Document:

<PAGE>   1
                                                                    EXHIBIT 10.7

                           BAIN CAPITAL FUND VI, L.P.
                                Two Copley Place
                                Boston, MA 02116

                                                                     May 1, 2000

Mr. Stephen Williamson, CEO
Odwalla, Inc.
120 Stone Pine Road
Half Moon Bay, CA  94019

Mr. Craig Sakin
Catterton-Simon Partners III, L.P.
9 Greenwich Office Park
Greenwich, CT  06830

        Re: Working Capital Adjustment Agreement dated as of May 1, 2000

Dear Gentlemen:

               I refer to the: (i) Working Capital Adjustment agreement (the
"Working Capital Agreement"), entered into as of May 1, 2000, by and among,
Odwalla, Inc. ("Odwalla"), Fresh Samantha, Inc. ("Fresh Samantha") and certain
individuals and entities set forth therein; and (ii) the Shareholders Rights
Agreement (the "Rights Agreement") to be entered into on May 2, 2000, by and
among Odwalla, Samantha Investors, LLC and certain other individuals and
entities set forth on Schedule 1 attached thereto. Capitalized words used herein
without definition are as defined in the Rights Agreement.

               Pursuant to Section 4.1(b)(i) of the Rights Agreement, to the
extent additional "independent directors" are required to serve on Odwalla's
Board of Directors to fulfill the rules and regulations promulgated by the NASD
and for so long as the Bain Shareholders and their Permitted Transferees hold at
least twenty percent (20%) of the issued and outstanding Common Stock of
Odwalla, the Odwalla Board of Directors shall nominate one independent member of
Odwalla's Board of Directors as designated by the Bain Shareholders.
Notwithstanding the foregoing, in consideration of the settlement of the working
capital dispute as reflected in the Working Capital Agreement, as long as

                                       1

<PAGE>   2
Catterton-Simon Partners III, L.P. ("Catterton") holds at least five percent
(5%) of the issued and outstanding Common Stock of Odwalla, the Bain
Shareholders hereby agree that commencing as of the effective time of the Merger
and for so long as the Bain Shareholders have the right to designate an
independent director for nomination to Odwalla's Board of Directors pursuant to
Section 4.1(b)(i) of the Rights Agreement, the Bain Shareholders will, prior to
nominating such director, provide written notice of the proposed nominee to
Catterton, and shall only designate such person for nomination with Catterton's
approval in the manner set forth below, which approval shall not be unreasonably
withheld. The Company, Catterton and the Bain Shareholders agree and understand
the aforementioned right of Catterton to approve such proposed designee(s) shall
not apply to an individual already serving on Odwalla's Board.

               After the date hereof, if Catterton's approval shall be required
prior to designating a person to serve on Odwalla's Board of Directors pursuant
to Section 4.1(b)(i) of the Rights Agreement, Catterton shall be deemed to have
approved such person unless, within six (6) business days of the giving of
written notice to Catterton as provided in the previous paragraph, it shall have
given the Bain Shareholders written notice that it does not approve of such
person, which notice shall include the reasons for such disapproval . The giving
of all notices hereunder shall be governed by the provisions set forth in
Section 6.9 of the Rights Agreement.

               If Catterton shall have given the Bain Shareholders notice that
it does not approve a designee for nomination to the Odwalla Board of Directors
as provided in the previous paragraph, (i) the Bain Shareholders shall have the
right to propose additional designee(s) and (ii) Odwalla shall not take any
action, or suffer any action to be taken, to elect as an additional director any
person not designated by the Bain Shareholders, unless, based upon a written
opinion of counsel, which counsel is reasonably acceptable to the Bain
Shareholders, Odwalla determines that the failure to elect an additional
"independent director" would be reasonably likely to result in Odwalla's common
stock being delisted from the NASDAQ National Market within 30 calendar days.
The Company hereby agrees that it shall take all actions (including, without
limitation, actions to satisfy the rules and regulations promulgated by the
NASD) to prevent such delisting without electing an additional "independent
director" not designated by the Bain Shareholders.

              [The remainder of this page intentionally left blank]

                                       2

<PAGE>   3
               If the foregoing correctly sets forth our understanding and
agreement, please so indicate by signing a copy of this Letter Agreement in the
space provided below.

