Subsequent Transfer Instrument for Sale and Pledge of Mortgage Loans among Superior Bank FSB, LaSalle Bank National Association, and AFC Trust Series 2000-2
Contract Categories:
Business Finance
›
Assignment Agreements
Summary
This agreement, dated August 10, 2000, is between Superior Bank FSB (Seller), LaSalle Bank National Association (Indenture Trustee), and AFC Trust Series 2000-2 (Issuer). It documents the sale of certain mortgage loans from the Seller to the Issuer, who then pledges them to the Indenture Trustee for the benefit of noteholders. The Seller affirms key representations and warranties, and the agreement is governed by New York law. The transaction is part of a larger asset-backed securities arrangement, with specific terms and conditions outlined in the attached schedules.
EX-4.1 2 0002.txt INSTRUMENTS DEFINING RIGHTS OF SECURITY HOLDERS EXHIBIT 4.1 SUBSEQUENT TRANSFER INSTRUMENT Pursuant to this Subsequent Transfer Instrument (the "Instrument"), dated August 10, 2000, among Superior Bank FSB, as seller (the "Seller"), LaSalle Bank National Association, as indenture trustee (the "Indenture Trustee") and AFC Trust Series 2000-2, issuer of the AFC Mortgage Loan Asset Backed Notes, Series 2000-2, as purchaser (the "Issuer"), and pursuant to the Sale and Servicing Agreement, dated as of June 1, 2000, by and among Superior Bank FSB, as Seller and Servicer, the Issuer and the Indenture Trustee (the "Sale and Servicing Agreement"), the Seller and the Issuer agree to the sale by the Seller and the purchase by the Issuer, and pledge by the Issuer to the Indenture Trustee, of the Mortgage Loans listed on the attached Schedule of Mortgage Loans (the "Subsequent Mortgage Loans"). Capitalized terms used and not defined herein have their respective meanings as set forth in the Sale and Servicing Agreement. Section 1. Conveyance of Subsequent Mortgage Loans. --------------------------------------- (a) The Seller, upon receipt of the purchase price therefor, does hereby sell, transfer, assign, set over and convey to the Issuer, without recourse, all of its right, title and interest in and to the Subsequent Mortgage Loans, excepting the Seller's Yield, and including all amounts due on the Subsequent Mortgage Loans after the related Subsequent Cut-off Date, and all items with respect to the Subsequent Mortgage Loans to be delivered pursuant to Section 2.04 of the Sale and Servicing Agreement; provided, however that the Seller reserves and retains all right, title and interest in and to amounts (including Prepayments, Curtailments and Excess Payments) due or accrued on the Subsequent Mortgage Loans on or prior to the related Subsequent Cut-off Date. The Seller, contemporaneously with the delivery of this Agreement, has delivered or caused to be delivered to the Indenture Trustee or, if a Custodian has been appointed pursuant to Section 6.12 of the Indenture to the Custodian each item set forth in Section 2.04 of the Sale and Servicing Agreement. The transfer to the Issuer by the Seller of the Subsequent Mortgage Loans identified on the Mortgage Loan Schedule shall be absolute and is intended by the Seller, the Servicer, the Issuer, the Indenture Trustee, the Noteholders and the Certificateholders to constitute and to be treated as a sale by the Seller to the Issuer. (b) The Issuer hereby grants to the Indenture Trustee, as trustee for the benefit of the Noteholders and the Note Insurer, all of the Issuer's right, title and interest in and to the Subsequent Mortgage Loans and the proceeds thereof under the Related Documents, excepting the Seller's Yield and all amounts due or accrued on the Subsequent Mortgage Loans on or prior to the related Subsequent Cut-off Date. (c) The expenses and costs relating to the delivery of the Subsequent Mortgage Loans, this Instrument and the Sale and Servicing Agreement shall be borne by the Seller. (d) Additional terms of the sale are set forth on Attachment A hereto. Section 2. Representations and Warranties; Conditions Precedent. ------------------------------------------ (a) The