SECOND AMENDED AND RESTATEDSUPPLEMENT TOTRUST AGREEMENTFORREVOLVING SERIES 1998-1

                   This Second Amended and Restated Supplement to Trust Agreement for Revolving Series 1998-1(as amended or modified from time to time, this "Supplement"), dated as ofSeptember 15, 1999, is entered into among Allegiance Funding I, LLC, a Delaware limitedliability company (successor to Allegiance Funding Corp. I) (the "Depositor"),Manufacturers and Traders Trust Company, a New York banking corporation (the"Trustee"), and Point West Capital Corporation, as servicer, a Delawarecorporation (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 further amends and restates in its entirety the Amended and RestatedSupplement to Trust Agreement for Revolving Series 1998-1, dated as of September 1, 1999,among such parties.

                   The Depositor duly authorized the execution and delivery of the original Supplement datedas of August 1, 1998 to provide for the issuance of the Allegiance Capital Trust IRevolving Certificates, Series 1998-1 (the "98-1 Revolving Certificates"), whichconsist of the Class A-R Revolving Certificates, Series 1998-1 (the "98-1Class A-R Certificates"), Class B-R Revolving Certificates, Series 1998-1 (the"98-1 Class B-R Certificates"), Class C-R Revolving Certificates, Series 1998-1(the "98-1 Class C-R Certificates"), and Class D-R Revolving Certificates,Series 1998-1 (the "98-1 Class D-R Certificates"), each issuable as provided inthe Trust Agreement. By this Supplement, the Depositor is authorizing the issuance of anadditional Class of 98-1 Revolving Certificates, designated as the Class C2-R RevolvingCertificates , Series 1998-1 (the "98-1 C2-R Certificates") and theredesignation of the 98-1 Class C-R Certificates as the Class C1-R Revolving Certificates, Series 1998-1 (the "98-1 C1-R Certificates"). This Series of Certificates hasbeen designated as a "Revolving Series" under the Trust Agreement. The Class A-RCertificates, Class B-R Certificates, Class C1-R Certificates and Class C2-R Certificateshave initial credit ratings from the Rating Agency of A, BBB, BB and B, respectively, andthe Class D-R Certificates are not rated. The Loan Schedule for this Series as in effecton the date hereof is attached hereto as Schedule A. Pursuant to Section 2.02 of the TrustAgreement, this Supplement sets forth the following additional terms applicable to thisSeries of Certificates.

Section 1.             Definitions.

                   "Applicable Rate Spread": For each of the Class A-R, Class B-R, Class C1-R andClass C2-R Certificates within this Series, the amount specified below (or as otherwiseadjusted pursuant to Section 5 hereof):

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Class A-R = 2.00% per annum for Accrual Periods commencing before      September 1, 1999 and thereafter 2.05% per                                     annum      Class B-R = 2.80% per annum      Class C1-R = 5.50% per annum      Class C2-R = 6.75% per annum

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                   "Certificate Interest Rate": (a) For the Class A-R Certificates in this Series,a per annum rate equal to the LIBOR Rate plus the Applicable Rate Spread for such Class, providedthat such Certificate Interest Rate shall not exceed the Maximum Interest Rate; (b) forthe Class B-R, C1-R and C2-R Certificates in this Series, respectively, the rate thatprovides a bond equivalent yield equal to the sum of the Applicable Rate Spread for suchClass plus the Treasury Rate for such Class (as reset for each Funding Date for suchClass), which computation shall have been approved in writing by the CertificateholderAgent; and (c) for the Class D-R Certificates in this Series, 0.0%.

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

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

                   "Class C1-R Certificate": Any Certificate of this Series designated as aClass C1-R Certificate, substantially in the form attached hereto as Exhibit C-1, andwhich is Outstanding as of any date.

                   "Class C2-R Certificate": Any Certificate of this Series designated as aClass C2-R Certificate, substantially in the form attached hereto as Exhibit C-2, andwhich is Outstanding as of any date.

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

                   "Delivery Date": August 19, 1998.

                   "Draw Fee": With respect to any Funding, an amount equal to the product of(i) 0.0010 and (ii) the Funding Amount for such Funding that is attributable toany Rated Certificates of this Series. 

                   "Effective Date": September 21, 1999. 

                   "Excess Funding Amount": With respect to any Funding Date, if the requestedFunding Amount (a) would, under Section 2 hereof, cause the Outstanding PrincipalAmount of a Class of Certificates in this Series (other than the Class A-R Certificates)to equal the Maximum Series Amount for such Class but (b) would not be in an amountsufficient to also permit a Funding in the amount of the Minimum Funding Amount for thenext Class of Certificates to be funded pursuant to Section 2 hereof, the amount by whichthe requested Funding Amount exceeds the Maximum Series Amount for the Class ofCertificates referenced in clause (a) of this definition.

                   "Funding Termination Event": The earlier to occur of (a) the cumulative Fundingof Loans having an aggregate Loan Balance of $60,000,045 and (b) the occurrence of aDepositor Event of Default, Servicer Event of Default or Special Servicer Event of Defaultthat has not been cured or waived within thirty (30) days after written notice thereof.

                   "Initial Funding Amount": For each of the Class A-R, Class B-R, Class C-R andClass D-R Certificates within this Series, the amount specified below:

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Class A-R = $0.0      Class B-R = $0.0      Class C-R = $0.0      Class D-R = $3,650,000

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                   "Initial Payment Date": October 15, 1998.

                   "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 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 Reset Date.

(b) If such rate does not appear on Telerate Page 3750 or Bloomberg    MMR2, the rate for such 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 Reset Date. The Servicer will request the principal London    office of each of the Reference Banks to provide such a quotation. If, on any Reset Date:    (i) at least two Reference Banks provide quotations when requested, the LIBOR Rate    for such 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    Reset Date for loans to leading European banks in U.S. Dollars for a period of one month    commencing on that Reset Date.

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

                   "Maximum Interest Rate": A per annum rate for the Class A-R Certificates that isderived from its pro rata share of the Series Percentage of interest due on the Loans lessthe Series Percentage of Scheduled Expenses, with such pro ration based upon the relativerate at which interest otherwise accrues among Classes of this Series.

                   "Maximum Series Amount": $30,000,045, allocated to each Class ofCertificates in this Series as follows (or as otherwise adjusted pursuant to Section 4hereof):

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Class A-R = $20,950,000      Class B-R = $ 3,300,045      Class C-R = $ 2,100,000      Class D-R = $ 3,650,000

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

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Class A-R = $ 1,000,000      Class B-R = $ 3,300,045      Class C-R = $ 2,100,000      Class D-R = $ 1,000

provided that, with respect to the final funding prior to issuanceof any Term Certificates, the Minimum Funding Amount for the Class A-R Certificatesshall be $100,000.

