Document:

exv10w63

 

EXHIBIT 10.63

THE GYMBOREE CORPORATION

STOCK OPTION GRANT NOTICE

2004 EQUITY INCENTIVE PLAN

     The Gymboree Corporation (the “Company”) hereby grants to Participant an Option (the “Option”)
to purchase shares of the Company’s Common Stock. The Option is subject to all the terms and
conditions set forth in this Stock Option Grant Notice (this “Grant Notice”) and in the Stock
Option Agreement and the Company’s 2004 Equity Incentive Plan (the “Plan”), which are attached to
and incorporated into this Grant Notice in their entirety.

	 	 	 
	Participant:

	 	Blair W. Lambert
	 
	 	 
	Grant Date:

	 	January 10, 2005
	 
	 	 
	Vesting Commencement Date:

	 	January 10, 2005
	 
	 	 
	Number of Shares Subject to Option:

	 	100,000
	 
	 	 
	Exercise Price (per Share):

	 	$12.60
	 
	 	 
	Option Expiration Date:

	 	January 10, 2015 (subject to earlier termination in accordance with the
terms of the Plan and the Stock Option Agreement)
	 
	 	 
	Type of Option:

	 	x Incentive Stock Option*       o Nonqualified Stock Option
	 
	 	 
	Vesting and Exercisability Schedule:

	 	1/48th of the shares subject to the Option will vest and
become exercisable monthly following each one-month period of continuous
service.

Additional Terms/Acknowledgement: The undersigned Participant acknowledges receipt of, and
understands and agrees to, this Grant Notice, the Stock Option Agreement, the Plan Summary and the
Plan. Participant further acknowledges that as of the Grant Date, this Grant Notice, the Stock
Option Agreement and the Plan set forth the entire understanding between Participant and the
Company regarding the Option and supersede all prior oral and written agreements on the subject.

	 	 	 
	THE GYMBOREE CORPORATION

	 	PARTICIPANT
	 
	 	 
	By: 
	 	 
	

	 	                                                                       
	

	 	Blair W. Lambert
	

	 	Taxpayer ID:                                                   
	Title: Chief Executive Officer / Chairman
	 	 
	 
	 	 
	

	 	Date:                                                            
	Taxpayer ID: 94-2615258
	 	 
	Attachments:

	 	Address: 3128 Vichy Avenue
	1. Stock Option Agreement

	 	               Napa, CA 94558
	2. 2004 Equity Incentive Plan
	 	 
	3. Plan Summary
	 	 

	*	 	See Sections 3 and 4 of the Stock Option Agreement.

 

 

THE GYMBOREE CORPORATION

2004 EQUITY INCENTIVE PLAN

STOCK OPTION AGREEMENT

     Pursuant to your Stock Option Grant Notice (the “Grant Notice”) and this Stock Option
Agreement, The Gymboree Corporation has granted you an Option under its 2004 Equity
Incentive Plan (the “Plan”) to purchase the number of shares of the Company’s Common Stock
indicated in your Grant Notice (the “Shares”) at the exercise price indicated in your Grant Notice.
Capitalized terms not explicitly defined in this Stock Option Agreement but defined in the Plan
shall have the same definitions as in the Plan.

     The details of the Option are as follows:

     1. Vesting and Exercisability. Subject to the limitations contained herein, the Option will
vest and become exercisable as provided in your Grant Notice, provided that vesting will cease upon
a termination of your employment or service relationship with the Company or a Related Company for
any reason, whether voluntary or involuntary, including by reason of death or Disability
(“Termination of Service”) and the unvested portion of the Option will terminate. Notwithstanding
Section 7.6 of the Plan, for purposes of the Award and this Agreement, a termination of your
employment as the Company’s Chief Operating Officer will be deemed a Termination of Service.

