN STREET
312544 ARM2_28 JEFFCOAT LARRY 591 SUMMERS STREET
312545 FR LONG ALAN E. 1025 INMAN STREET
312546 FR ALFORD JERRY 103 EAST MARYLAND A
312547 FR LANDRUM MARY E 2378 PORTER PIKE
312548 FR SCIBERRAS EDMUND J 24706 HASS
312549 FR PARKER ERNESTIN 593 CORN MILL ROAD
312550 FR WILKINSON JAMES O 1709 N 23RD ST
312551 FR TONAUS STEVEN M 149 MOORELAND ROAD
312552 FR MORRIS VINCENT 18019 EAST PARK
312553 FR SNOW ROBERT A 2634 LAKEWOOD DRIVE
312555 FR ROBINSON\AVERY RICHARD 707 COOL SPRINGS RD
312556 FR AMMANN DAVID D. 301 E. BOWYER
312557 FR LINDSAY HENRY PH 1301 WESTERLY HILLS
312558 FR GRIDDINE HOWARD E 13 DRESDEN CIRCLE
<CAPTION>
LOAN NO CITY STATE ZIP COUNTY ORIG BAL UPB UPB AS OF 03/01
- ----------- --------------------- ----------- --------- ----------------------- ----------- --------- ---------------
<S> <C> <C> <C> <C> <C> <C> <C>
312450 MAPLE HEIGHTS OH 44137 CUYAHOGA 74,800.00 74,766.27 74,766.27
312451 SPRINGFIELD TN 37172 ROBERTSON 36,100.00 36,090.12 36,090.12
312452 VERMILION OH 44089 ERIE 162,000.00 161,953.13 161,953.13
312455 CHARLOTTE NC 28208 MECKLENBURG 41,200.00 41,187.67 41,187.67
312456 ROSCOE IL 61073 WINNEBAGO 94,500.00 94,451.01 94,451.01
312457 ATLANTA GA 30310 FULTON 67,500.00 67,465.00 67,465.00
312459 DAYTON OH 45431 MONTGOMERY 89,250.00 89,212.49 89,212.49
312460 HENDERSONVILLE TN 37075 SUMNER 80,475.00 80,456.55 80,456.55
312461 ANTIOCH TN 37013 DAVIDSON 63,750.00 63,605.82 63,605.82
312463 HERMITAGE TN 37214 DAVIDSON 225,250.00 225,149.29 225,149.29
312464 INDIANAPOLIS IN 46205 MARION 59,850.00 59,714.64 59,714.64
312465 CISSNA PARK IL 60924 IROQUOIS 54,000.00 50,384.90 50,384.90
312466 NASHVILLE TN 37218 DAVIDSON 56,800.00 56,788.00 56,788.00
312467 WESTLAND MI 48185 WAYNE 79,000.00 78,968.27 78,968.27
312469 CINCINNATI OH 45204 HAMILTON 17,200.00 17,120.39 17,120.39
312470 MONONA WI 53716 DANE 96,400.00 96,363.70 96,363.70
312474 OCEAN PARK WA 98640 PACIFIC 68,000.00 67,979.21 67,979.21
312475 MEMPHIS TN 38127 SHELBY 93,500.00 93,451.53 93,451.53
312476 HOLLAND OH 43528 LUCAS 69,200.00 69,007.31 69,007.31
312477 MONTROSE MI 48457 GENESEE 60,000.00 59,976.16 59,976.16
312478 COLUMBUS OH 43227 FRANKLIN 60,000.00 59,977.41 59,977.41
312479 SAINT CHARLES IL 60175 KANE 69,110.00 69,085.09 69,085.09
312480 LANDOVER MD 20785 PRINCE GEORGE'S 172,000.00 171,918.90 171,918.90
312481 CORBIN KY 40701 LAUREL 74,000.00 73,906.28 73,906.28
312483 INDIANAPOLIS IN 46280 HAMILTON 18,320.00 18,250.38 18,250.38
312484 EVANSVILLE IN 47710 VANDERBURGH 41,000.00 40,981.07 40,981.07
312485 BAY SAINT LOUIS MS 39520 HANCOCK 50,000.00 49,970.86 49,970.86
312486 WATERFORD MI 48327 OAKLAND 99,270.00 99,176.00 99,176.00
312487 DAYTON OH 45405 Montgomery 40,500.00 40,489.52 40,489.52
312488 IRMO SC 29063 RICHLAND 70,000.00 69,982.87 69,982.87
312489 AKRON OH 44306 SUMMIT 49,980.00 49,960.44 49,960.44
312491 COLUMBUS IN 47203 BARTHOLOMEW 46,442.00 46,165.60 46,165.60
312492 STERLING HEIGHTS MI 48313 MACOMB 102,000.00 101,954.39 101,954.39
312493 CORNELIUS NC 28031 MECKLENBURG 106,250.00 106,209.28 106,209.28
312494 MACON IL 62544 MACON 63,750.00 63,684.24 63,684.24
312495 CLEVELAND OH 44111 CUYAHOGA 47,175.00 47,156.46 47,156.46
312496 TROY OH 45373 MIAMI 42,000.00 41,989.65 41,989.65
312499 DES MOINES IA 50315 POLK 64,975.00 64,957.38 64,957.38
312500 MIDDLETOWN OH 45044 BUTLER 46,500.00 46,484.09 46,484.09
312504 MURFREESBORO TN 37130 RUTHERFORD 54,525.00 54,407.31 54,407.31
312505 HUDSON OH 44236 SUMMIT 164,500.00 164,500.00 164,500.00
312506 SOUTHFIELD MI 48075 OAKLAND 69,000.00 68,972.58 68,972.58
312507 ATLANTA GA 30314 FULTON 53,600.00 53,582.95 53,582.95
312508 MONTGOMERY IL 60538 KENDALL 88,800.00 88,758.13 88,758.13
312512 PONTIAC MI 48340 OAKLAND 47,200.00 47,188.83 47,188.83
312513 YOUNGSTOWN OH 44511 MAHONING 74,800.00 74,800.00 74,800.00
312514 GILBERT SC 29054 LEXINGTON 20,000.00 19,950.49 19,950.49
312516 CANTON OH 44707 STARK 37,000.00 36,909.08 36,909.08
312518 CLINTON TN 37716 ANDERSON 116,500.00 115,417.43 115,417.43
312524 NORTHWOOD OH 43619 WOOD 63,750.00 63,731.55 63,731.55
312525 MEMPHIS TN 38106 SHELBY 49,300.00 49,076.01 49,076.01
312526 HOLLY MI 48442 OAKLAND 95,200.00 95,200.00 95,200.00
312527 HOUMA LA 70360 TERREBONNE 28,740.00 28,684.81 28,684.81
312529 CHICAGO IL 60608 COOK 118,000.00 117,958.38 117,958.38
312533 CLEVELAND HEIGHTS OH 44118 CUYAHOGA 96,000.00 95,950.23 95,950.23
312534 CLINTON LA 70722 EAST FELICIANA 54,800.00 54,758.87 54,758.87
312535 CLARKSDALE MS 38614 COAHOMA 19,500.00 19,430.36 19,430.36
312536 YOUNGSTOWN OH 44502 MAHONING 14,000.00 13,947.54 13,947.54
312537 WALLAND TN 37886 BLOUNT 54,000.00 53,978.77 53,978.77
312538 RITTMAN OH 44270 WAYNE 57,600.00 57,329.96 57,329.96
312539 CARO MI 48723 TUSCOLA 51,300.00 51,277.55 51,277.55
312540 CONYERS GA 30208 ROCKDALE 166,000.00 165,934.74 165,934.74
312541 HENDERSONVILLE TN 37075 SUMNER 117,725.00 117,725.00 117,725.00
312543 NASHVILLE TN 37208 DAVIDSON 26,000.00 25,903.15 25,903.15
312544 ORANGEBURG SC 29115 ORANGEBURG 56,100.00 56,100.00 56,100.00
312545 AKRON OH 44306 SUMMIT 52,800.00 52,755.99 52,755.99
312546 BESSEMER CITY NC 28016 GASTON 37,121.00 37,121.00 37,121.00
312547 BOWLING GREEN KY 42103 WARREN 50,000.00 49,984.02 49,984.02
312548 DEARBORN HEIGHTS MI 48127 WAYNE 80,000.00 79,968.55 79,968.55
312549 BEULAVILLE NC 28518 DUPLIN 48,000.00 47,961.11 47,961.11
312550 NEW CASTLE IN 47362 HENRY 57,800.00 57,776.53 57,776.53
312551 MOORESVILLE NC 28115 IREDELL 142,650.00 141,737.10 141,737.10
312552 CLEVELAND OH 44119 CUYAHOGA 38,600.00 38,600.00 38,600.00
312553 GASTONIA NC 28052 GASTON 85,000.00 84,805.06 84,805.06
312555 STATESVILLE NC 28677 IREDELL 51,000.00 50,974.91 50,974.91
312556 BEMENT IL 61813 PIATT 28,243.00 28,183.67 28,183.67
312557 GASTONIA NC 28052 GASTON 56,000.00 56,000.00 56,000.00
312558 COLUMBIA SC 29203 RICHLAND 51,200.00 51,147.19 51,147.19
<CAPTION>
LOAN NO P&I RATE ORIG TERM CLTV
- ----------- --------- --------- ----------------- ---------
<S> <C> <C> <C> <C>
312450 651.45 9.9100 360 0.8500
312451 376.90 12.2000 180 0.6017
312452 1,660.12 11.9500 180 0.7364
312455 417.46 11.8000 360 0.8000
312456 777.43 9.2500 360 0.9000
312457 555.31 9.2500 360 0.9000
312459 799.11 10.2400 360 0.8500
312460 889.59 12.9900 180 0.8471
312461 712.62 10.7000 180 0.8500
312463 1,968.41 9.9500 180 0.8500
312464 669.02 10.7000 180 0.9000
312465 598.59 10.5500 180 0.8438
312466 643.90 13.3500 180 0.8000
312467 719.69 10.4500 180 0.8495
312469 190.13 10.5000 180 0.8000
312470 899.88 10.7500 360 0.8456
312474 683.79 11.7000 360 0.8000
312475 769.20 9.2500 360 0.8500
312476 649.56 9.6000 240 0.7689
312477 548.84 10.5000 360 0.8000
312478 560.09 10.7500 360 0.8000
312479 655.54 10.9500 180 0.8000
312480 1,471.43 9.7000 360 0.9000
312481 728.89 10.3000 240 0.8000
312483 226.99 12.6000 180 0.7500
312484 353.76 9.8000 360 0.7736
312485 512.00 11.9400 360 0.6024
312486 849.24 9.7000 360 0.9000
312487 430.67 12.4500 180 0.7500
312488 757.96 12.7000 180 0.7368
312489 459.80 10.5700 360 0.8400
312491 509.75 11.9500 240 0.8500
312492 891.36 9.9500 180 0.8500
312493 988.63 10.7100 360 0.8500
312494 695.29 11.8500 240 0.8500
312495 433.29 10.5500 360 0.8500
312496 453.80 12.6700 180 0.7500
312499 680.37 12.2400 360 0.7219
312500 449.52 11.1900 180 0.7500
312504 626.59 11.2000 180 0.6427
312505 1,294.12 8.7500 360 0.6854
312506 631.17 10.5000 360 0.5542
312507 531.61 11.5200 180 0.8000
312508 759.67 9.7000 360 0.8000
312512 516.60 12.8500 180 0.8000
312513 795.41 12.4500 360 0.8000
312514 192.34 9.9500 240 0.5797
312516 393.09 9.8000 180 0.6607
312518 1,213.01 9.4500 180 0.5601
312524 653.29 11.9500 360 0.8500
312525 551.09 10.7000 180 0.8500
312526 817.22 9.7400 360 0.6849
312527 324.91 12.4200 240 0.7983
312529 1,128.20 11.0500 360 0.8138
312533 789.77 9.2500 360 0.8000
312534 688.23 14.1700 240 0.7307
312535 249.94 13.2500 180 0.7500
312536 174.84 12.7500 180 0.7000
312537 495.98 10.5500 360 0.7500
312538 631.72 10.3600 180 0.7385
312539 452.09 10.0500 360 0.7773
312540 1,524.68 10.5500 360 0.8384
312541 1,265.57 12.6000 180 0.8500
312543 412.97 14.5900 120 0.5778
312544 513.17 10.5000 360 0.8500
312545 475.11 10.3000 360 0.8000
312546 344.81 9.4500 240 0.6749
312547 495.15 11.5000 360 0.5814
312548 734.78 10.5500 360 0.8000
312549 491.89 11.9500 360 0.8000
312550 524.40 10.4000 360 0.8500
312551 1,563.61 10.3500 180 0.9000
312552 463.02 11.9900 180 0.5848
312553 942.23 10.5500 180 0.8500
312555 552.23 12.7000 360 0.7500
312556 317.90 12.3500 240 0.8500
312557 615.56 10.4000 180 0.8615
312558 558.41 11.8500 240 0.7758
</TABLE>
Page 31
<PAGE>
EQUIVANTAGE--1997-1 LOAN LIST
<TABLE>
<CAPTION>
NOTE FIRST MATURITY NEXT PMT
LOAN NO REM TERM AM TERM SALES PRICE APPR VAL DATE PMT DATE DATE
- ----------- ----------------- --------------- ----------------- ----------- --------- --------- ----------- -----------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
312450 359 360 0.00 88000.00 24-Dec-96 01-Feb-97 01-Jan-27 01-Mar-97
312451 179 360 0.00 60000.00 26-Dec-96 01-Feb-97 01-Jan-12 01-Mar-97
312452 179 360 0.00 220000.00 24-Dec-96 15-Feb-97 15-Jan-12 15-Mar-97
312455 359 360 0.00 51500.00 24-Dec-96 01-Feb-97 01-Jan-27 01-Mar-97
312456 359 360 0.00 105000.00 26-Dec-96 01-Feb-97 01-Jan-27 01-Mar-97
312457 359 360 75000.00 75000.00 24-Dec-96 01-Feb-97 01-Jan-27 01-Mar-97
312459 359 360 0.00 105000.00 26-Dec-96 01-Feb-97 01-Jan-27 01-Mar-97
312460 179 360 0.00 95000.00 23-Dec-96 01-Feb-97 01-Jan-12 01-Mar-97
312461 179 180 0.00 75000.00 24-Dec-96 01-Feb-97 01-Jan-12 01-Mar-97
312463 179 360 0.00 265000.00 24-Dec-96 01-Feb-97 01-Jan-12 01-Mar-97
312464 179 180 0.00 66500.00 26-Dec-96 01-Feb-97 01-Jan-12 01-Mar-97
312465 179 180 0.00 64000.00 26-Dec-96 01-Feb-97 01-Jan-12 01-Mar-97
312466 179 360 0.00 71000.00 26-Dec-96 01-Feb-97 01-Jan-12 01-Mar-97
312467 179 360 0.00 93000.00 31-Dec-96 01-Feb-97 01-Jan-12 01-Mar-97
312469 178 180 0.00 21500.00 27-Dec-96 01-Feb-97 01-Jan-12 01-Apr-97
312470 359 360 0.00 114000.00 27-Dec-96 01-Feb-97 01-Jan-27 01-Mar-97
312474 359 360 0.00 85000.00 26-Dec-96 01-Feb-97 01-Jan-27 01-Mar-97
312475 359 360 0.00 110000.00 26-Dec-96 01-Feb-97 01-Jan-27 01-Mar-97
312476 238 240 0.00 90000.00 26-Dec-96 01-Feb-97 01-Jan-17 01-Apr-97
312477 359 360 0.00 75000.00 30-Dec-96 01-Feb-97 01-Jan-27 01-Mar-97
312478 359 360 0.00 75000.00 31-Dec-96 01-Feb-97 01-Jan-27 01-Mar-97
312479 179 360 0.00 215000.00 27-Dec-96 01-Feb-97 01-Jan-12 01-Mar-97
312480 359 360 191121.00 191121.00 26-Dec-96 01-Feb-97 01-Jan-27 01-Mar-97
312481 239 240 0.00 92500.00 26-Dec-96 01-Feb-97 01-Jan-17 01-Mar-97
312483 178 180 0.00 110000.00 27-Dec-96 01-Feb-97 01-Jan-12 01-Apr-97
312484 359 360 0.00 53000.00 26-Dec-96 01-Feb-97 01-Jan-27 01-Mar-97
312485 358 360 0.00 83000.00 27-Dec-96 01-Feb-97 01-Jan-27 01-Apr-97
312486 358 360 0.00 110300.00 26-Dec-96 01-Feb-97 01-Jan-27 01-Apr-97
312487 179 360 0.00 54000.00 27-Dec-96 01-Feb-97 01-Jan-12 01-Mar-97
312488 179 360 0.00 95000.00 27-Dec-96 01-Feb-97 01-Jan-12 01-Mar-97
312489 359 360 0.00 59500.00 27-Dec-96 01-Feb-97 01-Jan-27 01-Mar-97
312491 238 240 0.00 91000.00 27-Dec-96 01-Feb-97 01-Jan-17 01-Apr-97
312492 179 360 0.00 120000.00 27-Dec-96 01-Feb-97 01-Jan-12 01-Mar-97
312493 359 360 0.00 125000.00 27-Dec-96 15-Feb-97 15-Jan-27 15-Mar-97
312494 239 240 0.00 75000.00 26-Dec-96 01-Feb-97 01-Jan-17 01-Mar-97
312495 359 360 0.00 55500.00 04-Feb-97 01-Feb-97 01-Jan-27 01-Mar-97
312496 179 360 0.00 56000.00 27-Dec-96 01-Feb-97 01-Jan-12 01-Mar-97
312499 359 360 0.00 90000.00 31-Dec-96 01-Feb-97 01-Jan-27 01-Mar-97
312500 179 360 0.00 62000.00 27-Dec-96 01-Feb-97 01-Jan-12 01-Mar-97
312504 179 180 0.00 350000.00 27-Dec-96 01-Feb-97 01-Jan-12 01-Mar-97
312505 360 360 0.00 240000.00 28-Dec-96 15-Feb-97 15-Jan-27 15-Feb-97
312506 359 360 0.00 124500.00 30-Dec-96 01-Feb-97 01-Jan-27 01-Mar-97
312507 179 360 0.00 67000.00 30-Dec-96 15-Feb-97 15-Jan-12 15-Mar-97
312508 359 360 111000.00 111000.00 30-Dec-96 01-Feb-97 01-Jan-27 01-Mar-97
312512 179 360 0.00 59000.00 30-Dec-96 01-Feb-97 01-Jan-12 01-Mar-97
312513 360 360 0.00 93500.00 30-Dec-96 15-Feb-97 15-Jan-27 15-Feb-97
312514 239 240 0.00 34500.00 31-Dec-96 15-Feb-97 15-Jan-17 15-Mar-97
312516 179 180 0.00 56000.00 30-Dec-96 01-Feb-97 01-Jan-12 01-Mar-97
312518 179 180 0.00 208000.00 28-Dec-96 01-Feb-97 01-Jan-12 01-Mar-97
312524 359 360 0.00 75000.00 30-Dec-96 01-Feb-97 01-Jan-27 01-Mar-97
312525 178 180 0.00 58000.00 30-Dec-96 01-Feb-97 01-Jan-12 01-Apr-97
312526 360 360 0.00 139000.00 30-Dec-96 01-Feb-97 01-Jan-27 01-Feb-97
312527 238 240 0.00 36000.00 30-Dec-96 01-Feb-97 01-Jan-17 01-Apr-97
312529 359 360 0.00 145000.00 08-Jan-97 15-Feb-97 15-Jan-27 15-Mar-97
312533 359 360 0.00 120000.00 31-Dec-96 01-Feb-97 01-Jan-27 01-Mar-97
312534 239 240 0.00 75000.00 30-Dec-96 01-Feb-97 01-Jan-17 01-Mar-97
312535 178 180 0.00 26000.00 31-Dec-96 01-Feb-97 01-Jan-12 01-Apr-97
312536 178 180 0.00 20000.00 31-Dec-96 01-Feb-97 01-Jan-12 01-Apr-97
312537 359 360 0.00 72000.00 31-Dec-96 01-Feb-97 01-Jan-27 01-Mar-97
312538 178 180 0.00 78000.00 02-Jan-97 01-Feb-97 01-Jan-12 01-Apr-97
312539 359 360 0.00 66000.00 31-Dec-96 01-Feb-97 01-Jan-27 01-Mar-97
312540 359 360 198000.00 198000.00 31-Dec-96 01-Feb-97 01-Jan-27 01-Mar-97
312541 180 360 0.00 138500.00 21-Jan-97 01-Mar-97 01-Feb-12 01-Mar-97
312543 119 120 0.00 45000.00 31-Dec-96 01-Feb-97 01-Jan-07 01-Mar-97
312544 360 360 0.00 66000.00 03-Jan-97 01-Mar-97 01-Feb-27 01-Mar-97
312545 358 360 0.00 66000.00 31-Dec-96 01-Feb-97 01-Jan-27 01-Apr-97
312546 240 240 0.00 55000.00 02-Jan-97 01-Mar-97 01-Feb-17 01-Mar-97
312547 359 360 0.00 86000.00 02-Jan-97 01-Feb-97 01-Jan-27 01-Mar-97
312548 359 360 0.00 100000.00 06-Jan-97 01-Feb-97 01-Jan-27 01-Mar-97
312549 359 360 0.00 60000.00 15-Jan-97 01-Mar-97 01-Feb-27 01-Apr-97
312550 359 360 0.00 68000.00 02-Jan-97 15-Feb-97 15-Jan-27 15-Mar-97
312551 178 180 0.00 158500.00 31-Dec-96 01-Feb-97 01-Jan-12 01-Apr-97
312552 180 180 0.00 66000.00 02-Jan-97 01-Mar-97 01-Feb-12 01-Mar-97
312553 179 180 0.00 100000.00 02-Jan-97 15-Feb-97 15-Jan-12 15-Mar-97
312555 358 360 0.00 68000.00 31-Dec-96 01-Feb-97 01-Jan-27 01-Apr-97
312556 239 240 0.00 75000.00 06-Jan-97 01-Feb-97 01-Jan-17 01-Mar-97
312557 180 180 0.00 65000.00 02-Jan-97 01-Mar-97 01-Feb-12 01-Mar-97
312558 239 240 0.00 66000.00 03-Jan-97 01-Feb-97 01-Jan-17 01-Mar-97
<CAPTION>
NEXT PMT
LOAN NO AS OF 03/01 PROPTYPE UNITS OCCUP LIEN LIEN BAL PURPOSE
- ----------- ----------- ----------------- ------------- --------------- ----- ------------- -----------------
<S> <C> <C> <C> <C> <C> <C> <C>
312450 01-Mar-97 1 1 1 18 0 4
312451 01-Mar-97 1 1 1 18 0 3
312452 15-Mar-97 1 1 1 18 0 4
312455 01-Mar-97 1 1 1 18 0 4
312456 01-Mar-97 1 1 1 18 0 4
312457 01-Mar-97 1 1 1 18 0 1
312459 01-Mar-97 1 1 1 18 0 2
312460 01-Mar-97 2 2 1 18 0 4
312461 01-Mar-97 1 1 1 18 0 4
312463 01-Mar-97 1 1 1 18 0 4
312464 01-Mar-97 1 1 1 18 0 2
312465 01-Mar-97 1 1 1 18 0 4
312466 01-Mar-97 1 1 1 18 0 3
312467 01-Mar-97 1 1 1 18 0 4
312469 01-Apr-97 1 1 1 18 0 3
312470 01-Mar-97 1 1 1 18 0 4
312474 01-Mar-97 8 1 1 18 0 4
312475 01-Mar-97 1 1 1 18 0 3
312476 01-Apr-97 1 1 1 18 0 4
312477 01-Mar-97 1 1 1 18 0 4
312478 01-Mar-97 1 1 1 18 0 3
312479 01-Mar-97 1 1 1 38 102890 3
312480 01-Mar-97 1 1 1 18 0 1
312481 01-Mar-97 1 1 1 18 0 3
312483 01-Apr-97 1 1 1 38 64180 3
312484 01-Mar-97 1 1 1 18 0 3
312485 01-Apr-97 1 1 1 18 0 4
312486 01-Apr-97 1 1 1 18 0 4
312487 01-Mar-97 1 1 1 18 0 2
312488 01-Mar-97 1 1 1 18 0 4
312489 01-Mar-97 1 1 1 18 0 4
312491 01-Apr-97 1 1 1 38 30908 3
312492 01-Mar-97 1 1 1 18 0 3
312493 15-Mar-97 4 1 1 18 0 4
312494 01-Mar-97 1 1 1 18 0 3
312495 01-Mar-97 1 1 1 18 0 3
312496 01-Mar-97 1 1 3 18 0 3
312499 01-Mar-97 1 1 1 18 0 2
312500 01-Mar-97 1 1 3 18 0 3
312504 01-Mar-97 1 1 1 38 170414 3
312505 15-Feb-97 1 1 1 18 0 3
312506 01-Mar-97 1 1 1 18 0 3
312507 15-Mar-97 1 1 3 18 0 4
312508 01-Mar-97 1 1 1 18 0 1
312512 01-Mar-97 1 1 1 18 0 4
312513 15-Feb-97 1 1 1 18 0 3
312514 15-Mar-97 1 1 1 18 0 3
312516 01-Mar-97 1 1 1 18 0 3
312518 01-Mar-97 1 2 1 18 0 2
312524 01-Mar-97 1 1 1 18 0 3
312525 01-Apr-97 1 1 1 18 0 3
312526 01-Feb-97 1 1 1 18 0 3
312527 01-Apr-97 1 1 1 18 0 3
312529 15-Mar-97 5 2 1 18 0 3
312533 01-Mar-97 5 2 1 18 0 3
312534 01-Mar-97 1 1 1 18 0 3
312535 01-Apr-97 1 1 1 18 0 3
312536 01-Apr-97 1 1 1 18 0 3
312537 01-Mar-97 8 1 1 18 0 3
312538 01-Apr-97 1 1 1 18 0 3
312539 01-Mar-97 1 1 1 18 0 4
312540 01-Mar-97 1 1 1 18 0 1
312541 01-Mar-97 1 1 1 18 0 4
312543 01-Mar-97 1 1 3 18 0 3
312544 01-Mar-97 1 1 1 18 0 4
312545 01-Apr-97 1 1 1 18 0 3
312546 01-Mar-97 1 1 1 18 0 3
312547 01-Mar-97 1 1 1 18 0 3
312548 01-Mar-97 1 1 1 18 0 3
312549 01-Apr-97 1 1 1 18 0 4
312550 15-Mar-97 8 1 1 18 0 4
312551 01-Apr-97 1 1 1 18 0 4
312552 01-Mar-97 1 1 1 18 0 4
312553 15-Mar-97 1 1 1 18 0 3
312555 01-Apr-97 8 1 1 18 0 4
312556 01-Mar-97 1 1 1 38 35507 3
312557 01-Mar-97 1 1 1 18 0 2
312558 01-Mar-97 1 1 1 18 0 3
<CAPTION>
BNK RUP NEXT INT PERIODIC LIFE
LOAN NO GRADE DISCHARGE SECT 32 MARGIN INDEX CHANGE CAP CAP
- ----------- ------------- ------------ --------------- ------------- --------- ----------- --------------- -----
<S> <C> <C> <C> <C> <C> <C> <C> <C>
312450 B -- F 6.91 6MOLIB 01-Jan-99 1.5 7
312451 C -- F 0 -- 0 0
312452 C 15-Sep-92 F 0 -- 0 0
312455 B -- F 0 -- 0 0
312456 A 01-Aug-92 F 5.75 6MOLIB 01-Jan-99 1.5 7
312457 A -- F 5.75 6MOLIB 01-Jan-99 1.5 7
312459 B -- F 7.24 6MOLIB 01-Jan-99 1.5 7
312460 B 01-Jul-95 F 0 -- 0 0
312461 A -- F 0 -- 0 0
312463 A -- F 0 -- 0 0
312464 A -- F 0 -- 0 0
312465 A 11-Jun-93 F 0 -- 0 0
312466 C -- F 0 -- 0 0
312467 A -- F 0 -- 0 0
312469 B 01-Aug-93 F 0 -- 0 0
312470 B -- F 7.75 6MOLIB 01-Jan-99 1.5 7
312474 B -- F 0 -- 0 0 0.8500
312475 B -- F 6.25 6MOLIB 01-Jan-99 1.5 7
312476 A -- F 0 -- 0 0
312477 A -- F 7 6MOLIB 01-Jan-99 1.5 7
312478 B -- F 8.25 6MOLIB 01-Jul-97 1.5 7
312479 A -- F 0 -- 0 0
312480 A+ -- F 0 -- 0 0
312481 A 30-Dec-92 F 0 -- 0 0
312483 C -- T 0 -- 0 0
312484 A -- F 0 -- 0 0
312485 B -- F 0 -- 0 0
312486 A -- F 6.95 6MOLIB 01-Jul-97 1.5 7
312487 C 19-Nov-91 F 0 -- 0 0
312488 C -- F 0 -- 0 0
312489 B -- F 7.57 6MOLIB 01-Jan-99 1.5 7
312491 B -- F 0 -- 0 0
312492 A -- F 0 -- 0 0
312493 A -- F 0 -- 0 0
312494 B -- F 0 -- 0 0
312495 A -- F 0 -- 0 0
312496 B -- F 0 -- 0 0
312499 C -- F 0 -- 0 0
312500 A -- F 0 -- 0 0
312504 A -- F 0 -- 0 0
312505 B -- F 5.75 6MOLIB 15-Jan-99 1.5 7
312506 A -- F 0 -- 0 0
312507 A -- F 0 -- 0 0
312508 A+ -- F 0 -- 0 0
312512 C -- F 0 -- 0 0
312513 B 30-May-95 F 0 -- 0 0
312514 A -- F 0 -- 0 0
312516 A -- F 0 -- 0 0
312518 A -- F 0 -- 0 0
312524 B -- F 0 -- 0 0
312525 A -- F 0 -- 0 0
312526 B -- F 6.74 6MOLIB 01-Jan-99 1.5 7
312527 B -- T 0 -- 0 0
312529 A 01-Sep-90 F 0 -- 0 0
312533 B -- F 6.25 6MOLIB 01-Jan-99 1.5 7
312534 C 01-Jul-91 F 0 -- 0 0
312535 B 01-Jun-91 F 0 -- 0 0
312536 B -- F 0 -- 0 0
312537 A -- F 0 -- 0 0
312538 A -- F 0 -- 0 0
312539 A -- F 6.55 6MOLIB 01-Jan-99 1.5 7
312540 A -- F 0 -- 0 0
312541 B 01-May-93 F 0 -- 0 0
312543 C 01-Mar-95 F 0 -- 0 0
312544 B -- F 7.5 6MOLIB 01-Feb-99 1.5 7
312545 A 27-Jun-91 F 0 -- 0 0
312546 B -- F 0 -- 0 0
312547 A 01-Sep-91 F 0 -- 0 0
312548 A -- F 0 -- 0 0
312549 B -- F 0 -- 0 0
312550 A -- F 0 -- 0 0
312551 A 07-Sep-93 F 0 -- 0 0
312552 C 25-Sep-87 F 0 -- 0 0
312553 A -- F 0 -- 0 0
312555 C -- F 0 -- 0 0
312556 B -- T 0 -- 0 0
312557 A+ -- F 0 -- 0 0
312558 B -- F 0 -- 0 0
</TABLE>
Page 32
<PAGE>
EQUIVANTAGE--1997-1 LOAN LIST
<TABLE>
<CAPTION>
PRE PMT
LOAN NO FLOOR CEILING PEN DOC LEVEL
- ----------- ----------- ------------- --------------- -------------------
<S> <C> <C> <C> <C>
312450 9.91 16.91 P F
312451 0 0 F
312452 0 0 P F
312455 0 0 F
312456 9.25 16.25 F
312457 9.25 16.25 P F
312459 10.24 17.24 P F
312460 0 0 P F
312461 0 0 F
312463 0 0 F
312464 0 0 P F
312465 0 0 F
312466 0 0 P F
312467 0 0 P F
312469 0 0 P F
312470 10.75 17.75 F
312474 0 0 P F
312475 9.25 16.25 P F
312476 0 0 P F
312477 10.5 17.5 P F
312478 11.75 17.75 P F
312479 0 0 F
312480 0 0 F
312481 0 0 P F
312483 0 0 F
312484 0 0 P F
312485 0 0 P F
312486 10.7 16.7 F
312487 0 0 P F
312488 0 0 F
312489 10.57 17.57 P F
312491 0 0 P F
312492 0 0 P F
312493 0 0 P F
312494 0 0 F
312495 0 0 P F
312496 0 0 P F
312499 0 0 F
312500 0 0 P F
312504 0 0 F
312505 8.75 15.75 P F
312506 0 0 P F
312507 0 0 P F
312508 0 0 F
312512 0 0 P F
312513 0 0 P F
312514 0 0 F
312516 0 0 P F
312518 0 0 F
312524 0 0 P F
312525 0 0 F
312526 9.74 16.74 P F
312527 0 0 F
312529 0 0 F
312533 9.25 16.25 P F
312534 0 0 P F
312535 0 0 P F
312536 0 0 P F
312537 0 0 P F
312538 0 0 P F
312539 10.05 17.05 P F
312540 0 0 P F
312541 0 0 P F
312543 0 0 F
312544 10.5 17.5 F
312545 0 0 P F
312546 0 0 F
312547 0 0 P F
312548 0 0 P F
312549 0 0 F
312550 0 0 P F
312551 0 0 P F
312552 0 0 P F
312553 0 0 F
312555 0 0 F
312556 0 0 P F
312557 0 0 F
312558 0 0 F
</TABLE>
Page 33
<PAGE>
EQUIVANTAGE--1997-1 LOAN LIST
<TABLE>
<CAPTION>
LOAN NO TYPE LASTNAME FIRSTNAME ADDRESS
- ----------- ---------- ------------------ ------------------ ------------------------------------------------
<S> <C> <C> <C> <C>
312559 FR SMITH WILLIAM 5081 SOUTHVIEW DRIVE
312563 ARM2-28 BARTON LYNNETTE 880 NORWALK DRIVE
312564 FR HEDRICK ALAN R 4265 KENT STREET
312565 FR LOTH JOHN D. 2232 WARD STREET
312566 FR HAMILTON CHARLES E. 1776 LEXINGTON
312567 FR LAMB WILLIAM 1082 BULEN AVENUE
312568 FR CHATMAN ADDIE 3935 WEST FILLMORE
312570 ARM2-28 TURNER MARVIN 1512 E. FAIRCHILD
312574 FR BLAKE LEROY F. 568 BULGER AVENUE
312575 FR SEED STEPHEN 3127 HAZELWOOD COURT
312576 FR JURINEK HELEN R 10910 HARDING AVENUE
312577 FR SHOWERS RICHARD 11334 SOUTH HOMEWOOD
312578 FR JOHNSON/ DRAYTO MARY ANN 1408 NE MADISON AVEN
312579 BLLN KELLY STEPHEN 7516 E 1100 N ROAD
312580 FR HALFHILL JOHN C. 308 ERIE ROAD
312583 FR BURRISS THOMAS N 418 DAVIDSON PLANTA
312584 FR OSBORNE JAMES T. 1522 9TH N.E.
312585 BLLN MCDONALD MARY LOU 1034 MONROE STREET
312586 BLLN SMAY BRIAN N. 14 LAKESHORE DRIVE
312587 FR LONGWELL ARLENE M 2910NECOVENTRY BLVD
312589 FR SCHOECKERT MARK C. W10808 EAST HARMONY DRIVE
312590 ARM2-28 SMITH MAVIS D. 2042 LAKE ROAD
312592 BLLN LAWRENCE ROBERT 31029 NOCATEE TRAIL
312593 FR KIMBRO RODNEY E 100 VALLEY DRIVE
312595 BLLN YOUNG MARK D. 16170 MCCRAE ROAD
312599 ARM BUTLER/LESANE LENA L. 13955 NORTHLAWN
312600 BLLN HAYNES ROBERT 145 ASTER CIRCLE
312602 ARM PICCININI/GRIE PATRICIA 35526 SUNSET DRIVE
312603 FR DILWORTH CHARLIE R 1 BOX 69-M (SO
312604 BLLN COLLINS RANDY M. 1737 LAUREL AVENUE
312606 FR SLUSS CLAUDE T 3062 MEADOW LARK LAN
312607 FR SALTER TIMOTHY 1880 EDISON STREET N
312608 BLLN COX/GRADY MILDRED 326 AQUARIUS CONCOU
312609 BLLN JOHNSON ELLA 980 MAUDE AVENUE
312610 FR MOORE ROBERT 352 EAST COUNTY RD
312612 FR BUSH ROBERT C 1915 ROSE STREET
312614 BLLN KIRBY JEWELL M 171 LAKESIDE PARK D
312615 BLLN RUSSELL DONALD 4054 NORTH SAWYER AV
312616 FR CARNOHAN DAVID A. 124 SOUTH GRAND AVE
312619 FR LEHMAN RICHARD 9617 DIXON AVENUE
312620 FR DADE TONY 1158 WALLEY STREET
312622 BLLN MONROE JAMES L. 135 WEST ANDERSON A
312623 FR BROUSSARD MICHAEL 102 DUKE STREET
312624 FR HAYNES BARBARA 12791 GRAFTON ROAD
312625 BLLN GROSE JOE L. 849 EAST 149TH STRE
312626 BLLN HALL DONALD R 3421 TARRAGON DRIVE
312627 BLLN MONDROSKI NANCY J. 909 WESTERN AVENUE
312628 ARM2-28 SCHULZ VIRGINIA 21312 DEXTER
312633 BLLN MORRISON SAMUEL 312 CHESTNUT STREET
312634 BLLN HUDSON HAZEL P. 112 BLUEFIELD SQUAR
312639 FR RUSSELL JOHN W. 3134 ASBURY STRET
312642 FR SUTHERLAND DARRIN E 535 FIDALGO STREET
312644 FR TRIPLETT HOWARD 609 SOUTH JENISON AVENUE
312645 FR CORDES ROGER L. 9225 CUSTAR ROAD
312646 FR FRANCIS KATHRYN 27 KENILWORTH AVEN
312647 ARM2-28 MILLER GLEN M. 4144 BROOKMYRA DRIVE
312649 BLLN POWERS JOHN A. 10543 BROOKWOOD
312650 BLLN LOFTON FREDDIE 5497 N.W. 53RD STREE
312653 FR SEARS DONNA 423 GORE ROAD
312654 FR SIMPSON DAVID R. 2549 BRIDWELL STREET
312655 BLLN MUNSON LINDA F. 4112 OLD HICKORY BOU
312656 FR RAMSEY MICHAEL 3007 DON DEE DRIVE
312658 FR AMBROIGGIO PATRICIA 1321 S. FINLEY ROAD
312659 ARM2-28 MAYNARD BERNARD 25612 NEW YORK
312661 FR FRAPPIER LUC N. 7989 STONE RD
312662 FR BOWLING JERRY L. 1070 MCMAKIN MCMULLE
312664 FR MCGARITY LEMIE B. 7318 OLD MCGARITY PL
312665 BLLN TODD WAYNE 4126 SEMINOLE
312667 FR WERTZ/BEARD MYRTLE D 5040 PHEASANT LANE S
312669 BLLN MORRISON MELVIN 2512 17TH AVENUE EAS
312670 BLLN GODWIN JAMES ROUTE 11 BOX 290
312672 BLLN JOHNSON LINDA M. 4175 COUNTY ROAD 98
312673 ARM2-28 PALMER WILLIAM 27349 MARSHALL AVENUE
312675 BLLN DEARSTONE COREEN 758 CONKLIN ROAD
312677 FR LABOY JOSE A. LABOY-R 3909 TROTTER ROAD
312679 BLLN ARNOLD JANIE B. 1170 SHADOWLINE
312681 FR CURRY MAMIE 118 PRESSWOOD STREE
312682 FR LYLES DONNIE E 9808 QUEBEC AVENUE
<CAPTION>
LOAN NO CITY STATE ZIP COUNTY ORIG BAL UPB UPB AS OF 03/01
- ----------- --------------------- ----------- --------- ----------------------- ----------- --------- ---------------
<S> <C> <C> <C> <C>
312559 FAIRFIELD OH 45014 BUTLER 29,300.00 29,228.00 29,228.00
312563 NASHVILLE TN 37214 DAVIDSON 83,866.00 83,826.41 83,826.41
312564 MAIDEN NC 28650 LINCOLN 62,050.00 61,905.52 61,905.52
312565 TOLEDO OH 43609 LUCAS 44,000.00 44,000.00 44,000.00
312566 INKSTER MI 48141 WAYNE 48,000.00 47,985.48 47,985.48
312567 COLUMBUS OH 43206 FRANKLIN 63,750.00 63,617.47 63,617.47
312568 CHICAGO IL 60624 COOK 59,250.00 59,236.14 59,236.14
312570 DANVILLE IL 61832 VERMILION 44,800.00 44,800.00 44,800.00
312574 FOSTORIA OH 44830 SENECA 14,250.00 14,182.21 14,182.21
312575 WATERFORD MI 48329 OAKLAND 56,162.00 56,162.00 56,162.00
312576 CHICAGO IL 60655 COOK 60,000.00 59,977.41 59,977.41
312577 CHICAGO IL 60643 COOK 56,000.00 55,870.38 55,870.38
312578 PEORIA IL 61603 PEORIA 9,000.00 8,965.07 8,965.07
312579 FAIRMOUNT IL 61841 VERMILION 30,550.00 30,550.00 30,550.00
312580 VERMILION OH 44089 LORAIN 73,200.00 73,200.00 73,200.00
312583 HINESVILLE GA 31313 LIBERTY 26,577.00 26,547.69 26,547.69
312584 CANTON OH 44705 STARK 40,000.00 39,903.75 39,903.75
312585 NASHVILLE TN 37208 DAVIDSON 37,200.00 37,185.84 37,185.84
312586 DULUTH GA 30136 GWINNETT 172,000.00 172,000.00 172,000.00
312587 CANTON OH 44705 STARK 44,220.00 44,116.21 44,116.21
312589 LODI WI 53555 COLUMBIA 32,000.00 31,962.79 31,962.79
312590 MEDWAY OH 45341 CLARK 99,550.00 99,550.00 99,550.00
312592 SORRENTO FL 32776 LAKE 65,000.00 64,973.89 64,973.89
312593 HENDERSONVILLE TN 37075 SUMNER 77,775.00 77,775.00 77,775.00
312595 EAST LIVERPOOL OH 43920 COLUMBIANA 84,000.00 83,965.15 83,965.15
312599 DETROIT MI 48238 WAYNE 44,200.00 41,861.17 41,861.17
312600 COLUMBIA SC 29201 RICHLAND 38,250.00 38,236.94 38,236.94
312602 STERLING HEIGHTS MI 48312 MACOMB 129,650.00 129,578.44 129,578.44
312603 GRETNA FL 32332 GADSDEN 27,750.00 27,750.00 27,750.00
312604 COLUMBUS OH 43223 FRANKLIN 56,000.00 55,990.04 55,990.04
312606 SOPHIA NC 27350 RANDOLPH 58,000.00 58,000.00 58,000.00
312607 UNIONTOWN OH 44685 STARK 114,750.00 114,691.13 114,691.13
312608 ORANGE PARK FL 32073 CLAY 55,000.00 54,974.06 54,974.06
312609 CLEVELAND OH 44103 CUYAHOGA 37,200.00 37,185.81 37,185.81
312610 CONNERSVILLE IN 47331 FAYETTE 40,000.00 39,980.53 39,980.53
312612 ARABI LA 70032 SAINT BERNARD 15,000.00 14,968.96 14,968.96
312614 HENDERSONVILLE TN 37075 SUMNER 60,000.00 59,983.21 59,983.21
312615 INDIANAPOLIS IN 46226 MARION 58,500.00 58,500.00 58,500.00
312616 FORT THOMAS KY 41075 CAMPBELL 38,000.00 37,957.25 37,957.25
312619 BALTIMORE MD 21234 BALTIMORE 51,500.00 51,500.00 51,500.00
312620 LAUREL MS 39440 JONES 20,000.00 20,000.00 20,000.00
312622 KNOXVILLE TN 37917 KNOX 36,000.00 36,000.00 36,000.00
312623 BROUSSARD LA 70518 LAFAYETTE 36,000.00 36,000.00 36,000.00
312624 EATON TOWNSHIP OH 44044 LORAIN 52,000.00 51,976.80 51,976.80
312625 CLEVELAND OH 44110 CUYAHOGA 36,000.00 35,984.74 35,984.74
312626 DECATUR GA 30034 DE KALB 76,500.00 76,500.00 76,500.00
312627 MOSINEE WI 54455 MARATHON 61,000.00 60,975.50 60,975.50
312628 WARREN MI 48089 MACOMB 20,000.00 20,000.00 20,000.00
312633 ALLERTON IL 61810 VERMILION 29,400.00 29,400.00 29,400.00
312634 NASHVILLE TN 37214 DAVIDSON 123,500.00 123,500.00 123,500.00
312639 INDIANAPOLIS IN 46237 MARION 44,300.00 44,233.24 44,233.24
312642 SEDRO WOOLLEY WA 98284 SKAGIT 76,000.00 75,972.60 75,972.60
312644 LANSING MI 48915 INGHAM 70,800.00 70,761.73 70,761.73
312645 CUSTAR OH 43511 WOOD 52,200.00 51,975.73 51,975.73
312646 ORMOND BEACH FL 32174 VOLUSIA 68,000.00 68,000.00 68,000.00
312647 ORLANDO FL 32837 ORANGE 167,058.00 167,058.00 167,058.00
312649 PLYMOUTH MI 48170 WAYNE 155,920.00 155,863.67 155,863.67
312650 OCALA FL 34482 MARION 81,900.00 81,854.80 81,854.80
312653 CONNEAUT OH 44030 ASHTABULA 39,000.00 39,000.00 39,000.00
312654 KINGSPORT TN 37664 SULLIVAN 38,000.00 37,921.00 37,921.00
312655 OLD HICKORY TN 37138 DAVIDSON 56,100.00 56,085.74 56,085.74
312656 LOUISVILLE KY 40220 JEFFERSON 15,100.00 14,914.86 14,914.86
312658 LOMBARD IL 60148 DU PAGE 15,000.00 14,969.55 14,969.55
312659 DEARBORN HEIGHTS MI 48125 WAYNE 64,800.00 64,800.00 64,800.00
312661 MEDINA OH 44256 MEDINA 120,000.00 120,000.00 120,000.00
312662 SHELBYVILLE KY 40065 SHELBY 69,700.00 68,208.44 68,208.44
312664 DALLAS GA 30132 PAULDING 110,000.00 109,957.50 109,957.50
312665 DETROIT MI 48214 WAYNE 31,200.00 31,186.78 31,186.78
312667 OLYMPIA WA 98513 THURSTON 50,000.00 50,000.00 50,000.00
312669 SPRINGFIELD TN 37172 ROBERTSON 70,975.00 70,960.01 70,960.01
312670 LUMBERTON NC 28358 ROBESON 54,400.00 54,387.60 54,387.60
312672 MOUNT GILEAD OH 43338 MORROW 72,750.00 72,750.00 72,750.00
312673 SOUTHFIELD MI 48076 OAKLAND 120,700.00 120,700.00 120,700.00
312675 JONESBOROUGH TN 37659 WASHINGTON 53,200.00 53,187.04 53,187.04
312677 COLUMBIA SC 29209 RICHLAND 48,000.00 48,000.00 48,000.00
312679 MEMPHIS TN 38109 SHELBY 46,000.00 46,000.00 46,000.00
312681 MILLEDGEVILLE GA 31061 BALDWIN 21,600.00 21,522.23 21,522.23
312682 CLEVELAND OH 44106 CUYAHOGA 43,200.00 43,200.00 43,200.00
<CAPTION>
LOAN NO P&I RATE ORIG TERM CLTV
- ----------- --------- --------- ----------------- ---------
312559 311.28 9.8000 180 0.3907
312563 720.54 9.7500 360 0.8984
312564 687.82 10.5500 180 0.8500
312565 415.90 9.7000 240 0.7097
312566 484.52 11.7500 360 0.8000
312567 748.78 11.6000 180 0.8500
312568 650.80 12.9000 360 0.7500
312570 376.70 9.5000 360 0.8000
312574 191.88 10.4500 120 0.5278
312575 685.37 13.6800 240 0.7500
312576 560.09 10.7500 360 0.4412
312577 617.29 10.4500 180 0.8000
312578 122.29 14.4000 180 0.5000
312579 357.15 13.8000 180 0.6500
312580 596.90 9.1500 360 0.8000
312583 280.68 11.3500 240 0.8500
312584 430.58 10.0300 180 0.8000
312585 345.86 10.7000 180 0.8000
312586 1,465.13 9.6500 180 0.6880
312587 483.34 10.3000 180 0.7624
312589 329.21 10.9500 240 0.7065
312590 783.16 8.7500 360 0.8296
312592 592.15 10.4500 180 0.7471
312593 705.63 10.4000 360 0.8500
312595 755.85 10.3000 180 0.8000
312599 386.25 9.9500 360 0.8500
312600 370.06 11.2000 180 0.7500
312602 1,038.53 8.9500 360 0.7998
312603 297.35 9.9500 180 0.7500
312604 667.96 14.1000 180 0.8000
312606 621.50 9.9500 180 0.8000
312607 948.18 9.3000 360 0.8500
312608 470.52 9.7000 180 0.7857
312609 345.58 10.6900 180 0.8000
312610 337.80 9.5500 360 0.6667
312612 176.66 11.6500 180 0.7841
312614 621.79 12.1000 180 0.7500
312615 515.54 10.0500 180 0.8478
312616 397.42 11.2000 240 0.7236
312619 498.69 10.0500 240 0.5000
312620 250.89 14.1500 240 0.8000
312622 345.56 11.1000 180 0.8000
312623 451.70 12.8400 180 0.7500
312624 454.80 9.9600 360 0.5306
312625 321.26 10.2000 180 0.7059
312626 688.36 10.3000 180 0.8500
312627 555.71 10.4500 180 0.7531
312628 183.70 10.5500 360 0.4598
312633 332.13 13.3000 180 0.7000
312634 1,374.85 13.0900 180 0.8459
312639 397.16 8.9500 240 0.7383
312642 720.90 10.9500 360 0.7835
312644 572.22 9.0500 360 0.8429
312645 754.97 12.2000 120 0.8700
312646 683.79 11.7000 360 0.8500
312647 1,363.46 9.1600 360 0.8080
312649 1,477.80 10.9400 180 0.8000
312650 656.04 8.9500 180 0.9000
312653 453.86 11.4300 180 0.7500
312654 446.33 11.6000 180 0.7917
312655 614.01 12.8500 180 0.8500
312656 335.51 11.9500 60 0.5900
312658 178.58 11.8500 180 0.7647
312659 572.02 10.0700 360 0.8000
312661 1,120.18 10.7500 360 0.7500
312662 614.24 10.0500 360 0.8500
312664 1,016.92 10.6300 360 0.7801
312665 278.42 10.2000 180 0.5887
312667 452.89 10.3800 360 0.4808
312669 804.59 13.3500 180 0.8500
312670 603.90 13.0500 180 0.8500
312672 742.72 11.9000 180 0.7500
312673 1,006.12 9.4000 360 0.8500
312675 576.88 12.7200 180 0.8378
312677 509.95 9.8000 180 0.7619
312679 494.51 12.6000 180 0.7667
312681 350.47 15.1500 120 0.6000
312682 383.27 10.1300 360 0.8000
</TABLE>
Page 34
<PAGE>
EQUIVANTAGE--1997-1 LOAN LIST
<TABLE>
<CAPTION>
NOTE FIRST MATURITY NEXT PMT
LOAN NO REM TERM AM TERM SALES PRICE APPR VAL DATE PMT DATE DATE
- ----------- ----------------- --------------- -------------- ----------- --------- --------- ----------- -----------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
312559 179 180 0.00 75000.00 02-Jan-97 15-Feb-97 15-Jan-12 15-Mar-97
312563 359 360 93350.00 93350.00 31-Dec-96 01-Feb-97 01-Jan-27 01-Mar-97
312564 179 180 0.00 73000.00 02-Jan-97 01-Feb-97 01-Jan-12 01-Mar-97
312565 240 240 0.00 62000.00 03-Jan-97 15-Feb-97 15-Jan-17 15-Feb-97
312566 359 360 0.00 60000.00 17-Jan-97 01-Mar-97 01-Feb-27 01-Apr-97
312567 179 180 0.00 75000.00 03-Jan-97 01-Feb-97 01-Jan-12 01-Mar-97
312568 359 360 0.00 79000.00 06-Jan-97 15-Feb-97 15-Jan-27 15-Mar-97
312570 360 360 0.00 56000.00 06-Jan-97 01-Mar-97 01-Feb-27 01-Mar-97
312574 119 120 0.00 27000.00 03-Jan-97 01-Feb-97 01-Jan-07 01-Mar-97
312575 240 240 0.00 298000.00 03-Jan-97 01-Mar-97 01-Feb-17 01-Mar-97
312576 359 360 0.00 136000.00 03-Jan-97 01-Mar-97 01-Feb-27 01-Apr-97
312577 179 180 0.00 70000.00 08-Jan-97 01-Feb-97 01-Jan-12 01-Mar-97
312578 178 180 0.00 18000.00 06-Jan-97 01-Feb-97 01-Jan-12 01-Apr-97
312579 180 360 0.00 47000.00 07-Jan-97 01-Mar-97 01-Feb-12 01-Mar-97
312580 360 360 0.00 91500.00 17-Jan-97 15-Mar-97 15-Feb-27 15-Mar-97
312583 239 240 0.00 128000.00 06-Jan-97 01-Feb-97 01-Jan-17 01-Mar-97
312584 179 180 0.00 50000.00 16-Jan-97 15-Feb-97 15-Jan-12 15-Mar-97
312585 179 360 0.00 46500.00 03-Jan-97 15-Feb-97 15-Jan-12 15-Mar-97
312586 180 360 0.00 250000.00 07-Jan-97 01-Mar-97 01-Feb-12 01-Mar-97
312587 179 180 0.00 58000.00 06-Jan-97 15-Feb-97 15-Jan-12 15-Mar-97
312589 239 240 0.00 122000.00 06-Jan-97 15-Feb-97 15-Jan-17 15-Mar-97
312590 360 360 0.00 120000.00 08-Jan-97 01-Mar-97 01-Feb-27 01-Mar-97