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                   "Non-Usage Fee": With respect to each Accrual Period through the FundingTermination Date, an amount, payable to Warehouse Line Advisors, Inc. to the accountspecified in Annex 2 to the Certificate Purchase Agreement, equal to the product of(a) 0.0025 per annum and (b) the positive difference between the Maximum SeriesAmount for the Class A-R, B-R, Class C1-R and C2-R Certificates in this Series and theaverage Outstanding Principal Amount of all Class A-R, B-R, Class C1-R and C2-RCertificates in this Series during such Accrual Period.

                   "Revolving Funding Date": Any Funding Date on which the Depositor obtains aFunding under the 98-1 Revolving Certificates. 

                   "Revolving Funding Schedule": The schedule attached hereto as Schedule B, asamended from time to time pursuant to Section 4 hereof. Such Revolving Funding Schedule,as amended from time to time, is incorporated herein by this reference. 

                   "Scheduled Funding Termination Date": (a) With respect to the Class A-Rcertificates, March 31, 2000; and (b) with respect to the Class B-R, Class C1-R and ClassC2-R certificates, December 30, 1999, provided that if there is an active "B"fund under management by the Certificateholder Agent, the Certificateholder Agent shalluse its best efforts to extend the Scheduled Funding Termination Date applicable to anyClass B-R, Class C1-R or Class C2-R Certificate to March 31, 2000.

                   "Scheduled Maturity": With respect to any Class A-R, Class B-R , Class C1-R orClass C2-R Certificate, April 17, 2000.

                   "Series Termination Date": For each of the Class A-R, Class B-R, Class C1-R,Class C2-R and Class D-R Certificates in this Series, the date specified below:

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Class A-R = July 15, 2019      Class B-R = July 15, 2019      Class C1-R = July 15, 2019      Class C2-R = July 15, 2019      Class D-R = July 15, 2019

                   "Swap Agreement": Means the ISDA Master Agreement, dated as of August 1,1998,along with the related Schedule, dated as of August 1, 1998 and the Confirmation dated asof August 1,1998, between Point West Capital Corporation and the Trust.

                   "Transaction Documents Date": As of August 1,1998.

                   "Treasury Rate": With respect to the Class B-R, Class C1-R and Class C2-RCertificates, on the date three (3) Business Days prior to any Funding Date for suchClass, a per annum rate equal to the bond equivalent yield on actively traded U.S.government securities with a one year maturity as set forth on page "USD" of theBloomberg Financial Markets Screen (or if not available, any other nationally recognizedtrading screen reporting on-line intra-day trading in United States government securities)at 11:00 a.m. (New York time) on such date of determination, or in the event no suchnationally recognized trading screen is available, the arithmetic mean of the yields forthe two columns under the heading "Week Ending" published in the Federal ReserveH.15 Statistical Release under the caption "Treasury Constant Maturities" forone (1) year maturities. 

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Section 2. Sequence for Fundings.

            (a)         Holders of Certificates in this Seriesshall provide Fundings under this Series in sequence, by Class, in reverse order ofalphabetical designation such that no Class in this Series shall be obligated to make aFunding under Section 4.05 of the Trust Agreement unless all subordinated Classes in thisSeries have an Outstanding Principal Amount (taking into account any Fundings by suchsubordinated Class on such Funding Date) equal to the Maximum Series Amount for suchClass; provided that, on any Funding Date, the Excess Funding Amount, if any, shallbe funded by and allocated to the Class D-R Certificates, though such Excess FundingAmount shall not change the Maximum Series Amount for such Class; providedfurtherthat, on the next Funding Date, the Holders of Certificates in the applicable Class ofthis Series then obligated to make a Funding shall first fund an amount equal to theExcess Funding Amount then held by the Holders of the Class D-R Certificates.

            (b)On each Funding Date, all Draw Fees shall be paid as provided in the applicableCertificate Purchase Agreement(s).

            (c)Notwithstanding the definition of Funding Date set forth in the Trust Agreement, upon therequest of the Depositor, up to two additional Funding Dates may be designated under thisSeries, one during the period beginning August 30, 1999 and ending September 17, 1999 andone during the period beginning March 30, 2000 and ending April 14, 2000. Such Fundingsshall otherwise occur on the terms set forth in the Transaction Documents. 

Section 3. 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 and shall make the following disbursements in the following order ofpriority (in accordance with the provisions of and instructions on the monthly ServicerReport):

                   (a) to pay the interest accrued as of that Payment Date on all outstanding Class A-RCertificates of this Series and any overdue interest;

                   (b) to pay the interest accrued as of that Payment Date on all outstanding Class B-RCertificates of this Series and any overdue interest;

                   (c) to pay the interest accrued as of that Payment Date first (i) on all outstanding ClassC1-R Certificates of this Series and any overdue interest thereon and then (ii) on alloutstanding Class C2-R Certificates of this Series and any overdue interest thereon;

                   (d) to pay any Non-Usage Fees then due;

                   (e) to the extent of the Series Percentage of any Interest Collections in excess ofScheduled Expenses and amounts distributed pursuant to clauses (a) - (d) above, to depositinto the Reserve Account an amount equal to the Series Percentage of the amount necessaryto bring the balance therein to an amount equal to the Reserve Account Required Balance;

                   (f) to the extent of any remaining Series Collections, to pay to the Class A-RCertificateholders of this Series an amount equal to the Principal Distribution Amountallocable this Series, to be applied to

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the payment of the Outstanding Principal Amount of such Certificatesuntil such Outstanding Principal Amount is repaid in full;

                   (g) to the extent of any remaining Series Collections, to pay to the Class B-RCertificateholders of this Series an amount equal to the Principal Distribution Amountallocable this Series (and not already distributed pursuant to clause (f) above), to beapplied to the payment of the Outstanding Principal Amount of such Certificates until suchOutstanding Principal Amount is repaid in full;

                   (h) to the extent of any remaining Series Collections, to pay to the Class C1-RCertificateholders of this Series an amount equal to the Principal Distribution Amountallocable this Series (and not already distributed pursuant to clauses (f) and (g) above),to be applied to the payment of the Outstanding Principal Amount of such Certificatesuntil such Outstanding Principal Amount is repaid in full;

                   (i) to the extent of any remaining Series Collections, to pay to the Class C2-RCertificateholders of this Series an amount equal to the Principal Distribution Amountallocable this Series (and not already distributed pursuant to clauses (f), (g) and (h)above), to be applied to the payment of the Outstanding Principal Amount of suchCertificates until such Outstanding Principal Amount is repaid in full;

                   (j) to pay to the Class A-R Certificateholders an amount equal to that portion of theCertificate Interest Rate that would have otherwise accrued with respect to such Class inrespect of a prior Payment Date but for the application of the Maximum Interest Rate, tothe extent not already paid on a prior Payment Date;

                   (k) to pay to the Trustee, the Servicer, the Special Servicer and the Servicing Advisorany other amounts due to them as expressly provided in the Trust Agreement or in theServicing Agreement, including Recovery Expenses not previously reimbursed and deferredServicer Fees, Special Servicer Fees, and Servicing Advisor Fees not otherwise paidpursuant to any Supplement or other Transaction Document;

                   (l) upon the occurrence of a Depositor Event of Default, an amount sufficient to reimbursethe Trustee and the Certificateholders for any expenses incurred by them in enforcingremedies available under Section 6.02 of the Trust Agreement; and

                   (m) to pay any and all remaining funds to the Holders of the Class D-R Certificates and,if no such Certificates are then Outstanding, to the Depositor.