     2. Securities Law Compliance. At the present time, the Company has an effective registration
statement with respect to the Shares. The Company intends to maintain this registration but has no
obligation to do so. Notwithstanding any other provision of this Agreement, in the event that such
registration ceases to be effective, you will not be able to exercise the Option unless the Company
has determined that such exercise and issuance would be exempt from the registration requirements
of the Securities Act. The exercise of the Option must also comply with other applicable laws and
regulations governing the Option, and you may not exercise the Option if the Company determines
that such exercise would not be in material compliance with such laws and regulations.

     3. Incentive Stock Option Qualification. If so designated in your Grant Notice, all or a
portion of the Option is intended to qualify as an Incentive Stock Option under federal income tax
law, but the Company does not represent or guarantee that the Option qualifies as such.

     If the Option has been designated as an Incentive Stock Option and the aggregate Fair Market
Value (determined as of the grant date) of the shares of Common Stock subject to the portions of
the Option and all other Incentive Stock Options you hold that first become exercisable during any
calendar year exceeds $100,000, any excess portion will be treated as a Nonqualified Stock Option,
unless the Internal Revenue Service changes the rules and regulations governing the $100,000 limit
for Incentive Stock Options. A portion of the

 

 

Option may be treated as a Nonqualified Stock Option if certain events cause exercisability of
the Option to accelerate.

     4. Notice of Disqualifying Disposition. To the extent the Option has been designated as an
Incentive Stock Option, to obtain certain tax benefits afforded to Incentive Stock Options, you
must hold the Shares issued upon the exercise of the Option for two years after the Grant Date and
one year after the date of exercise. You may be subject to the alternative minimum tax at the time
of exercise. You should obtain tax advice when exercising the Option and prior to the disposition
of the Shares. By accepting the Option, you agree to promptly notify the Company if you dispose of
any of the Shares within one year from the date you exercise all or part of the Option or within
two years from the Grant Date.

     5. Method of Exercise. You may exercise the Option by giving written notice to the Company
(or a brokerage firm designated or approved by the Company as specified below), in form and
substance satisfactory to the Company, which will state your election to exercise the Option and
the number of Shares for which you are exercising the Option. The written notice must be
accompanied by full payment of the exercise price for the number of Shares you are purchasing. You
may make this payment in any combination of the following: (a) cash, check or wire transfer; (b)
tendering shares of Common Stock that have a Fair Market Value equal to the aggregate exercise
price of the Shares being purchased and that you have owned for at least six months (or any shorter
period necessary to avoid a charge to the Company earnings for financial reporting purposes); (c)
so long as the Common Stock is registered under the Exchange Act, and to the extent permitted by
law, delivery of an executed exercise notice and irrevocable instructions to a brokerage firm
designated or approved by the Company to deliver promptly to the Company the aggregate amount of
proceeds to pay the Option exercise price and any withholding tax obligations that may arise in
connection with the exercise, all in accordance with the regulations of the Federal Reserve Board,
or (d) any other method permitted by the Committee.

     6. Treatment Upon Termination of Service. The unvested portion of the Option will terminate
automatically and without further notice immediately upon your Termination of Service. You may
exercise the vested portion of the Option as follows:

          (a) General Rule. You must exercise the vested portion of the Option on or before the earlier
of (i) three months after your Termination of Service and (ii) the Option Expiration Date;

          (b) Disability. If your Termination of Service is due to Disability, you must exercise the
vested portion of the Option on or before the earlier of (i) one year after your Termination of
Service and (ii) the Option Expiration Date;

          (c) Death. If your Termination of Service is due to your death, the vested portion of the
Option must be exercised on or before the earlier of (i) one year after your Termination of Service
and (ii) the Option Expiration Date. If you die after your Termination

-2-

 

of Service but while the Option is still exercisable, the vested portion of the Option may be
exercised until the earlier of (x) one year after the date of death and (y) the Option Expiration
Date; and

          (d) Cause. The vested portion of the Option will automatically expire at the time the Company
first notifies you of your Termination of Service for Cause, unless the Committee determines
otherwise. If your employment or service relationship is suspending pending an investigation of
whether you will be terminated for Cause, all your rights under the Option likewise will be
suspended during the period of investigation. If any facts that would constitute termination for
Cause are discovered after your Termination of Service, any Option you then hold may be immediately
terminated by the Committee in its sole discretion.