312592 179 360 0.00 87000.00 03-Jan-97 15-Feb-97 15-Jan-12 15-Mar-97
312593 360 360 0.00 91500.00 06-Jan-97 01-Mar-97 01-Feb-27 01-Mar-97
312595 179 360 0.00 105000.00 08-Jan-97 15-Feb-97 15-Jan-12 15-Mar-97
312599 359 360 0.00 52000.00 14-Jan-97 15-Feb-97 15-Jan-27 15-Mar-97
312600 179 360 0.00 51000.00 07-Jan-97 15-Feb-97 15-Jan-12 15-Mar-97
312602 359 360 0.00 162100.00 07-Jan-97 01-Mar-97 01-Feb-27 01-Apr-97
312603 180 180 0.00 37000.00 07-Jan-97 01-Mar-97 01-Feb-12 01-Mar-97
312604 179 360 0.00 70000.00 07-Jan-97 15-Feb-97 15-Jan-12 15-Mar-97
312606 180 180 0.00 72500.00 07-Jan-97 01-Mar-97 01-Feb-12 01-Mar-97
312607 359 360 0.00 135000.00 15-Jan-97 15-Feb-97 15-Jan-27 15-Mar-97
312608 179 360 0.00 70000.00 06-Jan-97 15-Feb-97 15-Jan-12 15-Mar-97
312609 179 360 0.00 46500.00 07-Jan-97 15-Feb-97 15-Jan-12 15-Mar-97
312610 359 360 0.00 60000.00 08-Jan-97 01-Mar-97 01-Feb-27 01-Apr-97
312612 179 180 0.00 79000.00 06-Jan-97 01-Feb-97 01-Jan-12 01-Mar-97
312614 179 360 0.00 80000.00 07-Jan-97 15-Feb-97 15-Jan-12 15-Mar-97
312615 180 360 0.00 69000.00 13-Jan-97 15-Feb-97 15-Jan-12 15-Feb-97
312616 239 240 0.00 155000.00 08-Jan-97 15-Feb-97 15-Jan-17 15-Mar-97
312619 240 240 0.00 103000.00 08-Jan-97 01-Mar-97 01-Feb-17 01-Mar-97
312620 240 240 0.00 25000.00 29-Jan-97 15-Mar-97 15-Feb-17 15-Mar-97
312622 180 360 0.00 45000.00 07-Jan-97 15-Feb-97 15-Jan-12 15-Feb-97
312623 180 180 0.00 48000.00 11-Jan-97 15-Feb-97 15-Jan-12 15-Feb-97
312624 359 360 0.00 98000.00 09-Jan-97 15-Feb-97 15-Jan-27 15-Mar-97
312625 179 360 0.00 51000.00 08-Jan-97 15-Feb-97 15-Jan-12 15-Mar-97
312626 180 360 0.00 90000.00 08-Jan-97 01-Mar-97 01-Feb-12 01-Mar-97
312627 179 360 0.00 81000.00 10-Jan-97 15-Feb-97 15-Jan-12 15-Mar-97
312628 360 360 0.00 43500.00 10-Jan-97 01-Mar-97 01-Feb-27 01-Mar-97
312633 180 360 0.00 42000.00 09-Jan-97 01-Mar-97 01-Feb-12 01-Mar-97
312634 180 360 0.00 146000.00 08-Jan-97 15-Feb-97 15-Jan-12 15-Feb-97
312639 239 240 0.00 60000.00 10-Jan-97 15-Feb-97 15-Jan-17 15-Mar-97
312642 359 360 0.00 97000.00 10-Jan-97 15-Feb-97 15-Jan-27 15-Mar-97
312644 359 360 0.00 84000.00 20-Jan-97 15-Feb-97 15-Jan-27 15-Mar-97
312645 119 120 0.00 60000.00 10-Jan-97 01-Mar-97 01-Feb-07 01-Apr-97
312646 360 360 0.00 80000.00 10-Jan-97 15-Feb-97 15-Jan-27 15-Feb-97
312647 360 360 206756.00 206756.00 28-Jan-97 01-Mar-97 01-Feb-27 01-Mar-97
312649 179 360 194900.00 194900.00 15-Jan-97 15-Feb-97 15-Jan-12 15-Mar-97
312650 179 360 0.00 91000.00 10-Jan-97 15-Feb-97 15-Jan-12 15-Mar-97
312653 180 180 0.00 52000.00 16-Jan-97 01-Mar-97 01-Feb-12 01-Mar-97
312654 179 180 0.00 48000.00 10-Jan-97 15-Feb-97 15-Jan-12 15-Mar-97
312655 179 360 0.00 66000.00 15-Jan-97 15-Feb-97 15-Jan-12 15-Mar-97
312656 59 60 0.00 100000.00 09-Jan-97 15-Feb-97 15-Jan-02 15-Mar-97
312658 179 180 0.00 85000.00 09-Jan-97 15-Feb-97 15-Jan-12 15-Mar-97
312659 360 360 0.00 81000.00 10-Jan-97 01-Mar-97 01-Feb-27 01-Mar-97
312661 360 360 0.00 160000.00 10-Jan-97 01-Mar-97 01-Feb-27 01-Mar-97
312662 360 360 0.00 82000.00 13-Jan-97 01-Mar-97 01-Feb-27 01-Mar-97
312664 359 360 0.00 141000.00 13-Jan-97 01-Mar-97 01-Feb-27 01-Apr-97
312665 179 360 0.00 53000.00 10-Jan-97 15-Feb-97 15-Jan-12 15-Mar-97
312667 360 360 0.00 104000.00 10-Jan-97 01-Mar-97 01-Feb-27 01-Mar-97
312669 179 360 0.00 83500.00 13-Jan-97 01-Mar-97 01-Feb-12 01-Apr-97
312670 179 360 0.00 64000.00 10-Jan-97 15-Feb-97 15-Jan-12 15-Mar-97
312672 180 360 0.00 97000.00 10-Jan-97 01-Mar-97 01-Feb-12 01-Mar-97
312673 360 360 0.00 142000.00 14-Jan-97 01-Mar-97 01-Feb-27 01-Mar-97
312675 179 360 0.00 63500.00 14-Jan-97 15-Feb-97 15-Jan-12 15-Mar-97
312677 180 180 0.00 63000.00 23-Jan-97 01-Mar-97 01-Feb-12 01-Mar-97
312679 180 360 0.00 60000.00 15-Jan-97 01-Mar-97 01-Feb-12 01-Mar-97
312681 119 120 0.00 36000.00 10-Jan-97 15-Feb-97 15-Jan-07 15-Mar-97
312682 360 360 0.00 54000.00 11-Jan-97 01-Mar-97 01-Feb-27 01-Mar-97
<CAPTION>
NEXT PMT
LOAN NO AS OF 03/01 PROPTYPE UNITS OCCUP LIEN LIEN BAL PURPOSE
- ----------- ----------- ----------------- ------------- --------------- ----- ------------- -----------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
312559 15-Mar-97 1 1 1 18 0 3
312563 01-Mar-97 1 1 1 18 0 1
312564 01-Mar-97 8 1 1 18 0 4
312565 15-Feb-97 1 1 1 18 0 3
312566 01-Apr-97 1 1 1 18 0 3
312567 01-Mar-97 1 1 1 18 0 2
312568 15-Mar-97 5 2 1 18 0 3
312570 01-Mar-97 1 1 1 18 0 4
312574 01-Mar-97 1 1 3 18 0 4
312575 01-Mar-97 1 1 1 38 167338 3
312576 01-Apr-97 1 1 1 18 0 3
312577 01-Mar-97 1 1 3 18 0 3
312578 01-Apr-97 1 1 3 18 0 3
312579 01-Mar-97 1 1 1 18 0 4
312580 15-Mar-97 1 1 1 18 0 3
312583 01-Mar-97 1 1 1 38 82223 3
312584 15-Mar-97 1 1 1 18 0 3
312585 15-Mar-97 1 1 1 18 0 2
312586 01-Mar-97 1 1 1 18 0 4
312587 15-Mar-97 1 1 1 18 0 4
312589 15-Mar-97 1 1 1 38 54193 3
312590 01-Mar-97 1 1 1 18 0 4
312592 15-Mar-97 8 1 1 18 0 3
312593 01-Mar-97 1 1 1 18 0 4
312595 15-Mar-97 1 1 1 18 0 4
312599 15-Mar-97 1 1 1 18 0 3
312600 15-Mar-97 1 1 1 18 0 3
312602 01-Apr-97 1 1 1 18 0 3
312603 01-Mar-97 8 1 1 18 0 4
312604 15-Mar-97 1 1 1 18 0 4
312606 01-Mar-97 1 1 1 18 0 3
312607 15-Mar-97 1 1 1 18 0 4
312608 15-Mar-97 1 1 1 18 0 3
312609 15-Mar-97 1 1 1 18 0 3
312610 01-Apr-97 1 1 1 18 0 3
312612 01-Mar-97 1 1 1 38 46944 3
312614 15-Mar-97 1 1 1 18 0 3
312615 15-Feb-97 1 1 1 18 0 2
312616 15-Mar-97 1 1 1 38 74165 3
312619 01-Mar-97 1 1 1 18 0 3
312620 15-Mar-97 1 1 1 18 0 4
312622 15-Feb-97 1 1 1 18 0 2
312623 15-Feb-97 1 1 1 18 0 4
312624 15-Mar-97 1 1 1 18 0 3
312625 15-Mar-97 5 2 1 18 0 4
312626 01-Mar-97 1 1 1 18 0 3
312627 15-Mar-97 1 1 1 18 0 2
312628 01-Mar-97 1 1 1 18 0 3
312633 01-Mar-97 1 1 1 18 0 3
312634 15-Feb-97 1 1 1 18 0 4
312639 15-Mar-97 1 1 1 18 0 2
312642 15-Mar-97 1 1 1 18 0 3
312644 15-Mar-97 1 1 1 18 0 4
312645 01-Apr-97 1 1 1 18 0 3
312646 15-Feb-97 1 1 1 18 0 3
312647 01-Mar-97 1 1 3 18 0 1
312649 15-Mar-97 1 1 1 18 0 1
312650 15-Mar-97 1 1 1 18 0 4
312653 01-Mar-97 1 1 1 18 0 3
312654 15-Mar-97 1 1 1 18 0 3
312655 15-Mar-97 1 1 1 18 0 4
312656 15-Mar-97 1 1 1 38 43897 3
312658 15-Mar-97 3 1 1 38 50000 3
312659 01-Mar-97 1 1 1 18 0 3
312661 01-Mar-97 1 1 1 18 0 2
312662 01-Mar-97 1 1 1 18 0 3
312664 01-Apr-97 1 1 1 18 0 3
312665 15-Mar-97 1 1 3 18 0 3
312667 01-Mar-97 1 1 1 18 0 3
312669 01-Apr-97 1 1 1 18 0 2
312670 15-Mar-97 1 1 1 18 0 4
312672 01-Mar-97 8 1 1 18 0 4
312673 01-Mar-97 1 1 1 18 0 4
312675 15-Mar-97 8 1 1 18 0 4
312677 01-Mar-97 1 1 1 18 0 3
312679 01-Mar-97 1 1 1 18 0 2
312681 15-Mar-97 8 1 1 18 0 3
312682 01-Mar-97 1 1 1 18 0 3
<CAPTION>
BNK RUP NEXT INT PERIODIC LIFE
LOAN NO GRADE DISCHARGE SECT 32 MARGIN INDEX CHANGE CAP CAP
- ----------- ----------- ------------ ------------- ------------- --------- ----------- --------------- -----
<S> <C> <C> <C> <C> <C> <C> <C> <C>
312559 A 01-Jul-92 F 0 -- 0 0
312563 A 07-Feb-92 F 5.75 6MOLIB 01-Jan-99 1.5 7
312564 A -- F 0 -- 0 0
312565 A 08-Mar-93 F 0 -- 0 0
312566 B -- F 0 -- 0 0
312567 B -- F 0 -- 0 0
312568 B -- T 0 -- 0 0
312570 B 24-Jul-91 F 6.5 6MOLIB 01-Feb-99 1.5 7
312574 A -- F 0 -- 0 0
312575 C 01-Sep-96 F 0 -- 0 0
312576 A -- F 0 -- 0 0
312577 A -- F 0 -- 0 0
312578 C -- F 0 -- 0 0
312579 C -- F 0 -- 0 0
312580 B -- F 0 -- 0 0
312583 B -- F 0 -- 0 0
312584 A -- F 0 -- 0 0
312585 A -- F 0 -- 0 0
312586 A 15-Dec-94 F 0 -- 0 0
312587 A -- F 0 -- 0 0
312589 A -- F 0 -- 0 0
312590 A -- F 5.25 6MOLIB 01-Feb-99 1.5 7
312592 A 01-Mar-89 F 0 -- 0 0
312593 A -- F 0 -- 0 0
312595 A -- F 0 -- 0 0
312599 B -- T 7.45 6MOLIB 15-Jul-97 1.5 7
312600 B -- F 0 -- 0 0
312602 A -- F 6.2 6MOLIB 01-Aug-97 1.5 7
312603 A -- F 0 -- 0 0
312604 C -- F 0 -- 0 0
312606 A -- F 0 -- 0 0
312607 A -- F 0 -- 0 0
312608 A 01-Apr-94 F 0 -- 0 0
312609 A -- F 0 -- 0 0
312610 A -- F 0 -- 0 0
312612 A -- F 0 -- 0 0
312614 B 26-Sep-95 F 0 -- 0 0
312615 A 01-Nov-91 F 0 -- 0 0
312616 A -- F 0 -- 0 0
312619 A -- F 0 -- 0 0
312620 B -- F 0 -- 0 0
312622 B -- F 0 -- 0 0
312623 C -- F 0 -- 0 0
312624 A -- F 0 -- 0 0
312625 A -- F 0 -- 0 0
312626 A -- F 0 -- 0 0
312627 A -- F 0 -- 0 0
312628 B -- T 7.55 6MOLIB 01-Feb-99 1.5 7
312633 C -- T 0 -- 0 0
312634 B 22-Oct-94 F 0 -- 0 0
312639 A+ 01-Jan-89 F 0 -- 0 0
312642 B -- F 0 -- 0 0
312644 A+ -- F 0 -- 0 0
312645 A -- F 0 -- 0 0
312646 B -- F 0 -- 0 0
312647 A -- F 5.66 6MOLIB 01-Feb-99 1.5 7
312649 A -- F 0 -- 0 0
312650 A+ -- F 0 -- 0 0
312653 B -- T 0 -- 0 0
312654 B 01-Sep-91 F 0 -- 0 0
312655 B 17-Oct-91 F 0 -- 0 0
312656 B -- F 0 -- 0 0
312658 B -- F 0 -- 0 0
312659 B -- F 7.07 6MOLIB 01-Feb-99 1.5 7
312661 A 13-Aug-91 F 0 -- 0 0
312662 A 01-Jul-90 F 0 -- 0 0
312664 A -- F 0 -- 0 0
312665 A -- F 0 -- 0 0
312667 A -- F 0 -- 0 0
312669 B -- F 0 -- 0 0
312670 B -- F 0 -- 0 0
312672 B -- F 0 -- 0 0
312673 A -- F 5.9 6MOLIB 01-Feb-99 1.5 7
312675 B -- F 0 -- 0 0
312677 A -- F 0 -- 0 0
312679 C 12-Jun-90 T 0 -- 0 0
312681 C -- F 0 -- 0 0
312682 A -- F 0 -- 0 0
</TABLE>
Page 35
<PAGE>
EQUIVANTAGE--1997-1 LOAN LIST
<TABLE>
<CAPTION>
PRE PMT
LOAN NO FLOOR CEILING PEN DOC LEVEL
- ----------- --------------- ------------- --------------- -------------------
<S> <C> <C> <C> <C>
312559 0 0 P F
312563 9.75 16.75 P F
312564 0 0 F
312565 0 0 P F
312566 0 0 P F
312567 0 0 P F
312568 0 0 F
312570 9.5 16.5 F
312574 0 0 F
312575 0 0 P F
312576 0 0 F
312577 0 0 F
312578 0 0 F
312579 0 0 F
312580 0 0 P F
312583 0 0 P F
312584 0 0 P F
312585 0 0 F
312586 0 0 P F
312587 0 0 P F
312589 0 0 F
312590 8.75 15.75 P F
312592 0 0 P F
312593 0 0 P F
312595 0 0 P F
312599 10.95 16.95 F
312600 0 0 F
312602 9.95 15.95 P F
312603 0 0 P F
312604 0 0 F
312606 0 0 F
312607 0 0 P F
312608 0 0 P F
312609 0 0 P F
312610 0 0 F
312612 0 0 F
312614 0 0 F
312615 0 0 P F
312616 0 0 P F
312619 0 0 F
312620 0 0 P F
312622 0 0 F
312623 0 0 P F
312624 0 0 P F
312625 0 0 P F
312626 0 0 P F
312627 0 0 P F
312628 10.55 17.55 F
312633 0 0 F
312634 0 0 P F
312639 0 0 P F
312642 0 0 P F
312644 0 0 P F
312645 0 0 P F
312646 0 0 P F
312647 9.16 16.16 F
312649 0 0 F
312650 0 0 P F
312653 0 0 F
312654 0 0 P F
312655 0 0 F
312656 0 0 P F
312658 0 0 P F
312659 10.07 17.07 P F
312661 0 0 P L
312662 0 0 P F
312664 0 0 P F
312665 0 0 P F
312667 0 0 P F
312669 0 0 F
312670 0 0 F
312672 0 0 P F
312673 9.4 16.4 P F
312675 0 0 F
312677 0 0 F
312679 0 0 F
312681 0 0 P F
312682 0 0 P F
</TABLE>
Page 36
<PAGE>
EQUIVANTAGE--1997-1 LOAN LIST
<TABLE>
<CAPTION>
LOAN NO TYPE LASTNAME FIRSTNAME ADDRESS
- ----------- ---------- ------------------ ------------------ ------------------------------------------------
<S> <C> <C> <C> <C>
312683 FR MILLS JAMES K. 1189 EVERETT HULL RO
312684 FR DENMARK JOSEPH C ROUTE 1 BOX 236
312685 BLLN RAMIREZ SALVADOR 282 LINDSAY STREET
312687 FR SALSBURY JOHN W. 580 CANTERBURY ROAD
312689 ARM MACK MICHAEL 437 WEST 43RD STREE
312690 FR TOWNES GUSLEY 1026 SOUTH 10TH AVENUE
312692 BLLN DAVIS GOLIATH 135 LEXINGTON DRIVE
312693 FR CHANCEY JOHN M. 1318 BRISTOL COURT
312694 BLLN SCHOEPSER/DYMENT MARK A. SCHOEPF 5706 S. SHERIDAN AVENUE
312695 FR GOINS XIMENA 2738 CRESCENT LANE
312698 FR WILLIAMS VON MARK 9175 SHARON HILLS
312699 FR PATRICK CHRISTOP 10262 BARBERVILL ROAD
312701 FR WILLIS MARGIT L 8220 SOUTH ADA STREE
312702 FR MCDONALD JOSEPH D. 27725 DARTMOUTH
312703 FR CIULLA JAMES 1355 EAST 346TH STRE
312704 FR ANDERSON EDDIE F. 11712 DOVE AVENUE
312705 BLLN MCLEOD CURTIS 9366 STOEPEL
312706 FR HOLLOWAY RUSSELL 12571 TANGI AVENUE
312707 FR ROBINSON LAVERNE 6962 CORONET
312709 FR MARTOIA DENNIS C 15065 FAIRWAY
312713 FR MORRISON THEODORE 2206 11TH AVENUE SOU
312714 BLLN KATEMAN DAWN L. 207 HENDERSON STREET
312715 FR PARR MICHAEL 516 PEGASUS
312716 FR SERGEANT CHARLES 903 NORTH FIFTH AVE
312717 ARM2-28 TOUCHTON WILLIAM 2850 RIVERFRONT TRAI
312719 FR NORRIS EBBIN ARNOLD 172 H. RUSH ROAD
312722 FR JONES CECILE D 7609 CALUMET
312723 FR GONZALES ALBERT 225 LINCOLN STREET
312724 BLLN BRUNELLE JOHN 2196 SPRING RAIN DRI
312726 BLLN CLARK LEON U. 403 PENARTH DRIVE
312727 FR HICKLEN BILLY WA 720 23RD STREET
312728 FR GREER TERRY M. 2512 CARTER AVENUE
312729 BLLN SMOOT JOHNNIE D. 2326 WEBB
312732 BLLN DURHAM ROBERT M 107 RIVER DRIVE
312734 BLLN THOMAS RACHEL A 2306 GREEN POND ROAD
312736 BLLN RHONE CHARLES 2216 LINDELL AVENUE
312738 FR MCINTOSH KENNETH 3342 W 48TH ST
312739 BLLN BUCHANAN LAWRENCE 813 AVERY VALLEY DR
312741 BLLN WARD WAITES J. 310 OLD SOCASTEE HIGHWAY
312742 BLLN ANCRUM BARBARA 850 TRIPE STREET
312743 FR MOORE BEATRICE 13201 SVEC AVE
312744 BLLN GILLESPIE IDA M. 12237 WASHBURN
312745 BLLN COLE ERNEST J 2124 LAKE ROAD
312746 BLLN HOOKER MICHAEL 3056 AND 3058 LEE RO
312749 FR COBERLY DAVID L. 7880 CHINOOK COURT
312752 FR BINKS CRAIG C. 125 EAST 7615 SOUTH
312753 FR BINKS CRAIG C. 3326 WEST DANUBE DRI
312754 FR BINKS CRAIG C. 4778 WEST 5865 SOUTH
312755 FR BINKS CRAIG C. 7740 WEST 3210 SOUTH
312756 FR BINKS CRAIG C. 7758 WEST CONSILINE
312759 FR VINES DANIEL W ROUTE 8 BOX 535 B
312763 FR KISEREU TIBERIUS 1004 OAK RIDGE DRIVE
312765 FR BROWN GEORGE HUIE 330 TRIVET ROAD
312767 FR FELTE CHARLETTE A. 2943 SOUTHMOOR DR
312770 BLLN BROWN JENNY CA 115 WINTERBERRY DRI
312772 ARM FARIS VICKI N5383 BROOKLYN G ROAD
312773 FR BLENNER JOHN P. 981 GLENSIDE COURT
312774 FR CARNEY WILLIAM R. 808 EAST BALDWIN ROAD
312775 ARM2-28 BOTTIAUX DAVID S. 3512 HERBEY
312776 ARM2-28 VERSTRAETE DONALD D. 25756 BILLETTE
312777 FR BRANDON LORENZO 7311 SEAWOOD COURT
312778 FR MERCER GEORGE 106 MANNS ROAD
312779 FR GAMBOL RALPH M. 20 BAYBERRY DRIVE
312780 ARM2-28 WOODS MARGIE L. 1839 REYBURN ROAD
312783 FR BURNS DEVONA 372 ROGERS RIDGE ROAD
312784 ARM2-28 BENINATO SAM D. 1692 ELM PLACE
312785 FR LAST JURGEN E 411 SUNCREST BLVD
312786 FR RAMOS CYNTHIA M. 1402 LATHAM PLACE
312787 FR LAUBACH DONNA ANN 1909 NEVILL ROAD
312788 FR LOCKETT LINDA M. 436 BERRY AVENUE
312789 ARM2-28 IDEMOTO JOHN S. 3437 WEST 130TH STREET
312791 ARM2-28 HERRING DONALD R. 154 SUGARLOAF DRIVE
312792 FR BARNES THOMAS R. 421 MURDOCK CIRCLE
312793 FR TERRY/TERRY DIANE TERRY 2756 EAST 79TH STREET
312794 FR TAYLOR-GIBSON VIRGINA N. 134 W. BRIDGE
312797 BLLN OLIVER LARRY J. 9007 LA. HIGHWAY 418
312798 BLLN SIMS DIANE L. 1008 DELRIDGE AVENUE
312799 BLLN DICKERSON JIMMY ROGER 9336 GOTT HYDRO ROAD
<CAPTION>
LOAN NO CITY STATE ZIP COUNTY ORIG BAL UPB UPB AS OF 03/01
- ----------- --------------------- ----------- --------- ----------------------- ----------- --------- ---------------
<S> <C> <C> <C> <C>
312683 CORTLAND OH 44410 TRUMBULL 59,200.00 59,174.09 59,174.09
312684 LEAKESVILLE MS 39451 GREENE 43,400.00 43,400.00 43,400.00
312685 ALCOA TN 37701 BLOUNT 54,900.00 54,900.00 54,900.00
312687 BAY VILLAGE OH 44140 CUYAHOGA 105,500.00 105,341.03 105,341.03
312689 SHADYSIDE OH 43947 BELMONT 47,800.00 47,800.00 47,800.00
312690 MAYWOOD IL 60153 COOK 80,750.00 80,750.00 80,750.00
312692 CLARKSVILLE TN 37042 MONTGOMERY 62,050.00 62,050.00 62,050.00
312693 CIRCLEVILLE OH 43113 PICKAWAY 93,500.00 93,462.03 93,462.03
312694 TACOMA WA 98408 PIERCE 96,300.00 96,300.00 96,300.00
312695 GASTONIA NC 28052 GASTON 46,400.00 46,386.27 46,386.27
312698 BATON ROUGE LA 70811 EAST BATON ROUGE 36,750.00 36,750.00 36,750.00
312699 FORT MILL SC 29715 LANCASTER 64,414.00 64,390.02 64,390.02
312701 CHICAGO IL 60620 COOK 52,000.00 51,987.84 51,987.84
312702 MADISON HEIGHTS MI 48071 OAKLAND 60,350.00 60,350.00 60,350.00
312703 EASTLAKE OH 44095 LAKE 75,000.00 74,805.35 74,805.35
312704 CLEVELAND OH 44105 CUYAHOGA 50,300.00 50,257.70 50,257.70
312705 DETROIT MI 48204 WAYNE 30,000.00 30,000.00 30,000.00
312706 ROSELAND LA 70456 TANGIPAHOA 30,500.00 30,421.20 30,421.20
312707 BATON ROUGE LA 70812 EAST BATON ROUGE 48,000.00 48,000.00 48,000.00
312709 LIVONIA MI 48154 WAYNE 106,300.00 106,262.83 106,262.83
312713 NASHVILLE TN 37204 DAVIDSON 69,300.00 69,276.86 69,276.86
312714 GREENVILLE SC 29611 GREENVILLE 20,000.00 20,000.00 20,000.00
312715 MOLALLA OR 97038 CLACKAMAS 109,600.00 109,565.28 109,565.28
312716 MAYWOOD IL 60153 COOK 123,300.00 123,252.57 123,252.57
312717 GENEVA FL 32732 SEMINOLE 119,850.00 119,850.00 119,850.00
312719 DEVILLE LA 71328 RAPIDES 34,500.00 34,500.00 34,500.00
312722 CHICAGO IL 60619 COOK 22,500.00 22,450.28 22,450.28
312723 HOUMA LA 70364 TERREBONNE 34,642.00 34,491.41 34,491.41
312724 CLEARWATER FL 34623 PINELLAS 57,750.00 57,750.00 57,750.00
312726 GREENVILLE SC 29611 GREENVILLE 82,450.00 82,417.58 82,417.58
312727 NASHVILLE TN 37209 DAVIDSON 25,000.00 24,889.72 24,889.72
312728 NASHVILLE TN 37206 DAVIDSON 72,000.00 72,000.00 72,000.00
312729 DETROIT MI 48206 WAYNE 33,700.00 33,700.00 33,700.00
312732 WILLIAMSTON SC 29697 ANDERSON 100,000.00 100,000.00 100,000.00
312734 WOODRUFF SC 29388 SPARTANBURG 34,703.00 34,589.06 34,589.06
312736 NASHVILLE TN 37204 DAVIDSON 43,000.00 43,000.00 43,000.00
312738 CLEVELAND OH 44102 CUYAHOGA 32,000.00 31,966.32 31,966.32
312739 SMYRNA TN 37167 RUTHERFORD 86,700.00 86,674.92 86,674.92
312741 MYRTLE BEACH SC 29577 HORRY 25,000.00 25,000.00 25,000.00
312742 CHARLESTON SC 29407 CHARLESTON 41,200.00 41,200.00 41,200.00
312743 CLEVELAND OH 44120 CUYAHOGA 45,050.00 45,050.00 45,050.00
312744 DETROIT MI 48204 WAYNE 23,200.00 23,200.00 23,200.00
312745 AKRON OH 44312 SUMMIT 44,800.00 44,800.00 44,800.00
312746 GASTONIA NC 28054 GASTON 91,300.00 91,300.00 91,300.00
312749 COLORADO SPRINGS CO 80920 EL PASO 40,000.00 39,333.43 39,333.43
312752 MIDVALE UT 84047 SALT LAKE 59,300.00 59,300.00 59,300.00
312753 SALT LAKE CITY UT 84118 SALT LAKE 59,200.00 59,200.00 59,200.00
312754 SALT LAKE CITY UT 84118 SALT LAKE 56,000.00 56,000.00 56,000.00
312755 MAGNA UT 84044 SALT LAKE 44,000.00 44,000.00 44,000.00
312756 MAGNA UT 84044 SALT LAKE 54,300.00 54,300.00 54,300.00
312759 ELIZABETHTON TN 37643 CARTER 49,200.00 49,077.99 49,077.99
312763 STREAMWOOD IL 60107 COOK 21,000.00 20,962.17 20,962.17
312765 HARMONY NC 28634 IREDELL 60,000.00 59,977.46 59,977.46
312767 FORT COLLINS CO 80525 LARIMER 115,600.00 115,600.00 115,600.00
312770 ATHENS GA 30606 CLARKE 92,000.00 91,968.53 91,968.53
312772 RIPON WI 54971 GREEN LAKE 131,250.00 131,250.00 131,250.00
312773 HANOVER PARK IL 60103 COOK 28,752.00 28,752.00 28,752.00
312774 PALATINE IL 60067 COOK 150,400.00 150,400.00 150,400.00
312775 CANTON MI 48187 WAYNE 201,234.00 201,234.00 201,234.00
312776 WARREN MI 48091 MACOMB 102,000.00 102,000.00 102,000.00
312777 CLINTON MD 20735 PRINCE GEORGES 205,000.00 204,948.12 204,948.12
312778 SEVERNA PARK MD 21146 ANNE ARUNDEL 100,000.00 99,956.70 99,956.70
312779 JACKSON TN 38305 MADISON 56,000.00 56,000.00 56,000.00
312780 CLEVELAND OH 44112 CUYAHOGA 55,250.00 55,250.00 55,250.00
312783 KINGSTON TN 37763 ROANE 60,000.00 60,000.00 60,000.00
312784 CLEARWATER FL 34615 PINELLAS 79,800.00 79,800.00 79,800.00
312785 SAVANNAH GA 31410 CHATHAM 500,000.00 499,764.25 499,764.25
312786 ROCKFORD IL 61103 WINNEBAGO 16,788.00 16,708.14 16,708.14
312787 BALTIMORE MD 21222 BALTIMORE 23,590.00 23,590.00 23,590.00
312788 AKRON OH 44307 SUMMIT 54,000.00 54,000.00 54,000.00
312789 CLEVELAND OH 44111 CUYAHOGA 55,250.00 55,250.00 55,250.00
312791 TROY NC 27371 MONTGOMERY 144,000.00 144,000.00 144,000.00
312792 SHELBY NC 28150 CLEVELAND 46,400.00 46,400.00 46,400.00
312793 CLEVELAND OH 44104 CUYAHOGA 18,200.00 18,200.00 18,200.00
312794 ELYRIA OH 44035 LORAIN 64,000.00 64,000.00 64,000.00
312797 INNIS LA 70747 POINTE COUPEE 71,400.00 71,400.00 71,400.00
312798 ORLANDO FL 32804 ORANGE 85,000.00 84,958.63 84,958.63
312799 SMITHS GROVE KY 42171 WARREN 48,000.00 47,982.12 47,982.12
<CAPTION>
LOAN NO P&I RATE ORIG TERM CLTV
- ----------- --------- --------- ----------------- ---------
312683 521.71 10.0500 360 0.8000
312684 514.23 14.0000 360 0.7000
312685 583.80 12.4500 180 0.9000
312687 945.82 8.9500 240 0.8440
312689 387.36 9.0800 360 0.8386
312690 874.36 12.7000 360 0.8500
312692 558.34 10.3000 180 0.8500
312693 848.30 10.4000 360 0.7540
312694 827.37 9.7500 180 0.9000
312695 471.93 11.8500 360 0.8000
312698 427.91 11.4400 180 0.7500
312699 603.71 10.8000 360 0.8500
312701 571.16 12.9000 360 0.8000
312702 547.54 10.4000 360 0.8500
312703 769.65 9.2000 180 0.6818
312704 601.89 13.3500 240 0.7984
312705 344.80 13.5500 180 0.6522
312706 313.90 9.2500 180 0.8026
312707 442.67 10.6000 360 0.8000
312709 1,019.56 11.0900 360 0.8053
312713 675.72 11.3000 360 0.9000
312714 202.65 11.8000 180 0.5556
312715 1,088.71 11.5400 360 0.8000
312716 1,141.72 10.6500 360 0.7682
312717 1,091.84 10.4500 360 0.8500
312719 449.96 14.8300 240 0.7500
312722 255.03 10.9500 180 0.8176
312723 497.01 12.0000 120 0.6662
312724 523.95 10.4000 180 0.5453
312726 757.29 10.5500 180 0.8500
312727 355.07 11.7500 120 0.8002
312728 653.24 10.4000 360 0.8229
312729 333.47 11.4900 180 0.4956
312732 1,133.62 13.3500 180 0.8000
312734 316.15 10.4500 180 0.8263
312736 473.99 12.9500 180 0.7818
312738 345.68 11.7000 240 0.7442
312739 888.47 11.9500 180 0.8500
312741 220.32 10.0500 180 0.3846
312742 442.91 12.6000 180 0.8000
312743 397.01 10.0500 360 0.8500
312744 222.69 11.1000 180 0.8000
312745 447.07 11.6000 180 0.8000
312746 848.84 10.7000 180 0.8300
312749 455.90 11.0500 180 0.8335
312752 515.15 9.8800 360 0.5648
312753 514.28 9.8800 360 0.5861
312754 486.48 9.8800 360 0.7009
312755 382.24 9.8800 360 0.4632
312756 471.71 9.8800 360 0.6788
312759 519.71 9.7000 180 0.7343
312763 267.08 13.1000 180 0.7065
312765 560.54 10.7600 360 0.8000
312767 1,550.16 10.3500 120 0.8500
312770 889.37 11.1900 180 0.8000
312772 1,132.46 9.8000 360 0.7500
312773 405.89 11.6000 120 0.8476
312774 1,506.62 10.5500 240 0.8000
312775 1,803.26 10.2500 360 0.8420
312776 929.22 10.4500 360 0.8500
312777 2,195.84 12.5500 360 0.8333
312778 884.97 10.1000 360 0.4762
312779 570.00 11.8600 360 0.7467
312780 503.33 10.4500 360 0.8500
312783 613.61 10.8600 240 0.8000
312784 642.09 9.0000 360 0.7125
312785 4,277.42 9.7000 360 0.7937
312786 226.06 10.4500 120 0.8500
312787 284.64 12.1000 180 0.8500
312788 590.83 11.9000 240 0.9000
312789 508.29 10.5700 360 0.8500
312791 1,184.65 9.2500 360 0.8000
312792 518.67 10.7000 180 0.8000
312793 219.02 12.0500 180 0.6500
312794 639.16 11.6100 360 0.8000
312797 827.38 13.6700 180 0.7000
312798 717.83 9.5500 180 0.8500
312799 449.88 10.8000 180 0.6575
</TABLE>
Page 37
<PAGE>
EQUIVANTAGE--1997-1 LOAN LIST
<TABLE>
<CAPTION>
NOTE FIRST MATURITY NEXT PMT
LOAN NO REM TERM AM TERM SALES PRICE APPR VAL DATE PMT DATE DATE
- ----------- ----------------- --------------- -------------- ----------- --------- --------- ----------- -----------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
312683 359 360 0.00 74000.00 11-Jan-97 15-Feb-97 15-Jan-27 15-Mar-97
312684 360 360 0.00 62000.00 10-Jan-97 01-Mar-97 01-Feb-27 01-Mar-97
312685 180 360 61000.00 61000.00 16-Jan-97 15-Feb-97 15-Jan-12 15-Feb-97
312687 239 240 0.00 125000.00 13-Jan-97 15-Feb-97 15-Jan-17 15-Mar-97
312689 360 360 0.00 57000.00 11-Jan-97 01-Mar-97 01-Feb-27 01-Mar-97
312690 360 360 0.00 95000.00 22-Jan-97 15-Mar-97 15-Feb-27 15-Mar-97
312692 180 360 0.00 73000.00 14-Jan-97 01-Mar-97 01-Feb-12 01-Mar-97
312693 359 360 0.00 124000.00 13-Jan-97 01-Mar-97 01-Feb-27 01-Apr-97
312694 180 360 0.00 107000.00 22-Jan-97 01-Mar-97 01-Feb-12 01-Mar-97
312695 359 360 0.00 58000.00 13-Jan-97 15-Feb-97 15-Jan-27 15-Mar-97
312698 180 180 0.00 49000.00 14-Jan-97 15-Feb-97 15-Jan-12 15-Feb-97
312699 359 360 0.00 75782.00 15-Jan-97 15-Feb-97 15-Jan-27 15-Mar-97
312701 359 360 0.00 65000.00 13-Jan-97 15-Feb-97 15-Jan-27 15-Mar-97
312702 360 360 0.00 71000.00 15-Jan-97 01-Mar-97 01-Feb-27 01-Mar-97
312703 179 180 0.00 110000.00 15-Jan-97 15-Feb-97 15-Jan-12 15-Mar-97
312704 239 240 0.00 63000.00 15-Jan-97 01-Mar-97 01-Feb-17 01-Apr-97
312705 180 360 0.00 46000.00 17-Jan-97 01-Mar-97 01-Feb-12 01-Mar-97
312706 179 180 0.00 38000.00 15-Jan-97 15-Feb-97 15-Jan-12 15-Mar-97
312707 360 360 0.00 60000.00 14-Jan-97 15-Mar-97 15-Feb-27 15-Mar-97
312709 359 360 0.00 132000.00 16-Jan-97 15-Feb-97 15-Jan-27 15-Mar-97
312713 359 360 0.00 77000.00 15-Jan-97 15-Feb-97 15-Jan-27 15-Mar-97
312714 180 360 0.00 36000.00 27-Jan-97 15-Mar-97 15-Feb-12 15-Mar-97
312715 359 360 0.00 137000.00 05-Dec-96 01-Feb-97 01-Jan-27 01-Mar-97
312715 359 360 0.00 137000.00 05-Dec-96 01-Feb-97 01-Jan-27 01-Mar-97
312716 359 360 0.00 160500.00 16-Jan-97 15-Feb-97 15-Jan-27 15-Mar-97
312717 360 360 0.00 141000.00 15-Jan-97 01-Mar-97 01-Feb-27 01-Mar-97
312719 240 240 0.00 46000.00 17-Jan-97 01-Mar-97 01-Feb-17 01-Mar-97
312722 179 180 0.00 100000.00 15-Jan-97 15-Feb-97 15-Jan-12 15-Mar-97
312723 119 120 0.00 52000.00 15-Jan-97 15-Feb-97 15-Jan-07 15-Mar-97
312724 180 360 0.00 105900.00 15-Jan-97 01-Mar-97 01-Feb-12 01-Mar-97
312726 179 360 0.00 97000.00 15-Jan-97 15-Feb-97 15-Jan-12 15-Mar-97
312727 119 120 0.00 85000.00 15-Jan-97 01-Mar-97 01-Feb-07 01-Apr-97
312728 360 360 0.00 87500.00 15-Jan-97 01-Mar-97 01-Feb-27 01-Mar-97
312729 180 360 0.00 68000.00 24-Jan-97 15-Mar-97 15-Feb-12 15-Mar-97
312732 180 360 0.00 125000.00 16-Jan-97 01-Mar-97 01-Feb-12 01-Mar-97
312734 179 360 0.00 42000.00 16-Jan-97 01-Mar-97 01-Feb-12 01-Apr-97
312736 180 360 0.00 55000.00 15-Jan-97 15-Feb-97 15-Jan-12 15-Feb-97
312738 239 240 0.00 43000.00 16-Jan-97 15-Feb-97 15-Jan-17 15-Mar-97
312739 179 360 0.00 102000.00 15-Jan-97 15-Feb-97 15-Jan-12 15-Mar-97
312741 180 360 0.00 65000.00 27-Jan-97 01-Mar-97 01-Feb-12 01-Mar-97
312742 180 360 0.00 51500.00 15-Jan-97 15-Mar-97 15-Feb-12 15-Mar-97
312743 360 360 0.00 53000.00 17-Jan-97 01-Mar-97 01-Feb-27 01-Mar-97
312744 180 360 0.00 29000.00 31-Jan-97 01-Mar-97 01-Feb-12 01-Mar-97
312745 180 360 0.00 56000.00 16-Jan-97 01-Mar-97 01-Feb-12 01-Mar-97
312746 180 360 0.00 110000.00 16-Jan-97 01-Mar-97 01-Feb-12 01-Mar-97
312749 179 180 0.00 136000.00 17-Jan-97 15-Feb-97 15-Jan-12 15-Mar-97
312752 360 360 0.00 105000.00 17-Jan-97 01-Mar-97 01-Feb-27 01-Mar-97
312753 360 360 0.00 101000.00 17-Jan-97 01-Mar-97 01-Feb-27 01-Mar-97
312754 360 360 0.00 79900.00 17-Jan-97 01-Mar-97 01-Feb-27 01-Mar-97
312755 360 360 0.00 95000.00 17-Jan-97 01-Mar-97 01-Feb-27 01-Mar-97
312756 360 360 0.00 80000.00 17-Jan-97 01-Mar-97 01-Feb-27 01-Mar-97
312759 179 180 0.00 67000.00 16-Jan-97 15-Feb-97 15-Jan-12 15-Mar-97
312763 179 180 0.00 153000.00 17-Jan-97 15-Feb-97 15-Jan-12 15-Mar-97
312765 359 360 0.00 75000.00 17-Jan-97 15-Feb-97 15-Jan-27 15-Mar-97
312767 120 120 0.00 136000.00 17-Jan-97 01-Mar-97 01-Feb-07 01-Mar-97
312770 179 360 0.00 115000.00 17-Jan-97 01-Mar-97 01-Feb-12 01-Apr-97
312772 360 360 0.00 175000.00 16-Jan-97 15-Mar-97 15-Feb-27 15-Mar-97
312773 120 120 0.00 136000.00 17-Jan-97 01-Mar-97 01-Feb-07 01-Mar-97
312774 240 240 0.00 188000.00 17-Jan-97 15-Feb-97 15-Jan-17 15-Feb-97
312775 360 360 239000.00 239000.00 17-Jan-97 01-Mar-97 01-Feb-27 01-Mar-97
312776 360 360 0.00 120000.00 20-Jan-97 01-Mar-97 01-Feb-27 01-Mar-97
312777 359 360 0.00 246000.00 17-Jan-97 15-Feb-97 15-Jan-27 15-Mar-97
312778 359 360 0.00 210000.00 17-Jan-97 15-Feb-97 15-Jan-27 15-Mar-97
312779 360 360 0.00 75000.00 17-Jan-97 01-Mar-97 01-Feb-27 01-Mar-97
312780 360 360 0.00 65000.00 20-Jan-97 01-Mar-97 01-Feb-27 01-Mar-97
312783 240 240 0.00 75000.00 17-Jan-97 01-Mar-97 01-Feb-17 01-Mar-97
312784 360 360 112000.00 112000.00 18-Jan-97 01-Mar-97 01-Feb-27 01-Mar-97
312785 359 360 630000.00 630000.00 17-Jan-97 15-Feb-97 15-Jan-27 15-Mar-97
312786 119 120 0.00 48000.00 20-Jan-97 15-Feb-97 15-Jan-07 15-Mar-97
312787 180 180 0.00 87000.00 20-Jan-97 15-Mar-97 15-Feb-12 15-Mar-97
312788 240 240 0.00 60000.00 17-Jan-97 01-Mar-97 01-Feb-17 01-Mar-97
312789 360 360 0.00 65000.00 20-Jan-97 01-Mar-97 01-Feb-27 01-Mar-97
312791 360 360 0.00 180000.00 21-Jan-97 01-Mar-97 01-Feb-27 01-Mar-97
312792 180 180 0.00 58000.00 17-Jan-97 15-Mar-97 15-Feb-12 15-Mar-97
312793 180 180 0.00 28000.00 17-Jan-97 15-Mar-97 15-Feb-12 15-Mar-97
312794 360 360 0.00 80000.00 17-Jan-97 15-Mar-97 15-Feb-27 15-Mar-97
312797 180 360 0.00 102000.00 23-Jan-97 15-Mar-97 15-Feb-12 15-Mar-97
312798 179 360 0.00 100000.00 17-Jan-97 15-Feb-97 15-Jan-12 15-Mar-97
312799 179 360 0.00 73000.00 17-Jan-97 01-Mar-97 01-Feb-12 01-Apr-97
<CAPTION>
NEXT PMT
LOAN NO AS OF 03/01 PROPTYPE UNITS OCCUP LIEN LIEN BAL PURPOSE
- ----------- ----------- ----------------- ------------- --------------- ----- ------------- -----------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
312683 15-Mar-97 1 1 1 18 0 3
312684 01-Mar-97 1 1 1 18 0 4
312685 15-Feb-97 1 1 1 18 0 1
312687 15-Mar-97 1 1 1 18 0 2
312689 01-Mar-97 1 1 1 18 0 3
312690 15-Mar-97 1 1 1 18 0 3
312692 01-Mar-97 1 1 1 18 0 3
312693 01-Apr-97 1 1 1 18 0 4
312694 01-Mar-97 1 1 1 18 0 2
312695 15-Mar-97 1 1 1 18 0 3
312698 15-Feb-97 1 1 3 18 0 3
312699 15-Mar-97 8 1 1 18 0 4
312701 15-Mar-97 1 1 3 18 0 3
312702 01-Mar-97 1 1 1 18 0 4
312703 15-Mar-97 1 1 1 18 0 3
312704 01-Apr-97 1 1 1 18 0 3
312705 01-Mar-97 1 1 1 18 0 3
312706 15-Mar-97 1 1 1 18 0 2
312707 15-Mar-97 1 1 1 18 0 3
312709 15-Mar-97 1 1 1 18 0 2
312713 15-Mar-97 1 1 1 18 0 4
312714 15-Mar-97 1 1 1 18 0 3
312715 01-Mar-97 1 1 3 18 0 4
312715 01-Mar-97 1 1 3 18 0 4
312716 15-Mar-97 1 1 1 18 0 3
312717 01-Mar-97 1 1 1 18 0 3
312719 01-Mar-97 1 1 1 18 0 4
312722 15-Mar-97 5 2 1 38 59259 3
312723 15-Mar-97 1 1 1 18 0 3
312724 01-Mar-97 1 1 1 18 0 3
312726 15-Mar-97 1 1 1 18 0 3
312727 01-Apr-97 1 1 3 38 43017 3
312728 01-Mar-97 1 1 1 18 0 4
312729 15-Mar-97 1 1 1 18 0 4
312732 01-Mar-97 1 1 1 18 0 3
312734 01-Apr-97 1 1 1 18 0 4
312736 15-Feb-97 1 1 1 18 0 3
312738 15-Mar-97 1 1 1 18 0 4
312739 15-Mar-97 1 1 1 18 0 4
312741 01-Mar-97 1 1 1 18 0 4
312742 15-Mar-97 1 1 1 18 0 4
312743 01-Mar-97 1 1 1 18 0 2
312744 01-Mar-97 1 1 1 18 0 4
312745 01-Mar-97 1 1 1 18 0 3
312746 01-Mar-97 8 2 1 18 0 3
312749 15-Mar-97 1 1 1 38 73353 3
312752 01-Mar-97 1 1 3 18 0 2
312753 01-Mar-97 1 1 3 18 0 2
312754 01-Mar-97 1 1 3 18 0 3
312755 01-Mar-97 1 1 3 18 0 4
312756 01-Mar-97 1 1 3 18 0 2
312759 15-Mar-97 1 1 1 18 0 3
312763 15-Mar-97 2 1 1 38 87101 3
312765 15-Mar-97 8 1 1 18 0 4
312767 01-Mar-97 1 1 1 18 0 4
312770 01-Apr-97 1 1 3 18 0 3
312772 15-Mar-97 1 1 1 18 0 3
312773 01-Mar-97 1 1 1 38 86520 3
312774 15-Feb-97 1 1 1 18 0 4
312775 01-Mar-97 1 1 1 18 0 1
312776 01-Mar-97 1 1 1 18 0 3
312777 15-Mar-97 1 1 1 18 0 4
312778 15-Mar-97 1 1 1 18 0 3
312779 01-Mar-97 1 1 1 18 0 4
312780 01-Mar-97 1 1 1 18 0 3
312783 01-Mar-97 1 1 1 18 0 4
312784 01-Mar-97 1 1 1 18 0 1
312785 15-Mar-97 1 1 1 18 0 1
312786 15-Mar-97 1 1 1 38 24012 4
312787 15-Mar-97 2 1 1 38 50360 3
312788 01-Mar-97 1 1 1 18 0 3
312789 01-Mar-97 1 1 1 18 0 4
312791 01-Mar-97 1 1 1 18 0 2
312792 15-Mar-97 1 1 1 18 0 3
312793 15-Mar-97 1 1 1 18 0 4
312794 15-Mar-97 5 2 1 18 0 3
312797 15-Mar-97 1 1 1 18 0 4
312798 15-Mar-97 1 1 1 18 0 3
312799 01-Apr-97 1 1 1 18 0 4
<CAPTION>
BNK RUP NEXT INT PERIODIC LIFE
LOAN NO GRADE DISCHARGE SECT 32 MARGIN INDEX CHANGE CAP CAP
- ----------- ----------- ------------ ------------- ------------- --------- ----------- --------------- -----
312683 A 26-Jan-95 F 0 -- 0 0
312684 C -- F 0 -- 0 0
312685 A 01-Dec-94 F 0 -- 0 0
312687 A -- F 0 -- 0 0
312689 B -- F 6.58 6MOLIB 01-Aug-97 1.5 7
312690 B -- F 0 -- 0 0
312692 A -- F 0 -- 0 0
312693 A -- F 0 -- 0 0
312694 A+ -- F 0 -- 0 0
312695 B -- F 0 -- 0 0
312698 A -- F 0 -- 0 0
312699 A -- F 0 -- 0 0
312701 B 01-Oct-91 F 0 -- 0 0
312702 A -- F 0 -- 0 0
312703 A 01-Feb-94 F 0 -- 0 0
312704 C 28-Oct-96 F 0 -- 0 0
312705 C 24-Mar-95 F 0 -- 0 0
312706 A -- F 0 -- 0 0
312707 A -- F 0 -- 0 0
312709 B 03-Sep-93 F 0 -- 0 0
312713 B -- F 0 -- 0 0
312714 B -- F 0 -- 0 0
312715 A -- F 0 -- 0 0
312715 A -- F 0 -- 0 0
312716 A -- F 0 -- 0 0
312717 B -- F 7.45 6MOLIB 01-Feb-99 1.5 7
312719 C -- F 0 -- 0 0
312722 A -- F 0 -- 0 0
312723 C 01-Mar-91 F 0 -- 0 0
312724 A -- F 0 -- 0 0
312726 A -- F 0 -- 0 0
312727 A -- F 0 -- 0 0
312728 A -- F 0 -- 0 0
312729 C -- F 0 -- 0 0
312732 C -- F 0 -- 0 0
312734 A 20-Jul-94 F 0 -- 0 0
312736 C -- F 0 -- 0 0
312738 B -- F 0 -- 0 0
312739 B -- F 0 -- 0 0
312741 A -- F 0 -- 0 0
312742 C -- F 0 -- 0 0
312743 A -- F 0 -- 0 0
312744 B -- F 0 -- 0 0
312745 B -- F 0 -- 0 0
312746 A -- F 0 -- 0 0
312749 A 01-Jun-93 F 0 -- 0 0
312752 A -- F 0 -- 0 0
312753 A -- F 0 -- 0 0
312754 A -- F 0 -- 0 0
312755 A -- F 0 -- 0 0
312756 A -- F 0 -- 0 0
312759 A 01-Jan-90 F 0 -- 0 0
312763 B -- F 0 -- 0 0
312765 A -- F 0 -- 0 0
312767 A -- F 0 -- 0 0
312770 A -- F 0 -- 0 0
312772 B -- F 7.3 6MOLIB 15-Aug-97 1.5 7
312773 B -- F 0 -- 0 0
312774 A -- F 0 -- 0 0
312775 A -- F 6.75 6MOLIB 01-Feb-99 1.5 7
312776 B -- F 7.45 6MOLIB 01-Feb-99 1.5 7
312777 B -- F 0 -- 0 0
312778 B -- F 0 -- 0 0
312779 B 01-Aug-87 F 0 -- 0 0
312780 B -- F 7.45 6MOLIB 01-Feb-99 1.5 7
312783 A -- F 0 -- 0 0
312784 A -- F 5.5 6MOLIB 01-Feb-99 1.5 7
312785 B -- F 0 -- 0 0
312786 A -- F 0 -- 0 0
312787 B 14-Jun-94 F 0 -- 0 0
312788 A -- F 0 -- 0 0
312789 B -- F 7.57 6MOLIB 01-Feb-99 1.5 7
312791 B -- F 6.25 6MOLIB 01-Feb-99 1.5 7
312792 A -- F 0 -- 0 0
312793 B -- F 0 -- 0 0
312794 B -- F 0 -- 0 0
312797 C -- F 0 -- 0 0
312798 A -- F 0 -- 0 0
312799 A -- F 0 -- 0 0
</TABLE>
Page 38
<PAGE>
EQUIVANTAGE--1997-1 LOAN LIST
<TABLE>
<CAPTION>
PRE PMT
LOAN NO FLOOR CEILING PEN DOC LEVEL
- ----------- ----------- ------------- --------------- -----------------
<S> <C> <C> <C> <C>
312683 0 0 P F
312684 0 0 P F
312685 0 0 F
312687 0 0 P F
312689 10.08 16.08 P F
312690 0 0 F
312692 0 0 P F
312693 0 0 P F
312694 0 0 P F
312695 0 0 F
312698 0 0 F
312699 0 0 F
312701 0 0 F
312702 0 0 P F
312703 0 0 P F
312704 0 0 P F
312705 0 0 F
312706 0 0 P F
312707 0 0 P F
312709 0 0 P F
312713 0 0 P F
312714 0 0 F
312715 0 0 F
312715 0 0 F
312716 0 0 F
312717 10.45 17.45 P F
312719 0 0 P F
312722 0 0 F
312723 0 0 P F
312724 0 0 P F
312726 0 0 F
312727 0 0 F
312728 0 0 F
312729 0 0 P F
312732 0 0 F
312734 0 0 F
312736 0 0 P F
312738 0 0 P L
312739 0 0 F
312741 0 0 F
312742 0 0 F
312743 0 0 P F
312744 0 0 P F
312745 0 0 P F
312746 0 0 F
312749 0 0 F
312752 0 0 P F
312753 0 0 P F
312754 0 0 P F
312755 0 0 P F
312756 0 0 P F
312759 0 0 F
312763 0 0 P F
312765 0 0 F
312767 0 0 F
312770 0 0 P F
312772 10.8 16.8 F
312773 0 0 F
312774 0 0 F
312775 10.25 17.25 P F
312776 10.45 17.45 P F
312777 0 0 F
312778 0 0 F
312779 0 0 F
312780 10.45 17.45 P F
312783 0 0 P F
312784 9 16 P F
312785 0 0 P L
312786 0 0 F
312787 0 0 P F
312788 0 0 P F
312789 10.57 17.57 P F
312791 9.25 16.25 P F
312792 0 0 F
312793 0 0 P F
312794 0 0 P F
312797 0 0 P F
312798 0 0 P F
312799 0 0 P F
</TABLE>
Page 39
<PAGE>
EQUIVANTAGE--1997-1 LOAN LIST
<TABLE>
<CAPTION>
LOAN NO TYPE LASTNAME FIRSTNAME ADDRESS
- ----------- --------- --------------------- -------------------- ------------------------------------------------
