Document:

<PAGE>

                                  EXHIBIT 10.1

CONTACT: CUSTOMER SERVICES -- CTSLINK
         WELLS FARGO BANK MINNESOTA, N.A.
         SECURITIES ADMINISTRATION SERVICES
         7485 NEW HORIZON WAY
         FREDERICK, MD  21703
         WWW.CTSLINK.COM
         TELEPHONE: (301) 815-6600
         FAX: (301) 315-6660

                                SMT SERIES 2004-4
                         RECORD DATE: SEPTEMBER 30, 2004
                       DISTRIBUTION DATE: OCTOBER 20, 2004

                     CERTIFICATEHOLDER DISTRIBUTION SUMMARY

<TABLE>
<CAPTION>
                   Certificate  Certificate     Beginning
                      Class        Pass-       Certificate      Interest       Principal       Current
Class     CUSIP    Description  Through Rate     Balance      Distribution   Distribution  Realized Loss
------  ---------  -----------  ------------  --------------  ------------  -------------  -------------
<S>     <C>        <C>           <C>          <C>             <C>           <C>            <C>
  A     81744FBF3      SEN        1.60813%    743,502,772.71    996,374.27  22,497,729.26       0.00
 X-1    81744FBG1      SEN        0.80000%              0.00    441,543.80           0.00       0.00
 X-2    81744FBH9      SEN        0.68812%              0.00    426,350.43           0.00       0.00
 X-B    81744FBJ5      SEN        0.55219%              0.00     10,566.11           0.00       0.00
 B-1    81744FBK2      SUB        2.31125%     14,612,000.00     28,143.32           0.00       0.00
 B-2    81744FBL0      SUB        2.71125%      8,350,000.00     18,865.78           0.00       0.00
 B-3    81744FBM8      SUB        3.00890%      4,175,000.00     10,468.45           0.00       0.00
 B-4    81744FBN6      SUB        3.00890%      2,509,000.00      6,291.10           0.00       0.00
 B-5    81744FBP1      SUB        3.00890%      2,088,000.00      5,235.48           0.00       0.00
 B-6    81744FBQ9      SUB        3.00890%      3,757,983.00      9,422.82           0.00       0.00
 A-R    81744FBR7      RES        2.75052%              0.00          0.00           0.00       0.00
                                              --------------  ------------  -------------       ----
Totals                                        778,994,755.71  1,953,261.65  22,497,729.26       0.00
                                              --------------  ------------  -------------       ----

<CAPTION>
                      Ending
                    Certificate        Total         Cumulative
Class     CUSIP       Balance       Distribution   Realized Loss
------  ---------  --------------  --------------  -------------
<S>     <C>        <C>             <C>             <C>
  A     81744FBF3  721,005,043.45   23,494,103.53       0.00
 X-1    81744FBG1            0.00      441,543.80       0.00
 X-2    81744FBH9            0.00      426,350.43       0.00
 X-B    81744FBJ5            0.00       10,566.11       0.00
 B-1    81744FBK2   14,612,000.00       28,143.32       0.00
 B-2    81744FBL0    8,350,000.00       18,865.78       0.00
 B-3    81744FBM8    4,175,000.00       10,468.45       0.00
 B-4    81744FBN6    2,509,000.00        6,291.10       0.00
 B-5    81744FBP1    2,088,000.00        5,235.48       0.00
 B-6    81744FBQ9    3,757,983.00        9,422.82       0.00
 A-R    81744FBR7            0.00            0.00       0.00
                   --------------   -------------       ----
Totals             756,497,026.45   24,450,990.82       0.00
                   --------------   -------------       ----
</TABLE>

