Document:

<PAGE>

                                 Exhibit 10.1

CONTACTS
------------------------------------------------------------------------

  Administrator:        Barbara A Campbell
  Direct Phone No:      (714)247-6278
  Address:              Deutsche Bank
                        1761 E. St. Andrew Place
                        Santa Ana, CA 92705

  Web Site:             http://www-apps.gis.deutsche-bank.com/invr
  Factor Information:   (800) 735-7777
  Main Phone No:        (714) 247-6000

------------------------------------------------------------------------

ISSUANCE INFORMATION

<TABLE>
------------------------------------------------------------------------------------------------------------------------------------
<S>                       <C>                                                          <C>                        <C>
  Seller:                 GreenPoint Mortgage                                          Cut-Off Date:              May 31, 2000
  Certificate Insurer:    AMBAC Assurance Corporation                                  Closing Date:              June 29, 2000
  Servicer(s):            GreenPoint Mortgage - Master Servicer                        First Payment Date:        July 17, 2000

  Underwriter(s):         Greenwich Capital Markets, Inc. - Underwriter                Distribution Date:         November 15, 2000
                                                                                       Record Date:               November 14, 2000
                                                                                                                  October 31, 2000
------------------------------------------------------------------------------------------------------------------------------------
</TABLE>
<PAGE>

                   GreenPoint Home Equity Loan Trust 2000-1
                   Home Equity Loan Asset-Backed Securities
                                 Series 2000-1
         Certificate Payment Report for November 15, 2000 Distribution

         Distribution in Dollars - Current Period

<TABLE>
<CAPTION>
------------------------------------------------------------------------------------------------------------------------------------
                                       Prior                                                                               Current
         Class      Original         Principal                                    Total         Realized    Deferred      Principal
 Class   Type      Face Value         Balance       Interest      Principal    Distribution      Losses     Interest       Balance
------------------------------------------------------------------------------------------------------------------------------------
                                         (1)            (2)            (3)        (4)=(2)+(3)      (5)           (6)    (7)=(1)-(3)
                                                                                                                          -(5)+(6)
------------------------------------------------------------------------------------------------------------------------------------
<S>    <C>        <C>             <C>              <C>            <C>           <C>             <C>         <C>       <C>
  A-1  FLT,STEP   244,172,000.00  228,788,264.03   1,286,933.99   4,778,255.74  6,065,189.73        -             -   224,010,008.29
  A-2  FLT,STEP   108,598,000.00   93,967,788.94     537,965.59   2,491,493.27  3,029,458.86        -             -    91,476,295.67
   R                           -               -              -              -             -        -             -                -

------------------------------------------------------------------------------------------------------------------------------------
 Total            352,770,000.00  322,756,052.97   1,824,899.58   7,269,749.01  9,094,648.59        -             -   315,486,303.96
------------------------------------------------------------------------------------------------------------------------------------
</TABLE>

Interest Accrual Detail         Current Period Factor Information per $1,000 of
                                Original Face

<TABLE>
<CAPTION>
------------------------------------------------------------------------------------------------------------------------------------
                                                  Orig. Principal      Prior                                               Current
         Period    Period                         (with Notional)    Principal                                  Total     Principal
 Class  Starting   Ending    Method      Cusip        Balance         Balance      Interest     Principal   Distribution   Balance
------------------------------------------------------------------------------------------------------------------------------------
                                                                       (1)            (2)          (3)       (4)=(2)+(3)       (5)
------------------------------------------------------------------------------------------------------------------------------------
<S>     <C>        <C>     <C>          <C>        <C>               <C>           <C>          <C>         <C>           <C>
  A-1                      A-Act/360    3133TPCH0  244,172,000.00     936.996314      5.270604    19.569221   24.839825   917.427094
  A-2                      A-Act/360    395385AC1  108,598,000.00     865.281027      4.953734    22.942349   27.896083   842.338677
   R                               -                            -              -             -            -           -            -

------------------------------------------------------------------------------------------------------------------------------------
</TABLE>

        Distribution in Dollars - to Date

<TABLE>
<CAPTION>
------------------------------------------------------------------------------------------------------------------------------------
                                                                                                                            Current
           Original                   Unscheduled     Scheduled       Total         Total        Realized     Deferred     Principal
 Class    Face Value      Interest     Principal      Principal     Principal    Distribution     Losses      Interest      Balance
------------------------------------------------------------------------------------------------------------------------------------
              (1)           (2)           (3)            (4)       (5)=(3)+(4)    (6)=(2)+(5)      (7)           (8)   (9)=(1)-(5)-
                                                                                                                          (7)+(8)
------------------------------------------------------------------------------------------------------------------------------------
<S>     <C>             <C>           <C>            <C>           <C>           <C>             <C>          <C>     <C>
  A-1   244,172,000.00  6,181,375.28  18,761,962.81  1,400,028.90  20,161,991.71 26,343,366.99      -             -   224,010,008.29
  A-2   108,598,000.00  2,690,193.49  16,594,787.05    526,917.28  17,121,704.33 19,811,897.82      -             -    91,476,295.67
   R                 -             -              -             -              -             -      -             -                -

------------------------------------------------------------------------------------------------------------------------------------
 Total  352,770,000.00  8,871,568.77  35,356,749.86  1,926,946.18  37,283,696.04 46,155,264.81      -             -   315,486,303.96
------------------------------------------------------------------------------------------------------------------------------------
</TABLE>
<PAGE>

        Interest Detail

<TABLE>
<CAPTION>
------------------------------------------------------------------------------------------------------------------------------------
          Pass-    Prior Principal                     Non-           Prior       Unscheduled                  Paid or      Current
         Through   (with Notional)      Accrued      Supported        Unpaid        Interest     Optimal       Deferred      Unpaid
 Class    Rate         Balance         Interest     Interest SF      Interest     Adjustments    Interest      Interest     Interest
------------------------------------------------------------------------------------------------------------------------------------
                                         (1)            (2)            (3)            (4)         (5)=(1)-       (6)         (7)=(5)
                                                                                                 (2)+(3)+(4)                  -(6)
------------------------------------------------------------------------------------------------------------------------------------
<S>      <C>       <C>                <C>           <C>              <C>          <C>           <C>           <C>          <C>
  A-1    6.75000%  228,788,264.03     1,286,933.99              -              -             -  1,286,933.99  1,286,933.99         -
  A-2    6.87000%   93,967,788.94       537,965.59              -              -             -    537,965.59    537,965.59         -
   R                            -                -              -              -             -             -             -         -

