AMENDED AND RESTATED SUPPLEMENT TOTRUST AGREEMENTFORTERM SERIES 1999-1

                   This Amended and Restated Supplement to Trust Agreement for Term Series 1999-1 (as amendedor modified from time to time, this "Supplement"), dated as of April 14, 2000,is entered into among Allegiance Funding I, LLC, a Delaware limited liability company(successor to Allegiance Funding Corp. I) (the "Depositor"), Manufacturersand Traders Trust Company, a New York banking corporation (the "Trustee"), andPoint West Capital Corporation, a Delaware corporation (the "Servicer").

                   This Supplement incorporates by reference all of the provisions of the Trust Agreement(the "Trust Agreement"), dated as of August 1, 1998, among the Depositor, theServicer and the Trustee entered into in connection with the transactions described below.This Supplement amends and restates in its entirety the Supplement to Trust Agreement forTerm Series 1999-1, dated as of September 15, 1999 (the "Prior Supplement"),among such parties.

                   The Depositor duly authorized the execution and delivery of the Prior Supplement toprovide for the issuance of the Allegiance Capital Trust I Term Certificates, Series1999-1 (the "99-1 Term Certificates"), which consists of the Class ACertificates, Series 1999-1(the "Class A Certificates"), Class BCertificates, Series 1999-1 (the "Class B Certificates"), Class CCertificates, Series 1999-1 (the "Class C Certificates"), Class DCertificates, Series 1999-1 (the "Class D Certificates"), Class ECertificates, Series 1999-1 (the "Class E Certificates"), Class FCertificates, Series 1999-1 (the "Class F Certificates"), and Class RCertificates, Series 1999-1 (the "Class R Certificates") with no aggregateprincipal amount, each issuable as provided in the Trust Agreement. This Series ofCertificates has been designated as a "Term Series" under the Trust Agreement.The Class A Certificates, Class B Certificates, Class C Certificates,Class D Certificates and Class E Certificates have initial credit ratings fromthe Rating Agency of AA, A, BBB, BB and B, respectively, and the Class F and Class RCertificates are not rated. Pursuant to Section 2.02 of the Trust Agreement, thisSupplement sets forth the following additional terms applicable to this Series ofCertificates.

Section 1.                   Definitions.

                   "Applicable Rate Spread": For each of the Class A, Class B,Class C, Class D, Class E, Class F and Class R Certificates within thisSeries, the amount specified below:

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Class A =         2.00%        per annum for Funding Amounts funded by this Class prior to April 14, 2000; and                                         2.05% per annum for Funding Amounts funded by this Class thereafter;        Class B =         2.35% per annum for Funding        Amounts funded by this Class prior to April 14, 2000; and                                         2.40% per annum for Funding Amounts funded by this Class thereafter;        Class C =         3.50% per annum        Class D =         7.50% per annum        Class E =         8.50% per annum        Class F =         0.0% per annum        Class R =         0.0% per annum

                   "Blended Interest Rate": means for each Class of Certificates other than theClass F and the Class R Certificates, a per annum interest rate determined as of each TermReset Date equal to the weighted 

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average of (i) the Certificate Interest Rate as in effect on the dayprior to such Term Reset Date and (ii) the Treasury Rate determined as of such Term ResetDate plus the Applicable Rate Spread, if any, for such Class. Such weighted average shallbe weighted by reference to the Outstanding Principal Amount of such Class as of such TermReset Date as compared to the increase in the Outstanding Principal Amount of such Classtaking effect on the related Term Funding Date.

                   "Certificate Interest Rate": With respect to (i) the Class A, Class B,Class C, Class D and Class E Certificates (other than a Sub-Class), (A) forAccrual Periods commencing prior to the first Term Funding Date after the Delivery Date, aper annum rate equal to the Initial Certificate Interest Rate for such Class and (B) forAccrual Periods commencing on or after such Term Funding Date, a per annum rate equal tothe Blended Interest Rate for such Class; (ii) with respect to any Sub-Class ofCertificates, the applicable Sub-Class Interest Rate and (iii) with respect to the Class FCertificates, the Class F Interest Rate.

                   "Class A Certificate": Any Certificate of this Series designated as aClass A Certificate or Class A-FL Certificate, substantially in the form attachedhereto as Exhibit A, and which is Outstanding as of any date.

                   "Class B Certificate": Any Certificate of this Series designated as aClass B Certificate or Class B-FL Certificate, substantially in the form attachedhereto as Exhibit B, and which is Outstanding as of any date.

                   "Class C Certificate": Any Certificate of this Series designated as aClass C Certificate, substantially in the form attached hereto as Exhibit C, andwhich is Outstanding as of any date.

                   "Class D Certificate": Any Certificate of this Series designated as aClass D Certificate, substantially in the form attached hereto as Exhibit D, andwhich is Outstanding as of any date.

                   "Class E Certificate": Any Certificate of this Series designated as aClass E Certificate, substantially in the form attached hereto as Exhibit E, andwhich is Outstanding as of any date.

                   "Class F Certificate": Any Certificate of this Series designated as aClass F Certificate, substantially in the form attached hereto as Exhibit F, andwhich is Outstanding as of any date.

                   "Class F Interest Rate": means a per annum rate equal to 17.5%.

                   "Class R Certificate": Any Certificate of this Series designated as aClass R Certificate, substantially in the form attached hereto as Exhibit G, andwhich is Outstanding as of any date.

                   "Class Commitment Percentage:" With respect to each Class, the meaning set forthin the Purchase Agreement applicable to this Series.

                   "Delivery Date": September 21, 1999.

                   "Funding Termination Event": The cumulative Funding of Series 99-1 TermCertificates having an aggregate original principal amount of $60,000,045. 

                   "Initial Certificate Interest Rate": The amount specified below for each Classof Certificates in this Series: 

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Class A =         7.250%

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Class B =         7.490%        Class C =         8.510%        Class D =         13.050%        Class E =         13.290%        Class F =         17.500%

                   "Initial Funding Amount": The amount specified below for each Class ofCertificates in this Series: 

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Class A =     $17,750,000.00         Class B =     $ 1,775,000.00         Class C =     $ 2,045,000.00         Class D =     $ 1,775,000.00        Class E =     $ 1,290,000.00        Class F =     $ 2,673,529.24        Class R =     $ 0.00

                   "Initial Payment Date": October 15, 1999. 

                   "LIBOR Rate": With respect to each Accrual Period, a per annum interest rateequal to the rate for London interbank offered quotations for one-month Eurodollardeposits determined by the Servicer for such Accrual Period as follows:

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(a) On each Term Reset Date, the Servicer will determine the LIBOR Rate    on the basis of the rate for deposits in U.S. Dollars for a period of one month that    appears on Bloomberg MMR2 or, if unavailable, Telerate Page 3750, as of 11:00 a.m. (London    time) on such Term Reset Date.

(b) If such rate does not appear on Telerate Page 3750 or Bloomberg    MMR2, the rate for such Term Reset Date will be determined on the basis of the rates at    which deposits in U.S. Dollars are offered by the Reference Banks at approximately 11:00    a.m. (London time) on such date to prime banks in the London interbank market for a period    of one month commencing on that Term Reset Date. The Servicer will request the principal    London office of each of the Reference Banks to provide such a quotation. If, on any Term    Reset Date: (i) at least two Reference Banks provide quotations when requested, the    LIBOR Rate for such Term Reset Date will be the arithmetic mean of the quotations so    received; or (ii) only one or none of the Reference Banks provides such a quotation,    the LIBOR Rate will be the arithmetic mean of the offered rates quoted by major banks in    New York City selected by the Servicer at approximately 11:00 a.m. (New York City time) on    such Term Reset Date for loans to leading European banks in U.S. Dollars for a period of    one month commencing on that Term Reset Date.

(c) If, on any Term Reset Date, the LIBOR Rate cannot be calculated    pursuant to one of the above methods, the LIBOR Rate for such Term Reset Date shall be the    rate as most recently determinable under such methods.

                   "Maximum Series Amount": $60,000,045, allocated to each Class (orSub-Class) of Certificates in this Series as provided on the Term Funding Schedule.

                   "Minimum Funding Amount": Fifteen million dollars ($15,000,000), to be fundedamong the various Classes Outstanding in accordance with their relative Maximum SeriesAmounts; or, with respect to the final issuance of Term Certificates hereunder, suchsmaller amount necessary to reach the Maximum Series Amount.

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                   "Pro Rata Share": With respect to (i) a Class of Certificates in this Series, afraction, expressed as a percentage, the numerator of which is the aggregate OutstandingPrincipal Amount of such Class, and the denominator of which is the Series PrincipalAmount; and (ii) a Certificate or Certificateholder within a Class, a fraction, expressedas a percentage, the numerator of which is the Outstanding Principal Amount of suchCertificate, and the denominator of which is the Outstanding Principal Amount of allCertificates in the Class.

                   "Scheduled Funding Termination Date": December 15, 2000. 

                   "Series Distributable Amount": As defined in Section 8 hereof.

                   "Series Termination Date": For each of the Class A, Class B,Class C, Class D, Class E, Class F and Class R Certificates in thisSeries, the date specified below:

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Class A =     July 15, 2019        Class B =     July 15, 2019        Class C =     July 15, 2019        Class D =     July 15, 2019        Class E =     July 15, 2019        Class F =     July 15, 2019        Class R =     July 15, 2019

                   "Sub-Class": A Class A or Class B Certificate designated to accrue interest at afloating rate in accordance with Section 4 hereof.

                   "Sub-Class Interest Rate": For each Sub-Class, a per annum rate equal to theLIBOR Rate as of the Term Reset Date plus the Applicable Rate Spread less 0.25%, or asotherwise set forth on the Term Funding Schedule delivered to the Trustee in connectionwith the designation and Funding of such Sub-Class pursuant to Section 4 hereof. 

                   "Term Funding Date": Any Funding Date on which the Depositor obtains a Fundingunder the 99-1 Term Certificates. 

"Term Funding Schedule": The schedule attached hereto asSchedule A, as supplemented from time to time pursuant to Section 6 hereof and deliveredwith a Funding Report related to a Term Funding Date. Such Term Funding Schedule, asamended from time to time, is incorporated herein by this reference. 

                   "Term Reset Date": With respect to the Blended Rate, the second Business Daypreceding a Term Funding Date.

                   "Transaction Documents Date": Unless otherwise, indicated as of September 1,1999.

                   "Treasury Rate": As determined on each Term Reset Date with respect to eachClass of Certificates of this Series (other than the class F and Class R Certificates), aper annum rate equal to the bond equivalent yield on actively traded U.S. governmentsecurities with a maturity that most closely corresponds to the weighted average life ofthe Loans as set forth on page "USD" of the Bloomberg Financial Markets Screen(or if not available, any other nationally recognized trading screen reporting on-lineintra-day trading in United States government securities) at 11:00 a.m. (New York time) onsuch Term Reset Date, or in the event no such nationally recognized trading screen isavailable, the arithmetic mean of the yields for the applicable two columns under theheading "Week Ending" published in the Federal Reserve H.15 Statistical Release 

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under the caption "Treasury Constant Maturities" formaturities that most closely correspond to the weighted average life of such Class.

**Section 2.        Clarification of Provisions in Trust Agreement as they Relate to this Series**. 

            (a)For all purposes of the Trust Agreement and any Supplement thereto, the term Class DPercentage shall be deemed to refer to the Class F Certificates of this Series and not theClass D Certificates of this Series.

            (b)Notwithstanding Section 5.03(d)(ii) of the Trust Agreement, so long as any Class ofCertificates in this Series remains Outstanding, any excess funds that would otherwise bereleased from the Reserve Account pursuant to such Section shall instead be distributed asfollows:

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(i) first to the Depositor, to the extent of any unreimbursed deposits      made by it pursuant to any Series Supplement; and 

(ii) second to the Holders of the Class F Certificates, to the extent      of any overdue interest owing with respect to such                Class;

(iii) third, to the Holders of the Class R Certificates of any Term      Series then Outstanding and if no such Certificates are                then Outstanding, to the Depositor.

**Section 3.               Class R Certificates.**

The Class R Certificates shall be entitled to receive distributions asprovided in Section 8 hereof, along with (a) amounts released from the Reserve Account tothe extent provided in Section 5.03(d) of the Trust Agreement (as modified by Section 2 ofthis Supplement) and (b) Prepayment Fee Collections to the extent provided in Section5.01(f)(v) of the Trust Agreement. 

**Section 3.               Procedures for Obtaining Fundings.**

            (a) ConditionsPrecedent. Each Funding under this Series is subject to the satisfaction of thefollowing conditions precedent on the relevant date specified below:

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(i) fifteen (15) days prior to the Term Funding Date (or such shorter      period of time as may be agreed to by the Certificateholder Agent in its sole discretion),      the Depositor shall deliver to the Certificateholder Agent and the Certificateholders of      this Series a draft Funding Report indicating the amount of the Funding (which shall be      within a 5% plus or minus variance, except in connection with the final Funding under this      Series) and including any proposed changes to the Term Funding Schedule;

(ii) five (5) Business Days prior to the requested Term Funding Date      the Depositor shall deliver to the Certificateholder Agent, the Certificateholders of this      Series and the Trustee the final Funding Report, the Term Funding Schedule, and an      executed AFI Certificate substantially in the form attached hereto as Exhibit I; 

(iii) (A) after giving effect to such Funding, the applicable      Maximum Series Amount shall not be exceeded and (B) the Depositor shall use the proceeds      of such Funding to repay the 98-1 Revolving Certificates; 

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(iv) such Funding shall occur on a date prior to the applicable Funding      Termination Date and shall be at least equal to the Minimum Funding Amount for this Series      when aggregated with any amounts to be funded on such Term Funding Date under subsection      (a) above; 

(v) after giving effect to such Funding, there shall not have been more      than four (4) Fundings under this Series; 

(vi) no Default (other than a Servicing Advisor Default), Depositor      Event of Default, Servicer Event of Default, Special Servicer Event of Default or      Servicing Advisor Event of Default shall exist or shall result from the Funding;

(vii) both before and after giving effect to such Funding, the Pool      Performance Condition shall be met; and

(viii) such other conditions as may be specified in the related      Certificate Purchase Agreements.

            (b) Preparationof Funding Report. In connection with each Funding under this Series, the Depositorshall prepare the Funding Report, including the Term Funding Schedule, and shall calculatethe Certificate Interest Rate that will be in effect after such Funding. Each FundingReport together with the applicable Term Funding Schedule shall be countersigned by theCertificateholder Agent to evidence its approval of the contents thereof.

**Section 5.             Floating RateSub-Classes.**

            (a)With respect to any Funding made under this Series after the Series Principal Amountequals at least $30,000,000, and subject to certain conditions specified in theCertificate Purchase Agreement for this Series, the Depositor may designate all or aportion of the Funding Amount to be funded by the Class A or Class B Certificates on suchdate as a Sub-Class that accrues interest based on the LIBOR Rate. Notwithstanding theforegoing, the cumulative amount of such Fundings that may be designated as a Sub-Classshall not exceed $10,000,000 without the prior written consent of the CertificateholderAgent. The Depositor shall make such Sub-Class designation in the Term Funding Scheduledelivered with the Funding Report applicable to such Term Funding Date and shall includein such Term Funding Schedule the Sub-Class Interest Rate applicable to such Sub-Class.Any such Sub-Class shall accrue interest at the interest rate set forth on such scheduleand shall be paid principal and interest pari passu with its corresponding Class of 99-1Term Certificates.

            (b)Certificates evidencing a Sub-Class shall be issued by the Depositor and authenticated bythe Trustee in connection with the initial Funding of any Sub-Class hereunder.

            (c)On or before the date for initial issuance of any Sub-Class, the Depositor shall provideconfirmation from the Rating Agency of the initial rating on each Class of RatedCertificates in any Series then Outstanding, including such Sub-Class.

