EXHIBIT 10.20
Amendment To
Loan Servicing Agreement
Between
Southern Pacific Funding Corporation
Owner
and
Advanta Mortgage Corp. USA
Servicer
Dated as of August 12,1996
Fixed and Adjustable Rate Non-Conforming Mortgage Loans
This Amendment is dated as of August 12, 1996 and amends the Servicing Agreement
("Agreement") by and between Southern Pacific Funding Corporation ("the Owner")
and Advanta Mortgage Corp. USA ("the Servicer") dated September 14, 1995, as
follows:
Section 4.10(a) in Article IV, of the Agreement is amended effective September
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1, 1996 to read as follows:
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Section 4.10 Servicing Compensation
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(a) As compensation for its activities hereunder, the Servicer shall be
entitled to retain as to each Mortgage Loan, a Servicing Fee in an amount
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equal to [ * ] ([ * ] basis points) per annum which
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Servicing Fee shall be retained by Servicer from the interest portion of
each Mortgage Loan payment received from a borrower and from Liquidation
Proceeds, as applicable. The Servicer shall be paid the Servicing Fee on a
monthly basis by withdrawal from the Collection Account in accordance with
Section 4.5, of this Agreement.
Section 6.6 (Reserved For Future Use) in Article VI, of the Agreement is amended
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effective with the execution of the Southern Pacific Secured Assets Corp.,
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Mortgage Pass-Through Certificates, Series 1996-3 to read as follows:
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Section 6.6 Master Servicing Continued Cooperation
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(a) Servicer shall cooperate with Owner in Owner's future efforts to pool
the Mortgage Loans for securitization pursuant to which Servicer will
be engaged as a master servicer. Such cooperation shall include the
Servicer's execution and delivery of the appropriate pooling and
servicing agreement. Servicer shall furnish historical delinquency
statistics evidenced by appropriate comfort letters for Mortgage Loans
serviced and administered by Servicer, estoppel certificates and other
information reasonably requested by Owner.
(b) Owner and Servicer agree and acknowledge that the Owner will deliver
all Mortgage Loans originated or purchased by Owner to Servicer for
servicing hereunder and shall designate Servicer to act as master
servicer for Mortgage Loans sold into a securitization. Subsequent to
each securitization, all Mortgage Loans which are securitized shall be
serviced in accordance with the terms of the related pooling and
servicing agreement, including but not limited to, the Servicer's
obligation to:
(i) make delinquency advances;
(ii) make servicing advances;
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* This information has been omitted and filed separately with the Securities and
Exchange Commission and is subject to a confidential treatment request with
respect thereto.
(iii) dispose of REO within security provision guidelines;
(iv) provide all required trust reports to the trustee; and
(v) give representations, warranties and covenants Servicer
customarily gives in connection with a securitization
(c) As compensation for its activities pursuant to this Section 6.6, the
Servicer as Master Servicer pursuant to each related pooling and servicing
agreement shall be entitled to retain from the applicable trust collection
account as to each Mortgage Loan a servicing fee of [ * ]%
([ * ] basis points) per annum for each Mortgage Loan serviced
thereunder.
(d) The Servicer as master servicer pursuant to each related pooling and
servicing agreement shall be entitled to retain the Additional Servicing
Compensation as defined in this Agreement.
IN WITNESS WHEREOF, the parties hereto have caused this Amendment to the
Agreement to be duly executed by their respective officer, all as of the day and
year first above mentioned.
Advanta Mortgage Corp. USA Southern Pacific Funding Corp.
By: /s/ Xxxxxxx X. Sarland By: /s/ X X Xxxxxxxxx
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Name: Xxxxxxx X. Sarland Name: Xxxxx X. Xxxxxxxxx
Title: Senior Vice President Title: Vice President
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* This information has been omitted and filed separately with the Securities and
Exchange Commission and is subject to a confidential treatment request with
respect thereto.