Very truly yours,

BAIN CAPITAL FUND IV, L.P.

                                        By:
                                           -------------------------------

                                        Name:
                                             -----------------------------

                                        Title:
                                              ----------------------------

ACKNOWLEDGED AND AGREED:

ODWALLA, INC.

By:
   -------------------------------

Name:
     -----------------------------

Title:
      ----------------------------

CATTERTON-SIMON PARTNERS III, L.P.

By:
   -------------------------------

Name:
     -----------------------------

Title:
      ----------------------------

                                       3<PAGE>   1
<TABLE>
<S>                                                                  <C>
American Residential Eagle Bond Trust 1999-2                         Contact: Customer Service
Collateralized Home Equity Bonds, Series 1999-2                      Norwest Bank Minnesota, N.A.
                                                                     Securities Administration Services
Record Date:       31-Mar-2000                                       11000 Broken Land Parkway
Distribution Date: 25-Apr-2000                                       Columbia, MD  21044
                                                                     Telephone:   (301) 815-6600
                                                                     Facsimile:   (410) 884-2369
</TABLE>

                                  EXHIBIT 10.1

                     Certificateholder Distribution Summary

<TABLE>
<CAPTION>
========================================================================================================================
                                Certificate    Certificate     Beginning                                      Current
                                  Class        Pass-Through    Certificate       Interest      Principal     Realized
     Class           CUSIP      Description      Rate           Balance        Distribution   Distribution     Loss
========================================================================================================================
<S>                <C>          <C>            <C>           <C>               <C>            <C>            <C>
      A-1          02926NAB2       SEQ         6.46500%      305,157,736.64    1,589,236.06   3,660,287.31      0.00
      A-2          02926NAC0       SEQ         7.09000%       56,478,838.89      333,695.81     750,498.58      0.00
   INV_CERT        AMINV1992       SEQ         0.00000%        9,617,101.73      697,971.17     677,406.26      0.00
========================================================================================================================
Totals                                                      371,253,677.26     2,620,903.04   5,088,192.15      0.00
========================================================================================================================
</TABLE>

<TABLE>
<CAPTION>
=============================================================
                      Ending                       Cumulative
                   Certificate         Total        Realized
     Class           Balance        Distribution     Losses
=============================================================
<S>               <C>               <C>            <C>
      A-1         301,497,449.33    5,249,523.37      0.00
      A-2          55,728,340.31    1,084,194.39      0.00
   INV_CERT         8,330,658.95    1,375,377.43      0.00
=============================================================
Totals            365,556,448.59    7,709,095.19      0.00
=============================================================
</TABLE>

All distributions required by the Pooling and Servicing Agreement have been
calculated by the Certificate Administrator on behalf of the Trustee

<PAGE>   2
<TABLE>
<S>                                                                  <C>
American Residential Eagle Bond Trust 1999-2                         Contact: Customer Service
Collateralized Home Equity Bonds, Series 1999-2                      Norwest Bank Minnesota, N.A.
                                                                     Securities Administration Services
Record Date:       31-Mar-2000                                       11000 Broken Land Parkway
Distribution Date: 25-Apr-2000                                       Columbia, MD  21044
                                                                     Telephone:   (301) 815-6600
                                                                     Facsimile:   (410) 884-2369
</TABLE>

                        Principal Distribution Statement

<TABLE>
<CAPTION>
=======================================================================================================================
                                  Beginning      Scheduled     Unscheduled                                  Total
                Original Face    Certificate     Principal      Principal                    Realized     Principal
    Class           Amount         Balance      Distribution   Distribution     Accretion     Loss(1)     Reduction
=======================================================================================================================
<S>             <C>             <C>             <C>            <C>              <C>          <C>         <C>
     A-1        332,350,000.00  305,157,736.64   176,761.02    3,483,526.29        0.00        0.00      3,660,287.31
     A-2         61,750,000.00   56,478,838.89    54,068.83      696,429.75        0.00        0.00        750,498.58
   INV_CERT      10,223,416.68    9,617,101.73         0.00      677,406.26        0.00        0.00        677,406.26
=======================================================================================================================
    Totals      404,323,416.68  371,253,677.26   230,829.85    4,857,362.30        0.00        0.00      5,088,192.15
=======================================================================================================================
</TABLE>