**Section 6.            Adjustments to TermFunding Schedule and Sharing of Fundings.**

                   As of the Delivery Date, the Term Funding Schedule is as set forth on Schedule A hereto. Arevised Term Funding Schedule shall be included with each Funding Report delivered inconnection with a Term Funding Date from time to time thereafter and a draft revised TermFunding Schedule shall be included with the draft Funding Report prepared in connectionwith such Term Funding Date. Each such Term Funding 

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Schedule shall specify the dollar amount that each Class (or Sub-Class)of this Series shall fund in connection with the related Funding. Each Certificateholderwithin a Class (or Sub-Class) shall fund in the aggregate its Class Commitment Percentageof each Funding Amount allocable to such Class (or Sub-Class).

**Section 7.            Calculation of Rates.**

                   On the Term Reset Date preceding each Term Funding Date, the Servicer shall calculate, andthe Certificateholder Agent shall approve in writing, the Blended Interest Rate (and thecomponents thereof) for each Class of Certificates that will take effect as of such TermFunding Date, and notify the Certificateholder Agent and the Trustee in writing of therates or other amounts determined with respect to each such calculation. If a Term FundingDate occurs in the middle of an Accrual Period, for purposes of determining theCertificate Interest Rate, the Accrual Period for the portion of the 99-1 TermCertificates so funded shall be deemed to commence on such Term Funding Date.

**Section 8.     Distributions.**

           Subject to the adjustments provided for in Section 5.02(c) of the Trust Agreement, oneach Payment Date, the Trustee shall withdraw all funds then in the Distribution Accountfor such Series (the "Series Distributable Amount") and shall make the followingdisbursements in the following order of priority (in accordance with the provisions of andinstructions on the monthly Servicer Report); provided, however, that all RecoveryProceeds, if any, included in the Series Distributable Amount shall be treated asPrincipal Collections for purposes hereof:

             (a)     to the extent of the Series Distributable Amount not attributableto the Series Percentage of Principal Collections, to pay the interest accrued as of thatPayment Date on all outstanding Class A Certificates of this Series and any overdueinterest;

             (b)     to the extent of the Series Distributable Amount not attributableto the Series Percentage of Principal Collections, to pay the interest accrued as of thatPayment Date on all outstanding Class B Certificates of this Series and any overdueinterest;

             (c)     to the extent of the Series Distributable Amount not attributableto the Series Percentage of Principal Collections, to pay the interest accrued as of thatPayment Date on all outstanding Class C Certificates of this Series and any overdueinterest;

             (d)     to the extent of the Series Distributable Amount not attributableto the Series Percentage of Principal Collections, to pay the interest accrued as of thatPayment Date on all outstanding Class D Certificates of this Series and any overdueinterest;

             (e)     to the extent of the Series Distributable Amount are notattributable to the Series Percentage of Principal Collections, to pay the interestaccrued as of that Payment Date on all outstanding Class E Certificates of thisSeries and any overdue interest;

             (f)     to the extent of the Series Percentage of any Interest Collectionsin excess of Scheduled Expenses and amounts distributed pursuant to clauses (a) - (e)above, to (i) deposit into the Reserve Account an amount equal to the Series Percentage ofthe amount necessary to bring the balance therein to an amount equal to the ReserveAccount Required Balance and then (ii) pay interest accrued as of that Payment Date on alloutstanding Class F Certificates of this Series; 

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             (g)     to the extent of any remaining Series Collections, to pay to theClass A Certificateholders, including any related Sub-Class Certificateholders, ofthis Series (i) an amount equal to its Pro Rata Share of the Principal Distribution Amountallocable this Series, to be applied to the payment of the Outstanding Principal Amount ofsuch Certificates until such Outstanding Principal Amount is repaid in full, provided,however, that on any Payment Date on which the Pool Performance Condition is not met, topay to the Class A Certificateholders, including any related Sub-Class Certificateholders,of this Series any remaining Series Collections to be applied to the payment of theOutstanding Principal Amount of such Certificates until such Outstanding Principal Amountis repaid in full and (ii) any remaining overdue interest; 

             (h)     to the extent of any remaining Series Collections, to pay to theClass B Certificateholders, including any related Sub-Class Certificateholders, ofthis Series (i) an amount equal to its Pro Rata Share of the Principal Distribution Amountallocable this Series, to be applied to the payment of the Outstanding Principal Amount ofsuch Certificates until such Outstanding Principal Amount is repaid in full, provided,however, that on any Payment Date on which the Pool Performance Condition is not met, topay to the Class B Certificateholders, including any related Sub-Class Certificateholders,of this Series any remaining Series Collections to be applied to the payment of theOutstanding Principal Amount of such Certificates until such Outstanding Principal Amountis repaid in full and (ii) any remaining overdue interest; 

             (i)     to the extent of any remaining Series Collections, to pay to theClass C Certificateholders of this Series (i) an amount equal to its Pro Rata Shareof the Principal Distribution Amount allocable this Series, to be applied to the paymentof the Outstanding Principal Amount of such Certificates until such Outstanding PrincipalAmount is repaid in full, provided, however, that on any Payment Date on which the PoolPerformance Condition is not met, to pay to the Class C Certificateholders of this Seriesany remaining Series Collections to be applied to the payment of the Outstanding PrincipalAmount of such Certificates until such Outstanding Principal Amount is repaid in full and(ii) any remaining overdue interest; 

             (j)     to the extent of any remaining Series Collections, to pay to theClass D Certificateholders of this Series (i) an amount equal to its Pro Rata Shareof the Principal Distribution Amount allocable this Series, to be applied to the paymentof the Outstanding Principal Amount of such Certificates until such Outstanding PrincipalAmount is repaid in full, provided, however, that on any Payment Date on which the PoolPerformance Condition is not met, to pay to the Class D Certificateholders of this Seriesany remaining Series Collections to be applied to the payment of the Outstanding PrincipalAmount of such Certificates until such Outstanding Principal Amount is repaid in full and(ii) any remaining overdue interest; 

             (k)     to the extent of any remaining Series Collections, to pay to theClass E Certificateholders of this Series (i) an amount equal to its Pro Rata Shareof the Principal Distribution Amount allocable this Series, to be applied to the paymentof the Outstanding Principal Amount of such Certificates until such Outstanding PrincipalAmount is repaid in full, provided, however, that on any Payment Date on which the PoolPerformance Condition is not met, to pay to the Class E Certificateholders of this Seriesany remaining Series Collections to be applied to the payment of the Outstanding PrincipalAmount of such Certificates until such Outstanding Principal Amount is repaid in full and(ii) any remaining overdue interest; 

            (l)      to pay to the Class F Certificateholders, any remainingPrincipal Collections until such Outstanding Principal Amount is repaid in full; 

            (m)      to pay to the Trustee, the Servicer, the Special Servicer andthe Servicing Advisor any other amounts due to them as expressly provided in the TrustAgreement or in the Servicing Agreement, including Recovery Expenses not previouslyreimbursed and deferred Servicer Fees, Special Servicer Fees, and Servicing Advisor Feesnot otherwise paid pursuant to any Supplement or other Transaction Document;

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             (n)     upon the occurrence of a Depositor Event of Default, an amountsufficient to reimburse the Trustee and the Certificateholders for any expenses incurredby them in enforcing remedies available under Section 6.02 of the Trust Agreement;

             (o)     to pay to the Class F Certificateholders, any accrued but unpaidinterest (including overdue interest) and their remaining Pro Rata Share of the PrincipalDistribution Amount not already paid above; and

             (p)     to pay any and all remaining funds to the Class RCertificateholders. 

**Section 9.     Limitation of Transfer andExchange of Class F Certificates.**

                   So long as any Rated Certificates are Outstanding, the Depositor shall maintain legal andbeneficial ownership of at least 51% of the Outstanding Principal Amount of theClass F Certificates, unless otherwise agreed to in writing by the ControllingHolders, which consent will not be unreasonably withheld if (i) the purpose of suchreduction in legal or beneficial ownership is to generate funds for reinvestment in thebusiness of the Depositor or Allegiance Capital, LLC and (ii) the making of suchinvestment is not materially adverse to the interests of the Certificateholders. 

**Section 10.     Minimum Denominations.**

                   The Certificates of this Series shall be issuable without minimum denominations.

Section 11.     Distribution In-Kind.

                   The parties hereto, by their execution of this Supplement, and the Holders of the 99-1Term Certificates, by their execution of the Purchase Agreement, acknowledge and approvethe distribution in-kind by the Trustee to the Holder of the Class D-R RevolvingCertificate, Series 1998-1 of all right, title and interest in and to Loan # 1002A1 andany Loan Assets related to such Loan****in lieu of a portion of the cash prepaymentotherwise being made to such Holder as of the Delivery Date. The in kind distributionshall be credited against the cash prepayment due to such Holder in an amount equal to theunpaid principal balance of such Loan, as shown on the Repurchase Price CalculationStatement included in the Servicer Report dated September 13, 1999. The Trustee ishereby directed to execute and deliver all assignments, note endorsements and otherdocumentation necessary to effectuate such distribution in kind.

Section 12.     General Provisions.

                   As supplemented by this Supplement, the Trust Agreement is in all respects ratified andconfirmed and the Trust Agreement as so supplemented shall be read, taken and construed asone and the same instrument. In the event that any term or provision contained hereinshall conflict with or be inconsistent with any term or provision contained in the TrustAgreement, the terms and conditions of the Supplement shall be controlling.

                   The 99-1 Certificates shall be deemed amended according to the terms of this Amended andRestated Supplement. In the event that any term or provision contained herein shallconflict with or be inconsistent with any term or provision contained in the existing 99-1Certificates, the terms and conditions of this Amended and Restated Supplement shall becontrolling. The holders of the 99-1 Certificates shall not be required to exchange theirexisting Certificates for amended Certificates. 

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                   This Supplement shall be construed in accordance with and governed by the internal laws ofthe State of New York applicable to agreements made and to be performed therein.

                   This Supplement may be executed in any number of counterparts, each of which so executedshall be deemed to be an original, but all such counterparts shall together constitute butone and the same instrument.

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                   IN WITNESS WHEREOF, the Depositor, the Trustee and the Servicer have caused thisSupplement to be executed by their respective duly authorized officers as of the date andyear first written above.

 

 

 

| ALLEGIANCE FUNDING 1 llc, , as    the DepositerBy:             /s/ M. W. McDermittName:    M. W. McDermittTitle:        Vice    President & Secretary
 

MANUFACTURERE AND TRADERS TRUST    COMPANY, as the TrusteeBy:              /s/ Russell T. WhitleyName:     Russell T. WhitleyTitle:            Assitant Vice President
 

POINT WEST CAPITAL CORPORATION,      as the ServicerBy:             /s/ John Ward RotterName:    John Ward RotterTitle:        CFO**Consented and Agreed:**
 

PACIFIC LIFE INSURANCE COMPANY(Certificates held in the nominee name MAC &    Co.
By:             /s/ Cathy SchwartzIts::             Assistant Vice PresidentDate:        By:            /s/ Audrey L. MilfsIts:            Corporate SecretaryDate:
 

UNITED OF OMAHA LIFE INSURANCE COMPANY
By:             /s/ Kent KnudsenIts::             Vice PresidentDate:        
 

NATIONWIDE LIFE INSURANCE COMPANY
By:             /s/ Mark W. PoeppelmanIts::             Associate Vice PresidentDate:           4/13/2000
 

LIBERTY LIFE    INSURANCE COMPANY(Certificates held in the nominee    name HARE & CO.)
By:             /s/ Adam EmersonIts::             Aurthorized Officer Date:           4/14/2000
 

TICE & CO.
By:             /s/ Brian D. HuntIts::             PartnerDate:           4/13/2000
 

 
**EXHIBIT A

 

FORM OF CLASS A TERM CERTIFICATE**
THIS CERTIFICATE HAS NOT BEEN AND WILL NOT BE REGISTERED UNDER THESECURITIES ACT OF 1933, AS AMENDED (THE "SECURITIES ACT") OR ANY STATESECURITIES LAWS IN RELIANCE ON EXEMPTIONS PROVIDED BY THE SECURITIES ACT AND SUCH STATESECURITIES LAWS. THIS CERTIFICATE MAY NOT BE SOLD OR OTHERWISE TRANSFERRED, PLEDGED ORHYPOTHECATED UNLESS SUCH RESALE, TRANSFER, PLEDGE OR HYPOTHECATION (A) IS MADE INACCORDANCE WITH SECTION 2.06 OF THE TRUST AGREEMENT REFERRED TO HEREIN AND (B) ISMADE (i) PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT,(ii) IN A TRANSACTION EXEMPT FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACTAND APPLICABLE STATE SECURITIES LAWS OR (iii) TO A PERSON WHO THE TRANSFERORREASONABLY BELIEVES IS A QUALIFIED INSTITUTIONAL BUYER WITHIN THE MEANING OF RULE 144AUNDER THE SECURITIES ACT WHO IS AWARE THAT THE RESALE OR OTHER TRANSFER IS BEING MADE INRELIANCE ON RULE 144A. NEITHER ALLEGIANCE FUNDING I, LLC (THE "DEPOSITOR") NORMANUFACTURERS AND TRADERS TRUST COMPANY, AS TRUSTEE (THE "TRUSTEE"), ISOBLIGATED TO REGISTER THE CERTIFICATES UNDER THE SECURITIES ACT OR ANY APPLICABLE STATESECURITIES LAWS. IN THE EVENT THAT A TRANSFER OF A CLASS A CERTIFICATE IS TO BE MADE, THEPROSPECTIVE TRANSFEREE SHALL DELIVER AN INVESTMENT AND ASSUMPTION LETTER IN THE FORMREQUIRED UNDER THE TRUST AGREEMENT AND, IF THE TRUSTEE SO REQUESTS (IN A TRANSFER OTHERTHAN UNDER RULE 144A), AN OPINION OF COUNSEL TO THE EFFECT THAT SUCH TRANSFER MAY BE MADEWITHOUT REGISTRATION UNDER THE SECURITIES ACT OR ANY APPLICABLE STATE SECURITIES LAWS.

DUE TO THE PROVISIONS FOR FUNDINGS AND FOR THE PAYMENT OF PRINCIPALCONTAINED HEREIN, THE OUTSTANDING PRINCIPAL AMOUNT OF THIS CERTIFICATE ON ANY PARTICULARDATE MAY BE LESS THAN THE AMOUNT SHOWN ON THE FACE HEREOF. ANYONE PURCHASING THISCERTIFICATE MAY ASCERTAIN THE OUTSTANDING PRINCIPAL AMOUNT HEREOF BY INQUIRY OF THETRUSTEE.

No. A _____                                                                                                                                                                                           % of Class ___

 

ALLEGIANCE CAPITAL TRUST ICLASS A TERM CERTIFICATE, SERIES 1999-1

Evidencing an undivided fractional interest in the Trust Estate, theproperty of which includes, among other things, certain Loan Assets and monies on depositin the Collection Account.

(This Certificate does not represent an obligation of, or an interestin, the Depositor, Allegiance Capital, LLC, the Trustee or any of their respective affiliates or successors.)

A-1

 

Registered Owner:                                                
DELIVERY DATE: ____ __, ____                                                                                                                SERIES TERMINATION DATE: July 15, 2019

                   THIS CERTIFIES THAT the registered owner specified above is the owner of an undividedfractional interest in the Allegiance Capital Trust I (the "Trust") formedby Allegiance Funding I, LLC (the "Depositor"). The Trust was created pursuantto the Trust Agreement, dated as of August 1, 1998, among the Depositor, Manufacturers andTraders Trust Company, as Trustee (the "Trustee"), and Point West CapitalCorporation, as Servicer, and the Supplement to Trust Agreement for Term Series 1999-1,dated as of September 15, 1999, among the Depositor, the Trustee and Point West CapitalCorporation, as Servicer (collectively, the "Trust Agreement"). Reference ismade to the Trust Agreement for a statement of the respective rights thereunder of theDepositor, the Trustee and the Holders of the Certificates, and the terms upon which theCertificates are, and are to be, authenticated and delivered. To the extent not otherwisedefined herein, each capitalized term used herein has the meaning assigned to it in theTrust Agreement.