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

                        PRINCIPAL DISTRIBUTION STATEMENT

<TABLE>
<CAPTION>
                          Beginning       Scheduled   Unscheduled
        Original Face    Certificate      Principal    Principal                Realized
Class       Amount         Balance      Distribution  Distribution   Accretion  Loss (1)
------  --------------  --------------  ------------  -------------  ---------  --------
<S>     <C>             <C>             <C>           <C>            <C>        <C>
  A     799,511,000.00  743,502,772.71      0.00      22,497,729.26     0.00      0.00
 X-1              0.00            0.00      0.00               0.00     0.00      0.00
 X-2              0.00            0.00      0.00               0.00     0.00      0.00
 X-B              0.00            0.00      0.00               0.00     0.00      0.00
 B-1     14,612,000.00   14,612,000.00      0.00               0.00     0.00      0.00
 B-2      8,350,000.00    8,350,000.00      0.00               0.00     0.00      0.00
 B-3      4,175,000.00    4,175,000.00      0.00               0.00     0.00      0.00
 B-4      2,509,000.00    2,509,000.00      0.00               0.00     0.00      0.00
 B-5      2,088,000.00    2,088,000.00      0.00               0.00     0.00      0.00
 B-6      3,757,983.00    3,757,983.00      0.00               0.00     0.00      0.00
 A-R            100.00            0.00      0.00               0.00     0.00      0.00
        --------------  --------------      ----      -------------     ----      ----
Totals  835,003,083.00  778,994,755.71      0.00      22,497,729.26     0.00      0.00
        --------------  --------------      ----      -------------     ----      ----

<CAPTION>
           Total          Ending         Ending
          Principal     Certificate    Certificate  Total Principal
Class     Reduction       Balance      Percentage    Distribution
------  -------------  --------------  -----------  ---------------
<S>     <C>            <C>             <C>          <C>
  A     22,497,729.26  721,005,043.45  0.90180753   22,497,729.26
 X-1             0.00            0.00  0.00000000            0.00
 X-2             0.00            0.00  0.00000000            0.00
 X-B             0.00            0.00  0.00000000            0.00
 B-1             0.00   14,612,000.00  1.00000000            0.00
 B-2             0.00    8,350,000.00  1.00000000            0.00
 B-3             0.00    4,175,000.00  1.00000000            0.00
 B-4             0.00    2,509,000.00  1.00000000            0.00
 B-5             0.00    2,088,000.00  1.00000000            0.00
 B-6             0.00    3,757,983.00  1.00000000            0.00
 A-R             0.00            0.00  0.00000000            0.00
        -------------  --------------  ----------   -------------
Totals  22,497,729.26  756,497,026.45  0.90598112   22,497,729.26
        -------------  --------------  ----------   -------------
</TABLE>

(1)   Amount does not include excess special hazard, bankruptcy, or fraud losses
      unless otherwise disclosed. Please refer to the prospectus supplement for
      a full description.

<PAGE>

                    PRINCIPAL DISTRIBUTION FACTORS STATEMENT

<TABLE>
<CAPTION>
                          Beginning      Scheduled    Unscheduled
        Original Face    Certificate     Principal     Principal                  Realized
Class      Amount          Balance      Distribution  Distribution   Accretion    Loss (3)
------  --------------  --------------  ------------  -------------  ----------  ----------
<S>     <C>             <C>             <C>           <C>            <C>         <C>
  A     799,511,000.00    929.94689593    0.00000000    28.13936176  0.00000000  0.00000000
 X-1              0.00      0.00000000    0.00000000     0.00000000  0.00000000  0.00000000
 X-2              0.00      0.00000000    0.00000000     0.00000000  0.00000000  0.00000000
 X-B              0.00      0.00000000    0.00000000     0.00000000  0.00000000  0.00000000
 B-1     14,612,000.00   1000.00000000    0.00000000     0.00000000  0.00000000  0.00000000
 B-2      8,350,000.00   1000.00000000    0.00000000     0.00000000  0.00000000  0.00000000
 B-3      4,175,000.00   1000.00000000    0.00000000     0.00000000  0.00000000  0.00000000
 B-4      2,509,000.00   1000.00000000    0.00000000     0.00000000  0.00000000  0.00000000
 B-5      2,088,000.00   1000.00000000    0.00000000     0.00000000  0.00000000  0.00000000
 B-6      3,757,983.00   1000.00000000    0.00000000     0.00000000  0.00000000  0.00000000
 A-R            100.00      0.00000000    0.00000000     0.00000000  0.00000000  0.00000000