<TABLE>
<CAPTION>
=============================================================
                      Ending         Ending         Total
                  Certificate     Certificate     Principal
    Class            Balance       Percentage    Distribution
=============================================================
<S>               <C>              <C>           <C>
     A-1          301,497,449.33   0.90716850    3,660,287.31
     A-2           55,728,340.31   0.90248324      750,498.58
   INV_CERT         8,330,658.95   0.81486055      677,406.26
=============================================================
    Totals        365,556,448.59   0.90411891    5,088,192.15
=============================================================
</TABLE>

(1)     Amount Does Not Include Excess Special Hazard, Bankruptcy, Or Fraud
        Losses Unless Otherwise Disclosed. Please Refer To The Prospectus
        Supplement For A Full Description.

<PAGE>   3
<TABLE>
<S>                                                                  <C>
American Residential Eagle Bond Trust 1999-2                         Contact: Customer Service
Collateralized Home Equity Bonds, Series 1999-2                      Norwest Bank Minnesota, N.A.
                                                                     Securities Administration Services
Record Date:       31-Mar-2000                                       11000 Broken Land Parkway
Distribution Date: 25-Apr-2000                                       Columbia, MD  21044
                                                                     Telephone:   (301) 815-6600
                                                                     Facsimile:   (410) 884-2369
</TABLE>

                    Principal Distribution Factors Statement

<TABLE>
<CAPTION>
===========================================================================================================================
                                    Beginning      Scheduled     Unscheduled                                     Total
                Original Face      Certificate     Principal      Principal                     Realized       Principal
   Class(2)         Amount           Balance     Distribution   Distribution     Accretion       Loss(3)       Reduction
===========================================================================================================================
<S>             <C>               <C>            <C>            <C>              <C>            <C>           <C>
     A-1        332,350,000.00    918.18184637    0.53185202     10.48149929     0.00000000     0.00000000    11.01335132
     A-2         61,750,000.00    914.63706704    0.87560858     11.27821457     0.00000000     0.00000000    12.15382316
   INV_CERT      10,223,416.68      0.00000000    0.00000000      0.00000000     0.00000000     0.00000000     0.00000000
===========================================================================================================================
</TABLE>

<TABLE>
<CAPTION>
===========================================================
                    Ending         Ending          Total
                  Certificate    Certificate     Principal
   Class(2)         Balance      Percentage    Distribution
===========================================================
<S>               <C>             <C>           <C>
     A-1          907.16849505    0.90716850    11.01335132
     A-2          902.48324389    0.90248324    12.15382316
   INV_CERT         0.00000000    0.81486055     0.00000000
===========================================================
</TABLE>

(2)     All Denominations Are Per $1,000.

(3)     Amount Does Not Include Excess Special Hazard, Bankruptcy, Or Fraud
        Losses Unless Otherwise Disclosed. Please Refer To The Prospectus
        Supplement For A Full Description.

<PAGE>   4
<TABLE>
<S>                                                                  <C>
American Residential Eagle Bond Trust 1999-2                         Contact: Customer Service
Collateralized Home Equity Bonds, Series 1999-2                      Norwest Bank Minnesota, N.A.
                                                                     Securities Administration Services
Record Date:       31-Mar-2000                                       11000 Broken Land Parkway
Distribution Date: 25-Apr-2000                                       Columbia, MD  21044
                                                                     Telephone:   (301) 815-6600
                                                                     Facsimile:   (410) 884-2369
</TABLE>

                         Interest Distribution Statement

<TABLE>
<CAPTION>
================================================================================================================================
                                                  Beginning                     Payment of                  Non-
                                   Current      Certificate/      Current         Unpaid      Current    Supported
                Original Face    Certificate      Notional        Accrued        Interest     Interest    Interest    Realized
    Class           Amount           Rate          Balance        Interest       Shortfall    Shortfall   Shortfall   Losses(4)
================================================================================================================================
<S>             <C>              <C>           <C>              <C>             <C>           <C>        <C>          <C>
     A-1        332,350,000.00     6.46500%    305,157,736.64   1,589,236.06       0.00          0.00       0.00        0.00
     A-2         61,750,000.00     7.09000%     56,478,838.89     333,695.81       0.00          0.00       0.00        0.00
   INV_CERT      10,223,416.68     0.00000%      9,617,101.73           0.00       0.00          0.00       0.00        0.00
================================================================================================================================
Totals          404,323,416.68                                  1,922,931.87       0.00           0.00      0.00        0.00
================================================================================================================================
</TABLE>