Seller, contemporaneously with the delivery of this Agreement, hereby affirms the representations and warranties set forth in Section 3.02 of the Sale and Servicing Agreement that relate to the Subsequent Mortgage Loans as of the date hereof. The Seller hereby confirms that each of the conditions set forth in Section 2.10(b), and as applicable, Section 2.10(c) or Section 2.10(d), of the Sale and Servicing Agreement are satisfied as of the date hereof. (b) All terms and conditions of the Sale and Servicing Agreement are hereby ratified and confirmed; provided, however, that in the event of any conflict the provisions of this Instrument shall control over the conflicting provisions of the Sale and Servicing Agreement. Section 3. Recordation of Instrument. ------------------------- To the extent permitted by applicable law, this Instrument, or a memorandum thereof if permitted under applicable law, is subject to recordation in all appropriate public offices for real property records in all of the counties or other comparable jurisdictions in which any or all of the properties subject to the Mortgages are situated, and in any other appropriate public recording office or elsewhere, such recordation to be effected by the Servicer at the Noteholders' expense on direction of the Note Insurer or the related Majority Noteholders, but only when accompanied by an Opinion of Counsel to the effect that such recordation materially and beneficially affects the interests of the Noteholders or is necessary for the administration or servicing of the Mortgage Loans. Section 4. Governing Law. ------------- This Instrument shall be construed in accordance with the laws of the State of New York and the obligations, rights and remedies of the parties hereunder shall be determined in accordance with such laws, without giving effect to principles of conflicts of law. Section 5. Counterparts. ------------ This Instrument may be executed in one or more counterparts and by the different parties hereto on separate counterparts, each of which, when so executed, shall be deemed to be an original; such counterparts, together, shall constitute one and the same instrument. Section 6. Successors and Assigns. ---------------------- This Instrument shall inure to the benefit of and be binding upon the Seller, the Issuer and the Indenture Trustee and their respective successors and assigns. Section 7. Limitation of Liability. ----------------------- It is expressly understood and agreed by the parties hereto that (a) this Agreement is executed and delivered by Wilmington Trust Company, not individually or personally but solely as Owner Trustee (in such capacity, the "Owner Trustee") under the Trust Agreement, in the exercise of the powers and authority conferred and vested in it under the Trust Agreement, (b) each of the representations, undertakings and agreements herein made on the part of the Owner Trustee is made and intended not as personal representations, undertakings and agreements by Wilmington Trust Company but is made and intended for the purpose for binding only the Owner Trustee and (c) under no circumstances shall Wilmington Trust Company be personally liable for the payment of any indebtedness or expenses of the Owner Trustee or be liable for the breach or failure of any obligation, representation, warranty or covenant made or undertaken by the Owner Trustee under this Agreement or the other related documents. SUPERIOR BANK FSB By:/s/ John Soricelli -------------------------------------- Name: John Soricelli Title: Vice President LASALLE BANK NATIONAL ASSOCIATION, as Indenture Trustee By:/s/ Barbara L. Marik -------------------------------------- Name: Barbara L. Marik Title: Assistant Vice President AFC TRUST SERIES 2000-2 By: Wilmington Trust Company, not in its individual capacity but solely as Owner Trustee By: /s/ Kathleen A. Pedilini -------------------------------------- Name: Kathleen A. Pedilini Title: Administrative Account Manager Attachments - ----------- A. Additional terms of the sale. B. Schedule of Subsequent Mortgage Loans.