------------------------------------------------------------------------------------------------------------------------------------
 Total             322,756,052.97     1,824,899.58              -              -             -  1,824,899.58  1,824,899.58         -
------------------------------------------------------------------------------------------------------------------------------------
</TABLE>
<PAGE>

<TABLE>
<CAPTION>
------------------------------------------------------------------------------------------------------------------------------------
                                                     Collection Account Report
------------------------------------------------------------------------------------------------------------------------------------

SUMMARY                                                                             POOL II          POOL I            TOTAL
------------------------------------------------------------------------------------------------------------------------------------
<S>                                                                           <C>              <C>              <C>
    Net Principal Collections                                                  2,183,204.43    3,898,845.50     6,082,049.93

    TOTAL PRINCIPAL                                                            2,183,204.43    3,898,845.50     6,082,049.93

    Interest Collections                                                         860,705.56    2,211,062.17     3,071,767.73
    Interest Fees                                                                (14,451.13)     (44,717.94)      (59,169.07)

    TOTAL INTEREST                                                               846,254.43    2,166,344.23     3,012,598.66

    TOTAL AVAILABLE FUNDS                                                      3,029,458.86    6,065,189.73     9,094,648.59
------------------------------------------------------------------------------------------------------------------------------------

PRINCIPAL - COLLECTIONS                                                             POOL II          POOL I            TOTAL
------------------------------------------------------------------------------------------------------------------------------------

    Principal Collections                                                      4,908,736.72    8,046,425.59    12,955,162.31
    Repurchases/Substitutions                                                          0.00            0.00             0.00
    Liquidations                                                                       0.00            0.00             0.00
    Insurance Principal                                                                0.00            0.00             0.00
    Liquidation Loss Amounts                                                           0.00            0.00             0.00
    Additional Balances                                                       (2,725,532.29)  (4,147,580.09)   (6,873,112.38)

    TOTAL PRINCIPAL COLLECTED                                                  2,183,204.43    3,898,845.50     6,082,049.93

------------------------------------------------------------------------------------------------------------------------------------
</TABLE>
<PAGE>

<TABLE>
<CAPTION>
-----------------------------------------------------------------------------------------------------------------------------------
                                               Credit Enhancement Report
----------------------------------------------------------------------------------------------------------------------------------

ACCOUNTS                                                                          POOL II          POOL I            TOTAL
----------------------------------------------------------------------------------------------------------------------------------
<S>                                                                               <C>               <C>              <C>
    Beginning Reserve Fund Balance                                                   0.00            0.00             0.00
    Curr Period Amounts Dep to Res Fund                                              0.00            0.00             0.00
    Curr Withdrawal from Reserve Fund                                                0.00            0.00             0.00
    Reserve Fund Balance                                                             0.00            0.00             0.00

----------------------------------------------------------------------------------------------------------------------------------

INSURANCE                                                                         POOL II          POOL I            TOTAL
----------------------------------------------------------------------------------------------------------------------------------

    Insured Amount                                                                   0.00            0.00             0.00
    Reimbursements to the Insurer                                                    0.00            0.00             0.00
    Cumulative Insurance Payment                                                     0.00            0.00             0.00

    Draws on the Policy                                                              0.00            0.00             0.00
    Draws on the Demand Note                                                         0.00            0.00             0.00

    Interest portion of Guarantee Payment                                            0.00            0.00             0.00
    Principal portion of Guarantee Payment                                           0.00            0.00             0.00
    Guarantee Payment for this date                                                  0.00            0.00             0.00
    Cumulative Guaranty Payments                                                     0.00            0.00             0.00

----------------------------------------------------------------------------------------------------------------------------------

STRUCTURAL FEATURES                                                               POOL II          POOL I            TOTAL
---------------------------------------------------------------------------------------------------------------------------------

    Pool Delinquency Rate                                                          0.7460%         0.3997%
    Rolling Six-month Pool Delinquency Rate                                        0.4731%         0.3138%

    Prior Overcollateralization Amount                                         451,425.54    1,124,745.25     1,576,170.79
    Specified Overcollateralization Amount                                   2,425,281.26    5,452,977.96     7,878,259.22
    Overcollateralization Amount                                               759,714.38    2,004,155.49     2,763,869.87
    Overcollateralization Deficiency Amount                                  1,665,566.88    3,448,822.47     5,114,389.35

    Overcollateralization Deficit                                                    0.00            0.00             0.00
    Overcollateralization Reduction Amount                                           0.00            0.00             0.00
    Step-Up Overcollateralization Amount                                     5,389,513.91   12,117,728.81    17,507,242.71

    Current Accelerated Principal Payment                                      308,288.84      879,410.24     1,187,699.08
    Cumulative Accelerated Principal Payment                                 1,567,436.26    3,821,579.34     5,389,015.60

----------------------------------------------------------------------------------------------------------------------------------
</TABLE>
<PAGE>

<TABLE>
<CAPTION>
------------------------------------------------------------------------------------------------------------------------------------
                                                         Collateral Report
------------------------------------------------------------------------------------------------------------------------------------

COLLATERAL                                                                  POOL II                     POOL I             TOTAL
---------------------------------------------------------------------------------------------------------------------------------
<S>                                                                           <C>                       <C>               <C>
      Loan Count:
    Original                                                                   1258                       5996              7254
    Prior                                                                     1,108                      5,575             6,683
    Prefunding                                                                    -                          -                 -
    Scheduled Paid Offs                                                           -                          -                 -
    Full Voluntary Prepayments                                                  (26)                      (122)             (148)
    Repurchases                                                                   -                          -                 -
    Liquidations                                                                  -                          -                 -
    -----------------------------------------------------------------------------------------------------------------------------
    Current                                                                   1,082                      5,454             6,536