Section 4. Right to Cause Prepayments; Adjustment of Maximum SeriesAmounts and Minimum Funding Amounts.

            (a)Notwithstanding any other provision of the Trust Agreement or the Certificates to thecontrary, the Depositor shall have the option to cause the Trust to prepay, withoutpremium or penalty, principal on any Outstanding Class of 98-1 Revolving Certificates on adollar for dollar basis with the net proceeds of the issuance of a Series of TermCertificates, with such net proceeds being used to prepay all 98-1 Revolving Certificatesby Class in reverse order of issuance; provided that no such prepayment of 98-1Revolving Certificates shall be permitted unless all Rated Certificates are prepaid infull. Notwithstanding such prepayment, such 98-1 Revolving Certificates shall remainOutstanding and additional Fundings may be made under such Certificates in accordance withArticle Three of the Trust Agreement. Following any such prepayment in connection with theissuance of a Series of Term Certificates: (i) the Maximum Series Amount for each Class ofCertificates in this Series shall be adjusted from time to time to the level required bythe Rating Agency to maintain the respective rating on each such Class of Certificates;provided that in no event shall the aggregate Maximum Series Amount of $30,000,045 for allClasses be exceeded; (ii)

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following such adjustment, the Minimum Funding Amount for the ClassB-R, Class C1-R and Class C2-R Certificates shall be adjusted upward or downward, asappropriate; and (iii) such adjustments shall be reflected on a Revolving Funding Scheduleas described on clause (b) below. Notwithstanding the foregoing, the Maximum SeriesAmounts and Minimum Funding Amounts shall not be increased without the consent of theHolders of Certificates in the relevant Class, and the Certificateholder Agent shall useits best efforts to obtain any required approvals. 

            (b)As of the Effective Date, the Revolving Funding Schedule is as set forth on Schedule Bhereto. Thereafter, a revised Revolving Funding Schedule shall be included with eachFunding Report delivered in connection with a Funding Date. In addition, upon anyprepayment in accordance with clause (a) above, a revised Revolving Funding Schedule shallbe provided by the Depositor to the Rating Agency and the Certificateholder Agent. Eachsuch revised Revolving Funding Schedule shall, as appropriate, specify (i) the dollaramount that each Class of this Series shall fund in connection with the related Funding or(ii) the adjusted Maximum Series Amount and Minimum Funding Amount for each Class ofCertificates in this Series.

            (c)In addition, on any Funding Date: (i) the Class D-R Certificates may be prepaid, withoutpremium or penalty, in the amount of any Excess Funding Amount being funded on such dateby the Holders of Rated Certificates; and (ii) the Maximum Series Amount for the Class D-RCertificates shall be increased if required by the Rating Agency to maintain the rating ofany Certificates of this Series in connection with a specific Funding that involves Loansthat are permitted to deviate from the Program Guidelines or the Pool Criteria.

            (d)The parties agree that the aggregate amount of each Funding under a Term Series shall beat least $15,000,000.

Section 5. Increase in Interest Rate.

                   Notwithstanding the definition of Certificate Interest Rate set forth above, if anyClass A-R, Class B-R, Class C1-R or Class C2-R Certificate in this Series is notrepaid by its Scheduled Maturity, then, for any Accrual Period commencing on or after suchScheduled Maturity, the Certificate Interest Rate on such Certificate shall be increasedby 1.00%.

Section 6. Limitation of Transfer and Exchange of Class D-RCertificates.

                   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 D-R Certificates, unless otherwise agreed to by the Controlling Holders.

Section 7. Reserve Account Deposit.

                   On or prior to the initial Funding Date for this Series, the Depositor shall deposit$250,000 into the Reserve Account for investment and disbursement in accordance withSection 5.03 of the Trust Agreement.

Section 8. Minimum Denominations

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

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Section 9. Distribution In-Kind.

                   By executing this Supplement (including the related Certificateholder consent) all partiesacknowledge and approve the distribution in-kind by the Trustee to the Holder of the 98-1Class D-R Certificate of all right, title and interest in and to Loan # 1002A1 and anyLoan Assets related to such Loan****in lieu of a portion of the cash prepaymentotherwise being made to such Holder as of the Effective 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 is herebydirected to execute and deliver all assignments, note endorsements and other documentationnecessary to effectuate such distribution in kind.

Section 10. Precondition to Fundings.

                   On or before each date for the first Funding by the Holders of a Class of RatedCertificates in this Series, the Depositor shall provide written confirmation from theRating Agency of the initial rating on the all of the Rated Certificates in this Series.

Section 11. References to Class C-R Certificates; General Provisions.

                   The amendments made pursuant to this Second Amended and Restated Supplement shall beeffective as of the Effective Date. All references herein or in any other TransactionDocument (including any Purchase Agreement) to the 98-1 Class C-R Certificates shall, atall times on and after the Effective Date, be deemed to refer to the 98-1 Class C1-RCertificates and 98-1 Class C2-R Certificates. Upon execution and delivery of thisSupplement, the Depositor shall execute and the Trustee shall authenticate 98-1 Class C1-RCertificates and 98-1 Class C2-R Certificates which shall be delivered by the Trustee toeach Holder of a 98-1 Class C-R Certificate in exchange for its existing 98-1 Class C-RCertificate. Pending such exchange, the 98-1 Class C-R Certificate shall be deemed toevidence both the 98-1 Class C1-R Certificate and 98-1 Class C2-R Certificate.

                   As amended and supplemented by this Supplement, the Trust Agreement is in all respectsratified and confirmed and the Trust Agreement as so supplemented shall be read, taken andconstrued as one and the same instrument. In the event that any term or provisioncontained herein shall conflict with or be inconsistent with any term or provisioncontained in the Trust Agreement, the terms and conditions of the Supplement shall becontrolling.

                   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, withoutregard to the conflict of laws provisions of any State.

                   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 havecaused this Supplement to be executed by their respective duly authorized officers as ofthe date and year first written above.