                   This Certificate is one of a duly authorized issue of Certificates designated as theClass A Term Certificates, Series 1999-1 having a Series Termination Date of July 15,2019 (herein called the "Class A Certificates") issued and to be issuedunder the Trust Agreement. This Class A Certificate is issued under and is subject tothe terms, provisions and conditions of the Trust Agreement, to which Trust Agreement theholder of this Class A Certificate by virtue of such Holder's acceptance hereofassents and by which such Holder is bound.

                   The Holder of this Certificate is obligated to provide funds to the Depositor on eachFunding Date during the Funding Period subject to the applicable terms and conditions setforth in the Transaction Documents. The Fundings made by the Holder of this Certificate tothe Depositor shall be evidenced by this Certificate and the Certificateholder shallendorse on the schedule annexed hereto and made a part hereof, or elsewhere in itsinternal records, the date and amount of each Funding made by it to the Depositor and theamount of each payment of principal made by the Depositor with respect thereto. TheCertificateholder is authorized and directed by the Depositor to endorse the scheduleattached hereto or maintain such records; provided that each Certificateholder'sendorsements or records shall be effective only if they are in agreement with the registermaintained by the Trustee, absent manifest error in such register. The failure of theCertificateholder to make, or an error in making, a notation with respect to any Fundingshall not limit or otherwise affect the obligations of the Depositor hereunder or underthe Trust Agreement. The aggregate amount of all Fundings to be made by the Holder of thisCertificate shall be set forth in the Term Funding Schedule.

                   This Class A Certificate bears interest during each Accrual Period on the OutstandingPrincipal Amount hereof (as of the first day of the Accrual Period) at the CertificateInterest Rate, until and including the last day preceding the Payment Date on which theOutstanding Principal Amount hereof has been reduced to zero. Interest on the OutstandingPrincipal Amount hereof shall be calculated on the basis of a 360-day year consisting of12 months of 30 days each. Interest shall be due and payable in arrears on each PaymentDate. In addition, with respect to any Funding by the Class A Certificates of this Seriesoccurring in any Accrual Period following the preceding Payment Date, the related FundingAmounts shall accrue interest from the related Funding Date through the end of the AccrualPeriod in which such Funding occurs at the applicable Certificate Interest Rate. In makingany interest payment, if the interest calculation with respect to a Certificate shallresult in a portion of such payment being less than $0.01, then such payment shall bedecreased to the nearest whole cent, and no subsequent adjustment shall be made in respectthereof.

 

A-2

                   The principal of this Class A Certificate shall be payable in installments ending nolater than the Series Termination Date unless this Class A Certificate becomes dueand payable at an earlier date by call for redemption or otherwise. All reductions in theprincipal amount of a Class A Certificate effected by payments of installments ofprincipal made on any Payment Date shall be binding upon all future Holders of thisClass A Certificate and of any Class A Certificate issued upon the registrationof transfer hereof or in exchange herefor or in lieu hereof, whether or not such paymentis noted on this Class A Certificate. Each installment of principal payable on thisClass A Certificate shall be in an amount equal to this Certificateholder'spro rata share of the Class A Principal Distribution Amount available to be paidin accordance with the priorities of Section 8 of the Supplement for this Series andSection 5.02 of the Trust Agreement. Subject to the terms of the Trust Agreement, theprincipal payable on this Class A Certificate shall be paid on each Payment Dateduring the term of the Trust Agreement, beginning on the Initial Payment Date. Allpayments of principal with respect to all of the Class A Certificates of a Seriesshall be made on a pro rata basis based upon the ratio that the Outstanding PrincipalAmount of a Class A Certificate bears to the Outstanding Principal Amount of allClass A Certificates of such Series; provided that, if as a result of suchproration a portion of such principal would be less than $0.01, then such payment shall bereduced to the nearest whole cent. 

                   In addition, the Certificate Prepayment Fee Amount, if any, shall be distributed on eachPayment Date to the Holders of the Class A Certificates to the extent such Class isreceiving a distribution of Prepaid Principal Amount on such date. All payments ofCertificate Prepayment Fee Amounts with respect to the Class A Certificates shall be madeprorata based upon the ratio of the Outstanding Principal Amount of this Certificate tothe Outstanding Principal Amount of Class A Certificates of this Series, provided that ifas a result of such proration, a portion of such payment would be less than $0.01, thensuch payment shall be reduce to the nearest whole cent. 

                   The interest and principal so payable on any Payment Date will, as provided in the TrustAgreement, be paid to the Person in whose name this Certificate is registered on theRecord Date for such Payment Date, which shall be the close of business on the last day ofthe month prior to such Payment Date (whether or not a Business Day). The principal andinterest on this Certificate are payable by wire transfer in immediately available fundsto the account specified in writing to the Trustee by the Person whose name appears as theRegistered Holder of this Certificate on the Certificate Register received at least five(5) Business Days prior to the Record Date for the Payment Date (or if no such account isspecified or if such wire fails, by check mailed by first-class mail to the Person whosename appears as the Registered Holder of this Certificate on the Certificate Register atthe address of such Person as it appears on the Certificate Register), in such coin orcurrency of the United States of America as at the time of payment is legal tender forpayment of public and private debts. Funds represented by checks returned undelivered willbe held for payment to the Person entitled thereto, subject to the terms of the TrustAgreement, at the office or agency in the United States of America designated as such bythe Depositor for such purpose pursuant to the Trust Agreement.

                   The Depositor has structured the Trust Agreement and the Certificates with the intentionthat the Trust be treated as a partnership, with the assets of the partnership includingall of the assets of the Trust Estate and the partners of the partnership being all of theCertificateholders and the Depositor. The Depositor, the Trustee, the Servicer and eachCertificateholder, by acceptance of its Certificate (and any Person that is a beneficialowner of any interest in a Certificate, by virtue of such Person's acquisition of abeneficial interest therein), agree to report the transactions contemplated thereby inaccordance with such stated intentions unless and until determined to the contrary by anapplicable taxing authority.

A-3

                   The property of the Trust Estate includes certain Loan Assets and certain other assetsdescribed in the Trust Agreement. The Class A Certificates of the 1999-1 Series andall other Series of Class A Certificates issued under the Trust Agreement aregenerally payable out of the Trust Estate pari passu among such Class ACertificateholders equally and ratably without prejudice, priority or distinction betweenany Class A Certificate by reason of time of issue or otherwise. The Class ACertificates are payable only out of the Trust Estate and do not represent recourseobligations of the Depositor, Allegiance Capital, LLC or any of their respectiveaffiliates or successors. The Trust Agreement pursuant to which this Class ACertificate is issued also provides for the issuance of other Classes and Series ofCertificates from time to time. Payments of interest on the Class A Certificates aresenior to such payments on other Classes having a lower credit rating from the RatingAgency and are subordinate to payments of interest on any Classes having a higher creditrating form the Rating Agency. Payments of principal in the Class A Certificates aresenior to payments of principal on other classes having a lower credit rating from theRating Agency and are subordinate to such payments on any Class having a higher creditrating from the Rating Agency. 

                   Unless the Depositor exercises its Optional Termination rights, the Certificates arepayable only at the time and in the manner provided in the Trust Agreement and are notredeemable or prepayable at the option of the Depositor before such time.

                   As provided in the Trust Agreement and subject to certain limitations therein set forth,the transfer of this Certificate may be registered on the Certificate Register of theDepositor upon surrender of this Certificate for registration of transfer at the office oragency of the Depositor in the United States of America maintained for such purpose, dulyendorsed by, or accompanied by a written instrument of transfer in form reasonablysatisfactory to the Depositor and the Trustee and duly executed by the holder hereof orhis attorney duly authorized in writing, and thereupon one or more new Class ACertificates of authorized denominations and for the same initial aggregate principalamount will be issued to the designated transferees.

                   Prior to due presentment for registration of transfer of this Certificate, the Depositor,the Trustee and any agent of the Depositor or the Trustee shall treat the Person in whosename this Certificate is registered as the owner hereof for the purpose of receivingpayment as herein provided and for all other purposes whether or not this Certificate beoverdue, and neither the Depositor, the Trustee, nor any such agent shall be affected bynotice to the contrary.

                   The Holder of this Certificate, by acceptance of this Certificate, agrees that for oneyear and one day after it has been paid hereunder, it or any Affiliate thereof will not(without the consent of Holders holding at least 51% of all Rated Certificates, byOutstanding Principal Amount) file any involuntary petition or otherwise institute anybankruptcy, reorganization, arrangement, insolvency or liquidation proceeding or otherproceeding under any federal or state bankruptcy or similar law against the Depositor.

                   The Trust Agreement permits, with certain exceptions as therein provided, the amendmentthereof and the modification of the rights and obligations of the Depositor and the rightsof the Holders of the Certificates under the Trust Agreement at any time by the Depositor,the Trustee and the Servicer without the consent of the Holders of the Certificates.

                   The Certificates are issuable only in registered form without coupons in such authorizeddenominations as provided in the Trust Agreement and subject to certain limitationstherein set forth.

A-4

 

                   This Class A Certificate and the Trust Agreement shall be governed by and construedin accordance with the internal laws of the State of New York, without regard to conflictsof laws principles.

                   No reference herein to the Trust Agreement and no provision of this Class ACertificate or of the Trust Agreement shall alter or impair the obligation of the TrustEstate to pay the principal of and interest on this Class A Certificate, but solelyfrom the assets of the Trust Estate at the times, place and rate, and in the coin orcurrency, herein prescribed.

 

A-5

 

                   IN WITNESS WHEREOF, Allegiance Funding I, LLC has caused this instrument to be signed,manually, by its President or a Vice President.

 

 

 

 

ALLEGIANCE FUNDING I, LLC
By: Allegiance Management Corp., as Manager
By:
Title:
 

 

 

CERTIFICATE OF AUTHENTICATION

 

                   This is one of the Class A Certificates described in the within-mentioned TrustAgreement.

 

Dated:                                    
 

 

MANUFACTURERS AND TRADERS TRUST COMPANY, as Trustee

By: 
Authorized Signatory

 

 

Schedule to Amended Class A Term Certificates, Series 1999-1
Disbursement                                           Date of                           Amount of   PrincipalFunding                                FundingPayment Date paid
 
**EXHIBIT B

 

FORM OF CLASS B TERM CERTIFICATE**
THIS CERTIFICATE HAS NOT BEEN AND WILL NOT BE REGISTERED UNDER THESECURITIES ACT OF 1933, AS AMENDED (THE "SECURITIES ACT") OR ANY STATESECURITIES LAWS IN RELIANCE ON EXEMPTIONS PROVIDED BY THE SECURITIES ACT AND SUCH STATESECURITIES LAWS. THIS CERTIFICATE MAY NOT BE SOLD OR OTHERWISE TRANSFERRED, PLEDGED ORHYPOTHECATED UNLESS SUCH RESALE, TRANSFER, PLEDGE OR HYPOTHECATION (A) IS MADE INACCORDANCE WITH SECTION 2.06 OF THE TRUST AGREEMENT REFERRED TO HEREIN AND (B) ISMADE (i) PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT,(ii) IN A TRANSACTION EXEMPT FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACTAND APPLICABLE STATE SECURITIES LAWS OR (iii) TO A PERSON WHO THE TRANSFERORREASONABLY BELIEVES IS A QUALIFIED INSTITUTIONAL BUYER WITHIN THE MEANING OF RULE 144AUNDER THE SECURITIES ACT WHO IS AWARE THAT THE RESALE OR OTHER TRANSFER IS BEING MADE INRELIANCE ON RULE 144A. NEITHER ALLEGIANCE FUNDING I, LLC (THE "DEPOSITOR") NORMANUFACTURERS AND TRADERS TRUST COMPANY, AS TRUSTEE (THE "TRUSTEE"), ISOBLIGATED TO REGISTER THE CERTIFICATES UNDER THE SECURITIES ACT OR ANY APPLICABLE STATESECURITIES LAWS. IN THE EVENT THAT A TRANSFER OF A CLASS A CERTIFICATE IS TO BE MADE, THEPROSPECTIVE TRANSFEREE SHALL DELIVER AN INVESTMENT AND ASSUMPTION LETTER IN THE FORMREQUIRED UNDER THE TRUST AGREEMENT AND, IF THE TRUSTEE SO REQUESTS (IN A TRANSFER OTHERTHAN UNDER RULE 144A), AN OPINION OF COUNSEL TO THE EFFECT THAT SUCH TRANSFER MAY BE MADEWITHOUT REGISTRATION UNDER THE SECURITIES ACT OR ANY APPLICABLE STATE SECURITIES LAWS.

DUE TO THE PROVISIONS FOR FUNDINGS AND FOR THE PAYMENT OF PRINCIPALCONTAINED HEREIN, THE OUTSTANDING PRINCIPAL AMOUNT OF THIS CERTIFICATE ON ANY PARTICULARDATE MAY BE LESS THAN THE AMOUNT SHOWN ON THE FACE HEREOF. ANYONE PURCHASING THISCERTIFICATE MAY ASCERTAIN THE OUTSTANDING PRINCIPAL AMOUNT HEREOF BY INQUIRY OF THETRUSTEE.

No. B _____                                                                                                                                                                                           % of Class ___

 

ALLEGIANCE CAPITAL TRUST ICLASS B TERM CERTIFICATE, SERIES 1999-1

Evidencing an undivided fractional interest in the Trust Estate, theproperty of which includes, among other things, certain Loan Assets and monies on depositin the Collection Account.

(This Certificate does not represent an obligation of, or an interestin, the Depositor, Allegiance Capital, LLC, the Trustee or any of their respective affiliates or successors.)

B-1

 

Registered Owner:                                                
DELIVERY DATE: ____ __, ____                                                                                                                SERIES TERMINATION DATE: July 15, 2019

                   THIS CERTIFIES THAT the registered owner specified above is the owner of an undividedfractional interest in the Allegiance Capital Trust I (the "Trust") formedby Allegiance Funding I, LLC (the "Depositor"). The Trust was created pursuantto the Trust Agreement, dated as of August 1, 1998, among the Depositor, Manufacturers andTraders Trust Company, as Trustee (the "Trustee"), and Point West CapitalCorporation, as Servicer, and the Supplement to Trust Agreement for Term Series 1999-1,dated as of September 15, 1999, among the Depositor, the Trustee and Point West CapitalCorporation, as Servicer (collectively, the "Trust Agreement"). Reference ismade to the Trust Agreement for a statement of the respective rights thereunder of theDepositor, the Trustee and the Holders of the Certificates, and the terms upon which theCertificates are, and are to be, authenticated and delivered. To the extent not otherwisedefined herein, each capitalized term used herein has the meaning assigned to it in theTrust Agreement.

                   This Certificate is one of a duly authorized issue of Certificates designated as theClass B Term Certificates, Series 1999-1 having a Series Termination Date of July 15,2019 (herein called the "Class B Certificates") issued and to be issuedunder the Trust Agreement. This Class B Certificate is issued under and is subject tothe terms, provisions and conditions of the Trust Agreement, to which Trust Agreement theholder of this Class B Certificate by virtue of such Holder's acceptance hereofassents and by which such Holder is bound.

                   The Holder of this Certificate is obligated to provide funds to the Depositor on eachFunding Date during the Funding Period subject to the applicable terms and conditions setforth in the Transaction Documents. The Fundings made by the Holder of this Certificate tothe Depositor shall be evidenced by this Certificate and the Certificateholder shallendorse on the schedule annexed hereto and made a part hereof, or elsewhere in itsinternal records, the date and amount of each Funding made by it to the Depositor and theamount of each payment of principal made by the Depositor with respect thereto. TheCertificateholder is authorized and directed by the Depositor to endorse the scheduleattached hereto or maintain such records; provided that each Certificateholder'sendorsements or records shall be effective only if they are in agreement with the registermaintained by the Trustee, absent manifest error in such register. The failure of theCertificateholder to make, or an error in making, a notation with respect to any Fundingshall not limit or otherwise affect the obligations of the Depositor hereunder or underthe Trust Agreement. The aggregate amount of all Fundings to be made by the Holder of thisCertificate shall be set forth in the Term Funding Schedule.