                  Principal Balance:

    Original                                                         107,790,278.12             242,354,576.15    350,144,854.27
    Prior                                                             94,419,214.48             229,913,009.28    324,332,223.76
    Prefunding                                                                    -                          -                 -
    Scheduled Principal                                                  (65,078.26)               (147,866.92)      (212,945.18)
    Partial and Full Voluntary Prepayments                            (4,843,658.46)             (7,898,558.67)   (12,742,217.13)
    Repurchases                                                                   -                          -                 -
    -----------------------------------------------------------------------------------------------------------------------------
    Liquidations                                                                  -                          -                 -
    Current                                                           92,236,010.05             226,014,163.78    318,250,173.83
---------------------------------------------------------------------------------------------------------------------------------

PREFUNDING                                                                  POOL II                     POOL I             TOTAL
----------------------------------------------------------------------------------------------------------------------------------
                                                  SPACE INTENTIONALLY LEFT BLANK
----------------------------------------------------------------------------------------------------------------------------------

CHARACTERISTICS                                                             POOL II                     POOL I             TOTAL
----------------------------------------------------------------------------------------------------------------------------------

    Weighted Average Coupon Original                                       9.377874%                  9.394264%         9.389218%
    Weighted Average Coupon Prior                                         12.060260%                 12.118060%        12.100863%
    Weighted Average Coupon Current                                       12.057500%                 12.109700%        12.094504%
----------------------------------------------------------------------------------------------------------------------------------
    Weighted Average Months to Maturity Original                                200                        204               203
    Weighted Average Months to Maturity Prior                                   197                        201               200
    Weighted Average Months to Maturity Current                                 197                        200               199
----------------------------------------------------------------------------------------------------------------------------------
    Weighted Avg Remaining Amortization Term Original                           208                        205               206
    Weighted Avg Remaining Amortization Term Prior                              204                        202               203
    Weighted Avg Remaining Amortization Term Current                            204                        201               202
----------------------------------------------------------------------------------------------------------------------------------
    Weighted Average Seasoning Original                                        2.71                       2.76              2.74
    Weighted Average Seasoning Prior                                           5.73                       5.73              5.73
    Weighted Average Seasoning Current                                         6.69                       6.73              6.72

----------------------------------------------------------------------------------------------------------------------------------
</TABLE>
Note:  Original information refers to deal issue.

<PAGE>

<TABLE>
<CAPTION>
ARM CHARACTERISTICS                                                          POOL II          POOL I            TOTAL
----------------------------------------------------------------------------------------------------------------------
<S>                                                                          <C>              <C>               <C>
    Weighted Average Margin Original                                          2.380%          2.530%
    Weighted Average Margin Prior                                             2.385%          2.482%
    Weighted Average Margin Current                                           2.375%          2.469%
    ------------------------------------------------------------------------------------------------------------------
    Weighted Average Max Rate Original                                       17.181%         17.075%
    Weighted Average Max Rate Prior                                          17.167%         17.075%
    Weighted Average Max Rate Current                                        17.163%         17.075%
    ------------------------------------------------------------------------------------------------------------------
    Weighted Average Min Rate Original                                        3.686%          3.918%
    Weighted Average Min Rate Prior                                           3.724%          3.867%
    Weighted Average Min Rate Current                                         3.715%          3.852%
    ------------------------------------------------------------------------------------------------------------------
    Weighted Average Cap Up Original
    Weighted Average Cap Up Prior
    Weighted Average Cap Up Current
    ------------------------------------------------------------------------------------------------------------------
    Weighted Average Cap Down Original
    Weighted Average Cap Down Prior
    Weighted Average Cap Down Current
----------------------------------------------------------------------------------------------------------------------
Note:  Original information refers to deal issue.

SERVICING FEES / ADVANCES                                                    POOL II          POOL I            TOTAL
----------------------------------------------------------------------------------------------------------------------

    TOTAL SERVICING FEE                                                      39,341.34       95,797.09     135,138.43
----------------------------------------------------------------------------------------------------------------------

ADDITIONAL COLLATERAL INFORMATION                                            POOL II          POOL I            TOTAL
----------------------------------------------------------------------------------------------------------------------
                                            SPACE INTENTIONALLY LEFT BLANK

----------------------------------------------------------------------------------------------------------------------
</TABLE>
<PAGE>

<TABLE>
<CAPTION>
----------------------------------------------------------------------------------------------------------------------------------
                                                    Delinquency Report - Total
----------------------------------------------------------------------------------------------------------------------------------

                                                         CURRENT       1 PAYMENT       2  PAYMTS      3+  PAYMTS            TOTAL
----------------------------------------------------------------------------------------------------------------------------------
<S>                  <C>                                 <C>         <C>               <C>            <C>             <C>
DELINQUENT           Balance                                         2,259,465.49      679,387.06       17,801.23     2,956,653.78
                     % Balance                                               0.71%           0.21%           0.01%            0.93%
                     # Loans                                                   32              10               2               44
                     % # Loans                                               0.49%           0.15%           0.03%            0.67%
----------------------------------------------------------------------------------------------------------------------------------
FORECLOSURE          Balance                                     -              -      138,183.55      756,144.90       894,328.45
                     % Balance                                0.00%          0.00%           0.04%           0.24%            0.28%
                     # Loans                                     -              -               2              14               16
                     % # Loans                                0.00%          0.00%           0.03%           0.21%            0.24%
-----------------------------------------------------------------------------------------------------------------------------------
BANKRUPTCY           Balance                            267,207.84              -       61,664.16      207,746.03       536,618.03
                     % Balance                                0.08%          0.00%           0.02%           0.07%            0.17%
                     # Loans                                     7              -               1               3               11
                     % # Loans                                0.11%          0.00%           0.02%           0.05%            0.17%
----------------------------------------------------------------------------------------------------------------------------------
REO                  Balance                                     -              -               -               -                -
                     % Balance                                0.00%          0.00%           0.00%           0.00%            0.00%
                     # Loans                                     -              -               -               -                -
                     % # Loans                                0.00%          0.00%           0.00%           0.00%            0.00%
----------------------------------------------------------------------------------------------------------------------------------
TOTAL                Balance                            267,207.84   2,259,465.49      879,234.77      981,692.16     4,387,600.26
                     % Balance                                0.08%          0.71%           0.28%           0.31%            1.38%
                     # Loans                                     7             32              13              19               71
                     % # Loans                                0.11%          0.49%           0.20%           0.29%            1.09%
----------------------------------------------------------------------------------------------------------------------------------
Note:  Current = 0-29days, 1 Payment = 30-59days, 2 Payments = 60-89days, 3+ Payments = 90+