<S> <C> <C> <C> <C>
312800 ARM2_28 CHARLESWORTH DAVID 10380 CALKINS
312802 BLLN BEVERLEY LEGIA S. 703 HOLT STREET
312803 BLLN JARRETT CHARLES L. 323 BRINKLEY LANE
312804 BLLN LEBO DOUGLAS 5371 ANTLER DRIVE
312805 BLLN STEWART CHARLES E. 221 N MAIN ST AND 231 N MAIN ST
312806 BLLN BAYLESS MILTON ALAN 5106 OVERTON ROAD
312807 FR DAVIS CHRISTINE 1872 WALL HILL ROAD
312809 FR JOHNSON HARRY 514 & 514 1/2 6TH STREET
312810 BLLN WILLARD GLEN D. 309 3RD STREET
312813 FR SULLIVAN WILLIAM 160 UPCHURCH ROAD
312814 FR TAYLOR RANDALL P RT 1 BOX 187
312815 FR HOUSTON WILLIAM D 239 DAVIDSON HWY
312817 BLLN WILSON MICHAEL A. 895 FAIRWOOD AVENUE
312819 BLLN BLACK ERNEST 7206 MELROSE AVENUE
312820 FR PITT DIXIE L. 5095 RIDGELEY TRACT ROAD, S.E.
312821 FR BAKER GLORIA J. 4226 CHIPPEWA
312823 FR MERCER YVETTE J. 2633 FOREST VIEW DRIVE
312824 FR WIEBKING JOSEPH C. 3000 HURON STREET
312825 ARM2_28 CHAMBERS JOAN KATHERINE 27640 SPRING VALLEY
312826 FR WILLIAMS DARWENT 4521 CLARKSDALE COURT
312827 ARM BROOME DAVID J. 1932 TURES LANE
312830 FR KELLEY GARY D. 109 PAXTON STREET
312834 FR DUNCAN LANE 1099 WELTON AVENUE
312836 FR MCCUIN WILLIAM G. 2155 SHANNON AVENUE
312837 BLLN JAMISON GARY WILLIAM 35 DAYTON ROAD
312838 BLLN JAMISON GARY WILLIAM 230 PENNSYLVANIA AVENUE
312839 ARM PHILLIPS SIMON WENDY J. 633 HAMLET ROAD
312840 ARM2_28 LASKY DARYL C. 443 SOUTH UNION AVENUE
312845 BLLN JAMES/JAMES CONCHITA JAMES 2148 BARCELONA DRIVE
312846 ARM MCCARRY RICHARD A. 3817 TERM
312849 FR CHAMBERS WILLIE E. 623 SAXON AVENUE
312853 ARM2_28 STEWART BILL 4443 KENTUCKY
312854 FR ROBINSON EDWARD 1205 CEDAR LANE
312855 FR ISOM JAMES EDWARD 324 PEGUES STREET
312856 FR CREEL CAROL A. 10800 PARKVIEW AVENUE
312857 BLLN JONES VIRGINIA 125 ALPHA DRIVE
312859 BLLN MOGBOLU CEDRIC 1504 GRACE MEADOWS L
312862 FR TABUTEAU A.ERIC 116 SEABREEZE CIRCLE
312863 FR ROMANS JOHN S. 7045 COUPERIN BOULEVARD
312864 FR ROMANS JOHN S. 3807 WILTS STREET
312865 FR TISDALE/SAULS OLA E. RT 2 BOX 161
312866 ARM2_28 BOMAN CHARLES 10396 ANDERSONVILLE
312867 FR TRAINER CAROLYN DENISE 154 MIMOSA LANE
312868 FR BARTHOLOMEW ANN HUTCHESON 2808 ROSE DRIVE
312869 BLLN CREASEY DAVID W. 3504 PLEASANT GROVE ROAD
312872 FR YOUNG FANNIE MAE 5 LINDBERG AVENUE
312874 BLLN JOSMA CHERYL A. 564 EVERGREEN LANE
312876 FR BREWINGTON BRENDA 1175 LOUIS BREEDEN BLVD
312877 BLLN BARNELLA DARLENE 613 16TH STREET
312878 FR D ROBINSON VAUGHNESS 18518 CHERRYLAWN
312879 FR SMITH NEDDIE J. 4128 WESTCHESTER ROAD
312880 FR THOMAS HARRIET 1104 GARWOOD ST
312882 BLLN OGLESBY MELVIN A. 7032 MARSH CREEK DRIVE
312884 BLLN MULLINS GARY 1148 HOLMDEN AVENUE
312885 ARM2_28 HENDERSON JERRY L. 240 W. GRAMERCY AVENUE
312886 FR DUNBAR MICHELE MARIE 905 BUENA VISTA DRIVE
312887 FR TROWBRIDGE AUDREY L 4423 MEADOW LANE
312889 FR GRAY RICHARD T 110 BROOKDALE DRIVE
312892 FR LEHIGH GREGORY DEAN 602 ARMORY
312894 FR CARROLL WILLIAM R. 1207 WESTCHESTER DRIVE
312897 FR CRENSHAW DARLENE D. 7518 NORTH SECOND STREET
312898 BLLN THOMPSON\KRINER MICHAEL JAMES T 6317 MONTROSE
312899 FR PLEASANT LAMONT 835 NORTH 24TH
312902 FR KEMP LILLIE 12727 WILSHIRE
312903 FR COLYER WAYNE C. 1406 SOUTH GRANT AVENUE
312904 FR JOHNSON JAMES W. 921 GEORGIA AVENUE
312907 FR GOOTEE PAUL 5004 EAST NEW YORK STREET
312908 FR GERARD ROSEMARIE A. 846 BROCKBANK ROAD
312909 ARM2_28 STAFFORD PAMELA J. 11505 OAK DRIVE
312911 FR BRYANT HAROLD D. 105 LESLIE STREET
312914 FR OLIVER JOHNNY L 1880 COOPER ROAD
312915 BLLN ADAMS CHRISTOPHER 1661 BELLEMEADE
312916 FR MOORE JAMES W. ROUTE 2 BOX 21-A
312917 ARM2_28 BREWER ROY 2605 SCOTT DRIVE
312920 BLLN GRANDBERRY THOMAS 1889 POMONA AVENUE
312921 FR BRIMM JOHN W. 4096 MURFREESBORO PIKE
312922 ARM JONES WILLIAM J. 6620 ROSEBURY DRIVE
312923 BLLN ANELLO ANTHONY 1071 BUENA VISTA DR
<CAPTION>
LOAN NO CITY STATE ZIP COUNTY ORIG BAL UPB UPB AS OF 03/01
- ----------- ---------------------- ----------- --------- ----------------------- ----------- --------- ---------------
<S> <C> <C> <C> <C> <C> <C> <C>
312800 CARLETON MI 48117 MONROE 80,000.00 80,000.00 80,000.00
312802 RAYNE LA 70578 ACADIA 13,500.00 13,500.00 13,500.00
312803 WHITE HOUSE TN 37188 SUMNER 61,000.00 61,000.00 61,000.00
312804 IRON STATION NC 28080 LINCOLN 44,800.00 44,786.30 44,786.30
312805 INMAN SC 29349 SPARTANBURG 62,400.00 62,400.00 62,400.00
312806 NASHVILLE TN 37220 DAVIDSON 60,000.00 60,000.00 60,000.00
312807 BYHALIA MS 38611 MARSHALL 36,400.00 36,400.00 36,400.00
312809 FRANKLIN LA 70245 ST MARY 20,874.00 20,615.66 20,615.66
312810 PHOENIX OR 97535 JACKSON 62,400.00 62,400.00 62,400.00
312813 MC DONOUGH GA 30253 HENRY 111,000.00 111,000.00 111,000.00
312814 MILLER MO 65707 LAWRENCE 49,500.00 49,500.00 49,500.00
312815 CONCORD NC 28027 CABARRUS 38,400.00 38,400.00 38,332.14
312817 MARION OH 43302 MARION 49,600.00 49,600.00 49,600.00
312819 CLEVELAND OH 44103 CUYAHOGA 21,750.00 21,750.00 21,750.00
312820 NEWARK OH 43055 LICKING 86,700.00 86,700.00 86,700.00
312821 MEMPHIS TN 38118 SHELBY 56,525.00 56,525.00 56,525.00
312823 ANTIOCH TN 37013 DAVIDSON 78,500.00 78,500.00 78,500.00
312824 BALTIMORE MD 21230 BALTIMORE CITY 45,500.00 45,500.00 45,500.00
312825 FARMINGTON HILLS MI 48336 OAKLAND 126,000.00 126,000.00 126,000.00
312826 ORLANDO FL 32812 ORANGE 81,600.00 81,600.00 81,600.00
312827 DES PLAINES IL 60018 COOK 171,000.00 171,000.00 171,000.00
312830 MAULDIN SC 29662 GREENVILLE 31,100.00 31,100.00 31,100.00
312834 AKRON OH 44306 SUMMIT 69,275.00 69,275.00 69,275.00
312836 MEMPHIS TN 38108 SHELBY 29,482.00 29,482.00 29,482.00
312837 ASHEVILLE NC 28804 BUNCOMBE 68,000.00 67,974.12 67,974.12
312838 ASHEVILLE NC 28806 BUNCOMBE 59,000.00 58,978.27 58,978.27
312839 AUBURN HILLS MI 48326 OAKLAND 114,665.00 114,665.00 114,665.00
312840 SALEM OH 44460 COLUMBIANA 51,000.00 51,000.00 51,000.00
312845 CLEARWATER FL 34624 PINELLAS 56,545.00 56,545.00 56,545.00
312846 FLINT MI 48506 GENESEE 32,000.00 32,000.00 32,000.00
312849 SPARTANBURG SC 29301 SPARTANBURG 53,850.00 53,850.00 53,850.00
312853 GARY IN 46409 LAKE 50,575.00 50,575.00 50,575.00
312854 NASHVILLE TN 37212 DAVIDSON 96,500.00 96,500.00 96,500.00
312855 HOLLY SPRINGS MS 38635 MARSHALL 46,000.00 45,910.51 45,910.51
312856 CLEVELAND OH 44104 CUYAHOGA 45,150.00 45,150.00 45,150.00
312857 GREENVILLE SC 29605 GREENVILLE 51,000.00 51,000.00 51,000.00
312859 SMYRNA GA 30082 COBB 139,500.00 139,500.00 139,500.00
312862 KISSIMMEE FL 34743 OSCEOLA 21,100.00 21,100.00 21,100.00
312863 ORLANDO FL 32818 ORANGE 78,200.00 78,200.00 78,200.00
312864 ORLANDO FL 32805 ORANGE 64,800.00 64,800.00 64,800.00
312865 GREELEYVILLE SC 29056 WILLIAMSBURG 28,000.00 28,000.00 28,000.00
312866 SPRINGFIELD TWP MI 48350 OAKLAND 200,000.00 200,000.00 200,000.00
312867 PORT SULPHUR LA 70083 PLAQUEMINES 19,600.00 19,600.00 19,600.00
312868 GRETNA LA 70053 JEFFERSON 36,000.00 36,000.00 36,000.00
312869 WHITE HOUSE TN 37188 ROBERTSON 69,660.00 69,644.39 69,644.39
312872 GREENVILLE SC 29601 GREENVILLE 16,000.00 15,873.93 15,873.93
312874 BRADLEY IL 60915 KANKAKEE 88,700.00 88,700.00 88,700.00
312876 HAMLET NC 28345 RICHMOND 47,127.00 47,127.00 47,127.00
312877 BAY CITY MI 48708 BAY 24,000.00 23,992.07 23,992.07
312878 DETROIT MI 48221 WAYNE 67,200.00 67,200.00 67,200.00
312879 BALTIMORE MD 21216 BALTIMORE CITY 72,000.00 72,000.00 72,000.00
312880 ALLIANCE OH 44601 STARK 49,000.00 49,000.00 49,000.00
312882 TROTWOOD OH 45426 MONTGOMERY 50,400.00 50,400.00 50,400.00
312884 CLEVELAND OH 44109 CUYAHOGA 45,000.00 45,000.00 45,000.00
312885 TOLEDO OH 43612 LUCAS 58,460.00 58,460.00 58,460.00
312886 AKRON OH 44319 SUMMIT 66,000.00 66,000.00 66,000.00
312887 SOUTH BEND IN 46619 ST. JOSEPH 22,000.00 22,000.00 22,000.00
312889 LYMAN SC 29365 SPARTANBURG 110,500.00 110,500.00 110,500.00
312892 CHARITON IA 50049 LUCAS 49,300.00 49,281.04 49,281.04
312894 NASHVILLE TN 37207 DAVIDSON 15,427.00 15,427.00 15,427.00
312897 MACHESNEY PARK IL 61115 WINNEBAGO 26,000.00 26,000.00 26,000.00
312898 DETROIT MI 48228 WAYNE 44,000.00 44,000.00 44,000.00
312899 EAST ST. LOUIS IL 62205 SAINT CLAIR 30,250.00 30,250.00 30,250.00
312902 DETROIT MI 48213 WAYNE 42,400.00 42,400.00 42,400.00
312903 TACOMA WA 98405 PIERCE 65,000.00 65,000.00 65,000.00
312904 AKRON OH 44306 SUMMIT 45,000.00 45,000.00 44,987.88
312907 INDIANAPOLIS IN 46201 MARION 66,300.00 66,300.00 66,300.00
312908 CHARLOTTE NC 28209 MECKLENBURG 42,000.00 42,000.00 42,000.00
312909 NEWBURY OH 44065 GEAUGA 65,000.00 65,000.00 65,000.00
312911 ATLANTA GA 30317 DEKALB 41,725.00 41,725.00 41,725.00
312914 SALISBURY NC 28144 ROWAN 78,000.00 77,889.00 77,889.00
312915 EVANSVILLE IN 47714 VANDERBURGH 39,700.00 39,435.65 39,435.65
312916 RUTLEDGE TN 37861 GRAINGER 25,000.00 24,762.50 24,762.50
312917 CLARKSVILLE TN 37042 MONTGOMERY 58,500.00 58,500.00 58,500.00
312920 MEMPHIS TN 38116 SHELBY 71,200.00 71,200.00 71,200.00
312921 ANTIOCH TN 37013 DAVIDSON 66,300.00 66,300.00 66,300.00
312922 HOBER HEIGHTS OH 45424 MONTGOMERY 73,800.00 73,800.00 73,800.00
312923 AKRON OH 44319 SUMMIT 170,000.00 170,000.00 170,000.00
<CAPTION>
LOAN NO P&I RATE ORIG TERM CLTV
- ----------- --------- --------- ----------------- ---------
<S> <C> <C> <C> <C>
312800 746.79 10.7500 360 0.6452
312802 127.04 10.8500 180 0.7500
312803 587.84 11.1500 180 0.8133
312804 450.50 11.7000 180 0.8000
312805 580.15 10.7000 180 0.8000
312806 661.38 12.9500 180 0.5217
312807 551.03 13.3500 120 0.8000
312809 460.12 11.6000 60 0.6231
312810 533.82 9.7000 180 0.8000
312813 1,052.05 10.9400 360 0.6938
312814 611.71 12.5500 180 0.7500
312815 493.46 13.3000 180 0.8000
312817 523.59 12.3500 180 0.8000
312819 206.97 10.9900 180 0.7500
312820 825.66 11.0000 360 0.8500
312821 616.49 11.8500 240 0.8500
312823 691.80 10.0500 360 0.6782
312824 412.13 10.3800 360 0.7222
312825 1,138.47 10.3500 360 0.5040
312826 820.55 11.7000 360 0.8500
312827 1,532.33 10.2500 360 0.9000
312830 372.25 11.9500 180 0.8533
312834 728.61 12.3000 360 0.8500
312836 420.26 11.8400 120 0.7371
312837 632.21 10.7000 180 0.8000
312838 555.19 10.8500 180 0.7284
312839 984.31 9.7400 360 0.8500
312840 456.63 10.2400 360 0.8500
312845 564.28 11.6000 180 0.7539
312846 286.75 10.2500 360 0.8000
312849 524.66 11.2900 360 0.8285
312853 416.07 9.2500 360 0.8500
312854 879.84 10.4600 360 0.5546
312855 560.99 12.3000 180 0.8000
312856 419.77 10.7000 360 0.7000
312857 568.15 13.1000 180 0.7286
312859 1,229.37 10.0500 180 0.9000
312862 253.24 12.0000 180 0.8467
312863 709.49 10.4000 360 0.8500
312864 631.35 11.2900 360 0.8000
312865 328.88 11.6000 180 0.7000
312866 1,807.09 10.3500 360 0.5208
312867 249.93 13.1500 180 0.5297
312868 417.93 12.8500 240 0.8000
312869 775.48 13.0900 180 0.8100
312872 276.07 11.2500 84 0.4000
312874 726.50 9.2000 180 0.9051
312876 397.99 9.5500 360 0.6732
312877 234.93 11.3500 180 0.7500
312878 637.42 10.9500 360 0.8000
312879 626.54 9.9000 360 0.8000
312880 459.25 10.8000 360 0.8750
312882 532.04 12.3500 180 0.8000
312884 475.03 12.3500 180 0.7895
312885 459.91 8.7500 360 0.7900
312886 593.39 10.2900 360 0.5841
312887 265.45 12.1000 180 0.4889
312889 1,232.14 12.2000 240 0.7950
312892 456.50 10.6500 360 0.8500
312894 191.15 12.6000 180 0.8000
312897 315.40 12.2000 180 0.7472
312898 481.57 12.8500 180 0.8000
312899 356.34 13.0900 240 0.6576
312902 442.34 12.1900 360 0.8000
312903 597.01 10.5500 360 0.7647
312904 472.25 12.2700 360 0.7500
312907 747.33 10.8500 180 0.8500
312908 411.44 11.3600 360 0.5060
312909 566.10 9.9100 360 0.8497
312911 387.93 10.7000 360 0.8515
312914 783.98 10.6000 240 0.7222
312915 363.15 10.5000 180 0.7284
312916 309.76 12.6000 180 0.5102
312917 491.90 9.5000 360 0.9000
312920 670.00 10.8500 180 0.7911
312921 601.52 10.4000 360 0.8500
312922 675.08 10.5000 360 0.9000
312923 1,361.75 8.9500 180 0.8500
</TABLE>
Page 40
<PAGE>
EQUIVANTAGE--1997-1 LOAN LIST
<TABLE>
<CAPTION>
NOTE FIRST MATURITY NEXT PMT
LOAN NO REM TERM AM TERM SALES PRICE APPR VAL DATE PMT DATE DATE
- ----------- ----------------- --------------- -------------- ----------- ---------- ---------- ----------- -----------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
312800 360 360 0.00 124000.00 21-Jan-97 01-Mar-97 01-Feb-27 01-Mar-97
312802 180 360 0.00 18000.00 20-Jan-97 01-Mar-97 01-Feb-12 01-Mar-97
312803 180 360 0.00 75000.00 23-Jan-97 01-Mar-97 01-Feb-12 01-Mar-97
312804 179 360 56000.00 56000.00 21-Jan-97 01-Mar-97 01-Feb-12 01-Apr-97
312805 180 360 0.00 78000.00 20-Jan-97 01-Mar-97 01-Feb-12 01-Mar-97
312806 180 360 0.00 115000.00 17-Jan-97 01-Mar-97 01-Feb-12 01-Mar-97
312807 120 120 0.00 45500.00 20-Jan-97 01-Mar-97 01-Feb-07 01-Mar-97
312809 59 60 0.00 33500.00 20-Jan-97 15-Feb-97 15-Jan-02 15-Mar-97
312810 180 360 0.00 78000.00 21-Jan-97 01-Mar-97 01-Feb-12 01-Mar-97
312813 360 360 0.00 160000.00 20-Jan-97 15-Mar-97 15-Feb-27 15-Mar-97
312814 180 180 0.00 66000.00 21-Jan-97 01-Mar-97 01-Feb-12 01-Mar-97
312815 180 180 0.00 48000.00 20-Jan-97 01-Mar-97 01-Feb-12 01-Mar-97
312817 180 360 0.00 62000.00 21-Jan-97 01-Mar-97 01-Feb-12 01-Mar-97
312819 180 360 0.00 29000.00 20-Jan-97 15-Feb-97 15-Jan-12 15-Feb-97
312820 360 360 0.00 102000.00 20-Jan-97 01-Mar-97 01-Feb-27 01-Mar-97
312821 240 240 0.00 66500.00 21-Jan-97 01-Mar-97 01-Feb-17 01-Mar-97
312823 360 360 0.00 115750.00 20-Jan-97 15-Mar-97 15-Feb-27 15-Mar-97
312824 360 360 0.00 63000.00 20-Jan-97 01-Mar-97 01-Feb-27 01-Mar-97
312825 360 360 0.00 250000.00 21-Jan-97 01-Mar-97 01-Feb-27 01-Mar-97
312826 360 360 0.00 96000.00 24-Jan-97 01-Mar-97 01-Feb-27 01-Mar-97
312827 360 360 0.00 190000.00 23-Jan-97 15-Mar-97 15-Feb-27 15-Mar-97
312830 180 180 0.00 122000.00 20-Jan-97 15-Mar-97 15-Feb-12 15-Mar-97
312834 360 360 0.00 81500.00 21-Jan-97 01-Mar-97 01-Feb-27 01-Mar-97
312836 120 120 0.00 40000.00 24-Jan-97 01-Mar-97 01-Feb-07 01-Mar-97
312837 179 360 0.00 85000.00 21-Jan-97 01-Mar-97 01-Feb-12 01-Apr-97
312838 179 360 0.00 81000.00 21-Jan-97 01-Mar-97 01-Feb-12 01-Apr-97
312839 360 360 0.00 134900.00 22-Jan-97 01-Mar-97 01-Feb-27 01-Mar-97
312840 360 360 0.00 60000.00 21-Jan-97 01-Mar-97 01-Feb-27 01-Mar-97
312845 180 360 0.00 75000.00 23-Jan-97 01-Mar-97 01-Feb-12 01-Mar-97
312846 360 360 0.00 40000.00 23-Jan-97 01-Mar-97 01-Feb-27 01-Mar-97
312849 360 360 0.00 65000.00 22-Jan-97 15-Mar-97 15-Feb-27 15-Mar-97
312853 360 360 0.00 59500.00 22-Jan-97 01-Mar-97 01-Feb-27 01-Mar-97
312854 360 360 0.00 174000.00 22-Jan-97 01-Mar-97 01-Feb-27 01-Mar-97
312855 179 180 0.00 57500.00 22-Jan-97 01-Mar-97 01-Feb-12 01-Apr-97
312856 360 360 0.00 64500.00 22-Jan-97 01-Mar-97 01-Feb-27 01-Mar-97
312857 180 360 0.00 70000.00 24-Jan-97 01-Mar-97 01-Feb-12 01-Mar-97
312859 180 360 155000.00 155000.00 22-Jan-97 01-Mar-97 01-Feb-12 01-Mar-97
312862 180 180 0.00 86000.00 23-Jan-97 01-Mar-97 01-Feb-12 01-Mar-97
312863 360 360 0.00 92000.00 24-Jan-97 01-Mar-97 01-Feb-27 01-Mar-97
312864 360 360 0.00 81000.00 24-Jan-97 01-Mar-97 01-Feb-27 01-Mar-97
312865 180 180 0.00 40000.00 22-Jan-97 01-Mar-97 01-Feb-12 01-Mar-97
312866 360 360 0.00 384000.00 22-Jan-97 01-Mar-97 01-Feb-27 01-Mar-97
312867 180 180 0.00 37000.00 22-Jan-97 15-Mar-97 15-Feb-12 15-Mar-97
312868 240 240 0.00 45000.00 22-Jan-97 15-Mar-97 15-Feb-17 15-Mar-97
312869 179 360 0.00 86000.00 22-Jan-97 01-Mar-97 01-Feb-12 01-Apr-97
312872 83 84 0.00 40000.00 22-Jan-97 01-Mar-97 01-Feb-04 01-Apr-97
312874 180 360 0.00 98000.00 24-Jan-97 15-Mar-97 15-Feb-12 15-Mar-97
312876 360 360 0.00 70000.00 23-Jan-97 15-Mar-97 15-Feb-27 15-Mar-97
312877 179 360 0.00 32000.00 24-Jan-97 01-Mar-97 01-Feb-12 01-Apr-97
312878 360 360 0.00 84000.00 22-Jan-97 01-Mar-97 01-Feb-27 01-Mar-97
312879 360 360 0.00 90000.00 24-Jan-97 01-Mar-97 01-Feb-27 01-Mar-97
312880 360 360 0.00 56000.00 23-Jan-97 15-Mar-97 15-Feb-27 15-Mar-97
312882 180 360 0.00 63000.00 23-Jan-97 01-Mar-97 01-Feb-12 01-Mar-97
312884 180 360 0.00 57000.00 22-Jan-97 01-Mar-97 01-Feb-12 01-Mar-97
312885 360 360 0.00 74000.00 24-Jan-97 01-Mar-97 01-Feb-27 01-Mar-97
312886 360 360 0.00 113000.00 23-Jan-97 15-Mar-97 15-Feb-27 15-Mar-97
312887 180 180 0.00 45000.00 24-Jan-97 01-Mar-97 01-Feb-12 01-Mar-97
312889 240 240 0.00 139000.00 23-Jan-97 01-Mar-97 01-Feb-17 01-Mar-97
312892 359 360 0.00 58000.00 24-Jan-97 01-Mar-97 01-Feb-27 01-Apr-97
312894 180 180 0.00 107000.00 22-Jan-97 01-Mar-97 01-Feb-12 01-Mar-97
312897 180 180 0.00 90000.00 24-Jan-97 01-Mar-97 01-Feb-12 01-Mar-97
312898 180 360 0.00 55000.00 24-Jan-97 01-Mar-97 01-Feb-12 01-Mar-97
312899 240 240 0.00 46000.00 24-Jan-97 01-Mar-97 01-Feb-17 01-Mar-97
312902 360 360 0.00 53000.00 24-Jan-97 01-Mar-97 01-Feb-27 01-Mar-97
312903 360 360 0.00 85000.00 24-Jan-97 01-Mar-97 01-Feb-27 01-Mar-97
312904 360 360 0.00 60000.00 23-Jan-97 01-Mar-97 01-Feb-27 01-Mar-97
312907 180 180 0.00 78000.00 23-Jan-97 01-Mar-97 01-Feb-12 01-Mar-97
312908 360 360 0.00 83000.00 24-Jan-97 01-Mar-97 01-Feb-27 01-Mar-97
312909 360 360 0.00 76500.00 23-Jan-97 01-Mar-97 01-Feb-27 01-Mar-97
312911 360 360 0.00 49000.00 28-Jan-97 01-Mar-97 01-Feb-27 01-Mar-97
312914 239 240 0.00 108000.00 29-Jan-97 01-Mar-97 01-Feb-17 01-Apr-97
312915 180 360 0.00 54500.00 27-Jan-97 01-Mar-97 01-Feb-12 01-Mar-97
312916 179 180 0.00 49000.00 23-Jan-97 01-Mar-97 01-Feb-12 01-Apr-97
312917 360 360 0.00 65000.00 23-Jan-97 01-Mar-97 01-Feb-27 01-Mar-97
312920 180 360 0.00 90000.00 24-Jan-97 01-Mar-97 01-Feb-12 01-Mar-97
312921 360 360 0.00 78000.00 24-Jan-97 01-Mar-97 01-Feb-27 01-Mar-97
312922 360 360 0.00 82000.00 25-Jan-97 01-Mar-97 01-Feb-27 01-Mar-97
312923 180 360 0.00 200000.00 03-Feb-97 15-Mar-97 15-Feb-12 15-Mar-97
<CAPTION>
NEXT PMT
AS OF
LOAN NO 03/01 PROPTYPE UNITS OCCUP LIEN LIEN BAL PURPOSE
- ----------- ---------- ----------------- ------------- --------------- ----- ------------- -----------------
<S> <C> <C> <C> <C> <C> <C> <C>
312800 01-Mar-97 1 1 1 18 0 4
312802 01-Mar-97 1 1 1 18 0 3
312803 01-Mar-97 1 1 1 18 0 4
312804 01-Apr-97 8 1 1 18 0 1
312805 01-Mar-97 1 2 3 18 0 3
312806 01-Mar-97 1 1 1 18 0 3
312807 01-Mar-97 1 1 1 18 0 3
312809 15-Mar-97 1 1 1 18 0 3
312810 01-Mar-97 1 1 1 18 0 4
312813 15-Mar-97 1 1 1 18 0 3
312814 01-Mar-97 1 1 1 18 0 3
312815 01-Apr-97 1 1 1 18 0 4
312817 01-Mar-97 1 1 1 18 0 3
312819 15-Feb-97 1 1 1 18 0 3
312820 01-Mar-97 1 1 1 18 0 4
312821 01-Mar-97 1 1 1 18 0 4
312823 15-Mar-97 1 1 1 18 0 2
312824 01-Mar-97 2 1 1 18 0 4
312825 01-Mar-97 1 1 1 18 0 3
312826 01-Mar-97 4 1 1 18 0 4
312827 15-Mar-97 1 1 1 18 0 3
312830 15-Mar-97 1 1 1 38 73000 4
312834 01-Mar-97 1 1 1 18 0 4
312836 01-Mar-97 1 1 1 18 0 3
312837 01-Apr-97 1 1 1 18 0 4
312838 01-Apr-97 1 1 3 18 0 3
312839 01-Mar-97 1 1 1 18 0 4
312840 01-Mar-97 1 1 1 18 0 3
312845 01-Mar-97 1 1 1 18 0 3
312846 01-Mar-97 1 1 1 18 0 3
312849 15-Mar-97 1 1 1 18 0 3
312853 01-Mar-97 1 1 1 18 0 3
312854 01-Mar-97 1 1 1 18 0 3
312855 01-Apr-97 1 1 1 18 0 4
312856 01-Mar-97 5 3 3 18 0 3
312857 01-Mar-97 1 1 1 18 0 4
312859 01-Mar-97 4 1 1 18 0 1
312862 01-Mar-97 1 1 1 38 51718 3
312863 01-Mar-97 1 1 1 18 0 4
312864 01-Mar-97 1 1 3 18 0 4
312865 01-Mar-97 1 1 1 18 0 3
312866 01-Mar-97 1 1 1 18 0 3
312867 15-Mar-97 1 1 1 18 0 3
312868 15-Mar-97 1 1 1 18 0 3
312869 01-Apr-97 1 1 1 18 0 3
312872 01-Apr-97 1 1 1 18 0 3
312874 15-Mar-97 1 1 1 18 0 2
312876 15-Mar-97 1 1 1 18 0 3
312877 01-Apr-97 1 1 1 18 0 3
312878 01-Mar-97 1 1 1 18 0 4
312879 01-Mar-97 1 1 1 18 0 4
312880 15-Mar-97 1 1 1 18 0 4
312882 01-Mar-97 1 1 1 18 0 4
312884 01-Mar-97 1 1 1 18 0 3
312885 01-Mar-97 1 1 1 18 0 3
312886 15-Mar-97 1 1 1 18 0 3
312887 01-Mar-97 1 1 1 18 0 3
312889 01-Mar-97 1 1 1 18 0 3
312892 01-Apr-97 1 1 1 18 0 4
312894 01-Mar-97 1 1 1 38 70173 3
312897 01-Mar-97 1 1 1 38 41252 3
312898 01-Mar-97 1 1 1 18 0 3
312899 01-Mar-97 1 1 1 18 0 3
312902 01-Mar-97 1 1 1 18 0 3
312903 01-Mar-97 1 1 1 18 0 3
312904 01-Apr-97 1 1 1 18 0 3
312907 01-Mar-97 1 1 1 18 0 3
312908 01-Mar-97 1 1 1 18 0 4
312909 01-Mar-97 1 1 1 18 0 4
312911 01-Mar-97 1 1 3 18 0 4
312914 01-Apr-97 1 1 1 18 0 3
312915 01-Mar-97 1 1 1 18 0 2
312916 01-Apr-97 1 1 3 18 0 3
312917 01-Mar-97 1 1 1 18 0 3
312920 01-Mar-97 1 1 1 18 0 3
312921 01-Mar-97 8 1 1 18 0 4
312922 01-Mar-97 1 1 1 18 0 4
312923 15-Mar-97 1 1 1 18 0 4
<CAPTION>
BNK RUP NEXT INT PERIODIC LIFE
LOAN NO GRADE DISCHARGE SECT 32 MARGIN INDEX CHANGE CAP CAP
- ----------- ----------- ------------ ------------- ------------- --------- ---------- --------------- -----
<S> <C> <C> <C> <C> <C> <C> <C> <C>
312800 A -- F 7.25 6MOLIB 01-Feb-99 1.5 7
312802 B -- F 0 -- 0 0
312803 A -- F 0 -- 0 0
312804 B -- F 0 -- 0 0
312805 A -- F 0 -- 0 0
312806 B 01-Jan-95 F 0 -- 0 0
312807 C 29-Oct-93 F 0 -- 0 0
312809 B -- F 0 -- 0 0
312810 A -- F 0 -- 0 0
312813 B -- F 0 -- 0 0
312814 B -- F 0 -- 0 0
312815 B 21-Mar-95 F 0 -- 0 0
312817 C -- F 0 -- 0 0
312819 B -- F 0 -- 0 0
312820 A -- F 0 -- 0 0
312821 B -- F 0 -- 0 0
312823 A -- F 0 -- 0 0
312824 A -- F 0 -- 0 0
312825 B -- F 7.35 6MOLIB 01-Feb-99 1.5 7
312826 B -- F 0 -- 0 0
312827 A -- F 7.5 6MOLIB 15-Aug-97 1.5 7
312830 B -- F 0 -- 0 0
312834 B -- F 0 -- 0 0
312836 B 18-Sep-91 T 0 -- 0 0
312837 A -- F 0 -- 0 0
312838 A -- F 0 -- 0 0
312839 B -- F 7.24 6MOLIB 01-Aug-97 1.5 7
312840 B 01-Nov-89 F 7.24 6MOLIB 01-Feb-99 1.5 7
312845 C -- F 0 -- 0 0
312846 B -- F 7.75 6MOLIB 01-Aug-97 1.5 7
312849 A -- F 0 -- 0 0
312853 B -- F 6.25 6MOLIB 01-Feb-99 1.5 7
312854 A 13-Jan-95 F 0 -- 0 0
312855 B -- F 0 -- 0 0
312856 A -- F 0 -- 0 0
312857 C 01-Apr-95 F 0 -- 0 0
312859 A -- F 0 -- 0 0
312862 A -- F 0 -- 0 0
312863 A 01-Oct-90 F 0 -- 0 0
312864 A 01-Oct-90 F 0 -- 0 0
312865 A -- F 0 -- 0 0
312866 B -- F 7.35 6MOLIB 01-Feb-99 1.5 7
312867 C -- F 0 -- 0 0
312868 B -- F 0 -- 0 0
312869 B 31-Aug-95 F 0 -- 0 0
312872 A -- F 0 -- 0 0
312874 A+ 28-Feb-95 T 0 -- 0 0
312876 A -- F 0 -- 0 0
312877 B -- F 0 -- 0 0
312878 B -- F 0 -- 0 0
312879 A -- F 0 -- 0 0
312880 A -- F 0 -- 0 0
312882 C -- F 0 -- 0 0
312884 C -- F 0 -- 0 0
312885 B 29-Jan-90 F 5.75 6MOLIB 01-Feb-99 1.5 7
312886 A 01-Aug-93 F 0 -- 0 0
312887 C 01-Aug-93 T 0 -- 0 0
312889 B -- F 0 -- 0 0
312892 A -- F 0 -- 0 0
312894 B 23-May-95 F 0 -- 0 0
312897 B -- F 0 -- 0 0
312898 B -- F 0 -- 0 0
312899 C 01-Jan-91 F 0 -- 0 0
312902 B -- T 0 -- 0 0
312903 A 14-Jul-92 F 0 -- 0 0
312904 B -- F 0 -- 0 0
312907 B -- F 0 -- 0 0
312908 B -- F 0 -- 0 0
312909 B -- F 6.91 6MOLIB 01-Feb-99 1.5 7
312911 A -- F 0 -- 0 0
312914 B -- F 0 -- 0 0
312915 B 01-Jun-94 T 0 -- 0 0
312916 C 01-May-92 F 0 -- 0 0
312917 B -- F 6 6MOLIB 01-Feb-99 1.5 7
312920 A 01-Dec-92 F 0 -- 0 0
312921 A -- F 0 -- 0 0
312922 A -- F 7.35 6MOLIB 01-Aug-97 1.5 7
312923 A -- F 0 -- 0 0
</TABLE>
Page 41
<PAGE>
EQUIVANTAGE--1997-1 LOAN LIST
<TABLE>
<CAPTION>
PRE PMT
LOAN NO FLOOR CEILING PEN DOC LEVEL
- ----------- ----------- ------------- --------------- -----------------
<S> <C> <C> <C> <C>
312800 10.75 17.75 P F
312802 0 0 P F
312803 0 0 P L
312804 0 0 F
312805 0 0 F
312806 0 0 L
312807 0 0 P F
312809 0 0 P F
312810 0 0 P F
312813 0 0 P F
312814 0 0 P F
312815 0 0 F
312817 0 0 P F
312819 0 0 P F
312820 0 0 P F
312821 0 0 F
312823 0 0 F
312824 0 0 F
312825 10.35 17.35 P F
312826 0 0 P F
312827 11.25 17.25 F
312830 0 0 F
312834 0 0 P F
312836 0 0 F
312837 0 0 F
312838 0 0 F
312839 10.74 16.74 P F
312840 10.24 17.24 P F
312845 0 0 P F
312846 11.25 17.25 P F
312849 0 0 F
312853 9.25 16.25 P F
312854 0 0 F
312855 0 0 F
312856 0 0 P F
312857 0 0 F
312859 0 0 P F
312862 0 0 P F
312863 0 0 P F
312864 0 0 P F
312865 0 0 F
312866 10.35 17.35 P F
312867 0 0 P F
312868 0 0 P F
312869 0 0 F
312872 0 0 F
312874 0 0 F
312876 0 0 F
312877 0 0 P F
312878 0 0 P F
312879 0 0 F
312880 0 0 P F
312882 0 0 P F
312884 0 0 P F
312885 8.75 15.75 F
312886 0 0 P F
312887 0 0 F
312889 0 0 P F
312892 0 0 F
312894 0 0 F
312897 0 0 P F
312898 0 0 P F
312899 0 0 F
312902 0 0 F
312903 0 0 P F
312904 0 0 P F
312907 0 0 P F
312908 0 0 F
312909 9.91 16.91 P F
312911 0 0 P F
312914 0 0 F
312915 0 0 F
312916 0 0 F
312917 9.5 16.5 P F
312920 0 0 P F
312921 0 0 P F
312922 11.5 17.5 P F
312923 0 0 P F
</TABLE>
Page 42
<PAGE>
EQUIVANTAGE--1997-1 LOAN LIST
<TABLE>
<CAPTION>
LOAN NO TYPE LASTNAME FIRSTNAME ADDRESS
- ----------- ---------- ------------------ ------------------ ------------------------------------------------
<S> <C> <C> <C> <C>
312924 BLLN ANELLO ANTHONY 2956 HAYNE ROAD
312925 BLLN ANELLO ANTHONY 665 FRUIT DRIVE
312926 BLLN ANELLO ANTHONY 592 PEAR DRIVE
312927 BLLN ANELLO ANTHONY 617 FRUIT DRIVE
312928 ARM FRANK GARY P. \3021 RIO BRAZOS DRIVE
312929 FR GAMBRELL WANDA LEE 328 RANDY ROAD
312930 FR SMITH SHERMAN HENRY 130 LEONARD AVENUE
312932 BLLN WALTERS WANDA C 6664 HESTER ROAD
312933 ARM2-28 HUMES DEE ANN 106 HILLSIDE DRIVE
312935 BLLN DELONG MARK V 701 S PRINCE
312936 FR TUFTS DANISE 4151 EAST 114TH STREET
312937 FR GORDON IVAN L. 753 SEWARD AVENUE
312939 ARM2-28 METZ RANDY L. 4657 18TH STREET NORTH WEST
312942 ARM2-28 KINNEY RAYMOND E. 39 W. SANDUSKY STREET
312943 BLLN TUCKER SANTFORD G. 1 CHOCTAW COURT
312944 BLLN JOHNSON LARRY 5176 ALFORD STREET
312945 BLLN HAGAN ROBERT A. 2403 W. 7TH STREET
312946 ARM2-28 HIRE SUSAN G. 9314 E. DOSWELL BLVD.
312947 FR ALLEN ADAM 4158N ST ROUTE 123
312948 ARM2-28 ATHA CHARLES L 10800 SURFWOOD LANE
312949 BLLN MACKLIN LORETTA 3361 EAST 139TH STREET
312950 ARM STRASBERGER MICHAEL H. 6988 MEADOWFIELD STREET
312953 BLLN DAVIS MARK W. 8222 NORTH EAST WYGANT
312954 FR COX OSCAR E. 29204 BRETTON
312955 ARM2-28 THOMPSON RUSSEL 4916 BROADWAY
312956 FR FISHER RUBY B. 218 SHARPE AVENUE
312957 ARM2-28 KISER THOMAS H. 4132 PAXTON WOODS DRIVE
312959 FR LEWIS DOROTHY L. 1744 EASTHAM AVENUE
312960 FR NIXON IRMA M. 6539 S. BELL AVENUE
312962 ARM DAUGHERITY DALE A. 615 DELAWARE LANE
312963 FR JOHNSON WILLIE KING 3059 WOODBINE AVENUE
312964 FR PALMER DOUGLAS 428 EAST MARSHALL S
312965 FR CALDWELL FRETA 8194 QUEENS DRIVE
312966 FR WELCH BARRETT C. 406 WEST BRAYTON ROAD
312968 BLLN BLACKMON RICHARD A. 309 FIDDLERS BRANCH ROAD
312969 BLLN HENDERSON LARRIE D. 38 KINGSGATE DRIVE
312977 FR HUFFMAN JOE L. 6614 HOMESTEAD ROAD
312978 FR LIPSCOMB JOAN E 27125 SHOREVIEW
312979 FR BAILEY SANDRA J. 5 HILLCREST DRIVE
312982 FR COLE TILLMAN 113 CAMP AGAPE
312983 ARM2-28 HERNANDEZ JOSE C. 8437 S LOCKWOOD AVENUE
312984 FR HILL CECIL J 403S ST. MARKS AVE
312985 FR BOWLING TERRY L 7510 NORTH HANNA
312986 FR CLINE KENNETH C. 821 CHILHOWEE STREET
312987 FR TUCKER J.C. 2892 MAPLE GROVE DRIVE
312988 FR FORESTER INEZ 5428 OLD THOMASVILLE ROAD
312995 FR GEORGE DARRYL E. 5010 OAKLAN AVENUE
312996 FR GUENTHER KENNETH 8258 FARNUM
312998 FR VENTURA NORMA J 17158 W 130TH STREET
312999 FR LOCKRIDGE BILLY R. 326 STEEL ROAD
313002 FR WHITE ROBERT E 4206 DELAWARE STREET
313003 FR KOKINOS STEVE 307 PENDLETON DRIVE
313004 BLLN HUBBARD CHARLOTT 9660 WINTHROP
313005 FR LACKEY LOIS A 110N LAUREL AVE
313006 FR BELL EILEEN R 503N SWEET WATER BLV
313007 FR WHITE SHEILA H 17156 BRUSHY FORK ROA
313008 FR QUICK BILLY JO 350 SOUTH ENOCH GRO
313009 ARM2-28 WILLIAMS DAVID G 3835E 154TH STREET
313013 FR JOHNSON THOMAS 2960- 62 CORTLAND
313014 FR PUGH PATSY W 8000 LINDA LAKE DR
313015 FR B NICHOLS HARRINGTO 263 CROSS GATES BLV
313016 FR ADAMS LANNY 89 LAKEWOOD DRIVE
313017 FR CAMUS LINDA G 26 CLIPPER PLACE
313019 ARM2-28 THORPE MARY E 4361 CATALINA AVENUE
313020 BLLN WHEELER RAMONA P 504 S. STROMONT
313022 ARM2-28 WADE JAMES L 3511 SEABROOK AVENUE
313025 ARM ZEHNPFENNIG JENNIE L 38402 SANTA ANNA
313026 FR WOFFORD ANN 4729 WEST MONROE
313027 ARM2-28 SMITH TODD L 95 LOGAN STREET
313029 FR PORTIER L J 1917E LIBERTY AVE
313030 BLLN WHITE BOYD C. 14036 STAHELIN
313033 BLLN ANDERSON WANDA O. 204 ROSENBERRY STREET
313034 ARM2-28 ATCHISON JR JACK L 4915 NEBRECKENRIDGE DR
313035 BLLN EDWARDS ANNA L. 2944 POST STREET
313036 BLLN PHILLIPS REXIE R 5108 FENNELL ROAD
313039 BLLN BYRD JAMES E. 1505 OAK VILLAGE DRI
313040 ARM2-28 A KOOIKER KATHLEEN 1665 SEBURTON STREET
313044 FR MARAGAS ARISTOTL 1051 WEST EXCHANGE S
<CAPTION>
LOAN NO CITY STATE ZIP COUNTY ORIG BAL UPB UPB AS OF 03/01
- ----------- --------------------- ----------- --------- ----------------------- ----------- --------- ---------------
<S> <C> <C> <C> <C> <C> <C> <C>
312924 AKRON OH 44312 SUMMIT 33,750.00 33,750.00 33,750.00
312925 AKRON OH 44319 SUMMIT 75,000.00 75,000.00 75,000.00
312926 AKRON OH 44319 SUMMIT 55,500.00 55,500.00 55,500.00
312927 COVENTRY TOWNSHIP OH 44319 SUMMIT 41,250.00 41,250.00 41,250.00
312928 SARDINIA OH 45171 BROWN 127,500.00 127,500.00 127,500.00
312929 MADISON TN 37115 DAVIDSON 47,500.00 47,500.00 47,500.00
312930 ALBEMARLE NC 28001 STANLY 30,600.00 30,600.00 30,600.00
312932 GREENBRIER TN 37073 ROBERTSON 61,000.00 61,000.00 61,000.00
312933 OLD HICKORY TN 37138 WILSON 102,850.00 102,850.00 102,850.00
312935 PRINCETON IN 47670 GIBSON 45,900.00 45,900.00 45,900.00
312936 CLEVELAND OH 44105 CUYAHOGA 42,000.00 42,000.00 42,000.00
312937 AKRON OH 44320 SUMMIT 55,250.00 55,250.00 55,250.00
312939 CANTON OH 44708 STARK 78,965.00 78,965.00 78,965.00
312942 FREDERICKTOWN OH 43019 KNOX 44,000.00 44,000.00 44,000.00
312943 TAYLORS SC 29687 GREENVILLE 80,750.00 80,750.00 80,750.00
312944 MEMPHIS TN 38109 SHELBY 46,400.00 46,400.00 46,400.00
312945 OWENSBORO KY 42301 DAVIESS 40,800.00 40,800.00 40,800.00
312946 CROMWELL IN 46732 KOSCIUSKO 71,550.00 71,550.00 71,550.00
312947 FRANKLIN OH 45005 WARREN 69,280.00 69,280.00 69,280.00
312948 CINCINNATI OH 45241 HAMILTON 112,000.00 112,000.00 112,000.00
312949 CLEVELAND OH 44120 CUYAHOGA 36,000.00 36,000.00 36,000.00
312950 WEST BLOOMFIELD MI 48324 OAKLAND 96,300.00 96,245.17 96,245.17
312953 PORTLAND OR 97220 MULTNOMAH 72,800.00 72,800.00 72,769.14
312954 LIVONIA MI 48152 WAYNE 73,600.00 73,600.00 73,600.00
312955 COMMERCE TOWNSHIP MI 48382 OAKLAND 159,800.00 159,800.00 159,800.00
312956 KANNAPOLIS NC 28081 CABARRUS 27,000.00 27,000.00 27,000.00
312957 CINCINNATI OH 45209 HAMILTON 108,000.00 108,000.00 108,000.00
312959 EAST CLEVELAND OH 44112 CUYAHOGA 42,000.00 42,000.00 42,000.00
312960 CHICAGO IL 60636 COOK 40,000.00 40,000.00 40,000.00
312962 ELK GROVE VILLAGE IL 60007 COOK 200,600.00 200,600.00 200,600.00
312963 KNOXVILLE TN 37914 KNOX 44,000.00 44,000.00 44,000.00
312964 HASTINGS MI 49058 BARRY 52,650.00 52,650.00 52,650.00
312965 JONESBORO GA 30236 CLAYTON 53,000.00 52,977.78 52,977.78
312966 MOUNT MORRIS IL 61054 OGLE 70,531.00 70,531.00 70,531.00
312968 HAMPTON TN 37658 CARTER 82,400.00 82,400.00 82,400.00
312969 COLUMBIA SC 29205 RICHLAND 28,000.00 28,000.00 28,000.00
312977 REX GA 30273 CLAYTON 28,000.00 28,000.00 28,000.00
312978 EUCLID OH 44132 CUYAHOGA 54,000.00 53,873.26 53,873.26
312979 YORK SC 29745 YORK 123,000.00 123,000.00 123,000.00
312982 BLYTHEWOOD SC 29016 RICHLAND 34,000.00 34,000.00 34,000.00
312983 BURBANK IL 60459 COOK 107,950.00 107,950.00 107,950.00
312984 CHATTANOOGA TN 37412 HAMILTON 38,000.00 38,000.00 38,000.00
312985 MCCORDSVILLE IN 46055 HANCOCK 46,500.00 46,500.00 46,500.00
312986 HARRIMAN TN 37748 ROANE 27,500.00 27,500.00 27,500.00
312987 REX GA 30273 CLAYTON 66,600.00 65,107.48 65,107.48
312988 ARCHDALE NC 27263 RANDOLPH 54,000.00 54,000.00 54,000.00
312995 BATON ROUGE LA 70811 EAST BATON ROUGE 34,400.00 34,400.00 34,400.00
312996 ROMULUS MI 48174 WAYNE 31,000.00 30,960.17 30,960.17
312998 STRONGSVILLE OH 44136 CUYAHOGA 47,900.00 47,900.00 47,900.00
312999 MILNER GA 30257 LAMAR 49,332.00 49,332.00 49,332.00
313002 GARY IN 46409 LAKE 41,340.00 41,340.00 41,340.00
313003 HOUMA LA 70360 TERREBONNE 143,910.00 143,910.00 143,910.00
313004 DETROIT MI 48227 WAYNE 30,000.00 30,000.00 30,000.00
313005 LANDRUM SC 29356 SPARTANBURG 51,750.00 51,750.00 51,750.00
313006 LONGWOOD FL 32779 SEMINOLE 35,500.00 35,500.00 35,500.00
313007 NEWARK OH 43056 LICKING 34,500.00 34,500.00 34,500.00
313008 FLORENCE MS 39073 RANKIN 70,000.00 70,000.00 70,000.00
313009 CLEVELAND OH 44128 CUYAHOGA 64,800.00 64,800.00 64,800.00
313013 DETROIT MI 48206 WAYNE 38,400.00 38,400.00 38,400.00
313014 CHARLOTTE NC 28215 MECKLENBURG 44,000.00 44,000.00 44,000.00
313015 SLIDELL LA 70461 SAINT TAMMANY PARISH 108,800.00 108,800.00 108,800.00
313016 NEWNAN GA 30263 COWETA 78,750.00 78,750.00 78,750.00
313017 ABITA SPRINGS LA 70420 SAINT TAMMANY 51,800.00 51,800.00 51,800.00
313019 DAYTON OH 45416 MONTGOMERY 43,350.00 43,350.00 43,350.00
313020 PRINCETON IN 47670 GIBSON 42,500.00 42,500.00 42,500.00
313022 COLUMBUS OH 43227 FRANKLIN 72,800.00 72,800.00 72,800.00
313025 CLINTON TOWNSHIP MI 48036 MACOMB 157,000.00 156,921.30 156,921.30
313026 CHICAGO IL 60624 COOK 94,500.00 94,500.00 94,500.00
313027 BATTLE CREEK MI 49015 CALHOUN 44,800.00 44,800.00 44,800.00
313029 SPOKANE WA 99207 SPOKANE 50,340.00 49,615.13 49,615.13
313030 DETROIT MI 48223 WAYNE 86,200.00 86,200.00 86,200.00
313033 ALLIANCE OH 44601 STARK 33,500.00 33,500.00 33,500.00
313034 GRAND RAPIDS MI 49505 KENT 109,000.00 109,000.00 109,000.00
313035 JACKSONVILLE FL 32205 DUVAL 31,850.00 31,850.00 31,850.00
313036 KNOXVILLE TN 37912 KNOX 51,000.00 51,000.00 51,000.00
313039 LARGO FL 33778 PINELLAS 57,600.00 57,600.00 57,600.00
313040 GRAND RAPIDS MI 49506 KENT 92,500.00 92,500.00 92,500.00
313044 AKRON OH 44302 SUMMIT 45,000.00 45,000.00 45,000.00
<CAPTION>
LOAN NO P&I RATE ORIG TERM CLTV
- ----------- --------- --------- ----------------- ---------
<S> <C> <C> <C> <C>
312924 294.93 9.9500 180 0.7500
312925 655.41 9.9500 180 0.7500
312926 485.00 9.9500 180 0.7500
312927 360.48 9.9500 180 0.7500
312928 1,114.20 9.9500 360 0.8500
312929 565.32 13.2600 240 0.5588
312930 336.36 10.4000 180 0.7650
312932 578.15 10.9400 180 0.7821
312933 956.22 10.7000 360 0.8500
312935 399.42 9.9000 180 0.7914
312936 387.33 10.6000 360 0.7500
312937 581.10 12.3000 360 0.8500
312939 719.37 10.4500 360 0.8500
312942 358.79 9.1500 360 0.8000
312943 741.67 10.5500 180 0.8500
312944 436.63 10.8500 180 0.8000
312945 388.24 10.9900 180 0.8870
312946 654.50 10.5000 360 0.7777
312947 806.64 13.7400 360 0.8056
312948 978.74 9.9500 360 0.8000
312949 294.86 9.2000 180 0.6000
312950 761.03 8.8000 360 0.9000
312953 649.66 10.2000 180 0.8000
312954 728.85 11.5000 360 0.8000
312955 1,426.03 10.2000 360 0.8500
312956 325.78 12.1000 180 0.6000
312957 927.09 9.7400 360 0.8000
312959 393.64 10.8000 360 0.7000
312960 489.11 12.3500 180 0.5714
312962 1,716.10 9.7000 360 0.8500
312963 499.83 10.9900 180 0.7333
312964 489.50 10.7000 360 0.9000
312965 474.93 10.2500 360 0.8154
312966 735.82 12.1900 360 0.7881
312968 950.31 13.6000 180 0.8000
312969 265.38 10.9400 180 0.8000
312977 314.74 10.8000 180 0.4916
312978 590.24 10.3000 180 0.7714
312979 1,344.43 10.3000 180 0.8723
312982 480.95 11.6500 120 0.2698
312983 927.46 9.7500 360 0.8500
312984 370.23 11.2900 360 0.6230
312985 527.06 10.9500 180 0.7500
312986 296.36 10.0500 180 0.5093
312987 759.07 11.0500 180 0.9000
312988 612.07 10.9500 180 0.9000
312995 352.73 10.9000 240 0.8000
312996 303.07 10.1900 240 0.5636
312998 436.37 10.4500 360 0.4042
312999 664.28 10.4500 120 0.7150
313002 496.15 12.0000 180 0.7800
313003 1,163.11 9.0500 360 0.9000
313004 315.53 12.3000 180 0.8000
313005 658.17 13.1000 180 0.7500
313006 367.64 11.0500 240 0.8005
313007 380.29 10.4500 180 0.7500
313008 682.01 11.2900 360 0.7778
313009 564.36 9.9100 360 0.9000
313013 414.55 11.6900 240 0.8000
313014 478.22 10.2000 180 0.5087
313015 1,102.41 11.8000 360 0.8500
313016 688.18 9.9500 360 0.9000
313017 613.38 11.7500 180 0.5692
313019 388.14 10.2400 360 0.8500
313020 432.26 11.8500 180 0.8500
313022 622.79 9.7000 360 0.8000
313025 1,309.84 9.4100 360 0.8263
313026 990.26 12.2500 360 0.7000
313027 406.46 10.4000 360 0.8000
313029 421.45 9.4500 360 0.7745
313030 926.67 12.6000 180 0.7183
313033 298.95 10.2000 180 0.6979
313034 935.68 9.7400 360 0.7171
313035 293.73 10.6000 180 0.6500
313036 472.25 10.6500 180 0.8500
313039 652.97 13.3500 180 0.8000
313040 794.04 9.7400 360 0.7520
313044 455.61 11.7900 360 0.6000
</TABLE>
Page 43
<PAGE>
EQUIVANTAGE--1997-1 LOAN LIST
<TABLE>
<CAPTION>
NOTE FIRST MATURITY NEXT PMT
LOAN NO REM TERM AM TERM SALES PRICE APPR VAL DATE PMT DATE DATE
- ----------- ----------------- --------------- -------------- ----------- --------- --------- ----------- -----------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
312924 180 360 0.00 45000.00 03-Feb-97 15-Mar-97 15-Feb-12 15-Mar-97
312925 180 360 0.00 100000.00 03-Feb-97 01-Mar-97 01-Feb-12 01-Mar-97
312926 180 360 0.00 74000.00 03-Feb-97 01-Mar-97 01-Feb-12 01-Mar-97
312927 180 360 0.00 55000.00 03-Feb-97 01-Mar-97 01-Feb-12 01-Mar-97
312928 360 360 0.00 150000.00 27-Jan-97 01-Mar-97 01-Feb-27 01-Mar-97
312929 240 240 0.00 85000.00 24-Jan-97 01-Mar-97 01-Feb-17 01-Mar-97
312930 180 180 0.00 40000.00 27-Jan-97 01-Mar-97 01-Feb-12 01-Mar-97
312932 180 360 0.00 78000.00 27-Jan-97 01-Mar-97 01-Feb-12 01-Mar-97
312933 360 360 0.00 121000.00 24-Jan-97 01-Mar-97 01-Feb-27 01-Mar-97
312935 180 360 0.00 58000.00 28-Jan-97 01-Mar-97 01-Feb-12 01-Mar-97
312936 360 360 0.00 56000.00 24-Jan-97 01-Mar-97 01-Feb-27 01-Mar-97
312937 360 360 0.00 65000.00 25-Jan-97 01-Mar-97 01-Feb-27 01-Mar-97
312939 360 360 0.00 92900.00 25-Jan-97 01-Mar-97 01-Feb-27 01-Mar-97
312942 360 360 0.00 55000.00 25-Jan-97 01-Mar-97 01-Feb-27 01-Mar-97
312943 180 360 0.00 95000.00 24-Jan-97 01-Mar-97 01-Feb-12 01-Mar-97
312944 180 360 0.00 58000.00 25-Jan-97 01-Mar-97 01-Feb-12 01-Mar-97
312945 180 360 0.00 46000.00 27-Jan-97 01-Mar-97 01-Feb-12 01-Mar-97
312946 360 360 0.00 92000.00 27-Jan-97 01-Mar-97 01-Feb-27 01-Mar-97
312947 360 360 0.00 86000.00 28-Jan-97 01-Mar-97 01-Feb-27 01-Mar-97
312948 360 360 0.00 140000.00 29-Jan-97 01-Mar-97 01-Feb-27 01-Mar-97
312949 180 360 0.00 60000.00 27-Jan-97 01-Mar-97 01-Feb-12 01-Mar-97
312950 359 360 107000.00 107000.00 27-Jan-97 01-Mar-97 01-Feb-27 01-Apr-97
312953 180 360 0.00 91000.00 27-Jan-97 01-Mar-97 01-Feb-12 01-Mar-97
312954 360 360 0.00 92000.00 27-Jan-97 01-Mar-97 01-Feb-27 01-Mar-97
312955 360 360 0.00 188000.00 25-Jan-97 01-Mar-97 01-Feb-27 01-Mar-97
312956 180 180 0.00 45000.00 27-Jan-97 01-Mar-97 01-Feb-12 01-Mar-97
312957 360 360 0.00 135000.00 27-Jan-97 01-Mar-97 01-Feb-27 01-Mar-97
312959 360 360 0.00 60000.00 27-Jan-97 01-Mar-97 01-Feb-27 01-Mar-97
312960 180 180 0.00 70000.00 27-Jan-97 15-Mar-97 15-Feb-12 15-Mar-97
312962 360 360 0.00 236000.00 27-Jan-97 01-Mar-97 01-Feb-27 01-Mar-97
312963 180 180 0.00 60000.00 27-Jan-97 01-Mar-97 01-Feb-12 01-Mar-97
312964 360 360 0.00 58500.00 05-Feb-97 01-Apr-97 01-Mar-27 01-Apr-97
312965 359 360 0.00 65000.00 27-Jan-97 01-Mar-97 01-Feb-27 01-Apr-97
312966 360 360 0.00 89500.00 27-Jan-97 01-Mar-97 01-Feb-27 01-Mar-97
312968 180 360 0.00 103000.00 27-Jan-97 01-Mar-97 01-Feb-12 01-Mar-97
312969 180 360 0.00 35000.00 27-Jan-97 01-Mar-97 01-Feb-12 01-Mar-97
312977 180 180 0.00 77000.00 27-Jan-97 01-Mar-97 01-Feb-12 01-Mar-97
312978 179 180 0.00 70000.00 28-Jan-97 01-Mar-97 01-Feb-12 01-Apr-97
312979 180 180 0.00 141000.00 27-Jan-97 01-Mar-97 01-Feb-12 01-Mar-97
312982 120 120 0.00 126000.00 28-Jan-97 01-Mar-97 01-Feb-07 01-Mar-97
312983 360 360 0.00 127000.00 27-Jan-97 01-Mar-97 01-Feb-27 01-Mar-97
312984 360 360 0.00 61000.00 27-Jan-97 01-Mar-97 01-Feb-27 01-Mar-97
312985 180 180 0.00 62000.00 28-Jan-97 15-Mar-97 15-Feb-12 15-Mar-97
312986 180 180 0.00 54000.00 27-Jan-97 01-Mar-97 01-Feb-12 01-Mar-97
312987 179 180 0.00 74000.00 27-Jan-97 01-Mar-97 01-Feb-12 01-Apr-97
312988 180 180 0.00 60000.00 27-Jan-97 15-Mar-97 15-Feb-12 15-Mar-97
312995 240 240 0.00 43000.00 27-Jan-97 01-Mar-97 01-Feb-17 01-Mar-97
312996 239 240 0.00 55000.00 31-Jan-97 01-Mar-97 01-Feb-17 01-Apr-97
312998 360 360 0.00 118500.00 28-Jan-97 01-Mar-97 01-Feb-27 01-Mar-97
312999 120 120 0.00 69000.00 30-Jan-97 01-Mar-97 01-Feb-07 01-Mar-97
313002 180 180 0.00 53000.00 28-Jan-97 01-Mar-97 01-Feb-12 01-Mar-97
313003 360 360 159900.00 159900.00 28-Jan-97 01-Mar-97 01-Feb-27 01-Mar-97
313004 180 360 0.00 37500.00 04-Feb-97 01-Mar-97 01-Feb-12 01-Mar-97
313005 180 180 0.00 69000.00 28-Jan-97 01-Mar-97 01-Feb-12 01-Mar-97
313006 240 240 0.00 140000.00 28-Jan-97 01-Mar-97 01-Feb-17 01-Mar-97
313007 180 180 0.00 46000.00 28-Jan-97 01-Mar-97 01-Feb-12 01-Mar-97
313008 360 360 0.00 90000.00 29-Jan-97 01-Mar-97 01-Feb-27 01-Mar-97
313009 360 360 0.00 72000.00 29-Jan-97 01-Mar-97 01-Feb-27 01-Mar-97
313013 240 240 0.00 48000.00 30-Jan-97 01-Mar-97 01-Feb-17 01-Mar-97
313014 180 180 0.00 86500.00 30-Jan-97 15-Mar-97 15-Feb-12 15-Mar-97
313015 360 360 0.00 128000.00 28-Jan-97 01-Mar-97 01-Feb-27 01-Mar-97
313016 360 360 87500.00 88000.00 29-Jan-97 01-Mar-97 01-Feb-27 01-Mar-97
313017 180 180 0.00 91000.00 28-Jan-97 01-Mar-97 01-Feb-12 01-Mar-97
313019 360 360 0.00 51000.00 29-Jan-97 01-Mar-97 01-Feb-27 01-Mar-97
313020 180 360 0.00 50000.00 31-Jan-97 01-Mar-97 01-Feb-12 01-Mar-97
313022 360 360 0.00 91000.00 30-Jan-97 01-Mar-97 01-Feb-27 01-Mar-97
313025 359 360 0.00 190000.00 30-Jan-97 01-Mar-97 01-Feb-27 01-Apr-97
313026 360 360 0.00 135000.00 30-Jan-97 15-Mar-97 15-Feb-27 15-Mar-97
313029 360 360 0.00 65000.00 30-Jan-97 01-Mar-97 01-Feb-27 01-Mar-97
313030 180 360 0.00 120000.00 03-Feb-97 01-Mar-97 01-Feb-12 01-Mar-97
313033 180 360 0.00 48000.00 30-Jan-97 15-Mar-97 15-Feb-12 15-Mar-97
313034 360 360 0.00 152000.00 30-Jan-97 01-Mar-97 01-Feb-27 01-Mar-97
313035 180 360 0.00 49000.00 30-Jan-97 01-Mar-97 01-Feb-12 01-Mar-97
313036 180 360 0.00 60000.00 30-Jan-97 01-Mar-97 01-Feb-12 01-Mar-97
313039 180 360 0.00 72000.00 30-Jan-97 01-Mar-97 01-Feb-12 01-Mar-97
313040 360 360 0.00 123000.00 31-Jan-97 01-Mar-97 01-Feb-27 01-Mar-97
313044 360 360 0.00 75000.00 31-Jan-97 15-Mar-97 15-Feb-27 15-Mar-97
<CAPTION>
NEXT PMT
LOAN NO AS OF 03/01 PROPTYPE UNITS OCCUP LIEN LIEN BAL PURPOSE
- ----------- ----------- ----------------- ------------- --------------- ----- ------------- -----------------
<S> <C> <C> <C> <C> <C> <C> <C>
312924 15-Mar-97 1 1 3 18 0 4
312925 01-Mar-97 1 1 3 18 0 4
312926 01-Mar-97 1 1 3 18 0 2
312927 01-Mar-97 1 1 3 18 0 3
312928 01-Mar-97 1 1 1 18 0 4
312929 01-Mar-97 1 1 1 18 0 3
312930 01-Mar-97 1 1 1 18 0 4
312932 01-Mar-97 1 1 1 18 0 3
312933 01-Mar-97 1 1 1 18 0 3
312935 01-Mar-97 1 1 1 18 0 4
312936 01-Mar-97 1 1 1 18 0 3
312937 01-Mar-97 1 1 1 18 0 3
312939 01-Mar-97 1 1 1 18 0 4
312942 01-Mar-97 1 1 1 18 0 3
312943 01-Mar-97 1 1 1 18 0 3
312944 01-Mar-97 1 1 3 18 0 4
312945 01-Mar-97 1 1 1 18 0 4
312946 01-Mar-97 8 1 1 18 0 4
312947 01-Mar-97 1 1 1 18 0 2
312948 01-Mar-97 1 1 1 18 0 2
312949 01-Mar-97 1 1 1 18 0 3
312950 01-Apr-97 1 1 1 18 0 1
312953 01-Apr-97 1 1 3 18 0 4
312954 01-Mar-97 1 1 1 18 0 4
312955 01-Mar-97 1 1 1 18 0 3
312956 01-Mar-97 1 1 1 18 0 4
312957 01-Mar-97 1 1 1 18 0 4
312959 01-Mar-97 5 2 3 18 0 3
312960 15-Mar-97 1 1 1 18 0 3
312962 01-Mar-97 1 1 1 18 0 4
312963 01-Mar-97 1 1 1 18 0 3
312964 01-Apr-97 1 1 1 18 0 3
312965 01-Apr-97 1 1 1 18 0 3
312966 01-Mar-97 1 1 1 18 0 4
312968 01-Mar-97 1 1 1 18 0 3
312969 01-Mar-97 1 1 1 18 0 3
312977 01-Mar-97 1 1 1 38 9853 3
312978 01-Apr-97 1 1 1 18 0 4
312979 01-Mar-97 1 1 1 18 0 3
312982 01-Mar-97 1 1 1 18 0 3
312983 01-Mar-97 1 1 1 18 0 3
312984 01-Mar-97 1 1 1 18 0 4
312985 15-Mar-97 1 1 1 18 0 3
312986 01-Mar-97 1 1 1 18 0 3
312987 01-Apr-97 1 1 1 18 0 3
312988 15-Mar-97 1 1 1 18 0 4
312995 01-Mar-97 1 1 1 18 0 4
312996 01-Apr-97 1 1 1 18 0 3
312998 01-Mar-97 1 1 1 18 0 3
312999 01-Mar-97 8 1 1 18 0 4
313002 01-Mar-97 1 1 1 18 0 3
313003 01-Mar-97 1 1 1 18 0 1
313004 01-Mar-97 1 1 1 18 0 3
313005 01-Mar-97 1 1 1 18 0 3
313006 01-Mar-97 1 1 1 38 76570 3
313007 01-Mar-97 8 1 1 18 0 4
313008 01-Mar-97 1 1 1 18 0 4
313009 01-Mar-97 1 1 1 18 0 3
313013 01-Mar-97 5 2 3 18 0 3
313014 15-Mar-97 1 1 1 18 0 3
313015 01-Mar-97 1 1 1 18 0 3
313016 01-Mar-97 1 1 1 18 0 1
313017 01-Mar-97 1 1 1 18 0 3
313019 01-Mar-97 1 1 1 18 0 4
313020 01-Mar-97 1 1 1 18 0 4
313022 01-Mar-97 1 1 1 18 0 2
313025 01-Apr-97 1 1 1 18 0 3
313026 15-Mar-97 5 2 3 18 0 3
313029 01-Mar-97 1 1 1 18 0 2
313030 01-Mar-97 1 1 1 18 0 3
313033 15-Mar-97 1 1 3 18 0 4
313034 01-Mar-97 1 1 1 18 0 3
313035 01-Mar-97 1 1 3 18 0 2
313036 01-Mar-97 1 1 1 18 0 3
313039 01-Mar-97 1 1 1 18 0 3
313040 01-Mar-97 1 1 1 18 0 4
313044 15-Mar-97 5 2 3 18 0 3
<CAPTION>
BNK RUP NEXT INT PERIODIC LIFE
LOAN NO GRADE DISCHARGE SECT 32 MARGIN INDEX CHANGE CAP CAP
- ----------- ----------- ------------ ------------- ------------- --------- ----------- --------------- -----
312924 A -- F 0 -- 0 0
312925 A -- F 0 -- 0 0
312926 A -- F 0 -- 0 0
312927 A -- F 0 -- 0 0
312928 B -- F 7.45 6MOLIB 01-Aug-97 1.5 7
312929 C 01-Aug-95 F 0 -- 0 0
312930 B -- F 0 -- 0 0
312932 A 01-Oct-92 F 0 -- 0 0
312933 B -- F 7.7 6MOLIB 01-Feb-99 1.5 7
312935 A -- T 0 -- 0 0
312936 A -- F 0 -- 0 0
312937 B -- F 0 -- 0 0
312939 B -- F 7.45 6MOLIB 01-Feb-99 1.5 7
312942 B -- F 6.15 6MOLIB 01-Feb-99 1.5 7
312943 A 01-Apr-93 F 0 -- 0 0
312944 A -- F 0 -- 0 0
312945 B -- F 0 -- 0 0
312946 B -- F 7.5 6MOLIB 01-Feb-99 1.5 7
312947 B -- F 0 -- 0 0
312948 B 04-Oct-93 F 6.95 6MOLIB 01-Feb-99 1.5 7
312949 A 23-Oct-91 F 0 -- 0 0
312950 A -- F 6.05 6MOLIB 01-Aug-97 1.5 7
312953 A -- F 0 -- 0 0
312954 A 06-Jan-95 F 0 -- 0 0
312955 A -- F 6.7 6MOLIB 01-Feb-99 1.5 7
312956 C -- F 0 -- 0 0
312957 B -- F 6.74 6MOLIB 01-Feb-99 1.5 7
312959 A -- F 0 -- 0 0
312960 C -- T 0 -- 0 0
312962 A -- F 6.95 6MOLIB 01-Aug-97 1.5 7
312963 B -- F 0 -- 0 0
312964 A -- F 0 -- 0 0
312965 C -- F 0 -- 0 0
312966 B -- F 0 -- 0 0
312968 C 01-Jan-96 F 0 -- 0 0
312969 A -- F 0 -- 0 0
312977 A -- F 0 -- 0 0
312978 A -- F 0 -- 0 0
312979 A -- F 0 -- 0 0
312982 B -- T 0 -- 0 0
312983 A -- F 6.25 6MOLIB 01-Feb-99 1.5 7
312984 A 09-Feb-95 F 0 -- 0 0
312985 B -- F 0 -- 0 0
312986 A -- F 0 -- 0 0
312987 A+ 30-Jan-95 F 0 -- 0 0
312988 A -- F 0 -- 0 0
312995 A -- F 0 -- 0 0
312996 A -- F 0 -- 0 0
312998 B -- F 0 -- 0 0
312999 A -- F 0 -- 0 0
313002 B -- F 0 -- 0 0
313003 A -- F 0 -- 0 0
313004 B -- T 0 -- 0 0
313005 C 08-May-96 F 0 -- 0 0
313006 A -- F 0 -- 0 0
313007 A -- F 0 -- 0 0
313008 A -- F 0 -- 0 0
313009 A 14-Nov-91 F 6.41 6MOLIB 01-Feb-99 1.5 7
313013 A -- F 0 -- 0 0
313014 A -- F 0 -- 0 0
313015 A -- F 0 -- 0 0
313016 A -- F 0 -- 0 0
313017 A -- F 0 -- 0 0
313019 B -- F 7.24 6MOLIB 01-Feb-99 1.5 7
313020 B -- T 0 -- 0 0
313022 A 04-Mar-92 F 6.2 6MOLIB 01-Feb-99 1.5 7
313025 B -- F 6.91 6MOLIB 01-Aug-97 1.5 7
313026 A -- F 0 -- 0 0
313029 A+ -- F 0 -- 0 0
313030 C -- F 0 -- 0 0
313033 A -- F 0 -- 0 0
313034 B -- F 6.74 6MOLIB 01-Feb-99 1.5 7
313035 A -- F 0 -- 0 0
313036 B -- F 0 -- 0 0
313039 C -- F 0 -- 0 0
313040 B -- F 6.74 6MOLIB 01-Feb-99 1.5 7
313044 A -- F 0 -- 0 0
</TABLE>
Page 44
<PAGE>
EQUIVANTAGE--1997-1 LOAN LIST
<TABLE>
<CAPTION>
PRE PMT
LOAN NO FLOOR CEILING PEN DOC LEVEL
- ----------- ----------- ------------- --------------- -----------------
<S> <C> <C> <C> <C>
312924 0 0 P F
312925 0 0 P F
312926 0 0 P F
312927 0 0 P F
312928 10.95 16.95 P F
312929 0 0 F
312930 0 0 F
312932 0 0 F
312933 10.7 17.7 F
312935 0 0 F
312936 0 0 P F
312937 0 0 P F
312939 10.45 17.45 F
312942 9.15 16.15 P F
312943 0 0 F
312944 0 0 P F
312945 0 0 P F
312946 10.5 17.5 F
312947 0 0 P F
312948 9.95 16.95 P F
312949 0 0 P F
312950 9.8 15.8 P F
312953 0 0 P F
312954 0 0 P F
312955 10.2 17.2 P F
312956 0 0 F
312957 9.74 16.74 P F
312959 0 0 P F
312960 0 0 F
312962 10.7 16.7 F
312963 0 0 F
312964 0 0 P F
312965 0 0 P F
312966 0 0 F
312968 0 0 F
312969 0 0 F
312977 0 0 P F
312978 0 0 P F
312979 0 0 P F
312982 0 0 F
312983 9.75 16.75 F
312984 0 0 P F
312985 0 0 P F
312986 0 0 F
312987 0 0 P F
312988 0 0 F
312995 0 0 P F
312996 0 0 P F
312998 0 0 P F
312999 0 0 F
313002 0 0 P F
313003 0 0 P F
313004 0 0 F
313005 0 0 F
313006 0 0 F
313007 0 0 P F
313008 0 0 P F
313009 9.91 16.91 P F
313013 0 0 P F
313014 0 0 F
313015 0 0 F
313016 0 0 P F
313017 0 0 P L
313019 10.24 17.24 P F
313020 0 0 F
313022 9.7 16.7 P F
313025 10.41 16.41 P F
313026 0 0 F
313027 10.41 16.74 P F
313029 0 0 P F
313033 0 0 P F
313034 9.74 16.74 P F
313035 0 0 P F
313036 0 0 F
313039 0 0 F
313040 9.74 16.74 P F
313044 0 0 P F
</TABLE>
Page 45
<PAGE>
EQUIVANTAGE--1997-1 LOAN LIST
<TABLE>
<CAPTION>
LOAN NO TYPE LASTNAME FIRSTNAME ADDRESS
- ----------- ---------- -------------------- ------------------ ------------------------------------------------