     The Option must be exercised within three months after your Termination of Service for reasons
other than death or Disability and one year after your Termination of Service due to Disability to
qualify for the beneficial tax treatment afforded Incentive Stock Options.

     It is your responsibility to be aware of the date the Option terminates.

     7. Limited Transferability. During your lifetime only you can exercise the Option. The
Option is not transferable except by will or by the applicable laws of descent and distribution.
The Plan provides for exercise of the Option by a beneficiary designated on a Company-approved form
or the personal representative of your estate. Notwithstanding the foregoing and to the extent
permitted by Section 422 of the Internal Revenue Code of 1986, the Committee, in its sole
discretion, may permit you to assign or transfer the Option, subject to such terms and conditions
as specified by the Committee.

     8. Withholding Taxes. As a condition to the exercise of any portion of the Option, you must
make such arrangements as the Company may require for the satisfaction of any federal, state, local
or foreign withholding tax obligations that may arise in connection with such exercise.

     9. Option Not an Employment or Service Contract. Nothing in the Plan or any Award granted
under the Plan will be deemed to constitute an employment contract or confer or be deemed to confer
any right for you to continue in the employ of, or to continue any other relationship with, the
Company or any Related Company or limit in any way the right of the Company or any Related Company
to terminate your employment or other relationship at any time, with or without Cause.

     10. No Right to Damages. You will have no right to bring a claim or to receive damages if you
are required to exercise the vested portion of the Option within three months (one year in the case
of Disability or death) of your Termination of Service or if any portion of the Option is cancelled
or expires unexercised. The loss of existing or potential profit in an Award will not constitute
an element of damages in the event of your Termination of

-3-

 

Service for any reason even if the termination is in violation of an obligation of the Company
or a Related Company to you.

     11. Binding Effect. This Agreement will inure to the benefit of the successors and assigns of
the Company and be binding upon you and your heirs, executors, administrators, successors and
assigns.

-4-<PAGE>
                                  EXHIBIT 10.1
The Bank of New York
Corporate Trust and Agency Services
2 North LaSalle Street, Suite 1020
Chicago, IL  60602
Charles Baker
(312) 827-8576

Distribution Date:  December 30, 2004

                      SEQUOIA MORTGAGE FUNDING CORPORATION
                 COLLATERALIZED MBS FUNDING BONDS, SERIES 2002-A

                    CERTIFICATE MONTHLY DISTRIBUTION SUMMARY

<TABLE>
<CAPTION>
------------------------------------------------------------------------------------------------------------------------------
                            BEGINNING          PASS         INTEREST     PRINCIPAL       TOTAL        REALIZED   ENDING CERT
  CLASS        CUSIP       CERT BALANCE      THROUGH      DISTRIBUTION  DISTRIBUTION  DISTRIBUTION     LOSSES      BALANCE
------------------------------------------------------------------------------------------------------------------------------
<S>            <C>         <C>               <C>          <C>           <C>           <C>             <C>       <C>
   A-1         81743UAA3    9,666,042.68     2.880000%       23,198.50   479,442.86     502,641.37        0.00   9,186,599.81
   A-2         81743UAB1    1,521,418.80     3.430000%        4,348.72   261,533.86     265,882.58        0.00   1,259,884.94
------------------------------------------------------------------------------------------------------------------------------
     Total                 11,187,461.48                     27,547.22   740,976.73     768,523.95        0.00  10,446,484.76
------------------------------------------------------------------------------------------------------------------------------
</TABLE>