----------------------------------------------------------------------------------------------------------------------------------
                                                     Delinquency Report - Pool I Group
----------------------------------------------------------------------------------------------------------------------------------

                                                         CURRENT       1 PAYMENT       2  PAYMTS      3+  PAYMTS            TOTAL
----------------------------------------------------------------------------------------------------------------------------------
DELINQUENT           Balance                                         1,136,371.35      370,737.41       11,301.23    1,518,409.99
                     % Balance                                               0.50%           0.16%           0.01%           0.67%
                     # Loans                                                   24               8               1              33
                     % # Loans                                               0.44%           0.15%           0.02%           0.61%
----------------------------------------------------------------------------------------------------------------------------------
FORECLOSURE          Balance                                     -              -      138,183.55      383,186.68      521,370.23
                     % Balance                                0.00%          0.00%           0.06%           0.17%           0.23%
                     # Loans                                     -              -               2              10              12
                     % # Loans                                0.00%          0.00%           0.04%           0.18%           0.22%
----------------------------------------------------------------------------------------------------------------------------------
BANKRUPTCY           Balance                            257,280.46              -       61,664.16      207,746.03      526,690.65
                     % Balance                                0.11%          0.00%           0.03%           0.09%           0.23%
                     # Loans                                     6              -               1               3              10
                     % # Loans                                0.11%          0.00%           0.02%           0.06%           0.18%
----------------------------------------------------------------------------------------------------------------------------------
REO                  Balance                                     -              -               -               -               -
                     % Balance                                0.00%          0.00%           0.00%           0.00%           0.00%
                     # Loans                                     -              -               -               -               -
                     % # Loans                                0.00%          0.00%           0.00%           0.00%           0.00%
-----------------------------------------------------------------------------------------------------------------------------------

-----------------------------------------------------------------------------------------------------------------------------------
TOTAL                Balance                            257,280.46   1,136,371.35      570,585.12      602,233.94    2,566,470.87
                     % Balance                                0.11%          0.50%           0.25%           0.27%           1.14%
                     # Loans                                     6             24              11              14              55
                     % # Loans                                0.11%          0.44%           0.20%           0.26%           1.01%
----------------------------------------------------------------------------------------------------------------------------------
Note:  Current = 0-29days, 1 Payment = 30-59days, 2 Payments = 60-89days, 3+ Payments = 90+
</TABLE>
<PAGE>

--------------------------------------------------------------------------------
                       Delinquency Report - Pool II Group
--------------------------------------------------------------------------------

<TABLE>
<CAPTION>
                                                           CURRENT       1 PAYMENT        2 PAYMTS       3+ PAYMTS            TOTAL
-----------------------------------------------------------------------------------------------------------------------------------
<S>                                                        <C>        <C>               <C>             <C>            <C>
DELINQUENT           Balance                                          1,123,094.14      308,649.65        6,500.00     1,438,243.79
                     % Balance                                                1.22%           0.33%           0.01%            1.56%
                     # Loans                                                     8               2               1               11
                     % # Loans                                                0.74%           0.18%           0.09%            1.02%
-----------------------------------------------------------------------------------------------------------------------------------
FORECLOSURE          Balance                                     -               -               -      372,958.22       372,958.22
                     % Balance                                0.00%           0.00%           0.00%           0.40%            0.40%
                     # Loans                                     -               -               -               4                4
                     % # Loans                                0.00%           0.00%           0.00%           0.37%            0.37%
-----------------------------------------------------------------------------------------------------------------------------------
BANKRUPTCY           Balance                              9,927.38               -               -               -         9,927.38
                     % Balance                                0.01%           0.00%           0.00%           0.00%            0.01%
                     # Loans                                     1               -               -               -                1
                     % # Loans                                0.09%           0.00%           0.00%           0.00%            0.09%
-----------------------------------------------------------------------------------------------------------------------------------
REO                  Balance                                     -               -               -               -                -
                     % Balance                                0.00%           0.00%           0.00%           0.00%            0.00%
                     # Loans                                     -               -               -               -                -
                     % # Loans                                0.00%           0.00%           0.00%           0.00%            0.00%
-----------------------------------------------------------------------------------------------------------------------------------

-----------------------------------------------------------------------------------------------------------------------------------
TOTAL                Balance                              9,927.38    1,123,094.14      308,649.65      379,458.22     1,821,129.39
                     % Balance                                0.01%           1.22%           0.33%           0.41%            1.97%
                     # Loans                                     1               8               2               5               16
                     % # Loans                                0.09%           0.74%           0.18%           0.46%            1.48%
-----------------------------------------------------------------------------------------------------------------------------------
</TABLE>

Note: Current = 0-29days, 1 Payment =30-59days, 2 Payments = 60-89days, 3+
Payments = 90+

--------------------------------------------------------------------------------
    REO Report - Mortgage Loans that Become REO During Current Distribution
--------------------------------------------------------------------------------

<TABLE>
<CAPTION>
SUMMARY                                                LOAN GROUP
------------------------------------------------------------------------------------------------------------------------------------
<S>                                                    <C>
Total Loan Count =   0                                  Loan Group 1  =  Pool I Group;   REO Book Value  =  000.00
Total Original Principal Balance =   000.00             Loan Group 2  =  Pool II Group;  REO Book Value  =  000.00
Total Current Balance =   000.00
REO Book Value =   000.00

------------------------------------------------------------------------------------------------------------------------------------
</TABLE>

REO Book Value reported corresponds to total REO loans, including loans that
become REO during current distribution.