 

 

| ALLEGIANCE FUNDING 1 llc, , as    the DepositerBy:             /s/ Alan B. PerperName:    Alan B. PerperTitle:           President
 

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/ Alan B. PerperName:    Alan B. PerperTitle:           President**Consented and Agreed:**
 

 

TICE & CO., as registered    owner of the Class A-R Certificates
By:             /s/ Jacqueline M. MayIts::             Vice PresidentDate:           9/21/99
 

TICE & CO., as registered    owner of the Class B-R Certificates
By:             /s/Jacqueline M. MayIts::             Vice PresidentDate:           9/21/99
 

TICE & CO., as registered    owner of the Class C-R Certificates
By:             /s/ Jacqueline M. MayIts::             Vice PresidentDate:           9/21/99
 
**EXHIBIT A

 

FORM OF AMENDED AND RESTATED CLASS A-R REVOLVING 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-R 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. A-R _____ % of Class ____

 

ALLEGIANCE CAPITAL TRUST IAMENDED AND RESTATED CLASS A-R REVOLVING CERTIFICATE, SERIES 1998-1

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.)

 

Registered Owner:                                               
A-1
 

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 Corp. I (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 Second Amended and Restated Supplement to TrustAgreement for Revolving Series 1998-1, dated as of September 15, 1999 (amending andrestating the original Supplement to Trust Agreement for Revolving Series 1998-1, dated asof August 1, 1998), among the Depositor, the Trustee and Point West Capital Corporation,as Servicer (collectively, the "Trust Agreement"). Reference is made to theTrust Agreement for a statement of the respective rights thereunder of the Depositor, theTrustee and the Holders of the Certificates, and the terms upon which the Certificatesare, and are to be, authenticated and delivered. To the extent not otherwise definedherein, each capitalized term used herein has the meaning assigned to it in the TrustAgreement.

                   This Certificate is one of a duly authorized issue of Certificates designated as theAmended and Restated Class A-R Revolving Certificates, Series 1998-1 having ascheduled maturity of April 17, 2000 and a Series Termination Date of July 15, 2019(herein called the "Class A-R Certificates") issued and to be issued underthe Trust Agreement. This Class A-R Certificate is issued under and is subject to theterms, provisions and conditions of the Trust Agreement, to which Trust Agreement theholder of this Class A-R 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 required to be made by theHolder of this Certificate shall be as set forth in the Revolving Funding Schedule. 

                   This Class A-R Certificate bears interest during each Accrual Period on theOutstanding Principal Amount hereof (as of the first day of the Accrual Period) at theCertificate Interest Rate, until and including the last day preceding the Payment Date onwhich the Outstanding Principal Amount hereof has been reduced to zero. Interest on theOutstanding Principal Amount hereof shall be calculated on the basis of a 360-day yearconsisting of 12 months of 30 days each. Interest shall be due and payable in arrears oneach Payment Date. In addition, with respect to any Funding by the Class A-R Certificatesof this Series occurring in any Accrual Period following the preceding Payment Date, therelated Funding Amounts shall accrue interest from the related Funding Date through theend of the Accrual Period in which such Funding occurs in the amount of the applicableFirst Period Interest, which interest shall be paid on the next Payment Date. The FirstPeriod Interest on the Funding Amount shall be determined on the Funding Date at the rateestablished on the applicable Reset Date. Notwithstanding the foregoing, if theOutstanding Principal Amount of this Certificate is not paid in full by its ScheduledMaturity, then, for any Accrual Period 

A-2

commencing on or after such Scheduled Maturity, the CertificateInterest Rate on this Certificate shall be increased by 1.00%. In making any interestpayment, if the interest calculation with respect to a Certificate shall result in aportion of such payment being less than $0.01, then such payment shall be decreased to thenearest whole cent, and no subsequent adjustment shall be made in respect thereof.

                   The principal of this Class A-R Certificate shall be payable in installments endingno later than the Series Termination Date unless this Class A-R Certificate becomesdue and payable at an earlier date by call for redemption or otherwise. All reductions inthe principal amount of a Class A-R Certificate effected by payments of installmentsof principal made on any Payment Date shall be binding upon all future Holders of thisClass A-R Certificate and of any Class A-R Certificate issued upon theregistration of transfer hereof or in exchange herefor or in lieu hereof, whether or notsuch payment is noted on this Class A-R Certificate. Each installment of principalpayable on this Class A-R Certificate shall be in an amount equal to thisCertificateholder's pro rata share of the Class A-R Principal DistributionAmount available to be paid in accordance with the priorities of Section 3 of theSupplement for this Series and Section 5.02 of the Trust Agreement. Subject to the termsof the Trust Agreement, the principal payable on this Class A-R Certificate shall bepaid on each Payment Date during the term of the Trust Agreement, beginning on the InitialPayment Date. All payments of principal with respect to all of the Class A-RCertificates of a Series shall be made on a pro rata basis based upon the ratio that theOutstanding Principal Amount of a Class A-R Certificate bears to the OutstandingPrincipal Amount of all Class A-R Certificates of such Series; provided that,if as a result of such proration a portion of such principal would be less than $0.01,then such payment shall be reduced 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-R 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-R Certificates shall bemade prorata based upon the ratio of the Outstanding Principal Amount of this Certificateto the Outstanding Principal Amount of Class A-R Certificates of this Series, providedthat if as a result of such proration, a portion of such payment would be less than $0.01,then such 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 

A-3

Person that is a beneficial owner of any interest in a Certificate, byvirtue of such Person's acquisition of a beneficial interest therein), agree to report thetransactions contemplated thereby in accordance with such stated intentions unless anduntil determined to the contrary by an applicable taxing authority.

                   The property of the Trust Estate includes certain Loan Assets and certain other assetsdescribed in the Trust Agreement. The Class A-R Certificates of the 1998-1 Series andall other Series of Class A-R Certificates issued under the Trust Agreement aregenerally payable out of the Trust Estate pari passu among such Class A-RCertificateholders equally and ratably without prejudice, priority or distinction betweenany Class A-R Certificate by reason of time of issue or otherwise. The Class A-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 A-RCertificate is issued also provides for the issuance of other Classes and Series ofCertificates from time to time. Payments of interest on the Class A-R Certificatesare senior 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-R 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, except that theDepositor may cause the Trust to prepay on a dollar for dollar basis the principal,without penalty or premium, of any Outstanding Series of Revolving Certificates with theproceeds of the issuance or Funding of a Series of Term Certificates.

                   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 A-RCertificates of the same Scheduled Maturity of authorized denominations and for the sameinitial aggregate principal amount 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 

A-4

 

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 A-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 A-RCertificate 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-R 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 thisinstrument to be signed, manually, by the President or a Vice President of its Manager,Allegiance Management Corp.