                           CURRENT PAYMENT INFORMATION
                                FACTORS PER $1.00

<TABLE>
<CAPTION>
--------------------------------------------------------------------------------------------------------------------------
                             ORIGINAL CERT     BEGINNING      INTEREST       PRINCIPAL        ENDING       CURRENT PASS
    CLASS          CUSIP        BALANCE         FACTOR         FACTOR         FACTOR          FACTOR          THROUGH
--------------------------------------------------------------------------------------------------------------------------
<S>              <C>         <C>             <C>              <C>           <C>            <C>             <C>
     A-1         81743UAA3    64,761,000.00  149.257155967    0.358217174    7.403265301   141.853890666      2.880000%
     A-2         81743UAB1    15,861,000.00   95.921997591    0.274177043   16.489115528    79.432882063      3.430000%
--------------------------------------------------------------------------------------------------------------------------
    Total                     80,622,000.00  138.764375498    0.341683715    9.190750980   129.573624517
--------------------------------------------------------------------------------------------------------------------------
</TABLE>

             UNDERLYING CERTIFICATES MONTHLY DISTRIBUTION - GROUP I

<TABLE>
<CAPTION>
---------------------------------------------------------------------------------------------------------------------
                                ORIGINAL       BEGINNING        PASS        INTEREST     PRINCIPAL         TOTAL
     SERIES         CLASS       BALANCE         BALANCE        THROUGH    DISTRIBUTION  DISTRIBUTION    DISTRIBUTION
---------------------------------------------------------------------------------------------------------------------
<S>                 <C>      <C>               <C>             <C>        <C>           <C>             <C>
    CWMBS 94K         A1     123,119,000.00            0.00    0.000000%         0.00          0.00            0.00
  DLJMA 93-Q18       1A1      51,833,000.00            0.00    0.000000%         0.00          0.00            0.00
   DLJMA 94-2A       1A1      85,787,000.00      361,932.64    5.255890%     1,585.23     86,232.20       87,817.43
    ONE 00-2          2A     152,653,000.00            0.00    0.000000%         0.00          0.00            0.00
   RYMS3 92-B        1A2       7,712,906.00            0.00    0.000000%         0.00          0.00            0.00
    SBM7 94-2         A1      49,384,000.00            0.00    0.000000%         0.00          0.00            0.00
    SMS 91-K          A1     110,588,063.00            0.00    0.000000%         0.00          0.00            0.00
    SMS 91-K          A3       1,917,885.00            0.00    0.000000%         0.00          0.00            0.00
   EAGLE 98-1         M1      46,029,000.00    9,572,335.27    2.897500%    26,212.25    406,514.84      432,727.09
    INMC 94-R         M2       4,620,000.00            0.00    0.000000%         0.00          0.00            0.00
    INMC 94-V         B1       3,618,000.00            0.00    0.000000%         0.00          0.00            0.00
    INMC 94-X         B1       2,769,000.00            0.00    0.000000%         0.00          0.00            0.00
    INMC 95-C         B1      12,828,797.00            0.00    0.000000%         0.00          0.00            0.00
    INMC 95-T         A2      65,695,250.00            0.00    0.000000%         0.00          0.00            0.00
---------------------------------------------------------------------------------------------------------------------
            Total            718,554,901.00    9,934,267.91                 27,797.48    492,747.03      520,544.51
---------------------------------------------------------------------------------------------------------------------
</TABLE>