<TABLE>
<CAPTION>
------------------------------------------------------------------------------------------------------------------------------------
   Loan Number         Original         Stated                          Current         State &
        &             Principal       Principal         Paid to           Note           LTV at         Original       Origination
    Loan Group         Balance         Balance           Date            Rate         Origination         Term            Date
------------------------------------------------------------------------------------------------------------------------------------
<S>                   <C>            <C>               <C>              <C>           <C>               <C>            <C>
                                                  SPACE INTENTIONALLY LEFT BLANK

------------------------------------------------------------------------------------------------------------------------------------
</TABLE>
<PAGE>

--------------------------------------------------------------------------------
                    Prepayment Report - Voluntary Prepayments
--------------------------------------------------------------------------------

<TABLE>
<CAPTION>
VOLUNTARY PREPAYMENTS                                                                  POOL II          POOL I            TOTAL
--------------------------------------------------------------------------------------------------------------------------------
<S>                                                                             <C>              <C>             <C>
    Current
    Number of Paid in Full Loans                                                            26             122              148
    Number of Repurchased Loans                                                              -               -                -
    ----------------------------------------------------------------------------------------------------------------------------
    Total Number of Loans Prepaid in Full                                                   26             122              148

    Paid in Full Balance                                                          2,397,642.35    5,535,116.36     7,932,758.71
    Repurchased Loans Balance                                                                -               -                -
    Curtailments Amount                                                           2,446,016.11    2,363,442.31     4,809,458.42
    ----------------------------------------------------------------------------------------------------------------------------
    Total Prepayment Amount                                                       4,843,658.46    7,898,558.67    12,742,217.13

    Cumulative
    Number of Paid in Full Loans                                                           178             543              721
    Number of Repurchased Loans                                                              -               -                -
    ----------------------------------------------------------------------------------------------------------------------------
    Total Number of Loans Prepaid in Full                                                  178             543              721

    Paid in Full Balance                                                         19,186,883.47   25,688,895.95    44,875,779.42
    Repurchased Loans Balance                                                                -               -                -
    Curtailments Amount                                                          11,741,292.31   14,478,706.06    26,219,998.37
    ----------------------------------------------------------------------------------------------------------------------------
    Total Prepayment Amount                                                      30,928,175.78   40,167,602.01    71,095,777.79

                                                  SPACE INTENTIONALLY LEFT BLANK

--------------------------------------------------------------------------------------------------------------------------------

VOLUNTARY PREPAYMENT RATES                                                             POOL II          POOL I            TOTAL
--------------------------------------------------------------------------------------------------------------------------------

    SMM                                                                                   5.13%           3.44%            3.93%
    3 Months Avg SMM                                                                      6.06%           3.38%            4.17%
    12 Months Avg SMM
    Avg SMM Since Cut-off                                                                 6.08%           3.39%            4.20%

    CPR                                                                                  46.87%          34.28%           38.20%
    3 Months Avg CPR                                                                     52.79%          33.79%           40.05%
    12 Months Avg CPR
    Avg CPR Since Cut-off                                                                52.91%          33.90%           40.24%

    PSA                                                                                3504.08%        2548.10%         2844.29%
    3 Months Avg  PSA Approximation                                                    4618.60%        2947.46%         3496.21%
    12 Months Avg PSA Approximation
    Avg PSA Since Cut-off Approximation                                                5610.76%        3576.76%         4251.77%

-------------------------------------------------------------------------------------------------------------------------------
</TABLE>
<PAGE>

PREPAYMENT CALCULATION METHODOLOGY
--------------------------------------------------------------------------------
    Single Monthly Mortality (SMM): (Voluntary partial and full prepayments +
    Repurchases)/(Beg Principal Balance - Sched Principal)

    Conditional Prepayment Rate (CPR):    1-((1-SMM)^12)

    PSA Standard Prepayment Model:    CPR/(0.02*min(30,WAS))

    Average SMM over period between nth month and mth month (AvgSMMn,m): [(1-
    SMMn) * (1-SMMn+1) *.......*(1-SMMm)]^(1/months in period n,m)
    Average CPR over period between the nth month and mth month (AvgCPRn,m):
    1-((1-AvgSMMn,m)^12)

    Average PSA Approximation over period between the nth month and mth month:
    AvgCPRn,m/(0.02*Avg WASn,m))

    Average WASn,m: (min(30,WASn)+min(30,WASn+1)+.......+min(30,WASm)/(number of
    months in the period n,m)

    Weighted Average Seasoning (WAS)

    Note: Prepayment rates are calculated since deal issue date and include
    partial and full voluntary prepayments and repurchases.
    Dates correspond to distribution dates.
--------------------------------------------------------------------------------
<PAGE>

--------------------------------------------------------------------------------
                       Realized Loss Report - Collateral
--------------------------------------------------------------------------------

<TABLE>
<CAPTION>
COLLATERAL REALIZED LOSSES                                                                POOL II          POOL I           TOTAL
------------------------------------------------------------------------------------------------------------------------------------
<S>                                                                                       <C>              <C>              <C>
  Current
  Number of Loans Liquidated                                                                    -               -                -
  Collateral Realized Loss/(Gain) Amount                                                        -               -                -
  Net Liquidation Proceeds                                                                      -               -                -

  Cumulative
  Number of Loans Liquidated                                                                    -               -                -
  Collateral Realized Loss/(Gain) Amount                                                        -               -                -
  Net Liquidation Proceeds                                                                      -               -                -

  Note: Collateral realized losses may include adjustments to loans
        liquidated in prior periods.