<TABLE>
<CAPTION>
===========================================================
                                  Remaining       Ending
                   Total           Unpaid      Certificate/
                   Interest       Interest        Notional
    Class        Distribution     Shortfall       Balance
===========================================================
<S>              <C>              <C>         <C>
     A-1         1,589,236.06        0.00     301,497,449.33
     A-2           333,695.81        0.00      55,728,340.31
   INV_CERT        697,971.17        0.00       8,330,658.95
===========================================================
Totals           2,620,903.04        0.00
===========================================================
</TABLE>

(4)     Amount Does Not Include Excess Special Hazard, Bankruptcy, Or Fraud
        Losses Unless Otherwise Disclosed. Please Refer To The Prospectus
        Supplement For A Full Description.

<PAGE>   5
<TABLE>
<S>                                                                  <C>
American Residential Eagle Bond Trust 1999-2                         Contact: Customer Service
Collateralized Home Equity Bonds, Series 1999-2                      Norwest Bank Minnesota, N.A.
                                                                     Securities Administration Services
Record Date:       31-Mar-2000                                       11000 Broken Land Parkway
Distribution Date: 25-Apr-2000                                       Columbia, MD  21044
                                                                     Telephone:   (301) 815-6600
                                                                     Facsimile:   (410) 884-2369
</TABLE>

                     Interest Distribution Factors Statement

<TABLE>
<CAPTION>
===================================================================================================================================
                                                  Beginning                     Payment of                    Non-
                                   Current      Certificate/      Current         Unpaid      Current      Supported
                Original Face    Certificate      Notional        Accrued        Interest     Interest      Interest      Realized
    Class(5)        Amount           Rate          Balance        Interest       Shortfall    Shortfall     Shortfall     Losses(6)
===================================================================================================================================
<S>             <C>              <C>           <C>                <C>           <C>           <C>          <C>           <C>
     A-1        332,350,000.00      6.46500%    918.18184637      4.78181453    0.00000000    0.00000000    0.00000000   0.00000000
     A-2         61,750,000.00      7.09000%    914.63706704      5.40398073    0.00000000    0.00000000    0.00000000   0.00000000
   INV_CERT      10,223,416.68      0.00000%      0.00000000      0.00000000    0.00000000    0.00000000    0.00000000   0.00000000
===================================================================================================================================
</TABLE>

<TABLE>
<CAPTION>
===========================================================
                                  Remaining       Ending
                     Total         Unpaid      Certificate/
                    Interest       Interest      Notional
    Class(5)      Distribution     Shortfall      Balance
===========================================================
<S>               <C>              <C>         <C>
     A-1           4.78181453      0.00000000   907.1684950
     A-2           5.40398073      0.00000000   902.4832438
   INV_CERT        0.00000000      0.00000000    0.00000000
===========================================================
</TABLE>

(5)     All Denominations Are Per $1,000.

(6)     Amount Does Not Include Excess Special Hazard, Bankruptcy, Or Fraud
        Losses Unless Otherwise Disclosed. Please Refer To The Prospectus
        Supplement For A Full Description.

<PAGE>   6
<TABLE>
<S>                                                                  <C>
American Residential Eagle Bond Trust 1999-2                         Contact: Customer Service
Collateralized Home Equity Bonds, Series 1999-2                      Norwest Bank Minnesota, N.A.
                                                                     Securities Administration Services
Record Date:       31-Mar-2000                                       11000 Broken Land Parkway
Distribution Date: 25-Apr-2000                                       Columbia, MD  21044
                                                                     Telephone:   (301) 815-6600
                                                                     Facsimile:   (410) 884-2369
</TABLE>

                      Certificateholder Component Statement

<TABLE>
<CAPTION>
=================================================================================================================================
                       Component         Beginning Notional       Ending Notional      Beginning Component     Ending Component
         Class     Pass-Through Rate           Balance                Balance                Balance                Balance
=================================================================================================================================
<S>                <C>                   <C>                      <C>                  <C>                     <C>
          FEE        1,200.00000%             61,874.43              61,121.30                0.00                   0.00
=================================================================================================================================
</TABLE>