                   This Class B Certificate bears interest during each Accrual Period on the OutstandingPrincipal Amount hereof (as of the first day of the Accrual Period) at the CertificateInterest Rate, until and including the last day preceding the Payment Date on which theOutstanding Principal Amount hereof has been reduced to zero. Interest on the OutstandingPrincipal Amount hereof shall be calculated on the basis of a 360-day year consisting of12 months of 30 days each. Interest shall be due and payable in arrears on each PaymentDate. In addition, with respect to any Funding by the Class A Certificates of this Seriesoccurring in any Accrual Period following the preceding Payment Date, the related FundingAmounts shall accrue interest from the related Funding Date through the end of the AccrualPeriod in which such Funding occurs at the applicable Certificate Interest Rate. In makingany interest payment, if the interest calculation with respect to a Certificate shallresult in a portion of such payment being less than $0.01, then such payment shall bedecreased to the nearest whole cent, and no subsequent adjustment shall be made in respectthereof.

 

B-2

                   The principal of this Class B Certificate shall be payable in installments ending nolater than the Series Termination Date unless this Class B Certificate becomes dueand payable at an earlier date by call for redemption or otherwise. All reductions in theprincipal amount of a Class B Certificate effected by payments of installments ofprincipal made on any Payment Date shall be binding upon all future Holders of thisClass B Certificate and of any Class B Certificate issued upon the registrationof transfer hereof or in exchange herefor or in lieu hereof, whether or not such paymentis noted on this Class B Certificate. Each installment of principal payable on thisClass B Certificate shall be in an amount equal to this Certificateholder'spro rata share of the Class B Principal Distribution Amount available to be paidin accordance with the priorities of Section 8 of the Supplement for this Series andSection 5.02 of the Trust Agreement. Subject to the terms of the Trust Agreement, theprincipal payable on this Class B Certificate shall be paid on each Payment Dateduring the term of the Trust Agreement, beginning on the Initial Payment Date. Allpayments of principal with respect to all of the Class B Certificates of a Seriesshall be made on a pro rata basis based upon the ratio that the Outstanding PrincipalAmount of a Class B Certificate bears to the Outstanding Principal Amount of allClass B Certificates of such Series; provided that, if as a result of suchproration a portion of such principal would be less than $0.01, then such payment shall bereduced to the nearest whole cent. 

                   In addition, the Certificate Prepayment Fee Amount, if any, shall be distributed on eachPayment Date to the Holders of the Class A Certificates to the extent such Class isreceiving a distribution of Prepaid Principal Amount on such date. All payments ofCertificate Prepayment Fee Amounts with respect to the Class A Certificates shall be madeprorata based upon the ratio of the Outstanding Principal Amount of this Certificate tothe Outstanding Principal Amount of Class A Certificates of this Series, provided that ifas a result of such proration, a portion of such payment would be less than $0.01, thensuch payment shall be reduce to the nearest whole cent. 

                   The interest and principal so payable on any Payment Date will, as provided in the TrustAgreement, be paid to the Person in whose name this Certificate is registered on theRecord Date for such Payment Date, which shall be the close of business on the last day ofthe month prior to such Payment Date (whether or not a Business Day). The principal andinterest on this Certificate are payable by wire transfer in immediately available fundsto the account specified in writing to the Trustee by the Person whose name appears as theRegistered Holder of this Certificate on the Certificate Register received at least five(5) Business Days prior to the Record Date for the Payment Date (or if no such account isspecified or if such wire fails, by check mailed by first-class mail to the Person whosename appears as the Registered Holder of this Certificate on the Certificate Register atthe address of such Person as it appears on the Certificate Register), in such coin orcurrency of the United States of America as at the time of payment is legal tender forpayment of public and private debts. Funds represented by checks returned undelivered willbe held for payment to the Person entitled thereto, subject to the terms of the TrustAgreement, at the office or agency in the United States of America designated as such bythe Depositor for such purpose pursuant to the Trust Agreement.

                   The Depositor has structured the Trust Agreement and the Certificates with the intentionthat the Trust be treated as a partnership, with the assets of the partnership includingall of the assets of the Trust Estate and the partners of the partnership being all of theCertificateholders and the Depositor. The Depositor, the Trustee, the Servicer and eachCertificateholder, by acceptance of its Certificate (and any Person that is a beneficialowner of any interest in a Certificate, by virtue of such Person's acquisition of abeneficial interest therein), agree to report the transactions contemplated thereby inaccordance with such stated intentions unless and until determined to the contrary by anapplicable taxing authority.

B-3

                   The property of the Trust Estate includes certain Loan Assets and certain other assetsdescribed in the Trust Agreement. The Class B Certificates of the 1999-1 Series andall other Series of Class B Certificates issued under the Trust Agreement aregenerally payable out of the Trust Estate pari passu among such Class BCertificateholders equally and ratably without prejudice, priority or distinction betweenany Class B Certificate by reason of time of issue or otherwise. The Class BCertificates are payable only out of the Trust Estate and do not represent recourseobligations of the Depositor, Allegiance Capital, LLC or any of their respectiveaffiliates or successors. The Trust Agreement pursuant to which this Class BCertificate is issued also provides for the issuance of other Classes and Series ofCertificates from time to time. Payments of interest on the Class B Certificates aresenior to such payments on other Classes having a lower credit rating from the RatingAgency and are subordinate to payments of interest on any Classes having a higher creditrating form the Rating Agency. Payments of principal in the Class A Certificates aresenior to payments of principal on other classes having a lower credit rating from theRating Agency and are subordinate to such payments on any Class having a higher creditrating from the Rating Agency. 

                   Unless the Depositor exercises its Optional Termination rights, the Certificates arepayable only at the time and in the manner provided in the Trust Agreement and are notredeemable or prepayable at the option of the Depositor before such time.

                   As provided in the Trust Agreement and subject to certain limitations therein set forth,the transfer of this Certificate may be registered on the Certificate Register of theDepositor upon surrender of this Certificate for registration of transfer at the office oragency of the Depositor in the United States of America maintained for such purpose, dulyendorsed by, or accompanied by a written instrument of transfer in form reasonablysatisfactory to the Depositor and the Trustee and duly executed by the holder hereof orhis attorney duly authorized in writing, and thereupon one or more new Class BCertificates of authorized denominations and for the same initial aggregate principalamount will be issued to the designated transferees.

                   Prior to due presentment for registration of transfer of this Certificate, the Depositor,the Trustee and any agent of the Depositor or the Trustee shall treat the Person in whosename this Certificate is registered as the owner hereof for the purpose of receivingpayment as herein provided and for all other purposes whether or not this Certificate beoverdue, and neither the Depositor, the Trustee, nor any such agent shall be affected bynotice to the contrary.

                   The Holder of this Certificate, by acceptance of this Certificate, agrees that for oneyear and one day after it has been paid hereunder, it or any Affiliate thereof will not(without the consent of Holders holding at least 51% of all Rated Certificates, byOutstanding Principal Amount) file any involuntary petition or otherwise institute anybankruptcy, reorganization, arrangement, insolvency or liquidation proceeding or otherproceeding under any federal or state bankruptcy or similar law against the Depositor.

                   The Trust Agreement permits, with certain exceptions as therein provided, the amendmentthereof and the modification of the rights and obligations of the Depositor and the rightsof the Holders of the Certificates under the Trust Agreement at any time by the Depositor,the Trustee and the Servicer without the consent of the Holders of the Certificates.

                   The Certificates are issuable only in registered form without coupons in such authorizeddenominations as provided in the Trust Agreement and subject to certain limitationstherein set forth.

B-4

 

                   This Class B Certificate and the Trust Agreement shall be governed by and construedin accordance with the internal laws of the State of New York, without regard to conflictsof laws principles.

                   No reference herein to the Trust Agreement and no provision of this Class BCertificate or of the Trust Agreement shall alter or impair the obligation of the TrustEstate to pay the principal of and interest on this Class B Certificate, but solelyfrom the assets of the Trust Estate at the times, place and rate, and in the coin orcurrency, herein prescribed.

 

B-5

 

                   IN WITNESS WHEREOF, Allegiance Funding I, LLC has caused this instrument to be signed,manually, by its President or a Vice President.

 

 

 

 

ALLEGIANCE FUNDING I, LLC
By: Allegiance Management Corp., as Manager
By:
Title:
 

 

 

CERTIFICATE OF AUTHENTICATION

 

                   This is one of the Class B Certificates described in the within-mentioned TrustAgreement.

 

Dated:                                    
 

 

MANUFACTURERS AND TRADERS TRUST COMPANY, as Trustee

By: 
Authorized Signatory

 

 

Schedule to Amended Class B Term Certificates, Series 1999-1
Disbursement                                           Date of                           Amount of   PrincipalFunding                                FundingPayment Date paid
 
**EXHIBIT C

 

FORM OF CLASS C TERM CERTIFICATE**
THIS CERTIFICATE HAS NOT BEEN AND WILL NOT BE REGISTERED UNDER THESECURITIES ACT OF 1933, AS AMENDED (THE "SECURITIES ACT") OR ANY STATESECURITIES LAWS IN RELIANCE ON EXEMPTIONS PROVIDED BY THE SECURITIES ACT AND SUCH STATESECURITIES LAWS. THIS CERTIFICATE MAY NOT BE SOLD OR OTHERWISE TRANSFERRED, PLEDGED ORHYPOTHECATED UNLESS SUCH RESALE, TRANSFER, PLEDGE OR HYPOTHECATION (A) IS MADE INACCORDANCE WITH SECTION 2.06 OF THE TRUST AGREEMENT REFERRED TO HEREIN AND (B) ISMADE (i) PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT,(ii) IN A TRANSACTION EXEMPT FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACTAND APPLICABLE STATE SECURITIES LAWS OR (iii) TO A PERSON WHO THE TRANSFERORREASONABLY BELIEVES IS A QUALIFIED INSTITUTIONAL BUYER WITHIN THE MEANING OF RULE 144AUNDER THE SECURITIES ACT WHO IS AWARE THAT THE RESALE OR OTHER TRANSFER IS BEING MADE INRELIANCE ON RULE 144A. NEITHER ALLEGIANCE FUNDING I, LLC (THE "DEPOSITOR") NORMANUFACTURERS AND TRADERS TRUST COMPANY, AS TRUSTEE (THE "TRUSTEE"), ISOBLIGATED TO REGISTER THE CERTIFICATES UNDER THE SECURITIES ACT OR ANY APPLICABLE STATESECURITIES LAWS. IN THE EVENT THAT A TRANSFER OF A CLASS A CERTIFICATE IS TO BE MADE, THEPROSPECTIVE TRANSFEREE SHALL DELIVER AN INVESTMENT AND ASSUMPTION LETTER IN THE FORMREQUIRED UNDER THE TRUST AGREEMENT AND, IF THE TRUSTEE SO REQUESTS (IN A TRANSFER OTHERTHAN UNDER RULE 144A), AN OPINION OF COUNSEL TO THE EFFECT THAT SUCH TRANSFER MAY BE MADEWITHOUT REGISTRATION UNDER THE SECURITIES ACT OR ANY APPLICABLE STATE SECURITIES LAWS.

DUE TO THE PROVISIONS FOR FUNDINGS AND FOR THE PAYMENT OF PRINCIPALCONTAINED HEREIN, THE OUTSTANDING PRINCIPAL AMOUNT OF THIS CERTIFICATE ON ANY PARTICULARDATE MAY BE LESS THAN THE AMOUNT SHOWN ON THE FACE HEREOF. ANYONE PURCHASING THISCERTIFICATE MAY ASCERTAIN THE OUTSTANDING PRINCIPAL AMOUNT HEREOF BY INQUIRY OF THETRUSTEE.

No. C _____                                                                                                                                                                                           % of Class ___

 

ALLEGIANCE CAPITAL TRUST ICLASS B TERM CERTIFICATE, SERIES 1999-1

Evidencing an undivided fractional interest in the Trust Estate, theproperty of which includes, among other things, certain Loan Assets and monies on depositin the Collection Account.

(This Certificate does not represent an obligation of, or an interestin, the Depositor, Allegiance Capital, LLC, the Trustee or any of their respective affiliates or successors.)

C-1

 

Registered Owner:                                                
DELIVERY DATE: ____ __, ____                                                                                                                SERIES TERMINATION DATE: July 15, 2019

                   THIS CERTIFIES THAT the registered owner specified above is the owner of an undividedfractional interest in the Allegiance Capital Trust I (the "Trust") formedby Allegiance Funding I, LLC (the "Depositor"). The Trust was created pursuantto the Trust Agreement, dated as of August 1, 1998, among the Depositor, Manufacturers andTraders Trust Company, as Trustee (the "Trustee"), and Point West CapitalCorporation, as Servicer, and the Supplement to Trust Agreement for Term Series 1999-1,dated as of September 15, 1999, among the Depositor, the Trustee and Point West CapitalCorporation, as Servicer (collectively, the "Trust Agreement"). Reference ismade to the Trust Agreement for a statement of the respective rights thereunder of theDepositor, the Trustee and the Holders of the Certificates, and the terms upon which theCertificates are, and are to be, authenticated and delivered. To the extent not otherwisedefined herein, each capitalized term used herein has the meaning assigned to it in theTrust Agreement.

                   This Certificate is one of a duly authorized issue of Certificates designated as theClass C Term Certificates, Series 1999-1 having a Series Termination Date of July 15,2019 (herein called the "Class C Certificates") issued and to be issuedunder the Trust Agreement. This Class C Certificate is issued under and is subject tothe terms, provisions and conditions of the Trust Agreement, to which Trust Agreement theholder of this Class C Certificate by virtue of such Holder's acceptance hereofassents and by which such Holder is bound.

                   The Holder of this Certificate is obligated to provide funds to the Depositor on eachFunding Date during the Funding Period subject to the applicable terms and conditions setforth in the Transaction Documents. The Fundings made by the Holder of this Certificate tothe Depositor shall be evidenced by this Certificate and the Certificateholder shallendorse on the schedule annexed hereto and made a part hereof, or elsewhere in itsinternal records, the date and amount of each Funding made by it to the Depositor and theamount of each payment of principal made by the Depositor with respect thereto. TheCertificateholder is authorized and directed by the Depositor to endorse the scheduleattached hereto or maintain such records; provided that each Certificateholder'sendorsements or records shall be effective only if they are in agreement with the registermaintained by the Trustee, absent manifest error in such register. The failure of theCertificateholder to make, or an error in making, a notation with respect to any Fundingshall not limit or otherwise affect the obligations of the Depositor hereunder or underthe Trust Agreement. The aggregate amount of all Fundings to be made by the Holder of thisCertificate shall be set forth in the Term Funding Schedule.

                   This Class C Certificate bears interest during each Accrual Period on the OutstandingPrincipal Amount hereof (as of the first day of the Accrual Period) at the CertificateInterest Rate, until and including the last day preceding the Payment Date on which theOutstanding Principal Amount hereof has been reduced to zero. Interest on the OutstandingPrincipal Amount hereof shall be calculated on the basis of a 360-day year consisting of12 months of 30 days each. Interest shall be due and payable in arrears on each PaymentDate. In addition, with respect to any Funding by the Class A Certificates of this Seriesoccurring in any Accrual Period following the preceding Payment Date, the related FundingAmounts shall accrue interest from the related Funding Date through the end of the AccrualPeriod in which such Funding occurs at the applicable Certificate Interest Rate. In makingany interest payment, if the interest calculation with respect to a Certificate shallresult in a portion of such payment being less than $0.01, then such payment shall bedecreased to the nearest whole cent, and no subsequent adjustment shall be made in respectthereof.