 

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

 

 

CERTIFICATE OF AUTHENTICATION

 

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

 

Dated:                                    
 

 

MANUFACTURERS AND TRADERS TRUST COMPANY, as Trustee

By: 
Authorized Signatory

 

 

Schedule to Amended Class A-R Revolving Certificates, Series 1998-1
Disbursement                                           Date of                           Amount of   PrincipalFunding                                FundingPayment &Date paid
 

 
**EXHIBIT B

 

FORM OF AMENDED AND RESTATED CLASS B-R REVOLVING 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 B-R 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. B-R _____ % of Class ____

 

ALLEGIANCE CAPITAL TRUST IAMENDED AND RESTATED CLASS B-R REVOLVING CERTIFICATE, SERIES 1998-1

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.)

 

Registered Owner:                                               
B-1
 

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 Corp. I (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 Second Amended and Restated Supplement to TrustAgreement for Revolving Series 1998-1, dated as of September 15, 1999 (amending andrestating the original Supplement to Trust Agreement for Revolving Series 1998-1, dated asof August 1, 1998), among the Depositor, the Trustee and Point West Capital Corporation,as Servicer (collectively, the "Trust Agreement"). Reference is made to theTrust Agreement for a statement of the respective rights thereunder of the Depositor, theTrustee and the Holders of the Certificates, and the terms upon which the Certificatesare, and are to be, authenticated and delivered. To the extent not otherwise definedherein, each capitalized term used herein has the meaning assigned to it in the TrustAgreement.

                   This Certificate is one of a duly authorized issue of Certificates designated as theAmended and Restated Class B-R Revolving Certificates, Series 1998-1 having ascheduled maturity of April 17, 2000 and a Series Termination Date of July 15, 2019(herein called the "Class B-R Certificates") issued and to be issued underthe Trust Agreement. This Class B-R Certificate is issued under and is subject to theterms, provisions and conditions of the Trust Agreement, to which Trust Agreement theholder of this Class B-R 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 required to be made by theHolder of this Certificate shall be as set forth in the Revolving Funding Schedule. 

                   This Class B-R Certificate bears interest during each Accrual Period on theOutstanding Principal Amount hereof (as of the first day of the Accrual Period) at theCertificate Interest Rate, until and including the last day preceding the Payment Date onwhich the Outstanding Principal Amount hereof has been reduced to zero. Interest on theOutstanding Principal Amount hereof shall be calculated on the basis of a 360-day yearconsisting of 12 months of 30 days each. Interest shall be due and payable in arrears oneach Payment Date. In addition, with respect to any Funding by the Class B-R Certificatesof this Series occurring in any Accrual Period following the preceding Payment Date, therelated Funding Amounts shall accrue interest from the related Funding Date through theend of the Accrual Period in which such Funding occurs in the amount of the applicableFirst Period Interest, which interest shall be paid on the next Payment Date. The FirstPeriod Interest on the Funding Amount shall be determined on the Funding Date at the rateestablished on the applicable Reset Date. Notwithstanding the foregoing, if theOutstanding Principal Amount of this Certificate is not paid in full by its ScheduledMaturity, then, for any Accrual Period 

B-2

commencing on or after such Scheduled Maturity, the CertificateInterest Rate on this Certificate shall be increased by 1.00%. In making any interestpayment, if the interest calculation with respect to a Certificate shall result in aportion of such payment being less than $0.01, then such payment shall be decreased to thenearest whole cent, and no subsequent adjustment shall be made in respect thereof.

                   The principal of this Class B-R Certificate shall be payable in installments endingno later than the Series Termination Date unless this Class B-R Certificate becomesdue and payable at an earlier date by call for redemption or otherwise. All reductions inthe principal amount of a Class B-R Certificate effected by payments of installmentsof principal made on any Payment Date shall be binding upon all future Holders of thisClass B-R Certificate and of any Class B-R Certificate issued upon theregistration of transfer hereof or in exchange herefor or in lieu hereof, whether or notsuch payment is noted on this Class B-R Certificate. Each installment of principalpayable on this Class B-R Certificate shall be in an amount equal to thisCertificateholder's pro rata share of the Class B-R Principal DistributionAmount available to be paid in accordance with the priorities of Section 3 of theSupplement for this Series and Section 5.02 of the Trust Agreement. Subject to the termsof the Trust Agreement, the principal payable on this Class B-R Certificate shall bepaid on each Payment Date during the term of the Trust Agreement, beginning on the InitialPayment Date. All payments of principal with respect to all of the Class B-RCertificates of a Series shall be made on a pro rata basis based upon the ratio that theOutstanding Principal Amount of a Class B-R Certificate bears to the OutstandingPrincipal Amount of all Class B-R Certificates of such Series; provided that,if as a result of such proration a portion of such principal would be less than $0.01,then such payment shall be reduced 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 B-R 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 B-R Certificates shall bemade prorata based upon the ratio of the Outstanding Principal Amount of this Certificateto the Outstanding Principal Amount of Class B-R Certificates of this Series, providedthat if as a result of such proration, a portion of such payment would be less than $0.01,then such 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 

B-3

Person that is a beneficial owner of any interest in a Certificate, byvirtue of such Person's acquisition of a beneficial interest therein), agree to report thetransactions contemplated thereby in accordance with such stated intentions unless anduntil determined to the contrary by an applicable taxing authority.

                   The property of the Trust Estate includes certain Loan Assets and certain other assetsdescribed in the Trust Agreement. The Class B-R Certificates of the 1998-1 Series andall other Series of Class B-R Certificates issued under the Trust Agreement aregenerally payable out of the Trust Estate pari passu among such Class B-RCertificateholders equally and ratably without prejudice, priority or distinction betweenany Class B-R Certificate by reason of time of issue or otherwise. The Class B-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 B-RCertificate is issued also provides for the issuance of other Classes and Series ofCertificates from time to time. Payments of interest on the Class B-R Certificatesare senior 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 B-R 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, except that theDepositor may cause the Trust to prepay on a dollar for dollar basis the principal,without penalty or premium, of any Outstanding Series of Revolving Certificates with theproceeds of the issuance or Funding of a Series of Term Certificates.

                   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 B-RCertificates of the same Scheduled Maturity of authorized denominations and for the sameinitial aggregate principal amount 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 

B-4

 

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 B-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 B-RCertificate 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-R 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 thisinstrument to be signed, manually, by the President or a Vice President of its Manager,Allegiance Management Corp.

