EXHIBIT 99.1
EXECUTION COPY
DELTA FUNDING CORPORATION,
as Seller and Servicer,
THE FIRST NATIONAL BANK OF CHICAGO,
as Trustee,
and
NORWEST BANK MINNESOTA, NATIONAL ASSOCIATION,
as Securities Administrator
AMENDMENT NO. 1
dated as of July 13, 1999
to the
POOLING AND SERVICING AGREEMENT
dated as of May 31, 1999
Home Equity Loan Asset-Backed Certificates, Series 1999-2
AMENDMENT NO. 1, dated as of July 13, 1999 (this "Amendment") among
Delta Funding Corporation, a New York Corporation ("Delta"), as Seller (in such
capacity, the "Seller") and as the Servicer (in such capacity, the "Servicer"),
Norwest Bank Minnesota, National Association, a national banking association, as
the Securities Administrator (the "Securities Administrator"), and The First
National Bank of Chicago, a national banking association, as the Trustee (the
"Trustee") of the Pooling and Servicing Agreement, dated as of May 31, 1999,
among the the Seller, the Servicer, the Securities Administrator, and the
Trustee (as amended, modified or supplemented from time to time, the "Pooling
and Servicing Agreement").
WHEREAS, Delta desires to amend Article I of the Pooling and Servicing
Agreement;
WHEREAS, the Pooling and Servicing Agreement permits amendments and
modifications pursuant to Section 11.01 under certain circumstances without the
consent of any of the Certificateholders; and
WHEREAS, all capitalized terms used but not defined herein shall have
the meaning assigned to such terms in the Pooling and Servicing Agreement.
NOW, THEREFORE, the parties hereto agree to amend Article I of the
Pooling and Servicing Agreement by deleting the existing definition of "Required
Overcollateralization Amount" and inserting the following definition in its
place:
"As to any Distribution Date (a) through and including the Distribution Date in
September 1999, zero; (b) after the Distribution Date in September 1999 and
prior to the Stepdown Date, the product of (i) 1.15% and (ii) the aggregate
Original Class Principal Balances of the Offered Certificates; and (c) on and
after the Stepdown Date, the greater of (i) the lesser of (x) the product of
1.15% and the aggregate Original Class Principal Balances of the Offered
Certificates and (y) the product of 2.30% and the Pool Balance as of the end of
the related Due Period and (ii) the OC Floor; provided, however, that on each
Distribution Date during the continuance of (a) a Cumulative Loss Event, the
Required Overcollateralization Amount will equal 1.15% of the aggregate Original
Class Principal Balances of the Offered Certificates or (b) a Delinquency Event,
the Required Overcollateralization Amount will equal the Required
Overcollateralization Amount in effect as of the Distribution Date immediately
preceding the date on which such Delinquency Event first occurred."
All other provisions of the Pooling and Servicing Agreement dated as
of May 31, 1999 are hereby affirmed in all respects. Henceforth, "Pooling and
Servicing Agreement" shall refer to the Pooling and Servicing Agreement as
amended hereby.
Delta has delivered to the other parties hereto copies of the letters
from each Rating Agency stating that the amendment will not result in the
downgrading or withdrawal of the respective ratings assigned to the Offered
Certificates.
Neither the Trustee nor the Securities Administrator make any
representation or warranty with respect to any recital or representation herein,
nor the validity, enforceability or sufficiency of this Amendment.
This Amendment shall be governed by the laws of the State of New York
(excluding provisions regarding conflicts of laws).
IN WITNESS WHEREOF, the Seller, the Servicer, the Trustee and the
Securities Administrator have caused this Agreement to be duly executed by their
respective officers all as of the day and year first above written.
DELTA FUNDING CORPORATION,
as Seller and Servicer
By /s/ XXXX XXXXXXXXX
-------------------------
Name: Xxxx Xxxxxxxxx
Title: Vice President
THE FIRST NATIONAL BANK OF CHICAGO,
as Trustee
By /s/ XXXX X. XXXXX
--------------------------
Name: Xxxx X. Xxxxx
Title: Assistant Vice President
NORWEST BANK MINNESOTA, NATIONAL
ASSOCIATION, as Securities
Administrator
By /s/ XXXXX X. XXXXXXXXX
---------------------------
Name: Xxxxx X. Xxxxxxxxx
Title: Vice President