  Cumulative Losses as % of Original Balance                                               0.0000%         0.0000%          0.0000%

------------------------------------------------------------------------------------------------------------------------------------
</TABLE>

<TABLE>
<CAPTION>
DEFAULT SPEEDS                                                                            POOL II          POOL I           TOTAL
------------------------------------------------------------------------------------------------------------------------------------
<S>                                                                                       <C>              <C>              <C>
  MDR                                                                                        0.00%           0.00%            0.00%
  3 Months Avg MDR                                                                           0.00%           0.00%            0.00%
  12 Months Avg MDR
  Avg MDR Since Cut-off                                                                      0.00%           0.00%            0.00%

  CDR                                                                                        0.00%           0.00%            0.00%
  3 Months Avg CDR                                                                           0.00%           0.00%            0.00%
  12 Months Avg CDR
  Avg CDR Since Cut-off                                                                      0.00%           0.00%            0.00%

  SDA                                                                                        0.00%           0.00%            0.00%
  3 Months Avg SDA Approximation                                                             0.00%           0.00%            0.00%
  12 Months Avg SDA Approximation
  Avg SDA Since Cut-off Approximation                                                        0.00%           0.00%            0.00%

  Loss Severity Approximation for Current Period
  3 Months Avg Loss Severity Approximation
  12 Months Avg Loss Severity Approximation
  Avg Loss Severity Approximation Since Cut-off

-----------------------------------------------------------------------------------------------------------------------------------
</TABLE>
<PAGE>

COLLATERAL REALIZED LOSS  CALCULATION METHODOLOGY
--------------------------------------------------------------------------------
  Monthly Default Rate (MDR):  (Beg Principal Balance of Liquidated
  Loans)/(Total Beg Principal Balance)

  Conditional Default Rate (CDR):  1-((1-MDR) 12)

  SDA Standard Default Assumption:  CDR/IF(WAS**61,MIN(30,WAS)*0.02,MAX(0.03,
  MIN(30,WAS)*0.02-0.0095*(WAS-60)))

  Average MDR over period between nth month and mth month (AvgMDRn,m) [(1-MDRn)
  * (1-MDRn+1)*.......*(1-MDRm)] (1/months in period n,m)

  Average CDR over period between the nth month and mth month (AvgCDRn,m):
  1-((1-AvgMDRn,m) 12)

  Average SDA Approximation over period between the nth month and mth month:

  AvgCDRn,m/IF(Avg WASn,m**61,MIN(30,Avg WASn,m)*0.02,MAX(0.03,MIN(30,Avg
  WASn,m)*0.02-0.0095*(Avg WASn,m-60)))

  Average WASn,m: (WASn + WASn+1 +.......+ WASm )/(number of months in the
  period n,m)

  Loss Severity Approximation for current period: sum(Realized Loss
  Amount)/sum(Beg Principal Balance of Liquidated Loans)

  Average Loss Severity Approximation over period between nth month and mth
  month: Avg(Loss Severityn,m)

  Note: Default rates are calculated since deal issue date and include realized
  gains and additional realized losses and gains from prior periods.

  Dates correspond to distribution dates.
--------------------------------------------------------------------------------
** means less than
<PAGE>

--------------------------------------------------------------------------------
  Realized Loss Detail Report - Loans Liquidated During Current Distribution
--------------------------------------------------------------------------------

<TABLE>
<CAPTION>
SUMMARY                                                LOAN GROUP
----------------------------------------------         --------------------------------------------
<S>                                                    <C>
 Total Loan Count = 0                                   Loan Group 1 = Pool I Group
 Total Original Principal Balance = 0.00                Loan Group 2 = Pool II Group
 Total Prior Principal Balance = 0.00
 Total Realized Loss Amount = 0.00
 Total Net Liquidation Proceeds = 0.00
----------------------------------------------         --------------------------------------------
</TABLE>

<TABLE>
<CAPTION>
-------------------------------------------------------------------------------------------------------------------------------
  Loan Number               Original         Prior                       Current      State &
       &          Loan      Principal      Principal       Realized        Note        LTV at       Original     Origination
  Loan Group     Status      Balance        Balance      Loss/(Gain)       Rate     Origination       Term           Date
-------------------------------------------------------------------------------------------------------------------------------
<S>              <C>        <C>            <C>           <C>             <C>        <C>             <C>          <C>
                                                 SPACE INTENTIONALLY LEFT BLANK

-------------------------------------------------------------------------------------------------------------------------------
</TABLE>
<PAGE>

--------------------------------------------------------------------------------
              Triggers, Adj. Rate Cert. and Miscellaneous Report
--------------------------------------------------------------------------------

TRIGGER EVENTS                                      POOL II    POOL I    TOTAL
--------------------------------------------------------------------------------

  Servicer Event of Default                              No        No       No

  Insurer Default                                        No        No       No

--------------------------------------------------------------------------------

ADJUSTABLE RATE CERTIFICATE INFORMATION             POOL II    POOL I    TOTAL

--------------------------------------------------------------------------------
                        SPACE INTENTIONALLY LEFT BLANK

--------------------------------------------------------------------------------

<TABLE>
<CAPTION>
ADDITIONAL INFORMATION                                           POOL II         POOL I           TOTAL
----------------------------------------------------------------------------------------------------------
<S>                                                             <C>            <C>              <C>
  Detail Delinq. Breakdown to Supplement pages 11-13
  Number of Mort. Loans Delinq. 90 -119 days                           1               1                2
  Balance of Mort. Loans Delinq. 90 -119 days                   6,500.00       11,301.23        17,801.23
  Number of Mort. Loans Delinq. 120 -149 days                          -               -                -
  Balance of Mort. Loans Delinq. 120 -149 days                      0.00            0.00             0.00
  Number of Mort. Loans Delinq. 150 -179 days                          -               -                -
  Balance of Mort. Loans Delinq. 150 -179 days                      0.00            0.00             0.00
  Number of Mort. Loans Delinq. 180 days or more                       -               -                -
  Balance of Mort. Loans Delinq. 180 days or more                   0.00            0.00             0.00

  Management Fee Accrued and Unpaid                               769.60        1,730.40         2,500.00

----------------------------------------------------------------------------------------------------------
</TABLE><PAGE>