 

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

 

 

CERTIFICATE OF AUTHENTICATION

 

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

 

Dated:                                    
 

 

MANUFACTURERS AND TRADERS TRUST COMPANY, as Trustee

By: 
Authorized Signatory

 

 

Schedule to Amended Class B-R Revolving Certificates, Series 1998-1
Disbursement                                           Date of                           Amount of   PrincipalFunding                                FundingPayment &Date paid
 

 

 
**EXHIBIT C-1

 

FORM OF AMENDED AND RESTATED CLASS C1-R REVOLVING 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 C1-R 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. C1-R _____                                                                                                                                                                                     % of Class ____

 

ALLEGIANCE CAPITAL TRUST IAMENDED AND RESTATED CLASS C1-R REVOLVING CERTIFICATE, SERIES 1998-1

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.)

 

Registered Owner:                                               
C1-1
 

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 Corp. I (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 Second Amended and Restated Supplement to TrustAgreement for Revolving Series 1998-1, dated as of September 15, 1999 (amending andrestating the original Supplement to Trust Agreement for Revolving Series 1998-1, dated asof August 1, 1998), among the Depositor, the Trustee and Point West Capital Corporation,as Servicer (collectively, the "Trust Agreement"). Reference is made to theTrust Agreement for a statement of the respective rights thereunder of the Depositor, theTrustee and the Holders of the Certificates, and the terms upon which the Certificatesare, and are to be, authenticated and delivered. To the extent not otherwise definedherein, each capitalized term used herein has the meaning assigned to it in the TrustAgreement.

                   This Certificate is one of a duly authorized issue of Certificates designated as theAmended and Restated Class C1-R Revolving Certificates, Series 1998-1 having ascheduled maturity of April 17, 2000 and a Series Termination Date of July 15, 2019(herein called the "Class C1-R Certificates") issued and to be issued underthe Trust Agreement. This Class C1-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 C1-R 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 required to be made by theHolder of this Certificate shall be as set forth in the Revolving Funding Schedule. 

                   This Class C1-R Certificate bears interest during each Accrual Period on theOutstanding Principal Amount hereof (as of the first day of the Accrual Period) at theCertificate Interest Rate, until and including the last day preceding the Payment Date onwhich the Outstanding Principal Amount hereof has been reduced to zero. Interest on theOutstanding Principal Amount hereof shall be calculated on the basis of a 360-day yearconsisting of 12 months of 30 days each. Interest shall be due and payable in arrears oneach Payment Date. In addition, with respect to any Funding by the Class C1-R Certificatesof this Series occurring in any Accrual Period following the preceding Payment Date, therelated Funding Amounts shall accrue interest from the related Funding Date through theend of the Accrual Period in which such Funding occurs in the amount of the applicableFirst Period Interest, which interest shall be paid on the next Payment Date. The FirstPeriod Interest on the Funding Amount shall be determined on the Funding Date at the rateestablished on the applicable Reset Date. Notwithstanding the foregoing, if theOutstanding Principal Amount of this Certificate is not paid in full by its ScheduledMaturity, then, for any Accrual Period 

C1-2

commencing on or after such Scheduled Maturity, the CertificateInterest Rate on this Certificate shall be increased by 1.00%. In making any interestpayment, if the interest calculation with respect to a Certificate shall result in aportion of such payment being less than $0.01, then such payment shall be decreased to thenearest whole cent, and no subsequent adjustment shall be made in respect thereof.

                   The principal of this Class C1-R Certificate shall be payable in installments endingno later than the Series Termination Date unless this Class C1-R Certificate becomesdue and payable at an earlier date by call for redemption or otherwise. All reductions inthe principal amount of a Class C1-R Certificate effected by payments of installmentsof principal made on any Payment Date shall be binding upon all future Holders of thisClass C1-R Certificate and of any Class C1-R Certificate issued upon theregistration of transfer hereof or in exchange herefor or in lieu hereof, whether or notsuch payment is noted on this Class C1-R Certificate. Each installment of principalpayable on this Class C1-R Certificate shall be in an amount equal to thisCertificateholder's pro rata share of the Class C1-R Principal DistributionAmount available to be paid in accordance with the priorities of Section 3 of theSupplement for this Series and Section 5.02 of the Trust Agreement. Subject to the termsof the Trust Agreement, the principal payable on this Class C1-R Certificate shall bepaid on each Payment Date during the term of the Trust Agreement, beginning on the InitialPayment Date. All payments of principal with respect to all of the Class C1-RCertificates of a Series shall be made on a pro rata basis based upon the ratio that theOutstanding Principal Amount of a Class C1-R Certificate bears to the OutstandingPrincipal Amount of all Class C1-R Certificates of such Series; provided that,if as a result of such proration a portion of such principal would be less than $0.01,then such payment shall be reduced 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 C1-R 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 C1-R Certificates shall bemade prorata based upon the ratio of the Outstanding Principal Amount of this Certificateto the Outstanding Principal Amount of Class C1-R Certificates of this Series, providedthat if as a result of such proration, a portion of such payment would be less than $0.01,then such 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 

C1-3

Person that is a beneficial owner of any interest in a Certificate, byvirtue of such Person's acquisition of a beneficial interest therein), agree to report thetransactions contemplated thereby in accordance with such stated intentions unless anduntil determined to the contrary by an applicable taxing authority.

                   The property of the Trust Estate includes certain Loan Assets and certain other assetsdescribed in the Trust Agreement. The Class C1-R Certificates of the 1998-1 Seriesand all other Series of Class C1-R Certificates issued under the Trust Agreement aregenerally payable out of the Trust Estate pari passu among such Class C1-RCertificateholders equally and ratably without prejudice, priority or distinction betweenany Class C1-R Certificate by reason of time of issue or otherwise. TheClass C1-R Certificates are payable only out of the Trust Estate and do not representrecourse obligations of the Depositor, Allegiance Capital, LLC or any of their respectiveaffiliates or successors. The Trust Agreement pursuant to which this Class C1-RCertificate is issued also provides for the issuance of other Classes and Series ofCertificates from time to time. Payments of interest on the Class C1-R Certificatesare senior 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 C1-R 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, except that theDepositor may cause the Trust to prepay on a dollar for dollar basis the principal,without penalty or premium, of any Outstanding Series of Revolving Certificates with theproceeds of the issuance or Funding of a Series of Term Certificates.

                   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 C1-RCertificates of the same Scheduled Maturity of authorized denominations and for the sameinitial aggregate principal amount 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 

C1-4

 

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 C1-R Certificate and the Trust Agreement shall be governed by andconstrued in accordance with the internal laws of the State of New York, without regard toconflicts of laws principles.

                   No reference herein to the Trust Agreement and no provision of this Class C1-RCertificate or of the Trust Agreement shall alter or impair the obligation of the TrustEstate to pay the principal of and interest on this Class C1-R Certificate, butsolely from the assets of the Trust Estate at the times, place and rate, and in the coinor currency, herein prescribed.