 

C-2

                   The principal of this Class C Certificate shall be payable in installments ending nolater than the Series Termination Date unless this Class C Certificate becomes dueand payable at an earlier date by call for redemption or otherwise. All reductions in theprincipal amount of a Class C Certificate effected by payments of installments ofprincipal made on any Payment Date shall be binding upon all future Holders of thisClass C Certificate and of any Class C Certificate issued upon the registrationof transfer hereof or in exchange herefor or in lieu hereof, whether or not such paymentis noted on this Class C Certificate. Each installment of principal payable on thisClass C Certificate shall be in an amount equal to this Certificateholder'spro rata share of the Class C Principal Distribution Amount available to be paidin accordance with the priorities of Section 8 of the Supplement for this Series andSection 5.02 of the Trust Agreement. Subject to the terms of the Trust Agreement, theprincipal payable on this Class C Certificate shall be paid on each Payment Dateduring the term of the Trust Agreement, beginning on the Initial Payment Date. Allpayments of principal with respect to all of the Class C Certificates of a Seriesshall be made on a pro rata basis based upon the ratio that the Outstanding PrincipalAmount of a Class C Certificate bears to the Outstanding Principal Amount of allClass C Certificates of such Series; provided that, if as a result of suchproration a portion of such principal would be less than $0.01, then such payment shall bereduced to the nearest whole cent. 

                   In addition, the Certificate Prepayment Fee Amount, if any, shall be distributed on eachPayment Date to the Holders of the Class A Certificates to the extent such Class isreceiving a distribution of Prepaid Principal Amount on such date. All payments ofCertificate Prepayment Fee Amounts with respect to the Class A Certificates shall be madeprorata based upon the ratio of the Outstanding Principal Amount of this Certificate tothe Outstanding Principal Amount of Class A Certificates of this Series, provided that ifas a result of such proration, a portion of such payment would be less than $0.01, thensuch payment shall be reduce to the nearest whole cent. 

                   The interest and principal so payable on any Payment Date will, as provided in the TrustAgreement, be paid to the Person in whose name this Certificate is registered on theRecord Date for such Payment Date, which shall be the close of business on the last day ofthe month prior to such Payment Date (whether or not a Business Day). The principal andinterest on this Certificate are payable by wire transfer in immediately available fundsto the account specified in writing to the Trustee by the Person whose name appears as theRegistered Holder of this Certificate on the Certificate Register received at least five(5) Business Days prior to the Record Date for the Payment Date (or if no such account isspecified or if such wire fails, by check mailed by first-class mail to the Person whosename appears as the Registered Holder of this Certificate on the Certificate Register atthe address of such Person as it appears on the Certificate Register), in such coin orcurrency of the United States of America as at the time of payment is legal tender forpayment of public and private debts. Funds represented by checks returned undelivered willbe held for payment to the Person entitled thereto, subject to the terms of the TrustAgreement, at the office or agency in the United States of America designated as such bythe Depositor for such purpose pursuant to the Trust Agreement.

                   The Depositor has structured the Trust Agreement and the Certificates with the intentionthat the Trust be treated as a partnership, with the assets of the partnership includingall of the assets of the Trust Estate and the partners of the partnership being all of theCertificateholders and the Depositor. The Depositor, the Trustee, the Servicer and eachCertificateholder, by acceptance of its Certificate (and any Person that is a beneficialowner of any interest in a Certificate, by virtue of such Person's acquisition of abeneficial interest therein), agree to report the transactions contemplated thereby inaccordance with such stated intentions unless and until determined to the contrary by anapplicable taxing authority.

C-3

                   The property of the Trust Estate includes certain Loan Assets and certain other assetsdescribed in the Trust Agreement. The Class C Certificates of the 1999-1 Series andall other Series of Class C Certificates issued under the Trust Agreement aregenerally payable out of the Trust Estate pari passu among such Class CCertificateholders equally and ratably without prejudice, priority or distinction betweenany Class C Certificate by reason of time of issue or otherwise. The Class CCertificates are payable only out of the Trust Estate and do not represent recourseobligations of the Depositor, Allegiance Capital, LLC or any of their respectiveaffiliates or successors. The Trust Agreement pursuant to which this Class CCertificate is issued also provides for the issuance of other Classes and Series ofCertificates from time to time. Payments of interest on the Class C Certificates aresenior to such payments on other Classes having a lower credit rating from the RatingAgency and are subordinate to payments of interest on any Classes having a higher creditrating form the Rating Agency. Payments of principal in the Class A Certificates aresenior to payments of principal on other classes having a lower credit rating from theRating Agency and are subordinate to such payments on any Class having a higher creditrating from the Rating Agency. 

                   Unless the Depositor exercises its Optional Termination rights, the Certificates arepayable only at the time and in the manner provided in the Trust Agreement and are notredeemable or prepayable at the option of the Depositor before such time.

                   As provided in the Trust Agreement and subject to certain limitations therein set forth,the transfer of this Certificate may be registered on the Certificate Register of theDepositor upon surrender of this Certificate for registration of transfer at the office oragency of the Depositor in the United States of America maintained for such purpose, dulyendorsed by, or accompanied by a written instrument of transfer in form reasonablysatisfactory to the Depositor and the Trustee and duly executed by the holder hereof orhis attorney duly authorized in writing, and thereupon one or more new Class CCertificates of authorized denominations and for the same initial aggregate principalamount will be issued to the designated transferees.

                   Prior to due presentment for registration of transfer of this Certificate, the Depositor,the Trustee and any agent of the Depositor or the Trustee shall treat the Person in whosename this Certificate is registered as the owner hereof for the purpose of receivingpayment as herein provided and for all other purposes whether or not this Certificate beoverdue, and neither the Depositor, the Trustee, nor any such agent shall be affected bynotice to the contrary.

                   The Holder of this Certificate, by acceptance of this Certificate, agrees that for oneyear and one day after it has been paid hereunder, it or any Affiliate thereof will not(without the consent of Holders holding at least 51% of all Rated Certificates, byOutstanding Principal Amount) file any involuntary petition or otherwise institute anybankruptcy, reorganization, arrangement, insolvency or liquidation proceeding or otherproceeding under any federal or state bankruptcy or similar law against the Depositor.

                   The Trust Agreement permits, with certain exceptions as therein provided, the amendmentthereof and the modification of the rights and obligations of the Depositor and the rightsof the Holders of the Certificates under the Trust Agreement at any time by the Depositor,the Trustee and the Servicer without the consent of the Holders of the Certificates.

                   The Certificates are issuable only in registered form without coupons in such authorizeddenominations as provided in the Trust Agreement and subject to certain limitationstherein set forth.

C-4

 

                   This Class C Certificate and the Trust Agreement shall be governed by and construedin accordance with the internal laws of the State of New York, without regard to conflictsof laws principles.

                   No reference herein to the Trust Agreement and no provision of this Class CCertificate or of the Trust Agreement shall alter or impair the obligation of the TrustEstate to pay the principal of and interest on this Class C Certificate, but solelyfrom the assets of the Trust Estate at the times, place and rate, and in the coin orcurrency, herein prescribed.

 

C-5

 

                   IN WITNESS WHEREOF, Allegiance Funding I, LLC has caused this instrument to be signed,manually, by its President or a Vice President.

 

 

 

 

ALLEGIANCE FUNDING I, LLC
By: Allegiance Management Corp., as Manager
By:
Title:
 

 

 

CERTIFICATE OF AUTHENTICATION

 

                   This is one of the Class C Certificates described in the within-mentioned TrustAgreement.

 

Dated:                                    
 

 

MANUFACTURERS AND TRADERS TRUST COMPANY, as Trustee

By: 
Authorized Signatory

 

 

Schedule to Amended Class C Term Certificates, Series 1999-1
Disbursement                                           Date of                           Amount of   PrincipalFunding                                FundingPayment Date paid**EXHIBIT D

 

FORM OF CLASS D TERM CERTIFICATE**
THIS CERTIFICATE HAS NOT BEEN AND WILL NOT BE REGISTERED UNDER THESECURITIES ACT OF 1933, AS AMENDED (THE "SECURITIES ACT") OR ANY STATESECURITIES LAWS IN RELIANCE ON EXEMPTIONS PROVIDED BY THE SECURITIES ACT AND SUCH STATESECURITIES LAWS. THIS CERTIFICATE MAY NOT BE SOLD OR OTHERWISE TRANSFERRED, PLEDGED ORHYPOTHECATED UNLESS SUCH RESALE, TRANSFER, PLEDGE OR HYPOTHECATION (A) IS MADE INACCORDANCE WITH SECTION 2.06 OF THE TRUST AGREEMENT REFERRED TO HEREIN AND (B) ISMADE (i) PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT,(ii) IN A TRANSACTION EXEMPT FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACTAND APPLICABLE STATE SECURITIES LAWS OR (iii) TO A PERSON WHO THE TRANSFERORREASONABLY BELIEVES IS A QUALIFIED INSTITUTIONAL BUYER WITHIN THE MEANING OF RULE 144AUNDER THE SECURITIES ACT WHO IS AWARE THAT THE RESALE OR OTHER TRANSFER IS BEING MADE INRELIANCE ON RULE 144A. NEITHER ALLEGIANCE FUNDING I, LLC (THE "DEPOSITOR") NORMANUFACTURERS AND TRADERS TRUST COMPANY, AS TRUSTEE (THE "TRUSTEE"), ISOBLIGATED TO REGISTER THE CERTIFICATES UNDER THE SECURITIES ACT OR ANY APPLICABLE STATESECURITIES LAWS. IN THE EVENT THAT A TRANSFER OF A CLASS A CERTIFICATE IS TO BE MADE, THEPROSPECTIVE TRANSFEREE SHALL DELIVER AN INVESTMENT AND ASSUMPTION LETTER IN THE FORMREQUIRED UNDER THE TRUST AGREEMENT AND, IF THE TRUSTEE SO REQUESTS (IN A TRANSFER OTHERTHAN UNDER RULE 144A), AN OPINION OF COUNSEL TO THE EFFECT THAT SUCH TRANSFER MAY BE MADEWITHOUT REGISTRATION UNDER THE SECURITIES ACT OR ANY APPLICABLE STATE SECURITIES LAWS.

DUE TO THE PROVISIONS FOR FUNDINGS AND FOR THE PAYMENT OF PRINCIPALCONTAINED HEREIN, THE OUTSTANDING PRINCIPAL AMOUNT OF THIS CERTIFICATE ON ANY PARTICULARDATE MAY BE LESS THAN THE AMOUNT SHOWN ON THE FACE HEREOF. ANYONE PURCHASING THISCERTIFICATE MAY ASCERTAIN THE OUTSTANDING PRINCIPAL AMOUNT HEREOF BY INQUIRY OF THETRUSTEE.

No. D _____                                                                                                                                                                                           % of Class ___

 

ALLEGIANCE CAPITAL TRUST ICLASS B TERM CERTIFICATE, SERIES 1999-1

Evidencing an undivided fractional interest in the Trust Estate, theproperty of which includes, among other things, certain Loan Assets and monies on depositin the Collection Account.

(This Certificate does not represent an obligation of, or an interestin, the Depositor, Allegiance Capital, LLC, the Trustee or any of their respective affiliates or successors.)

D-1

 

Registered Owner:                                                
DELIVERY DATE: ____ __, ____                                                                                                                SERIES TERMINATION DATE: July 15, 2019

                   THIS CERTIFIES THAT the registered owner specified above is the owner of an undividedfractional interest in the Allegiance Capital Trust I (the "Trust") formedby Allegiance Funding I, LLC (the "Depositor"). The Trust was created pursuantto the Trust Agreement, dated as of August 1, 1998, among the Depositor, Manufacturers andTraders Trust Company, as Trustee (the "Trustee"), and Point West CapitalCorporation, as Servicer, and the Supplement to Trust Agreement for Term Series 1999-1,dated as of September 15, 1999, among the Depositor, the Trustee and Point West CapitalCorporation, as Servicer (collectively, the "Trust Agreement"). Reference ismade to the Trust Agreement for a statement of the respective rights thereunder of theDepositor, the Trustee and the Holders of the Certificates, and the terms upon which theCertificates are, and are to be, authenticated and delivered. To the extent not otherwisedefined herein, each capitalized term used herein has the meaning assigned to it in theTrust Agreement.

                   This Certificate is one of a duly authorized issue of Certificates designated as theClass D Term Certificates, Series 1999-1 having a Series Termination Date of July 15,2019 (herein called the "Class D Certificates") issued and to be issuedunder the Trust Agreement. This Class D Certificate is issued under and is subject tothe terms, provisions and conditions of the Trust Agreement, to which Trust Agreement theholder of this Class D Certificate by virtue of such Holder's acceptance hereofassents and by which such Holder is bound.

                   The Holder of this Certificate is obligated to provide funds to the Depositor on eachFunding Date during the Funding Period subject to the applicable terms and conditions setforth in the Transaction Documents. The Fundings made by the Holder of this Certificate tothe Depositor shall be evidenced by this Certificate and the Certificateholder shallendorse on the schedule annexed hereto and made a part hereof, or elsewhere in itsinternal records, the date and amount of each Funding made by it to the Depositor and theamount of each payment of principal made by the Depositor with respect thereto. TheCertificateholder is authorized and directed by the Depositor to endorse the scheduleattached hereto or maintain such records; provided that each Certificateholder'sendorsements or records shall be effective only if they are in agreement with the registermaintained by the Trustee, absent manifest error in such register. The failure of theCertificateholder to make, or an error in making, a notation with respect to any Fundingshall not limit or otherwise affect the obligations of the Depositor hereunder or underthe Trust Agreement. The aggregate amount of all Fundings to be made by the Holder of thisCertificate shall be set forth in the Term Funding Schedule.

                   This Class D Certificate bears interest during each Accrual Period on the OutstandingPrincipal Amount hereof (as of the first day of the Accrual Period) at the CertificateInterest Rate, until and including the last day preceding the Payment Date on which theOutstanding Principal Amount hereof has been reduced to zero. Interest on the OutstandingPrincipal Amount hereof shall be calculated on the basis of a 360-day year consisting of12 months of 30 days each. Interest shall be due and payable in arrears on each PaymentDate. In addition, with respect to any Funding by the Class A Certificates of this Seriesoccurring in any Accrual Period following the preceding Payment Date, the related FundingAmounts shall accrue interest from the related Funding Date through the end of the AccrualPeriod in which such Funding occurs at the applicable Certificate Interest Rate. In makingany interest payment, if the interest calculation with respect to a Certificate shallresult in a portion of such payment being less than $0.01, then such payment shall bedecreased to the nearest whole cent, and no subsequent adjustment shall be made in respectthereof.

 

D-2

                   The principal of this Class D Certificate shall be payable in installments ending nolater than the Series Termination Date unless this Class D Certificate becomes dueand payable at an earlier date by call for redemption or otherwise. All reductions in theprincipal amount of a Class D Certificate effected by payments of installments ofprincipal made on any Payment Date shall be binding upon all future Holders of thisClass D Certificate and of any Class D Certificate issued upon the registrationof transfer hereof or in exchange herefor or in lieu hereof, whether or not such paymentis noted on this Class D Certificate. Each installment of principal payable on thisClass D Certificate shall be in an amount equal to this Certificateholder'spro rata share of the Class D Principal Distribution Amount available to be paidin accordance with the priorities of Section 8 of the Supplement for this Series andSection 5.02 of the Trust Agreement. Subject to the terms of the Trust Agreement, theprincipal payable on this Class D Certificate shall be paid on each Payment Dateduring the term of the Trust Agreement, beginning on the Initial Payment Date. Allpayments of principal with respect to all of the Class D Certificates of a Seriesshall be made on a pro rata basis based upon the ratio that the Outstanding PrincipalAmount of a Class D Certificate bears to the Outstanding Principal Amount of allClass D Certificates of such Series; provided that, if as a result of suchproration a portion of such principal would be less than $0.01, then such payment shall bereduced to the nearest whole cent. 