<TABLE>
<CAPTION>
=======================================
                       Ending Component
         Class            Percentage
=======================================
<S>                    <C>
          FEE            90.65247780%
=======================================
</TABLE>

<PAGE>   7
<TABLE>
<S>                                                                  <C>
American Residential Eagle Bond Trust 1999-2                         Contact: Customer Service
Collateralized Home Equity Bonds, Series 1999-2                      Norwest Bank Minnesota, N.A.
                                                                     Securities Administration Services
Record Date:       31-Mar-2000                                       11000 Broken Land Parkway
Distribution Date: 25-Apr-2000                                       Columbia, MD  21044
                                                                     Telephone:   (301) 815-6600
                                                                     Facsimile:   (410) 884-2369
</TABLE>

                       Certificateholder Account Statement

<TABLE>
<CAPTION>
====================================================================
                        CERTIFICATE ACCOUNT

<S>                                                    <C>
Beginning Balance                                              0.00
Deposits
     Payments of Interest and Principal                8,030,158.73
     Liquidations, Insurance Proceeds, Reserve Funds           0.00
     Proceeds from Repurchased Loans                           0.00
     Other Amounts (Servicer Advances)                         0.00
     Realized Losses                                           0.00
                                                       ------------

Total Deposits                                         8,030,158.73

Withdrawals
     Reimbursement for Servicer Advances                       0.00
     Payment of Service Fee                              321,063.54
     Payment of Interest and Principal                 7,709,095.19
                                                       ------------

Total Withdrawals (Pool Distribution Amount)           8,030,158.73

Ending Balance                                                 0.00
                                                       ============

====================================================================
</TABLE>

<TABLE>
<CAPTION>
=================================================================================
                                  OTHER ACCOUNTS

                                 Beginning       Current     Current      Ending
        Account Type              Balance      Withdrawals   Deposits     Balance
---------------------------------------------------------------------------------
<S>                              <C>           <C>           <C>          <C>
Financial Guaranty                 0.00           0.00         0.00        0.00
Financial Guaranty                 0.00           0.00         0.00        0.00

=================================================================================
</TABLE>

<TABLE>
<CAPTION>
======================================================================
              PREPAYMENT/CURTAILMENT INTEREST SHORTFALL

<S>                                                              <C>
Total Prepayment/Curtailment Interest Shortfall                  0.00
Servicing Fee Support                                            0.00
                                                                 ----
Non-Supported Prepayment/Curtailment Interest Shortfall          0.00
                                                                 ====

======================================================================
</TABLE>

<TABLE>
<CAPTION>
======================================================================
                           SERVICING FEES

<S>                                                        <C>
Gross Servicing Fee                                        154,689.04
Management Fee                                               1,000.00
FSA Group 1 Premium                                         53,402.60
FSA Group 2 Premium                                          8,471.83
PMI Group 1 Fee                                             91,848.98
PMI Group 2 Fee                                             11,651.09
Supported Prepayment/Curtailment Interest Shortfall              0.00
                                                           ----------

Net Servicing Fee                                          321,063.54
                                                           ==========

======================================================================
</TABLE>

<PAGE>   8
<TABLE>
<S>                                                                  <C>
American Residential Eagle Bond Trust 1999-2                         Contact: Customer Service
Collateralized Home Equity Bonds, Series 1999-2                      Norwest Bank Minnesota, N.A.
                                                                     Securities Administration Services
Record Date:       31-Jan-2000                                       11000 Broken Land Parkway
Distribution Date: 25-Feb-2000                                       Columbia, MD  21044
                                                                     Telephone:   (301) 815-6600
                                                                     Facsimile:   (410) 884-2369
</TABLE>

<TABLE>
<CAPTION>
======================================================================================
              CERTIFICATEHOLDER DELINQUENCY/CREDIT ENHANCEMENT STATEMENT
                                  DELINQUENCY STATUS