<S> <C> <C> <C> <C>
313045 ARM WILSON ROCHELLE 492 BRUNSWICK DRIVE
313046 FR RUSHING FATIMA 1002 CATAWBA AVENUE
313048 FR MCELROY JULIA M 823 S KEELER
313049 FR HARRISON MARK C. 5497 HIGHWAY 81 N.
313050 BLLN BARNES DOROTHY 2158 EAST EDEN COURT
313053 ARM2-28 TACOMA MICHAEL L 30065 BRENTWOOD ST
313054 BLLN FLEMING MARLA H 5502 OAKMONT CIRCLE
313055 FR HAYES PATRICIA 12201 SOUTH UNION
313056 ARM2-28 SMITH CLAUDE D 515 ELM TREE LANE
313057 BLLN RAWSON WILLIAM 344 BARDON STREET
313059 FR HALEY JEFFERY L 4223 N GLENWOOD DR
313061 ARM2-28 VAUGHN BEVERLY D 4039 SHENANDOAH DR
313062 ARM2-28 COX FRANCES 1197 HUMMINGBIRD DRI
313063 BLLN DWYER JOHN J 14856 ALGER ROAD
313064 ARM2-28 CLEARY SHARON K. 1106 WALLER ROAD
313066 BLLN ENGLAND MATTHEW 5962 LICKTON PIKE
313067 ARM2-28 MARZOLF PAUL 16680 QUINCY STREET
313069 FR KANIPE RAYMOND L 461 RAINBOW CIRCLE
313071 FR JARRARD MICHAEL A 2504 GUELAT AVENUE
313072 ARM2-28 HOLMES SR RICHARD C 628 CRAWFORD AVENUE
313074 BLLN NORWOOD NATALIE C 1111 SCOTTIE LANE
313075 BLLN HOUSER SCOTT W. 2540 CATALPA DRIVE
313076 BLLN TALIFER TYRONE 18050 OAKFIELD
313078 FR WALKER LEON RAY 2722 POLLACK AVENUE
313079 BLLN GELIL JAMES 11901 E THIRTEEN MILE
313081 FR STAUCH LAWRENCE 780 DUNN RIDGE LANE
313083 ARM2-28 NIXON SHERI L 10348 BRITAIN
313084 ARM2-28 FOSTER ALBERT 1445 PHILADELPHIA DR
313085 BLLN YEE RICHARD G 6427N VERNON STREET
313086 FR ROWE DUANE M. 584 GOLDMOOR DRIVE
313087 BLLN JORDAN ERNEST 3606 MADISON STREET
313088 BLLN KESSELL ROBERT P 1839 10TH STREET
313089 FR BROWN VERNON R 1626 THIRD STREET
313093 FR HILL/CHAMPION JESSIE H 2276 FOREST GLEN DRI
313094 BLLN VUJNOV LYNDA G 727 WASHINGTON AVE
313095 FR THORNTON PHYLLIS 4530 KNOLLCROFT ROAD
313096 BLLN DAVIS BARBARA J 8363 INDIANA
313097 BLLN BOEING RICHARD D 7415 WYNNE PL
313098 FR RHODES JONATHAN 1667 BELMONT AVENUE
313099 FR MCWILLIAMS ARVONIA 8912 MCMILLIAN DRIVE
313100 BLLN RATLIFF STEVEN W 31193 BOBRICH
313101 FR WOODEN DENNIS R 36208 EMERALDA AVENUE
313102 FR KEENER MARVIN S 1772 MOONLIGHT DRIVE
313103 FR MOUTZ LARRY A. 2972 FARMDALE ROAD
313104 FR ETHERTON LARRY 2952 CHESTNUT HILL R
313105 FR KING MARK 2486 HAMETOWN ROAD
313108 BLLN EARL PAULINE 109 DREW ST
313112 FR FREEMAN RICHARD 808 CHARLOTTE STREE
313113 FR MITCHELL MICHAEL D 9758S MARYLAND AVE
313114 FR ALGERIA\GONZAL MARCO AL 953 NORTH HARDING A
313115 FR SHENBERGER EDWARD 10137 SOUTH SPRINGFIE
313120 FR DORSEY RICHARD 3035 WOODTOP DRIVE
313127 FR HAMPTON ERNESTIN 8618 S.CARPENTER STR
313128 BLLN HOLLOWAY JAMES L. 105 RIDGECREST DRIV
313129 FR ARMSTRONG FREDERIC 895 BLOSSOM DRIVE
313130 BLLN HINES ROBIN D. 5512 DUNN ROAD
313131 BLLN LOWERY LELAND V 101 TRINITY DRIVE
313132 BLLN SHERIDAN ELIZABET 842 PARADISE BLVD
313134 BLLN NIX JOHN R. 52 POPLAR
313135 BLLN BALLARD TIMOTHY 244 FLAMINGO DRIVE
313136 ARM2-28 BITTEL THOMAS P 1350 ANDREWS AVENUE
313137 FR SPENCER KELVIN L 653 JAMES AVENUE
313138 FR HOWELL WILLIAM 321 FAIRFIELD AVENU
313140 FR NATZKE WILLIAM 5126 TAHQUAMENON TRA
313141 FR WILLIAMS CHRISTOP 6434 WATERLOO ROAD
313142 BLLN F HARDARSON STEINDOR 2315 268TH AVE NE
313146 FR DUPLANTIS NELSON 309 SWAN AVE.
313148 FR JOHNSON JOHN 602 BOBBITT DRIVE
313149 BLLN CHARLES RALPH D. 4607 MARSHALL DRIVE
313153 FR WILLIAMS LARRY MI 203 DEVROW COURT
313154 FR FOWLER BENNIE W 21857 SHEFFIELD DRIVE
313155 FR KIRK BILLY G. 127 CLEARVIEW STREE
313156 FR PICOU GREGORY 30 MARJORIE STREET
313157 BLLN MONROE GILBERT 3780 FOX HALL DRIVE
313158 FR PEARSON MARY R. 861 TRAILMORE CIRCL
313159 FR BAILEY RAY F. 406 MOHICAN STREET
313162 BLLN BROUSSARD CALVIN P 517 S. GRANGER ST
313164 FR ATKINSON JOHN H. 13 HARBY AVENUE
<CAPTION>
LOAN NO CITY STATE ZIP COUNTY ORIG BAL UPB UPB AS OF 03/01
- ----------- --------------------- ----------- --------- ----------------------- ----------- --------- ---------------
<S> <C> <C> <C> <C>
313045 FOREST PARK OH 45240 HAMILTON 78,200.00 78,200.00 78,200.00
313046 MONROE NC 28112 UNION 27,500.00 27,500.00 27,500.00
313048 CHICAGO IL 60624 COOK 45,100.00 45,100.00 45,100.00
313049 LOGANVILLE GA 30249 WALTON 133,000.00 133,000.00 133,000.00
313050 ANN ARBOR MI 48108 WASHTENAW 76,000.00 76,000.00 76,000.00
313053 SOUTHFIELD MI 48076 OAKLAND 67,200.00 67,200.00 67,200.00
313054 NASHVILLE TN 37209 DAVIDSON 67,500.00 67,500.00 67,500.00
313055 CHICAGO IL 60628 COOK 40,250.00 40,250.00 40,250.00
313056 LEXINGTON KY 40508 FAYETTE 42,900.00 42,900.00 42,900.00
313057 WOOSTER OH 44691 WAYNE 30,328.00 30,328.00 30,328.00
313059 INDIANAPOLIS IN 46205 MARION 57,600.00 57,600.00 57,600.00
313061 DAYTON OH 45417 MONTGOMERY 49,300.00 49,300.00 49,300.00
313062 WEST COLUMBIA SC 29169 LEXINGTON 77,000.00 77,000.00 77,000.00
313063 CLEVELAND OH 44111 CUYAHOGA 100,000.00 100,000.00 100,000.00
313064 BRENTWOOD TN 37027 WILLIAMSON 150,550.00 150,550.00 150,550.00
313066 GOODLETTSVILLE TN 37072 DAVIDSON 94,300.00 94,300.00 94,300.00
313067 HOLLAND MI 49424 OTTAWA 121,500.00 121,500.00 121,500.00
313069 KINGSPORT TN 37660 SULLIVAN 43,500.00 43,500.00 43,500.00
313071 LOUISVILLE KY 40216 JEFFERSON 16,000.00 16,000.00 16,000.00
313072 DOVER DE 19901 KENT 85,000.00 85,000.00 85,000.00
313074 KNOXVILLE TN 37919 KNOX 73,100.00 73,100.00 73,100.00
313075 DAYTON OH 45406 MONTGOMERY 60,000.00 60,000.00 60,000.00
313076 DETROIT MI 48235 WAYNE 34,000.00 34,000.00 34,000.00
313078 EVANSVILLE IN 47714 VANDERBURGH 61,200.00 61,200.00 61,200.00
313079 WARREN MI 48093 MACOMB 75,200.00 75,183.38 75,183.38
313081 LENOIR CITY TN 37772 LOUDON 22,500.00 22,500.00 22,500.00
313083 DETROIT MI 48224 WAYNE 47,000.00 47,000.00 47,000.00
313084 DAYTON OH 45406 MONTGOMERY 67,150.00 67,150.00 67,150.00
313085 DEARBORN HEIGHTS MI 48127 WAYNE 108,630.00 108,630.00 108,630.00
313086 CONCORD NC 28025 CABARRUS 76,000.00 76,000.00 76,000.00
313087 BELLWOOD IL 60104 COOK 85,000.00 85,000.00 85,000.00
313088 CUYAHOGA FALLS OH 44221 SUMMIT 66,375.00 66,375.00 66,375.00
313089 MACON GA 31201 BIBB 17,600.00 17,600.00 17,600.00
313093 JACKSON MS 39213 HINDS 37,600.00 37,528.24 37,528.24
313094 ALGONAC MI 48001 SAINT CLAIR 71,795.00 71,795.00 71,776.00
313095 DAYTON OH 45426 MONTGOMERY 83,250.00 83,250.00 83,250.00
313096 DETROIT MI 48204 WAYNE 33,000.00 33,000.00 33,000.00
313097 CINCINNATI OH 45233 HAMILTON 50,000.00 50,000.00 50,000.00
313098 TOLEDO OH 43608 LUCAS 18,500.00 18,500.00 18,500.00
313099 HARRISBURG NC 28075 CABARRUS 87,200.00 87,200.00 87,200.00
313100 LIVONIA MI 48154 WAYNE 150,060.00 150,060.00 150,060.00
313101 LEESBURG FL 34788 LAKE 37,600.00 37,600.00 37,600.00
313102 AKRON OH 44312 SUMMIT 63,000.00 63,000.00 63,000.00
313103 SPRINGFIELD TWP. OH 44312 SUMMIT 69,300.00 69,300.00 69,300.00
313104 DANDRIDGE TN 37725 JEFFERSON 59,000.00 59,000.00 59,000.00
313105 COPLEY OH 44203 SUMMIT 42,480.00 42,480.00 42,480.00
313108 BELTON SC 29627 ANDERSON 40,000.00 40,000.00 40,000.00
313112 PEKIN IL 61554 TAZEWELL 30,100.00 30,100.00 30,100.00
313113 CHICAGO IL 60628 COOK 76,000.00 76,000.00 76,000.00
313114 CHICAGO IL 60651 COOK 20,000.00 20,000.00 20,000.00
313115 CHICAGO IL 60655 COOK 102,552.00 102,552.00 102,552.00
313120 JACKSONVILLE FL 32277 DUVAL 45,000.00 45,000.00 45,000.00
313127 CHICAGO IL 60620 COOK 20,000.00 20,000.00 20,000.00
313128 HENDERSONVILLE TN 37075 SUMNER 52,000.00 52,000.00 52,000.00
313129 AKRON OH 44319 SUMMIT 124,500.00 124,500.00 124,500.00
313130 KNIGHTDALE NC 27545 WAKE 67,000.00 67,000.00 67,000.00
313131 SUMMERVILLE SC 29483 DORCHESTER 56,250.00 56,250.00 56,250.00
313132 TARPON SPRINGS FL 34689 PINELLAS 36,000.00 36,000.00 36,000.00
313134 PONTIAC MI 48341 OAKLAND 30,000.00 30,000.00 30,000.00
313135 LOUISVILLE KY 40218 JEFFERSON 53,550.00 53,550.00 53,550.00
313136 LAKEWOOD OH 44107 CUYAHOGA 70,000.00 70,000.00 70,000.00
313137 NASHVILLE TN 37209 DAVIDSON 40,200.00 40,200.00 40,200.00
313138 MICHIGAN CITY IN 46360 LA PORTE 15,000.00 15,000.00 15,000.00
313140 FLUSHING MI 48433 GENESEE 52,000.00 52,000.00 52,000.00
313141 ATWATER OH 44201 PORTAGE 84,800.00 84,800.00 84,800.00
313142 REDMOND WA 98053 KING 156,000.00 156,000.00 156,000.00
313146 HOUMA LA 70360 TERREBONNE 52,751.00 52,751.00 52,751.00
313148 ALBANY GA 31705 DOUGHERTY 34,400.00 34,400.00 34,400.00
313149 KNOXVILLE TN 37931 KNOX 85,600.00 85,600.00 85,600.00
313153 FRANKLIN TN 37064 WILLIAMSON 137,600.00 137,600.00 137,600.00
313154 FARMINGTON HILLS MI 48335 OAKLAND 301,710.00 301,710.00 301,710.00
313155 GRAY TN 37615 WASHINGTON 21,000.00 21,000.00 21,000.00
313156 DULAC LA 70353 TERREBONNE 20,670.00 20,670.00 20,670.00
313157 DOUGLASVILLE GA 30134 DOUGLAS 68,000.00 68,000.00 68,000.00
313158 SUMTER SC 29154 SUMTER 65,000.00 65,000.00 65,000.00
313159 BREWSTER OH 44613 STARK 40,000.00 40,000.00 40,000.00
313162 ERATH LA 70533 VERMILION 30,000.00 30,000.00 30,000.00
313164 SUMTER SC 29150 SUMTER 12,000.00 12,000.00 12,000.00
<CAPTION>
LOAN NO P&I RATE ORIG TERM CLTV
- ----------- --------- --------- ----------------- ---------
313045 729.98 10.7500 360 0.8500
313046 328.08 13.3000 240 0.7432
313048 469.59 9.4500 180 0.6013
313049 1,364.84 9.2000 180 0.7000
313050 784.67 12.0500 180 0.7600
313053 564.56 9.4900 360 0.8000
313054 577.45 9.7000 180 0.8438
313055 485.66 12.1000 180 0.5546
313056 376.16 9.9900 360 0.6500
313057 289.05 11.0100 180 0.6893
313059 539.85 10.8000 360 0.9000
313061 441.41 10.2400 360 0.8500
313062 733.29 11.0000 360 0.7000
313063 1,055.63 12.3500 180 0.8000
313064 1,265.91 9.5000 360 0.8482
313066 1,106.15 13.8500 180 0.8200
313067 1,042.98 9.7400 360 0.7788
313069 472.79 10.2000 180 0.7838
313071 191.51 11.9500 180 0.8356
313072 758.53 10.2000 360 0.8500
313074 671.41 10.5500 180 0.8500
313075 751.47 14.8500 180 0.8000
313076 303.41 10.2000 180 0.8000
313078 618.91 8.9500 180 0.9000
313079 840.69 13.1500 180 0.8000
313081 309.30 10.9500 120 0.5966
313083 386.66 9.2500 360 0.8656
313084 601.23 10.2400 360 0.8500
313085 989.62 10.4500 180 0.8500
313086 861.55 13.3500 360 0.8000
313087 758.53 10.2000 180 0.8500
313088 725.95 12.8400 180 0.7500
313089 191.29 10.2000 180 0.8000
313093 463.43 12.5000 180 0.8000
313094 757.89 12.3500 180 0.8300
313095 853.12 11.9500 360 0.8083
313096 352.20 12.5000 180 0.7333
313097 531.69 12.4500 180 0.6410
313098 202.78 10.3500 180 0.4602
313099 934.39 9.9500 180 0.8000
313100 1,602.69 12.5100 180 0.8200
313101 325.81 9.8500 360 0.8000
313102 595.49 9.7000 240 0.7975
313103 560.10 9.0500 360 0.9000
313104 596.99 10.7000 240 0.8429
313105 415.59 10.2000 240 0.8000
313108 368.89 10.6000 180 0.8000
313112 363.19 12.1000 180 0.7432
313113 909.41 13.3500 240 0.7917
313114 226.69 10.9500 180 0.8398
313115 1,260.39 13.8000 240 0.7500
313120 478.08 9.8000 180 0.5960
313127 368.20 13.4000 84 0.2105
313128 578.88 13.0900 180 0.6500
313129 1,097.18 10.0500 360 0.8300
313130 627.95 10.8000 180 0.8481
313131 536.96 11.0300 180 0.7500
313132 330.65 10.5500 180 0.7826
313134 348.35 13.7000 180 0.7500
313135 467.96 9.9500 180 0.8500
313136 570.81 9.1500 360 0.6087
313137 455.65 10.9500 180 0.7731
313138 214.77 11.9500 120 0.8121
313140 459.53 8.7500 240 0.5200
313141 788.41 10.7000 360 0.8000
313142 1,421.17 10.4500 180 0.8000
313146 566.19 11.6000 240 0.8440
313148 416.18 12.1500 180 0.8000
313149 805.50 10.8500 180 0.8000
313153 1,162.04 9.5500 360 0.8999
313154 2,732.83 10.3800 360 0.8900
313155 231.48 10.4500 180 0.7516
313156 264.93 13.2500 180 0.7382
313157 672.88 11.4900 180 0.7816
313158 548.93 9.5500 360 0.7647
313159 354.88 10.1300 360 0.8000
313162 282.30 10.8500 180 0.3797
313164 147.12 12.4000 180 0.2791
</TABLE>
Page 46
<PAGE>
EQUIVANTAGE--1997-1 LOAN LIST
<TABLE>
<CAPTION>
NOTE FIRST MATURITY NEXT PMT
LOAN NO REM TERM AM TERM SALES PRICE APPR VAL DATE PMT DATE DATE
- ----------- ----------------- --------------- -------------- ----------- --------- --------- ----------- -----------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
313045 360 360 0.00 92000.00 30-Jan-97 01-Mar-97 01-Feb-27 01-Mar-97
313046 240 240 0.00 37000.00 30-Jan-97 01-Mar-97 01-Feb-17 01-Mar-97
313048 180 180 0.00 75000.00 05-Feb-97 01-Mar-97 01-Feb-12 01-Mar-97
313049 180 180 0.00 190000.00 07-Feb-97 01-Apr-97 01-Mar-12 01-Apr-97
313050 180 360 0.00 100000.00 03-Feb-97 15-Mar-97 15-Feb-12 15-Mar-97
313053 360 360 0.00 84000.00 31-Jan-97 01-Mar-97 01-Feb-27 01-Mar-97
313054 180 360 0.00 80000.00 31-Jan-97 01-Mar-97 01-Feb-12 01-Mar-97
313055 180 180 0.00 92000.00 31-Jan-97 01-Mar-97 01-Feb-12 01-Mar-97
313056 360 360 0.00 66000.00 03-Feb-97 01-Mar-97 01-Feb-27 01-Mar-97
313057 180 360 0.00 44000.00 31-Jan-97 01-Mar-97 01-Feb-12 01-Mar-97
313059 360 360 0.00 64000.00 31-Jan-97 01-Mar-97 01-Feb-27 01-Mar-97
313061 360 360 0.00 58000.00 31-Jan-97 01-Mar-97 01-Feb-27 01-Mar-97
313062 360 360 0.00 110000.00 31-Jan-97 01-Mar-97 01-Feb-27 01-Mar-97
313063 180 360 0.00 125000.00 31-Jan-97 01-Mar-97 01-Feb-12 01-Mar-97
313064 360 360 177500.00 177500.00 31-Jan-97 01-Mar-97 01-Feb-27 01-Mar-97
313066 180 360 0.00 115000.00 31-Jan-97 01-Mar-97 01-Feb-12 01-Mar-97
313067 360 360 0.00 156000.00 31-Jan-97 01-Mar-97 01-Feb-27 01-Mar-97
313069 180 180 0.00 55500.00 31-Jan-97 01-Mar-97 01-Feb-12 01-Mar-97
313071 180 180 0.00 68000.00 31-Jan-97 15-Mar-97 15-Feb-12 15-Mar-97
313072 360 360 0.00 100000.00 31-Jan-97 01-Mar-97 01-Feb-27 01-Mar-97
313074 180 360 0.00 86000.00 31-Jan-97 01-Mar-97 01-Feb-12 01-Mar-97
313075 180 360 0.00 75000.00 03-Feb-97 01-Mar-97 01-Feb-12 01-Mar-97
313076 180 360 42500.00 42500.00 03-Feb-97 01-Apr-97 01-Mar-12 01-Apr-97
313078 180 180 0.00 68000.00 04-Feb-97 01-Apr-97 01-Mar-12 01-Apr-97
313079 179 360 94000.00 94000.00 31-Jan-97 01-Mar-97 01-Feb-12 01-Apr-97
313081 120 120 0.00 180000.00 01-Feb-97 15-Mar-97 15-Feb-07 15-Mar-97
313083 360 360 0.00 54300.00 03-Feb-97 01-Mar-97 01-Feb-27 01-Mar-97
313084 360 360 0.00 79000.00 03-Feb-97 01-Mar-97 01-Feb-27 01-Mar-97
313085 180 360 0.00 127800.00 05-Feb-97 01-Apr-97 01-Mar-12 01-Apr-97
313086 360 360 0.00 95000.00 03-Feb-97 01-Apr-97 01-Mar-27 01-Apr-97
313087 180 360 0.00 100000.00 04-Feb-97 15-Mar-97 15-Feb-12 15-Mar-97
313088 180 360 0.00 88500.00 04-Feb-97 01-Mar-97 01-Feb-12 01-Mar-97
313089 180 180 0.00 22000.00 04-Feb-97 01-Mar-97 01-Feb-12 01-Mar-97
313093 179 180 0.00 47000.00 03-Feb-97 01-Mar-97 01-Feb-12 01-Apr-97
313094 180 360 0.00 86500.00 05-Feb-97 01-Mar-97 01-Feb-12 01-Mar-97
313095 360 360 0.00 103000.00 05-Feb-97 01-Mar-97 01-Feb-27 01-Mar-97
313096 180 360 0.00 45000.00 05-Feb-97 01-Apr-97 01-Mar-12 01-Apr-97
313097 180 360 0.00 78000.00 03-Feb-97 01-Apr-97 01-Mar-12 01-Apr-97
313098 180 180 0.00 40200.00 05-Feb-97 01-Mar-97 01-Feb-12 01-Mar-97
313099 180 180 0.00 109000.00 04-Feb-97 15-Mar-97 15-Feb-12 16-Mar-97
313100 180 360 0.00 183000.00 04-Feb-97 01-Apr-97 01-Mar-12 01-Apr-97
313101 360 360 0.00 47000.00 07-Feb-97 01-Apr-97 01-Mar-27 01-Apr-97
313102 240 240 0.00 79000.00 04-Feb-97 15-Mar-97 15-Feb-17 15-Mar-97
313103 360 360 0.00 77000.00 06-Feb-97 01-Apr-97 01-Mar-27 01-Apr-97
313104 240 240 0.00 70000.00 04-Feb-97 15-Mar-97 15-Feb-17 15-Mar-97
313105 240 240 53100.00 53100.00 15-Feb-97 01-Apr-97 01-Mar-17 01-Apr-97
313108 180 360 0.00 50000.00 06-Feb-97 01-Apr-97 01-Mar-12 01-Apr-97
313112 180 180 0.00 40500.00 10-Feb-97 15-Mar-97 15-Feb-12 15-Mar-97
313113 240 240 0.00 96000.00 05-Feb-97 01-Mar-97 01-Feb-17 01-Mar-97
313114 180 180 0.00 90000.00 06-Feb-97 01-Apr-97 01-Mar-12 01-Apr-97
313115 240 240 0.00 212000.00 10-Feb-97 01-Apr-97 01-Mar-17 01-Apr-97
313120 180 180 0.00 75500.00 06-Feb-97 01-Apr-97 01-Mar-12 01-Apr-97
313127 84 84 0.00 95000.00 04-Feb-97 15-Mar-97 15-Feb-04 15-Mar-97
313128 180 360 0.00 80000.00 05-Feb-97 15-Mar-97 15-Feb-12 15-Mar-97
313129 360 360 0.00 150000.00 05-Feb-97 15-Mar-97 15-Feb-27 15-Mar-97
313130 180 360 0.00 79000.00 05-Feb-97 01-Apr-97 01-Mar-12 01-Apr-97
313131 180 360 0.00 75000.00 05-Feb-97 01-Apr-97 01-Mar-12 01-Apr-97
313132 180 360 0.00 46000.00 06-Feb-97 01-Apr-97 01-Mar-12 01-Apr-97
313134 180 360 0.00 40000.00 10-Feb-97 01-Apr-97 01-Mar-12 01-Apr-97
313135 180 360 0.00 63000.00 05-Feb-97 01-Mar-97 01-Feb-12 01-Mar-97
313136 360 360 0.00 115000.00 05-Feb-97 01-Mar-97 01-Feb-27 01-Mar-97
313137 180 180 0.00 52000.00 05-Feb-97 01-Mar-97 01-Feb-12 01-Mar-97
313138 120 120 0.00 64500.00 08-Feb-97 15-Mar-97 15-Feb-07 15-Mar-97
313140 240 240 0.00 100000.00 11-Feb-97 15-Mar-97 15-Feb-17 15-Mar-97
313141 360 360 0.00 106000.00 10-Feb-97 01-Apr-97 01-Mar-27 01-Apr-97
313142 180 360 0.00 195000.00 06-Feb-97 01-Apr-97 01-Mar-12 01-Apr-97
313146 240 240 0.00 62500.00 05-Feb-97 15-Mar-97 15-Feb-17 15-Mar-97
313148 180 180 43000.00 43000.00 06-Feb-97 01-Apr-97 01-Mar-12 01-Apr-97
313149 180 360 107000.00 107000.00 07-Feb-97 15-Mar-97 15-Feb-12 15-Mar-97
313153 360 360 152900.00 152900.00 06-Feb-97 01-Mar-97 01-Feb-27 01-Mar-97
313154 360 360 0.00 339000.00 13-Feb-97 01-Apr-97 01-Mar-27 01-Apr-97
313155 180 180 0.00 109000.00 06-Feb-97 01-Apr-97 01-Mar-12 01-Apr-97
313156 180 180 0.00 28000.00 07-Feb-97 15-Mar-97 15-Feb-12 15-Mar-97
313157 180 360 0.00 87000.00 07-Feb-97 01-Apr-97 01-Mar-12 01-Apr-97
313158 360 360 0.00 85000.00 10-Feb-97 01-Apr-97 01-Mar-27 01-Apr-97
313159 360 360 0.00 50000.00 12-Feb-97 01-Apr-97 01-Mar-27 01-Apr-97
313162 180 360 0.00 79000.00 06-Feb-97 15-Mar-97 15-Feb-12 15-Mar-97
313164 180 180 0.00 43000.00 07-Feb-97 15-Mar-97 15-Feb-12 15-Mar-97
<CAPTION>
NEXT PMT
LOAN NO AS OF 03/01 PROPTYPE UNITS OCCUP LIEN LIEN BAL PURPOSE
- ----------- ----------- ----------------- ------------- --------------- ----- ------------- -----------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
313045 01-Mar-97 1 1 1 18 0 4
313046 01-Mar-97 1 1 1 18 0 4
313048 01-Mar-97 1 1 1 18 0 2
313049 01-Apr-97 1 1 1 18 0 4
313050 15-Mar-97 1 1 1 18 0 4
313053 01-Mar-97 1 1 1 18 0 4
313054 01-Mar-97 1 1 1 18 0 2
313055 01-Mar-97 1 1 1 38 10770 3
313056 01-Mar-97 5 2 1 18 0 3
313057 01-Mar-97 1 1 1 18 0 3
313059 01-Mar-97 1 1 1 18 0 4
313061 01-Mar-97 1 1 1 18 0 4
313062 01-Mar-97 1 1 1 18 0 3
313063 01-Mar-97 1 1 1 18 0 3
313064 01-Mar-97 1 1 1 18 0 1
313066 01-Mar-97 1 1 1 18 0 3
313067 01-Mar-97 1 1 1 18 0 3
313069 01-Mar-97 1 1 1 18 0 3
313071 15-Mar-97 1 1 1 38 40823 4
313072 01-Mar-97 1 1 1 18 0 4
313074 01-Mar-97 1 1 1 18 0 3
313075 01-Mar-97 1 1 1 18 0 4
313076 01-Apr-97 1 1 3 18 0 1
313078 01-Apr-97 1 1 1 18 0 2
313079 01-Apr-97 1 1 1 18 0 1
313081 15-Mar-97 1 1 1 38 84894 3
313083 01-Mar-97 1 1 1 18 0 3
313084 01-Mar-97 1 1 1 18 0 3
313085 01-Apr-97 1 1 1 18 0 3
313086 01-Apr-97 1 1 1 18 0 4
313087 15-Mar-97 1 1 1 18 0 3
313088 01-Mar-97 1 1 1 18 0 4
313089 01-Mar-97 1 1 3 18 0 4
313093 01-Apr-97 1 1 1 18 0 3
313094 01-Apr-97 1 1 1 18 0 4
313095 01-Mar-97 1 1 1 18 0 4
313096 01-Apr-97 1 1 1 18 0 3
313097 01-Apr-97 1 1 1 18 0 3
313098 01-Mar-97 1 1 3 18 0 3
313099 15-Mar-97 1 1 1 18 0 4
313100 01-Apr-97 1 1 1 18 0 4
313101 01-Apr-97 1 1 1 18 0 4
313102 15-Mar-97 1 1 1 18 0 4
313103 01-Apr-97 1 1 1 18 0 2
313104 15-Mar-97 8 1 1 18 0 3
313105 01-Apr-97 1 1 3 18 0 1
313108 01-Apr-97 1 1 1 18 0 3
313112 15-Mar-97 1 1 1 18 0 3
313113 01-Mar-97 1 1 1 18 0 3
313114 01-Apr-97 5 2 1 38 55583 3
313115 01-Apr-97 1 1 1 38 56448 3
313120 01-Apr-97 1 1 1 18 0 3
313127 15-Mar-97 5 2 1 18 0 3
313128 15-Mar-97 1 1 1 18 0 3
313129 15-Mar-97 1 1 1 18 0 4
313130 01-Apr-97 1 1 1 18 0 3
313131 01-Apr-97 8 1 1 18 0 3
313132 01-Apr-97 1 1 1 18 0 2
313134 01-Apr-97 1 1 1 18 0 3
313135 01-Mar-97 1 1 1 18 0 3
313136 01-Mar-97 1 1 1 18 0 3
313137 01-Mar-97 1 1 3 18 0 3
313138 15-Mar-97 1 1 1 38 37382 3
313140 15-Mar-97 1 1 1 18 0 4
313141 01-Apr-97 1 1 1 18 0 4
313142 01-Apr-97 1 1 1 18 0 3
313146 15-Mar-97 1 1 1 18 0 3
313148 01-Apr-97 1 1 1 18 0 1
313149 15-Mar-97 1 1 1 18 0 1
313153 01-Mar-97 1 1 1 18 0 1
313154 01-Apr-97 1 1 1 18 0 4
313155 01-Apr-97 1 1 1 38 60920 3
313156 15-Mar-97 1 1 1 18 0 4
313157 01-Apr-97 1 1 1 18 0 4
313158 01-Apr-97 1 1 1 18 0 3
313159 01-Apr-97 1 1 1 18 0 3
313162 15-Mar-97 1 1 1 18 0 3
313164 15-Mar-97 1 1 1 18 0 3
<CAPTION>
BNK RUP NEXT INT PERIODIC LIFE
LOAN NO GRADE DISCHARGE SECT 32 MARGIN INDEX CHANGE CAP CAP
- ----------- ----------- ------------ ------------- ------------- --------- ----------- --------------- -----
313045 B -- F 7.75 6MOLIB 01-Aug-97 1.5 7
313046 C -- F 0 -- 0 0
313048 A 01-Feb-90 F 0 -- 0 0
313049 A -- F 0 -- 0 0
313050 B -- F 0 -- 0 0
313053 A -- F 5.99 6MOLIB 01-Feb-99 1.5 7
313054 A+ -- F 0 -- 0 0
313055 B -- F 0 -- 0 0
313056 A -- F 6.49 6MOLIB 01-Feb-99 1.5 7
313057 B -- F 0 -- 0 0
313059 A 01-Feb-92 F 0 -- 0 0
313061 B -- F 7.24 6MOLIB 01-Feb-99 1.5 7
313062 C -- F 8.5 6MOLIB 01-Feb-99 1.5 7
313063 C -- F 0 -- 0 0
313064 A -- F 5.5 6MOLIB 01-Feb-99 1.5 7
313066 B 21-Dec-95 F 0 -- 0 0
313067 B -- F 6.74 6MOLIB 01-Feb-99 1.5 7
313069 A 18-Jul-94 F 0 -- 0 0
313071 B -- F 0 -- 0 0
313072 A -- F 6.7 6MOLIB 01-Feb-99 1.5 7
313074 A -- F 0 -- 0 0
313075 C 11-Jan-94 F 0 -- 0 0
313076 A -- F 0 -- 0 0
313078 A+ 01-Feb-91 F 0 -- 0 0
313079 C -- F 0 -- 0 0
313081 B 13-Apr-95 F 0 -- 0 0
313083 A -- F 5.75 6MOLIB 01-Feb-99 1.5 7
313084 B 01-Sep-87 F 7.24 6MOLIB 01-Feb-99 1.5 7
313085 A -- F 0 -- 0 0
313086 C -- F 0 -- 0 0
313087 A 01-Nov-91 F 0 -- 0 0
313088 C 26-Jul-94 F 0 -- 0 0
313089 A -- F 0 -- 0 0
313093 B -- F 0 -- 0 0
313094 B 02-Jan-90 F 0 -- 0 0
313095 B -- F 0 -- 0 0
313096 B -- F 0 -- 0 0
313097 C -- F 0 -- 0 0
313098 A -- F 0 -- 0 0
313099 A -- F 0 -- 0 0
313100 B -- F 0 -- 0 0
313101 A+ -- F 0 -- 0 0
313102 A 25-Jul-91 F 0 -- 0 0
313103 A+ 14-Feb-92 F 0 -- 0 0
313104 A 07-Aug-91 F 0 -- 0 0
313105 A -- F 0 -- 0 0
313108 B -- F 0 -- 0 0
313112 C 01-Aug-93 F 0 -- 0 0
313113 C 01-Mar-93 F 0 -- 0 0
313114 A -- F 0 -- 0 0
313115 C -- F 0 -- 0 0
313120 A 07-May-93 F 0 -- 0 0
313127 B -- F 0 -- 0 0
313128 C -- F 0 -- 0 0
313129 A -- F 0 -- 0 0
313130 A 10-Aug-93 F 0 -- 0 0
313131 A 01-Oct-94 F 0 -- 0 0
313132 A -- F 0 -- 0 0
313134 C -- T 0 -- 0 0
313135 A 01-Oct-94 F 0 -- 0 0
313136 B -- F 6.15 6MOLIB 01-Feb-99 1.5 7
313137 A -- F 0 -- 0 0
313138 A -- F 0 -- 0 0
313140 A -- F 0 -- 0 0
313141 A -- F 0 -- 0 0
313142 A -- F 0 -- 0 0
313146 B -- F 0 -- 0 0
313148 B -- F 0 -- 0 0
313149 B -- F 0 -- 0 0
313153 A+ -- F 0 -- 0 0
313154 B -- F 0 -- 0 0
313155 A -- F 0 -- 0 0
313156 B -- F 0 -- 0 0
313157 C 18-May-95 F 0 -- 0 0
313158 A -- F 0 -- 0 0
313159 A -- F 0 -- 0 0
313162 B -- F 0 -- 0 0
313164 B -- F 0 -- 0 0
</TABLE>
Page 47
<PAGE>
EQUIVANTAGE--1997-1 LOAN LIST
<TABLE>
<CAPTION>
PRE PMT
LOAN NO FLOOR CEILING PEN DOC LEVEL
- ----------- --------------- ------------- --------------- -------------------
<S> <C> <C> <C> <C>
313045 11.75 17.75 P F
313046 0 0 F
313048 0 0 F
313049 0 0 P F
313050 0 0 P F
313053 9.49 16.49 P F
313054 0 0 F
313055 0 0 P F
313056 9.99 16.99 P F
313057 0 0 P F
313059 0 0 P F
313061 10.24 17.24 P F
313062 11 18 F
313063 0 0 P F
313064 9.5 16.5 P F
313066 0 0 F
313067 9.74 16.74 P F
313069 0 0 P F
313071 0 0 P F
313072 10.2 17.2 F
313074 0 0 F
313075 0 0 P F
313076 0 0 P F
313078 0 0 P F
313079 0 0 P F
313081 0 0 F
313083 9.25 16.25 P F
313084 10.24 17.24 P F
313085 0 0 P F
313086 0 0 F
313087 0 0 F
313088 0 0 P F
313089 0 0 P F
313093 0 0 P F
313094 0 0 P F
313095 0 0 P F
313096 0 0 P F
313097 0 0 P F
313098 0 0 P F
313099 0 0 F
313100 0 0 F
313101 0 0 P F
313102 0 0 P F
313103 0 0 P F
313104 0 0 F
313105 0 0 P F
313108 0 0 F
313112 0 0 F
313113 0 0 F
313114 0 0 F
313115 0 0 F
313120 0 0 P F
313127 0 0 F
313128 0 0 F
313129 0 0 P F
313130 0 0 F
313131 0 0 F
313132 0 0 F
313134 0 0 F
313135 0 0 P F
313136 9.15 16.15 P F
313137 0 0 F
313138 0 0 P F
313140 0 0 P F
313141 0 0 P F
313142 0 0 P F
313146 0 0 P F
313148 0 0 P F
313149 0 0 P F
313153 0 0 F
313154 0 0 P F
313155 0 0 F
313156 0 0 P F
313157 0 0 P F
313158 0 0 F
313159 0 0 P F
313162 0 0 P F
313164 0 0 F
</TABLE>
Page 48
<PAGE>
EQUIVANTAGE--1997-1 LOAN LIST
<TABLE>
<CAPTION>
LOAN NO TYPE LASTNAME FIRSTNAME ADDRESS
- ----------- --------- --------------------- -------------------- ------------------------------------------------