<CAPTION>
           Total        Ending        Ending
         Principal    Certificate   Certificate  Total Principal
Class    Reduction      Balance     Percentage   Distribution
------  -----------  -------------  -----------  ---------------
<S>     <C>          <C>            <C>          <C>
  A     28.13936176   901.80754317  0.90180753     28.13936176
 X-1     0.00000000     0.00000000  0.00000000      0.00000000
 X-2     0.00000000     0.00000000  0.00000000      0.00000000
 X-B     0.00000000     0.00000000  0.00000000      0.00000000
 B-1     0.00000000  1000.00000000  1.00000000      0.00000000
 B-2     0.00000000  1000.00000000  1.00000000      0.00000000
 B-3     0.00000000  1000.00000000  1.00000000      0.00000000
 B-4     0.00000000  1000.00000000  1.00000000      0.00000000
 B-5     0.00000000  1000.00000000  1.00000000      0.00000000
 B-6     0.00000000  1000.00000000  1.00000000      0.00000000
 A-R     0.00000000     0.00000000  0.00000000      0.00000000
</TABLE>

(3)   Amount does not include excess special hazard, bankruptcy, or fraud losses
      unless otherwise disclosed. Please refer to the prospectus supplement for
      a full description.

                         INTEREST DISTRIBUTION STATEMENT

<TABLE>
<CAPTION>
                                           Beginning                   Payment of                Non-
                             Current      Certificate/     Current       Unpaid    Current    Supported
          Original Face    Certificate      Notional       Accrued      Interest   Interest   Interest    Realized  Total Interest
  Class      Amount           Rate          Balance        Interest    Shortfall   Shortfall   Shortfall  Loss (4)   Distribution
-------- ----------------  -----------   --------------  ------------  ----------  ---------  ----------  --------  --------------
<S>      <C>               <C>           <C>             <C>           <C>         <C>        <C>         <C>       <C>
    A      799,511,000.00    1.60813%    743,502,772.71    996,374.26    0.00        0.00        (0.01)      0.00     996,374.27
   X-1               0.00    0.80000%    662,315,695.52    441,543.80    0.00        0.00         0.00       0.00     441,543.80
   X-2               0.00    0.68812%    743,502,772.71    426,350.42    0.00        0.00         0.00       0.00     426,350.43
   X-B               0.00    0.55219%     22,962,000.00     10,566.11    0.00        0.00         0.00       0.00      10,566.11
   B-1      14,612,000.00    2.31125%     14,612,000.00     28,143.32    0.00        0.00         0.00       0.00      28,143.32
   B-2       8,350,000.00    2.71125%      8,350,000.00     18,865.78    0.00        0.00         0.00       0.00      18,865.78
   B-3       4,175,000.00    3.00890%      4,175,000.00     10,468.45    0.00        0.00         0.00       0.00      10,468.45
   B-4       2,509,000.00    3.00890%      2,509,000.00      6,291.10    0.00        0.00         0.00       0.00       6,291.10
   B-5       2,088,000.00    3.00890%      2,088,000.00      5,235.48    0.00        0.00         0.00       0.00       5,235.48
   B-6       3,757,983.00    3.00890%      3,757,983.00      9,422.82    0.00        0.00         0.00       0.00       9,422.82
   A-R             100.00    2.75052%              0.00          0.00    0.00        0.00         0.00       0.00           0.00
           --------------                                ------------                            -----       ----   ------------
 Totals    835,003,083.00                                1,953,261.54    0.00        0.00        (0.01)      0.00   1,953,261.56
           --------------                                ------------                            -----       ----   ------------
<CAPTION>
           Remaining      Ending
           Unpaid       Certificate/
           Interest     Notational
  Class    Shortfall     Balance
--------   ---------  --------------
<S>        <C>        <C>
    A        0.00     721,005,043.45
   X-1       0.00     637,709,845.26
   X-2       0.00     721,005,043.45
   X-B       0.00      22,962,000.00
   B-1       0.00      14,612,000.00
   B-2       0.00       8,350,000.00
   B-3       0.00       4,175,000.00
   B-4       0.00       2,509,000.00
   B-5       0.00       2,088,000.00
   B-6       0.00       3,757,983.00
   A-R       0.00               0.00
             ----
 Totals      0.00
             ----
</TABLE>