ATTACHMENT B TO SUBSEQUENT TRANSFER INSTRUMENT
Current Property Mortgage Value at Owner Pool ID Account Rate Origination Occupied - ------------------------------------------------------------- 332-14 802329276 10.750 180,000.00 Y 332-14 802474403 13.500 98,500.00 Y 332-14 802800821 13.125 129,000.00 Y 332-14 802852624 11.000 114,000.00 Y 332-14 802945519 11.500 52,000.00 Y 332-14 802947655 10.750 42,000.00 Y 332-14 803012251 10.625 124,125.00 Y 332-14 803165893 10.875 130,000.00 Y 332-14 803192491 13.750 47,000.00 Y 332-14 803207117 11.000 55,900.00 Y 332-14 803244938 13.000 114,500.00 Y 332-14 803287770 11.375 55,000.00 Y 332-14 803290667 12.750 72,500.00 Y 332-14 803320415 12.875 106,000.00 Y 332-14 803337468 10.125 46,600.00 Y 332-14 803344316 11.500 60,000.00 Y 332-14 803345560 12.250 95,500.00 Y 332-14 803373109 13.000 135,000.00 Y 332-14 803373257 12.250 64,000.00 Y 332-14 803375062 12.750 85,000.00 Y 332-14 803378603 10.625 127,000.00 Y 332-14 803385301 10.500 76,000.00 Y 332-14 803401215 12.750 50,000.00 Y 332-14 803404284 10.000 175,000.00 Y 332-14 803406610 12.000 35,500.00 Y 332-14 803408046 11.375 168,000.00 Y 332-14 803413988 10.250 97,500.00 Y 332-14 803414127 11.375 46,000.00 Y 332-14 803419001 12.375 56,710.00 Y 332-14 803424787 10.750 61,500.00 Y 332-14 803449842 12.500 109,000.00 Y 332-14 803460161 10.500 86,000.00 Y 332-14 803462357 11.500 25,000.00 Y 332-14 803465434 12.750 29,900.00 Y 332-14 803465780 12.000 108,000.00 Y 332-14 803472067 13.125 32,000.00 Y 332-14 803473669 12.250 25,000.00 Y 332-14 803474923 10.375 205,000.00 Y 332-14 803478643 10.750 31,200.00 N 332-14 803480276 13.875 72,000.00 Y 332-14 803487206 13.125 130,000.00 Y 332-14 803492784 12.500 52,000.00 Y 332-14 803494707 11.250 94,000.00 Y 332-14 803498369 9.875 68,000.00 Y 332-14 803498393 12.500 142,000.00 Y 332-14 803503036 12.500 66,700.00 Y 332-14 803506864 11.250 229,000.00 Y 332-14 803515329 12.500 118,000.00 Y 332-14 803518976 11.000 58,500.00 Y 332-14 803536259 11.750 31,000.00 Y 332-14 803541556 12.625 118,000.00 Y 332-14 803542042 13.375 118,000.00 Y 332-14 803542075 11.375 174,000.00 Y 332-14 803543628 10.750 45,000.00 Y 332-14 803548171 11.250 98,000.00 Y 332-14 803549070 10.250 93,000.00 Y 332-14 803552520 11.000 40,000.00 N
Current Property Mortgage Value at Owner Pool ID Account Rate Origination Occupied - ------------------------------------------------------------- 332-14 803556950 11.250 140,000.00 Y 332-14 803557107 13.625 100,000.00 Y 332-14 803557495 11.750 110,000.00 Y 332-14 803561091 11.250 161,000.00 Y 332-14 803561406 10.500 45,000.00 Y 332-14 803561869 11.500 150,000.00 Y 332-14 803561893 11.500 34,000.00 Y 332-14 803565480 10.250 162,000.00 Y 332-14 803565597 12.875 88,000.00 Y 332-14 803567973 11.375 53,000.00 Y 332-14 803569821 12.875 35,000.00 Y 332-14 803570183 11.250 122,225.00 Y 332-14 803571413 9.000 190,000.00 