<S> <C> <C> <C> <C>
313165 FR GOBLE SHERRIE 1607 MARION AVENUE
313166 BLLN ALEXANDER CHARLES 809 PORTLAND AVENUE
313167 FR RAGLAND CHESTER 1002 BROOKWOOD DRIVE
313170 FR CLARK SAMMY 1204 MARCY STREET
313172 FR GOOCH DONALD E 5420 WINCHESTER DRIV
313174 FR DYE LINDA FA 74 WALNUT AVENUE
313176 FR SMITH KEITH 1377 ROMAN POINT DRI
313177 BLLN NEIDIG RICHARD 2626 DOROTHY AVENUE,
313180 BLLN GOODNIGHT RANDALL 9907 SARDIS OAKS ROA
313181 FR TAYLOR FAYRINE 835 N. RIDGEWAY
313182 BLLN RUIZ CARMELO 1060 GEORGE STREET
313186 FR COBB DENISE 14521 SOUTH LOWE AVEN
313187 FR BRACKEN ALBERT G 3852 CAMPBELL AVENUE
313188 FR ROBERTS PAUL R UTE 3 BOX 4 WAL
313192 ARM2_28 HULTMAN MARLA BI 5636 NORTH 13TH STRE
313194 BLLN GUNTER HINTON E 1116 MCRAE DRIVE
313196 FR PAYNE ALZENIA 10831 MOGUL
313198 FR PADGETT MATTHEW 1820 QUAIL RUN DRIVE
313203 FR UMBSTAETTER NORMAN G 5254 CRESCENT COURT
313204 FR BANKS ROBERT L 217 ORCHARD ROAD
313205 FR GRAHAM ELOISE 2131 WEST 72ND STREE
313206 BLLN ROMAN CHARLES R 1 TIMBER CREEK
313207 ARM2_28 WILEY JOSEPH C 3584 PENNINGTON ROAD
313208 BLLN WILKINS CLYDE A. 418 MAIN AVENUE
313209 FR WILKINS CLYDE A. 346 NORTH COURT STR
313214 FR SIJERA GUILLERM 3801 RENTON AVE S.
313216 FR WATKINS JACQUELI 1162 ENGLEWOOD
313218 BLLN BANKS EUTHA 7408 SOUTH KENWOOD A
313219 ARM2_28 MUNTEAN CINDY AL 4505 GREENMEADOW AVE
313221 FR BROWN OLIVIA M 2561 TREADWAY DRIVE
313224 FR BROWN OLIVIA M 188 DEARBORN ST SE
313228 FR ENNIS RONALD E 1223 MULBERRY STREET
313229 FR BONAGURA MICHAEL 404 BEACON HILL DRI
313230 FR HILL ANNIE 412 W. 119TH STREET
313235 ARM2_28 BUCK GEORGE J 3715 SOLOMONS ISLAND
313237 FR ANDERSON WANDA O. 103 ROSENBERRY STRE
313239 FR ALDRIDGE ROBERT H 34136 ROCKY RIVER SPR
313240 ARM2_28 CHEGAR DANIEL T 7935 SUTTON PLACE DR
313242 FR SALAAM ABDULLAH 400 PERSIMMON DRIVE
313243 BLLN BROWN SARA 1842 LINCREST DRIVE
313246 FR MCELROY DARRYL 5926 SOUTH WINCHESTE
313248 FR HANSEN GARY S. 423 W. FLORENCE STR
313250 BLLN FRYE TIMOTHY 30 COVERT ROAD
313256 FR TRENT RUBY 1138 HARRISON AVENUE
313257 BLLN WORKMAN DELORES 24 HAZZARD STREET
313258 FR VAUGHAN GEOFFREY 1822 SETTLERS RESERV
313259 FR JOHNSTON TIMOTHY 1418 S.FT.THOMAS AVE
313263 BLLN OGLESBY ANTHONY 5120 JONES ROAD
313264 FR SNYDER QUIN P. 4231-F AMERICAN DR
313267 BLLN QUICK JODY J. 2204 DUTCHMASTER DRI
313269 BLLN CARTERON RAYMER L 1217 MENDOTA STREET
313272 FR HART REBECCA 3003 TAR RIVER ROAD
313274 ARM DAVIS SHAUN 7328 BRAMELL
313275 BLLN MARSH KENNETH 337 RAYMOND HODGES
313277 FR SCALES MELVIN M 101 ARSENAL DRIVE
313279 FR CRAIG DONALD 106 W. MAIN STREET
313282 ARM2_28 HICKS LOIS B. 4157 FEINER DRIVE
313283 FR CHILDERS SCOTT C. 735 PLEASANT HILL R
313284 ARM2_28 KREMER KEVIN F. 587 ROGERS ROAD
313285 FR HUNT JACOB JU 132 FARRIS STREET
313288 ARM2_28 WALKER FRANKLIN 633 HARBERTS COURT
313289 FR HALL JOSEPH W 2010 TOBACCO ROAD
313293 FR VANN A.M. 108 VALLEYWOOD DRIV
313294 BLLN WILLINGHAM MICHAEL 811 MCLINDEN AVENUE
313296 FR BUTLER LUCINDA 2609 HAV-A-TAMPA DRI
313300 ARM FOOS SANDRA J 28056 FELICIAN
313303 ARM GOULETTE DANIEL J 1026 ATLANTIC AVENUE
313304 FR NAYLOR HARRY LE 14605 MARYLAND AVENUE
313305 FR KELLEY GREGORY 1589 EAST 337TH STRE
313306 ARM GUYTON DOROTHY 1610 EVERGREEN ROAD
313307 FR NICHOLSON CAROLYN 110 CLINKSCALES STR
313308 FR GREENE HEIDI C. 235 GRAND OAKS DRIV
313309 ARM2_28 HARRIS DENISE 10250 BIG STONE ROAD
313310 FR WEEKS THOMAS L 611 HWY 61 SOUTH
313311 FR SOWDERS BARBARA 734 N. GRANT
313316 FR MCMILLAN FAY C. 412 BAYS COVE TRAIL
313325 FR COLWELL JAMES MA 210 MT. TABOR ROAD
313326 FR DURST HAROLD 848 PEACH FESTIVAL
<CAPTION>
LOAN NO CITY STATE ZIP COUNTY ORIG BAL UPB UPB AS OF 03/01
- ----------- ---------------------- ----------- --------- ----------------------- ----------- --------- ---------------
<S> <C> <C> <C> <C> <C> <C> <C>
313165 LINCOLN PARK MI 48146 WAYNE 18,200.00 18,200.00 18,200.00
313166 COLUMBUS GA 31906 MUSCOGEE 29,250.00 29,250.00 29,250.00
313167 KINGS MOUNTAIN NC 28086 GASTON 24,000.00 24,000.00 24,000.00
313170 AKRON OH 44301 SUMMIT 16,000.00 16,000.00 16,000.00
313172 TROY MI 48098 OAKLAND 151,000.00 151,000.00 151,000.00
313174 GASTONIA NC 28054 GASTON 34,500.00 34,500.00 34,500.00
313176 NORCROSS GA 30093 GWINNETT 83,300.00 83,300.00 83,300.00
313177 CANTON OH 44705 STARK 28,800.00 28,800.00 28,800.00
313180 CHARLOTTE NC 28270 MECKLENBURG 107,000.00 107,000.00 107,000.00
313181 CHICAGO IL 60651 COOK 47,000.00 47,000.00 47,000.00
313182 CALUMET CITY IL 60409 COOK 100,000.00 100,000.00 100,000.00
313186 RIVERDALE IL 60627 COOK 64,000.00 64,000.00 64,000.00
313187 INDIANAPOLIS IN 46226 MARION 52,800.00 52,800.00 52,800.00
313188 LA FOLLETTE TN 37766 CAMPBELL 48,450.00 48,450.00 48,450.00
313192 PHOENIX AZ 85014 MARICOPA 168,165.00 168,165.00 168,165.00
313194 MONCKS CORNER SC 29461 BERKELEY 133,500.00 133,500.00 133,500.00
313196 DETROIT MI 48224 WAYNE 32,000.00 32,000.00 32,000.00
313198 SHELBY NC 28150 CLEVELAND 55,250.00 55,250.00 55,250.00
313203 HILLIARD OH 43026 FRANKLIN 71,300.00 71,300.00 71,300.00
313204 CLARKSVILLE TN 37042 MONTGOMERY 70,000.00 70,000.00 70,000.00
313205 CHICAGO IL 60636 COOK 68,000.00 68,000.00 68,000.00
313206 STREATOR IL 61364 LA SALLE 166,500.00 166,500.00 166,500.00
313207 SHAKER HEIGHTS OH 44120 CUYAHOGA 80,750.00 80,750.00 80,750.00
313208 GEORGETOWN KY 40324 SCOTT 36,000.00 36,000.00 36,000.00
313209 GEORGETOWN KY 40324 SCOTT 72,250.00 72,250.00 72,250.00
313214 SEATTLE WA 98108 KING 70,000.00 70,000.00 70,000.00
313216 MEMPHIS TN 38106 SHELBY 41,650.00 41,650.00 41,650.00
313218 CHICAGO IL 60619 COOK 74,400.00 74,400.00 74,400.00
313219 CANTON OH 44709 STARK 159,800.00 159,800.00 159,800.00
313221 DECATUR GA 30034 DEKALB 93,500.00 93,500.00 93,500.00
313224 DECATUR GA 30034 DEKALB 40,000.00 40,000.00 40,000.00
313228 FRANKLIN TN 37064 WILLIAMSON 72,250.00 72,250.00 72,250.00
313229 MOUNT JULIET TN 37122 WILSON 86,250.00 86,250.00 86,250.00
313230 CHICAGO IL 60628 COOK 48,000.00 48,000.00 48,000.00
313235 HUNTINGTOWN MD 20639 Calvert 136,600.00 136,600.00 136,600.00
313237 ALLIANCE OH 44601 STARK 33,200.00 33,200.00 33,200.00
313239 NORWOOD NC 28128 STANLY 45,000.00 45,000.00 45,000.00
313240 WARREN OH 44484 TRUMBULL 105,600.00 105,600.00 105,600.00
313242 ALBANY GA 31705 DOUGHERTY 62,050.00 62,050.00 62,050.00
313243 CINCINNATI OH 45240 HAMILTON 45,750.00 45,750.00 45,750.00
313246 CHICAGO IL 60636 COOK 64,000.00 64,000.00 64,000.00
313248 CAMBRIA WI 53923 COLUMBIA 68,000.00 68,000.00 68,000.00
313250 GREENEVILLE TN 37743 GREENE 32,462.00 32,462.00 32,462.00
313256 KINGSPORT TN 37665 SULLIVAN 38,500.00 38,500.00 38,500.00
313257 ASHEVILLE NC 28801 BUNCOMBE 45,600.00 45,600.00 45,600.00
313258 WESTLAKE OH 44145 CUYAHOGA 209,181.00 209,181.00 209,181.00
313259 FORT THOMAS KY 41075 CAMPBELL 123,250.00 123,250.00 123,250.00
313263 KNOXVILLE TN 37918 KNOX 56,408.00 56,408.00 56,408.00
313264 DURHAM NC 27705 DURHAM 95,920.00 95,920.00 95,920.00
313267 HAVANA FL 32333 GADSDEN 63,200.00 63,200.00 63,200.00
313269 MADISON WI 53714 DANE 80,800.00 80,800.00 80,800.00
313272 OXFORD NC 27565 GRANVILLE 51,600.00 51,600.00 51,600.00
313274 DETROIT MI 48239 WAYNE 52,740.00 52,740.00 52,740.00
313275 COTTONTOWN TN 37048 SUMNER 82,450.00 82,450.00 82,450.00
313277 FRANKLIN TN 37064 WILLIAMSON 78,000.00 78,000.00 78,000.00
313279 SCIO OH 43988 HARRISON 32,500.00 32,500.00 32,500.00
313282 CLEVELAND OH 44122 CUYAHOGA 62,050.00 62,050.00 62,050.00
313283 RANGER GA 30734 GORDON 38,400.00 38,400.00 38,400.00
313284 VILLA HILLS KY 41017 KENTON 121,800.00 121,800.00 121,800.00
313285 JACKSON TN 38301 MADISON 15,650.00 15,650.00 15,650.00
313288 ANNAPOLIS MD 21401 ANNE ARUNDEL 123,900.00 123,900.00 123,900.00
313289 HAVANA FL 32333 GADSDEN 62,000.00 62,000.00 62,000.00
313293 DICKSON TN 37055 DICKSON 44,450.00 44,450.00 44,450.00
313294 SMYRNA GA 30080 COBB 47,000.00 47,000.00 47,000.00
313296 HAVANA FL 32333 GADSDEN 58,500.00 58,500.00 58,500.00
313300 ROSEVILLE MI 48066 MACOMB 30,000.00 30,000.00 30,000.00
313303 TOLEDO OH 43609 LUCAS 39,200.00 39,200.00 39,200.00
313304 CASCADE MD 21719 WASHINGTON 89,600.00 89,600.00 89,600.00
313305 EASTLAKE OH 44095 LAKE 85,000.00 85,000.00 85,000.00
313306 COLUMBUS OH 43207 FRANKLIN 68,800.00 68,800.00 68,800.00
313307 BELTON SC 29627 ANDERSON 27,000.00 27,000.00 27,000.00
313308 ROCKWELL NC 28138 ROWAN 59,500.00 59,500.00 59,500.00
313309 MILLINGTON MD 21651 KENT 84,400.00 84,400.00 84,400.00
313310 SHAW MS 38773 BOLIVAR 9,424.00 9,424.00 9,424.00
313311 INDIANAPOLIS IN 46201 MARION 42,400.00 42,400.00 42,400.00
313316 KINGSPORT TN 37660 HAWKINS 76,000.00 76,000.00 76,000.00
313325 NEW ALBANY IN 47150 FLOYD 54,200.00 54,200.00 54,200.00
313326 GILBERT SC 29054 LEXINGTON 50,050.00 50,050.00 50,050.00
<CAPTION>
LOAN NO P&I RATE ORIG TERM CLTV
- ----------- --------- --------- ----------------- ---------
<S> <C> <C> <C> <C>
313165 219.60 12.1000 180 0.3640
313166 336.18 13.5500 180 0.6500
313167 522.42 11.0500 60 0.7606
313170 171.18 11.5500 240 0.6957
313172 1,302.87 9.8000 360 0.7475
313174 482.10 11.3500 120 0.6900
313176 831.27 11.6000 360 0.8500
313177 307.37 12.5000 180 0.8229
313180 962.81 10.3000 180 0.8492
313181 501.61 12.5000 360 0.6267
313182 1,114.02 13.1000 180 0.7813
313186 678.08 12.4000 360 0.8000
313187 506.82 11.1000 360 0.8000
313188 553.88 12.6000 240 0.8500
313192 1,433.70 9.6600 360 0.8203
313194 1,176.49 10.0500 180 0.7500
313196 355.71 10.6000 180 0.5926
313198 517.83 10.8000 360 0.8500
313203 612.58 9.7500 360 0.8488
313204 762.97 10.2500 180 0.8140
313205 637.32 10.8000 360 0.8000
313206 1,591.91 11.0500 180 0.7400
313207 723.00 10.2400 360 0.8500
313208 387.01 12.6000 180 0.7500
313209 796.41 12.9500 360 0.8500
313214 679.88 11.2500 360 0.8000
313216 491.86 11.7000 180 0.8500
313218 650.17 9.9500 180 0.8000
313219 1,361.21 9.6500 360 0.8500
313221 899.20 9.9500 240 0.8500
313224 389.72 11.2900 360 0.8000
313228 655.50 10.4000 360 0.8305
313229 1,031.26 11.9300 180 0.7500
313230 488.20 11.8500 360 0.8000
313235 1,188.68 9.9000 360 0.8380
313237 365.96 10.4500 180 0.7721
313239 496.04 10.4500 180 0.7500
313240 830.76 8.7500 360 0.8000
313242 617.41 10.4500 240 0.8500
313243 486.50 12.4500 180 0.7379
313246 619.18 11.2000 360 0.7529
313248 683.79 11.7000 360 0.8000
313250 347.71 12.5500 180 0.7386
313256 424.39 10.4500 180 0.7156
313257 516.93 13.3500 180 0.8000
313258 1,921.28 10.5500 360 0.7864
313259 1,267.77 12.0000 360 0.8500
313263 524.44 10.7000 180 0.8058
313264 934.55 11.2900 360 0.8000
313267 667.16 12.3500 180 0.8000
313269 900.13 13.1000 180 0.8000
313272 581.63 10.8500 180 0.8000
313274 443.08 9.4900 360 0.9000
313275 775.86 10.8500 180 0.8500
313277 852.57 10.3000 180 0.7879
313279 424.11 9.7000 120 0.6915
313282 555.57 10.2400 360 0.8500
313283 366.76 9.8500 240 0.8000
313284 1,023.27 9.4900 360 0.7613
313285 201.11 13.3000 180 0.5397
313288 974.72 8.7500 360 0.7375
313289 623.46 11.7000 360 0.8493
313293 539.21 12.2000 180 0.7000
313294 442.63 10.8600 180 0.7231
313296 588.26 11.7000 360 0.8357
313300 246.59 9.2400 360 0.5272
313303 298.92 8.4100 360 0.7000
313304 839.77 10.8000 360 0.8000
313305 986.99 13.7000 360 0.8500
313306 608.86 10.1000 360 0.8600
313307 331.03 12.4000 180 0.6750
313308 659.56 10.5500 180 0.8500
313309 725.13 9.7500 360 0.8000
313310 212.02 12.5000 60 0.8000
313311 365.84 9.8000 360 0.8000
313316 840.10 10.5000 180 0.8000
313325 478.97 8.7500 240 0.6691
313326 543.98 10.2000 180 0.7000
</TABLE>
Page 49
<PAGE>
EQUIVANTAGE--1997-1 LOAN LIST
<TABLE>
<CAPTION>
NOTE FIRST MATURITY NEXT PMT
LOAN NO REM TERM AM TERM SALES PRICE APPR VAL DATE PMT DATE DATE
- ----------- ----------------- --------------- -------------- ----------- ---------- ---------- ----------- -----------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
313165 180 180 0.00 50000.00 10-Feb-97 01-Apr-97 01-Mar-12 01-Apr-97
313166 180 360 0.00 45000.00 07-Feb-97 01-Apr-97 01-Mar-12 01-Apr-97
313167 60 60 0.00 86000.00 06-Feb-97 01-Apr-97 01-Mar-02 01-Apr-97
313170 240 240 0.00 23000.00 07-Feb-97 15-Mar-97 15-Feb-17 15-Mar-97
313172 360 360 0.00 202000.00 07-Feb-97 15-Mar-97 15-Feb-27 15-Mar-97
313174 120 120 0.00 50000.00 07-Feb-97 01-Apr-97 01-Mar-07 01-Apr-97
313176 360 360 0.00 98000.00 07-Feb-97 01-Apr-97 01-Mar-27 01-Apr-97
313177 180 360 0.00 35000.00 12-Feb-97 15-Mar-97 15-Feb-12 15-Mar-97
313180 180 360 0.00 126000.00 07-Feb-97 15-Mar-97 15-Feb-12 15-Mar-97
313181 360 360 0.00 75000.00 07-Feb-97 01-Apr-97 01-Mar-27 01-Apr-97
313182 180 360 0.00 128000.00 07-Feb-97 01-Apr-97 01-Mar-12 01-Apr-97
313186 360 360 0.00 80000.00 10-Feb-97 01-Apr-97 01-Mar-27 01-Apr-97
313187 360 360 0.00 66000.00 10-Feb-97 01-Apr-97 01-Mar-27 01-Apr-97
313188 240 240 0.00 57000.00 07-Feb-97 15-Mar-97 15-Feb-17 15-Mar-97
313192 360 360 0.00 205000.00 13-Feb-97 15-Mar-97 15-Feb-27 15-Mar-97
313194 180 360 0.00 178000.00 12-Feb-97 15-Mar-97 15-Feb-12 15-Mar-97
313196 180 180 0.00 54000.00 14-Feb-97 01-Apr-97 01-Mar-12 01-Apr-97
313198 360 360 0.00 65000.00 10-Feb-97 15-Mar-97 15-Feb-27 15-Mar-97
313203 360 360 0.00 84000.00 11-Feb-97 01-Apr-97 01-Mar-27 01-Apr-97
313204 180 180 0.00 86000.00 10-Feb-97 15-Mar-97 15-Feb-12 15-Mar-97
313205 360 360 0.00 85000.00 11-Feb-97 15-Mar-97 15-Feb-27 15-Mar-97
313206 180 360 0.00 225000.00 12-Feb-97 01-Apr-97 01-Mar-12 01-Apr-97
313207 360 360 0.00 95000.00 11-Feb-97 15-Mar-97 15-Feb-27 15-Mar-97
313208 180 360 0.00 48000.00 31-Jan-97 05-Mar-97 05-Feb-12 05-Mar-97
313209 360 360 0.00 85000.00 31-Jan-97 05-Mar-97 05-Feb-27 05-Mar-97
313214 360 360 0.00 87500.00 14-Jan-97 01-Mar-97 01-Feb-27 01-Mar-97
313216 180 180 0.00 49000.00 11-Feb-97 01-Apr-97 01-Mar-12 01-Apr-97
313218 180 360 0.00 93000.00 15-Feb-97 15-Mar-97 15-Feb-12 15-Mar-97
313219 360 360 0.00 188000.00 12-Feb-97 15-Mar-97 15-Feb-27 15-Mar-97
313221 240 240 0.00 110000.00 12-Feb-97 01-Apr-97 01-Mar-17 01-Apr-97
313224 360 360 0.00 50000.00 12-Feb-97 01-Apr-97 01-Mar-27 01-Apr-97
313228 360 360 0.00 87000.00 14-Feb-97 01-Apr-97 01-Mar-27 01-Apr-97
313229 180 180 0.00 115000.00 13-Feb-97 15-Mar-97 15-Feb-12 15-Mar-97
313230 360 360 0.00 60000.00 12-Feb-97 01-Apr-97 01-Mar-27 01-Apr-97
313235 360 360 0.00 163000.00 13-Feb-97 15-Mar-97 15-Feb-27 15-Mar-97
313237 180 180 0.00 43000.00 15-Feb-97 15-Mar-97 15-Feb-12 16-Mar-97
313239 180 180 0.00 60000.00 13-Feb-97 01-Apr-97 01-Mar-12 01-Apr-97
313240 360 360 0.00 132000.00 12-Feb-97 15-Mar-97 15-Feb-27 15-Mar-97
313242 240 240 0.00 73000.00 14-Feb-97 01-Apr-97 01-Mar-17 01-Apr-97
313243 180 360 0.00 62000.00 13-Feb-97 01-Apr-97 01-Mar-12 01-Apr-97
313246 360 360 0.00 85000.00 13-Feb-97 01-Apr-97 01-Mar-27 01-Apr-97
313248 360 360 85000.00 85000.00 13-Feb-97 01-Apr-97 01-Mar-27 01-Apr-97
313250 180 360 0.00 43950.00 12-Feb-97 15-Mar-97 15-Feb-12 15-Mar-97
313256 180 180 0.00 53800.00 14-Feb-97 15-Mar-97 15-Feb-12 15-Mar-97
313257 180 360 0.00 57000.00 14-Feb-97 01-Apr-97 01-Mar-12 01-Apr-97
313258 360 360 0.00 266000.00 13-Feb-97 15-Mar-97 15-Feb-27 15-Mar-97
313259 360 360 0.00 145000.00 13-Feb-97 15-Mar-97 15-Feb-27 15-Mar-97
313263 180 360 0.00 70000.00 13-Feb-97 01-Apr-97 01-Mar-12 01-Apr-97
313264 360 360 119900.00 119900.00 13-Feb-97 01-Apr-97 01-Mar-27 01-Apr-97
313267 180 360 0.00 79000.00 13-Feb-97 01-Apr-97 01-Mar-12 01-Apr-97
313269 180 360 0.00 101000.00 13-Feb-97 01-Apr-97 01-Mar-12 01-Apr-97
313272 180 180 0.00 64500.00 13-Feb-97 01-Apr-97 01-Mar-12 01-Apr-97
313274 360 360 0.00 58600.00 17-Feb-97 01-Apr-97 01-Mar-27 01-Apr-97
313275 180 360 0.00 97000.00 14-Feb-97 15-Mar-97 15-Feb-12 15-Mar-97
313277 180 180 0.00 99000.00 14-Feb-97 01-Apr-97 01-Mar-12 01-Apr-97
313279 120 120 0.00 47000.00 13-Feb-97 15-Mar-97 15-Feb-07 15-Mar-97
313282 360 360 0.00 73000.00 14-Feb-97 15-Mar-97 15-Feb-27 15-Mar-97
313283 240 240 0.00 48000.00 14-Feb-97 01-Apr-97 01-Mar-17 01-Apr-97
313284 360 360 0.00 160000.00 17-Feb-97 15-Mar-97 15-Feb-27 15-Mar-97
313285 180 180 0.00 29000.00 13-Feb-97 15-Mar-97 15-Feb-12 15-Mar-97
313288 360 360 0.00 168000.00 14-Feb-97 15-Mar-97 15-Feb-27 15-Mar-97
313289 360 360 0.00 73000.00 14-Feb-97 01-Apr-97 01-Mar-27 01-Apr-97
313293 180 180 0.00 63500.00 14-Feb-97 15-Mar-97 15-Feb-12 15-Mar-97
313294 180 360 0.00 65000.00 14-Feb-97 01-Apr-97 01-Mar-12 01-Apr-97
313296 360 360 0.00 70000.00 14-Feb-97 01-Apr-97 01-Mar-27 01-Apr-97
313300 360 360 0.00 56900.00 15-Feb-97 01-Apr-97 01-Mar-27 01-Apr-97
313303 360 360 0.00 56000.00 15-Feb-97 01-Apr-97 01-Mar-27 01-Apr-97
313304 360 360 0.00 112000.00 18-Feb-97 01-Apr-97 01-Mar-27 01-Apr-97
313305 360 360 0.00 100000.00 18-Feb-97 15-Mar-97 15-Feb-27 15-Mar-97
313306 360 360 0.00 80000.00 17-Feb-97 01-Apr-97 01-Mar-27 01-Apr-97
313307 180 180 0.00 40000.00 17-Feb-97 01-Apr-97 01-Mar-12 01-Apr-97
313308 180 180 0.00 70000.00 18-Feb-97 01-Apr-97 01-Mar-12 01-Apr-97
313309 360 360 0.00 105500.00 17-Feb-97 15-Mar-97 15-Feb-27 15-Mar-97
313310 60 60 0.00 37000.00 19-Feb-97 01-Apr-97 01-Mar-02 01-Apr-97
313311 360 360 0.00 53000.00 17-Feb-97 01-Apr-97 01-Mar-27 01-Apr-97
313316 180 180 0.00 95000.00 17-Feb-97 01-Apr-97 01-Mar-12 01-Apr-97
313325 240 240 0.00 81000.00 19-Feb-97 01-Apr-97 01-Mar-17 01-Apr-97
313326 180 180 0.00 71500.00 19-Feb-97 01-Apr-97 01-Mar-12 01-Apr-97
<CAPTION>
NEXT PMT
AS OF
LOAN NO 03/01 PROPTYPE UNITS OCCUP LIEN LIEN BAL PURPOSE
- ----------- ---------- ----------------- ------------- --------------- ----- ------------- -----------------
<S> <C> <C> <C> <C> <C> <C> <C>
313165 01-Apr-97 5 2 1 18 0 3
313166 01-Apr-97 1 1 3 18 0 3
313167 01-Apr-97 1 1 1 38 41408 3
313170 15-Mar-97 1 1 1 18 0 3
313172 15-Mar-97 1 1 1 18 0 4
313174 01-Apr-97 1 1 1 18 0 3
313176 01-Apr-97 1 1 1 18 0 3
313177 15-Mar-97 1 1 1 18 0 4
313180 15-Mar-97 1 1 1 18 0 3
313181 01-Apr-97 5 2 1 18 0 3
313182 01-Apr-97 1 1 1 18 0 4
313186 01-Apr-97 1 1 1 18 0 4
313187 01-Apr-97 1 1 3 18 0 3
313188 15-Mar-97 1 1 1 18 0 4
313192 15-Mar-97 1 1 1 18 0 4
313194 15-Mar-97 1 1 1 18 0 3
313196 01-Apr-97 1 1 1 18 0 3
313198 15-Mar-97 1 1 1 18 0 3
313203 01-Apr-97 1 1 1 18 0 2
313204 15-Mar-97 1 1 1 18 0 4
313205 15-Mar-97 1 1 1 18 0 3
313206 01-Apr-97 1 1 1 18 0 2
313207 15-Mar-97 1 1 1 18 0 4
313208 05-Mar-97 1 1 3 18 0 3
313209 05-Mar-97 1 1 1 18 0 2
313214 01-Mar-97 1 1 1 18 0 3
313216 01-Apr-97 1 1 1 18 0 4
313218 15-Mar-97 1 1 1 18 0 3
313219 15-Mar-97 1 1 1 18 0 4
313221 01-Apr-97 1 1 1 18 0 3
313224 01-Apr-97 1 1 3 18 0 4
313228 01-Apr-97 1 1 1 18 0 3
313229 15-Mar-97 1 1 3 18 0 3
313230 01-Apr-97 1 1 1 18 0 3
313235 15-Mar-97 1 1 1 18 0 4
313237 15-Mar-97 5 2 1 18 0 4
313239 01-Apr-97 8 1 1 18 0 3
313240 15-Mar-97 1 1 1 18 0 4
313242 01-Apr-97 1 1 1 18 0 3
313243 01-Apr-97 1 1 1 18 0 4
313246 01-Apr-97 1 1 1 18 0 3
313248 01-Apr-97 1 1 1 18 0 1
313250 15-Mar-97 8 1 1 18 0 3
313256 15-Mar-97 1 1 1 18 0 3
313257 01-Apr-97 1 1 1 18 0 3
313258 15-Mar-97 1 1 1 18 0 3
313259 15-Mar-97 5 3 1 18 0 3
313263 01-Apr-97 8 1 1 18 0 4
313264 01-Apr-97 3 1 1 18 0 1
313267 01-Apr-97 8 1 1 18 0 4
313269 01-Apr-97 1 1 1 18 0 4
313272 01-Apr-97 1 1 1 18 0 3
313274 01-Apr-97 1 1 1 18 0 4
313275 15-Mar-97 1 1 1 18 0 4
313277 01-Apr-97 1 1 1 18 0 4
313279 15-Mar-97 1 1 1 18 0 3
313282 15-Mar-97 1 1 1 18 0 4
313283 01-Apr-97 8 1 1 18 0 4
313284 15-Mar-97 1 1 1 18 0 4
313285 15-Mar-97 1 1 1 18 0 3
313288 15-Mar-97 1 1 1 18 0 2
313289 01-Apr-97 8 1 1 18 0 3
313293 15-Mar-97 1 1 1 18 0 3
313294 01-Apr-97 1 1 3 18 0 3
313296 01-Apr-97 8 1 1 18 0 4
313300 01-Apr-97 1 1 1 18 0 3
313303 01-Apr-97 1 1 1 18 0 4
313304 01-Apr-97 1 1 1 18 0 3
313305 15-Mar-97 1 1 1 18 0 4
313306 01-Apr-97 1 1 1 18 0 4
313307 01-Apr-97 1 1 3 18 0 3
313308 01-Apr-97 8 1 1 18 0 4
313309 15-Mar-97 1 1 1 18 0 3
313310 01-Apr-97 1 1 1 38 20176 3
313311 01-Apr-97 1 1 1 18 0 3
313316 01-Apr-97 1 1 1 18 0 3
313325 01-Apr-97 1 1 1 18 0 4
313326 01-Apr-97 1 1 1 18 0 3
<CAPTION>
BNK RUP NEXT INT PERIODIC LIFE
LOAN NO GRADE DISCHARGE SECT 32 MARGIN INDEX CHANGE CAP CAP
- ----------- ----------- ------------ ------------- ------------- --------- ---------- --------------- -----
<S> <C> <C> <C> <C> <C> <C> <C> <C>
313165 B -- T 0 -- 0 0
313166 C -- F 0 -- 0 0
313167 A -- F 0 -- 0 0
313170 B -- F 0 -- 0 0
313172 A 10-Oct-91 F 0 -- 0 0
313174 B -- F 0 -- 0 0
313176 A 24-Oct-94 F 0 -- 0 0
313177 B -- F 0 -- 0 0
313180 A -- F 0 -- 0 0
313181 B -- F 0 -- 0 0
313182 C -- F 0 -- 0 0
313186 B -- F 0 -- 0 0
313187 A -- F 0 -- 0 0
313188 B -- F 0 -- 0 0
313192 A 01-Nov-93 F 6.16 6MOLIB 15-Feb-99 1.5 7
313194 A -- F 0 -- 0 0
313196 B -- T 0 -- 0 0
313198 B -- F 0 -- 0 0
313203 A -- F 0 -- 0 0
313204 B -- F 0 -- 0 0
313205 A -- F 0 -- 0 0
313206 A -- F 0 -- 0 0
313207 B -- F 7.24 6MOLIB 15-Feb-99 1.5 7
313208 B -- F 0 -- 0 0
313209 B -- F 0 -- 0 0
313214 A -- F 0 -- 0 0
313216 A 01-Jan-91 F 0 -- 0 0
313218 A 01-Apr-91 F 0 -- 0 0
313219 B -- F 6.65 6MOLIB 15-Feb-99 1.5 7
313221 A -- F 0 -- 0 0
313224 A -- F 0 -- 0 0
313228 A -- F 0 -- 0 0
313229 B -- F 0 -- 0 0
313230 B -- T 0 -- 0 0
313235 B -- F 6.9 6MOLIB 15-Feb-99 1.5 7
313237 A -- T 0 -- 0 0
313239 A -- F 0 -- 0 0
313240 B -- F 5.75 6MOLIB 15-Feb-99 1.5 7
313242 A -- F 0 -- 0 0
313243 C -- F 0 -- 0 0
313246 B -- F 0 -- 0 0
313248 B -- F 0 -- 0 0
313250 B 01-Apr-90 F 0 -- 0 0
313256 A -- F 0 -- 0 0
313257 C 01-Nov-93 F 0 -- 0 0
313258 A 04-Jan-93 F 0 -- 0 0
313259 A -- F 0 -- 0 0
313263 A -- F 0 -- 0 0
313264 A -- F 0 -- 0 0
313267 C -- F 0 -- 0 0
313269 C 01-May-89 F 0 -- 0 0
313272 A -- F 0 -- 0 0
313274 A -- F 6.74 6MOLIB 01-Sep-97 1.5 7
313275 A -- F 0 -- 0 0
313277 A -- F 0 -- 0 0
313279 A 23-May-94 F 0 -- 0 0
313282 B -- F 7.24 6MOLIB 15-Feb-99 1.5 7
313283 A 01-Feb-95 F 0 -- 0 0
313284 A -- F 5.99 6MOLIB 15-Feb-99 1.5 7
313285 C -- F 0 -- 0 0
313288 A -- F 5.25 6MOLIB 15-Feb-99 1.5 7
313289 B -- F 0 -- 0 0
313293 C -- F 0 -- 0 0
313294 A -- F 0 -- 0 0
313296 B -- F 0 -- 0 0
313300 B -- F 6.74 6MOLIB 01-Sep-97 1.5 7
313303 A -- F 5.66 6MOLIB 01-Sep-97 1.5 7
313304 A -- F 0 -- 0 0
313305 B -- F 0 -- 0 0
313306 A -- F 7.35 6MOLIB 01-Sep-97 1.5 7
313307 B -- F 0 -- 0 0
313308 A -- F 0 -- 0 0
313309 B -- F 6.75 6MOLIB 15-Feb-99 1.5 7
313310 A -- F 0 -- 0 0
313311 A -- F 0 -- 0 0
313316 B -- F 0 -- 0 0
313325 A -- F 0 -- 0 0
313326 A -- F 0 -- 0 0
</TABLE>
Page 50
<PAGE>
EQUIVANTAGE--1997-1 LOAN LIST
<TABLE>
<CAPTION>
PRE PMT
LOAN NO FLOOR CEILING PEN DOC LEVEL
- ----------- ----------- ------------- --------------- -----------------
<S> <C> <C> <C> <C>
313165 0 0 F
313166 0 0 P F
313167 0 0 F
313170 0 0 P F
313172 0 0 P F
313174 0 0 F
313176 0 0 P F
313177 0 0 P F
313180 0 0 P F
313181 0 0 F
313182 0 0 F
313186 0 0 F
313187 0 0 P F
313188 0 0 P F
313192 9.66 16.66 F
313194 0 0 P F
313196 0 0 F
313198 0 0 F
313203 0 0 P F
313204 0 0 P F
313205 0 0 F
313206 0 0 F
313207 10.24 17.24 P F
313208 0 0 P F
313209 0 0 P F
313214 0 0 F
313216 0 0 F
313218 0 0 F
313219 9.65 16.65 P F
313221 0 0 P F
313224 0 0 P F
313228 0 0 P F
313229 0 0 F
313230 0 0 F
313235 9.9 16.9 F
313237 0 0 F
313239 0 0 F
313240 8.75 15.75 P F
313242 0 0 P F
313243 0 0 P F
313246 0 0 F
313248 0 0 P F
313250 0 0 P F
313256 0 0 P F
313257 0 0 F
313258 0 0 P F
313259 0 0 F
313263 0 0 F
313264 0 0 F
313267 0 0 P F
313269 0 0 P F
313272 0 0 F
313274 10.49 16.49 P F
313275 0 0 P F
313277 0 0 P F
313279 0 0 P F
313282 10.24 17.24 P F
313283 0 0 P F
313284 9.49 16.49 F
313285 0 0 F
313288 8.75 15.75 F
313289 0 0 P F
313293 0 0 F
313294 0 0 P F
313296 0 0 P F
313300 10.24 16.24 P F
313303 8.41 15.41 P F
313304 0 0 F
313305 0 0 P F
313306 11.1 17.1 P F
313307 0 0 F
313308 0 0 F
313309 9.75 16.75 F
313310 0 0 P F
313311 0 0 P F
313316 0 0 P F
313325 0 0 P F
313326 0 0 F
</TABLE>
Page 51
<PAGE>
EQUIVANTAGE--1997-1 LOAN LIST
<TABLE>
<CAPTION>
LOAN NO TYPE LASTNAME FIRSTNAME ADDRESS
- ----------- ---------- ------------------ ------------------ ------------------------------------------------
<S> <C> <C> <C> <C>
313328 ARM MOORE VANESSA 29753 SPRING HILL DRI
313335 ARM ROBBINS JAMES K. 21940 IRA BOULEVARD
313342 BLLN BRUCE MARGARET 404 EZELL PIKE
313343 FR BURRIS THOMAS G 4711 KAY DRIVE
313344 BLLN ALLISON JERRY W. 5524 BALL ROAD
313346 FR VAILES TERRY AL 545 MAIN STREET
313352 FR DAMPIER TIMOTHY 130 FOXRIDGE RUN
313353 BLLN CALWISE BERTHA P O. BOX 786
313355 ARM GARCIA RAYMON 619 ACORN STREET
313366 FR NAPIER JENA ANN 2416 BRASHER AVENUE
313375 FR BLACK MICHAEL 127 BARNHILL DRIVE
313376 FR HURST LARRY 402 JEFFERSON AVENU
313377 FR PETZOLD JOHN J. 15347 SANDALHAVEN DRI
313382 ARM WILLIAMSON MICHAEL 5239 STAFFORD DRIVE
313383 FR CANDELA GERARD 1515 SUMMERHILL DRIV
313388 BLLN GOSNELL MARIEA H 4 STEWART AVENUE
313397 FR MOORE MICHEAL 814 NORTH 13TH 1/2
313402 FR RUTHERFORD HELEN F. 2526 LARKWOOD LANE
313468 FR PEEK LARRY DO 2606 DEERFIELD CIRCL
313505 BLLN COOK EDWARD 11884 HAMDEN DRIVE
313169 ARM2-28 FINDER MARK D. 487 STONEMILL MANOR
313543 BLLN JOLLY DAVID OWEN 4802 LIBBY LANE
313575 FR LUCAS CHARLES R. 3612 N. TANSEL ROAD
313605 BLLN FORRESTAL RICHARD W. FORR 12031 NORTH LAMONT-B
313628 FR HILE DANIEL J. 1215 NORTH WALNUT STREET
313647 FR WOODS LARRY 1258 SHANNON WAY
313686 FR ELLIS ELIZABETH JANE 212 BONNAFIELD DRIVE
313719 FR BUCKLAND BARRY C. 16500 SE SALMON STREET
<CAPTION>
LOAN NO CITY STATE ZIP COUNTY ORIG BAL UPB UPB AS OF 03/01
- ----------- ------------------------- ----------- --------- ----------------------- ----------- --------- ---------------
<S> <C> <C> <C> <C> <C> <C> <C>
313328 SOUTHFIELD MI 48076 OAKLAND 98,000.00 98,000.00 98,000.00
313335 WARREN MI 48091 MACOMB 59,400.00 59,400.00 59,400.00
313342 NASHVILLE TN 37217 DAVIDSON 40,000.00 40,000.00 40,000.00
313343 GASTONIA NC 28054 GASTON 68,850.00 68,850.00 68,850.00
313344 KNOXVILLE TN 37931 KNOX 50,000.00 50,000.00 50,000.00
313346 MC EWEN TN 37101 HUMPHREYS 66,000.00 66,000.00 66,000.00
313352 LONGWOOD FL 32750 SEMINOLE 99,025.00 99,025.00 99,025.00
313353 GRAY COURT SC 29645 LAURENS 36,900.00 36,900.00 36,900.00
313355 ROCKFORD IL 61103 WINNEBAGO 52,200.00 52,200.00 52,200.00
313366 NASHVILLE TN 37206 DAVIDSON 46,900.00 46,900.00 46,900.00
313375 LADSON SC 29456 DORCHESTER 59,500.00 59,500.00 59,500.00
313376 NEWPORT TN 37821 COCKE 47,200.00 47,200.00 47,200.00
313377 MIDDLEBURG HEIGHTS OH 44130 CUYAHOGA 130,750.00 130,750.00 130,750.00
313382 LILBURN GA 30247 GWINNETT 54,400.00 54,400.00 54,400.00
313383 KNOXVILLE TN 37922 KNOX 43,000.00 43,000.00 43,000.00
313388 GREER SC 29651 GREENVILLE 29,250.00 29,250.00 29,250.00
313397 TERRE HAUTE IN 47807 VIGO 28,000.00 28,000.00 28,000.00
313402 KNOXVILLE TN 37921 KNOX 33,600.00 33,600.00 33,600.00
313468 MARIETTA GA 30064 COBB 68,500.00 68,500.00 68,500.00
313505 CINCINNATI OH 45240 HAMILTON 67,320.00 67,320.00 67,320.00
313169 LITHONIA GA 30058 DE KALB 84,000.00 84,000.00 84,000.00
313543 LOUISVILLE KY 40272 JEFFERSON 74,000.00 74,000.00 74,000.00
313575 INDIANAPOLIS IN 46234 MARION 35,500.00 35,500.00 35,500.00
313605 FOUNTAIN HILLS AZ 85268 MARICOPA 142,450.00 142,450.00 142,450.00
313628 DANVILLE IL 61832 VERMILION 59,500.00 59,500.00 59,500.00
313647 BOWLING GREEN KY 42101 WARREN 48,900.00 48,900.00 48,900.00
313686 HERMITAGE TN 37076 DAVIDSON 55,500.00 55,500.00 55,500.00
313719 PORTLAND OR 97233 MULTNOMAH 100,000.00 100,000.00 100,000.00
1350 85,604,337.00 85,483,792.41
<CAPTION>
LOAN NO P&I RATE ORIG TERM CLTV
- ----------- --------- --------- ----------------- ---------
313328 878.18 10.2500 360 0.7481
313335 499.03 9.4900 360 0.9000
313342 398.87 11.5900 180 0.5882
313343 773.92 10.8000 180 0.8500
313344 518.16 12.1000 180 0.8333
313346 597.81 10.3800 360 0.7674
313352 898.43 10.4000 360 0.8500
313353 376.72 11.9000 180 0.6962
313355 401.37 8.5000 360 0.9000
313366 439.57 10.8000 360 0.7000
313375 557.66 10.8000 360 0.8500
313376 477.59 10.7000 240 0.8000
313377 1,200.91 10.5500 360 0.8435
313382 465.38 9.7000 360 0.8000
313383 483.35 10.8000 180 0.8059
313388 337.11 13.5900 180 0.6500
313397 300.03 9.9500 180 0.8000
313402 384.01 11.1000 180 0.8000
313468 708.45 11.0300 240 0.6749
313505 539.25 8.9500 180 0.9000
313169 715.53 9.6500 360 0.8485
313543 608.78 9.2500 180 0.8706
313575 279.28 8.7500 360 0.3944
313605 1,141.06 8.9500 180 0.9000
313628 668.82 10.8000 180 0.8500
313647 423.72 9.8500 360 0.6986
313686 600.15 10.1100 180 0.6852
313719 862.83 9.8000 360 0.8000
52
</TABLE>
<PAGE>
EQUIVANTAGE--1997-1 LOAN LIST
<TABLE>
<CAPTION>
NOTE FIRST MATURITY NEXT PMT
LOAN NO REM TERM AM TERM SALES PRICE APPR VAL DATE PMT DATE DATE
- ----------- ----------------- --------------- -------------- ----------- --------- --------- ----------- -----------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
313328 360 360 0.00 131000.00 19-Feb-97 01-Apr-97 01-Mar-27 01-Apr-97
313335 360 360 0.00 66000.00 19-Feb-97 01-Apr-97 01-Mar-27 01-Apr-97
313342 180 360 0.00 68000.00 19-Feb-97 15-Mar-97 15-Feb-12 15-Mar-97
313343 180 180 0.00 81000.00 18-Feb-97 15-Mar-97 15-Feb-12 15-Mar-97
313344 180 360 0.00 60000.00 19-Feb-97 15-Mar-97 15-Feb-12 15-Mar-97
313346 360 360 0.00 86000.00 18-Feb-97 15-Mar-97 15-Feb-27 15-Mar-97
313352 360 360 0.00 116500.00 20-Feb-97 01-Apr-97 01-Mar-27 01-Apr-97
313353 180 360 0.00 53000.00 20-Feb-97 01-Apr-97 01-Mar-12 01-Apr-97
313355 360 360 0.00 58000.00 19-Feb-97 15-Apr-97 15-Mar-27 15-Apr-97
313366 360 360 0.00 67000.00 20-Feb-97 01-Apr-97 01-Mar-27 01-Apr-97
313375 360 360 0.00 70000.00 20-Feb-97 15-Mar-97 15-Feb-27 15-Mar-97
313376 240 240 0.00 59000.00 20-Feb-97 15-Mar-97 15-Feb-17 15-Mar-97
313377 360 360 0.00 155000.00 20-Feb-97 01-Apr-97 01-Mar-27 01-Apr-97
313382 360 360 68000.00 68000.00 20-Feb-97 15-Apr-97 15-Mar-27 15-Apr-97
313383 180 180 0.00 125000.00 20-Feb-97 01-Apr-97 01-Mar-12 01-Apr-97
313388 180 360 0.00 45000.00 20-Feb-97 15-Mar-97 15-Feb-12 15-Mar-97
313397 180 180 0.00 35000.00 20-Feb-97 01-Apr-97 01-Mar-12 01-Apr-97
313402 180 180 0.00 42000.00 20-Feb-97 15-Mar-97 15-Feb-12 15-Mar-97
313468 240 240 0.00 101500.00 24-Feb-97 01-Apr-97 01-Mar-17 01-Apr-97
313505 180 360 74800.00 74800.00 25-Feb-97 01-Apr-97 01-Mar-12 01-Apr-97
313169 360 360 0.00 99000.00 08-Feb-97 01-Apr-97 01-Mar-27 01-Apr-97
313543 180 360 0.00 85000.00 28-Feb-97 01-Apr-97 01-Mar-12 01-Apr-97
313575 360 360 0.00 90000.00 28-Feb-97 01-Apr-97 01-Mar-27 01-Apr-97
313605 180 360 158278.00 158278.00 07-Mar-97 01-Apr-97 01-Mar-12 01-Apr-97
313628 180 180 0.00 70000.00 05-Mar-97 01-May-97 01-Apr-12 01-May-97
313647 360 360 0.00 70000.00 06-Mar-97 01-May-97 01-Apr-27 01-May-97
313686 180 180 0.00 81000.00 07-Mar-97 15-Apr-97 15-Mar-12 15-Apr-97
313719 360 360 0.00 125000.00 11-Mar-97 15-May-97 15-Apr-27 15-May-97
<CAPTION>
NEXT PMT
LOAN NO AS OF 03/01 PROPTYPE UNITS OCCUP LIEN LIEN BAL PURPOSE
- ----------- ----------- ----------------- ------------- --------------- ----- ------------- -----------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
313328 01-Apr-97 1 1 1 18 0 3
313335 01-Apr-97 1 1 1 18 0 4
313342 15-Mar-97 1 1 1 18 0 3
313343 15-Mar-97 1 1 1 18 0 4
313344 15-Mar-97 1 1 1 18 0 4
313346 15-Mar-97 1 1 1 18 0 3
313352 01-Apr-97 1 1 1 18 0 2
313353 01-Apr-97 8 1 1 18 0 3
313355 15-Apr-97 1 1 1 18 0 3
313366 01-Apr-97 1 1 1 18 0 3
313375 15-Mar-97 8 1 1 18 0 4
313376 15-Mar-97 1 1 1 18 0 3
313377 01-Apr-97 1 1 1 18 0 4
313382 15-Apr-97 1 1 3 18 0 1
313383 01-Apr-97 1 1 1 38 57743 4
313388 15-Mar-97 1 1 1 18 0 3
313397 01-Apr-97 1 1 1 18 0 4
313402 15-Mar-97 1 1 1 18 0 3
313468 01-Apr-97 1 1 3 18 0 3
313505 01-Apr-97 1 1 1 18 0 1
313169 01-Apr-97 1 1 1 18 0 3
313543 01-Apr-97 1 1 1 18 0 2
313575 01-Apr-97 1 1 1 18 0 2
313605 01-Apr-97 1 1 1 18 0 1
313628 01-May-97 1 1 1 18 0 3
313647 01-May-97 1 1 1 18 0 4
313686 15-Apr-97 1 1 1 18 0 4
313719 15-May-97 1 1 1 18 0 3
<CAPTION>
BNK RUP NEXT INT PERIODIC LIFE
LOAN NO GRADE DISCHARGE SECT 32 MARGIN INDEX CHANGE CAP CAP
- ----------- ----------- ------------ ------------- ------------- --------- ----------- --------------- -----
313328 B -- F 7.75 6MOLIB 01-Sep-97 1.5 7
313335 A -- F 6.74 6MOLIB 01-Sep-97 1.5 7
313342 B 04-Apr-91 F 0 -- 0 0
313343 A -- F 0 -- 0 0
313344 B 20-Nov-95 F 0 -- 0 0
313346 A -- F 0 -- 0 0
313352 B -- F 0 -- 0 0
313353 A -- F 0 -- 0 0
313355 A -- F 6 6MOLIB 15-Sep-97 1.5 7
313366 B -- F 0 -- 0 0
313375 A -- F 0 -- 0 0
313376 B 12-Mar-91 F 0 -- 0 0
313377 A -- F 0 -- 0 0
313382 A -- F 6.95 6MOLIB 15-Sep-97 1.5 7
313383 A -- F 0 -- 0 0
313388 C -- F 0 -- 0 0
313397 A -- F 0 -- 0 0
313402 B -- F 0 -- 0 0
313468 B -- F 0 -- 0 0
313505 A+ -- F 0 -- 0 0
313169 B -- F 6.65 6MOLIB 01-Sep-99 1.5 7
313543 B -- F 0 -- 0 0
313575 A 26-May-94 F 0 -- 0 0
313605 A+ -- F 0 -- 0 0
313628 A -- F 0 -- 0 0
313647 B -- F 0 -- 0 0
313686 A 12-Jul-94 F 0 -- 0 0
313719 A -- F 0 -- 0 0
53
</TABLE>
<PAGE>
EQUIVANTAGE--1997-1 LOAN LIST
<TABLE>
<CAPTION>
PRE PMT
LOAN NO FLOOR CEILING PEN DOC LEVEL
- ----------- --------------- ------------- --------------- -------------------
<S> <C> <C> <C> <C>
313328 11.25 17.25 P F
313335 10.49 16.49 P F
313342 0 0 F
313343 0 0 F
313344 0 0 F
313346 0 0 F
313352 0 0 P F
313353 0 0 F
313355 9.5 15.5 F
313366 0 0 P F
313375 0 0 F
313376 0 0 F
313377 0 0 P F
313382 10.7 16.7 P F
313383 0 0 F
313388 0 0 F
313397 0 0 F
313402 0 0 F
313468 0 0 P F
313505 0 0 P F
313169 9.65 16.65 P F
313543 0 0 P F
313575 0 0 P F
313605 0 0 P F
313628 0 0 F
313647 0 0 P F
313686 0 0 P F
313719 0 0 P F
54
</TABLE>
<PAGE>
EXHIBIT A-1
FORM OF
EQUIVANTAGE HOME EQUITY LOAN TRUST 1997-1
HOME EQUITY LOAN ASSET-BACKED CERTIFICATE
CLASS A-1 FIXED RATE CERTIFICATES
(6.650% Class A-1 Certificate)
Representing Certain Interests Relating to a Pool of
Mortgage Loans in the EquiVantage Home Equity Loan Trust 1997-1
formed by EquiVantage Acceptance Corp., as Sponsor, and Serviced by
EQUIVANTAGE INC.
Unless this certificate is presented by an authorized representative of
The Depository Trust Company, a New York corporation ("DTC"), to Issuer or its
agent for registration of transfer, exchange, or payment, and any certificate
issued is registered in the name of Cede & Co. or in such other name as is
requested by an authorized representative of DTC (and any payment is made to
Cede & Co. or to such other entity as is requested by an authorized
representative of DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE OR
OTHERWISE BY OR TO ANY PERSON IS WRONGFUL inasmuch as the registered owner
hereof, Cede & Co., has an interest herein.
(This certificate does not represent an interest in, or an obligation of,
nor are the underlying Mortgage Loans insured or guaranteed by, EquiVantage
Acceptance Corp., EquiVantage Inc., any Originator or any of their subsidiaries
and affiliates. This certificate represents a fractional ownership interest in
Class A-1 described herein, moneys in certain Accounts created pursuant to the
Pooling and Servicing Agreement and certain other rights relating thereto and is
payable only from amounts received by the Trustee (i) relating to the Mortgage
Loans held by the Trust, (ii) moneys held in such Accounts and (iii) pursuant to
the Certificate Insurance Policy.)
No.: A-1-1 March 27, 1997 29476Y AQ 2
-------------------- -----------
Date CUSIP
$29,400,000 February 25, 2012
- ------------------------- ----------------------------
Original Principal Amount Final Scheduled Payment Date
CEDE & CO.
----------------
Registered Owner
A-1-1
<PAGE>
The registered Owner named above is the registered Owner of a fractional
interest in (i) a pool of fixed rate and adjustable rate, closed-end mortgage
loans (the "Mortgage Loans") which will be formed by EquiVantage Acceptance
Corp. ("EquiVantage" or the "Sponsor"), a Delaware corporation, and sold by the
Sponsor to Norwest Bank Minnesota, National Association, a national banking
association, as trustee (the "Trustee") on behalf of EquiVantage Home Equity
Loan Trust 1997-1 (the "Trust") pursuant to that certain Pooling and Servicing
Agreement dated as of March 1, 1997 (the "Pooling and Servicing Agreement") by
and among the Sponsor, the Trustee and EquiVantage Inc., as Servicer (the
"Servicer"), (ii) such amounts, including Eligible Investments and the proceeds
of payments under the Certificate Insurance Policy, as from time to time may be
held in the related Accounts (except as otherwise provided in the Pooling and
Servicing Agreement), each created pursuant to the Pooling and Servicing
Agreement, (iii) any Mortgaged Property, the ownership of which has been
effected in the name of the Servicer on behalf of the Trust as a result of
foreclosure or acceptance by the Servicer of a deed in lieu of foreclosure and
that has not been withdrawn from the Trust Estate, (iv) any Insurance Policies
and any rights of the Sponsor in any Insurance Policies and (v) Net Liquidation
Proceeds.
The Original Principal Amount set forth above is equal to the product of
(i) the Percentage Interest represented by this Certificate and (ii) the
aggregate original principal amount of the Class A-1 Certificates on March 27,
1997 (the "Startup Date"), which aggregate amount as of March 27, 1997 was
$29,400,000 (the "Original Principal Amount"). The Owner hereof is entitled to
principal payments on each Payment Date, as hereinafter described, which will
fully amortize such Original Principal Amount over the period from the date of
initial delivery hereof to the final Payment Date of the Class A-1 Certificates.
Therefore, the actual outstanding principal amount of this Certificate, on any
date subsequent to April 25, 1997 (the first Payment Date) will be less than the
Original Principal Amount set forth above.
Upon receiving the final distribution hereon, the Owner hereof is required
to send this Certificate to the Trustee. The Pooling and Servicing Agreement
provides that, in any event, upon the making of the final distribution due on
this Certificate, this Certificate shall be deemed canceled for all purposes
under the Pooling and Servicing Agreement.
SOLELY FOR FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE REPRESENTS AN
INTEREST IN A CLASS OF "REGULAR INTERESTS" IN A "REAL ESTATE MORTGAGE INVESTMENT
CONDUIT" ("REMIC") AS THOSE TERMS ARE DEFINED, RESPECTIVELY, IN SECTION 860G AND
860D OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE "CODE"), ASSUMING
COMPLIANCE WITH THE REMIC PROVISIONS OF THE CODE.
THIS CERTIFICATE IS A PASS-THROUGH CERTIFICATE ONLY AND, NOTWITHSTANDING
REFERENCES HEREIN TO PRINCIPAL AND INTEREST, NO DEBT OF ANY PERSON IS
REPRESENTED HEREBY.
A-1-2
<PAGE>
NEITHER THIS CERTIFICATE NOR THE UNDERLYING MORTGAGE LOANS ARE INSURED OR
GUARANTEED BY THE FEDERAL DEPOSIT INSURANCE CORPORATION, THE GOVERNMENT NATIONAL
MORTGAGE ASSOCIATION OR ANY OTHER GOVERNMENTAL AGENCY.
This Certificate is one of a Class of duly-authorized Certificates
designated as EquiVantage Home Equity Loan Trust 1997-1, Home Equity Loan
Asset-Backed Certificates, Class A-1 Fixed Rate Certificates (the "Class A-1
Certificates") and issued under and subject to the terms, provisions and
conditions of the Pooling and Servicing Agreement, to which Pooling and
Servicing Agreement the Owner of this Certificate by virtue of acceptance hereof
assents and by which such Owner is bound. Also issued under the Pooling and
Servicing Agreement are the Class A-2 Certificates, Class A-3 Certificates,
Class A-4 Certificates, Class A-5 Certificates, Class B Certificates and the
Residual Certificates; all such Certificates are collectively referred to herein
as the "Certificates."
Terms capitalized herein and not otherwise defined herein shall have the
respective meanings set forth in the Pooling and Servicing Agreement.
On the 25th day of each month or, if such day is not a Business Day, then
the next succeeding Business Day (each such day being a "Payment Date")
commencing April 25, 1997, the Owners of the Class A-1 Certificates as of the
close of business on the last business day of the calendar month immediately
preceding the calendar month in which such Payment Date occurs (or, with respect
to the first Payment Date, the close of business on March 27, 1997) (the "Record
Date") will be entitled to receive the Class A-1 Distribution Amount relating to
such Payment Date. Distributions will be made in immediately available funds to
such Owners, by wire transfer or otherwise, to the account of an Owner at a
domestic bank or other entity having appropriate facilities therefor, if such
Owner has so notified the Trustee at least five business days prior to the
related record date, or by check mailed to the address of the person entitled
thereto as it appears on the Register.
Each Owner of Record of a Class A-1 Certificate will be entitled to
receive such Owner's Percentage Interest in the amounts distributed on such
Payment Date to the Owners of the Class A-1 Certificates. The Percentage
Interest of each Class A-1 Certificate as of any date of determination will be
equal to the percentage obtained by dividing the Original Principal Amount set
forth on such Class A-1 Certificate by $29,400,000.
Pursuant to the Certificate Insurance Policy, the Certificate Insurer is
required, to the extent of any insufficiency in Available Funds, to make Insured
Payments available to the Trustee necessary to distribute the amount of the
Insured Distribution Amount payable with respect to the Class A-1 Certificates
on each Payment Date.
Upon receipt of amounts under the Certificate Insurance Policy on behalf
of the Owners of the Class A-1 Certificates, the Trustee shall distribute in
accordance with the Pooling and Servicing
A-1-3
<PAGE>
Agreement to the Owners of the Class A-1 Certificates any portion thereof
to which such Owners may be entitled.
The Trustee is required to duly and punctually pay distributions with
respect to this Certificate in accordance with the terms hereof and the Pooling
and Servicing Agreement. Amounts properly withheld under the Code or applicable
to any Owner shall be considered as having been paid by the Trustee to such
Owner for all purposes of the Pooling and Servicing Agreement.
The Mortgage Loans will be serviced by the Servicer pursuant to the
Pooling and Servicing Agreement. The Pooling and Servicing Agreement permits the
Servicer to enter into Sub-Servicing Agreements with certain institutions
eligible for appointment as Sub-Servicers for the servicing and administration
of certain Mortgage Loans. No appointment of any Sub-Servicer shall release the
Servicer from any of its obligations under the Pooling and Servicing Agreement.
This Certificate does not represent a deposit or other obligation of, or
an interest in, nor are the underlying Mortgage Loans insured or guaranteed by,
EquiVantage Acceptance Corp., EquiVantage Inc., any Originator or any of their
subsidiaries and affiliates. Neither this Certificate nor the underlying
Mortgage Loans are insured or guaranteed by the Federal Deposit Insurance
Corporation, the Government National Mortgage Association or any other
governmental agency. This Certificate is limited in right of payment to certain
collections and recoveries and amounts on deposit in the Accounts (except as
otherwise provided in the Pooling and Servicing Agreement) and payments received
by the Trustee pursuant to the Certificate Insurance Policy, all as more
specifically set forth hereinabove and in the Pooling and Servicing Agreement.
No Owner shall have any right to institute any proceeding, judicial or
otherwise, with respect to the Pooling and Servicing Agreement, or for the
appointment of a receiver or trustee, or for any other remedy under the Pooling
and Servicing Agreement except in compliance with the terms hereof.
Notwithstanding any other provisions in the Pooling and Servicing
Agreement, the Owner of any Certificate shall have the right which is absolute
and unconditional to receive distributions to the extent provided in the Pooling
and Servicing Agreement with respect to such Certificate or to institute suit
for the enforcement of any such distribution, and such right shall not be
impaired without the consent of such Owner.
The Pooling and Servicing Agreement additionally provides that (i) the
Owners of the Class RL Certificates or, if such Owners decline to exercise, the
Servicer or, if the Servicer declines to exercise, the Certificate Insurer, may,
at their respective options, purchase from the Trust all (but not fewer than
all) remaining Mortgage Loans and other property then constituting the Trust
Estate, and thereby effect early retirement of the Class A-1 Certificates, on
any Remittance Date when the aggregate outstanding Loan Balances of the Mortgage
Loans in the Trust Estate is 10% or less of the sum of the original aggregate
Loan Balance of the Mortgage Loans in the Trust Estate as of the Cut-Off Date
and (ii) under certain circumstances relating to the qualification of the
Lower-Tier
A-1-4
<PAGE>
REMIC or Upper-Tier REMIC as a REMIC under the Code, the Mortgage Loans may be
sold, thereby affecting the early retirement of the Class A-1 Certificates.
The Trustee shall give written notice of termination of the Pooling and
Servicing Agreement to each Owner in the manner set forth therein.
The Owners of a majority of the Percentage Interests represented by the
Class A-1 Certificates, upon compliance with the requirements set forth in the
Pooling and Servicing Agreement, have the right, with the consent of the
Certificate Insurer, to exercise any trust or power set forth in the Pooling and
Servicing Agreement with respect to the Certificates or the Trust Estate.
As provided in the Pooling and Servicing Agreement and subject to certain
limitations therein set forth and referred to on the face hereof, the transfer
of this Certificate is registrable in the Register upon surrender of this
Certificate for registration of transfer at the office designated as the
location of the Register, and thereupon one or more new Certificates of like
Class, tenor and a like Percentage Interest will be issued to the designated
transferee or transferees.
The Trustee is required to furnish certain information on each Payment
Date to the Owner of this Certificate, as more fully described in the Pooling
and Servicing Agreement.
The Class A-1 Certificates are issuable only as registered Certificates in
denominations of $1,000 original principal amount and integral multiples of
$1,000. As provided in the Pooling and Servicing Agreement and subject to
certain limitations therein set forth, Class A-1 Certificates are exchangeable
for new Class A-1 Certificates of authorized denominations evidencing the same
aggregate principal amount.
The Trustee and any agent of the Trustee may treat the Person in whose
name this Certificate is registered as the owner hereof for all purposes, and
neither the Trustee or any such agent shall be affected by notice to the
contrary.
A-1-5
<PAGE>
IN WITNESS WHEREOF, the Trustee has caused this Certificate to be duly
executed on behalf of the Trust.
EQUIVANTAGE HOME EQUITY
LOAN TRUST 1997-1
By: NORWEST BANK MINNESOTA,
NATIONAL ASSOCIATION, as Trustee
By:
------------------------------------
Name:
Title:
Trustee Authentication
NORWEST BANK MINNESOTA,
NATIONAL ASSOCIATION, as Trustee
By:
------------------------------------
Name:
Title:
Dated: March 27, 1997
A-1-6
<PAGE>
EXHIBIT A-2
FORM OF
EQUIVANTAGE HOME EQUITY LOAN TRUST 1997-1
HOME EQUITY LOAN ASSET-BACKED CERTIFICATE
CLASS A-2 FIXED RATE CERTIFICATES
(6.975% Class A-2 Certificate)
Representing Certain Interests Relating to a Pool of
Mortgage Loans in the EquiVantage Home Equity Loan Trust 1997-1
formed by EquiVantage Acceptance Corp., as Sponsor, and Serviced by
EQUIVANTAGE INC.
Unless this certificate is presented by an authorized representative of
The Depository Trust Company, a New York corporation ("DTC"), to Issuer or its
agent for registration of transfer, exchange, or payment, and any certificate
issued is registered in the name of Cede & Co. or in such other name as is
requested by an authorized representative of DTC (and any payment is made to
Cede & Co. or to such other entity as is requested by an authorized
representative of DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE OR
OTHERWISE BY OR TO ANY PERSON IS WRONGFUL inasmuch as the registered owner
hereof, Cede & Co., has an interest herein.
(This certificate does not represent an interest in, or an obligation of,
nor are the underlying Mortgage Loans insured or guaranteed by, EquiVantage
Acceptance Corp., EquiVantage Inc., any Originator or any of their subsidiaries
and affiliates. This certificate represents a fractional ownership interest in
Class A-2 described herein, moneys in certain Accounts created pursuant to the
Pooling and Servicing Agreement and certain other rights relating thereto and is
payable only from amounts received by the Trustee (i) relating to the Mortgage
Loans held by the Trust, (ii) moneys held in such Accounts and (iii) pursuant to
the Certificate Insurance Policy.)
No.: A-2-1 March 27, 1997 29476Y AR O
-------------------- -----------
Date CUSIP
$19,900,000 August 25, 2018
- ------------------------- ----------------------------
Original Principal Amount Final Scheduled Payment Date
CEDE & CO.
----------------
Registered Owner
A-2-1
<PAGE>
The registered Owner named above is the registered Owner of a fractional
interest in (i) a pool of fixed rate and adjustable rate, closed-end mortgage
loans (the "Mortgage Loans") which will be formed by EquiVantage Acceptance
Corp. ("EquiVantage" or the "Sponsor"), a Delaware corporation, and sold by the
Sponsor to Norwest Bank Minnesota, National Association, a national banking
association, as trustee (the "Trustee") on behalf of EquiVantage Home Equity
Loan Trust 1997-1 (the "Trust") pursuant to that certain Pooling and Servicing
Agreement dated as of March 1, 1997 (the "Pooling and Servicing Agreement") by
and among the Sponsor, the Trustee and EquiVantage Inc., as Servicer (the
"Servicer"), (ii) such amounts, including Eligible Investments and the proceeds
of payments under the Certificate Insurance Policy, as from time to time may be
held in the related Accounts (except as otherwise provided in the Pooling and
Servicing Agreement), each created pursuant to the Pooling and Servicing
Agreement, (iii) any Mortgaged Property, the ownership of which has been
effected in the name of the Servicer on behalf of the Trust as a result of
foreclosure or acceptance by the Servicer of a deed in lieu of foreclosure and
that has not been withdrawn from the Trust Estate, (iv) any Insurance Policies
and any rights of the Sponsor in any Insurance Policies and (v) Net Liquidation
Proceeds.
The Original Principal Amount set forth above is equal to the product of
(i) the Percentage Interest represented by this Certificate and (ii) the
aggregate original principal amount of the Class A-2 Certificates on March 27,
1997 (the "Startup Date"), which aggregate amount as of March 27, 1997 was
$19,900,000 (the "Original Principal Amount"). The Owner hereof is entitled to
principal payments on each Payment Date, as hereinafter described, which will
fully amortize such Original Principal Amount over the period from the date of
initial delivery hereof to the final Payment Date of the Class A-2 Certificates.
Therefore, the actual outstanding principal amount of this Certificate, on any
date subsequent to April 25, 1997 (the first Payment Date) will be less than the
Original Principal Amount set forth above.
Upon receiving the final distribution hereon, the Owner hereof is required
to send this Certificate to the Trustee. The Pooling and Servicing Agreement
provides that, in any event, upon the making of the final distribution due on
this Certificate, this Certificate shall be deemed cancelled for all purposes
under the Pooling and Servicing Agreement.
SOLELY FOR FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE REPRESENTS AN
INTEREST IN A CLASS OF "REGULAR INTERESTS" IN A "REAL ESTATE MORTGAGE INVESTMENT
CONDUIT" ("REMIC") AS THOSE TERMS ARE DEFINED, RESPECTIVELY, IN SECTION 860G AND
860D OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE "CODE"), ASSUMING
COMPLIANCE WITH THE REMIC PROVISIONS OF THE CODE.
THIS CERTIFICATE IS A PASS-THROUGH CERTIFICATE ONLY AND, NOTWITHSTANDING
REFERENCES HEREIN TO PRINCIPAL AND INTEREST, NO DEBT OF ANY PERSON IS
REPRESENTED HEREBY.
A-2-2
<PAGE>
NEITHER THIS CERTIFICATE NOR THE UNDERLYING MORTGAGE LOANS ARE
INSURED OR GUARANTEED BY THE FEDERAL DEPOSIT INSURANCE CORPORATION,
THE GOVERNMENT NATIONAL MORTGAGE ASSOCIATION OR ANY OTHER
GOVERNMENTAL AGENCY.
This Certificate is one of a Class of duly-authorized Certificates
designated as EquiVantage Home Equity Loan Trust 1997-1, Home Equity Loan
Asset-Backed Certificates, Class A-2 Fixed Rate Certificates (the "Class A-2
Certificates") and issued under and subject to the terms, provisions and
conditions of the Pooling and Servicing Agreement, to which Pooling and
Servicing Agreement the Owner of this Certificate by virtue of acceptance hereof
assents and by which such Owner is bound. Also issued under the Pooling and
Servicing Agreement are the Class A-1 Certificates, Class A-3 Certificates,
Class A-4 Certificates, Class A-5 Certificates, Class B Certificates and the
Residual Certificates; all such Certificates are collectively referred to herein
as the "Certificates."
Terms capitalized herein and not otherwise defined herein shall have the
respective meanings set forth in the Pooling and Servicing Agreement.
On the 25th day of each month or, if such day is not a Business Day, then
the next succeeding Business Day (each such day being a "Payment Date")
commencing April 25, 1997, the Owners of the Class A-2 Certificates as of the
close of business on the last business day of the calendar month immediately
preceding the calendar month in which such Payment Date occurs (or, with respect
to the first Payment Date, the close of business on March 27, 1997) (the "Record
Date") will be entitled to receive the Class A-2 Distribution Amount relating to
such Payment Date. Distributions will be made in immediately available funds to
such Owners, by wire transfer or otherwise, to the account of an Owner at a
domestic bank or other entity having appropriate facilities therefor, if such
Owner has so notified the Trustee at least five business days prior to the
related record date, or by check mailed to the address of the person entitled
thereto as it appears on the Register.
Each Owner of Record of a Class A-2 Certificate will be entitled to
receive such Owner's Percentage Interest in the amounts distributed on such
Payment Date to the Owners of the Class A-2 Certificates. The Percentage
Interest of each Class A-2 Certificate as of any date of determination will be
equal to the percentage obtained by dividing the Original Principal Amount set
forth on such Class A-2 Certificate by $19,900,000.
Pursuant to the Certificate Insurance Policy, the Certificate Insurer is
required, to the extent of any insufficiency in Available Funds, to make Insured
Payments available to the Trustee necessary to distribute the amount of the
Insured Distribution Amount payable with respect to the Class A-2 Certificates
on each Payment Date.
Upon receipt of amounts under the Certificate Insurance Policy on behalf
of the Owners of the Class A-2 Certificates, the Trustee shall distribute in
accordance with the Pooling and Servicing
A-2-3
<PAGE>
Agreement to the Owners of the Class A-2 Certificates any portion thereof to
which such Owners may be entitled.
The Trustee is required to duly and punctually pay distributions with
respect to this Certificate in accordance with the terms hereof and the Pooling
and Servicing Agreement. Amounts properly withheld under the Code or applicable
to any Owner shall be considered as having been paid by the Trustee to such
Owner for all purposes of the Pooling and Servicing Agreement.
The Mortgage Loans will be serviced by the Servicer pursuant to the
Pooling and Servicing Agreement. The Pooling and Servicing Agreement permits the
Servicer to enter into Sub-Servicing Agreements with certain institutions
eligible for appointment as Sub-Servicers for the servicing and administration
of certain Mortgage Loans. No appointment of any Sub-Servicer shall release the
Servicer from any of its obligations under the Pooling and Servicing Agreement.
This Certificate does not represent a deposit or other obligation of, or
an interest in, nor are the underlying Mortgage Loans insured or guaranteed by,
EquiVantage Acceptance Corp., EquiVantage Inc., any Originator or any of their
subsidiaries and affiliates. Neither this Certificate nor the underlying
Mortgage Loans are insured or guaranteed by the Federal Deposit Insurance
Corporation, the Government National Mortgage Association or any other
governmental agency. This Certificate is limited in right of payment to certain
collections and recoveries and amounts on deposit in the Accounts (except as
otherwise provided in the Pooling and Servicing Agreement) and payments received
by the Trustee pursuant to the Certificate Insurance Policy, all as more
specifically set forth hereinabove and in the Pooling and Servicing Agreement.
No Owner shall have any right to institute any proceeding, judicial or
otherwise, with respect to the Pooling and Servicing Agreement, or for the
appointment of a receiver or trustee, or for any other remedy under the Pooling
and Servicing Agreement except in compliance with the terms hereof.
Notwithstanding any other provisions in the Pooling and Servicing
Agreement, the Owner of any Certificate shall have the right which is absolute
and unconditional to receive distributions to the extent provided in the Pooling
and Servicing Agreement with respect to such Certificate or to institute suit
for the enforcement of any such distribution, and such right shall not be
impaired without the consent of such Owner.
The Pooling and Servicing Agreement additionally provides that (i) the
Owners of the Class RL Certificates or, if such Owners decline to exercise, the
Servicer or, if the Servicer declines to exercise, the Certificate Insurer, may,
at their respective options, purchase from the Trust all (but not fewer than
all) remaining Mortgage Loans and other property then constituting the Trust
Estate, and thereby effect early retirement of the Class A-2 Certificates, on
any Remittance Date when the aggregate outstanding Loan Balances of the Mortgage
Loans in the Trust Estate is 10% or less of the sum of the original aggregate
Loan Balance of the Mortgage Loans in the Trust Estate as of the Cut-Off Date
and (ii) under certain circumstances relating to the qualification of the
Lower-Tier
A-2-4
<PAGE>
REMIC or Upper-Tier REMIC as a REMIC under the Code, the Mortgage Loans may be
sold, thereby affecting the early retirement of the Class A-2 Certificates.
The Trustee shall give written notice of termination of the Pooling and
Servicing Agreement to each Owner in the manner set forth therein.