                   In addition, the Certificate Prepayment Fee Amount, if any, shall be distributed on eachPayment Date to the Holders of the Class A Certificates to the extent such Class isreceiving a distribution of Prepaid Principal Amount on such date. All payments ofCertificate Prepayment Fee Amounts with respect to the Class A Certificates shall be madeprorata based upon the ratio of the Outstanding Principal Amount of this Certificate tothe Outstanding Principal Amount of Class A Certificates of this Series, provided that ifas a result of such proration, a portion of such payment would be less than $0.01, thensuch payment shall be reduce to the nearest whole cent. 

                   The interest and principal so payable on any Payment Date will, as provided in the TrustAgreement, be paid to the Person in whose name this Certificate is registered on theRecord Date for such Payment Date, which shall be the close of business on the last day ofthe month prior to such Payment Date (whether or not a Business Day). The principal andinterest on this Certificate are payable by wire transfer in immediately available fundsto the account specified in writing to the Trustee by the Person whose name appears as theRegistered Holder of this Certificate on the Certificate Register received at least five(5) Business Days prior to the Record Date for the Payment Date (or if no such account isspecified or if such wire fails, by check mailed by first-class mail to the Person whosename appears as the Registered Holder of this Certificate on the Certificate Register atthe address of such Person as it appears on the Certificate Register), in such coin orcurrency of the United States of America as at the time of payment is legal tender forpayment of public and private debts. Funds represented by checks returned undelivered willbe held for payment to the Person entitled thereto, subject to the terms of the TrustAgreement, at the office or agency in the United States of America designated as such bythe Depositor for such purpose pursuant to the Trust Agreement.

                   The Depositor has structured the Trust Agreement and the Certificates with the intentionthat the Trust be treated as a partnership, with the assets of the partnership includingall of the assets of the Trust Estate and the partners of the partnership being all of theCertificateholders and the Depositor. The Depositor, the Trustee, the Servicer and eachCertificateholder, by acceptance of its Certificate (and any Person that is a beneficialowner of any interest in a Certificate, by virtue of such Person's acquisition of abeneficial interest therein), agree to report the transactions contemplated thereby inaccordance with such stated intentions unless and until determined to the contrary by anapplicable taxing authority.

D-3

                   The property of the Trust Estate includes certain Loan Assets and certain other assetsdescribed in the Trust Agreement. The Class D Certificates of the 1999-1 Series andall other Series of Class D Certificates issued under the Trust Agreement aregenerally payable out of the Trust Estate pari passu among such Class DCertificateholders equally and ratably without prejudice, priority or distinction betweenany Class D Certificate by reason of time of issue or otherwise. The Class DCertificates are payable only out of the Trust Estate and do not represent recourseobligations of the Depositor, Allegiance Capital, LLC or any of their respectiveaffiliates or successors. The Trust Agreement pursuant to which this Class DCertificate is issued also provides for the issuance of other Classes and Series ofCertificates from time to time. Payments of interest on the Class D Certificates aresenior to such payments on other Classes having a lower credit rating from the RatingAgency and are subordinate to payments of interest on any Classes having a higher creditrating form the Rating Agency. Payments of principal in the Class A Certificates aresenior to payments of principal on other classes having a lower credit rating from theRating Agency and are subordinate to such payments on any Class having a higher creditrating from the Rating Agency. 

                   Unless the Depositor exercises its Optional Termination rights, the Certificates arepayable only at the time and in the manner provided in the Trust Agreement and are notredeemable or prepayable at the option of the Depositor before such time.

                   As provided in the Trust Agreement and subject to certain limitations therein set forth,the transfer of this Certificate may be registered on the Certificate Register of theDepositor upon surrender of this Certificate for registration of transfer at the office oragency of the Depositor in the United States of America maintained for such purpose, dulyendorsed by, or accompanied by a written instrument of transfer in form reasonablysatisfactory to the Depositor and the Trustee and duly executed by the holder hereof orhis attorney duly authorized in writing, and thereupon one or more new Class DCertificates of authorized denominations and for the same initial aggregate principalamount will be issued to the designated transferees.

                   Prior to due presentment for registration of transfer of this Certificate, the Depositor,the Trustee and any agent of the Depositor or the Trustee shall treat the Person in whosename this Certificate is registered as the owner hereof for the purpose of receivingpayment as herein provided and for all other purposes whether or not this Certificate beoverdue, and neither the Depositor, the Trustee, nor any such agent shall be affected bynotice to the contrary.

                   The Holder of this Certificate, by acceptance of this Certificate, agrees that for oneyear and one day after it has been paid hereunder, it or any Affiliate thereof will not(without the consent of Holders holding at least 51% of all Rated Certificates, byOutstanding Principal Amount) file any involuntary petition or otherwise institute anybankruptcy, reorganization, arrangement, insolvency or liquidation proceeding or otherproceeding under any federal or state bankruptcy or similar law against the Depositor.

                   The Trust Agreement permits, with certain exceptions as therein provided, the amendmentthereof and the modification of the rights and obligations of the Depositor and the rightsof the Holders of the Certificates under the Trust Agreement at any time by the Depositor,the Trustee and the Servicer without the consent of the Holders of the Certificates.

                   The Certificates are issuable only in registered form without coupons in such authorizeddenominations as provided in the Trust Agreement and subject to certain limitationstherein set forth.

D-4

 

                   This Class D Certificate and the Trust Agreement shall be governed by and construedin accordance with the internal laws of the State of New York, without regard to conflictsof laws principles.

                   No reference herein to the Trust Agreement and no provision of this Class DCertificate or of the Trust Agreement shall alter or impair the obligation of the TrustEstate to pay the principal of and interest on this Class D Certificate, but solelyfrom the assets of the Trust Estate at the times, place and rate, and in the coin orcurrency, herein prescribed.

 

D-5

 

                   IN WITNESS WHEREOF, Allegiance Funding I, LLC has caused this instrument to be signed,manually, by its President or a Vice President.

 

 

 

 

ALLEGIANCE FUNDING I, LLC
By: Allegiance Management Corp., as Manager
By:
Title:
 

 

 

CERTIFICATE OF AUTHENTICATION

 

                   This is one of the Class D Certificates described in the within-mentioned TrustAgreement.

 

Dated:                                    
 

 

MANUFACTURERS AND TRADERS TRUST COMPANY, as Trustee

By: 
Authorized Signatory

 

 

Schedule to Amended Class D Term Certificates, Series 1999-1
Disbursement                                           Date of                           Amount of   PrincipalFunding                                FundingPayment Date paid
 
**EXHIBIT E

 

FORM OF CLASS E TERM CERTIFICATE**
THIS CERTIFICATE HAS NOT BEEN AND WILL NOT BE REGISTERED UNDER THESECURITIES ACT OF 1933, AS AMENDED (THE "SECURITIES ACT") OR ANY STATESECURITIES LAWS IN RELIANCE ON EXEMPTIONS PROVIDED BY THE SECURITIES ACT AND SUCH STATESECURITIES LAWS. THIS CERTIFICATE MAY NOT BE SOLD OR OTHERWISE TRANSFERRED, PLEDGED ORHYPOTHECATED UNLESS SUCH RESALE, TRANSFER, PLEDGE OR HYPOTHECATION (A) IS MADE INACCORDANCE WITH SECTION 2.06 OF THE TRUST AGREEMENT REFERRED TO HEREIN AND (B) ISMADE (i) PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT,(ii) IN A TRANSACTION EXEMPT FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACTAND APPLICABLE STATE SECURITIES LAWS OR (iii) TO A PERSON WHO THE TRANSFERORREASONABLY BELIEVES IS A QUALIFIED INSTITUTIONAL BUYER WITHIN THE MEANING OF RULE 144AUNDER THE SECURITIES ACT WHO IS AWARE THAT THE RESALE OR OTHER TRANSFER IS BEING MADE INRELIANCE ON RULE 144A. NEITHER ALLEGIANCE FUNDING I, LLC (THE "DEPOSITOR") NORMANUFACTURERS AND TRADERS TRUST COMPANY, AS TRUSTEE (THE "TRUSTEE"), ISOBLIGATED TO REGISTER THE CERTIFICATES UNDER THE SECURITIES ACT OR ANY APPLICABLE STATESECURITIES LAWS. IN THE EVENT THAT A TRANSFER OF A CLASS A CERTIFICATE IS TO BE MADE, THEPROSPECTIVE TRANSFEREE SHALL DELIVER AN INVESTMENT AND ASSUMPTION LETTER IN THE FORMREQUIRED UNDER THE TRUST AGREEMENT AND, IF THE TRUSTEE SO REQUESTS (IN A TRANSFER OTHERTHAN UNDER RULE 144A), AN OPINION OF COUNSEL TO THE EFFECT THAT SUCH TRANSFER MAY BE MADEWITHOUT REGISTRATION UNDER THE SECURITIES ACT OR ANY APPLICABLE STATE SECURITIES LAWS.

DUE TO THE PROVISIONS FOR FUNDINGS AND FOR THE PAYMENT OF PRINCIPALCONTAINED HEREIN, THE OUTSTANDING PRINCIPAL AMOUNT OF THIS CERTIFICATE ON ANY PARTICULARDATE MAY BE LESS THAN THE AMOUNT SHOWN ON THE FACE HEREOF. ANYONE PURCHASING THISCERTIFICATE MAY ASCERTAIN THE OUTSTANDING PRINCIPAL AMOUNT HEREOF BY INQUIRY OF THETRUSTEE.

No. E _____                                                                                                                                                                                           % of Class ___

 

ALLEGIANCE CAPITAL TRUST ICLASS B TERM CERTIFICATE, SERIES 1999-1

Evidencing an undivided fractional interest in the Trust Estate, theproperty of which includes, among other things, certain Loan Assets and monies on depositin the Collection Account.

(This Certificate does not represent an obligation of, or an interestin, the Depositor, Allegiance Capital, LLC, the Trustee or any of their respective affiliates or successors.)

E-1

 

Registered Owner:                                                
DELIVERY DATE: ____ __, ____                                                                                                                SERIES TERMINATION DATE: July 15, 2019

                   THIS CERTIFIES THAT the registered owner specified above is the owner of an undividedfractional interest in the Allegiance Capital Trust I (the "Trust") formedby Allegiance Funding I, LLC (the "Depositor"). The Trust was created pursuantto the Trust Agreement, dated as of August 1, 1998, among the Depositor, Manufacturers andTraders Trust Company, as Trustee (the "Trustee"), and Point West CapitalCorporation, as Servicer, and the Supplement to Trust Agreement for Term Series 1999-1,dated as of September 15, 1999, among the Depositor, the Trustee and Point West CapitalCorporation, as Servicer (collectively, the "Trust Agreement"). Reference ismade to the Trust Agreement for a statement of the respective rights thereunder of theDepositor, the Trustee and the Holders of the Certificates, and the terms upon which theCertificates are, and are to be, authenticated and delivered. To the extent not otherwisedefined herein, each capitalized term used herein has the meaning assigned to it in theTrust Agreement.

                   This Certificate is one of a duly authorized issue of Certificates designated as theClass E Term Certificates, Series 1999-1 having a Series Termination Date of July 15,2019 (herein called the "Class E Certificates") issued and to be issuedunder the Trust Agreement. This Class E Certificate is issued under and is subject tothe terms, provisions and conditions of the Trust Agreement, to which Trust Agreement theholder of this Class E Certificate by virtue of such Holder's acceptance hereofassents and by which such Holder is bound.

                   The Holder of this Certificate is obligated to provide funds to the Depositor on eachFunding Date during the Funding Period subject to the applicable terms and conditions setforth in the Transaction Documents. The Fundings made by the Holder of this Certificate tothe Depositor shall be evidenced by this Certificate and the Certificateholder shallendorse on the schedule annexed hereto and made a part hereof, or elsewhere in itsinternal records, the date and amount of each Funding made by it to the Depositor and theamount of each payment of principal made by the Depositor with respect thereto. TheCertificateholder is authorized and directed by the Depositor to endorse the scheduleattached hereto or maintain such records; provided that each Certificateholder'sendorsements or records shall be effective only if they are in agreement with the registermaintained by the Trustee, absent manifest error in such register. The failure of theCertificateholder to make, or an error in making, a notation with respect to any Fundingshall not limit or otherwise affect the obligations of the Depositor hereunder or underthe Trust Agreement. The aggregate amount of all Fundings to be made by the Holder of thisCertificate shall be set forth in the Term Funding Schedule.

                   This Class E Certificate bears interest during each Accrual Period on the OutstandingPrincipal Amount hereof (as of the first day of the Accrual Period) at the CertificateInterest Rate, until and including the last day preceding the Payment Date on which theOutstanding Principal Amount hereof has been reduced to zero. Interest on the OutstandingPrincipal Amount hereof shall be calculated on the basis of a 360-day year consisting of12 months of 30 days each. Interest shall be due and payable in arrears on each PaymentDate. In addition, with respect to any Funding by the Class A Certificates of this Seriesoccurring in any Accrual Period following the preceding Payment Date, the related FundingAmounts shall accrue interest from the related Funding Date through the end of the AccrualPeriod in which such Funding occurs at the applicable Certificate Interest Rate. In makingany interest payment, if the interest calculation with respect to a Certificate shallresult in a portion of such payment being less than $0.01, then such payment shall bedecreased to the nearest whole cent, and no subsequent adjustment shall be made in respectthereof.

 

E-2

                   The principal of this Class E Certificate shall be payable in installments ending nolater than the Series Termination Date unless this Class E Certificate becomes dueand payable at an earlier date by call for redemption or otherwise. All reductions in theprincipal amount of a Class E Certificate effected by payments of installments ofprincipal made on any Payment Date shall be binding upon all future Holders of thisClass E Certificate and of any Class E Certificate issued upon the registrationof transfer hereof or in exchange herefor or in lieu hereof, whether or not such paymentis noted on this Class E Certificate. Each installment of principal payable on thisClass E Certificate shall be in an amount equal to this Certificateholder'spro rata share of the Class E Principal Distribution Amount available to be paidin accordance with the priorities of Section 8 of the Supplement for this Series andSection 5.02 of the Trust Agreement. Subject to the terms of the Trust Agreement, theprincipal payable on this Class E Certificate shall be paid on each Payment Dateduring the term of the Trust Agreement, beginning on the Initial Payment Date. Allpayments of principal with respect to all of the Class E Certificates of a Seriesshall be made on a pro rata basis based upon the ratio that the Outstanding PrincipalAmount of a Class E Certificate bears to the Outstanding Principal Amount of allClass E Certificates of such Series; provided that, if as a result of suchproration a portion of such principal would be less than $0.01, then such payment shall bereduced to the nearest whole cent. 

                   In addition, the Certificate Prepayment Fee Amount, if any, shall be distributed on eachPayment Date to the Holders of the Class A Certificates to the extent such Class isreceiving a distribution of Prepaid Principal Amount on such date. All payments ofCertificate Prepayment Fee Amounts with respect to the Class A Certificates shall be madeprorata based upon the ratio of the Outstanding Principal Amount of this Certificate tothe Outstanding Principal Amount of Class A Certificates of this Series, provided that ifas a result of such proration, a portion of such payment would be less than $0.01, thensuch payment shall be reduce to the nearest whole cent. 

                   The interest and principal so payable on any Payment Date will, as provided in the TrustAgreement, be paid to the Person in whose name this Certificate is registered on theRecord Date for such Payment Date, which shall be the close of business on the last day ofthe month prior to such Payment Date (whether or not a Business Day). The principal andinterest on this Certificate are payable by wire transfer in immediately available fundsto the account specified in writing to the Trustee by the Person whose name appears as theRegistered Holder of this Certificate on the Certificate Register received at least five(5) Business Days prior to the Record Date for the Payment Date (or if no such account isspecified or if such wire fails, by check mailed by first-class mail to the Person whosename appears as the Registered Holder of this Certificate on the Certificate Register atthe address of such Person as it appears on the Certificate Register), in such coin orcurrency of the United States of America as at the time of payment is legal tender forpayment of public and private debts. Funds represented by checks returned undelivered willbe held for payment to the Person entitled thereto, subject to the terms of the TrustAgreement, at the office or agency in the United States of America designated as such bythe Depositor for such purpose pursuant to the Trust Agreement.