C1-5

 

IN WITNESS WHEREOF, Allegiance Funding I, LLC has caused thisinstrument to be signed, manually, by the President or a Vice President of its Manager,Allegiance Management Corp.

 

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

 

 

CERTIFICATE OF AUTHENTICATION

 

                   This is one of the Class C1-R Certificates described in the within-mentioned TrustAgreement.

 

Dated:                                    
 

 

MANUFACTURERS AND TRADERS TRUST COMPANY, as Trustee

By: 
Authorized Signatory

 

 

Schedule to Amended Class C1-R Revolving Certificates, Series 1998-1
Disbursement                                           Date of                           Amount of   PrincipalFunding                                FundingPayment &Date paid
 

 
**EXHIBIT C-2

 

FORM OF AMENDED AND RESTATED CLASS C2-R REVOLVING 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 C2-R 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. C2-R _____                                                                                                                                                                                     % of Class ____

 

ALLEGIANCE CAPITAL TRUST IAMENDED AND RESTATED CLASS C2-R REVOLVING CERTIFICATE, SERIES 1998-1

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.)

 

Registered Owner:                                               
C2-1
 

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 Corp. I (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 Second Amended and Restated Supplement to TrustAgreement for Revolving Series 1998-1, dated as of September 15, 1999 (amending andrestating the original Supplement to Trust Agreement for Revolving Series 1998-1, dated asof August 1, 1998), among the Depositor, the Trustee and Point West Capital Corporation,as Servicer (collectively, the "Trust Agreement"). Reference is made to theTrust Agreement for a statement of the respective rights thereunder of the Depositor, theTrustee and the Holders of the Certificates, and the terms upon which the Certificatesare, and are to be, authenticated and delivered. To the extent not otherwise definedherein, each capitalized term used herein has the meaning assigned to it in the TrustAgreement.

                   This Certificate is one of a duly authorized issue of Certificates designated as theAmended and Restated Class C2-R Revolving Certificates, Series 1998-1 having ascheduled maturity of April 17, 2000 and a Series Termination Date of July 15, 2019(herein called the "Class C2-R Certificates") issued and to be issued underthe Trust Agreement. This Class C2-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 C2-R 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 required to be made by theHolder of this Certificate shall be as set forth in the Revolving Funding Schedule. 

                   This Class C2-R Certificate bears interest during each Accrual Period on theOutstanding Principal Amount hereof (as of the first day of the Accrual Period) at theCertificate Interest Rate, until and including the last day preceding the Payment Date onwhich the Outstanding Principal Amount hereof has been reduced to zero. Interest on theOutstanding Principal Amount hereof shall be calculated on the basis of a 360-day yearconsisting of 12 months of 30 days each. Interest shall be due and payable in arrears oneach Payment Date. In addition, with respect to any Funding by the Class C2-R Certificatesof this Series occurring in any Accrual Period following the preceding Payment Date, therelated Funding Amounts shall accrue interest from the related Funding Date through theend of the Accrual Period in which such Funding occurs in the amount of the applicableFirst Period Interest, which interest shall be paid on the next Payment Date. The FirstPeriod Interest on the Funding Amount shall be determined on the Funding Date at the rateestablished on the applicable Reset Date. Notwithstanding the foregoing, if theOutstanding Principal Amount of this Certificate is not paid in full by its ScheduledMaturity, then, for any Accrual Period 

C2-2

commencing on or after such Scheduled Maturity, the CertificateInterest Rate on this Certificate shall be increased by 1.00%. In making any interestpayment, if the interest calculation with respect to a Certificate shall result in aportion of such payment being less than $0.01, then such payment shall be decreased to thenearest whole cent, and no subsequent adjustment shall be made in respect thereof.

                   The principal of this Class C2-R Certificate shall be payable in installments endingno later than the Series Termination Date unless this Class C2-R Certificate becomesdue and payable at an earlier date by call for redemption or otherwise. All reductions inthe principal amount of a Class C2-R Certificate effected by payments of installmentsof principal made on any Payment Date shall be binding upon all future Holders of thisClass C2-R Certificate and of any Class C2-R Certificate issued upon theregistration of transfer hereof or in exchange herefor or in lieu hereof, whether or notsuch payment is noted on this Class C2-R Certificate. Each installment of principalpayable on this Class C2-R Certificate shall be in an amount equal to thisCertificateholder's pro rata share of the Class C2-R Principal DistributionAmount available to be paid in accordance with the priorities of Section 3 of theSupplement for this Series and Section 5.02 of the Trust Agreement. Subject to the termsof the Trust Agreement, the principal payable on this Class C2-R Certificate shall bepaid on each Payment Date during the term of the Trust Agreement, beginning on the InitialPayment Date. All payments of principal with respect to all of the Class C2-RCertificates of a Series shall be made on a pro rata basis based upon the ratio that theOutstanding Principal Amount of a Class C2-R Certificate bears to the OutstandingPrincipal Amount of all Class C2-R Certificates of such Series; provided that,if as a result of such proration a portion of such principal would be less than $0.01,then such payment shall be reduced 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 C2-R 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 C2-R Certificates shall bemade prorata based upon the ratio of the Outstanding Principal Amount of this Certificateto the Outstanding Principal Amount of Class C2-R Certificates of this Series, providedthat if as a result of such proration, a portion of such payment would be less than $0.01,then such 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 

C2-3

Person that is a beneficial owner of any interest in a Certificate, byvirtue of such Person's acquisition of a beneficial interest therein), agree to report thetransactions contemplated thereby in accordance with such stated intentions unless anduntil determined to the contrary by an applicable taxing authority.

                   The property of the Trust Estate includes certain Loan Assets and certain other assetsdescribed in the Trust Agreement. The Class C2-R Certificates of the 1998-1 Seriesand all other Series of Class C2-R Certificates issued under the Trust Agreement aregenerally payable out of the Trust Estate pari passu among such Class C2-RCertificateholders equally and ratably without prejudice, priority or distinction betweenany Class C2-R Certificate by reason of time of issue or otherwise. TheClass C2-R Certificates are payable only out of the Trust Estate and do not representrecourse obligations of the Depositor, Allegiance Capital, LLC or any of their respectiveaffiliates or successors. The Trust Agreement pursuant to which this Class C2-RCertificate is issued also provides for the issuance of other Classes and Series ofCertificates from time to time. Payments of interest on the Class C2-R Certificatesare senior 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 C2-R 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, except that theDepositor may cause the Trust to prepay on a dollar for dollar basis the principal,without penalty or premium, of any Outstanding Series of Revolving Certificates with theproceeds of the issuance or Funding of a Series of Term Certificates.

                   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 C2-RCertificates of the same Scheduled Maturity of authorized denominations and for the sameinitial aggregate principal amount 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 

C2-4

 

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 C2-R Certificate and the Trust Agreement shall be governed by andconstrued in accordance with the internal laws of the State of New York, without regard toconflicts of laws principles.