The Owners of a majority of the Percentage Interests represented by the
Class A-2 Certificates, upon compliance with the requirements set forth in the
Pooling and Servicing Agreement, have the right, with the consent of the
Certificate Insurer, to exercise any trust or power set forth in the Pooling and
Servicing Agreement with respect to the Certificates or the Trust Estate.
As provided in the Pooling and Servicing Agreement and subject to certain
limitations therein set forth and referred to on the face hereof, the transfer
of this Certificate is registrable in the Register upon surrender of this
Certificate for registration of transfer at the office designated as the
location of the Register, and thereupon one or more new Certificates of like
Class, tenor and a like Percentage Interest will be issued to the designated
transferee or transferees.
The Trustee is required to furnish certain information on each Payment
Date to the Owner of this Certificate, as more fully described in the Pooling
and Servicing Agreement.
The Class A-2 Certificates are issuable only as registered Certificates in
denominations of $1,000 original principal amount and integral multiples of
$1,000. As provided in the Pooling and Servicing Agreement and subject to
certain limitations therein set forth, Class A-2 Certificates are exchangeable
for new Class A-2 Certificates of authorized denominations evidencing the same
aggregate principal amount.
The Trustee and any agent of the Trustee may treat the Person in whose
name this Certificate is registered as the owner hereof for all purposes, and
neither the Trustee or any such agent shall be affected by notice to the
contrary.
A-2-5
<PAGE>
IN WITNESS WHEREOF, the Trustee has caused this Certificate to be duly
executed on behalf of the Trust.
EQUIVANTAGE HOME EQUITY
LOAN TRUST 1997-1
By: NORWEST BANK MINNESOTA,
NATIONAL ASSOCIATION, as Trustee
By:
------------------------------------
Name:
Title:
Trustee Authentication
NORWEST BANK MINNESOTA,
NATIONAL ASSOCIATION, as Trustee
By:
------------------------------------
Name:
Title:
Dated: March 27, 1997
A-2-6
<PAGE>
EXHIBIT A-3
FORM OF
EQUIVANTAGE HOME EQUITY LOAN TRUST 1997-1
HOME EQUITY LOAN ASSET-BACKED CERTIFICATE
CLASS A-3 FIXED RATE CERTIFICATES
(7.550% Class A-3 Certificate)
Representing Certain Interests Relating to a Pool of
Mortgage Loans in the EquiVantage Home Equity Loan Trust 1997-1
formed by EquiVantage Acceptance Corp., as Sponsor, and Serviced by
EQUIVANTAGE INC.
Unless this certificate is presented by an authorized representative of
The Depository Trust Company, a New York corporation ("DTC"), to Issuer or its
agent for registration of transfer, exchange, or payment, and any certificate
issued is registered in the name of Cede & Co. or in such other name as is
requested by an authorized representative of DTC (and any payment is made to
Cede & Co. or to such other entity as is requested by an authorized
representative of DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE OR
OTHERWISE BY OR TO ANY PERSON IS WRONGFUL inasmuch as the registered owner
hereof, Cede & Co., has an interest herein.
(This certificate does not represent an interest in, or an obligation of,
nor are the underlying Mortgage Loans insured or guaranteed by, EquiVantage
Acceptance Corp., EquiVantage Inc., any Originator or any of their subsidiaries
and affiliates. This certificate represents a fractional ownership interest in
Class A-3 described herein, moneys in certain Accounts created pursuant to the
Pooling and Servicing Agreement and certain other rights relating thereto and is
payable only from amounts received by the Trustee (i) relating to the Mortgage
Loans held by the Trust, (ii) moneys held in such Accounts and (iii) pursuant to
the Certificate Insurance Policy.)
No.: A-3-1 March 27, 1997 29476Y AS 8
------------------------ -----------
Date CUSIP
$13,700,000 March 25, 2028
- ------------------------- ----------------------------
Original Principal Amount Final Scheduled Payment Date
CEDE & CO.
----------------
Registered Owner
A-3-1
<PAGE>
The registered Owner named above is the registered Owner of a fractional
interest in (i) a pool of fixed rate and adjustable rate, closed-end mortgage
loans (the "Mortgage Loans") which will be formed by EquiVantage Acceptance
Corp. ("EquiVantage" or the "Sponsor"), a Delaware corporation, and sold by the
Sponsor to Norwest Bank Minnesota, National Association, a national banking
association, as trustee (the "Trustee") on behalf of EquiVantage Home Equity
Loan Trust 1997-1 (the "Trust") pursuant to that certain Pooling and Servicing
Agreement dated as of March 1, 1997 (the "Pooling and Servicing Agreement") by
and among the Sponsor, the Trustee and EquiVantage Inc., as Servicer (the
"Servicer"), (ii) such amounts, including Eligible Investments and the proceeds
of payments under the Certificate Insurance Policy, as from time to time may be
held in the related Accounts (except as otherwise provided in the Pooling and
Servicing Agreement), each created pursuant to the Pooling and Servicing
Agreement, (iii) any Mortgaged Property, the ownership of which has been
effected in the name of the Servicer on behalf of the Trust as a result of
foreclosure or acceptance by the Servicer of a deed in lieu of foreclosure and
that has not been withdrawn from the Trust Estate, (iv) any Insurance Policies
and any rights of the Sponsor in any Insurance Policies and (v) Net Liquidation
Proceeds.
The Original Principal Amount set forth above is equal to the product of
(i) the Percentage Interest represented by this Certificate and (ii) the
aggregate original principal amount of the Class A-3 Certificates on March 27,
1997 (the "Startup Date"), which aggregate amount as of March 27, 1997 was
$13,700,000 (the "Original Principal Amount"). The Owner hereof is entitled to
principal payments on each Payment Date, as hereinafter described, which will
fully amortize such Original Principal Amount over the period from the date of
initial delivery hereof to the final Payment Date of the Class A-3 Certificates.
Therefore, the actual outstanding principal amount of this Certificate, on any
date subsequent to April 25, 1997 (the first Payment Date) will be less than the
Original Principal Amount set forth above.
Upon receiving the final distribution hereon, the Owner hereof is required
to send this Certificate to the Trustee. The Pooling and Servicing Agreement
provides that, in any event, upon the making of the final distribution due on
this Certificate, this Certificate shall be deemed cancelled for all purposes
under the Pooling and Servicing Agreement.
SOLELY FOR FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE REPRESENTS AN
INTEREST IN A CLASS OF "REGULAR INTERESTS" IN A "REAL ESTATE MORTGAGE INVESTMENT
CONDUIT" ("REMIC") AS THOSE TERMS ARE DEFINED, RESPECTIVELY, IN SECTION 860G AND
860D OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE "CODE"), ASSUMING
COMPLIANCE WITH THE REMIC PROVISIONS OF THE CODE.
THIS CERTIFICATE IS A PASS-THROUGH CERTIFICATE ONLY AND, NOTWITHSTANDING
REFERENCES HEREIN TO PRINCIPAL AND INTEREST, NO DEBT OF ANY PERSON IS
REPRESENTED HEREBY.
A-3-2
<PAGE>
NEITHER THIS CERTIFICATE NOR THE UNDERLYING MORTGAGE LOANS ARE INSURED OR
GUARANTEED BY THE FEDERAL DEPOSIT INSURANCE CORPORATION, THE GOVERNMENT NATIONAL
MORTGAGE ASSOCIATION OR ANY OTHER GOVERNMENTAL AGENCY.
This Certificate is one of a Class of duly-authorized Certificates
designated as EquiVantage Home Equity Loan Trust 1997-1, Home Equity Loan
Asset-Backed Certificates, Class A-3 Fixed Rate Certificates (the "Class A-3
Certificates") and issued under and subject to the terms, provisions and
conditions of the Pooling and Servicing Agreement, to which Pooling and
Servicing Agreement the Owner of this Certificate by virtue of acceptance hereof
assents and by which such Owner is bound. Also issued under the Pooling and
Servicing Agreement are the Class A-1 Certificates, Class A-2 Certificates,
Class A-4 Certificates, Class A-5 Certificates, Class B Certificates and the
Residual Certificates; all such Certificates are collectively referred to herein
as the "Certificates."
Terms capitalized herein and not otherwise defined herein shall have the
respective meanings set forth in the Pooling and Servicing Agreement.
On the 25th day of each month or, if such day is not a Business Day, then
the next succeeding Business Day (each such day being a "Payment Date")
commencing April 25, 1997, the Owners of the Class A-3 Certificates as of the
close of business on the last business day of the calendar month immediately
preceding the calendar month in which such Payment Date occurs (or, with respect
to the first Payment Date, the close of business on March 27, 1997) (the "Record
Date") will be entitled to receive the Class A-3 Distribution Amount relating to
such Payment Date. Distributions will be made in immediately available funds to
such Owners, by wire transfer or otherwise, to the account of an Owner at a
domestic bank or other entity having appropriate facilities therefor, if such
Owner has so notified the Trustee at least five business days prior to the
related record date, or by check mailed to the address of the person entitled
thereto as it appears on the Register.
Each Owner of Record of a Class A-3 Certificate will be entitled to
receive such Owner's Percentage Interest in the amounts distributed on such
Payment Date to the Owners of the Class A-3 Certificates. The Percentage
Interest of each Class A-3 Certificate as of any date of determination will be
equal to the percentage obtained by dividing the Original Principal Amount set
forth on such Class A-3 Certificate by $13,700,000.
Pursuant to the Certificate Insurance Policy, the Certificate Insurer is
required, to the extent of any insufficiency in Available Funds, to make Insured
Payments available to the Trustee necessary to distribute the amount of the
Insured Distribution Amount payable with respect to the Class A-3 Certificates
on each Payment Date.
Upon receipt of amounts under the Certificate Insurance Policy on behalf
of the Owners of the Class A-3 Certificates, the Trustee shall distribute in
accordance with the Pooling and Servicing
A-3-3
<PAGE>
Agreement to the Owners of the Class A-3 Certificates any portion thereof to
which such Owners may be entitled.
The Trustee is required to duly and punctually pay distributions with
respect to this Certificate in accordance with the terms hereof and the Pooling
and Servicing Agreement. Amounts properly withheld under the Code or applicable
to any Owner shall be considered as having been paid by the Trustee to such
Owner for all purposes of the Pooling and Servicing Agreement.
The Mortgage Loans will be serviced by the Servicer pursuant to the
Pooling and Servicing Agreement. The Pooling and Servicing Agreement permits the
Servicer to enter into Sub-Servicing Agreements with certain institutions
eligible for appointment as Sub-Servicers for the servicing and administration
of certain Mortgage Loans. No appointment of any Sub-Servicer shall release the
Servicer from any of its obligations under the Pooling and Servicing Agreement.
This Certificate does not represent a deposit or other obligation of, or
an interest in, nor are the underlying Mortgage Loans insured or guaranteed by,
EquiVantage Acceptance Corp., EquiVantage Inc., any Originator or any of their
subsidiaries and affiliates. Neither this Certificate nor the underlying
Mortgage Loans are insured or guaranteed by the Federal Deposit Insurance
Corporation, the Government National Mortgage Association or any other
governmental agency. This Certificate is limited in right of payment to certain
collections and recoveries and amounts on deposit in the Accounts (except as
otherwise provided in the Pooling and Servicing Agreement) and payments received
by the Trustee pursuant to the Certificate Insurance Policy, all as more
specifically set forth hereinabove and in the Pooling and Servicing Agreement.
No Owner shall have any right to institute any proceeding, judicial or
otherwise, with respect to the Pooling and Servicing Agreement, or for the
appointment of a receiver or trustee, or for any other remedy under the Pooling
and Servicing Agreement except in compliance with the terms hereof.
Notwithstanding any other provisions in the Pooling and Servicing
Agreement, the Owner of any Certificate shall have the right which is absolute
and unconditional to receive distributions to the extent provided in the Pooling
and Servicing Agreement with respect to such Certificate or to institute suit
for the enforcement of any such distribution, and such right shall not be
impaired without the consent of such Owner.
The Pooling and Servicing Agreement additionally provides that (i) the
Owners of the Class RL Certificates or, if such Owners decline to exercise, the
Servicer or, if the Servicer declines to exercise, the Certificate Insurer, may,
at their respective options, purchase from the Trust all (but not fewer than
all) remaining Mortgage Loans and other property then constituting the Trust
Estate, and thereby effect early retirement of the Class A-3 Certificates, on
any Remittance Date when the aggregate outstanding Loan Balances of the Mortgage
Loans in the Trust Estate is 10% or less of the sum of the original aggregate
Loan Balance of the Mortgage Loans in the Trust Estate as of the Cut-Off Date
and (ii) under certain circumstances relating to the qualification of the
Lower-Tier
A-3-4
<PAGE>
REMIC or Upper-Tier REMIC as a REMIC under the Code, the Mortgage Loans may be
sold, thereby affecting the early retirement of the Class A-3 Certificates.
The Trustee shall give written notice of termination of the Pooling and
Servicing Agreement to each Owner in the manner set forth therein.
The Owners of a majority of the Percentage Interests represented by the
Class A-3 Certificates, upon compliance with the requirements set forth in the
Pooling and Servicing Agreement, have the right, with the consent of the
Certificate Insurer, to exercise any trust or power set forth in the Pooling and
Servicing Agreement with respect to the Certificates or the Trust Estate.
As provided in the Pooling and Servicing Agreement and subject to certain
limitations therein set forth and referred to on the face hereof, the transfer
of this Certificate is registrable in the Register upon surrender of this
Certificate for registration of transfer at the office designated as the
location of the Register, and thereupon one or more new Certificates of like
Class, tenor and a like Percentage Interest will be issued to the designated
transferee or transferees.
The Trustee is required to furnish certain information on each Payment
Date to the Owner of this Certificate, as more fully described in the Pooling
and Servicing Agreement.
The Class A-3 Certificates are issuable only as registered Certificates in
denominations of $1,000 original principal amount and integral multiples of
$1,000. As provided in the Pooling and Servicing Agreement and subject to
certain limitations therein set forth, Class A-3 Certificates are exchangeable
for new Class A-3 Certificates of authorized denominations evidencing the same
aggregate principal amount.
The Trustee and any agent of the Trustee may treat the Person in whose
name this Certificate is registered as the owner hereof for all purposes, and
neither the Trustee or any such agent shall be affected by notice to the
contrary.
A-3-5
<PAGE>
IN WITNESS WHEREOF, the Trustee has caused this Certificate to be duly
executed on behalf of the Trust.
EQUIVANTAGE HOME EQUITY
LOAN TRUST 1997-1
By: NORWEST BANK MINNESOTA,
NATIONAL ASSOCIATION, as Trustee
By:
-------------------------------
Name:
Title:
Trustee Authentication
NORWEST BANK MINNESOTA,
NATIONAL ASSOCIATION, as Trustee
By:
--------------------------------
Name:
Title:
Dated: March 27, 1997
A-3-6
<PAGE>
EXHIBIT A-4
FORM OF
EQUIVANTAGE HOME EQUITY LOAN TRUST 1997-1
HOME EQUITY LOAN ASSET-BACKED CERTIFICATE
CLASS A-4 FIXED RATE CERTIFICATES
(7.275% Class A-4 Certificate)
Representing Certain Interests Relating to a Pool of
Mortgage Loans in the EquiVantage Home Equity Loan Trust 1997-1
formed by EquiVantage Acceptance Corp., as Sponsor, and Serviced by
EQUIVANTAGE INC.
Unless this certificate is presented by an authorized representative of
The Depository Trust Company, a New York corporation ("DTC"), to Issuer or its
agent for registration of transfer, exchange, or payment, and any certificate
issued is registered in the name of Cede & Co. or in such other name as is
requested by an authorized representative of DTC (and any payment is made to
Cede & Co. or to such other entity as is requested by an authorized
representative of DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE OR
OTHERWISE BY OR TO ANY PERSON IS WRONGFUL inasmuch as the registered owner
hereof, Cede & Co., has an interest herein.
(This certificate does not represent an interest in, or an obligation of,
nor are the underlying Mortgage Loans insured or guaranteed by, EquiVantage
Acceptance Corp., EquiVantage Inc., any Originator or any of their subsidiaries
and affiliates. This certificate represents a fractional ownership interest in
Class A-4 described herein, moneys in certain Accounts created pursuant to the
Pooling and Servicing Agreement and certain other rights relating thereto and is
payable only from amounts received by the Trustee (i) relating to the Mortgage
Loans held by the Trust, (ii) moneys held in such Accounts and (iii) pursuant to
the Certificate Insurance Policy.)
No.: A-4-1 March 27, 1997 29476Y AT 6
------------------------ -----------
Date CUSIP
$7,000,000 March 25, 2028
- ------------------------- ----------------------------
Original Principal Amount Final Scheduled Payment Date
CEDE & CO.
----------------
Registered Owner
A-4-1
<PAGE>
The registered Owner named above is the registered Owner of a fractional
interest in (i) a pool of fixed rate and adjustable rate, closed-end mortgage
loans (the "Mortgage Loans") which will be formed by EquiVantage Acceptance
Corp. ("EquiVantage" or the "Sponsor"), a Delaware corporation, and sold by the
Sponsor to Norwest Bank Minnesota, National Association, a national banking
association, as trustee (the "Trustee") on behalf of EquiVantage Home Equity
Loan Trust 1997-1 (the "Trust") pursuant to that certain Pooling and Servicing
Agreement dated as of March 1, 1997 (the "Pooling and Servicing Agreement") by
and among the Sponsor, the Trustee and EquiVantage Inc., as Servicer (the
"Servicer"), (ii) such amounts, including Eligible Investments and the proceeds
of payments under the Certificate Insurance Policy, as from time to time may be
held in the related Accounts (except as otherwise provided in the Pooling and
Servicing Agreement), each created pursuant to the Pooling and Servicing
Agreement, (iii) any Mortgaged Property, the ownership of which has been
effected in the name of the Servicer on behalf of the Trust as a result of
foreclosure or acceptance by the Servicer of a deed in lieu of foreclosure and
that has not been withdrawn from the Trust Estate, (iv) any Insurance Policies
and any rights of the Sponsor in any Insurance Policies and (v) Net Liquidation
Proceeds.
The Original Principal Amount set forth above is equal to the product of
(i) the Percentage Interest represented by this Certificate and (ii) the
aggregate original principal amount of the Class A-4 Certificates on March 27,
1997 (the "Startup Date"), which aggregate amount as of March 27, 1997 was
$7,000,000 (the "Original Principal Amount"). The Owner hereof is entitled to
principal payments on each Payment Date, as hereinafter described, which will
fully amortize such Original Principal Amount over the period from the date of
initial delivery hereof to the final Payment Date of the Class A-4 Certificates.
Therefore, the actual outstanding principal amount of this Certificate, on any
date subsequent to April 25, 1997 (the first Payment Date) will be less than the
Original Principal Amount set forth above.
Upon receiving the final distribution hereon, the Owner hereof is required
to send this Certificate to the Trustee. The Pooling and Servicing Agreement
provides that, in any event, upon the making of the final distribution due on
this Certificate, this Certificate shall be deemed canceled for all purposes
under the Pooling and Servicing Agreement.
SOLELY FOR FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE REPRESENTS AN
INTEREST IN A CLASS OF "REGULAR INTERESTS" IN A "REAL ESTATE MORTGAGE INVESTMENT
CONDUIT" ("REMIC") AS THOSE TERMS ARE DEFINED, RESPECTIVELY, IN SECTION 860G AND
860D OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE "CODE"), ASSUMING
COMPLIANCE WITH THE REMIC PROVISIONS OF THE CODE.
THIS CERTIFICATE IS A PASS-THROUGH CERTIFICATE ONLY AND, NOTWITHSTANDING
REFERENCES HEREIN TO PRINCIPAL AND INTEREST, NO DEBT OF ANY PERSON IS
REPRESENTED HEREBY.
A-4-2
<PAGE>
NEITHER THIS CERTIFICATE NOR THE UNDERLYING MORTGAGE LOANS ARE INSURED OR
GUARANTEED BY THE FEDERAL DEPOSIT INSURANCE CORPORATION, THE GOVERNMENT NATIONAL
MORTGAGE ASSOCIATION OR ANY OTHER GOVERNMENTAL AGENCY.
This Certificate is one of a Class of duly-authorized Certificates
designated as EquiVantage Home Equity Loan Trust 1997-1, Home Equity Loan
Asset-Backed Certificates, Class A-4 Fixed Rate Certificates (the "Class A-4
Certificates") and issued under and subject to the terms, provisions and
conditions of the Pooling and Servicing Agreement, to which Pooling and
Servicing Agreement the Owner of this Certificate by virtue of acceptance hereof
assents and by which such Owner is bound. Also issued under the Pooling and
Servicing Agreement are the Class A-1 Certificates, Class A-2 Certificates,
Class A-3 Certificates, Class A-5 Certificates, Class B Certificates and the
Residual Certificates; all such Certificates are collectively referred to herein
as the "Certificates."
Terms capitalized herein and not otherwise defined herein shall have the
respective meanings set forth in the Pooling and Servicing Agreement.
On the 25th day of each month or, if such day is not a Business Day, then
the next succeeding Business Day (each such day being a "Payment Date")
commencing April 25, 1997, the Owners of the Class A-4 Certificates as of the
close of business on the last business day of the calendar month immediately
preceding the calendar month in which such Payment Date occurs (or, with respect
to the first Payment Date, the close of business on March 27, 1997) (the "Record
Date") will be entitled to receive the Class A-4 Distribution Amount relating to
such Payment Date. Distributions will be made in immediately available funds to
such Owners, by wire transfer or otherwise, to the account of an Owner at a
domestic bank or other entity having appropriate facilities therefor, if such
Owner has so notified the Trustee at least five business days prior to the
related record date, or by check mailed to the address of the person entitled
thereto as it appears on the Register.
Each Owner of Record of a Class A-4 Certificate will be entitled to
receive such Owner's Percentage Interest in the amounts distributed on such
Payment Date to the Owners of the Class A-4 Certificates. The Percentage
Interest of each Class A-4 Certificate as of any date of determination will be
equal to the percentage obtained by dividing the Original Principal Amount set
forth on such Class A-4 Certificate by $7,000,000.
Pursuant to the Certificate Insurance Policy, the Certificate Insurer is
required, to the extent of any insufficiency in Available Funds, to make Insured
Payments available to the Trustee necessary to distribute the amount of the
Insured Distribution Amount payable with respect to the Class A-4 Certificates
on each Payment Date.
Upon receipt of amounts under the Certificate Insurance Policy on behalf
of the Owners of the Class A-4 Certificates, the Trustee shall distribute in
accordance with the Pooling and Servicing
A-4-3
<PAGE>
Agreement to the Owners of the Class A-4 Certificates any portion thereof to
which such Owners may be entitled.
The Trustee is required to duly and punctually pay distributions with
respect to this Certificate in accordance with the terms hereof and the Pooling
and Servicing Agreement. Amounts properly withheld under the Code or applicable
to any Owner shall be considered as having been paid by the Trustee to such
Owner for all purposes of the Pooling and Servicing Agreement.
The Mortgage Loans will be serviced by the Servicer pursuant to the
Pooling and Servicing Agreement. The Pooling and Servicing Agreement permits the
Servicer to enter into Sub-Servicing Agreements with certain institutions
eligible for appointment as Sub-Servicers for the servicing and administration
of certain Mortgage Loans. No appointment of any Sub-Servicer shall release the
Servicer from any of its obligations under the Pooling and Servicing Agreement.
This Certificate does not represent a deposit or other obligation of, or
an interest in, nor are the underlying Mortgage Loans insured or guaranteed by,
EquiVantage Acceptance Corp., EquiVantage Inc., any Originator or any of their
subsidiaries and affiliates. Neither this Certificate nor the underlying
Mortgage Loans are insured or guaranteed by the Federal Deposit Insurance
Corporation, the Government National Mortgage Association or any other
governmental agency. This Certificate is limited in right of payment to certain
collections and recoveries and amounts on deposit in the Accounts (except as
otherwise provided in the Pooling and Servicing Agreement) and payments received
by the Trustee pursuant to the Certificate Insurance Policy, all as more
specifically set forth hereinabove and in the Pooling and Servicing Agreement.
No Owner shall have any right to institute any proceeding, judicial or
otherwise, with respect to the Pooling and Servicing Agreement, or for the
appointment of a receiver or trustee, or for any other remedy under the Pooling
and Servicing Agreement except in compliance with the terms hereof.
Notwithstanding any other provisions in the Pooling and Servicing
Agreement, the Owner of any Certificate shall have the right which is absolute
and unconditional to receive distributions to the extent provided in the Pooling
and Servicing Agreement with respect to such Certificate or to institute suit
for the enforcement of any such distribution, and such right shall not be
impaired without the consent of such Owner.
The Pooling and Servicing Agreement additionally provides that (i) the
Owners of the Class RL Certificates or, if such Owners decline to exercise, the
Servicer or, if the Servicer declines to exercise, the Certificate Insurer, may,
at their respective options, purchase from the Trust all (but not fewer than
all) remaining Mortgage Loans and other property then constituting the Trust
Estate, and thereby effect early retirement of the Class A-4 Certificates, on
any Remittance Date when the aggregate outstanding Loan Balances of the Mortgage
Loans in the Trust Estate is 10% or less of the sum of the original aggregate
Loan Balance of the Mortgage Loans in the Trust Estate as of the Cut-Off Date
and (ii) under certain circumstances relating to the qualification of the
Lower-Tier
A-4-4
<PAGE>
REMIC or Upper-Tier REMIC as a REMIC under the Code, the Mortgage Loans may be
sold, thereby affecting the early retirement of the Class A-4 Certificates.
The Trustee shall give written notice of termination of the Pooling and
Servicing Agreement to each Owner in the manner set forth therein.
The Owners of a majority of the Percentage Interests represented by the
Class A-4 Certificates, upon compliance with the requirements set forth in the
Pooling and Servicing Agreement, have the right, with the consent of the
Certificate Insurer, to exercise any trust or power set forth in the Pooling and
Servicing Agreement with respect to the Certificates or the Trust Estate.
As provided in the Pooling and Servicing Agreement and subject to certain
limitations therein set forth and referred to on the face hereof, the transfer
of this Certificate is registrable in the Register upon surrender of this
Certificate for registration of transfer at the office designated as the
location of the Register, and thereupon one or more new Certificates of like
Class, tenor and a like Percentage Interest will be issued to the designated
transferee or transferees.
The Trustee is required to furnish certain information on each Payment
Date to the Owner of this Certificate, as more fully described in the Pooling
and Servicing Agreement.
The Class A-4 Certificates are issuable only as registered Certificates in
denominations of $1,000 original principal amount and integral multiples of
$1,000. As provided in the Pooling and Servicing Agreement and subject to
certain limitations therein set forth, Class A-4 Certificates are exchangeable
for new Class A-4 Certificates of authorized denominations evidencing the same
aggregate principal amount.
The Trustee and any agent of the Trustee may treat the Person in whose
name this Certificate is registered as the owner hereof for all purposes, and
neither the Trustee or any such agent shall be affected by notice to the
contrary.
A-4-5
<PAGE>
IN WITNESS WHEREOF, the Trustee has caused this Certificate to be duly
executed on behalf of the Trust.
EQUIVANTAGE HOME EQUITY
LOAN TRUST 1997-1
By: NORWEST BANK MINNESOTA,
NATIONAL ASSOCIATION, as Trustee
By:
-------------------------------
Name:
Title:
Trustee Authentication
NORWEST BANK MINNESOTA,
NATIONAL ASSOCIATION, as Trustee
By:
-------------------------------
Name:
Title:
Dated: March 27, 1997
A-4-6
<PAGE>
EXHIBIT A-5
FORM OF
EQUIVANTAGE HOME EQUITY LOAN TRUST 1997-1
HOME EQUITY LOAN ASSET-BACKED CERTIFICATE
CLASS A-5 ADJUSTABLE RATE CERTIFICATES
(Adjustable Rate Class A-5 Certificate)
Representing Certain Interests Relating to a Pool of
Mortgage Loans in the EquiVantage Home Equity Loan Trust 1997-1
formed by EquiVantage Acceptance Corp., as Sponsor, and Serviced by
EQUIVANTAGE INC.
Unless this certificate is presented by an authorized representative of
The Depository Trust Company, a New York corporation ("DTC"), to Issuer or its
agent for registration of transfer, exchange, or payment, and any certificate
issued is registered in the name of Cede & Co. or in such other name as is
requested by an authorized representative of DTC (and any payment is made to
Cede & Co. or to such other entity as is requested by an authorized
representative of DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE OR
OTHERWISE BY OR TO ANY PERSON IS WRONGFUL inasmuch as the registered owner
hereof, Cede & Co., has an interest herein.
(This certificate does not represent an interest in, or an obligation of,
nor are the underlying Mortgage Loans insured or guaranteed by, EquiVantage
Acceptance Corp., EquiVantage Inc., any Originator or any of their subsidiaries
and affiliates. This certificate represents a fractional ownership interest in
Class A-5 described herein, moneys in certain Accounts created pursuant to the
Pooling and Servicing Agreement and certain other rights relating thereto and is
payable only from amounts received by the Trustee (i) relating to the Mortgage
Loans held by the Trust, (ii) moneys held in such Accounts and (iii) pursuant to
the Certificate Insurance Policy.)
No.: A-5-1 March 27, 1997 29476Y AU 3
------------------------ -----------
Date CUSIP
$15,000,000 April 25, 2027
- ------------------------- ----------------------------
Original Principal Amount Final Scheduled Payment Date
CEDE & CO.
----------------
Registered Owner
A-5-1
<PAGE>
The registered Owner named above is the registered Owner of a fractional
interest in (i) a pool of fixed rate and adjustable rate, closed-end mortgage
loans (the "Mortgage Loans") which will be formed by EquiVantage Acceptance
Corp. ("EquiVantage" or the "Sponsor"), a Delaware corporation, and sold by the
Sponsor to Norwest Bank Minnesota, National Association, a national banking
association, as trustee (the "Trustee") on behalf of EquiVantage Home Equity
Loan Trust 1997-1 (the "Trust") pursuant to that certain Pooling and Servicing
Agreement dated as of March 1, 1997 (the "Pooling and Servicing Agreement") by
and among the Sponsor, the Trustee and EquiVantage Inc., as Servicer (the
"Servicer"), (ii) such amounts, including Eligible Investments and the proceeds
of payments under the Certificate Insurance Policy, as from time to time may be
held in the related Accounts (except as otherwise provided in the Pooling and
Servicing Agreement), each created pursuant to the Pooling and Servicing
Agreement, (iii) any Mortgaged Property, the ownership of which has been
effected in the name of the Servicer on behalf of the Trust as a result of
foreclosure or acceptance by the Servicer of a deed in lieu of foreclosure and
that has not been withdrawn from the Trust Estate, (iv) any Insurance Policies
and any rights of the Sponsor in any Insurance Policies and (v) Net Liquidation
Proceeds.
The Original Principal Amount set forth above is equal to the product of
(i) the Percentage Interest represented by this Certificate and (ii) the
aggregate original principal amount of the Class A-5 Certificates on March 27,
1997 (the "Startup Date"), which aggregate amount as of March 27, 1997 was
$15,000,000 (the "Original Principal Amount"). The Owner hereof is entitled to
principal payments on each Payment Date, as hereinafter described, which will
fully amortize such Original Principal Amount over the period from the date of
initial delivery hereof to the final Payment Date of the Class A-5 Certificates.
Therefore, the actual outstanding principal amount of this Certificate, on any
date subsequent to April 25, 1997 (the first Payment Date) will be less than the
Original Principal Amount set forth above.
Upon receiving the final distribution hereon, the Owner hereof is required
to send this Certificate to the Trustee. The Pooling and Servicing Agreement
provides that, in any event, upon the making of the final distribution due on
this Certificate, this Certificate shall be deemed canceled for all purposes
under the Pooling and Servicing Agreement.
SOLELY FOR FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE REPRESENTS A
BENEFICIAL INTEREST IN A CLASS OF "REGULAR INTERESTS" IN A "REAL ESTATE MORTGAGE
INVESTMENT CONDUIT" ("REMIC") AS THOSE TERMS ARE DEFINED, RESPECTIVELY, IN
SECTION 860G AND 860D OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE
"CODE"), ASSUMING COMPLIANCE WITH THE REMIC PROVISIONS OF THE CODE.
THIS CERTIFICATE IS A PASS-THROUGH CERTIFICATE ONLY AND, NOTWITHSTANDING
REFERENCES HEREIN TO PRINCIPAL AND INTEREST, NO DEBT OF ANY PERSON IS
REPRESENTED HEREBY.
A-5-2
<PAGE>
NEITHER THIS CERTIFICATE NOR THE UNDERLYING MORTGAGE LOANS ARE INSURED OR
GUARANTEED BY THE FEDERAL DEPOSIT INSURANCE CORPORATION, THE GOVERNMENT NATIONAL
MORTGAGE ASSOCIATION OR ANY OTHER GOVERNMENTAL AGENCY.
This Certificate is one of a Class of duly-authorized Certificates
designated as EquiVantage Home Equity Loan Trust 1997-1, Home Equity Loan
Asset-Backed Certificates, Class A-5 Adjustable Rate Certificates (the "Class
A-5 Certificates") and issued under and subject to the terms, provisions and
conditions of the Pooling and Servicing Agreement, to which Pooling and
Servicing Agreement the Owner of this Certificate by virtue of acceptance hereof
assents and by which such Owner is bound. Also issued under the Pooling and
Servicing Agreement are the Class A-1 Certificates, Class A-2 Certificates,
Class A-3 Certificates, Class A-4 Certificates, Class B Certificates and the
Residual Certificates; all such Certificates are collectively referred to herein
as the "Certificates."
Terms capitalized herein and not otherwise defined herein shall have the
respective meanings set forth in the Pooling and Servicing Agreement.
On the 25th day of each month or, if such day is not a Business Day, then
the next succeeding Business Day (each such day being a "Payment Date")
commencing April 25, 1997, the Owners of the Class A-5 Certificates as of the
close of business on the last business day of the calendar month immediately
preceding the calendar month in which such Payment Date occurs (or, with respect
to the first Payment Date, the close of business on March 27, 1997) (the "Record
Date") will be entitled to receive the Class A-5 Distribution Amount relating to
such Payment Date. Distributions will be made in immediately available funds to
such Owners, by wire transfer or otherwise, to the account of an Owner at a
domestic bank or other entity having appropriate facilities therefor, if such
Owner has so notified the Trustee at least five business days prior to the
related record date, or by check mailed to the address of the person entitled
thereto as it appears on the Register.
Each Owner of Record of a Class A-5 Certificate will be entitled to
receive such Owner's Percentage Interest in the amounts distributed on such
Payment Date to the Owners of the Class A-5 Certificates. The Percentage
Interest of each Class A-5 Certificate as of any date of determination will be
equal to the percentage obtained by dividing the Original Principal Amount set
forth on such Class A-5 Certificate by $15,000,000.
Pursuant to the Certificate Insurance Policy, the Certificate Insurer is
required, to the extent of any insufficiency in Available Funds, to make Insured
Payments available to the Trustee necessary to distribute the amount of the
Insured Distribution Amount payable with respect to the Class A-5 Certificates
on each Payment Date.
Upon receipt of amounts under the Certificate Insurance Policy on behalf
of the Owners of the Class A-5 Certificates, the Trustee shall distribute in
accordance with the Pooling and Servicing
A-5-3
<PAGE>
Agreement to the Owners of the Class A-5 Certificates any portion thereof to
which such Owners may be entitled.
The Trustee is required to duly and punctually pay distributions with
respect to this Certificate in accordance with the terms hereof and the Pooling
and Servicing Agreement. Amounts properly withheld under the Code or applicable
to any Owner shall be considered as having been paid by the Trustee to such
Owner for all purposes of the Pooling and Servicing Agreement.
The Mortgage Loans will be serviced by the Servicer pursuant to the
Pooling and Servicing Agreement. The Pooling and Servicing Agreement permits the
Servicer to enter into Sub-Servicing Agreements with certain institutions
eligible for appointment as Sub-Servicers for the servicing and administration
of certain Mortgage Loans. No appointment of any Sub-Servicer shall release the
Servicer from any of its obligations under the Pooling and Servicing Agreement.
This Certificate does not represent a deposit or other obligation of, or
an interest in, nor are the underlying Mortgage Loans insured or guaranteed by,
EquiVantage Acceptance Corp., EquiVantage Inc., any Originator or any of their
subsidiaries and affiliates. Neither this Certificate nor the underlying
Mortgage Loans are insured or guaranteed by the Federal Deposit Insurance
Corporation, the Government National Mortgage Association or any other
governmental agency. This Certificate is limited in right of payment to certain
collections and recoveries and amounts on deposit in the Accounts (except as
otherwise provided in the Pooling and Servicing Agreement) and payments received
by the Trustee pursuant to the Certificate Insurance Policy, all as more
specifically set forth hereinabove and in the Pooling and Servicing Agreement.
No Owner shall have any right to institute any proceeding, judicial or
otherwise, with respect to the Pooling and Servicing Agreement, or for the
appointment of a receiver or trustee, or for any other remedy under the Pooling
and Servicing Agreement except in compliance with the terms hereof.
Notwithstanding any other provisions in the Pooling and Servicing
Agreement, the Owner of any Certificate shall have the right which is absolute
and unconditional to receive distributions to the extent provided in the Pooling
and Servicing Agreement with respect to such Certificate or to institute suit
for the enforcement of any such distribution, and such right shall not be
impaired without the consent of such Owner.
The Pooling and Servicing Agreement additionally provides that (i) the
Owners of the Class RL Certificates or, if such Owners decline to exercise, the
Servicer or, if the Servicer declines to exercise, the Certificate Insurer, may,
at their respective options, purchase from the Trust all (but not fewer than
all) remaining Mortgage Loans and other property then constituting the Trust
Estate, and thereby effect early retirement of the Class A-5 Certificates, on
any Remittance Date when the aggregate outstanding Loan Balances of the Mortgage
Loans in the Trust Estate is 10% or less of the sum of the original aggregate
Loan Balance of the Mortgage Loans in the Trust Estate as of the Cut-Off Date
and (ii) under certain circumstances relating to the qualification of the
Lower-Tier
A-5-4
<PAGE>
REMIC or Upper-Tier REMIC as a REMIC under the Code, the Mortgage Loans may be
sold, thereby affecting the early retirement of the Class A-5 Certificates.
The Trustee shall give written notice of termination of the Pooling and
Servicing Agreement to each Owner in the manner set forth therein.
The Owners of a majority of the Percentage Interests represented by the
Class A-5 Certificates, upon compliance with the requirements set forth in the
Pooling and Servicing Agreement, have the right, with the consent of the
Certificate Insurer, to exercise any trust or power set forth in the Pooling and
Servicing Agreement with respect to the Certificates or the Trust Estate.
As provided in the Pooling and Servicing Agreement and subject to certain
limitations therein set forth and referred to on the face hereof, the transfer
of this Certificate is registrable in the Register upon surrender of this
Certificate for registration of transfer at the office designated as the
location of the Register, and thereupon one or more new Certificates of like
Class, tenor and a like Percentage Interest will be issued to the designated
transferee or transferees.
The Trustee is required to furnish certain information on each Payment
Date to the Owner of this Certificate, as more fully described in the Pooling
and Servicing Agreement.
The Class A-5 Certificates are issuable only as registered Certificates in
denominations of $1,000 original principal amount and integral multiples of
$1,000. As provided in the Pooling and Servicing Agreement and subject to
certain limitations therein set forth, Class A-5 Certificates are exchangeable
for new Class A-5 Certificates of authorized denominations evidencing the same
aggregate principal amount.
The Trustee and any agent of the Trustee may treat the Person in whose
name this Certificate is registered as the owner hereof for all purposes, and
neither the Trustee or any such agent shall be affected by notice to the
contrary.
A-5-5
<PAGE>
IN WITNESS WHEREOF, the Trustee has caused this Certificate to be duly
executed on behalf of the Trust.
EQUIVANTAGE HOME EQUITY
LOAN TRUST 1997-1
By: NORWEST BANK MINNESOTA,
NATIONAL ASSOCIATION, as Trustee
By:
-------------------------------
Name:
Title:
Trustee Authentication
NORWEST BANK MINNESOTA,
NATIONAL ASSOCIATION, as Trustee
By:
-------------------------------
Name:
Title:
Dated: March 27, 1997
A-5-6
<PAGE>
EXHIBIT B
FORM OF
EQUIVANTAGE HOME EQUITY LOAN TRUST 1997-1
HOME EQUITY LOAN ASSET-BACKED CERTIFICATE
CLASS B
Representing Certain Interests Relating to a Pool
of Mortgage Loans in the EquiVantage Home Equity Loan Trust 1997-1
Formed by EquiVantage
Acceptance Corp. and Serviced by
EQUIVANTAGE INC.
THIS CERTIFICATE IS SUBORDINATED IN RIGHT OF CERTAIN PAYMENTS TO
THE CLASS A CERTIFICATES AS DESCRIBED IN THE POOLING AND SERVICING
AGREEMENT REFERRED TO HEREIN. DISTRIBUTIONS HEREON ARE SUBJECT TO THE
PRIOR RIGHT OF THE CLASS A CERTIFICATE OWNERS.
THIS CERTIFICATE HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933,
AS AMENDED (THE "SECURITIES ACT"), OR THE SECURITIES LAWS OF ANY STATE IN
RELIANCE UPON EXEMPTIONS PROVIDED BY THE SECURITIES ACT AND SUCH STATE
SECURITIES LAWS. NO RESALE OR OTHER TRANSFER OF THIS CERTIFICATE MAY BE MADE
UNLESS SUCH RESALE OR TRANSFER (A) IS MADE IN ACCORDANCE WITH SECTION 5.8 OF THE
POOLING AND SERVICING AGREEMENT, (B) IS MADE (i) PURSUANT TO AN EFFECTIVE
REGISTRATION STATEMENT UNDER THE SECURITIES ACT, (ii) IN A TRANSACTION EXEMPT
FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT AND APPLICABLE STATE
SECURITIES LAWS, (iii) TO THE SELLER OR (iv) TO A PERSON WHO THE TRANSFEROR
REASONABLY BELIEVES IS A QUALIFIED INSTITUTIONAL BUYER WITHIN THE MEANING OF
RULE 144A UNDER THE SECURITIES ACT THAT IS AWARE THAT THE RESALE OR OTHER
TRANSFER IS BEING MADE IN RELIANCE ON RULE 144A AND (C) UPON THE SATISFACTION OF
CERTAIN OTHER REQUIREMENTS SPECIFIED IN THE POOLING AND SERVICING AGREEMENT.
NONE OF THE SELLER, THE SERVICER, THE TRUST OR THE TRUSTEE IS OBLIGATED TO
REGISTER THE CERTIFICATES UNDER THE SECURITIES ACT OR ANY APPLICABLE STATE
SECURITIES LAWS.
This Certificate does not represent an interest in, or an obligation of,
nor are the underlying Mortgage Loans insured or guaranteed by, EquiVantage
Acceptance Corp., EquiVantage Inc., any Originator or any of their subsidiaries
and affiliates. This Certificate represents a fractional ownership interest in
the assets of the Trust described herein, moneys in certain Accounts created
B-1
<PAGE>
pursuant to the Pooling and Servicing Agreement and certain other rights
relating thereto and is payable only from amounts received by the Trustee
relating to the Trust Estate.
No: B-1 Date: March 27, 1997
Percentage Interest: 100% March 25, 2028
----------------------------
Final Scheduled Payment Date
EQUIVANTAGE ACCEPTANCE CORP.
----------------------------
Registered Owner
The registered Owner named above is the registered Owner of a fractional
interest in (i) a pool of fixed rate and adjustble rate, closed-end mortgage
loans (the "Mortgage Loans") which will be formed by EquiVantage Acceptance
Corp. (the "Sponsor"), a Delaware corporation, and sold by the Sponsor to
Norwest Bank Minnesota, National Association, a national banking association, as
trustee (the "Trustee") on behalf of EquiVantage Home Equity Loan Trust 1997-1
(the "Trust") pursuant to that certain Pooling and Servicing Agreement dated as
of March 1, 1997 (the "Pooling and Servicing Agreement") by and among the
Sponsor, the Trustee and EquiVantage Inc., as Servicer (the "Servicer"), (ii)
such amount, including Eligible Investments, as from time to time may be held in
the Accounts created pursuant to the Pooling and Servicing Agreement, (iii) any
Property relating to the Mortgage Loans, the ownership of which has been
effected in the name of the Servicer on behalf of the Trust as a result of
foreclosure or acceptance by the Servicer of a deed-in-lieu of foreclosure and
that has not been withdrawn from the Trust, (iv) Net Liquidation Proceeds
relating to the Mortgage Loans and (v) any Insurance Policies relating to the
Mortgage Loans and any rights of the Sponsor in any Insurance Policies relating
to such Mortgage Loans. Such Mortgage Loans and other amounts and property
enumerated above are hereinafter referred to as the "Trust Estate".
SOLELY FOR FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE REPRESENTS AN
INTEREST IN A CLASS OF "REGULAR INTERESTS" IN A "REAL ESTATE MORTGAGE INVESTMENT
CONDUIT" ("REMIC") AS THOSE TERMS ARE DEFINED, RESPECTIVELY, IN SECTION 860G AND
860D OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE "CODE"), ASSUMING
COMPLIANCE WITH THE REMIC PROVISIONS OF THE CODE.
THIS CERTIFICATE IS A PASS-THROUGH CERTIFICATE ONLY AND, NOTWITHSTANDING
REFERENCES HEREIN TO PRINCIPAL AND INTEREST, NO DEBT OF ANY PERSON IS
REPRESENTED HEREBY.
NEITHER THIS CERTIFICATE NOR THE UNDERLYING MORTGAGE LOANS ARE INSURED OR
GUARANTEED BY THE FEDERAL DEPOSIT INSURANCE CORPORATION,
B-2
<PAGE>
THE GOVERNMENT NATIONAL MORTGAGE ASSOCIATION OR ANY OTHER GOVERNMENTAL AGENCY.
This Certificate is one of a Class of duly authorized Certificates
designated as EquiVantage Home Equity Loan Trust 1997-1, Home Equity Loan
Asset-Backed Certificates, Class B Certificates (the "Class B Certificates") and
issued under and subject to the terms, provisions and conditions of the Pooling
and Servicing Agreement, to which Pooling and Servicing Agreement the Owner of
this Certificate by virtue of acceptance hereof assents and by which such Owner
is bound. Also issued under the Pooling and Servicing Agreement are the Class A
Certificates, Class RL Certificates and Class RU Certificates (together with the
Class B Certificates, the "Certificates").
Terms capitalized herein and not otherwise defined herein shall have the
respective meanings set forth in the Pooling and Servicing Agreement.
On the 25th day of each month or, if such day is not a Business Day, then
the next succeeding Business Day (each such day being a "Payment Date"),
commencing April 25, 1997, to the persons in whose names the Class B
Certificates are registered at the close of business on the last business day of
the calendar month immediately preceding the calendar month in which such
Payment Date occurs (the "Record Date"), the Trustee will distribute to each
Owner of the Class B Certificates such Owner's Percentage Interest in the Class
B Distribution Amount due on such Payment Date. The Class B Distribution Amount
as of any date of determination will be determined as set forth in the Pooling
and Servicing Agreement. Distributions will be made in immediately available
funds, by wire transfer or otherwise, to the account of such Owner at a domestic
bank or other entity having appropriate facilities therefor, if such Owner has
so notified the Trustee at least five business days prior to the related record
date, or by check mailed to the address of the person entitled thereto as it
appears on the Register.
Upon receiving the final distribution hereon, the Owner hereof is required
to send this Certificate to the Trustee. The Pooling and Servicing Agreement
provides that, in any event, upon the making of the final distribution due on
this Certificate, this Certificate shall be deemed canceled for all purposes
under the Pooling and Servicing Agreement.
The Trustee is required to duly and punctually pay distributions with
respect to this Certificate in accordance with the terms hereof and the Pooling
and Servicing Agreement. Amounts properly withheld under the Code or applicable
state or local law by any Person from a distribution to any Owner shall be
considered as having been paid by the Trustee to such Owner for all purposes of
the Pooling and Servicing Agreement.
The Mortgage Loans will be serviced by the Servicer pursuant to the
Pooling and Servicing Agreement. The Pooling and Servicing Agreement permits the
Servicer to enter into Sub-Servicing Agreements with certain institutions
eligible for appointment as Sub-Servicers for the servicing and administration
of certain Mortgage Loans. No appointment of any Sub-Servicer shall release the
Servicer from any of its obligations under the Pooling and Servicing Agreement.
B-3
<PAGE>
This Certificate does not represent a deposit or other obligation of, or
an interest in, nor are the underlying Mortgage Loans insured or guaranteed by,
the Sponsor, EquiVantage Inc. or any of their subsidiaries and affiliates.
Neither this Certificate nor the underlying Mortgage Loans are insured or
guaranteed by the Federal Deposit Insurance Corporation, the Government National
Mortgage Association or any other governmental agency. This Certificate is
limited in right of payment to certain collections and recoveries relating to
the Mortgage Loans, all as more specifically set forth hereinabove and in the
Pooling and Servicing Agreement.
No Owner shall have the right to institute any proceeding, judicial or
otherwise, with respect to the Pooling and Servicing Agreement, or for the
appointment of a receiver or trustee, or for any other remedy under the Pooling
and Servicing Agreement except in compliance with the terms thereof.
Notwithstanding any other provisions in the Pooling and Servicing
Agreement, the Owner of any Certificate shall have the right which is absolute
and unconditional to receive distributions to the extent provided in the Pooling
and Servicing Agreement with respect to such Certificate or to institute suit
for the enforcement of any such distribution, and such right shall not be
impaired without the consent of such Owner.
The Pooling and Servicing Agreement provides that the obligations created
thereby will terminate upon the earlier of (i) the payment to the Owners of all
Certificates from amounts other than those available under the Certificate
Insurance Policies of all amounts held by the Trustee and required to be paid to
such Owners pursuant to the Pooling and Servicing Agreement upon the later to
occur of (a) the final payment or other liquidation (or any advance made with
respect thereto) of the last Mortgage Loan in the Trust Estate or (b) the
disposition of all property acquired in respect of any Mortgage Loan remaining
in the Trust Estate or (ii) at any time when a Qualified Liquidation of the
Upper-Tier REMIC and the Lower-Tier REMIC is effected as described in the
Pooling and Servicing Agreement.
The Pooling and Servicing Agreement additionally provides that (i) the
Owners of the Class RL Certificates or, if such Owners decline to exercise, the
Servicer or, if the Servicer declines to exercise, the Certificate Insurer, may,
at their respective options, purchase from the Trust all (but not fewer than
all) Mortgage Loans and other property then constituting the Trust Estate, and
thereby effect early retirement of the Certificates, on any Remittance Date when
the aggregate outstanding Loan Balances of the Mortgage Loans in the Trust
Estate is 10% or less of the original aggregate Loan Balance of the Mortgage
Loans as of the Cut-Off Date and (ii) under certain circumstances relating to
the qualification of the Lower-Tier REMIC or Upper-Tier REMIC as a REMIC under
the Code, the Mortgage Loans may be sold, thereby affecting the early retirement
of the Certificates.
The Trustee shall give written notice of termination of the Pooling and
Servicing Agreement to each Owner in the manner set forth therein.
B-4
<PAGE>
As provided in the Pooling and Servicing Agreement and subject to certain
limitations therein set forth and referred to on the face hereof, the transfer
of this Certificate is registrable in the Register upon surrender of this
Certificate for registration of transfer at the office designated as the
location of the Register duly endorsed by, or accompanied by a written
instrument of transfer in the form required by the Pooling and Servicing
Agreement duly executed by, the Owner hereof or his attorney duly authorized in
writing, and thereupon one or more new Certificates of like Class, tenor and a
like aggregate fractional undivided interest in the Trust Estate will be issued
to the designated transferee or transferees.
Notwithstanding the foregoing, no sale or other transfer of record or
beneficial ownership of a Class B Certificate shall be made unless the Trustee
shall have received a representation letter from the transferee of such Class B
Certificate, acceptable to and in form and substance satisfactory to the
Trustee, to the effect that such transferee is not an employee benefit plan
subject to Section 406 of the Employee Retirement Income Security Act nor a plan
nor other arrangement subject to Section 4975 of the Code (collectively, a
"Plan"), nor is acting on behalf of any Plan nor using the assets of any Plan to
affect such transfer.
The Trustee is required to furnish certain information on each Payment
Date to the Owner of this Certificate, as more fully described in the Pooling
and Servicing Agreement.
The Class B Certificates are issuable only as registered Certificates in
minimum denomination of 10% Percentage Interest. As provided in the Pooling and
Servicing Agreement and subject to certain limitations therein set forth, Class
B Certificates are exchangeable for new Class B Certificates evidencing the same
Percentage Interest as the Class B Certificates exchanged.
No service charge will be made for any such registration of transfer or
exchange, but the Trustee may require payment of a sum sufficient to cover any
tax or other governmental charge payable in connection therewith.
The Trustee and any agent of the Trustee may treat the Person in whose
name this Certificate is registered as the owner hereof for all purposes, and
neither the Trustee nor any such agent shall be affected by notice to the
contrary.
B-5
<PAGE>
IN WITNESS WHEREOF, the Trustee has caused this Certificate to be duly
executed on behalf of the Trust.
EQUIVANTAGE HOME EQUITY
LOAN TRUST 1997-1
By: NORWEST BANK MINNESOTA,
NATIONAL ASSOCIATION, as Trustee
By:
-------------------------------
Name:
Title:
Trustee's Authentication
NORWEST BANK MINNESOTA,
NATIONAL ASSOCIATION
as Trustee
By:
-------------------------------
Name:
Title:
Dated: March 27, 1997
B-6
<PAGE>
EXHIBIT C-1
FORM OF CLASS RL CERTIFICATE
THIS CERTIFICATE HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933,
AS AMENDED (THE "ACT"). ANY RESALE OR TRANSFER OF THIS CERTIFICATE WITHOUT
REGISTRATION THEREOF UNDER THE ACT MAY BE MADE ONLY IN A TRANSACTION EXEMPT FROM
THE REGISTRATION REQUIREMENTS OF THE ACT AND IN ACCORDANCE WITH THE PROVISIONS
OF SECTION 5.8 OF THE POOLING AND SERVICING AGREEMENT REFERRED TO HEREIN.
NEITHER THIS CERTIFICATE NOR THE UNDERLYING MORTGAGE LOANS ARE INSURED OR
GUARANTEED BY THE FEDERAL DEPOSIT INSURANCE CORPORATION, THE GOVERNMENT NATIONAL
MORTGAGE ASSOCIATION OR ANY OTHER GOVERNMENTAL AGENCY.
SOLELY FOR FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE REPRESENTS AN
INTEREST IN THE ONLY "RESIDUAL INTEREST" IN A "REAL ESTATE MORTGAGE INVESTMENT
CONDUIT" ("REMIC") AS THOSE TERMS ARE DEFINED, RESPECTIVELY, IN SECTION 860G and
860D OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE "CODE"), ASSUMING
COMPLIANCE WITH THE REMIC PROVISIONS OF THE CODE.
TRANSFER OF THIS CLASS RL CERTIFICATE IS RESTRICTED AS SET FORTH IN THE
POOLING AND SERVICING AGREEMENT. NO TRANSFER OF THIS CLASS RL CERTIFICATE MAY BE
MADE TO A "DISQUALIFIED ORGANIZATION" AS DEFINED IN SECTION 860E(e)(5) OF THE
CODE. SUCH TERM INCLUDES THE UNITED STATES, ANY STATE OR POLITICAL SUBDIVISION
THEREOF, ANY FOREIGN GOVERNMENT, ANY INTERNATIONAL ORGANIZATION, ANY AGENCY OR
INSTRUMENTALITY OF ANY OF THE FOREGOING (OTHER THAN CERTAIN TAXABLE
INSTRUMENTALITIES), ANY COOPERATIVE ORGANIZATION FURNISHING ELECTRIC ENERGY OR
PROVIDING TELEPHONE SERVICE TO PERSONS IN RURAL AREAS, OR ANY ORGANIZATION
(OTHER THAN A FARMERS' COOPERATIVE) THAT IS EXEMPT FROM FEDERAL INCOME TAX
UNLESS SUCH ORGANIZATION IS SUBJECT TO THE TAX ON UNRELATED BUSINESS INCOME. NO
TRANSFER OF THIS CLASS RL CERTIFICATE WILL BE REGISTERED BY THE TRUSTEE UNLESS
THE PROPOSED TRANSFEREE HAS DELIVERED AN AFFIDAVIT AFFIRMING, AMONG OTHER
THINGS, THAT THE PROPOSED TRANSFEREE IS NOT A DISQUALIFIED ORGANIZATION AND IS
NOT ACQUIRING THE CLASS RL CERTIFICATE FOR THE ACCOUNT OF A DISQUALIFIED
ORGANIZATION. A COPY OF THE FORM OF AFFIDAVIT REQUIRED OF EACH PROPOSED
TRANSFEREE IS ON FILE AND AVAILABLE FROM THE TRUSTEE.
C-1-1
<PAGE>
A TRANSFER IN VIOLATION OF THE APPLICABLE RESTRICTIONS MAY GIVE RISE TO A
SUBSTANTIAL TAX UPON THE TRANSFEROR OR, IN CERTAIN CASES, UPON AN AGENT ACTING
FOR THE TRANSFEREE. A PASS-THRU ENTITY THAT HOLDS THIS CLASS RL CERTIFICATE AND
THAT HAS A DISQUALIFIED ORGANIZATION AS A RECORD OWNER IN ANY TAXABLE YEAR
GENERALLY WILL BE SUBJECT TO A TAX FOR EACH SUCH YEAR EQUAL TO THE PRODUCT OF
(A) THE AMOUNT OF EXCESS INCLUSIONS WITH RESPECT TO THE PORTION OF THIS
CERTIFICATE OWNED THROUGH SUCH PASS-THRU ENTITY BY SUCH DISQUALIFIED
ORGANIZATION, AND (B) THE HIGHEST MARGINAL FEDERAL TAX RATE ON CORPORATIONS. FOR
PURPOSES OF THE PRECEDING SENTENCE, THE TERM "PASS-THRU" ENTITY INCLUDES
REGULATED INVESTMENT COMPANIES, REAL ESTATE INVESTMENT TRUSTS, COMMON TRUST
FUNDS, PARTNERSHIPS, TRUSTS, ESTATES, COOPERATIVES TO WHICH PART I OF SUBCHAPTER
I OF THE CODE APPLIES AND, EXCEPT AS PROVIDED IN REGULATIONS, NOMINEES.
EQUIVANTAGE HOME EQUITY LOAN TRUST 1997-1
HOME EQUITY LOAN ASSET-BACKED CERTIFICATE
CLASS RL
Representing Certain Interests Relating to a Pool of Mortgage Loans Formed by
EquiVantage Acceptance Corp. and Serviced by
EQUIVANTAGE INC.
(This Certificate does not represent an interest in, or an obligation of,
nor are the underlying Mortgage Loans insured or guaranteed by, EquiVantage
Acceptance Corp., EquiVantage Inc., any Originator or any of their subsidiaries
and affiliates. This Certificate represents a fractional residual ownership
interest in the Lower-Tier REMIC described in the Pooling and Servicing
Agreement.)
No: RL-1 Date: March 27, 1997
Percentage Interest: 100% March 25, 2028
----------------------------
Final Scheduled Payment Date
EQUIVANTAGE ACCEPTANCE CORP.
----------------------------
Registered Owner
C-1-2
<PAGE>
THIS CERTIFICATE IS A PASS-THROUGH CERTIFICATE ONLY AND, NOTWITHSTANDING
REFERENCES HEREIN TO PRINCIPAL AND INTEREST, NO DEBT OF ANY PERSON IS
REPRESENTED HEREBY.
NEITHER THIS CERTIFICATE NOR THE UNDERLYING MORTGAGE LOANS ARE INSURED OR
GUARANTEED BY THE FEDERAL DEPOSIT INSURANCE CORPORATION, THE GOVERNMENT NATIONAL
MORTGAGE ASSOCIATION OR ANY OTHER GOVERNMENTAL AGENCY.
This Certificate is one of a Class of duly-authorized Certificates
designated as EquiVantage Home Equity Loan Trust 1997-1, Home Equity Loan
Asset-Backed Certificates, Class RL (the "Class RL Certificates") and issued
under and subject to the terms, provisions and conditions of the Pooling and
Servicing Agreement, to which Pooling and Servicing Agreement the Owner of this
Certificate by virtue of acceptance hereof assents and by which such Owner is
bound. Also issued under the Pooling and Servicing Agreement are Certificates
designated as the Class A Certificates, Class B Certificates, and Class RU
Certificates (together with the Class RL Certificates, the "Certificates.")
Terms capitalized herein and not otherwise defined herein shall have the
respective meanings set forth in the Pooling and Servicing Agreement.