Y 332-14 803573252 13.500 270,000.00 Y 332-14 803573856 10.500 78,900.00 Y 332-14 803575091 10.500 80,000.00 Y 332-14 803580562 12.500 51,000.00 Y 332-14 803581206 11.500 60,000.00 Y 332-14 803583152 10.250 88,000.00 Y 332-14 803585512 11.625 68,800.00 Y 332-14 803587658 11.250 82,000.00 Y 332-14 803587674 11.250 127,500.00 Y 332-14 803588474 12.250 62,500.00 Y 332-14 803588847 12.000 62,000.00 Y 332-14 803594894 9.625 36,000.00 Y 332-14 803597178 13.625 47,000.00 Y 332-14 803599232 11.125 95,000.00 Y 332-14 803600386 13.250 150,000.00 Y 332-14 803600410 12.000 154,000.00 Y 332-14 803600964 11.625 171,000.00 Y 332-14 803604222 12.500 110,000.00 Y 332-14 803605856 13.000 67,000.00 Y 332-14 803612332 10.500 55,000.00 Y 332-14 803616408 11.875 120,000.00 Y 332-14 803618396 12.500 62,000.00 Y 332-14 803619121 8.875 125,000.00 Y 332-14 803620798 9.375 65,000.00 Y 332-14 803621929 13.875 52,000.00 Y 332-14 803622224 13.000 62,000.00 Y 332-14 803622604 13.375 170,000.00 Y 332-14 803622984 11.500 74,000.00 N 332-14 803624907 11.875 47,000.00 N 332-14 803625482 10.500 137,900.00 Y 332-14 803626472 10.750 71,000.00 Y 332-14 803626894 13.500 95,000.00 Y 332-14 803632868 11.375 45,000.00 Y 332-14 803633122 11.875 101,000.00 Y 332-14 803633429 10.000 94,000.00 Y 332-14 803634146 12.500 75,900.00 Y 332-14 803634757 12.000 112,000.00 Y 332-14 803638493 11.375 88,000.00 Y 332-14 803639582 10.250 124,000.00 Y 332-14 803640606 12.125 85,000.00 Y 332-14 803641497 10.125 70,000.00 Y 332-14 803642248 13.000 122,000.00 Y 332-14 803643212 11.375 75,000.00 Y 332-14 803644541 12.500 135,000.00 Y 332-14 803645357 11.500 500,000.00 Y
Current Property Mortgage Value at Owner Pool ID Account Rate Origination Occupied - ------------------------------------------------------------- 332-14 803646751 13.625 129,900.00 Y 332-14 803646959 12.250 51,000.00 Y 332-14 803648526 9.250 132,000.00 Y 332-14 803649425 11.250 130,000.00 Y 332-14 803649466 11.500 100,000.00 N 332-14 803650662 10.250 128,000.00 Y 332-14 803651322 11.250 41,000.00 Y 332-14 803652320 12.250 56,000.00 Y 332-14 803654748 13.000 70,000.00 Y 332-14 803657154 14.375 68,000.00 Y 332-14 803657527 12.750 99,000.00 Y 332-14 803659192 11.750 62,000.00 N 332-14 803659333 11.125 91,000.00 Y 332-14 803660125 10.625 90,000.00 Y 332-14 803660869 10.375 130,000.00 Y 332-14 803662212 10.750 135,000.00 Y 332-14 803664069 11.000 82,200.00 Y 332-14 803664101 12.750 165,000.00 Y 332-14 803664333 13.125 234,000.00 Y 332-14 803664994 11.375 75,000.00 Y 332-14 803666130 11.000 142,000.00 Y 332-14 803666544 12.500 72,000.00 Y 332-14 803666874 11.125 88,000.00 Y 332-14 803667914 12.000 46,000.00 Y 332-14 803668706 12.875 43,600.00 Y 332-14 803669043 12.875 225,000.00 Y 332-14 803669878 13.875 191,000.00 Y 332-14 803670454 12.500 94,500.00 Y 332-14 803670850 11.500 70,000.00 Y 332-14 803671262 11.500 80,000.00 Y 332-14 