                                                              Percentage Delinquent
                                                                    Based On
                                                            -----------------------
                             Current         Unpaid
                             Number Of      Principal        Number         Unpaid
                               Loans         Balance        of Loans        Balance
                             ---------      ---------       --------        -------
<S>                          <C>         <C>                <C>           <C>
30 Days                         53        5,775,237.39      1.505682%     1.577221%
60 Days                          9          636,565.34      0.255682%     0.173846%
90+ Days                         4          366,459.25      0.113636%     0.100080%
Foreclosure                     98        8,383,597.75      2.784091%     2.289565%
REO                              4          245,442.82      0.113636%     0.067031%
                               ---       -------------      --------      --------
Totals                         168       15,407,302.55      4.772727%     4.207743%

Current Period Realized Loss - Includes Interest Shortfall    0.00
Cumulative Realized Losses - Includes Interest Shortfall      51,154.59
Current Period Class A Insufficient Funds                     0.00
Principal Balance of Contaminated Properties                  0.00
Periodic Advance                                              0.00

======================================================================================
</TABLE>

<TABLE>
<CAPTION>
========================================================================================
                               Original $     Original %       Current $      Current %
<S>                         <C>              <C>            <C>             <C>
       Bankruptcy              100,000.00    0.02473268%       100,000.00   0.02731006%
       Fraud                12,129,702.50    3.00000000%    12,129,702.50   3.31262858%
       Special Hazard        4,043,234.17    1.00000000%     4,043,234.17   1.10420953%

Limit of Subordinate's Exposure to Certain Types of Losses
========================================================================================
</TABLE>

<PAGE>   9
<TABLE>
<S>                                                                  <C>
American Residential Eagle Bond Trust 1999-2                         Contact: Customer Service
Collateralized Home Equity Bonds, Series 1999-2                      Norwest Bank Minnesota, N.A.
                                                                     Securities Administration Services
Record Date:       31-Mar-2000                                       11000 Broken Land Parkway
Distribution Date: 25-Apr-2000                                       Columbia, MD  21044
                                                                     Telephone:   (301) 815-6600
                                                                     Facsimile:   (410) 884-2369
</TABLE>

<TABLE>
<CAPTION>
===========================================================================================
                                   COLLATERAL STATEMENT

Collateral Description                                                   Fixed & Mixed ARM

<S>                                                                      <C>
Weighted Average Gross Coupon                                                    9.174750%
Weighted Average Net Coupon                                                      9.009303%
Weighted Average Pass-Through Rate                                               8.674750%
Weighted Average Maturity (Stepdown Calculation)                                       339

Beginning Scheduled Collateral Loan Count                                            3,572
Number of Loans Paid in Full                                                            52
Ending Scheduled Collateral Loan Count                                               3,520

Beginning Scheduled Collateral Balance                                      371,253,677.26
Ending Scheduled Collateral Balance                                         366,165,485.11
Ending Actual Collateral Balance at 31-Jan-2000                             366,410,725.39
Monthly P&I Constant                                                          3,069,296.36
Ending Scheduled Balance for Premium Loans                                  366,165,485.11

===========================================================================================
</TABLE>

<PAGE>   10
<TABLE>
<S>                                                                  <C>
American Residential Eagle Bond Trust 1999-2                         Contact: Customer Service
Collateralized Home Equity Bonds, Series 1999-2                      Norwest Bank Minnesota, N.A.
                                                                     Securities Administration Services
Record Date:       31-Mar-2000                                       11000 Broken Land Parkway
Distribution Date: 25-Apr-2000                                       Columbia, MD  21044
                                                                     Telephone:   (301) 815-6600
                                                                     Facsimile:   (410) 884-2369
</TABLE>