On the 25th day of each month, or, if such day is not a Business Day, then
the next succeeding Business Day (each such day being a "Payment Date"),
commencing April 25, 1997, to the Owners of the Class RL Certificates as of the
close of business on the first Business Day of the calendar month in which such
Payment Date occurs (the "Record Date"), the Trustee will distribute to each
Owner of the Class RL Certificates such Owner's Percentage Interest multiplied
by the amounts then available to be distributed to the Owners of the Class RL
Certificates. No significant distributions are anticipated to be made.
Upon receiving the final distribution hereon, the Owner hereof is required
to send this Certificate to the Trustee. The Pooling and Servicing Agreement
provides that, in any event, upon the making of the final distribution due on
this Certificate, this Certificate shall be deemed canceled for all purposes
under the Pooling and Servicing Agreement.
The Trustee is required to duly and punctually pay distributions with
respect to this Certificate in accordance with the terms hereof and the Pooling
and Servicing Agreement. Amounts properly withheld under the Code or applicable
state or local law by any Person from a distribution to any Owner shall be
considered as having been paid by the Trustee to such Owner for all purposes of
the Pooling and Servicing Agreement.
EquiVantage Inc., as Servicer, pursuant to the related Servicing Agreement
will service the Mortgage Loans. The Pooling and Servicing Agreement permits the
Servicer to enter into Sub-Servicing Agreements with certain institutions
eligible for appointment as Sub-Servicers for the
C-1-3
<PAGE>
servicing and administration of the Mortgage Loans. No appointment of any
Sub-Servicer shall release the Servicer from any of its obligations under either
Servicing Agreement.
No Owner shall have any right to institute any proceeding, judicial or
otherwise, with respect to the Pooling and Servicing Agreement, or for the
appointment of a receiver or trustee, or for any other remedy under the Pooling
and Servicing Agreement except in compliance with the terms thereof.
Notwithstanding any other provisions in the Pooling and Servicing
Agreement, the Owner of any Certificate shall have the right which is absolute
and unconditional to receive distributions to the extent provided in the Pooling
and Servicing Agreement with respect to such Certificate or to institute suit
for the enforcement of any such distribution, and such right shall not be
impaired without the consent of such Owner.
The Pooling and Servicing Agreement provides that the obligations created
thereby will terminate upon the earlier of (i) the payment to the Owners of all
Certificates of all amounts held by the Trustee and required to be paid to such
Owners pursuant to the Pooling and Servicing Agreement upon the later to occur
of (a) the final payment or other liquidation (or any advance made with respect
thereto) of the last Mortgage Loan in the Trust Estate or (b) the disposition of
all property acquired in respect of any Mortgage Loan remaining in the Trust
Estate or (ii) at any time when a Qualified Liquidation of the Upper-Tier REMIC
and the Lower-Tier REMIC is effected as described in the Pooling and Servicing
Agreement.
The Pooling and Servicing Agreement provides that (i) the Owners of the
Class RL Certificates or, if such Owners decline to exercise, the Servicer or,
if the Servicer declines to exercise, the Certificate Insurer, may, at their
respective options, purchase from the Trust all (but not fewer than all)
remaining Mortgage Loans and other property then constituting the Trust Estate,
and thereby effect early retirement of the Certificates, on any Remittance Date
when the aggregate outstanding Loan Balances of the Mortgage Loans in the Trust
Estate is 10% or less of the original aggregate Loan Balance of the Mortgage
Loans as of the Cut-Off Date and (ii) under certain circumstances relating to
the qualification of the Lower-Tier REMIC or Upper-Tier REMIC as a REMIC under
the Code, the Mortgage Loans may be sold, thereby affecting the early retirement
of the Certificates.
The Trustee shall give written notice of termination of the Pooling and
Servicing Agreement to each Owner in the manner set forth therein.
As provided in the Pooling and Servicing Agreement and subject to certain
limitations therein set forth and referred to on the face hereof, the transfer
of this Certificate is registrable in the Register upon surrender of this
Certificate for registration of transfer at the office designated as the
location of the Register duly endorsed by, or accompanied by a written
instrument of transfer in the form set forth in the Pooling and Servicing
Agreement duly executed by, the Owner hereof or his
C-1-4
<PAGE>
attorney duly authorized in writing, and thereupon one or more new Certificates
of like Class, tenor and a like Percentage Interest will be issued to the
designated transferee or transferees.
Notwithstanding the foregoing, no sale or other transfer of record or
beneficial ownership of a Class RL Certificate shall be made unless the Trustee
shall have received a representation letter from the transferee of such Class RL
Certificate, acceptable to and in form and substance satisfactory to the
Trustee, to the effect that such transferee is not an employee benefit plan
subject to Section 406 of the Employee Retirement Income Security Act nor a plan
nor other arrangement subject to Section 4975 of the Code (collectively, a
"Plan"), nor is acting on behalf of any Plan nor using the assets of any Plan to
affect such transfer.
The Trustee is required to furnish certain information on each Payment
Date to the Owner of this Certificate, as more fully described in the Pooling
and Servicing Agreement.
The Class RL Certificates are issuable only as registered Certificates. As
provided in the Pooling and Servicing Agreement and subject to certain
limitations therein set forth, Class RL Certificates are exchangeable for new
Class RL Certificates evidencing the same Percentage Interest as the Class RL
Certificates exchanged.
No service charge will be made for any such registration of transfer or
exchange, but the Trustee may require payment of a sum sufficient to cover any
tax or other governmental charge payable in connection therewith.
The Trustee and any agent of the Trustee may treat the Person in whose
name this Certificate is registered as the owner hereof for all purposes, and
neither the Trustee or any such agent shall be affected by notice to the
contrary.
C-1-5
<PAGE>
IN WITNESS WHEREOF, the Trustee has caused this Certificate to be duly
executed on behalf of the Trust.
EQUIVANTAGE HOME EQUITY
LOAN TRUST 1997-1
By: NORWEST BANK MINNESOTA,
NATIONAL ASSOCIATION, as Trustee
By:
-------------------------------
Name:
Title:
Trustee Authentication
NORWEST BANK MINNESOTA,
NATIONAL ASSOCIATION, as Trustee
By:
-------------------------------
Name:
Title:
Dated: March 27, 1997
C-1-6
<PAGE>
EXHIBIT C-2
FORM OF CLASS RU CERTIFICATE
THIS CERTIFICATE HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933,
AS AMENDED (THE "ACT"). ANY RESALE OR TRANSFER OF THIS CERTIFICATE WITHOUT
REGISTRATION THEREOF UNDER THE ACT MAY BE MADE ONLY IN A TRANSACTION EXEMPT FROM
THE REGISTRATION REQUIREMENTS OF THE ACT AND IN ACCORDANCE WITH THE PROVISIONS
OF SECTION 5.8 OF THE POOLING AND SERVICING AGREEMENT REFERRED TO HEREIN.
NEITHER THIS CERTIFICATE NOR THE UNDERLYING MORTGAGE LOANS ARE INSURED OR
GUARANTEED BY THE FEDERAL DEPOSIT INSURANCE CORPORATION, THE GOVERNMENT NATIONAL
MORTGAGE ASSOCIATION OR ANY OTHER GOVERNMENTAL AGENCY.
SOLELY FOR FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE REPRESENTS AN
INTEREST IN THE ONLY "RESIDUAL INTEREST" IN A "REAL ESTATE MORTGAGE INVESTMENT
CONDUIT" ("REMIC") AS THOSE TERMS ARE DEFINED, RESPECTIVELY, IN SECTION 860G and
860D OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE "CODE"), ASSUMING
COMPLIANCE WITH THE REMIC PROVISIONS OF THE CODE.
TRANSFER OF THIS CLASS RU CERTIFICATE IS RESTRICTED AS SET FORTH IN THE
POOLING AND SERVICING AGREEMENT. NO TRANSFER OF THIS CLASS RU CERTIFICATE MAY BE
MADE TO A "DISQUALIFIED ORGANIZATION" AS DEFINED IN SECTION 860E(e)(5) OF THE
CODE. SUCH TERM INCLUDES THE UNITED STATES, ANY STATE OR POLITICAL SUBDIVISION
THEREOF, ANY FOREIGN GOVERNMENT, ANY INTERNATIONAL ORGANIZATION, ANY AGENCY OR
INSTRUMENTALITY OF ANY OF THE FOREGOING (OTHER THAN CERTAIN TAXABLE
INSTRUMENTALITIES), ANY COOPERATIVE ORGANIZATION FURNISHING ELECTRIC ENERGY OR
PROVIDING TELEPHONE SERVICE TO PERSONS IN RURAL AREAS, OR ANY ORGANIZATION
(OTHER THAN A FARMERS' COOPERATIVE) THAT IS EXEMPT FROM FEDERAL INCOME TAX
UNLESS SUCH ORGANIZATION IS SUBJECT TO THE TAX ON UNRELATED BUSINESS INCOME. NO
TRANSFER OF THIS CLASS RU CERTIFICATE WILL BE REGISTERED BY THE TRUSTEE UNLESS
THE PROPOSED TRANSFEREE HAS DELIVERED AN AFFIDAVIT AFFIRMING, AMONG OTHER
THINGS, THAT THE PROPOSED TRANSFEREE IS NOT A DISQUALIFIED ORGANIZATION AND IS
NOT ACQUIRING THE CLASS RU CERTIFICATE FOR THE ACCOUNT OF A DISQUALIFIED
ORGANIZATION. A COPY OF THE FORM OF AFFIDAVIT REQUIRED OF EACH PROPOSED
TRANSFEREE IS ON FILE AND AVAILABLE FROM THE TRUSTEE.
C-2-1
<PAGE>
A TRANSFER IN VIOLATION OF THE APPLICABLE RESTRICTIONS MAY GIVE RISE TO A
SUBSTANTIAL TAX UPON THE TRANSFEROR OR, IN CERTAIN CASES, UPON AN AGENT ACTING
FOR THE TRANSFEREE. A PASS-THRU ENTITY THAT HOLDS THIS CLASS RU CERTIFICATE AND
THAT HAS A DISQUALIFIED ORGANIZATION AS A RECORD OWNER IN ANY TAXABLE YEAR
GENERALLY WILL BE SUBJECT TO A TAX FOR EACH SUCH YEAR EQUAL TO THE PRODUCT OF
(A) THE AMOUNT OF EXCESS INCLUSIONS WITH RESPECT TO THE PORTION OF THIS
CERTIFICATE OWNED THROUGH SUCH PASS-THRU ENTITY BY SUCH DISQUALIFIED
ORGANIZATION, AND (B) THE HIGHEST MARGINAL FEDERAL TAX RATE ON CORPORATIONS. FOR
PURPOSES OF THE PRECEDING SENTENCE, THE TERM "PASS-THRU" ENTITY INCLUDES
REGULATED INVESTMENT COMPANIES, REAL ESTATE INVESTMENT TRUSTS, COMMON TRUST
FUNDS, PARTNERSHIPS, TRUSTS, ESTATES, COOPERATIVES TO WHICH PART I OF SUBCHAPTER
I OF THE CODE APPLIES AND, EXCEPT AS PROVIDED IN REGULATIONS, NOMINEES.
EQUIVANTAGE HOME EQUITY LOAN TRUST 1997-1
HOME EQUITY LOAN ASSET-BACKED CERTIFICATE
CLASS RU
Representing Certain Interests Relating to a Pool of Mortgage Loans Formed by
EquiVantage Acceptance Corp. and Serviced by
EQUIVANTAGE INC.
(This Certificate does not represent an interest in, or an obligation of,
nor are the underlying Mortgage Loans insured or guaranteed by EquiVantage
Acceptance Corp., EquiVantage Inc., any Originator or any of their subsidiaries
and affiliates. This Certificate represents a fractional residual ownership
interest in the Upper-Tier REMIC described in the Pooling and Servicing
Agreement.)
No: RU-1 Date: March 27, 1997
Percentage Interest: 100% March 25, 2028
----------------------------
Final Scheduled Payment Date
EQUIVANTAGE ACCEPTANCE CORP.
----------------------------
Registered Owner
C-2-2
<PAGE>
THIS CERTIFICATE IS A PASS-THROUGH CERTIFICATE ONLY AND, NOTWITHSTANDING
REFERENCES HEREIN TO PRINCIPAL AND INTEREST, NO DEBT OF ANY PERSON IS
REPRESENTED HEREBY.
NEITHER THIS CERTIFICATE NOR THE UNDERLYING MORTGAGE LOANS ARE INSURED OR
GUARANTEED BY THE FEDERAL DEPOSIT INSURANCE CORPORATION, THE GOVERNMENT NATIONAL
MORTGAGE ASSOCIATION OR ANY OTHER GOVERNMENTAL AGENCY.
This Certificate is one of a Class of duly-authorized Certificates
designated as EquiVantage Home Equity Loan Trust 1997-1, Home Equity Loan
Asset-Backed Certificates, Series 1997-1, Class RU (the "RU Certificates") and
issued under and subject to the terms, provisions and conditions of the Pooling
and Servicing Agreement, to which Pooling and Servicing Agreement the Owner of
this Certificate by virtue of acceptance hereof assents and by which such Owner
is bound. Also issued under the Pooling and Servicing Agreement are Certificates
designated as the Class A Certificates, Class B Certificates and Class RL
Certificates (together with the Class RU Certificates, the "Certificates.")
Terms capitalized herein and not otherwise defined herein shall have the
respective meanings set forth in the Pooling and Servicing Agreement.
On the 25th day of each month, or, if such day is not a Business Day, then
the next succeeding Business Day (each such day being a "Payment Date"),
commencing April 25, 1997, to the Owners of the Class RU Certificates as of the
close of business on the first Business Day of the calendar month immediately
preceding the calendar month in which such Payment Date occurs (the "Record
Date"), the Trustee will distribute to each Owner of the Class RU Certificates
such Owner's Percentage Interest multiplied by the amounts then available to be
distributed to the Owners of the Class RU Certificates. No significant
distributions are anticipated to be made.
Upon receiving the final distribution hereon, the Owner hereof is required
to send this Certificate to the Trustee. The Pooling and Servicing Agreement
provides that, in any event, upon the making of the final distribution due on
this Certificate, this Certificate shall be deemed canceled for all purposes
under the Pooling and Servicing Agreement.
The Trustee is required to duly and punctually pay distributions with
respect to this Certificate in accordance with the terms hereof and the Pooling
and Servicing Agreement. Amounts properly withheld under the Code or applicable
state or local law by any Person from a distribution to any Owner shall be
considered as having been paid by the Trustee to such Owner for all purposes of
the Pooling and Servicing Agreement.
EquiVantage Inc., as Servicer, pursuant to the Pooling and Servicing
Agreement will service the Mortgage Loans. The Pooling and Servicing Agreement
permits the Servicer to enter into Sub-Servicing Agreements with certain
institutions eligible for appointment as Sub-Servicers for the
C-2-3
<PAGE>
servicing and administration of the Mortgage Loans. No appointment of any
Sub-Servicer shall release the Servicer from any of its obligations under the
Pooling and Servicing Agreement.
No Owner shall have any right to institute any proceeding, judicial or
otherwise, with respect to the Pooling and Servicing Agreement, or for the
appointment of a receiver or trustee, or for any other remedy under the Pooling
and Servicing Agreement except in compliance with the terms thereof.
Notwithstanding any other provisions in the Pooling and Servicing
Agreement, the Owner of any Certificate shall have the right which is absolute
and unconditional to receive distributions to the extent provided in the Pooling
and Servicing Agreement with respect to such Certificate or to institute suit
for the enforcement of any such distribution, and such right shall not be
impaired without the consent of such Owner.
The Pooling and Servicing Agreement provides that the obligations created
thereby will terminate upon the earlier of (i) the payment to the Owners of all
Certificates of all amounts held by the Trustee and required to be paid to such
Owners pursuant to the Pooling and Servicing Agreement upon the later to occur
of (a) the final payment or other liquidation (or any advance made with respect
thereto) of the last Mortgage Loan in the Trust Estate or (b) the disposition of
all property acquired in respect of any Mortgage Loan remaining in the Trust
Estate or (ii) at any time when a Qualified Liquidation of the Upper-Tier REMIC
and the Lower-Tier REMIC is effected as described in the Pooling and Servicing
Agreement.
The Pooling and Servicing Agreement provides that (i) the Owners of the
Class RL Certificates or, if such Owners decline to exercise, the Servicer or,
if the Servicer decline to exercise, the Certificate Insurer, may, at their
respective options, purchase from the Trust all (but not fewer than all)
remaining Mortgage Loans and other property then constituting the Trust Estate,
and thereby effect early retirement of the Certificates, on any Remittance Date
when the aggregate outstanding Loan Balances of the Mortgage Loans is 10% or
less of the original aggregate Loan Balance of the Mortgage Loans as of the
Cut-Off Date and (ii) under certain circumstances relating to the qualifications
of the Lower-Tier REMIC or Upper-Tier REMIC as a REMIC under the Code, the
Mortgage Loans may be sold, thereby affecting the early retirement of the
Certificates.
The Trustee shall give written notice of termination of the Pooling and
Servicing Agreement to each Owner in the manner set forth therein.
As provided in the Pooling and Servicing Agreement and subject to certain
limitations therein set forth and referred to on the face hereof, the transfer
of this Certificate is registrable in the Register upon surrender of this
Certificate for registration of transfer at the office designated as the
location of the Register duly endorsed by, or accompanied by a written
instrument of transfer in the form set forth in the Pooling and Servicing
Agreement duly executed by, the Owner hereof or his attorney duly authorized in
writing, and thereupon one or more new Certificates of like Class, tenor and a
like Percentage Interest will be issued to the designated transferee or
transferees.
C-2-4
<PAGE>
Notwithstanding the foregoing, no sale or other transfer of record or
beneficial ownership of a Class RU Certificate shall be made unless the Trustee
shall have received a representation letter from the transferee of such Class RU
Certificate, acceptable to and in form and substance satisfactory to the
Trustee, to the effect that such transferee is not an employee benefit plan
subject to Section 406 of the Employee Retirement Income Security Act nor a plan
nor other arrangement subject to Section 4975 of the Code (collectively, a
"Plan"), nor is acting on behalf of any Plan nor using the assets of any Plan to
affect such transfer.
The Trustee is required to furnish certain information on each Payment
Date to the Owner of this Certificate, as more fully described in the Pooling
and Servicing Agreement.
The Class RU Certificates are issuable only as registered Certificates. As
provided in the Pooling and Servicing Agreement and subject to certain
limitations therein set forth, Class RU Certificates are exchangeable for new
Class RU Certificates evidencing the same Percentage Interest as the Class RU
Certificates exchanged.
No service charge will be made for any such registration of transfer or
exchange, but the Trustee may require payment of a sum sufficient to cover any
tax or other governmental charge payable in connection therewith.
The Trustee and any agent of the Trustee may treat the Person in whose
name this Certificate is registered as the owner hereof for all purposes, and
neither the Trustee or any such agent shall be affected by notice to the
contrary.
C-2-5
<PAGE>
IN WITNESS WHEREOF, the Trustee has caused this Certificate to be
duly executed on behalf of the Trust.
EQUIVANTAGE HOME EQUITY
LOAN TRUST 1997-1
By: NORWEST BANK MINNESOTA,
NATIONAL ASSOCIATION, as Trustee
By:
-------------------------------
Name:
Title:
Trustee Authentication
NORWEST BANK MINNESOTA,
NATIONAL ASSOCIATION, as Trustee
By:
-------------------------------
Name:
Title:
Dated: March 27, 1997
C-2-6
<PAGE>
EXHIBIT D
FORM OF CERTIFICATE REGARDING PREPAID LOANS
I, John E. Smith, President of EquiVantage Acceptance Corp., a Delaware
corporation, as sponsor (the "Sponsor"), hereby certify that between the
"Cut-off Date" (as defined in the Pooling and Servicing Agreement dated as of
March 1, 1997 among the Sponsor, EquiVantage Inc., a Delaware corporation, as
servicer, and Norwest Bank Minnesota, National Association, as trustee) and the
date hereof the following schedule of "Mortgage Loans" (as defined in such
Pooling and Servicing Agreement) has been prepaid in full.
Dated: March 27, 1997
By:
-----------------------------
John E. Smith
President
D-1
<PAGE>
EXHIBIT E
FORM OF TRUSTEE'S ACKNOWLEDGMENT OF RECEIPT
Norwest Bank Minnesota, National Association, a national banking
corporation, in its capacity as trustee (the "Trustee") under that certain
Pooling and Servicing Agreement dated as of March 1, 1997 (the "Pooling and
Servicing Agreement") by and among EquiVantage Acceptance Corp., a Delaware
corporation, as sponsor (the "Sponsor"), EquiVantage Inc., a Delaware
corporation, as servicer, and the Trustee, hereby acknowledges receipt of the
items delivered to it by the Sponsor with respect to the Mortgage Loans of the
Pooling and Servicing Agreement.
The Schedule of Mortgage Loans is deemed attached to this Receipt.
The Trustee hereby additionally acknowledges that it shall review such
items as required by Section 3.6(a) of the Pooling and Servicing Agreement and
shall otherwise comply with Section 3.6(b) of the Pooling and Servicing
Agreement as required thereby.
NORWEST BANK MINNESOTA,
NATIONAL ASSOCIATION,
as Trustee
By:
---------------------------------
Name:
Title:
Dated: March 27, 1997
E-1
<PAGE>
[SEE SCHEDULE I - SCHEDULE OF MORTGAGE LOANS]
E-2
<PAGE>
EXHIBIT F
FORM OF POOL CERTIFICATION
WHEREAS, the undersigned is an Authorized Officer of Norwest Bank
Minnesota, National Association, a national banking association, acting in its
capacity as trustee (the "Trustee") of a certain pool of mortgage loans (the
"Pool") heretofore conveyed in trust to the Trustee pursuant to that certain
Pooling and Servicing Agreement dated as of March 1, 1997 (the "Pooling and
Servicing Agreement") by and among EquiVantage Acceptance Corp., a Delaware
corporation, as sponsor (the "Sponsor"), EquiVantage Inc., a Delaware
corporation, as Servicer, and the Trustee;
WHEREAS, the Trustee is required, pursuant to Section 3.6(a) of the
Pooling and Servicing Agreement, to review the Files relating to the Pool within
a specified period following the Startup Day and to notify the Sponsor promptly
of any defects with respect to the Pool, and the Sponsor is required to remedy
such defects or take certain other action, all as set forth in Section 3.6(b) of
the Pooling and Servicing Agreement; and
WHEREAS, Section 3.6(a) of the Pooling and Servicing Agreement requires
the Trustee to deliver this Pool Certification upon the satisfaction of certain
conditions set forth therein.
NOW, THEREFORE, the Trustee hereby certifies that it has determined that
all required documents (or certified copies of documents listed in Section 3.5
of the Pooling and Servicing Agreement) have been executed or received, and that
such documents relate to the Mortgage Loans identified in the Schedule of
Mortgage Loans pursuant to Section 3.5(a) of the Pooling and Servicing Agreement
or, in the event that such documents have not been executed and received or do
not so relate to such Mortgage Loans, any remedial action by the Sponsor
pursuant to Section 3.6(b) of the Pooling and Servicing Agreement has been
completed, except as noted in the list of exceptions attached. The Trustee makes
no certification hereby, however, with respect to any intervening assignments or
assumption and modification agreements.
NORWEST BANK MINNESOTA,
NATIONAL ASSOCIATION, as Trustee
By:
---------------------------------
Name:
Title:
Dated: March 27, 1997
F-1
<PAGE>
EXHIBIT G
FORM OF DELIVERY ORDER
March 27, 1997
Norwest Bank Minnesota,
National Association
Norwest Center
Sixth Street & Marquette Avenue
Minneapolis, Minnesota 55479-0070
Attention: Corporate Trust Services
Ladies and Gentlemen:
Pursuant to Article IV of the Pooling and Servicing Agreement dated as of
March 1, 1997 (the "Pooling and Servicing Agreement") by and among EquiVantage
Acceptance Corp., a Delaware corporation, as sponsor (the "Sponsor"),
EquiVantage Inc., a Delaware corporation, as servicer, and Norwest Bank
Minnesota, National Association, as trustee, the Sponsor hereby certifies that
all conditions precedent to the issuance of EquiVantage Home Equity Loan Trust
1997-1, Home Equity Loan Asset-Backed Certificates, Class A-1, Class A-2, Class
A-3, Class A-4, Class A-5, Class B and the Residual Certificates (collectively,
the "Certificates"), have been satisfied and hereby requests you to authenticate
and deliver said Certificates, and to release said Certificates to the Owners
thereof, or otherwise upon their order.
Very truly yours,
EQUIVANTAGE ACCEPTANCE CORP.
By:
-------------------------------------
Name: John E. Smith
Title: President
G-1
<PAGE>
EXHIBIT H
FORM OF CLASS R TAX MATTERS TRANSFER CERTIFICATE
AFFIDAVIT PURSUANT TO SECTION 860E(e)
OF THE INTERNAL REVENUE CODE OF 1986,
AS AMENDED
STATE OF )
) ss:
COUNTY OF )
[NAME OF OFFICER], being first duly sworn, deposes and says:
1. That [s/he] is [Title of Officer] of [Name of Investor] (the
"Investor"), a [savings institution] [corporation] duly organized and existing
under the laws of [the State of __________] [the United States], on behalf of
which [s/he] makes this affidavit.
2. That (i) the Investor is not a "disqualified organization" and will not
be a "disqualified organization" as of [date of transfer] (For this purpose, a
"disqualified organization" means the United States, any state or political
subdivision thereof, any foreign government, any international organization, any
agency or instrumentality of any of the foregoing (other than certain taxable
instrumentalities), any cooperative organization furnishing electric energy or
providing telephone service to persons in rural areas, or any organization
(other than a farmers' cooperative) that is exempt from federal income tax
unless such organization is subject to the tax on unrelated business income);
(ii) it is not acquiring the Class R Certificates for the account of a
disqualified organization; (iii) it consents to any amendment of the Pooling and
Servicing Agreement that shall be deemed necessary by the Trustee (upon advice
of counsel) to constitute a reasonable arrangement to ensure that the Class R
Certificates will not be owned directly or indirectly by a disqualified
organization; and (iv) it will not transfer any such Class R Certificate unless
(a) it has received from the transferee an affidavit in substantially the same
form as this affidavit containing these same four representations and (b) as of
the time of the transfer, it does not have actual knowledge that such affidavit
is false.
H-1
<PAGE>
IN WITNESS WHEREOF, the Investor has caused this instrument to be executed
on its behalf, pursuant to authority of its Board of Directors, by its [Title of
Officer] and its corporate seal to be hereunto attached, attested by its
[Assistant] Secretary, this __ day of __________, ____.
[NAME OF INVESTOR]
By:
-------------------------------------
[Name of Officer]
[Title of Officer]
[Corporate Seal]
Attest:
- -------------------------------
[Assistant] Secretary
Personally appeared before me the above-named [Name of Officer], known or
proved to be the same person who executed the foregoing instrument and to be the
[Title of Officer] of the Investor, and acknowledged to me that he executed the
same as his free act and deed and the free act and deed of the Investor.
Subscribed and sworn before me this ____ day of _______, ____.
- ---------------------------
NOTARY PUBLIC
COUNTY OF ___________________________
STATE OF ___________________________
My commission expires the ____ day of _______________, ____.
H-2
<PAGE>
EXHIBIT I
Form of
Monthly Report
EquiVantage Acceptance Corp.
Home Equity Loan Asset-Backed Certificates
Series 1997-1
Statement to Owners
<TABLE>
<CAPTION>
INTEREST
ORIGINAL BEGINNING INTEREST TOTAL CARRY ENDING
CERTIFICATE CERTIFICATE PRINCIPAL DISTRI- DISTRI- FORWARD CERTIFICATE
CLASS FACE VALUE BALANCE DISTRIBUTION BUTION BUTION AMOUNT BALANCE
- ----- ---------- ------- ------------ ------ ------ ------ -------
<S> <C>
A-1 $29,400,000
A-2 $19,900,000
A-3 $13,700,000
A-4 $ 7,000,000
A-5 $15,000,000
B $__________
RU
TOTAL
AMOUNT PER $1,000 UNIT
BEGINNING INTEREST TOTAL CURRENT ENDING
CERTIFICATE PRINCIPAL DISTRI- DISTRI- PRINCIPAL CERTIFICATE
CLASS CUSIP BALANCE DISTRIBUTION BUTION BUTION BALANCE BALANCE
- ----- ----- ------- ------------ ------ ------ ------- -------
<S> <C>
A-1 29476Y AQ 2
A-2 29476Y AR 0
A-3 29476Y AS 8
A-4 29476Y AT 6
A-5 29476Y AU 3
B
RU
</TABLE>
I-1
<PAGE>
PASS THROUGH RATES
ORIGINAL PASS- CURRENT PASS
CLASS THROUGH RATE THROUGH RATE CLASS RECORD DATE
----- ------------ ------------ ----- -----------
A-1 6.650% % A-1
A-2 6.975% % A-2
A-3 7.550% % A-3
A-4 7.275% % A-4
A-5 Adjustable Rate % A-5
B % B
RU %
SPONSOR: EquiVantage Acceptance Corp.
SERVICER: EquiVantage Inc.
SUB-SERVICER: Transworld Mortgage Corporation
LEAD UNDERWRITER: Prudential Securities Incorporated
RECORD DATE:
DISTRIBUTION DATE: FACTOR INFORMATION:________________
PLEASE DIRECT ANY QUESTIONS OR COMMENTS TO THE FOLLOWING ADMINISTRATOR:
Trust Administrator
Norwest Bank Minnesota, National Association
Sixth Street & Marquette Avenue
Minneapolis, Minnesota 55479-0070
Attention: Corporate Trust Services
(612) 667-5786
I-2
<PAGE>
Distribution Period:
Information pursuant to Section 7.8(a) of the
Pooling and Servicing Agreement dated as of March 1, 1997
i) Distribution to each Class of Certificates
ii) Principal Distributions to the Certificates:
Scheduled Principal
Prepayments
Paid-in-Full Loans
Other Unscheduled Recoveries of Principal
Substitution Amounts
Loan Repurchases
Principal Portion of Liquidation Proceeds
Subordination Increase Amount
Total Principal
iii) Interest distributions to the Certificate Owners
iv) Monthly Remittance Amount for each Mortgage Loan Group
Principal Interest
v) Certificate Principal Balances
vi) Amounts described in Sections 7.5(b)(iii), (iv) and (xii)
vii) Insured Payment included in distributions to the Owners
Aggregate unreimbursed Insured Payments since the Closing
Date
viii) Information furnished by the Sponsor pursuant to Section
6049(d)(7)(c)
ix) Substitution Amounts and Loan Purchase Price Amounts
included in the distribution
x) Subordination Reduction Amount
xi) Realized Losses
[Cumulative Loss Amount]
[Rolling Three Month Delinquency Rate]
xii) Certificate Factors
xiii) Insurance Proceeds
xiv) Specified Subordinated Amount (aggregate and for each
Morgtgage Loan Group)
xv) Weighted average Coupon Rate and weighted average maturity
of Mortgage Loans for each Mortgage Loan Group
xvi) Aggregate Loan Balances for each Mortgage Loan Group
I-3
<PAGE>
Distribution Period:
As to all Mortgage Loans
Delinquency Advances Made
Paid-In-Full Compensating Interest
Accrued Servicing Fees
Servicing Fees Retained
Trustee Fees
Premium Amount
Current Next
Distribution Distribution
Date Date
------------ ------------
Available Funds
Available Funds
Available Funds Shortfall
Amortized Subordinated Amount
Requirement
Excess Subordinated Amount
Specified Subordinated Amount
Subordinated Amount
Subordination Deficiency Amount
Subordination Deficit
Subordination Increase Amount
Subordination Reduction Amount
Principal Carry Forward Amount
Principal Distribution Amount
Reimbursement Amount
Balance of Largest Loan
I-4
<PAGE>
EquiVantage Inc.
Transworld Mortgage Corporation
Monthly Delinquency Summary Report
EquiVantage Mortgage Loan Trust 1997-1
Dates as of ___________________
<TABLE>
<CAPTION>
Class A Certificates
Ending Number of Loans:
Ending Principal Balance:
DELINQUENT LOANS Count Percent Principal Bal. Percent
<S> <C> <C> <C> <C> <C>
GROSS Delinquent Loans - Status
1. 30 - 59 Days Delinquent
2. 60 - 89 Days Delinquent
3. 90 or More Days Delinquent
GROSS Total Delinquencies
Foreclosure Loans - Status Count Percent Principal Bal. Percent
1. Current
2. 30 - 59 Days Delinquent
3. 60 - 89 Days Delinquent
4. 90 or More Days Delinquent
Total Foreclosures
Bankruptcy Loans - Status Count Percent Principal Bal. Percent
1. Current
2. 30 - 59 Days Delinquent
3. 60 - 89 Days Delinquent
4. 90 or More Days Delinquent
Total Bankruptcies
REO Loans - Status from Foreclosure Count Percent Principal Bal. Percent Book Value
1. 30 - 59 Days
2. 60 - 89 Days
3. 90 or More Days
Total REO
NET DELINQUENCY (Gross Delinquent less Foreclosure, Bankruptcy, REO)
Count Percent Principal Bal. Percent
1. 30 - 59 Days Delinquent
2. 60 - 89 Days Delinquent
3. 90 or More Days Delinquent
NET DELINQUENCY TOTALS
</TABLE>
I-5
<PAGE>
EXHIBIT J
FORM OF SERVICER'S TRUST RECEIPT
To: Norwest Bank Minnesota, National Association
Sixth Street & Marquette Avenue
Minneapolis, Minnesota 55479-0070
Attn: Corporate Trust Services
Date:____________________
In connection with the administration of the mortgage loans held by you,
as Trustee under a certain Pooling and Servicing Agreement dated as of March 1,
1997 by and among EquiVantage Acceptance Corp., as sponsor, EquiVantage Inc., as
servicer (the "Servicer"), and you, as Trustee (the "Agreement"), the Servicer
hereby requests a release of the File held by you as Trustee with respect to the
following described Mortgage Loan for the reason indicated below:
Mortgagor's Name:
Loan No.:
Reason for requesting file:
_______ 1. Mortgage Loan paid in full.
(The Servicer hereby certifies that all amounts
received in connection with the loan have been or
will be credited to the Certificate Account
(whichever is applicable) pursuant to the
Agreement.)
_______ 2. Mortgage Loan repurchased pursuant to the Agreement.
(The Servicer hereby certifies that the Loan
Purchase Price has been or will be paid to the
Certificate Account pursuant to the Agreement.)
J-1
<PAGE>
_______ 3. Mortgage Loan substituted.
(The Servicer hereby certifies that a Qualified
Replacement Mortgage has been or will be assigned
and delivered to you along with the related File
pursuant to the Agreement.)
_______ 4. The Mortgage Loan is being foreclosed.
_______ 5. Other. (Describe)
Total Number of Mortgage Loans currently held under the Agreement: ____________
Total Number of Files now held by the Servicer: _______________________________
The undersigned (i) acknowledges that the above File will be held by the
undersigned in accordance with the provisions of the Agreement and will be
returned to you, except if the Mortgage Loan has been paid in full, foreclosed,
repurchased or substituted for by a Qualified Replacement Mortgage (in which
case the File will be retained by us permanently), and (ii) certifies that all
conditions precedent for delivery of the File requested by this Trust Receipt
have been satisfied.
Capitalized terms used herein shall have the meanings ascribed to them in
the Agreement.
EQUIVANTAGE INC.
By:
-------------------------------------
Name:
Title:
J-2
<PAGE>
EXHIBIT K
FORM OF LIQUIDATION REPORT
1. Type of Liquidation (REO disposition/charge-off/short pay-off)
- Date last paid
- Date of foreclosure
- Date of REO
- Date of REO disposition
- Property sale price/estimated market value at disposition
2. Liquidation Proceeds
Principal Prepayment $ ________
Property Sale Proceeds ________
Insurance Proceeds ________
Other (itemize) ________
3. Liquidation expenses
Servicing Advances $ ________
Delinquency Advances ________
Contingency Fees ________
Servicing Fees ________
Annual Expense Escrow Amount ________
Supplemental Fee (if any) ________
Additional Interest (if any) ________
4. Net Liquidation Proceeds $ ________
(Item 2 minus item 3)
5. Principal Balance of Mortgage Loan $ ________
K-1
<PAGE>
EXHIBIT L
SPECIAL POWER OF ATTORNEY
KNOWN ALL MEN BY THESE PRESENTS, that I, ____________, ____________ of
EquiVantage Inc. (the "Originator"), do hereby constitute and appoint Norwest
Bank Minnesota, National Association, as the true and lawful attorney for the
Originator and its name, place and stead, to record the assignments of mortgage
with respect to the Mortgage Loans transferred to the Norwest Bank Minnesota,
National Association, as trustee (the "Trustee"), under that Pooling and
Servicing Agreement dated as of March 1, 1997 by and among EquiVantage
Acceptance Corp., as Sponsor, the Originator, as Servicer, and the Trustee, and
to do and perform all other things and acts relating to such assignments of
mortgage as may be necessary to effectuate the transfer of such Mortgage Loans
to the Trustee, including the execution and delivery of new assignments of
mortgage where necessary to comply with applicable real estate recording laws at
the time of recordation.
This power of attorney is irrevocable and is coupled with an interest in
the Mortgage Loans, and it may at all times be relied upon by any person, firm
or corporation dealing with the attorney named herein as remaining in full force
and effect, and such person, firm or corporation shall have no liability to the
Originator with respect thereto.
WITNESS the following signature this ___ day of _______, 19__.
EQUIVANTAGE INC.
By:
-----------------------------
Name:
Title:
STATE OF NEW YORK
COUNTY OF NEW YORK, to-wit:
I, ______________, a Notary Public in and for the jurisdiction aforesaid,
do hereby certify that _______________, who acknowledged himself to be the
__________________ of EquiVantage Inc., a Delaware corporation, personally
appeared before me in the jurisdiction aforesaid and that he as such
________________ executed the foregoing instrument on behalf of said corporation
for the purposes therein contained.
Witness my hand and official seal this ____ day of _______, 19__.
(SEAL)
-------------------------------
Notary Public
My Commission Expires:
L-1
<PAGE>
Financial Guaranty Insurance Company
115 Broadway
New York, New York 10006
(212) 312-3000
(800) 352-0001
Surety Bond
Issuer: EquiVantage Home Equity Policy Number: 97010145
Loan Trust 1997-1
Control Number: 0010001
Insured Obligations: $85,000,000
in aggregate principal amount of Home Equity
Loan Backed Certificates, Series 1997-1,
Class A (the "Certificates")
Trustee: Norwest Bank Minnesota, National Association
Financial Guaranty Insurance Company ("Financial Guaranty"), a New York stock
insurance company, in consideration of its receipt of the Deposit Premium and
subject to the terms of this Surety Bond, hereby unconditionally and irrevocably
agrees to pay each Insured Payment to the Trustee named above or its successor,
as trustee for the Certificates, to the extent set forth in the Pooling and
Servicing Agreement.
Financial Guaranty will make an Insured Payment (other than that portion of an
Insured Payment constituting a Preference Amount) out of its own funds by 11:00
A.M. (New York City Time) in immediately available funds to the Trustee on the
later of (i) the Business Day next following the day on which Financial Guaranty
shall have received Notice that an Insured Payment is due and (ii) the Payment
Date on which the Insured Payment is distributable to Certificateholders
pursuant to the Pooling and Servicing Agreement, for disbursement to such
Certificateholders in the same manner as other payments with respect to the
Certificates are required to be made. Any Notice received by Financial Guaranty
after 2:00 p.m. New York City time on a given Business Day or on any day that is
not a Business Day shall be deemed to have been received by Financial Guaranty
on the next succeeding Business Day.
Upon such payment, Financial Guaranty shall be fully subrogated to the rights of
the Certificateholders to receive the amount so paid. Financial Guaranty's
obligations hereunder with respect to each Payment Date shall be discharged to
the extent funds comprising the Insured Payment are received by the Trustee on
behalf of the Certificateholders for distribution to such holders,
Form 9109
Page 1 of 4
<PAGE>
Financial Guaranty Insurance Company
115 Broadway
New York, New York 10006
(212) 312-3000
(800) 352-0001
Surety Bond
as provided in the Pooling and Servicing Agreement and herein, whether or not
such funds are properly applied by the Trustee.
If the payment of any portion or all of any amount that is insured hereunder is
voided pursuant to a final order of a court exercising proper jurisdiction in an
insolvency proceeding to the effect that the Trustee or the Certificateholder,
as the case may be, is required to return any such payment or portion thereof
prior to the expiration date of this Surety Bond because such payment was voided
under the U. S. Bankruptcy Code, with respect to which order the appeal period
has expired without an appeal having been filed (a "Final Order"), and, as a
result, the Trustee or any Certificateholder is required to return such voided
payment, or any portion of such voided payment made in respect of the
Certificates (a "Preference Amount"), Financial Guaranty will pay on the
guarantee described in the first paragraph hereof, an amount equal to each such
Preference Amount, on the second Business Day following receipt by Financial
Guaranty of (x) a certified copy of the Final Order, (y) an assignment, in form
reasonably satisfactory to Financial Guaranty, irrevocably assigning to
Financial Guaranty all rights and claims of the Trustee and/or such
Certificateholder relating to or arising under such Preference Amount and
appointing Financial Guaranty as the agent of the Trustee and/or such
Certificateholder in respect of such Preference Amount, and (z) a Notice
appropriately completed and executed by the Trustee or such Certificateholder,
as the case may be. Such payment shall be made to the receiver, conservator,
debtor-in-possession or trustee in bankruptcy named in the Final Order and not
to the Trustee or Certificateholder directly (unless a Certificateholder has
previously paid such amount to such receiver, conservator, debtor-in-possession
or trustee named in such Final Order in which case payment shall be made to the
Trustee for distribution to the Certificateholder upon proof of such payment
reasonably satisfactory to Financial Guaranty). Notwithstanding the foregoing,
in no event shall Financial Guaranty be (i) required to make any payment under
this Surety Bond in respect of any Preference Amount to the extent such
Preference Amount is comprised of amounts previously paid by Financial Guaranty
hereunder, or (ii) obligated to make any payment in respect of any Preference
Amount, which payment represents a payment of the principal amount of the
Certificates, prior to the time Financial Guaranty otherwise would have been
required to make a payment in respect of such principal.
Financial Guaranty shall make payments due in respect of Preference Amounts
prior to 2:00 p.m. New York City time on the second Business Day following
Financial Guaranty's receipt of the documents required under clauses (x) through
(z) of the second preceding paragraph. Any such
Form 9109
Page 2 of 4
<PAGE>
Financial Guaranty Insurance Company
115 Broadway
New York, New York 10006
(212) 312-3000
(800) 352-0001
Surety Bond
documents received by Financial Guaranty after 2:00 p.m. New York City time
on a given Business Day or on any day that is not a Business Day shall be
deemed to have been received by Financial Guaranty on the next succeeding
Business Day. All payments made by Financial Guaranty hereunder in respect
of Preference Amounts will be made with Financial Guaranty's own funds.
This Surety Bond is non-cancelable for any reason, including nonpayment of any
premium. The premium on this Surety Bond is not refundable for any reason,
including the payment of the Certificates prior to their respective maturities.
This Surety Bond shall expire and terminate without any action on the part of
Financial Guaranty or any other Person on the date that is one year and one day
following the date on which the Certificates shall have been paid in full.
The Deposit Premium shall be due and payable on the date hereof, and a monthly
premium shall be due and payable as provided in the Pooling and Servicing
Agreement.
This Surety Bond is subject to and shall be governed by the laws of the State of
New York. The proper venue for any action or proceeding on this Surety Bond
shall be the County of New York, State of New York. The insurance provided by
this Surety Bond is not covered by the New York Property/Casualty Insurance
Security Fund (New York Insurance Code, Article 76).
Capitalized terms used and not defined herein shall have respective meanings set
forth in the Pooling and Servicing Agreement. "Notice" means written notice in
the form of Exhibit A to this Surety Bond by registered or certified mail or
telephonic or telegraphic notice, subsequently confirmed by written notice
delivered via telecopy, telex or hand delivery from the Trustee to Financial
Guaranty specifying the information set forth therein. "Certificateholder"
means, as to a particular Certificate, the person, other than the Trust, the
Servicer, any subservicer or Underwriter or the Sponsor who, on the applicable
Payment Date is entitled under the terms of such Certificate to payment thereof.
"Pooling and Servicing Agreement" means the Pooling and Servicing Agreement by
and among EquiVantage Acceptance Corp., as Sponsor, EquiVantage Inc., as
Servicer, and Norwest Bank Minnesota, National Association, as Trustee, dated as
of March 1, 1997.
In the event that payments under any Certificate is accelerated, nothing herein
contained shall obligate Financial Guaranty to make any payment of principal or
interest on such Certificates on
Form 9109
Page 3 of 4
<PAGE>
Financial Guaranty Insurance Company
115 Broadway
New York, New York 10006
(212) 312-3000
(800) 352-0001
Surety Bond
an accelerated basis, unless such acceleration of payment by Financial
Guaranty is at the sole option of Financial Guaranty.
IN WITNESS WHEREOF, Financial Guaranty has caused this Surety Bond to be affixed
with its corporate seal and to be signed by its duly authorized officer in
facsimile to become effective and binding upon Financial Guaranty by virtue of
the countersignature of its duly authorized representative.
President Authorized Representative
Effective Date: March 27, 1997
Form 9109
Page 4 of 4
<PAGE>
EXHIBIT A
NOTICE
To: Financial Guaranty Insurance Company
115 Broadway
New York, New York 10006
(212) 312-3000
Attention: General Counsel
Telephone: (212) 312-3000
Telecopier: (212) 312-3093
Re: EquiVantage Home Equity Loan Trust
Home Equity Loan Backed Certificates,
Series 1997-1, Class A
Determination Date: _______________________
Payment Date: _______________________
We refer to that certain Pooling and Servicing Agreement dated as of March 1,
1997, by and among EquiVantage Acceptance Corp., as Sponsor, EquiVantage Inc.,
as Servicer, and Norwest Bank Minnesota, National Association, as Trustee (the
"Pooling and Servicing Agreement") relating to the above referenced
Certificates. All capitalized terms not otherwise defined herein or in the
Surety Bond shall have the same respective meanings assigned to such terms in
the Pooling and Servicing Agreement.
(a) The Trustee has determined under the Pooling and Servicing Agreement that
in respect of the Payment Date set forth above:
(i) The Group I Interest Distribution Amount is $__________;
(ii) The Group I Subordination Deficit is $__________;
(iii) Preference Amounts with respect to which Owners have complied
with Section 7.3(e) allocable to Group I are $__________;
(iv) The Group I Total Available Funds (excluding Total Monthly Excess
Cashflow) are $__________;
(v) The Total Monthly Excess Cashflow allocable to Group I
is $__________;
(vi) The Group II Interest Distribution Amount, is $__________;
(vii) The Group II Subordination Deficit is $__________;
<PAGE>
(viii) Preference Amounts with respect to which Owners have complied
with Section 7.3(e) allocable to Group II are $__________;
(ix) The Group II Total Available Funds (excluding Total Monthly
Excess Cashflow) are $___________;
(x) The Total Monthly Excess Cashflow allocable to Group II
is $_________;
(xi) The sum of (i), (ii) (iii), (vi), (vii) and (viii)
is $_______________;
(xii) The sum of (iv), (v), (ix) and (x) is $_____________;
and
(xiii) The amount in (xi) exceeds the amount in (xii) by
$____________.
Please be advised that the amount set forth in (a)(xii) above is not sufficient
to pay the amount set forth in (a)(xi) above.
Accordingly, pursuant to the Pooling and Servicing Agreement, this statement
constitutes a notice for payment of an Insured Payment in respect of Group
[I][II] in the amount of $______________ under the Surety Bond.
(b) No payment claimed hereunder is in excess of the amount payable under the
Surety Bond.
The amount requested in this Notice should be paid to: [Payment
Instructions]
[Attached hereto is a copy of the Final Order (as defined in the Surety Bond) in
connection with a Preference Amount in the amount set forth therein, together
with an assignment of rights and appointment of agent.]
Any person who knowingly and with intent to defraud any insurance company or
other person files an application for insurance or statement of claim containing
any materially false information or conceals for the purpose of misleading,
information concerning any fact material thereto, commits a fraudulent insurance
act, which is a crime, and shall also be subject to a civil penalty not to
exceed Five Thousand Dollars ($5,000.00) and the stated value of the claim for
each such violation.
<PAGE>
IN WITNESS WHEREOF, the Trustee has executed and delivered this Notice this
_____ day of ______________________.
_________________________________________,
as Trustee
By: ___________________________________
Title: ___________________________________
<PAGE>
MASTER LOAN TRANSFER AGREEMENT
Dated as of March 1, 1997
by and between
EQUIVANTAGE ACCEPTANCE CORP.,
the Company
and
EQUIVANTAGE INC.,
as Originator
<PAGE>
TABLE OF CONTENTS
Page
Section 1. Definitions.....................................................1
Section 2. Interest Calculations...........................................5
Section 3. Transfers of Mortgage Loans.....................................5
Section 4. Representations, Warranties and Covenants Regarding the
Originator and the Company......................................6
Section 5. Representations and Warranties of the Originator Regarding the
Mortgage Loans.................................................11
Section 6. Covenants of the Originator to Take Certain Actions with Respect
to the Mortgage Loans in Certain Situations....................21
Section 7. Term of Agreement..............................................22
Section 8. Authorized Representatives.....................................23
Section 9. Notices........................................................23
Section 10. Governing Law..................................................24
Section 11. Assignment.....................................................24
Section 12. Counterparts...................................................24
Section 13. Amendment......................................................25
Section 14. Severability of Provisions.....................................25
Section 15. No Agency; No Partnership or Joint Venture.....................25
Section 16. Further Assurances.............................................25
Section 17. The Certificate Insurer and the Trustee........................25
i
<PAGE>
EXHIBIT A....................................................................A-1
EXHIBIT B....................................................................B-1
SCHEDULE I...................................................................I-1
ii
<PAGE>
THIS MASTER LOAN TRANSFER AGREEMENT, dated as of March 1, 1997, is between
EquiVantage Acceptance Corp. (the "Company") and EquiVantage Inc., in its
separate capacity as an originator or purchaser of mortgage loans (the
"Originator").
WHEREAS, the Originator is an originator and purchaser of mortgage loans
that the Originator may, from time to time, sell to the Company;
WHEREAS, the Company may, from time to time, purchase such mortgage loans
from the Originator; and
WHEREAS, it is the intent of the Company to include the mortgage loans so
purchased by the Company in securitization transactions from time to time
sponsored by the Company.
NOW, THEREFORE, in consideration of the foregoing and the mutual agreements
herein contained, the parties hereto hereby agree as follows:
Section 1. Definitions. Whenever used in this Agreement or in any
Conveyance Agreement, the following words and phrases, unless the context
otherwise requires, shall have the meanings specified in this Article; provided,
however, that any capitalized terms used herein or in any Conveyance Agreement
and not defined herein shall have their respective meanings as set forth in the
related EquiVantage Pooling and Servicing Agreement.
Additional Representations and Warranties: As defined in Section 5(a)
hereof.
Agreement: This Master Loan Transfer Agreement as it may be amended from
time to time, including the exhibits and supplements hereto.
Appraised Value: The appraised value of any Property based upon the
appraisal or other valuation made at the time of the origination of the related
Mortgage Loan or, in the case of a Mortgage Loan that is a purchase money
mortgage, the sales price of the Property at such time of origination, if such
sales price is less than such appraised value, in either case subject to
downward adjustment by the Originator.
Authorized Representative: As defined in Section 8 hereof and each Person
as set forth in Exhibit B.
Balloon Loan: Any Mortgage Loan that has an amortization schedule which
extends beyond its maturity date, resulting in a relatively large unamortized
principal balance due in a single payment at maturity.
Certificate Insurance Policy: The Certificate Insurance Policy issued by
the Certificate Insurer as described in the related EquiVantage Pooling and
Servicing Agreement.
Certificate Insurer: Financial Guaranty Insurance Company, a New York
stock insurance company, or any successor thereto, issuing the Certificate
Insurance Policy.
<PAGE>
Closing Date: With respect to any Pool, as defined in the related
Conveyance Agreement.
Code: The Internal Revenue Code of 1986, as amended and any successor
statute.
Conveyance Agreement: Any Conveyance Agreement relating to a Pool, in
substantially the form set forth as Exhibit A hereto.
Coupon Rate: The rate of interest borne by each Note.
Cut-Off Date: With respect to any Pool, as defined in the related
Conveyance Agreement.
Delinquent: A Mortgage Loan is delinquent if any payment due thereon is
not made by the close of business on the day such payment is scheduled to be
due. A Mortgage Loan is 30 days delinquent if such payment has not been
received by the close of business on the corresponding day of the month
immediately succeeding the month in which such payment was due or, if there is
no such corresponding day (e.g., as when a 30-day month follows a 31-day month
in which a payment was due on the 31st day of such month), then on the last day
of such immediately succeeding month. Similarly for 60 days delinquent, 90 days
delinquent and so on.
Due Date: As to any Mortgage Loan, the day of the month on which the
monthly payment is due, excluding any days of grace.
EquiVantage Pooling and Servicing Agreement: Any Pooling and Servicing
Agreement entered into by and among EquiVantage Acceptance Corp., in its
corporate capacity and in its capacity as Sponsor, the Servicer and the Trustee,
as it may be amended and supplemented from time to time by the parties thereto.
EquiVantage Trust: An investor trust created by the Company to purchase
the Mortgage Loans acquired by the Company from the Originator pursuant to this
Agreement and the Conveyance Agreements.
EquiVantage Trust Certificates: The certificates issued by an EquiVantage
Trust.
FDIC: The Federal Deposit Insurance Corporation, or any successor thereto.
FHLMC: The Federal Home Loan Mortgage Corporation, a corporate
instrumentality of the United States created pursuant to the Emergency Home
Finance Act of 1970, as amended, or any successor thereof.
File: The documents delivered to the Trustee pursuant to the document
delivery provisions of the related EquiVantage Pooling and Servicing Agreement
pertaining to a particular Mortgage
2
<PAGE>
Loan, together with any additional documents required to be added to the File
pursuant to this Agreement.
First Mortgage Loan: A Mortgage Loan secured by a first priority mortgage
lien with respect to any Property.
FNMA: The Federal National Mortgage Association, a federally-chartered and
privately-owned corporation existing under the Federal National Mortgage
Association Charter Act, as amended, or any successor thereof.
Insured Payment: As defined in the related EquiVantage Pooling and
Servicing Agreement.
Initial Mortgage Loans: The Mortgage Loans delivered by the Company to the
related EquiVantage Trust on the Startup Day pursuant to the related EquiVantage
Pooling and Servicing Agreement.
Insurance Policy: Any hazard, title or primary mortgage insurance policy
relating to a Mortgage Loan.
Loan Balance: With respect to each Mortgage Loan, as defined in the
related EquiVantage Pooling and Servicing Agreement.
Mortgage: The mortgage, deed of trust or other instrument creating a first
or second lien on an estate in fee simple in real property, in accordance with
applicable law, securing a Note.
Mortgage Loan: Each of the mortgage loans transferred and assigned to the
Company by the Originator pursuant hereto.
Mortgagor: The obligor on a Note.
Note: The note or other evidence of indebtedness evidencing the
indebtedness of a Mortgagor under a Mortgage Loan.
Offered Certificates: Any securities issued by an EquiVantage Trust that
are not retained by the Company, any of the Company's affiliates or the
Originator.
Operative Documents: This Agreement, the related EquiVantage Pooling and
Servicing Agreement, the related Conveyance Agreement, and other agreements
described in the related EquiVantage Pooling and Servicing Agreement.
Original Principal Amount: With respect to each Note, the principal amount
of such Note or the mortgage note relating to a Senior Lien, as the case may be,
on the date of origination thereof.
3
<PAGE>
Originator: EquiVantage Inc., a Delaware corporation.
Owner: The Person in whose name an EquiVantage Trust certificate is
recorded in a register maintained by the Trustee, as defined in the related
EquiVantage Pooling and Servicing Agreement.
Percentage Interest: As defined in the related EquiVantage Pooling and
Servicing Agreement.
Person: Any individual, corporation, partnership, joint venture,
association, joint-stock company, trust, unincorporated organization or
government or any agency or political subdivision thereof.
Pool: The pool of Mortgage Loans transferred to the Company or an
EquiVantage Trust pursuant to a specific Conveyance Agreement.
Primary Parcel: With respect to any Property with multiple parcels, the
parcel that was given primary consideration.
Principal and Interest Account: Collectively, each principal and interest
account created by the Servicer or any Sub-Servicer pursuant to the related
EquiVantage Pooling and Servicing Agreement, or pursuant to any sub-servicing
agreement as defined in the relevant EquiVantage Pooling and Servicing
Agreement.
Property: The property on which a lien is granted to secure a Mortgage
Loan.
Prospectus: Any prospectus (including any prospectus supplement) relating
to the Registration Statement pursuant to which Offered Certificates are
offered.
Qualified Mortgage: "Qualified Mortgage" shall have the meaning set forth
from time to time in the definition thereof at Section 860G(a)(3) of the Code
(or any successor statute thereto) and applicable to the related EquiVantage
Trust.
Qualified Replacement Mortgage: A Mortgage Loan substituted for another
pursuant to the relevant provisions of the related EquiVantage Pooling and
Servicing Agreement.
Registration Statement: The Registration Statement filed by the Company
with the Securities and Exchange Commission, including all amendments thereto
and including the Prospectus concerning the related EquiVantage Trust
certificates constituting a part thereof.
REMIC: A "real estate mortgage investment conduit" within the meaning of
Section 860D of the Code.
4
<PAGE>
Remittance Date: Any date on which the Servicer is required to remit to
the Trustee moneys on deposit in the Principal and Interest Account as defined
in the related EquiVantage Pooling and Servicing Agreement.
Schedule of Mortgage Loans: Any of the Schedules of Mortgage Loans
required to be delivered pursuant to the related EquiVantage Pooling and
Servicing Agreement.
Second Mortgage Loan: A Mortgage Loan secured by a second priority
mortgage lien with respect to the related Property.
Senior Lien: With respect to any Second Mortgage Loan, the mortgage loan
relating to the corresponding Property having a first priority lien.
Servicer: EquiVantage Inc., a Delaware corporation, and its permitted
successors and assigns, or any other party, including the Sub-Servicer,
accepting the rights and obligations of Servicer in an EquiVantage Pooling and
Servicing Agreement.
Startup Day: Any startup date of an EquiVantage Pooling and Servicing
Agreement.
Sub-Servicer: As defined in the related EquiVantage Pooling and Servicing
Agreement.
Trustee: Any party accepting the rights and obligations of Trustee in an
EquiVantage Pooling and Servicing Agreement.
Section 2. Interest Calculations. All calculations of interest
hereunder, including, without limitation, calculations of interest at the Coupon
Rate, which are made in respect of the Loan Balance of a Mortgage Loan shall be
made on a daily basis using a 360-day year.
Section 3. Transfers of Mortgage Loans. (a) From time to time in
connection with the establishment of EquiVantage Trusts, the Originator intends
to transfer to the Company, and the Company intends to accept the transfer from
the Originator of, Mortgage Loans. Each such transfer will be evidenced by a
Conveyance Agreement in substantially the form of Exhibit A hereto.
(b) In connection with each such transfer under this Agreement or in
connection with any prior transfer pursuant to another instrument of transfer
the Company will pay or will have paid to the Originator, in cash, its pro rata
portion of the consideration received by the Company for the Pool in connection
with the issuance of the Offered Certificates, together with the Originator's
pro rata portion of any subordinate certificates, unless otherwise agreed
between the Originator and the Company.
(c) In connection with each such transfer the Originator and the Company
will deliver to the Trustee the documents required by the related EquiVantage
Pooling and Servicing Agreement during the time periods required thereby. In
the event of any document deficiencies, the Originator
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and the Company shall take the actions required by the related EquiVantage
Pooling and Servicing Agreement during the time periods required thereby. The
Originator in addition hereby acknowledges that the Trustee, the Servicer and
the Certificate Insurer may enforce directly against the Originator any rights
granted to any of them in the related EquiVantage Pooling and Servicing
Agreement, and the Originator and the Company agree to comply with their
respective duties and obligations set forth in such EquiVantage Pooling and
Servicing Agreement.
Section 4. Representations, Warranties and Covenants Regarding the
Originator and the Company. (a) The Originator hereby represents and warrants
to the Company, the Trustee, the Certificate Insurer and their respective
successors and assigns that, as of the date hereof:
(i) The Originator is a corporation duly organized, validly existing and
in good standing under the laws governing its creation and existence
and is in good standing as a foreign corporation as applicable, in
each jurisdiction in which the nature of its business, or the
properties owned or leased by it make such qualification necessary.