<TABLE>
<CAPTION>
------------------------------------------------------------------
                              REALIZED    INTEREST       ENDING
     SERIES         CLASS       LOSSES    SHORTFALL      BALANCE
------------------------------------------------------------------
<S>                 <C>       <C>         <C>        <C>
    CWMBS 94K         A1          0.00       0.00            0.00
  DLJMA 93-Q18       1A1          0.00       0.00            0.00
   DLJMA 94-2A       1A1          0.00       0.00      275,700.44
    ONE 00-2          2A          0.00       0.00            0.00
   RYMS3 92-B        1A2          0.00       0.00            0.00
    SBM7 94-2         A1          0.00       0.00            0.00
    SMS 91-K          A1          0.00       0.00            0.00
    SMS 91-K          A3          0.00       0.00            0.00
   EAGLE 98-1         M1          0.00       0.00    9,165,820.43
    INMC 94-R         M2          0.00       0.00            0.00
    INMC 94-V         B1          0.00       0.00            0.00
    INMC 94-X         B1          0.00       0.00            0.00
    INMC 95-C         B1          0.00       0.00            0.00
    INMC 95-T         A2          0.00       0.00            0.00
------------------------------------------------------------------
            Total                 0.00       0.00    9,441,520.88
------------------------------------------------------------------
</TABLE>
<PAGE>
             UNDERLYING CERTIFICATES MONTHLY DISTRIBUTION - GROUP II

<TABLE>
<CAPTION>
----------------------------------------------------------------------------------------------------------------------
                                ORIGINAL       BEGINNING        PASS       INTEREST      PRINCIPAL         TOTAL
     SERIES         CLASS       BALANCE         BALANCE        THROUGH    DISTRIBUTION  DISTRIBUTION    DISTRIBUTION
----------------------------------------------------------------------------------------------------------------------
<S>                 <C>      <C>               <C>             <C>        <C>           <C>             <C>
  GRCAP 94-HM4        A1     245,813,000.00      242,505.25    4.513831%       912.19     241,415.71      242,327.90
    INMC 95-E         B1       4,608,492.00            0.00    0.000000%         0.00           0.00            0.00
    PMLT 99-A         M1       2,914,000.00    1,309,962.92    3.389986%     3,700.63      24,366.04       28,066.67
    RTC 95-2          A3     119,696,000.00            0.00    0.000000%         0.00           0.00            0.00
----------------------------------------------------------------------------------------------------------------------
            Total            373,031,492.00    1,552,468.17                  4,612.82     265,781.75      270,394.57
----------------------------------------------------------------------------------------------------------------------
</TABLE>

<TABLE>
<CAPTION>
-----------------------------------------------------------------
                              REALIZED   INTEREST       ENDING
     SERIES         CLASS      LOSSES    SHORTFALL      BALANCE
-----------------------------------------------------------------
<S>                 <C>       <C>        <C>        <C>
  GRCAP 94-HM4        A1         0.00       0.00            0.00
    INMC 95-E         B1         0.00       0.00            0.00
    PMLT 99-A         M1         0.00       0.00    1,285,596.88
    RTC 95-2          A3         0.00       0.00            0.00
-----------------------------------------------------------------
            Total                0.00       0.00    1,285,596.88
-----------------------------------------------------------------
</TABLE>