                   The Depositor has structured the Trust Agreement and the Certificates with the intentionthat the Trust be treated as a partnership, with the assets of the partnership includingall of the assets of the Trust Estate and the partners of the partnership being all of theCertificateholders and the Depositor. The Depositor, the Trustee, the Servicer and eachCertificateholder, by acceptance of its Certificate (and any Person that is a beneficialowner of any interest in a Certificate, by virtue of such Person's acquisition of abeneficial interest therein), agree to report the transactions contemplated thereby inaccordance with such stated intentions unless and until determined to the contrary by anapplicable taxing authority.

E-3

                   The property of the Trust Estate includes certain Loan Assets and certain other assetsdescribed in the Trust Agreement. The Class E Certificates of the 1999-1 Series andall other Series of Class E Certificates issued under the Trust Agreement aregenerally payable out of the Trust Estate pari passu among such Class ECertificateholders equally and ratably without prejudice, priority or distinction betweenany Class E Certificate by reason of time of issue or otherwise. The Class ECertificates are payable only out of the Trust Estate and do not represent recourseobligations of the Depositor, Allegiance Capital, LLC or any of their respectiveaffiliates or successors. The Trust Agreement pursuant to which this Class ECertificate is issued also provides for the issuance of other Classes and Series ofCertificates from time to time. Payments of interest on the Class E Certificates aresenior to such payments on other Classes having a lower credit rating from the RatingAgency and are subordinate to payments of interest on any Classes having a higher creditrating form the Rating Agency. Payments of principal in the Class A Certificates aresenior to payments of principal on other classes having a lower credit rating from theRating Agency and are subordinate to such payments on any Class having a higher creditrating from the Rating Agency. 

                   Unless the Depositor exercises its Optional Termination rights, the Certificates arepayable only at the time and in the manner provided in the Trust Agreement and are notredeemable or prepayable at the option of the Depositor before such time.

                   As provided in the Trust Agreement and subject to certain limitations therein set forth,the transfer of this Certificate may be registered on the Certificate Register of theDepositor upon surrender of this Certificate for registration of transfer at the office oragency of the Depositor in the United States of America maintained for such purpose, dulyendorsed by, or accompanied by a written instrument of transfer in form reasonablysatisfactory to the Depositor and the Trustee and duly executed by the holder hereof orhis attorney duly authorized in writing, and thereupon one or more new Class ECertificates of authorized denominations and for the same initial aggregate principalamount will be issued to the designated transferees.

                   Prior to due presentment for registration of transfer of this Certificate, the Depositor,the Trustee and any agent of the Depositor or the Trustee shall treat the Person in whosename this Certificate is registered as the owner hereof for the purpose of receivingpayment as herein provided and for all other purposes whether or not this Certificate beoverdue, and neither the Depositor, the Trustee, nor any such agent shall be affected bynotice to the contrary.

                   The Holder of this Certificate, by acceptance of this Certificate, agrees that for oneyear and one day after it has been paid hereunder, it or any Affiliate thereof will not(without the consent of Holders holding at least 51% of all Rated Certificates, byOutstanding Principal Amount) file any involuntary petition or otherwise institute anybankruptcy, reorganization, arrangement, insolvency or liquidation proceeding or otherproceeding under any federal or state bankruptcy or similar law against the Depositor.

                   The Trust Agreement permits, with certain exceptions as therein provided, the amendmentthereof and the modification of the rights and obligations of the Depositor and the rightsof the Holders of the Certificates under the Trust Agreement at any time by the Depositor,the Trustee and the Servicer without the consent of the Holders of the Certificates.

                   The Certificates are issuable only in registered form without coupons in such authorizeddenominations as provided in the Trust Agreement and subject to certain limitationstherein set forth.

E-4

 

                   This Class E Certificate and the Trust Agreement shall be governed by and construedin accordance with the internal laws of the State of New York, without regard to conflictsof laws principles.

                   No reference herein to the Trust Agreement and no provision of this Class ECertificate or of the Trust Agreement shall alter or impair the obligation of the TrustEstate to pay the principal of and interest on this Class E Certificate, but solelyfrom the assets of the Trust Estate at the times, place and rate, and in the coin orcurrency, herein prescribed.

 

E-5

 

                   IN WITNESS WHEREOF, Allegiance Funding I, LLC has caused this instrument to be signed,manually, by its President or a Vice President.

 

 

 

 

ALLEGIANCE FUNDING I, LLC
By: Allegiance Management Corp., as Manager
By:
Title:
 

 

 

CERTIFICATE OF AUTHENTICATION

 

                   This is one of the Class E Certificates described in the within-mentioned TrustAgreement.

 

Dated:                                    
 

 

MANUFACTURERS AND TRADERS TRUST COMPANY, as Trustee

By: 
Authorized Signatory

 

 

Schedule to Amended Class E Term Certificates, Series 1999-1
Disbursement                                           Date of                           Amount of   PrincipalFunding                                FundingPayment Date paid
 
**EXHIBIT F

 

FORM OF CLASS F TERM CERTIFICATE**
THIS CERTIFICATE HAS NOT BEEN AND WILL NOT BE REGISTERED UNDER THESECURITIES ACT OF 1933, AS AMENDED (THE "SECURITIES ACT") OR ANY STATESECURITIES LAWS IN RELIANCE ON EXEMPTIONS PROVIDED BY THE SECURITIES ACT AND SUCH STATESECURITIES LAWS. THIS CERTIFICATE MAY NOT BE SOLD OR OTHERWISE TRANSFERRED, PLEDGED ORHYPOTHECATED UNLESS SUCH RESALE, TRANSFER, PLEDGE OR HYPOTHECATION (A) IS MADE INACCORDANCE WITH SECTION 2.06 OF THE TRUST AGREEMENT REFERRED TO HEREIN AND (B) ISMADE (i) PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT,(ii) IN A TRANSACTION EXEMPT FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACTAND APPLICABLE STATE SECURITIES LAWS OR (iii) TO A PERSON WHO THE TRANSFERORREASONABLY BELIEVES IS A QUALIFIED INSTITUTIONAL BUYER WITHIN THE MEANING OF RULE 144AUNDER THE SECURITIES ACT WHO IS AWARE THAT THE RESALE OR OTHER TRANSFER IS BEING MADE INRELIANCE ON RULE 144A. NEITHER ALLEGIANCE FUNDING I, LLC (THE "DEPOSITOR") NORMANUFACTURERS AND TRADERS TRUST COMPANY, AS TRUSTEE (THE "TRUSTEE"), ISOBLIGATED TO REGISTER THE CERTIFICATES UNDER THE SECURITIES ACT OR ANY APPLICABLE STATESECURITIES LAWS. IN THE EVENT THAT A TRANSFER OF A CLASS F CERTIFICATE IS TO BE MADE,THE PROSPECTIVE TRANSFEREE SHALL DELIVER AN INVESTMENT AND ASSUMPTION LETTER IN THE FORMREQUIRED UNDER THE TRUST AGREEMENT AND, IF THE TRUSTEE SO REQUESTS (IN A TRANSFER OTHERTHAN UNDER RULE 144A), AN OPINION OF COUNSEL TO THE EFFECT THAT SUCH TRANSFER MAY BE MADEWITHOUT REGISTRATION UNDER THE SECURITIES ACT OR ANY APPLICABLE STATE SECURITIES LAWS.

DUE TO THE PROVISIONS FOR FUNDINGS AND FOR THE PAYMENT OF PRINCIPALCONTAINED HEREIN, THE OUTSTANDING PRINCIPAL AMOUNT OF THIS CERTIFICATE ON ANY PARTICULARDATE MAY BE LESS THAN THE AMOUNT SHOWN ON THE FACE HEREOF. ANYONE PURCHASING THISCERTIFICATE MAY ASCERTAIN THE OUTSTANDING PRINCIPAL AMOUNT HEREOF BY INQUIRY OF THETRUSTEE.

No. F _____                                                                                                                                                                                         % of Class ___

 

ALLEGIANCE CAPITAL TRUST ICLASS F TERM CERTIFICATE, SERIES 1999-1

Evidencing an undivided fractional interest in the Trust Estate, theproperty of which includes, among other things, certain Loan Assets and monies on depositin the Collection Account.

(This Certificate does not represent an obligation of, or an interestin, the Depositor, Allegiance Capital, LLC, the Trustee or any of their respective affiliates or successors.)

 

F-1

 

Registered Owner:                                                      
 

DELIVERY DATE: ____ __, ____                                                                                                            SERIES TERMINATION DATE: July 15, 2019

                   THIS CERTIFIES THAT the registered owner specified above is the owner of an undividedfractional interest in the Allegiance Capital Trust I (the "Trust") formedby Allegiance Funding I, LLC (the "Depositor"). The Trust was created pursuantto the Trust Agreement, dated as of August 1, 1998, among the Depositor, Manufacturers andTraders Trust Company, as Trustee (the "Trustee"), and Point West CapitalCorporation, as Servicer, and the Supplement to Trust Agreement for Term Series 1999-1,dated as of September 15, 1999, among the Depositor, the Trustee and Point West CapitalCorporation, as Servicer (collectively, the "Trust Agreement"). Reference ismade to the Trust Agreement for a statement of the respective rights thereunder of theDepositor, the Trustee and the Holders of the Certificates, and the terms upon which theCertificates are, and are to be, authenticated and delivered. To the extent not otherwisedefined herein, each capitalized term used herein has the meaning assigned to it in theTrust Agreement.

                   This Certificate is one of a duly authorized issue of Certificates designated as theClass F Term Certificates, Series 1999-1 having a Series Termination Date of July 15,2019 (herein called the "Class F Certificates") issued and to be issuedunder the Trust Agreement. This Class F Certificate is issued under and is subject tothe terms, provisions and conditions of the Trust Agreement, to which Trust Agreement theholder of this Class F Certificate by virtue of such Holder's acceptance hereofassents and by which such Holder is bound.

                   The Holder of this Certificate is obligated to provide funds to the Depositor on eachFunding Date during the Funding Period subject to the applicable terms and conditions setforth in the Transaction Documents. The Fundings made by the Holder of this Certificate tothe Depositor shall be evidenced by this Certificate and the Certificateholder shallendorse on the schedule annexed hereto and made a part hereof, or elsewhere in itsinternal records, the date and amount of each Funding made by it to the Depositor and theamount of each payment of principal made by the Depositor with respect thereto. TheCertificateholder is authorized and directed by the Depositor to endorse the scheduleattached hereto or maintain such records; provided that each Certificateholder'sendorsements or records shall be effective only if they are in agreement with the registermaintained by the Trustee, absent manifest error in such register. The failure of theCertificateholder to make, or an error in making, a notation with respect to any Fundingshall not limit or otherwise affect the obligations of the Depositor hereunder or underthe Trust Agreement. The aggregate amount of all Fundings to be made by the Holder of thisCertificate shall be set forth in the Term Funding Schedule.

                   This Class F Certificate bears interest during each Accrual Period on the OutstandingPrincipal Amount hereof (as of the first day of the Accrual Period) at the CertificateInterest Rate, until and including the last day preceding the Payment Date on which theOutstanding Principal Amount hereof has been reduced to zero. Interest on the OutstandingPrincipal Amount hereof shall be calculated on the basis of a 360-day year consisting of12 months of 30 days each. Interest shall be due and payable in arrears on each PaymentDate. In addition, with respect to any Funding by the Class F Certificates of thisSeries occurring in any Accrual Period following the preceding Payment Date, the relatedFunding Amounts shall accrue interest from the related Funding Date through the end of theAccrual Period in which such Funding occurs at the applicable Certificate Interest Rate.In making any interest payment, if the interest calculation with respect to a Certificateshall result in a portion of such payment being less than $0.01, then such payment shallbe decreased to the nearest whole cent, and no subsequent adjustment shall be made inrespect thereof.

F-2

 

                   The principal of this Class F Certificate shall be payable in installments ending nolater than the Series Termination Date unless this Class F Certificate becomes dueand payable at an earlier date by call for redemption or otherwise. All reductions in theprincipal amount of a Class F Certificate effected by payments of installments ofprincipal made on any Payment Date shall be binding upon all future Holders of thisClass F Certificate and of any Class F Certificate issued upon the registrationof transfer hereof or in exchange herefor or in lieu hereof, whether or not such paymentis noted on this Class F Certificate. Each installment of principal payable on thisClass F Certificate shall be in an amount equal to this Certificateholder'spro rata share of the Class F Principal Distribution Amount available to be paidin accordance with the priorities of Section 8 of the Supplement for this Series andSection 5.02 of the Trust Agreement. Subject to the terms of the Trust Agreement, theprincipal payable on this Class F Certificate shall be paid on each Payment Dateduring the term of the Trust Agreement, beginning on the Initial Payment Date. Allpayments of principal with respect to all of the Class F Certificates of a Seriesshall be made on a pro rata basis based upon the ratio that the Outstanding PrincipalAmount of a Class F Certificate bears to the Outstanding Principal Amount of allClass F Certificates of such Series; provided that, if as a result of suchproration a portion of such principal would be less than $0.01, then such payment shall bereduced to the nearest whole cent. 

                   In addition, the Certificate Prepayment Fee Amount, if any, shall be distributed on eachPayment Date to the Holders of the Class F Certificates to the extent suchClass is receiving a distribution of Prepaid Principal Amount on such date. Allpayments of Certificate Prepayment Fee Amounts with respect to the Class FCertificates shall be made prorata based upon the ratio of the Outstanding PrincipalAmount of this Certificate to the Outstanding Principal Amount of Class FCertificates of this Series, provided that if as a result of such proration, a portion ofsuch payment would be less than $0.01, then such payment shall be reduce to the nearestwhole cent. Certain amounts released from the Reserve Account are also payable to theHolders of the Class F Certificates, generally to the extent of funds deposited thereinthat would otherwise have been distributed to such Holders.

                   The interest and principal so payable on any Payment Date will, as provided in the TrustAgreement, be paid to the Person in whose name this Certificate is registered on theRecord Date for such Payment Date, which shall be the close of business on the last day ofthe month prior to such Payment Date (whether or not a Business Day). The principal andinterest on this Certificate are payable by wire transfer in immediately available fundsto the account specified in writing to the Trustee by the Person whose name appears as theRegistered Holder of this Certificate on the Certificate Register received at least five(5) Business Days prior to the Record Date for the Payment Date (or if no such account isspecified or if such wire fails, by check mailed by first-class mail to the Person whosename appears as the Registered Holder of this Certificate on the Certificate Register atthe address of such Person as it appears on the Certificate Register), in such coin orcurrency of the United States of America as at the time of payment is legal tender forpayment of public and private debts. Funds represented by checks returned undelivered willbe held for payment to the Person entitled thereto, subject to the terms of the TrustAgreement, at the office or agency in the United States of America designated as such bythe Depositor for such purpose pursuant to the Trust Agreement.

                   The Depositor has structured the Trust Agreement and the Certificates with the intentionthat the Trust be treated as a partnership, with the assets of the partnership includingall of the assets of the Trust Estate and the partners of the partnership being all of theCertificateholders and the Depositor. The Depositor, the Trustee, the Servicer and eachCertificateholder, by acceptance of its Certificate (and any Person that is a beneficialowner of any interest in a Certificate, by virtue of such Person's acquisition of abeneficial interest therein), agree to report the transactions contemplated thereby inaccordance with such stated intentions unless and until determined to the contrary by anapplicable taxing authority.