The Originator has all requisite organizational power and authority to
own and operate its properties, to carry out its business as presently
conducted and as proposed to be conducted, to enter into and discharge
its obligations under this Agreement and the Conveyance Agreements.
(ii) The execution and delivery of this Agreement by the Originator and its
performance and compliance with the terms of this Agreement and the
Conveyance Agreements to which it is a party have been duly authorized
by all necessary action on the part of the Originator and will not
violate the Originator's Articles of Incorporation or Bylaws or
constitute a default (or an event which, with notice or lapse of time,
or both, would constitute a default) under, or result in a breach of,
any material contract, agreement or other instrument to which the
Originator is a party or by which the Originator is bound or violate
any statute or any order, rule or regulation of any court,
governmental agency or body or other tribunal having jurisdiction over
the Originator or any of its properties.
(iii) This Agreement and the Conveyance Agreements to which the Originator
is a party, assuming due authorization, execution and delivery by the
other parties hereto and thereto, each constitutes a valid, legal and
binding obligation of the Originator, enforceable against it in
accordance with the terms hereof, except as the enforcement thereof
may be limited by applicable bankruptcy, insolvency, reorganization,
moratorium or other similar laws affecting creditors' rights generally
and by general principles of equity (whether considered in a
proceeding or action in equity or at law).
(iv) The Originator is not in default with respect to any order or decree
of any court or any order, regulation or demand of any federal, state,
municipal or governmental agency, which might have consequences that
would materially and adversely affect
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the condition (financial or other) or operations of the Originator or
its properties or might have consequences that would materially and
adversely affect its performance hereunder and under the Conveyance
Agreements.
(v) Except as described in a related EquiVantage Pooling and Servicing
Agreement and as disclosed in any Prospectus, no litigation is pending
or, to the best of the Originator's knowledge, threatened against the
Originator which litigation is likely to have consequences that would
prohibit its entering into this Agreement or any Conveyance Agreements
or that is likely to materially and adversely affect the condition
(financial or otherwise) or operations of the Originator or its
properties or might have consequences that would materially and
adversely affect its performance hereunder and under the Conveyance
Agreements.
(vi) No certificate of an officer, statement furnished in writing or report
delivered pursuant to the terms hereof by the Originator contains any
untrue statement of a material fact or omits to state any material
fact necessary to make the certificate, statement or report not
misleading.
(vii) Upon the receipt of each Mortgage Loan and other items of the File,
including the Note and Mortgage by the Trustee under this Agreement,
the related Trust will have good and indefeasible title to such
Mortgage Loan and such other items of the related Trust Estate free
and clear of any lien (other than liens which will be simultaneously
released).
(viii) All actions, approvals, consents, waivers, exemptions, variances,
franchises, orders, permits, authorizations, rights and licenses
required to be taken, given or obtained, as the case may be, by or
from any federal, state or other governmental authority or agency
(other than any such actions, approvals, etc. under any state
securities laws, real estate syndication or "Blue Sky" statutes, as
to which the Originator makes no such representation or warranty)
that are necessary in connection with the sale of the Mortgage
Loans and the execution and delivery by the Originator of this
Agreement and the Conveyance Agreements to which it is a party,
have been duly taken, given or obtained, as the case may be, are in
full force and effect on the date hereof, are not subject to any
pending proceedings or appeals (administrative, judicial or
otherwise), either the time within which any appeal therefrom may
be taken or review thereof may be obtained has expired or no review
thereof may be obtained or appeal therefrom taken and are adequate
to authorize the consummation of the transactions contemplated by
this Agreement and the Conveyance Agreements on the part of the
Originator and the performance by the Originator of its obligations
under this Agreement and the Conveyance Agreements.
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(ix) The origination practices and the collection practices used by the
Originator with respect to the Mortgage Loans have been and are, in
all material respects, legal, proper, prudent and customary in the
mortgage loan lending business.
(x) The transactions contemplated by this Agreement are in the ordinary
course of business of the Originator.
(xi) The Originator will receive fair consideration and reasonably
equivalent value in exchange for the sale of the interests in the
Mortgage Loans.
(xii) The Originator will not transfer or sell any interest in any Mortgage
Loan with any intent to hinder, delay or defraud any of its respective
creditors.
(xiii) The Originator is solvent, and the Originator will not be rendered
insolvent as a result of the sale of the Mortgage Loans to the related
Trust.
(xiv) The statements contained in the Registration Statement that describe
the Originator or matters or activities for which the Originator is
responsible in accordance with the Operative Documents or which are
attributable to the Originator thereon are true and correct in all
material respects, and the Registration Statement does not contain any
untrue statement of a material fact with respect to the Originator or
omit to state a material fact required to be stated therein or
necessary in order to make the statements contained therein with
respect to the Originator not misleading.
(xv) The Originator will not, prior to the date that is one year and one
day after the final payment of any Certificates issued by the
EquiVantage Trust under the EquiVantage Pooling and Servicing
Agreement, institute against the Company, or join any other Person in
instituting against the Company, any bankruptcy, insolvency,
liquidation, readjustment of debt, marshaling of assets or similar
proceeding or acquiesce, petition or otherwise invoke or cause the
Company to invoke the process of any governmental authority for the
purpose of appointing a receiver, liquidator, assignee, trustee,
custodian, sequestrator or other similar official of the Company or
any substantial part of its property or ordering the winding up or
liquidation of the affairs of the Company.
It is understood and agreed that the representations and warranties set forth in
this paragraph (a) shall survive the sale and assignment by the Originator of
the Mortgage Loans to the Company and by the Company to the related EquiVantage
Trust.
(b) The Company hereby represents and warrants to the Originator, the
Certificate Insurer, the Trustee and the Owners that, as of the date hereof:
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(i) The Company is a corporation duly organized, validly existing and in
good standing under the laws of the State of Delaware and is in good
standing as a foreign corporation in each jurisdiction in which the
nature of its business, or the properties owned or leased by it make
such qualification necessary. The Company has all requisite corporate
power and authority to own and operate its properties, to carry out
its business as presently conducted and as proposed to be conducted
and to enter into and discharge its obligations under this Agreement
and the other Operative Documents to which it is a party.
(ii) The execution and delivery of this Agreement, the related Conveyance
Agreement and the other Operative Documents to which the Company is a
party by the Company and its performance and compliance with the terms
of this Agreement, the related Conveyance Agreement and of the other
Operative Documents to which it is a party have been duly authorized
by all necessary corporate action on the part of the Company and will
not violate the Company's articles of incorporation, bylaws or other
organizational documents of the Company or constitute a default (or an
event which, with notice or lapse of time, or both, would constitute a
default) under, or result in the breach of, any material contract,
agreement or other instrument to which the Company is a party or by
which the Company is bound, or violate any statute or any order, rule
or regulation of any court, governmental agency or body or other
tribunal having jurisdiction over the Company or any of its
properties.
(iii) This Agreement, the related Conveyance Agreement and the other
Operative Documents to which the Company is a party, assuming
due authorization, execution and delivery by the other parties
hereto and thereto, each constitutes a valid, legal and binding
obligation of the Company, enforceable against it in accordance
with the terms hereof and thereof, except as the enforcement
hereof and there of may be limited by applicable bankruptcy,
insolvency, reorganization, moratorium or other similar laws
affecting creditors' rights generally and by general
principles of equity (whether considered in a proceeding
or action in equity or at law).
(iv) The Company is not in default with respect to any order or decree of
any court or any order, regulation or demand of any federal, state,
municipal or governmental agency, which might have consequences that
would materially and adversely affect the condition (financial or
other) or operations of the Company or its properties or might have
consequences that would materially and adversely affect its
performance hereunder, under the related Conveyance Agreement and
under the other Operative Documents to which it is a party.
(v) Except as described in the related EquiVantage Pooling and Servicing
Agreement and as disclosed in any Prospectus, no litigation is pending
or, to the best of the Company's knowledge, threatened against the
Company which litigation might have consequences that would prohibit
its entering into this Agreement, the related
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Conveyance Agreement or any other Operative Document to which it is a
party or that would materially and adversely affect the condition
(financial or otherwise) or operations of the Company or its
properties or might have consequences that would materially and
adversely affect its performance hereunder, under the related
Conveyance Agreement and under the other Operative Documents to which
it is a party.
(vi) No certificate of an officer, statement furnished in writing or report
delivered pursuant to the terms hereof by the Company contains any
untrue statement of a material fact or omits to state any material
fact necessary to make the certificate, statement or report not
misleading.
(vii) The statements contained in the Registration Statement which describe
the Company or matters or activities for which the Company is
responsible in accordance with the Operative Documents or which are
attributed to the Company therein are true and correct in all material
respects, and the Registration Statement does not contain any untrue
statement of a material fact with respect to the Company or omit to
state a material fact required to be stated therein or necessary in
order to make the statements contained therein with respect to the
Company not misleading. To the best of the Company's knowledge and
belief, the Registration Statement does not contain any untrue
statement of a material fact required to be stated therein or omit to
state any material fact required to be stated therein or necessary to
make the statements contained therein not misleading.
(viii) All actions, approvals, consents, waivers, exemptions, variances,
franchises, orders, permits, authorizations, rights and licenses
required to be taken, given or obtained, as the case may be, by or
from any federal, state or other governmental authority or agency
(other than any such actions, approvals, etc. under any state
securities laws, real estate syndication or "Blue Sky" statutes, as to
which the Company makes no such representation or warranty), that are
necessary or advisable in connection with the purchase and sale of the
related EquiVantage Trust Certificates and the execution and delivery
by the Company of the Operative Documents to which it is a party, have
been duly taken, given or obtained, as the case may be, are in full
force and effect on the date hereof, are not subject to any pending
proceedings or appeals (administrative, judicial or otherwise) and
either the time within which any appeal therefrom may be taken or
review thereof may be obtained has expired or no review thereof may be
obtained or appeal therefrom taken, and are adequate to authorize the
consummation of the transactions contemplated by this Agreement, the
related Conveyance Agreement and the other Operative Documents on the
part of the Company and the performance by the Company of its
obligations under this Agreement, the related Conveyance Agreement and
under such of the other Operative Documents to which it is a party.
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(ix) The transactions contemplated by this Agreement are in the ordinary
course of business of the Company.
(x) The Company is receiving fair consideration and reasonably equivalent
value in exchange for the sale of the interests in the Mortgage Loans
evidenced by the related EquiVantage Trust Certificates.
(xi) The Company is not selling any interest in any Mortgage Loan evidenced
by the related EquiVantage Trust Certificates with any intent to
hinder, delay or defraud any of its respective creditors.
(xii) The Company is solvent and the Company will not be rendered insolvent
as a result of the sale of the Mortgage Loans to the Trust or the sale
of the related EquiVantage Trust Certificates.
The representations and warranties set forth in this paragraph (b) shall survive
the sale and assignment of the Mortgage Loans to the Company and the sale and
assignment of the Mortgage Loans by the Company to the related EquiVantage
Trust. Upon discovery of a breach of any of the foregoing representations and
warranties which materially and adversely affects the interests of the
Originator, the party discovering such breach shall give prompt written notice
to the other. Within 30 days of its receipt of notice of breach, the Company
shall cure such breach in all material respects.
Section 5. Representations and Warranties of the Originator Regarding
the Mortgage Loans. (a) Set forth in paragraph (b) below, are listings of
representations and warranties which are hereby made by the Originator to the
Company in connection with each purchase of a Pool with respect to the related
Mortgage Loans in such Pool as of the related Cut-Off Date. In addition, with
respect to the Mortgage Loans in the related Pool, a Conveyance Agreement may
delete or modify any of such representations and warranties or may add
additional representations and warranties (the Company may also modify, add or
delete any such representations and warranties in the related EquiVantage
Pooling and Servicing Agreement) (collectively, any such modified or additional
representations and warranties, the "Additional Representations and
Warranties"); provided, however, that all such deletions, additions or
modifications shall have been approved by the Certificate Insurer. The
representations and warranties listed in paragraphs (a) and (b), together with
any Additional Representations and Warranties, constitute the representations
and warranties under this Section 5. The parties hereto agree that the
representations and warranties are incorporated by reference into the related
EquiVantage Pooling and Servicing Agreement and that the Trustee and the
Certificate Insurer may pursue all of the Company's rights and remedies
hereunder with respect to any breach of a representation and warranty in the
same manner as if the Trustee, or the Certificate Insurer, as the case may be,
were a party to this Agreement.
(b) With respect to each Mortgage Loan as of the related Cut-Off Date, the
Originator hereby represents, warrants and covenants to the Company, the
Certificate Insurer, Servicer and the Trustee as follows; the Originator
acknowledges that the Trustee will be relying on such
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representations, warranties and covenants in accepting the Mortgage Loans from
the Company and that the Certificate Insurer will be relying thereon in issuing
the Certificate Insurance Policy:
(i) Such Mortgage Loan was originated or acquired by the Originator and as
of the Startup Day the related Mortgage creates a valid lien on the
related Property securing the amount owed by the Mortgagor under the
related Note subject only to (w) the lien of current real property
taxes and assessments, (x) the lien of any related Senior Lien (as to
any Mortgage Loan that is not secured by a first priority lien), (y)
covenants, conditions and restrictions, rights of way, easements and
other matters of public record as of the date of recording of such
Mortgage, such exceptions appearing of record being acceptable to
mortgage lending institutions generally in the area wherein the
related Property is located or specifically reflected in the appraisal
or title policy obtained in connection with the origination of the
related Mortgage Loan by the Company and the Originator and (z) other
matters to which like properties are commonly subject which do not
materially interfere with the benefits of the security intended to be
provided by such Mortgage.
(ii) No Property consists solely of raw land, an apartment building having
more than four units or a cooperative apartment. Each Primary Parcel
is improved by one or more single (one-to-four) family residential
dwellings, which may include condominiums, townhouses and manufactured
homes.
(iii) Immediately prior to the sale, transfer, assignment and conveyance by
the Originator to the Company, the Originator had good title to such
Mortgage Loan, free of any interest of any other Person, and the
Originator has sold, transferred, assigned and conveyed all of its
right, title and interest in and to such Mortgage Loan to the Company.
(iv) The Originator and, with respect to any Mortgage Loan purchased by the
Originator, the seller of such Mortgage Loan to the Originator, was
properly licensed or otherwise authorized, to the extent required by
applicable law including, without limitation, any "doing business"
laws, to originate or acquire such Mortgage Loan. Such Mortgage Loan
at the time it was made complied or, if the Mortgage Loan was acquired
and not originated by the Originator, to the best of the Originator's
knowledge, such Mortgage Loan either (y) complied in all material
respects with applicable state and federal laws and regulations,
including, without limitation, the federal Truth-in-Lending Act, the
Real Estate Settlement Procedures Act and other federal, state and
local consumer protection, usury, equal credit opportunity, disclosure
and recording laws or (z) any such lack of compliance under clause (y)
has been cured such that all such Mortgage Loans acquired and not
originated by the Originator are materially in compliance pursuant to
clause (y). The consummation of the transactions herein
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contemplated, including, without limitation, the sale of the Mortgage
Loans to the related EquiVantage Trust, will not violate any such
state or federal law or regulation.
(v) The Originator has not received a notice of default on any Senior Lien
secured by the related Property which has not been cured by a party
other than the Originator.
(vi) Except as provided in the related Conveyance Agreement, none of the
Mortgage Loans are subject to Section 32 of the Federal
Truth-in-Lending Act.
(vii) As of its date of origination, no Mortgage Loan had a Combined Loan-
to-Value Ratio in excess of the level specified in the related
Conveyance Agreement.
(viii) No Senior Lien or any Mortgage Loan secured by the related Property
provides for negative amortization of the principal balance thereof.
(ix) Each original Mortgage was recorded, or is in the process of being
recorded, and all subsequent assignments of the original Mortgage have
been recorded, or are in the process of being recorded, in the
appropriate jurisdictions wherein such recordation is necessary to
perfect the lien thereof as against creditors of the Originator and
any other originator or as against creditors of the Originator's
predecessors in title, except as otherwise provided for in the related
EquiVantage Pooling and Servicing Agreement.
(x) The related Note is not and has not been secured by any collateral,
pledged account or other security except the lien of the related
Mortgage. Each Senior Lien, if any, on a Property permits the
granting of a junior lien similar to the related Mortgage Loan without
consent, or, if consent is required, it has been obtained and is
contained in the related Mortgage file.
(xi) As of the related Cut-Off Date, to the best knowledge of the
Originator, the Property subject to the related Mortgage is free of
material damage and is in good repair, except for deferred maintenance
for which sufficient funds have been escrowed.
(xii) The sale, transfer, assignment and conveyance of each Mortgage Loan
by the Originator to the Company is not subject to the bulk transfer
laws or any similar statutory provisions in effect in any applicable
jurisdiction.
(xiii) Each Mortgage Loan is being serviced by the Servicer or a Sub-
Servicer in accordance with the Servicer's standard servicing
procedures.
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(xiv) Each Mortgage Loan is a mortgage loan principally secured by an
interest in real property for purposes of the REMIC provisions of
the Code and is secured by a first or second priority Mortgage.
(xv) The credit underwriting guidelines applicable to the origination of
each Mortgage Loan conformed in all material respects to the
description thereof set forth in the Prospectus relating to the
Offered Certificates. None of the Mortgage Loans were selected from
among the Originator's or any other originator's assets in a manner
which would cause them to be adversely selected as to credit risk from
the pool of mortgage loans owned by the Originator.
(xvi) As of the Startup Day, to the best of the Originator's knowledge,
there is no valid and enforceable offset, defense, right of
rescission, set-off or counterclaim to any Note or Mortgage, including
the defense of usury, or the obligation of the related Mortgagor to
pay the unpaid principal of or interest on such Note.
(xvii) If any material improvement to the Property is in an area identified
in the Federal Register by the Federal Emergency Management Agency as
having special flood hazards, a flood insurance policy in a form
meeting the requirements of the current guidelines of the Federal
Insurance Administration is in effect with respect to such material
improvement located on such Property with a generally acceptable
carrier in an amount representing coverage not less than the least of
(A) the outstanding principal balance of the related Mortgage Loan
(together, in the case of a Mortgage Loan that is not a first priority
lien, with the outstanding principal balance of any liens that are
prior to the related Mortgage Loan lien), (B) the minimum amount
required to compensate for damage or loss to such improvement on a
replacement cost basis or (C) the maximum amount of insurance that is
available under the Flood Disaster Protection Act of 1973.
(xviii) Each Mortgage Loan contains a provision for the acceleration of the
payment of the unpaid principal balance of the related Mortgage Loan
in the event the related Property is sold without the prior consent of
the holder of the Mortgage, subject to limitations under applicable
law.
(xix) Except as otherwise set forth on the related Schedule of Mortgage
Loans, no instrument of release or waiver has been executed in
connection with any Mortgage Loan, and no Mortgagor has been released,
in whole or in part, from his or her obligations thereunder, except
(A) with respect to release of excess acreage, (B) where necessary to
create a utility easement, (C) release of portions of land, none of
which materially adversely affects the value of the relevant Property
or which causes the resulting Combined Loan-to-Value Ratio to be
outside of the underwriting guidelines or (D) in a manner consistent
with the Originator's or Servicer's ordinary practice.
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(xx) Each Mortgage Loan conforms, and all such Mortgage Loans in the
aggregate conform, in all material respects to the description thereof
set forth in the related Prospectus.
(xxi) The information with respect to each Mortgage Loan set forth in the
Schedules of Mortgage Loans is true and correct as of the Cut-Off
Date.
(xxii) All of the original or certified documentation set forth in the
related EquiVantage Pooling and Servicing Agreement (including all
material documents related thereto) with respect to each Mortgage
Loan has been or will be delivered to the Trustee on the Startup Day
or as otherwise provided in the related EquiVantage Pooling and
Servicing Agreement.
(xxiii) Each Mortgage Loan being transferred to the Trust is secured by a
Mortgage that is a Qualified Mortgage and each Note is in a form that
is acceptable to prudent mortgage lenders which make mortgage loans
comparable to the Mortgage Loans.
(xxiv) Each Mortgage is a valid and subsisting first or second (as shown in
the related Schedule of Mortgage Loans) lien of record on the Primary
Parcel of the related Property subject in all cases to the exceptions
to title set forth in the title insurance policy or title opinion with
respect to the related Mortgage Loan, which are exceptions to which
similar properties are commonly subject and which do not individually,
or in the aggregate, materially and adversely affect the benefits of
the security intended to be provided by such Mortgage.
(xxv) Prior to the sale to the Company of Mortgage Loans by the Originator,
the Originator held good and indefeasible title to, and was the sole
owner of, each Mortgage Loan subject to no liens, charges, mortgages,
encumbrances or rights of others except as set forth in clauses
(viii), (xi) and (xiii) above or other liens which will be released
simultaneously with such transfer and assignment.
(xxvi) There is no delinquent tax, ground rent, water charge, sewer rent,
insurance premium, leasehold payment or delinquent assessment lien,
mechanics' lien or claim for work, labor or material affecting any
Property which is or may have a priority over, be a lien prior to, or
equal with, the lien of the related Mortgage, except those liens for
which funds sufficient to discharge such liens are held in escrow by
the Servicer or by an escrow agent, or which are insured against by
the title insurance policy.
(xxvii) With respect to each Mortgage Loan, either (A) lender's title
insurance policy (or commitment therefor), issued in standard or
American Land Title Association form (with modifications, if any,
approved by the state in which the related
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Property is located) by a title insurance company authorized to
transact business in the state in which the related Property is
situated, in an amount at least equal to the Original Principal Amount
of such Mortgage Loan insuring the mortgagee's interest under the
related Mortgage Loan as the holder of a valid first or second
mortgage lien of record on the real property described in the related
Mortgage, subject only to a survey exception and other exceptions of
the character referred to in clauses (xxiv), (xxv) and (xxvi) above
and (xliv) below, was effective on the date of the origination of such
Mortgage Loan, and, as of the Closing Date, such policy will be valid
and thereafter such policy shall continue in full force and effect,
(B) in those jurisdictions in which it is customary to obtain opinions
of counsel as to title matters rather than title insurance, an opinion
of counsel as to the mortgagee's interest under the related Mortgage
Loan as the holder of a valid first or second mortgage lien of record
on the real property described in the related Mortgage, was obtained
in connection with the date or origination of such Mortgage Loan.
(xxviii) The material improvements upon each Property are covered by a valid
and existing hazard insurance policy with a carrier licensed in the
state in which the Property is located that provides for fire and
extended coverage representing coverage not less than the least of (A)
the outstanding principal balance of the related Mortgage Loan and, in
the case of a Second Mortgage Loan, the outstanding principal balance
of the related Senior Lien, (B) the minimum amount required to
compensate for loss or damage on a replacement cost basis or (C) the
full insurable value of the material improvements to the Property, but
in any event in an amount not less than such amount as is necessary to
avoid the application of any co-insurance clause contained in the
related insurance policy. All individual insurance policies are the
valid and binding obligation of the insurer and contain a standard
mortgagee clause naming the Servicer on behalf of the Originator, its
successors and assigns, as mortgagee. All premiums then due thereon
have been paid. The Mortgage obligates the Mortgagor thereunder to
maintain all such insurance at the Mortgagor's cost and expense.
(xxix) Each Mortgage and Note is genuine and constitutes the legal, valid
and binding obligation of the maker thereof and is enforceable in
accordance with its terms, except only as such enforcement may be
limited by bankruptcy, insolvency, reorganization, moratorium or other
similar laws affecting the enforcement of creditors' rights generally
and by general principles of equity (whether considered in a
proceeding or action in equity or at law), and to the best of the
Originator's knowledge all parties to each Mortgage Loan had full
legal capacity to execute all documents relating to such Mortgage Loan
and to convey the estate therein purported to be conveyed and each
Mortgage and Note have been duly and properly executed by such
parties.
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(xxx) The Originator has caused and will cause to be performed any and all
acts required to be performed to preserve the rights and remedies of
the Trustee in any Insurance Policies applicable to any of the
Mortgage Loans delivered by the Originator to the Trustee including,
without limitation, any necessary notifications of insurers,
assignments of policies or interest therein, and establishments of
co-insured, joint loss payee and mortgagee rights in favor of the
Trustee.
(xxxi) The terms of each Note and each Mortgage have not been impaired,
altered or modified in any respect, except by a written instrument
which has been recorded, if necessary, to protect the interest of the
Trustee, as assignee of the Company, and which has been delivered to
the Trustee. The substance of any such alteration or modification
made prior to the Cut-Off Date is reflected on the related Schedule of
Mortgage Loans; and any subsequent alteration or modification prior to
the date hereof has been made only as permitted by the related
EquiVantage Pooling and Servicing Agreement.
(xxxii) The proceeds of each Mortgage Loan have been fully disbursed to the
Mortgagor or into an escrow account (i) for completion of any
improvements to the related Property or (ii) to establish as an escrow
fund for payment of taxes and insurance related to the Property. Each
Mortgage Loan is a closed-end Mortgage Loan, and there is no
obligation on the part of the Servicer, the Originator or the
Originator's assignees to make future advances thereunder at the
option of the Mortgagor. All costs, fees and expenses incurred in
making, closing or recording such Mortgage Loans have been paid or
will be paid from escrowed funds.
(xxxiii) No Mortgage Loan has a shared appreciation feature, or other
contingent interest feature.
(xxxiv) As of the Cut-Off Date, the percentage of Mortgage Loans stated in the
related Conveyance Agreement were originated pursuant to a "no-income
verification" program.
(xxxv) Any advances made after the date of origination of a Mortgage Loan but
prior to the Cut-Off Date have been consolidated with the outstanding
principal amount secured by the related Mortgage, and the secured
principal amount, as consolidated, bears a single interest rate and
single repayment term as reflected on the Schedule of Mortgage Loans.
The consolidated principal amount does not exceed the Original
Principal Amount of the related Mortgage Loan.
(xxxvi) To the best of the Company's knowledge, there is no proceeding pending
or threatened for the total or partial condemnation of any Property,
nor is such a proceeding currently occurring, and each Property is
undamaged by waste, fire,
17
<PAGE>
earthquake, earth, movement, windstorm (including a hurricane), flood,
tornado or other casualty, except for damage materially covered by
policies of insurance as described in clause (xxviii) above and
identified in Schedule I attached hereto.
(xxxvii) To the best of the Company's knowledge, all of the improvements which
were included for the purposes of determining the Appraised Value of
each Property lie wholly within the boundaries and building
restriction lines of such Property, and no improvements on adjoining
properties encroach upon such Property, except for minor encroachments
and protrusions which do not materially affect the Appraised Value of
the Property.
(xxxviii) To the best of the Company's knowledge, no improvement located on or
being part of any Property is in material violation of any applicable
zoning law or regulation. To the best of Originator's knowledge, all
inspections, licenses and certificates required to be made or issued
with respect to all occupied portions of each Property and, with
respect to the use and occupancy of the same, have been made or
obtained from the appropriate authorities.
(xxxix) With respect to each Mortgage constituting a deed of trust, a trustee,
duly qualified under applicable law to serve as such, has been
properly designated and currently so serves and is named in such
Mortgage, and no fees or expenses are or will become payable by the
Company to the trustee under the deed of trust, except in connection
with a trustee's sale after default by the related Mortgagor.
(xl) Each Mortgage contains customary and enforceable provisions which
render the rights and remedies of the holder thereof adequate for the
realization against the related Property of the benefits of the
security, including (A) in the case of a Mortgage designated as a deed
of trust, by trustee's sale and (B) otherwise by judicial foreclosure.
There is no homestead or other exemption available to the related
Mortgagor which would materially interfere with the right to sell the
related Property at a trustee's sale or the right to foreclose the
related Mortgage.
(xli) To the best of the Originator's knowledge except as disclosed on the
Schedules of Mortgage Loans, there is no default, breach, violation or
event of acceleration existing as of the Cut-Off Date under any
Mortgage or the related Note and no event which, with the passage of
time or with notice and the expiration of any grace or cure period,
would constitute a default, breach, violation or event of
acceleration; and neither the Servicer nor the Originator has waived
any default, breach, violation or event of acceleration which would,
but for such waiver, exist on the Cut-Off Date; except that the
Servicer or the Originator may have heretofore waived late payments or
granted extensions of payments (none of which extensions are
material).
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<PAGE>
(xlii) An appraisal, completed by independent fee appraisers, was performed
with respect to each Mortgage Loan and is contained in the File, and
no appraisal was based solely on a cost approach analysis.
(xliii) With respect to each Mortgaged Property subject to a ground lease (i)
the current ground lessor has been identified and all ground rents
which previously become due and owing have been paid; (ii) the ground
lease term extends, or is automatically renewable, for a least five
years beyond the maturity date of the related Mortgage Loan; (iii) the
ground lease has been duly executed; (iv) the amount of the ground
rent and any increases therein are clearly identified in the lease and
are for predetermined amounts at predetermined times; (v) the Trust
has the right to cure defaults on the ground lease; and (vi) the terms
and conditions of the leasehold do not prevent the free and absolute
marketability of the Mortgaged Property. As of the Cut-Off Date, the
Principal Balance of Mortgage Loans with related Mortgaged Properties
subject to ground leases does not exceed the percentage of the
Original Principal Balance stated in the related Conveyance Agreement.
(xliv) As of the Cut-Off Date, no more than the percentage of the Original
Aggregate Loan Balance stated in the related Conveyance Agreement is
secured by investor-owned Properties.
(xlv) The Originator has no actual knowledge that there exist on any
Property, any hazardous substances, hazardous wastes or solid wastes,
as such terms are defined in the Comprehensive Environmental Response
Compensation and Liability Act, the Resource Conservation and Recovery
Act of 1976, or other federal, state or local environmental
legislation. For purposes of this clause, actual knowledge of the
Originator means actual knowledge of an officer of the Originator
involved in the servicing of the relevant Mortgage Loan. Actual
knowledge of the Originator does not include knowledge imputable by
virtue of the availability of or accessibility to information
relating to environmental or hazardous waste sites or the locations
thereof.
(xlvi) To the best of the Originator's knowledge, except for payments in the
nature of escrow payments, including, without limitation, taxes and
insurance payments, or payments for protection and preservation of the
Property; including the cost of legal proceedings against the
Property, the Servicer has not advanced funds directly or indirectly,
for the payment of any amount required by the Mortgage.
(xlvii) Any Mortgage Loan in which the related Mortgagor is subject to a
bankruptcy proceeding filed after the Mortgage Loan was originated is
current under the terms of the bankruptcy payment plan.
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<PAGE>
(xlviii) Each Mortgage Loan is a fixed rate Mortgage Loan, except for the
number of adjustable rate Mortgage Loans, if any, stated in the
related Conveyance Agreement.
(xlix) With respect to each Mortgage Loan which is or has been the subject of
bankruptcy or insolvency proceedings, (a) as of the Cut-Off Date, the
Mortgagor is not contractually delinquent more than 30 days with
respect to any payment due under the related plan, (b) the current
Combined Loan-to-Value Ratio is less than or equal to 85%, and (c)
either (i) if the current Combined Loan-to-Value Ratio is between 70%
and 85% as of the Cut-Off Date, the Mortgagor has made at least six
consecutive payments under the related Plan or (ii) if the current
Combined Loan-to-Value Ratio is less than 70% as of the Cut-Off Date,
the Mortgagor has made at least three consecutive payments under the
related plan.
(l) To the best knowledge of the Originator, the proceeds of any Mortgage
Loan made to a Mortgagor in bankruptcy at the time of origination of
such Mortgage Loan were applied in a manner consistent with the
related bankruptcy plan.
(li) The maturity date of each Mortgage Loan that is a junior lien loan is
at least twelve months prior to the maturity date of the related first
mortgage loan if such related first mortgage loan provides for a
balloon payment.
(lii) The Mortgagor has not notified the Originator of and the Originator
has no knowledge of any relief requested or allowed to the Mortgagor
under the Soldiers and Sailors Civil Relief Act of 1940.
(liii)(a) To the best of the Originator's knowledge, no action, error,
omission, misrepresentation, negligence, fraud or similar
occurrence with respect to a Mortgage Loan has taken place on the
part of any person, including without limitation the Mortgagor,
any appraiser, any builder or developer, or any other party
involved in the origination of the Mortgage Loan or in the
application of any insurance in relation to such Mortgage Loan,
that would have a material adverse effect on the Mortgage Loan,
except in the case of a Mortgage Loan with respect to which
information contained in an appraisal, Mortgagor income verification
report or other document related to the origination of the Mortgage
Loan has been determined to be incorrect or incomplete and such
information has been corrected or completed as of the related
Cut-Off Date, and (b) the Originator has no knowledge of any
action that has been taken or failed to have been taken, or of
any event that has occurred, or state of facts that exists or
has existed on or prior to the related Cut-Off Date (whether or
not known to the Originator on or prior to such date) which
occurrence described in clause (a) and clause (b) of this
subsection (liii) has resulted or will result in an exclusion
from, denial of, or defense to coverage under any primary insurance
policy or pool policy
20
<PAGE>
certification (including, without limitation, any exclusions, denials
or defenses which would limit or reduce the availability of the timely
payment of the full amount of the loss otherwise due thereunder to the
insured) whether arising out of actions, representations, errors,
omissions, negligence, or fraud of a seller, the Originator, the
related Mortgagor or any party involved in the application for such
coverage, including the appraisal, plans and specifications and other
exhibits or documents submitted therewith to the insurer under such
insurance policy, or for any other reason under such coverage, but not
including the failure of such insurer to pay by reason of such
insurer's breach of such insurance policy or such insurer's financial
inability to pay.
(liv) The Originator has no knowledge of any circumstance or condition with
respect to the Property, Mortgagor or the Mortgagor's credit standing
that can reasonably be expected to materially adversely affect the
value of the Mortgage Loan.
The representations and warranties of this paragraph (b) shall survive the
transfer and assignment of the Mortgage Loans to the Company. The
representations and warranties of this paragraph (b) shall survive the transfer
and assignment of the Mortgage Loans by the Company to EquiVantage Trusts. Upon
discovery by the Company of a breach of any of the representations and
warranties of this paragraph (b), without regard to any limitation set forth in
such representation or warranty concerning the knowledge of the Originator or
the Company as to the facts stated therein, which breach, in the opinion of the
Company, the Certificate Insurer or the Trustee, materially and adversely
affects the interests of the Company, the Owners or of the Certificate Insurer
in the related Mortgage Loan or Mortgage Loans, the party discovering such
breach shall give prompt written notice to the other parties, and the Originator
shall be required to take the remedial actions required by the related
EquiVantage Pooling and Servicing Agreement within the time periods required
thereto, which in no case shall be less than 30 days.
The Originator acknowledges that a breach of any representation or warranty
relating to (x) title sufficient to transfer indefeasible title to a Mortgage
Loan or (y) enforceability of the Mortgage Loan against the related Mortgagor or
Property constitutes breach of a representation or warranty of this Section 5
which "materially and adversely affects the interests of the Owners or of the
Certificate Insurer" in such Mortgage Loan. For purposes of this Agreement the
representations and warranties made in this Section 5 limited to the
Originator's knowledge shall be limited to the actual knowledge of the officers
executing this Agreement.
Section 6. Covenants of the Originator to Take Certain Actions with
Respect to the Mortgage Loans in Certain Situations. (a) Upon the earliest to
occur of the Originator's discovery, its receipt of notice of breach from any
one of the other parties to the related EquiVantage Pooling and Servicing
Agreement or from the Certificate Insurer or such time as a breach of any
representation and warranty in Section 5 hereof materially and adversely affects
the interests of the Owners or of the Certificate Insurer as set forth above,
the Originator hereby covenants and warrants that it shall promptly cure such
breach in all material respects or it shall, subject to the further
21
<PAGE>
requirements of this paragraph, on the second Remittance Date next succeeding
such discovery, receipt of notice or such other time (i) substitute in lieu of
each Mortgage Loan which has given rise to the requirement for action by the
Originator a Qualified Replacement Mortgage and deliver to the Servicer for
deposit in the Principal and Interest Account the Substitution Amount applicable
thereto, together with the aggregate amount of all Delinquency Advances and
Servicing Advances theretofore made with respect to such Mortgage Loan, to the
Servicer for deposit in the Principal and Interest Account or (ii) purchase such
Mortgage Loan from the Trust at a purchase price equal to the Loan Purchase
Price thereof, which purchase price shall be delivered to the Servicer for
deposit in the Principal and Interest Account. In connection with any such
proposed purchase or substitution, the Originator at its expense, shall cause to
be delivered to the Trustee and to the Certificate Insurer an opinion of counsel
experienced in federal income tax matters stating whether or not such a proposed
purchase or substitution would constitute a Prohibited Transaction for the Trust
or would jeopardize the status of the Trust as a REMIC, and the Originator shall
only be required to take either such action to the extent such action would not
constitute a Prohibited Transaction for the Trust or would not jeopardize the
status of the Trust as a REMIC. Any required purchase or substitution, if
delayed by the absence of such opinion shall nonetheless occur upon the earlier
of (i) the occurrence of a default or imminent default with respect to the
Mortgage Loan or (ii) the delivery of such opinion. The obligation of the
Originator to cure the defect, or substitute for, or purchase any Mortgage Loan
as to which a representation or warranty is untrue in any material respect and
has not been remedied shall constitute the sole remedy against the Originator
with respect to such breach available to the Owners, the Trustee or the
Certificate Insurer.
(b) In the event that any Qualified Replacement Mortgage is delivered by
the Originator, the Originator shall be obligated to take the actions described
in this Section 6 with respect to such Qualified Replacement Mortgage upon the
discovery by any of the Owners, the Company, the Servicer, the Certificate
Insurer, or the Trustee that the representations and warranties set forth in
Section 5 hereof are untrue with respect to such Qualified Replacement Mortgage
in any material respect on the date such Qualified Replacement Mortgage is
conveyed to the related EquiVantage Trust such that the interests of the Owners
or the Certificate Insurer in the related Qualified Replacement Mortgage are
materially and adversely affected; provided, however, that for the purposes of
this paragraph (b) the representations and warranties in Section 5 hereof
referring to items "as of the Cut-Off Date" or "as of the Startup Day" shall be
deemed to refer to such items as of the date such Qualified Replacement Mortgage
is conveyed to the related EquiVantage Trust.
(c) The covenants set forth in this Section 6 shall survive delivery of
the respective Mortgage Loans (including Qualified Replacement Mortgage Loans)
to the Trustee.
Section 7. Term of Agreement. This Agreement shall terminate upon (i)
the final payment or other liquidation of the last Mortgage Loan required
pursuant to this Agreement or included in an EquiVantage Trust under this
Agreement or (ii) the disposition of all property acquired upon foreclosure or
deed in lieu of foreclosure of any Mortgage Loan.
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<PAGE>
Section 8. Authorized Representatives. The names of the officers of
the Originator and of the Company who are authorized to give and receive
notices, requests and instructions and to deliver certificates and documents in
connection with this Agreement on behalf of the Originator and of the Company
("Authorized Representatives") are set forth in Exhibit B, along with the
specimen signature of each such officer. From time to time, the Originator and
the Company may, by delivering to the Trustee and the Certificate Insurer a
revised exhibit, change the information previously given, but the Trustee shall
be entitled to rely conclusively on the last exhibit until receipt of a
superseding exhibit.
Section 9. Notices. All demands, notices and communications relating
to this Agreement shall be in writing and shall be deemed to have been duly
given when received by the other party or parties at the address shown below, or
such other address as may hereafter be furnished to the other party or parties
by like notice. Any such demand, notice or communication hereunder shall be
deemed to have been received on the date delivered to or received at the
premises of the addressee.
If to the Company:
EquiVantage Acceptance Corp.
13111 Northwest Freeway, Suite 301
Houston, TX 77040
Attention: Chief Financial Officer
Telecopy: (713) 895-1999
Telephone: (713) 895-1957
With a copy to:
EquiVantage Acceptance Corp.
13111 Northwest Freeway, Suite 301
Houston, TX 77040
Attention: General Counsel
Telecopy: (713) 895-1999
Telephone: (713) 895-1957
If to the Originator:
EquiVantage Inc.
13111 Northwest Freeway, Suite 300
Houston, TX 77040
Attention: Chief Financial Officer
Telecopy: (713) 895-3870
Telephone: (713) 895-1900
23
<PAGE>
With a copy to:
EquiVantage Inc.
13111 Northwest Freeway, Suite 300
Houston, TX 77040
Attention: General Counsel
Telecopy: (713) 895-3870
Telephone: (713) 895-1900
If to the Trustee:
Norwest Bank Minnesota, National Association
Sixth Street & Marquette Avenue
Minneapolis, Minnesota 55479-0069
Attention: Corporate Trust Servicer
Asset-Backed Administration
Re: EquiVantage Home Equity Loan Trust 1997-1
Telecopy: (612) 667-7167
Telephone: (612) 667-9825
If to the Certificate Insurer:
Financial Guaranty Insurance Company
115 Broadway
New York, New York 10006
Attention: Surveillance Department
Re: EquiVantage Acceptance Corp. Home Equity Loan Trust 1997-1
Telecopy: (212) 312-3231
Telephone: (212) 312-3000
Section 10. Governing Law. This Agreement shall be governed by, and
construed in accordance with, the laws of the State of New York, without regard
to conflict of laws rules applied in the State of New York.
Section 11. Assignment. No party to this Agreement may assign its
rights or delegate its obligations under this Agreement without the express
written consent of the other parties, except as otherwise set forth in this
Agreement.
Section 12. Counterparts. For the purpose of facilitating the execution
of this Agreement and for other purposes, this Agreement may be executed
simultaneously in any number of counterparts, each of which shall be deemed to
be an original, and together shall constitute and be one and the same
instrument.
24
<PAGE>
Section 13. Amendment. This Agreement may be amended from time to time
by the Originator and the Company only by a written instrument executed by such
parties and with the prior written consent of the Certificate Insurer.
Section 14. Severability of Provisions. If any one or more of the
covenants, agreements, provisions or terms of this Agreement shall be for any
reason whatsoever held invalid, then such covenants, agreements, provisions or
terms shall be deemed severable from the remaining covenants, agreements,
provisions or terms of this Agreement and shall in no way affect the validity or
enforceability of the other provisions of this Agreement.
Section 15. No Agency; No Partnership or Joint Venture. Neither the
Originator nor the Company is the agent or representative of the other (except
with respect to Mortgage Loans originated or acquired by the Company in its
capacity as Originator), and nothing in this Agreement shall be construed to
make either the Originator or the Company liable to any third party for services
performed by it or for debts or claims accruing to it against the other party.
Nothing contained herein nor the acts of the parties hereto shall be construed
to create a partnership or joint venture between the Company and the Originator.
Section 16. Further Assurances. The Originator and Company agree to
cooperate reasonably and in good faith with one another in the performance of
this Agreement.
Section 17. The Certificate Insurer and the Trustee. The Certificate
Insurer and the Trustee are third-party beneficiaries of this Agreement. The
Trustee and the Certificate Insurer shall have the right to enforce the
representations and warranties set forth in this Agreement through the Company
or directly. Any right conferred to the Certificate Insurer shall be suspended
during any period in which the Certificate Insurer is in default in its payment
obligations under the Certificate Insurance Policy. During any period of
suspension, the Certificate Insurer's rights hereunder shall vest in the Owners
of the related Offered Certificates and shall be exercisable by the Owners of at
least a majority in Percentage Interest of the related Offered Certificates then
Outstanding. At such time as the related Offered Certificates are no longer
Outstanding under the related EquiVantage Pooling and Servicing Agreement and
the Certificate Insurer has been reimbursed for all Insured Payments to which it
is entitled under the related EquiVantage Pooling and Servicing Agreement, the
Certificate Insurer's rights hereunder shall terminate.
25
<PAGE>
IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be
duly executed by their respective officers, all as of the day and year first
above written.
EQUIVANTAGE ACCEPTANCE CORP.,
the Company
By:_____________________________
Name: Elizabeth Folk
Title: Senior Vice President
EQUIVANTAGE INC.
the Originator
By:_____________________________
Name: Elizabeth Folk
Title: Senior Vice President
26
<PAGE>
EXHIBIT A
[Please note that the "[INSERT]" items will remain in this "Exhibit A," but that
the appropriate numbers will be inserted in the Execution Copy of the Conveyance
Agreement for the 1997-1 Transaction.]
FORM OF CONVEYANCE AGREEMENT
EquiVantage Acceptance Corp. (the "Company") and EquiVantage Inc. (the
"Originator"), pursuant to the Master Loan Transfer Agreement dated as of March
1, 1997 between themselves (the "Mortgage Transfer Agreement"), hereby confirm
their understanding with respect to the sale by the Originator and the purchase
by the Company of those Mortgage Loans listed on the attached Schedule of
Mortgage Loans (the "Transferred Mortgage Loans").
Conveyance of Transferred Mortgage Loans. The Originator, concurrently
with the execution and delivery of this Conveyance Agreement, does hereby
irrevocably transfer, sell, assign, set over and otherwise convey to the
Company, without recourse (except as otherwise explicitly provided for herein)
all of its right, title and interest in and to the Transferred Mortgage Loans
being conveyed by it, including specifically, without limitation, the Mortgages,
the Files and all other documents, materials and properties appurtenant thereto
and the Notes, including all interest and principal received by the Originator
on or with respect to such Transferred Mortgage Loans on or after the related
Cut-off Date, together with all of its right, title and interest in and to the
proceeds received on or after the related Cut-off Date of any related insurance
policies on behalf of the Company. It is the intention of the parties hereto
that the conveyance by the Originator of the Transferred Mortgage Loans to the
Company shall constitute a purchase and sale of such Transferred Mortgage Loans
and not a loan. If the Originator cannot deliver the original Mortgage or
mortgage assignment with evidence of recording thereon concurrently with the
execution and delivery of this Conveyance Agreement solely because of a delay
caused by the public recording office where such original Mortgage or mortgage
assignment has been delivered for recordation, the Originator shall promptly
deliver to the Trustee on behalf of the Company such original Mortgage or
mortgage assignment with evidence of recording indicated thereon upon receipt
thereof from the public recording official, as soon as possible but in no event
later than 12 months from the Startup Day, as defined in the related EquiVantage
Pooling and Servicing Agreement.
The costs relating to the delivery of the documents specified in this
Conveyance Agreement shall be borne by the Originator.
The Originator hereby makes the representations and warranties set forth in
Section 5(a) of the Master Transfer Agreement with respect to the Transferred
Mortgage Loans. The "Cut-Off Date" with respect to such purchased Mortgage
Loans shall be the close of business on [INSERT
A-1
<PAGE>
DATE] or, if any Mortgage Loan was originated subsequent to March 1, 1997 but
prior to the startup Date, the date of origination of such Mortgage Loan.
Except as set forth immediately below: all terms and conditions of the
Mortgage Transfer Agreement are hereby incorporated herein, provided that in the
event of any conflict the provisions of this Conveyance Agreement shall control
over the conflicting provisions of the Mortgage Transfer Agreement.
(i) With respect to each Mortgage Loan involving property improved by a
manufactured home, such manufactured home constitutes real property
under applicable state law and the Servicer has taken all action
necessary to create a valid and perfected first or second priority
lien and security interest in such manufactured home and the related
Property, including, without limitation, the filing of a Uniform
Commercial Code financing statement or notations on certificates of
title, if necessary under applicable state law.
(ii) As of its date of origination, no Mortgage Loan had a Combined
Loan-to-Value Ratio in excess of [INSERT PERCENTAGE].
(iii) No Mortgage Loan is a Third Mortgage Loan.
(iv) No more than [INSERT PERCENTAGE] of the Mortgage Loans were originated
under any non-income verification program.
(v) The Note related to each Mortgage Loan bears a fixed Coupon Rate of at
least [INSERT PERCENTAGE] per annum.
(vi) Each Note for a fixed rate Mortgage Loan that is not a Balloon Loan
provides for a schedule of substantially level and equal monthly
scheduled payments which are sufficient to amortize fully the
principal balance of such Note on or before its maturity date, which
maturity date is not more than [INSERT NUMBER] years from the date of
origination of such Mortgage Loan. Each Balloon Loan has an original
term to stated maturity of not more than [INSERT NUMBER] years and an
amortization schedule based on not more than [INSERT NUMBER] years.
(vii) No more than [INSERT PERCENTAGE] of the Mortgage Loans is more than 30
days Delinquent (assuming a 30-day month).
(viii) No Mortgage Loan had a Loan Balance less than [INSERT DOLLAR AMOUNT]
as of the Cut-Off Date or greater than [INSERT DOLLAR AMOUNT] as of
the Cut-Off Date.
A-2
<PAGE>
(ix) The Primary Parcel of each Property is located in the state identified
in the Schedules of Mortgage Loans; no more than [INSERT PERCENTAGE]
of the aggregate Loan Balance as of the Cut-Off Date is secured by
mortgaged Properties located within any single postal zip code area;
each Property consists of one or more parcels of real property with a
residential dwelling erected on the Primary Parcel.
(x) As of the Cut-Off Date, no more than [INSERT PERCENTAGE] of the
aggregate Loan Balance is secured by condominiums; no Mortgage Loan
relates to a cooperative.
(xi) With respect to each Mortgaged Property subject to a ground lease (i)
the current ground lessor has been identified and all ground rents
which previously become due and owing have been paid; (ii) the ground
lease term extends, or is automatically renewable, for a least five
years beyond the maturity date of the related Mortgage Loan; (iii) the
ground lease has been duly executed and recorded; (iv) the amount of
the ground rent and any increases therein are clearly identified in
the lease and are for predetermined amounts at predetermined times;
and (v) the Trust has the right to cure defaults on the ground lease;
and (vi) the terms and conditions of the leasehold do not prevent the
free and absolute marketability of the Mortgaged Property. As of the
Cut-Off Date, the Principal Balance of Mortgage Loans with related
Mortgaged Properties subject to ground leases does not exceed [INSERT
PERCENTAGE] of the Original Principal Balance.
(xii) As of the Cut-Off Date, no more than [INSERT PERCENTAGE] of the
Original Aggregate Loan Balance is secured by investor-owned
Properties.
(xiii) With respect to each Mortgage Loan which is or has been the subject of
bankruptcy or insolvency proceedings, (a) as of the Cut-Off Date, the
Mortgagor is not contractually delinquent more than 30 days with
respect to any payment due under the related plan, (b) the current
Combined Loan-to-Value Ratio is less than or equal to [INSERT
PERCENTAGE], and (c) either (i) if the current Combined Loan-to-Value
Ratio is between [INSERT PERCENTAGE] and [INSERT PERCENTAGE] as of the
Cut-Off Date, the Mortgagor has made at least six consecutive payments
under the related Plan or (ii) if the current Combined Loan-to-Value
Ratio is less than [INSERT PERCENTAGE] as of the Cut-Off Date, the
Mortgagor has made at least three consecutive payments under the
related plan.
(xiv) Not more than [INSERT PERCENTAGE] of the Mortgage Loans (as of the
Cut-Off Date) were originated pursuant to a "no-income verification"
program.
A-3
<PAGE>
For purposes of this Conveyance Agreement, the "related EquiVantage Pooling
and Servicing Agreement" is the Pooling and Servicing Agreement for the related
EquiVantage Home Equity Loan Trust [INSERT SERIES].
Terms capitalized herein and not defined herein shall have their respective
meanings as set forth in the Mortgage Transfer Agreement.
IN WITNESS WHEREOF, the Company and the Originator have caused this
Conveyance Agreement to be duly executed by their respective officers thereunto
duly authorized, all as of the day and year first above written.
EQUIVANTAGE ACCEPTANCE CORP.,
the Company
By:_____________________________
Name: John E. Smith
Title: President
EQUIVANTAGE INC.
the Originator
By:________________________________
Name: Karen S. Crawford
Title: Senior Vice President
Dated: March 1, 1997
A-4
<PAGE>
EXHIBIT B
AUTHORIZED REPRESENTATIVES
Reference is hereby made to the Master Loan Transfer Agreement, dated as of
March 1, 1997 (the "Agreement"), among EquiVantage Acceptance Corp. (the
"Company") and EquiVantage Inc., as Originator:
The following are the Originator's Authorized Representatives for purposes
of the Agreement:
Specimen
Name Title Signature
John E. Smith President -----------------
Karen S. Crawford Senior Vice President -----------------
and Secretary
IN WITNESS WHEREOF, I, ____________________, hereby certify that the above
signatures are true and correct as of this ____ day of ____________________.
-------------------------------------
Name:
Title:
B-1
<PAGE>
The following are the Company's Authorized Representatives for purposes of
the Agreement:
Specimen
Name Title Signature
John E. Smith President ------------------
Karen S. Crawford Senior Vice President ------------------
and Secretary
IN WITNESS WHEREOF, I, _____________________, hereby certify that the above
signatures are true and correct as of this ____ day of _____________________.
------------------------------------
Name:
Title:
B-2
<PAGE>
SCHEDULE I
LOAN NO. LAST NAME ADDRESS CITY STATE ZIP CODE LOAN AMT.
312656 RAMSEY 3007 DON DEE DRIVE LOUISVILLE KY 40220 15,100.00
313285 HUNT 132 FARRIS STREET JACKSON TN 38301 15,650.00
---------
TOTAL: $30,750.00
I-1
<PAGE>
CONVEYANCE AGREEMENT
THIS CONVEYANCE Agreement dated March 27, 1997, is between EquiVantage
Acceptance Corp. (the "Company") and EquiVantage Inc. (the "Originator").
Pursuant to the Master Loan Transfer Agreement dated as of March 1, 1997
between the Company and the Originator (the "Mortgage Transfer Agreement"),
the parties hereto hereby confirm their understanding with respect to the
sale by the Originator and the purchase by the Company of those mortgage
loans identified on the Mortgage Loan Schedule attached hereto (the
"Transferred Mortgage Loans").
Conveyance of Transferred Mortgage Loans. The Originator, concurrently
with the execution and delivery of this Conveyance Agreement, does hereby
irrevocably transfer, sell, assign, set over and otherwise convey to the
Company, without recourse (except as otherwise explicitly provided for herein)
all of its right, title and interest in and to the Transferred Mortgage Loans
being conveyed by it, including specifically, without limitation, the Mortgages,
the Files and all other documents, materials and properties appurtenant thereto
and the Notes, including all interest and principal received by the Originator
on or with respect to such Transferred Mortgage Loans on or after the related
Cut-Off Date, together with all of its right, title and interest in and to the
proceeds received on or after the related Cut-Off Date of any related insurance
policies on behalf of the Company. It is the intention of the parties hereto
that the conveyance by the Originator of the Transferred Mortgage Loans to the
Company shall constitute a purchase and sale of such Transferred Mortgage Loans
and not a loan. If the Originator cannot deliver the original Mortgage or
mortgage assignment with evidence of recording thereon concurrently with the
execution and delivery of this Conveyance Agreement solely because of a delay
caused by the public recording office where such original Mortgage or mortgage
assignment has been delivered for recordation, the Originator shall promptly
deliver to the Trustee on behalf of the Company such original Mortgage or
mortgage assignment with evidence of recording indicated thereon upon receipt
thereof from the public recording official, as soon as possible but in no event
later than 12 months from the Startup Day, as defined in the Related EquiVantage
Pooling and Servicing Agreement.
The costs relating to the delivery of the documents specified in this
Conveyance Agreement shall be borne by the Originator.
The Originator hereby makes the representations and warranties set forth in
Section 5(a) of the Mortgage Transfer Agreement with respect to the Transferred
Mortgage Loans. The "Cut-Off Date" with respect to such Transferred Mortgage
Loans shall be the close of business on March 1, 1997.
Except as set forth immediately below, all terms and conditions of the
Mortgage Transfer Agreement are hereby incorporated herein; provided that in the
event of any conflict the provisions of this Conveyance Agreement shall control
over the conflicting provisions of the Mortgage Transfer Agreement.
(i) With respect to each Transferred Mortgage Loan involving property
improved by a manufactured home, such manufactured home constitutes
real property under applicable state law and the Originator has taken
all action necessary to create a valid and perfected first or second
priority lien and security interest in such manufactured
<PAGE>
home and the related Property, including, without limitation, the
filing of a Uniform Commercial Code financing statement or notations
on certificates of title, if necessary under applicable state law.
(ii) As of its date of origination, no Transferred Mortgage Loan had a
Combined Loan-to-Value Ratio in excess of 90%, except for loan number
312874, which has a Combined Loan-to-Value Ratio of 90.51%; loan
number 311576, which has a Combined Loan-to-Value Ratio of 94.12%;
loan number 312435, which has a Combined Loan-to-Value Ratio of
95.33%; and loan number 304420, which has a Combined Loan-to-Value
Ratio of 112.68%.
(iii) No Transferred Mortgage Loan is a third mortgage loan.
(iv) No more than 2.16% of the Transferred Mortgage Loans were originated
under any "no-income verification" program.
(v) The Note related to each Transferred Mortgage Loan bears a minimum
Coupon Rate of at least 8.41% per annum.
(vi) Each Note for a fixed rate Transferred Mortgage Loan that is not a
Balloon Loan provides for a schedule of substantially level and equal
monthly scheduled payments which are sufficient to amortize fully the
principal balance of such Note on or before its maturity date, which
maturity date is not more than 30 years from the date of origination
of such Transferred Mortgage Loan. Each Balloon Loan has an original
term to stated maturity of not more than 15 years and an amortization
schedule based on not more than 30 years.
(vii) No more than 0.48% of the Transferred Mortgage Loans are more than 30
days Delinquent (assuming a 30-day month).
(viii) No Transferred Mortgage Loan had a Loan Balance less than $7,732.80
as of the Cut-Off Date or greater than $499,764.25 as of the Cut-Off
Date.
(ix) The Primary Parcel of each Property is located in the state identified
in the Mortgage Loan Schedule attached hereto; no more than 0.77% of
the aggregate Loan Balance as of the Cut-Off Date is secured by
mortgaged Properties located within any single postal zip code area;
and each Property consists of one or more parcels of real property
with a residential dwelling erected on the Primary Parcel.
(x) As of the Cut-Off Date, no more than 0.77% of the aggregate Loan
Balance is secured by condominiums; no Transferred Mortgage Loan
relates to a cooperative.
2
<PAGE>
(xi) With respect to each Mortgaged Property subject to a ground lease
(i) the current ground lessor has been identified and all ground rents
that previously become due and owing have been paid; (ii) the ground
lease term extends, or is automatically renewable, for at least five
years beyond the maturity date of the related Transferred Mortgage
Loan; (iii) the ground lease has been duly executed and recorded;
(iv) the amount of the ground rent and any increases therein are
clearly identified in the lease and are for predetermined amounts at
predetermined times; (v) the Trust has the right to cure defaults on
the ground lease; and (vi) the terms and conditions of the leasehold
do not prevent the free and absolute marketability of the Mortgaged
Property. As of the Cut-Off Date, the Principal Balance of
Transferred Mortgage Loans with related Mortgaged Properties subject
to ground leases does not exceed 0.13% of the Original Principal
Balance.
(xii) As of the Cut-Off Date, no more than 5.66% of the Original
Aggregate Loan Balance is secured by investor-owned Properties.
(xiii) As of the Cut-Off Date, there are no Transferred Mortgage Loans
that are the subject of bankruptcy or insolvency proceedings.
(xiv) Not more than 2.82% of the Transferred Mortgage Loans are subject
to Section 32 of the Federal Truth-in-Lending Act.
(xv) As of the Cut-Off Date, 81.89% of the outstanding principal balance of
the Transferred Mortgage Loans are fixed rate mortgage loans and
18.11% of the outstanding principal balance of the Transferred
Mortgage Loans are adjustable rate mortgage loans.
(xvi) With respect to Transferred Mortgage Loans that are adjustable
rate mortgage loans, as of the Cut-Off Date, all interest rate
adjustments have been performed correctly in accordance with the
terms of the related Mortgage.
For purposes of this Conveyance Agreement, the "Related EquiVantage Pooling
and Servicing Agreement" is the Pooling and Servicing Agreement relating to the
EquiVantage Home Equity Loan Trust 1997-1.
Terms capitalized herein and not defined herein shall have their respective
meanings as set forth in the Mortgage Transfer Agreement.
3
<PAGE>
IN WITNESS WHEREOF, the Company and the Originator have caused this
Conveyance Agreement to be duly executed by their respective officers thereunto
duly authorized, all as of the day and year first above written.
EQUIVANTAGE ACCEPTANCE CORP.,
the Company
By: ----------------------------------
Name: Elizabeth Folk
Title: Senior Vice President
EQUIVANTAGE INC.,
the Originator
By: -----------------------------------
Name: Karen S. Crawford
Title: Senior Vice President
[Conveyance Agreement]
4
<PAGE>
MORTGAGE LOAN SCHEDULE
[Attached as Schedule I to the Related
EquiVantage Pooling and Servicing Agreement
and Incorporated Herein]
5