803671585 13.875 57,000.00 Y 332-14 803671692 12.500 157,900.00 Y 332-14 803672260 9.875 54,000.00 Y 332-14 803672518 13.500 83,000.00 Y 332-14 803672617 11.375 41,000.00 Y 332-14 803674373 10.250 130,000.00 Y 332-14 803675438 11.875 60,000.00 Y 332-14 803677822 10.125 133,000.00 Y 332-14 803679117 10.500 150,000.00 Y 332-14 803681188 10.625 352,000.00 Y 332-14 803681840 12.000 77,000.00 Y 332-14 803684349 11.000 70,000.00 Y 332-14 803686534 12.750 65,000.00 Y 332-14 803689595 12.000 79,000.00 Y 332-14 803694512 9.500 49,900.00 Y 332-14 803698000 9.375 68,000.00 Y 332-14 803700277 12.250 319,000.00 Y 332-14 803701283 9.750 60,000.00 N 332-14 803701291 12.375 140,000.00 Y 332-14 803701465 11.500 38,000.00 Y 332-14 803702141 13.875 147,000.00 Y 332-14 803702661 12.750 101,000.00 Y 332-14 803709542 10.500 75,000.00 Y 332-14 803710789 9.750 160,000.00 N 332-14 803713031 9.750 196,000.00 Y 332-14 803715929 11.000 85,000.00 Y 332-14 803717768 11.625 125,000.00 Y 332-14 803718378 12.250 67,000.00 Y
Current Property Mortgage Value at Owner Pool ID Account Rate Origination Occupied - ------------------------------------------------------------- 332-14 803718766 11.500 46,000.00 N 332-14 803722552 9.750 135,000.00 Y 332-14 803723584 10.500 130,000.00 Y 332-14 803724053 13.125 70,000.00 Y 332-14 803725688 11.000 110,000.00 N 332-14 803726041 11.875 200,000.00 Y 332-14 803726223 11.375 75,000.00 Y 332-14 803727171 11.000 150,000.00 Y 332-14 803730340 11.250 63,000.00 Y 332-14 803730928 11.875 48,000.00 N 332-14 803731066 13.000 127,000.00 Y 332-14 803731603 11.625 108,000.00 N 332-14 803731801 11.375 113,000.00 Y 332-14 803734664 9.250 120,000.00 Y 332-14 803734789 12.500 63,000.00 Y 332-14 803737196 10.750 80,000.00 Y 332-14 803737881 10.000 135,000.00 Y 332-14 803737964 7.500 185,000.00 Y 332-14 803742287 11.125 78,000.00 Y 332-14 803744952 9.875 62,500.00 N 332-14 803745553 12.000 35,000.00 Y 332-14 803747005 9.750 105,000.00 Y 332-14 803748474 11.500 100,000.00 Y 332-14 803748979 12.250 142,000.00 Y 332-14 803750843 10.500 477,000.00 Y 332-14 803751668 11.250 45,000.00 Y 332-14 803754860 10.250 65,000.00 Y 332-14 803764596 11.500 311,525.00 Y 332-14 803765239 12.250 74,000.00 Y 332-14 803766195 10.250 285,000.00 Y 332-14 803767672 12.750 73,000.00 Y 332-14 803768878 11.750 219,900.00 Y 332-14 803772953 11.500 43,000.00 N 332-14 803773563 10.750 135,000.00 Y 332-14 803775352 8.125 110,000.00 Y 332-14 803777069 10.250 265,000.00 Y 332-14 803781129 12.500 132,000.00 Y 332-14 803781269 11.500 52,000.00 N 332-14 803783026 11.875 123,000.00 Y 332-14 803797703 10.125 190,000.00 Y ----------------------------------------- 213 11.442 22,453,785.00 332-15 1000071165 11.375 147,900.00 Y 332-15 1000074706 11.375 145,000.00 Y 332-15 1000075422 9.625 154,000.00 Y ----------------------------------------- 3 10.752 446,900.00 216 11.428 22,900,685.00