                                                                    EXHIBIT 4.15

                                                                  EXECUTION COPY

                                FIRST AMENDMENT
                                      TO
                        RECEIVABLES PURCHASE AGREEMENT

          THIS FIRST AMENDMENT, dated as of May 12, 2000 (this "Amendment"), to
                                                                ---------
the Receivables Purchase Agreement dated as of May 14, 1999 (as in effect on the
date hereof, the "Receivables Purchase Agreement"), among AMERISOURCE
                  ------------------------------
RECEIVABLES FINANCIAL CORPORATION, a Delaware corporation (the "Seller"),
                                                                ------
AMERISOURCE CORPORATION, a Delaware corporation (in its capacity as the
servicer, the "Servicer" and in its individual capacity, "AmeriSource"),
               --------                                   -----------
AMERISOURCE HEALTH CORPORATION, a Delaware corporation (the "Guarantor"),
                                                             ---------
DELAWARE FUNDING CORPORATION, a Delaware corporation (with its successors and
assigns, the "Buyer") and MORGAN GUARANTY TRUST COMPANY OF NEW YORK, a trust
              -----
company organized under the laws of the State of New York (with its successors
and assigns, the "Administrative Agent") for the Owners (as defined in the
                  --------------------
Receivables Purchase Agreement), is by and among the parties listed above.
Unless otherwise defined in this Amendment, capitalized terms shall have the
meanings assigned to such terms in the Receivables Purchase Agreement.

                                R E C I T A L S
                                - - - - - - - -

          WHEREAS, the parties to the Receivables Purchase Agreement wish to
make certain amendments as set forth herein, to the Receivables Purchase
Agreement.

          NOW THEREFORE, in consideration of the premises and mutual convenants
contained herein, and for good and sufficient consideration, the parties hereto,
intending to be legally bound, do hereby agree as follows:

      SECTION 1.  Amendments to Section 1.01 of the Receivables Purchase
                  ------------------------------------------------------
Agreement. The definitions of "Asset Purchase Agreement" and "Maximum Net
----------
Investment" are hereby deleted and replaced, respectively, with the following:

              "Asset Purchase Agreement" shall mean the Amended and Restated
               ------------------------
              Asset Purchase Agreement, dated as of July 15, 1999, among the
              Buyer, the Administrative Agent and each of the APA Purchasers
              from time to time signatory thereto, as the same may from time to
              time be amended, supplemented or otherwise modified.

              "Maximum Net Investment" shall mean $400,000,000, unless otherwise
               ----------------------
              increased with the consent of the Buyer or reduced as provided in
              Section 2.11(a) hereof; provided, however, that at all times on
                                      --------- -------
              and after the Expiration Date, the "Maximum Net Investment" shall
                                                  ----------------------
              mean the Net Investment.
<PAGE>

      SECTION 2.  Amendment to Section 6.03(m) of the Receivables Purchase
                  --------------------------------------------------------
Agreement.  Section 6.03(m) of the Receivables Purchase Agreement is hereby
---------
amended by deleting the word "Seller" therein and replacing it with the word
"Servicer."

      SECTION 3.  Amendment to Section 9.06 of the Receivables Purchase
                  -----------------------------------------------------
Agreement. The third sentence of Section 9.06 of the Receivables Purchase
----------
Agreement is hereby deleted and replaced with the following:

          Any such amendment, waiver or consent must be in writing and shall be
          effective only to the extent specifically set forth in such writing.

      SECTION 4.  Guarantor Acknowledgment, Consent and Ratification.  By its
                  --------------------------------------------------
signature hereto, the Guarantor expressly (i) acknowledges, consents and agrees
to all of the terms, conditions and provisions of this Amendment, and (ii)
ratifies and confirms that, after giving effect to this Amendment, (A) all of
the Guarantor's obligations under or in connection with Article IV-A of the
Receivable Purchase Agreement remain in full force and effect and (B) each
reference in Article IV-A of the Receivables Purchase Agreement to the "Purchase
Documents" (including, without limitation, in the definition of "Guaranteed
Obligations") shall mean and be a reference to the "Purchase Documents" after
giving effect to this Amendment to the Receivables Purchase Agreement.

      SECTION 5.  Notice of Relocation of Chief Executive Offices.  (i)  Each of
                  -----------------------------------------------
the Seller and the Servicer, pursuant to Section 6.01(j) and Section 6.03(j),
respectively, of the Receivables Purchase Agreement, hereby notifies the
Administrative Agent that on or after June 16, 2000, it intends to relocate its
Chief Executive Office.  From and after the date of such relocation, the notice
information set forth on the signature pages to the Receivables Purchase
Agreement for each of the Seller and the Servicer shall be:

               1300 Morris Drive
               Chesterbrook, PA 19087
               Attention:   John Aberant
               Tel. No.:  (610) 727-7000
               Fax:       (610) 727-3600

          (ii) The Administrative Agent hereby acknowledges receipt of the
notice contained in preceding clause (i) and hereby confirms that no further
prior written notice shall be required in connection with the relocation of the
Seller's and/or the Servicer's Chief Executive Office to the above-specified
address.

      SECTION 6.  Receivables Purchase Agreement in Full Force and Effect as
                  ----------------------------------------------------------
Amended.  Except as specifically stated herein, all of the terms and conditions
-------
of the Receivables Purchase Agreement shall remain in full force and effect.
All references to the Receivables Purchase Agreement in any Purchase Document or
any other document or instrument shall be deemed to mean the Receivables
Purchase Agreement, as amended by this Amendment.  This Amendment shall not
constitute a novation of the Receivables Purchase Agreement, but shall
constitute an amendment thereto.  The parties hereto agree to be bound by the
terms and obligations of
<PAGE>

the Receivables Purchase Agreement, as amended by this Amendment, as though the
terms and obligations of the Receivables Purchase Agreement were set forth
herein.