<TABLE>
<CAPTION>
 ===============================================================================================
                  Group                            1                  2               Total
<S>                                        <C>                 <C>               <C>
 Collateral Description                         Mixed ARM       Mixed Fixed
 Weighted Average Coupon Rate                    9.134512          9.393235
 Weighted Average Net Rate                       8.634512          8.893235
 Weighted Average Maturity                         349.00            285.00
 Record Date                                     03/31/00          03/31/00
 Principal And Interest Constant             2,563,260.34        506,036.02        3,069,296.36
 Beginning Loan Count                               2,834               738               3,572
 Loans Paid In Full                                    40                12                  52
 Ending Loan Count                                  2,794               726               3,520
 Beginning Scheduled Balance               313,514,187.13      57,739,490.13     371,253,677.26
 Ending Scheduled Balance                  309,176,493.56      56,988,991.55     366,165,485.11
 Scheduled Principal                           176,761.02         54,068.83          230,829.85
 Unscheduled Principal                       4,160,932.55        696,429.75        4,857,362.30
 Scheduled Interest                          2,386,499.32        451,967.19        2,838,466.51
 Servicing Fee                                 130,630.91         24,058.13          154,689.04
 Master Servicing Fee                                0.00              0.00                0.00
 Trustee Fee                                         0.00              0.00                0.00
 FRY Amount                                          0.00              0.00                0.00
 Special Hazard Fee                                  0.00              0.00                0.00
 Other Fee                                           0.00              0.00                0.00
 Pool Insurance Fee                                  0.00              0.00                0.00
 Spread 1                                            0.00              0.00                0.00
 Spread 2                                            0.00              0.00                0.00
 Spread 3                                            0.00              0.00                0.00
 Net Interest                                2,255,868.41        427,909.06        2,683,777.47
 Realized Loss Amount                                0.00              0.00                0.00
 Cumulative Realized Loss                       50,568.72            585.87           51,154.59
 Percentage of Cumulative Losses                     0.00              0.00                0.00

 ===============================================================================================
</TABLE>

<TABLE>
<CAPTION>
 ===============================================================================================
                                                   1                   2              Total
<S>                                          <C>               <C>                 <C>
 Required Overcollateralization Amount       7,679,044.23      1,260,651.24        8,939,695.47
 Overcollateralization Increase Amount               0.00              0.00                0.00
 Overcollateralization Reduction Amount        677,406.26              0.00          677,406.26
 Specified Overcollateralization Amount      7,679,044.23      1,260,651.24        8,939,695.47
 Overcollateralization Amount                7,679,044.23      1,260,651.24        8,939,695.47
 Overcollateralization Deficiency Amount             0.00              0.00                0.00
 Base Overcollateralization Amount           7,679,044.23      1,260,651.24        8,939,695.47
 Extra Principal Distribution Amount                 0.00              0.00                0.00
 Excess Cash Amount                            612,385.91         85,585.26          697,971.17

 ===============================================================================================
</TABLE>

<PAGE>   11
<TABLE>
<S>                                                                  <C>
American Residential Eagle Bond Trust 1999-2                         Contact: Customer Service
Collateralized Home Equity Bonds, Series 1999-2                      Norwest Bank Minnesota, N.A.
                                                                     Securities Administration Services
Record Date:       31-Mar-2000                                       11000 Broken Land Parkway
Distribution Date: 25-Apr-2000                                       Columbia, MD  21044
                                                                     Telephone:   (301) 815-6600
                                                                     Facsimile:   (410) 884-2369
</TABLE>

<TABLE>
<CAPTION>
==================================================================================================================================
                                                  Delinquency Status By Group
Group                                     30 Day           60 Day       90 + Day      Foreclosure         REO          Bankruptcy

<S>                                    <C>                <C>           <C>           <C>             <C>             <C>
  1      Principal Balance             4,407,088.15       323,132.96    225,630.70    7,126,916.53    213,978.73      2,923,441.18
         Percentage Of Balance               1.425%           0.105%        0.073%          2.305%        0.069%            0.946%
         Loan Count                              40                5             3              77             3                21
         Percentage of Loan Count            1.432%           0.179%        0.107%          2.756%        0.107%            0.752%

  2      Principal Balance             1,368,149.24       313,432.38    140,828.55    1,256,681.22     31,464.09        342,618.58
         Percentage Of Balance               2.401%           0.550%        0.247%          2.205%        0.055%            0.601%
         Loan Count                              13                4             1              21             1                 4
         Percentage of Loan Count            1.791%           0.551%        0.138%          2.893%        0.138%            0.551%

Totals   Principal Balance             5,775,237.39       636,565.34    366,459.25    8,383,597.75    245,442.82      3,266,059.76
         Percentage of Balance               1.577%           0.174%        0.100%          2.290%        0.067%            0.892%
         Loan Count                              53                9             4              98             4                25
         Percentage of Loan Count            1.506%           0.256%        0.114%          2.784%        0.114%            0.710%
==================================================================================================================================
</TABLE>

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00009-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00009-of-00352.parquet"}]]