(4)   Amount does not include excess special hazard, bankruptcy, or fraud losses
      unless otherwise disclosed. Please refer to the prospectus supplement for
      a full description.

<PAGE>

                     INTEREST DISTRIBUTION FACTORS STATEMENT

<TABLE>
<CAPTION>
                                                                            Payment of                 Non-
                              Current        Beginning                        Unpaid    Current      Supported
           Original Face    Certificate    Certificate/    Current Accrued  Interest    Interest     Interest     Realized
Class (5)      Amount          Rate      Notional Balance      Interest     Shortfall   Shortfall    Shortfall     Loss (6)
---------  ---------------  -----------  ----------------  ---------------  ----------  ----------  ------------  ----------
<S>        <C>              <C>          <C>               <C>              <C>         <C>         <C>           <C>
    A       799,511,000.00    1.60813%      929.94689593      1.24622958    0.00000000  0.00000000  (0.00000001)  0.00000000
   X-1                0.00    0.80000%      828.40097950      0.55226732    0.00000000  0.00000000   0.00000000   0.00000000
   X-2                0.00    0.68812%      929.94689593      0.53326398    0.00000000  0.00000000   0.00000000   0.00000000
   X-B                0.00    0.55219%     1000.00000000      0.46015635    0.00000000  0.00000000   0.00000000   0.00000000
   B-1       14,612,000.00    2.31125%     1000.00000000      1.92604161    0.00000000  0.00000000   0.00000000   0.00000000
   B-2        8,350,000.00    2.71125%     1000.00000000      2.25937485    0.00000000  0.00000000   0.00000000   0.00000000
   B-3        4,175,000.00    3.00890%     1000.00000000      2.50741317    0.00000000  0.00000000   0.00000000   0.00000000
   B-4        2,509,000.00    3.00890%     1000.00000000      2.50741331    0.00000000  0.00000000   0.00000000   0.00000000
   B-5        2,088,000.00    3.00890%     1000.00000000      2.50741379    0.00000000  0.00000000   0.00000000   0.00000000
   B-6        3,757,983.00    3.00890%     1000.00000000      2.50741422    0.00000000  0.00000000   0.00000000   0.00000000
   A-R              100.00    2.75052%        0.00000000      0.00000000    0.00000000  0.00000000   0.00000000   0.00000000

<CAPTION>
                           Remaining
                            Unpaid
           Total Interest   Interest   Ending Certificate/
Class (5)  Distribution    Shortfall   Notational Balance
---------  --------------  ----------  -------------------
<S>        <C>             <C>         <C>
    A        1.24622960    0.00000000     901.80753417
   X-1       0.55226732    0.00000000     797.62485477
   X-2       0.53326400    0.00000000     901.80753417
   X-B       0.46015635    0.00000000    1000.00000000
   B-1       1.92604161    0.00000000    1000.00000000
   B-2       2.25937485    0.00000000    1000.00000000
   B-3       2.50741317    0.00000000    1000.00000000
   B-4       2.50741331    0.00000000    1000.00000000
   B-5       2.50741379    0.00000000    1000.00000000
   B-6       2.50741422    0.00000000    1000.00000000
   A-R       0.00000000    0.00000000       0.00000000
</TABLE>

(5)   Per $1 denomination

(6)   Amount does not include excess special hazard, bankruptcy, or fraud losses
      unless otherwise disclosed. Please refer to the prospectus supplement for
      a full description.