                 UNDERLYING POOL DELINQUENT INFORMATION BY GROUP

<TABLE>
<CAPTION>
----------------------------------------------------------------------------------------------------------------------------
                       LOANS
                    OUTSTANDING    DELINQUENT 30-59 DAYS   DELINQUENT 0-89 DAYS   DELINQUENT 90+ DAYS       FORECLOSURE
       SERIES         BALANCE         NO.      BALANCE       NO.       BALANCE      NO.     BALANCE      NO.       BALANCE
----------------------------------------------------------------------------------------------------------------------------
<S>                 <C>            <C>       <C>           <C>      <C>           <C>    <C>            <C>     <C>
      CWMBS 94K              0.00     0            0.00       0           0.00       0           0.00     0           0.00
   DLJMA 93-Q18(1)           0.00     0            0.00       0           0.00       0           0.00     0           0.00
   DLJMA 94-2A(1)      447,923.65     0            0.00       0           0.00       0           0.00     0           0.00
     ONE 00-2(2)             0.00     0            0.00       0           0.00       0           0.00     0           0.00
    RYMS3 92-B(2)            0.00     0            0.00       0           0.00       0           0.00     0           0.00
    SBM7 94-2(2)             0.00     0            0.00       0           0.00       0           0.00     0           0.00
      SMS 91-K               0.00     0            0.00       0           0.00       0           0.00     0           0.00
     EAGLE 98-1     15,520,568.48     9      846,214.48       3     156,984.29      10   1,676,506.03     7     667,883.47
      INMC 94-R              0.00     0            0.00       0           0.00       0           0.00     0           0.00
      INMC 94-V              0.00     0            0.00       0           0.00       0           0.00     0           0.00
      INMC 94-X              0.00     0            0.00       0           0.00       0           0.00     0           0.00
      INMC 95-C              0.00     0            0.00       0           0.00       0           0.00     0           0.00
    INMC 95-T(2)             0.00     0            0.00       0           0.00       0           0.00     0           0.00
----------------------------------------------------------------------------------------------------------------------------
        Total       15,968,492.13     9      846,214.48       3     156,984.29      10   1,676,506.03     7     667,883.47
----------------------------------------------------------------------------------------------------------------------------
</TABLE>

<TABLE>
<CAPTION>
-----------------------------------------------------
                                           REALIZED
                         REO                LOSSES
       SERIES        NO.   BALANCE       CURR. AMOUNT
-----------------------------------------------------
<S>                 <C>    <C>           <C>
      CWMBS 94K       0            0.00      0.00
   DLJMA 93-Q18(1)    0            0.00      0.00
   DLJMA 94-2A(1)     0            0.00      0.00
     ONE 00-2(2)      0            0.00      0.00
    RYMS3 92-B(2)     0            0.00      0.00
    SBM7 94-2(2)      0            0.00      0.00
      SMS 91-K        0            0.00      0.00
     EAGLE 98-1       9    1,002,809.38      0.00
      INMC 94-R       0            0.00      0.00
      INMC 94-V       0            0.00      0.00
      INMC 94-X       0            0.00      0.00
      INMC 95-C       0            0.00      0.00
    INMC 95-T(2)      0            0.00      0.00
-----------------------------------------------------
        Total         9    1,002,809.38      0.00
-----------------------------------------------------
</TABLE>

<TABLE>
<CAPTION>
----------------------------------------------------------------------------------------------------------------------------
                       LOANS
                    OUTSTANDING    DELINQUENT 30-59 DAYS  DELINQUENT 60-89 DAYS  DELINQUENT 90+ DAYS       FORECLOSURE
       SERIES         BALANCE        NO.      BALANCE       NO.       BALANCE      NO.      BALANCE      NO.      BALANCE
----------------------------------------------------------------------------------------------------------------------------
<S>                 <C>            <C>     <C>            <C>        <C>         <C>     <C>            <C>    <C>
    GRCAP 94-HM4             0.00     0            0.00      0             0.00     0            0.00     0            0.00
      INMC 95-E              0.00     0            0.00      0             0.00     0            0.00     0            0.00
      PMLT 99-A     19,775,393.80    23    1,218,652.91      7       394,366.43     7      329,421.52    12      665,906.58
     RTC 95-2(1)             0.00     0            0.00      0             0.00     0            0.00     0            0.00
----------------------------------------------------------------------------------------------------------------------------
        Total       19,775,393.80    23    1,218,652.91      7       394,366.43     7      329,421.52    12      665,906.58
----------------------------------------------------------------------------------------------------------------------------

----------------------------------------------------------------------------------------------------------------------------
      Total All     35,743,885.93    32    2,064,867.39     10       551,350.72    17    2,005,927.55    19    1,333,790.05
----------------------------------------------------------------------------------------------------------------------------
</TABLE>