      SECTION 7.  Effectiveness.  This Amendment shall become effective as of
                  -------------
the date hereof, upon receipt by the Administrative Agent of:

        (a)  an executed counterpart of this Amendment from each party hereto;

        (b)  A copy of the resolutions of the Board of Directors of each of the
Seller, the Servicer and the Guarantor certified as of the date hereof by such
Person's secretary or assistant secretary (i) authorizing the execution,
delivery and performance of this Amendment and the other documents to be
delivered by such Person hereunder and approving the transactions contemplated
hereby and (ii) certifying that there have been no modifications or amendments
to the Certificate of Incorporation or Bylaws of such Person since May 14, 1999;

        (c) (i)  Originals of such financing statements (Form UCC-1), in form
and substance satisfactory to the Administrative Agent and otherwise in proper
form for filing, duly executed by C.D. Smith Healthcare, Inc., ("C.D. Smith") as
                                                                 ----------
transferor (debtor), AmeriSource, as transferee (secured party) and the Seller,
as assignee, to be filed with the State of Missouri, Buchanan County, Missouri,
the State of Pennsylvania, Chester County, Pennsylvania and the State of
Delaware;

            (ii) Originals of such financing statements (Form UCC-1), in form
and substance satisfactory to the Administrative Agent and otherwise in proper
form for filing, duly executed James Brudnick Company, Inc., ("JBC") as
                                                               ---
transferor (debtor), AmeriSource as transferee (secured party) and the Seller,
as assignee, to be filed with the State of Massachusetts, the Town Clerk of
Malden, Massachusetts, the State of Pennsylvania, Chester County, Pennsylvania
and the State of Delaware;

            (iii)  Originals of a financing statement (Form UCC-1), in form and
substance satisfactory to the Administrative Agent and otherwise in proper form
for filing, duly executed by AmeriSource, as transferor (debtor) and the Seller,
as transferee (secured party), to be filed in Chester County, Pennsylvania.

            (iv) Originals of a financing statement (Form UCC-1), in form and
substance satisfactory to the Administrative Agent and otherwise in proper form
for filing, duly executed by the Seller, as transferor (debtor) and the
Administrative Agent (for the benefit of the Owners), as transferee (secured
party), to be filed in Chester County, Pennsylvania;

            (v) Originals of such financing statements (Form UCC-3), in form and
substance satisfactory to the Administrative Agent and otherwise in proper form
for filing, duly executed by AmeriSource, as transferor (debtor) and the Seller,
as transferee (secured party), to be filed with the State of Pennsylvania,
Chester County, Pennsylvania and the State of Delaware in connection with the
addition of CD Smith and JBC as new originators;

            (vi) Originals of such financing statements (Form UCC-3), in form
and substance satisfactory to the Administrative Agent and otherwise in proper
form for filing, duly executed by the Seller, as transferor (debtor) and the
Administrative Agent (for the benefit of the
<PAGE>

Owners), as transferee (secured party), to be filed with the State of
Pennsylvania, Chester County, Pennsylvania and the State of Delaware in
connection with the addition of CD Smith and JBC as new originators; and

            (vii) Originals of such financing statements (Form UCC-3), in form
and substance satisfactory to the Administrative Agent and otherwise in proper
form for filing, duly executed, respectively, by CD Smith, JBC, AmeriSource and
the Seller, in each case, as transferor (debtor) and by the appropriate Person,
as transferee (secured party), to be filed, in each case, with the State of
Pennsylvania, Chester County, Pennsylvania and the State of Delaware in
connection with the relocation of the Chief Executive Office of each of CD
Smith, JBC, AmeriSource and the Seller;

        (d) An officer's certificate of each of the Seller, the Servicer and the
Guarantor dated the date hereof, executed by a Responsible Officer of each such
Person, certifying (as applicable) that (x) the representations and warranties
contained in Section 4.03A, 5.01, 5.02 and 5.03 of the Receivables Purchase
Agreement are true and correct as if such representations and warranties were
made as of the date hereof, both before and after giving effect to this
Amendment, (y) no Termination Event or Potential Termination Event exists as of
the date hereof, both before and after giving effect to this Amendment, and (z)
no financing statement naming such Person, as Debtor, and covering the
Receivables has been filed against such Person (except, (A) in the case of the
Servicer, certain financing statements covering the Receivables have been filed
by (i) Bank of America, N.A., all of which Receivables have been (and will
continue to be) released from such financing statements pursuant to the
Intercreditor Agreement) and (ii) the Seller, in its capacity as the buyer,
under the Purchase Agreement and (B) in the case of the Seller, certain
financing statements covering the Receivables have been filed by the
Administrative Agent (for the benefit of the Owners));

        (e) Copies of proper financing statements (Form UCC-3), if any,
necessary under the laws of all appropriate jurisdictions to release all
security interests and other rights of any Person in Receivables previously
granted by the Seller, AmeriSource or any Affiliate thereof;

        (f) An executed copy of the Third Amendment and Consent dated as of the
date hereof to the Asset Purchase Agreement; and

        (g) Such other documents as the Buyer or the Administrative Agent shall
reasonably request.

      SECTION 8.  Counterparts.  This Amendment may be executed in any number of
                  ------------
counterparts and by separate parties hereto on separate counterparts (including
by way of facsimile transmission), each of which when executed shall be deemed
an original, but all such counterparts taken together shall constitute one and
the same instrument.

      SECTION 9.  Governing Law.  THIS AMENDMENT SHALL BE GOVERNED BY AND
                  -------------
CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK.
<PAGE>

     IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be
executed and delivered by their duly authorized officers as of the date first
above set forth.

                              DELAWARE FUNDING CORPORATION

                              By:  Morgan Guaranty Trust Company of New York, as
                                   attorney-in-fact for Delaware Funding
                                   Corporation

                              By _______________________________________

                                 Name:
                                 Title:

                              MORGAN GUARANTY TRUST COMPANY OF NEW YORK, as
                              Administrative Agent

                              By _______________________________________

                                 Name:
                                 Title:

                              AMERISOURCE RECEIVABLES FINANCIAL CORPORATION, as
                              Seller

                              By _______________________________________

                                 Name:
                                 Title:

                              AMERISOURCE CORPORATION,
                              as Servicer

                              By _______________________________________

                                 Name:
                                 Title:

                              AMERISOURCE HEALTH CORPORATION,
                              as Guarantor

                              By _______________________________________

                                 Name:
                                 Title:

     [Signature Page to First Amendment to Receivables Purchase Agreement]

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