                       CERTIFICATEHOLDER ACCOUNT STATEMENT

                               CERTIFICATE ACCOUNT

<TABLE>
<S>                                                                    <C>
Beginning Balance                                                               0.00

Deposits
         Payments of Interest and Principal                            24,701,232.34
         Liquidations, Insurance Proceeds, Reserve Funds                        0.00
         Proceeds from Repurchased Loans                                        0.00
         Other Amounts (Servicer Advances)                                 33,457.97
         Realized Losses (Gains, Subsequent Expenses & Recoveries)              0.00
         Prepayment Penalties                                                   0.00
                                                                       -------------
Total Deposits                                                         24,734,690.31

Withdrawals
         Reimbursement for Servicer Advances                               34,821.17
         Payment of Service Fee                                           248,878.32
         Payment of Interest and Principal                             24,450,990.82
                                                                       -------------
Total Withdrawals (Pool Distribution Amount)                           24,734,690.31

Ending Balance                                                                  0.00
                                                                       =============
</TABLE>

<PAGE>

                    PREPAYMENT/CURTAILMENT INTEREST SHORTFALL

<TABLE>
<S>                                                                         <C>
Total Prepayment/Curtailment Interest Shortfall                              0.00
Servicing Fee Support                                                        0.00
                                                                            -----
Non-Supported Prepayment Curtailment Interest Shortfall                     (0.01)
                                                                            =====
</TABLE>

                                 SERVICING FEES

<TABLE>
<S>                                                                    <C>
Gross Servicing Fee                                                    244,009.58
Master Servicing Fee                                                     4,868.74
Supported Prepayment/Curtailment Interest Shortfall                          0.00
                                                                       ----------
Net Servicing Fee                                                      248,878.32
                                                                       ==========
</TABLE>

                                 OTHER ACCOUNTS

<TABLE>
<CAPTION>
                        Beginning    Current     Current   Ending
     Account Type        Balance   Withdrawals  Deposits   Balance
---------------------   ---------  -----------  --------  --------
<S>                     <C>        <C>          <C>      <C>
Class X-1 Sub Account   4,500.00      0.00        0.00    4,500.00
Class X-2 Sub Account   4,500.00      0.00        0.00    4,500.00
Class X-B Sub Account   1,000.00      0.00        0.00    1,000.00
</TABLE>

<PAGE>

             LOAN STATUS STRATIFICATION/CREDIT ENHANCEMENT STATEMENT

                                   DELINQUENT

<TABLE>
<CAPTION>
                No. of      Principal
                 Loans       Balance
               ---------  -------------
<S>            <C>        <C>
0-29 Days          0               0.00
30 Days           39      11,732,584.80
60 Days            3         597,093.09
90 Days            2         312,550.67
120 Days           0               0.00
150 Days           0               0.00
180+ Days          0               0.00
                  --      -------------
                  44      12,642,228.56
                  --      -------------
</TABLE>

<TABLE>
<CAPTION>
                No. of      Principal
                 Loans       Balance
               ---------  -------------
<S>            <C>        <C>
0-29 Days      0.000000%    0.000000%
30 Days        1.675258%    1.550917%
60 Days        0.128866%    0.078929%
90 Days        0.085911%    0.041316%
120 Days       0.000000%    0.000000%
150 Days       0.000000%    0.000000%
180+ Days      0.000000%    0.000000%
               --------     --------
               1.890034%    1.671161%
               --------     --------
</TABLE>