F-3

 

                   The property of the Trust Estate includes certain Loan Assets and certain other assetsdescribed in the Trust Agreement. The Class F Certificates of the 1999-1 Series andall other Series of Class F Certificates issued under the Trust Agreement aregenerally payable out of the Trust Estate pari passu among such Class FCertificateholders equally and ratably without prejudice, priority or distinction betweenany Class F Certificate by reason of time of issue or otherwise. The Class FCertificates are payable only out of the Trust Estate and do not represent recourseobligations of the Depositor, Allegiance Capital, LLC or any of their respectiveaffiliates or successors. The Trust Agreement pursuant to which this Class FCertificate is issued also provides for the issuance of other Classes and Series ofCertificates from time to time. Payments of interest on the Class F Certificates aresenior to such payments on other Classes having a lower credit rating from the RatingAgency and are subordinate to payments of interest on any Classes having a higher creditrating form the Rating Agency and to deposits to maintain the Reserve Account RequiredBalance. Payments of principal in the Class F Certificates are senior to payments ofprincipal on other classes having a lower credit rating from the Rating Agency and aresubordinate to such payments on any Class having a higher credit rating from theRating Agency.

                   Unless the Depositor exercises its Optional Termination rights, the Certificates arepayable only at the time and in the manner provided in the Trust Agreement and are notredeemable or prepayable at the option of the Depositor before such time.

                   As provided in the Trust Agreement and subject to certain limitations therein set forth,the transfer of this Certificate may be registered on the Certificate Register of theDepositor upon surrender of this Certificate for registration of transfer at the office oragency of the Depositor in the United States of America maintained for such purpose, dulyendorsed by, or accompanied by a written instrument of transfer in form reasonablysatisfactory to the Depositor and the Trustee and duly executed by the holder hereof orhis attorney duly authorized in writing, and thereupon one or more new Class FCertificates of authorized denominations and for the same initial aggregate principalamount will be issued to the designated transferees; provided that so long as anyRated Certificates are Outstanding, the Depositor shall maintain legal and beneficialownership of at least 51% of the Outstanding Principal Amount of the Class FCertificates, unless otherwise agreed to in writing by the Controlling Holders.

                   Prior to due presentment for registration of transfer of this Certificate, the Depositor,the Trustee and any agent of the Depositor or the Trustee shall treat the Person in whosename this Certificate is registered as the owner hereof for the purpose of receivingpayment as herein provided and for all other purposes whether or not this Certificate beoverdue, and neither the Depositor, the Trustee, nor any such agent shall be affected bynotice to the contrary.

                   The Holder of this Certificate, by acceptance of this Certificate, agrees that for oneyear and one day after it has been paid hereunder, it or any Affiliate thereof will not(without the consent of Holders holding at least 51% of all Rated Certificates, byOutstanding Principal Amount) file any involuntary petition or otherwise institute anybankruptcy, reorganization, arrangement, insolvency or liquidation proceeding or otherproceeding under any federal or state bankruptcy or similar law against the Depositor.

                   The Trust Agreement permits, with certain exceptions as therein provided, the amendmentthereof and the modification of the rights and obligations of the Depositor and the rightsof the Holders of the Certificates under the Trust Agreement at any time by the Depositor,the Trustee and the Servicer without the consent of the Holders of the Certificates.

F-4

                   The Certificates are issuable only in registered form without coupons in such authorizeddenominations as provided in the Trust Agreement and subject to certain limitationstherein set forth.

                   This Class F Certificate and the Trust Agreement shall be governed by and construedin accordance with the internal laws of the State of New York, without regard to conflictsof laws principles.

                   No reference herein to the Trust Agreement and no provision of this Class FCertificate or of the Trust Agreement shall alter or impair the obligation of the TrustEstate to pay the principal of and interest on this Class F Certificate, but solelyfrom the assets of the Trust Estate at the times, place and rate, and in the coin orcurrency, herein prescribed.

F-5

 

                   IN WITNESS WHEREOF, Allegiance Funding I, LLC has caused this instrument to be signed,manually, by its President or a Vice President.

 

 

 

ALLEGIANCE FUNDING I, LLC
By: Allegiance Management Corp., as Manager
By:
Title:
 

 

 

CERTIFICATE OF AUTHENTICATION

 

                   This is one of the Class F Certificates described in the within-mentioned TrustAgreement.

 

Dated:                                    
 

 

MANUFACTURERS AND TRADERS TRUST COMPANY, as Trustee

By: 
Authorized Signatory

 

 

Schedule to Amended Class F Term Certificates, Series 1999-1
Disbursement                                           Date of                           Amount of   PrincipalFunding                                FundingPayment Date paid
 
**EXHIBIT G

 

FORM OF CLASS R TERM CERTIFICATE**
THIS CERTIFICATE HAS NOT BEEN AND WILL NOT BE REGISTERED UNDER THESECURITIES ACT OF 1933, AS AMENDED (THE "SECURITIES ACT") OR ANY STATESECURITIES LAWS IN RELIANCE ON EXEMPTIONS PROVIDED BY THE SECURITIES ACT AND SUCH STATESECURITIES LAWS. THIS CERTIFICATE MAY NOT BE SOLD OR OTHERWISE TRANSFERRED, PLEDGED ORHYPOTHECATED UNLESS SUCH RESALE, TRANSFER, PLEDGE OR HYPOTHECATION (A) IS MADE INACCORDANCE WITH SECTION 2.06 OF THE TRUST AGREEMENT REFERRED TO HEREIN AND (B) ISMADE (i) PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT,(ii) IN A TRANSACTION EXEMPT FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACTAND APPLICABLE STATE SECURITIES LAWS OR (iii) TO A PERSON WHO THE TRANSFERORREASONABLY BELIEVES IS A QUALIFIED INSTITUTIONAL BUYER WITHIN THE MEANING OF RULE 144AUNDER THE SECURITIES ACT WHO IS AWARE THAT THE RESALE OR OTHER TRANSFER IS BEING MADE INRELIANCE ON RULE 144A. NEITHER ALLEGIANCE FUNDING I, LLC (THE "DEPOSITOR") NORMANUFACTURERS AND TRADERS TRUST COMPANY, AS TRUSTEE (THE "TRUSTEE"), ISOBLIGATED TO REGISTER THE CERTIFICATES UNDER THE SECURITIES ACT OR ANY APPLICABLE STATESECURITIES LAWS. IN THE EVENT THAT A TRANSFER OF A CLASS R CERTIFICATE IS TO BE MADE, THEPROSPECTIVE TRANSFEREE SHALL DELIVER AN INVESTMENT AND ASSUMPTION LETTER IN THE FORMREQUIRED UNDER THE TRUST AGREEMENT AND, IF THE TRUSTEE SO REQUESTS (IN A TRANSFER OTHERTHAN UNDER RULE 144A), AN OPINION OF COUNSEL TO THE EFFECT THAT SUCH TRANSFER MAY BE MADEWITHOUT REGISTRATION UNDER THE SECURITIES ACT OR ANY APPLICABLE STATE SECURITIES LAWS.

No. R _____                                                                                                                                                                                           % of Class ___

 

ALLEGIANCE CAPITAL TRUST ICLASS R TERM CERTIFICATE, SERIES 1999-1

Evidencing an undivided fractional interest in the Trust Estate, theproperty of which includes, among other things, certain Loan Assets and monies on depositin the Collection Account.

(This Certificate does not represent an obligation of, or an interestin, the Depositor,Allegiance Capital, LLC, the Trustee or any of their respective affiliates or successors.)

G-1

 

 

Registered Owner:                                                           
DELIVERY DATE: ________ __, ____                                                                                                     SERIES TERMINATION DATE: July 15, 2019

                   THIS CERTIFIES THAT the registered owner specified above is the owner of an undividedfractional interest in the Allegiance Capital Trust I (the "Trust") formedby Allegiance Funding I, LLC (the "Depositor"). The Trust was created pursuantto the Trust Agreement, dated as of August 1, 1998, among the Depositor, Manufacturers andTraders Trust Company, as Trustee (the "Trustee"), and Point West CapitalCorporation, as Servicer, and the Supplement to Trust Agreement for Term Series 1999-1,dated as of September 15, 1999, among the Depositor, the Trustee and Point West CapitalCorporation, as Servicer (collectively, the "Trust Agreement"). Reference ismade to the Trust Agreement for a statement of the respective rights thereunder of theDepositor, the Trustee and the Holders of the Certificates, and the terms upon which theCertificates are, and are to be, authenticated and delivered. To the extent not otherwisedefined herein, each capitalized term used herein has the meaning assigned to it in theTrust Agreement.

                   This Certificate is one of a duly authorized issue of Certificates designated as theClass R Term Certificates, Series 1999-1 having a Series Termination Date of July 15,2019 (herein called the "Class R Certificates") issued and to be issuedunder the Trust Agreement. This Class R Certificate is issued under and is subject tothe terms, provisions and conditions of the Trust Agreement, to which Trust Agreement theholder of this Class R Certificate by virtue of such Holder's acceptance hereofassents and by which such Holder is bound.

                   The Certificateholder shall endorse on the schedule annexed hereto and made a part hereof,or elsewhere in its internal records, the date and amount of each payment made by theDepositor with respect to this Certificate. The Certificateholder is authorized anddirected by the Depositor to endorse the schedule attached hereto or maintain suchrecords; provided that each Certificateholder's endorsements or records shall beeffective only if they are in agreement with the register maintained by the Trustee,absent manifest error in such register. The failure of the Certificateholder to make, oran error in making, a notation with respect to any payment shall not limit or otherwiseaffect the obligations of the Depositor hereunder or under the Trust Agreement.

                   Class R Certificateholders are entitled to receive certain distributions from theSeries Distributable Amount, certain amounts released from the Reserve Account and certainPrepayment Fee Collections, as further provided in the Trust Agreement and relatedsupplement. Amounts distributable with respect to Class R Certificates shall bepayable only to the extent of amounts available in accordance with, and to the extent of,the priorities for payment of Class R Certificates set forth in Section 8 of theSupplement for this Series and Sections 5.01 and 5.03 of the Trust Agreement, ininstallments ending no later than the Series Termination Date unless the Class RCertificates becomes due and payable at an earlier date by call for redemption orotherwise. All distributions made on any such Payment Date shall be binding upon allfuture Holders of this Class R Certificate and of any Class R Certificate issuedupon the registration of transfer hereof or in exchange herefor or in lieu hereof, whetheror not such payment is noted on this Class R Certificate. All payments with respectto all of the Class R Certificates of a Series shall be made on a pro rata basisbased upon the percentage interest specified on the face hereof; provided that, ifas a result of such proration a portion of such payment would be less than $0.01, thensuch payment shall be reduced to the nearest whole cent. 

                   All amounts payable with respect to this Class R Certificate on any Payment Datewill, as provided in the Trust Agreement, be paid to the Person in whose name thisCertificate is registered on the Record Date for such Payment Date, which shall be theclose of business on the last day of the month prior to such Payment Date (whether or nota Business Day). Such amounts are payable by wire transfer in immediately 

G-2

available funds to the account specified in writing to the Trustee bythe Person whose name appears as the Registered Holder of this Certificate on theCertificate Register received at least five (5) Business Days prior to the Record Date forthe Payment Date (or if no such account is specified or if such wire fails, by checkmailed by first-class mail to the Person whose name appears as the Registered Holder ofthis Certificate on the Certificate Register at the address of such Person as it appearson the Certificate Register), in such coin or currency of the United States of America asat the time of payment is legal tender for payment of public and private debts. Fundsrepresented by checks returned undelivered will be held for payment to the Person entitledthereto, subject to the terms of the Trust Agreement, at the office or agency in theUnited States of America designated as such by the Depositor for such purpose pursuant tothe Trust Agreement.

                   The Depositor has structured the Trust Agreement and the Certificates with the intentionthat the Trust be treated as a partnership, with the assets of the partnership includingall of the assets of the Trust Estate and the partners of the partnership being all of theCertificateholders and the Depositor. The Depositor, the Trustee, the Servicer and eachCertificateholder, by acceptance of its Certificate (and any Person that is a beneficialowner of any interest in a Certificate, by virtue of such Person's acquisition of abeneficial interest therein), agree to report the transactions contemplated thereby inaccordance with such stated intentions unless and until determined to the contrary by anapplicable taxing authority.

                   The property of the Trust Estate includes certain Loan Assets and certain other assetsdescribed in the Trust Agreement. The Class R Certificates of the 1999-1 Series andall other Series of Class R Certificates issued under the Trust Agreement aregenerally payable out of the Trust Estate pari passu among such Class RCertificateholders equally and ratably without prejudice, priority or distinction betweenany Class R Certificate by reason of time of issue or otherwise. The Class RCertificates are payable only out of the Trust Estate and do not represent recourseobligations of the Depositor, Allegiance Capital, LLC or any of their respectiveaffiliates or successors. The Trust Agreement pursuant to which this Class RCertificate is issued also provides for the issuance of other Classes and Series ofCertificates from time to time. Payments on the Class R Certificates are generallysubordinated to payments on all other Classes of Certificates.

                   Unless the Depositor exercises its Optional Termination rights, the Certificates arepayable only at the time and in the manner provided in the Trust Agreement and are notredeemable or prepayable at the option of the Depositor before such time.

                   As provided in the Trust Agreement and subject to certain limitations therein set forth,the transfer of this Certificate may be registered on the Certificate Register of theDepositor upon surrender of this Certificate for registration of transfer at the office oragency of the Depositor in the United States of America maintained for such purpose, dulyendorsed by, or accompanied by a written instrument of transfer in form reasonablysatisfactory to the Depositor and the Trustee and duly executed by the holder hereof orhis attorney duly authorized in writing, and thereupon one or more new Class RCertificates of authorized denominations and for the same initial aggregate principalamount will be issued to the designated transferees.

                   Prior to due presentment for registration of transfer of this Certificate, the Depositor,the Trustee and any agent of the Depositor or the Trustee shall treat the Person in whosename this Certificate is registered as the owner hereof for the purpose of receivingpayment as herein provided and for all other purposes whether or not this Certificate beoverdue, and neither the Depositor, the Trustee, nor any such agent shall be affected bynotice to the contrary.

G-3

 

                   The Holder of this Certificate, by acceptance of this Certificate, agrees that for oneyear and one day after it has been paid hereunder, it or any Affiliate thereof will not(without the consent of Holders holding at least 51% of all Rated Certificates, byOutstanding Principal Amount) file any involuntary petition or otherwise institute anybankruptcy, reorganization, arrangement, insolvency or liquidation proceeding or otherproceeding under any federal or state bankruptcy or similar law against the Depositor.

                   The Trust Agreement permits, with certain exceptions as therein provided, the amendmentthereof and the modification of the rights and obligations of the Depositor and the rightsof the Holders of the Certificates under the Trust Agreement at any time by the Depositor,the Trustee and the Servicer without the consent of the Holders of the Certificates.

                   The Certificates are issuable only in registered form without coupons in such authorizeddenominations as provided in the Trust Agreement and subject to certain limitationstherein set forth.

                   This Class R Certificate and the Trust Agreement shall be governed by and construedin accordance with the internal laws of the State of New York, without regard to conflictsof laws principles.

                   No reference herein to the Trust Agreement and no provision of this Class RCertificate or of the Trust Agreement shall alter or impair the obligation of the TrustEstate to pay amounts due on this Class R Certificate, but solely from the assets ofthe Trust Estate at the times, place and rate, and in the coin or currency, hereinprescribed.

G-4

                   IN WITNESS WHEREOF, Allegiance Funding I, LLC has caused this instrument to be signed,manually, by its President or a Vice President.

 

 

 

ALLEGIANCE FUNDING I, LLC
By: Allegiance Management Corp., as Manager
By:
Title:
 

 

 

CERTIFICATE OF AUTHENTICATION

 

                   This is one of the Class R Certificates described in the within-mentioned TrustAgreement.

 

Dated:                                    
 

 

MANUFACTURERS AND TRADERS TRUST COMPANY, as Trustee

By: 
Authorized Signatory

 

 

Schedule to Amended Class R Term Certificates, Series 1999-1
Disbursement                                           Date of                           Amount of   PrincipalFunding                                FundingPayment Date paid |
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