<TABLE>
<CAPTION>
------------------------------------------------------
                                           REALIZED
                           REO              LOSSES
       SERIES        NO.      BALANCE    CURR. AMOUNT
------------------------------------------------------
<S>                  <C>   <C>           <C>
    GRCAP 94-HM4      0            0.00       0.00
      INMC 95-E       0            0.00       0.00
      PMLT 99-A       4      208,083.81       0.00
     RTC 95-2(1)      0            0.00       0.00
------------------------------------------------------
        Total         4      208,083.81       0.00
------------------------------------------------------

------------------------------------------------------
      Total All      13    1,210,893.19       0.00
------------------------------------------------------
</TABLE>

(1)   Information shown for the Underlying Mortgage Loans for this Pooled
      Security is based on the Underlying Mortgage Loan group related to such
      Pooled Security only.

(2)   Information shown for the Underlying Mortgage Loans for this Pooled
      Security is based on all the Underlying Mortgage Loan groups in the
      related series.
<PAGE>
                        CERTIFICATE ACCOUNT INFORMATION

<TABLE>
<CAPTION>
------------------------------------------------------------------------------------------------------------------------------
                                               WITHDRAWALS                                                           ENDING
  GROUP    BEGINNING BALANCE  FUNDS DEPOSITED  TRUSTEE FEE   MANAGEMENT FEE   AVAILABLE FUNDS   FUNDS DISTRIBUTED    BALANCE
------------------------------------------------------------------------------------------------------------------------------
<S>        <C>                <C>              <C>           <C>              <C>               <C>                 <C>
    I            0.00            520,544.51       248.36          0.00           520,296.16         502,641.37      17,654.79
   II            0.00            270,394.57        38.81          0.00           270,355.76         265,882.58       4,473.18
------------------------------------------------------------------------------------------------------------------------------
    Total        0.00            790,939.09       287.17          0.00           790,651.92         768,523.95      22,127.97
------------------------------------------------------------------------------------------------------------------------------
</TABLE>

<TABLE>
<CAPTION>
--------------------------------------------------------------------------------------------------------------
              ADDITIONAL REPORTING ITEMS                    POOL I           POOL II               TOTAL
--------------------------------------------------------------------------------------------------------------
<S>            <C>                                      <C>                <C>                  <C>
2.15(a)        Available Interest                             27,797.48         4,612.82            32,410.30
--------------------------------------------------------------------------------------------------------------
               Available Principal                           492,747.03       265,781.75           758,528.79
--------------------------------------------------------------------------------------------------------------
2.15(b)        Monthly Interest Amt.                    see p. 1
--------------------------------------------------------------------------------------------------------------
2.15(c)        Carryforward Interest                               0.00             0.00                 0.00
--------------------------------------------------------------------------------------------------------------
2.15(d)        Principal Paid                           see p. 1
--------------------------------------------------------------------------------------------------------------
2.15(e)        Class Print Amts.                        see p. 1
--------------------------------------------------------------------------------------------------------------
2.15(f)        Beginning Actual OC                              2.7000%          2.0000%
--------------------------------------------------------------------------------------------------------------
               Ending Actual OC                                 2.7000%          2.0000%
--------------------------------------------------------------------------------------------------------------
2.15(g)        2nd preceding pool bal                     16,900,993.89    23,510,249.52        40,411,243.41
--------------------------------------------------------------------------------------------------------------
2.15(h)        Required OC
--------------------------------------------------------------------------------------------------------------
2.15(i)        Has Step-up Occurred?                                 No               No
--------------------------------------------------------------------------------------------------------------
2.15(k)        Monies Deposited to Reserve Fund                    0.00             0.00                 0.00
--------------------------------------------------------------------------------------------------------------
2.15(l)        Amts. Dist. to Investor
               Certificateholders                             17,654.79         4,473.18            22,127.97
--------------------------------------------------------------------------------------------------------------
</TABLE>

Note: Management Fee is to be paid on an annual basis. This month's Fee together
      with last month's annualized amount equals the full annual Fee.

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