                                   BANKRUPTCY
<TABLE>
<CAPTION>
                No. of      Principal
                 Loans       Balance
               ---------  -------------
<S>            <C>        <C>
0-29 Days          0          0.00
30 Days            0          0.00
60 Days            0          0.00
90 Days            0          0.00
120 Days           0          0.00
150 Days           0          0.00
180+ Days          0          0.00
                  --          ----
                   0          0.00
                  --          ----
</TABLE>

<TABLE>
<CAPTION>
                No. of      Principal
                 Loans       Balance
               ---------  -------------
<S>            <C>        <C>
0-29 Days      0.000000%    0.000000%
30 Days        0.000000%    0.000000%
60 Days        0.000000%    0.000000%
90 Days        0.000000%    0.000000%
120 Days       0.000000%    0.000000%
150 Days       0.000000%    0.000000%
180+ Days      0.000000%    0.000000%
               --------     --------
               0.000000%    0.000000%
               --------     --------
</TABLE>

                                   FORECLOSURE
<TABLE>
<CAPTION>
                No. of      Principal
                 Loans       Balance
               ---------  -------------
<S>            <C>        <C>
0-29 Days          0          0.00
30 Days            0          0.00
60 Days            0          0.00
90 Days            0          0.00
120 Days           0          0.00
150 Days           0          0.00
180+ Days          0          0.00
                  --          ----
                   0          0.00
                  --          ----
</TABLE>

<TABLE>
<CAPTION>
                No. of      Principal
                 Loans       Balance
               ---------  -------------
<S>            <C>        <C>
0-29 Days      0.000000%    0.000000%
30 Days        0.000000%    0.000000%
60 Days        0.000000%    0.000000%
90 Days        0.000000%    0.000000%
120 Days       0.000000%    0.000000%
150 Days       0.000000%    0.000000%
180+ Days      0.000000%    0.000000%
               --------     --------
               0.000000%    0.000000%
               --------     --------
</TABLE>

                                       REO
<TABLE>
<CAPTION>
                No. of     Principal
                 Loans      Balance
               ---------  -----------
<S>            <C>        <C>
0-29 Days          0          0.00
30 Days            0          0.00
60 Days            0          0.00
90 Days            0          0.00
120 Days           0          0.00
150 Days           0          0.00
180+ Days          0          0.00
                  --          ----
                   0          0.00
                  --          ----
</TABLE>

<TABLE>
<CAPTION>
                No. of     Principal
                 Loans      Balance
               ---------  -----------
<S>            <C>        <C>
0-29 Days      0.000000%    0.000000%
30 Days        0.000000%    0.000000%
60 Days        0.000000%    0.000000%
90 Days        0.000000%    0.000000%
120 Days       0.000000%    0.000000%
150 Days       0.000000%    0.000000%
180+ Days      0.000000%    0.000000%
               --------     --------
               0.000000%    0.000000%
               --------     --------
</TABLE>

                                      TOTAL

<TABLE>
<CAPTION>
                No. of      Principal
                 Loans       Balance
               ---------  -------------
<S>            <C>        <C>
0-29 Days          0               0.00
30 Days           39      11,732,584.80
60 Days            3         597,093.09
90 Days            2         312,550.67
120 Days           0               0.00
150 Days           0               0.00
180+ Days          0               0.00
                  --      -------------
                  44      12,642,228.56
                  --      -------------
</TABLE>

<TABLE>
<CAPTION>
                No. of      Principal
                 Loans       Balance
               ---------  -------------
<S>            <C>        <C>
0-29 Days      0.000000%    0.000000%
30 Days        1.675258%    1.550917%
60 Days        0.128866%    0.078929%
90 Days        0.085911%    0.041316%
120 Days       0.000000%    0.000000%
150 Days       0.000000%    0.000000%
180+ Days      0.000000%    0.000000%
               --------     --------
               1.890034%    1.671161%
               --------     --------
</TABLE>