                   No reference herein to the Trust Agreement and no provision of this Class C2-RCertificate or of the Trust Agreement shall alter or impair the obligation of the TrustEstate to pay the principal of and interest on this Class C2-R Certificate, butsolely from the assets of the Trust Estate at the times, place and rate, and in the coinor currency, herein prescribed.

C2-5

 

IN WITNESS WHEREOF, Allegiance Funding I, LLC has caused thisinstrument to be signed, manually, by the President or a Vice President of its Manager,Allegiance Management Corp.

 

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

 

 

CERTIFICATE OF AUTHENTICATION

 

                   This is one of the Class C2-R Certificates described in the within-mentioned TrustAgreement.

 

Dated:                                    
 

 

MANUFACTURERS AND TRADERS TRUST COMPANY, as Trustee

By: 
Authorized Signatory

 

 

Schedule to Amended Class C2-R Revolving Certificates, Series 1998-1
Disbursement                                           Date of                           Amount of   PrincipalFunding                                FundingPayment &Date paid
 

 

 
**EXHIBIT D

 

FORM OF AMENDED AND RESTATED CLASS D-R REVOLVING 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 D-R 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. D-R _____                                                                                                                                                                           % of Class ____

 

ALLEGIANCE CAPITAL TRUST IAMENDED AND RESTATED CLASS D-R REVOLVING CERTIFICATE, SERIES 1998-1

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.)

 

Registered Owner:                                                      
 

D-1
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 Corp. I (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 Second Amended and Restated Supplement to TrustAgreement for Revolving Series 1998-1, dated as of September 15, 1999 (amending andrestating the original Supplement to Trust Agreement for Revolving Series 1998-1, dated asof August 1, 1998), among the Depositor, the Trustee and Point West Capital Corporation,as Servicer (collectively, the "Trust Agreement"). Reference is made to theTrust Agreement for a statement of the respective rights thereunder of the Depositor, theTrustee and the Holders of the Certificates, and the terms upon which the Certificatesare, and are to be, authenticated and delivered. To the extent not otherwise definedherein, each capitalized term used herein has the meaning assigned to it in the TrustAgreement.

                   This Certificate is one of a duly authorized issue of Certificates designated as theAmended and Restated Class D-R Revolving Certificates, Series 1998-1 having ascheduled maturity of April 17, 2000 and a Series Termination Date of July 15, 2019(herein called the "Class D-R Certificates") issued and to be issued underthe Trust Agreement. This Class D-R Certificate is issued under and is subject to theterms, provisions and conditions of the Trust Agreement, to which Trust Agreement theholder of this Class D-R 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 required to be made by theHolder of this Certificate shall be as set forth in the Revolving Funding Schedule. 

               Principal and other amounts distributable with respect to Class D-R Certificatesshall be payable only to the extent of amounts available in accordance with, and to theextent of, the priorities for payment of Class D-R Certificates set forth in Section 3 ofthe Supplement for this Series and Section 5.02 of the Trust Agreement, in installmentsending no later than the Series Termination Date unless the Class D-R Certificatesbecomes due and payable at an earlier date by call for redemption or otherwise. Allreductions in the principal amount of a Class D-R Certificate effected bydistributions made on any such Payment Date shall be binding upon all future Holders ofthis Class D-R Certificate and of any Class D-R Certificate issued upon theregistration of transfer hereof or in exchange herefor or in lieu hereof, whether or notsuch payment is noted on this Class D-R Certificate. All payments with respect to allof the Class D-R Certificates of a Series shall be made on a pro rata basis basedupon the ratio that the Outstanding Principal Amount of this Class D-R Certificatebears to the Outstanding Principal Amount of all Class D-R Certificates of suchSeries; 

D-2

 

provided that, if as a result of such proration a portion ofsuch payment would be less than $0.01, then such payment shall be reduced to the nearestwhole cent. 

                   In addition, the Certificate Prepayment Fee Amount, if any, shall be distributed on eachPayment Date to the Holders of the Class D-R 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 D-R Certificates shall bemade prorata based upon the ratio of the Outstanding Principal Amount of this Certificateto the Outstanding Principal Amount of Class D-R Certificates of this Series, providedthat if as a result of such proration, a portion of such payment would be less than $0.01,then such payment shall be reduce to the nearest whole cent. 

                   All amounts payable with respect to this Class D-R Certificate on any Payment Date will,as provided in the Trust Agreement, be paid to the Person in whose name this Certificateis registered on the Record Date for such Payment Date, which shall be the close ofbusiness on the last day of the month prior to such Payment Date (whether or not aBusiness Day). Such amounts are payable by wire transfer in immediately available funds tothe 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.

                   The property of the Trust Estate includes certain Loan Assets and certain other assetsdescribed in the Trust Agreement. The Class D-R Certificates of the 1998-1 Series andall other Series of Class D-R Certificates issued under the Trust Agreement aregenerally payable out of the Trust Estate pari passu among such Class D-RCertificateholders equally and ratably without prejudice, priority or distinction betweenany Class D-R Certificate by reason of time of issue or otherwise. The Class D-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 D-RCertificate is issued also provides for the issuance of other Classes and Series ofCertificates from time to time. Except as otherwise may be provided in future Supplementsto the Trust Agreement, payments on the Class D-R Certificates are subordinate to paymentson 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, except that theDepositor may cause the Trust to prepay on a dollar 

D-3

for dollar basis the principal, without penalty or premium, of anyOutstanding Series of Revolving Certificates with the proceeds of the issuance or Fundingof a Series of Term Certificates.

                   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 D-RCertificates of the same Scheduled Maturity, of authorized denominations and for the sameinitial aggregate principal amount will be issued to the designated transferees; providedthat so long as any Rated Certificates are Outstanding, the Depositor shall maintain legaland beneficial ownership of at least 51% of the Outstanding Principal Amount of theClass D-R Certificates, unless otherwise agreed to 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.

                   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 D-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 D-RCertificate 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-R Certificate, but solelyfrom the assets of the Trust Estate at the times, place and rate, and in the coin orcurrency, herein prescribed.

D-4

 

IN WITNESS WHEREOF, Allegiance Funding I, LLC has caused thisinstrument to be signed, manually, by the President or a Vice President of its Manager,Allegiance Management Corp.

 

 

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

 

 

CERTIFICATE OF AUTHENTICATION

 

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

 

Dated:                                    
 

 

MANUFACTURERS AND TRADERS TRUST COMPANY, as Trustee

By: 
Authorized Signatory

 

 

Schedule to Amended Class D-R Revolving Certificates, Series 1998-1
Disbursement                                           Date of                           Amount of   PrincipalFunding                                FundingPayment &Date paid
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