<TABLE>
<S>                                       <C>   <C>                                          <C>   <C>              <C>
Current Period Class A Insufficient Funds:0.00  Principal Balance of Contaminated Properties 0.00  Periodic Advance 33,457.97
</TABLE>

<TABLE>
<CAPTION>
            Original $    Original%     Current $      Current %   Current Class %  Prepayment %
           -------------  -----------  -------------  -----------  ---------------  ------------
<S>        <C>            <C>          <C>            <C>          <C>              <C>
Class A    35,491,983.00  4.25052119%  35,491,983.00  4.69162227%    95.308378%      0.000000%
Class X-1  35,491,983.00  4.25052119%  35,491,983.00  4.69162227%     0.000000%      0.000000%
Class X-2  35,491,983.00  4.25052119%  35,491,983.00  4.69162227%     0.000000%      0.000000%
Class B-1  20,879,983.00  2.50058753%  20,879,983.00  2.76008791%     1.931534%     41.169861%
Class B-2  12,529,983.00  1.50059123%  12,529,983.00  1.65631622%     1.103772%     23.526440%
Class B-3   8,354,983.00  1.00059307%   8,354,983.00  1.10443038%     0.551886%     11.763220%
Class B-4   5,845,983.00  0.70011514%   5,845,983.00  0.77277012%     0.331660%      7.069202%
Class B-5   3,757,983.00  0.45005618%   3,757,983.00  0.49676111%     0.276009%      5.883019%
Class B-6           0.00  0.00000000%           0.00  0.00000000%     0.496761%     10.588259%
</TABLE>

Please refer to the prospectus supplement for a full description of loss
exposure

<PAGE>

                              COLLATERAL STATEMENT

<TABLE>
<CAPTION>
Collateral Description                                        Mixed Arm
<S>                                                      <C>
Weighted Average Gross Coupon                                  3.392279%
Weighted Average Net Coupon                                    3.016396%
Weighted Average Pass-Through Rate                             3.008896%
Weighted Average Maturity (Stepdown Calculation)                    337

Beginning Scheduled Collateral Loan Count                         2,375
Number of Loans Paid in Full                                         47
Ending Scheduled Collateral Loan Count                            2,328

Beginning Scheduled Collateral Balance                   778,994,756.45
Ending Scheduled Collateral Balance                      756,497,027.19
Ending Actual Collateral Balance at 30-Sept-2004         756,493,551.98

Monthly P&I Constant                                       2,202,139.86
Special Servicing Fee                                              0.00
Prepayment Penalties                                               0.00
Realization Loss Amount                                            0.00
Cumulative Realized Loss                                           0.00

Class A Optimal Amount                                    24,372,563.85

Ending Scheduled Balance for Premium Loans               756,497,027.19

Scheduled Principal                                                0.00
Unscheduled Principal                                     22,497,729.26
</TABLE>

MISCELLANEOUS REPORTING

<TABLE>
<S>                                                      <C>
One-Month Libor Loan Balance                             103,659,986.28
Six-Month Libor Loan Balance                             652,837,040.91
Prorata Senior Percentage                                     95.443874%
Senior Percentage                                            100.000000%
Senior Prepayment Percentage                                 100.000000%
Subordinate Percentage                                         0.000000%
Subordinate Prepayment Percentage                              0.000000%
</TABLE>exv10w3

 

Exhibit 10.3

First Amendment To

Credit Agreement (3-Year)

     This
First Amendment to Credit Agreement (3-Year) (this
“Amendment”) is
dated as of October 21, 2004 by and among Alliance Data Systems Corporation
(the “Borrower”), the Guarantor party hereto, the Banks party hereto, and
Harris Trust and Savings Bank, as Administrative Agent and Letter of Credit
Issuer;

W I T N E S S E T H:

     Whereas, the Borrower, the Guarantor, the Banks, and the Administrative
Agent have heretofore executed and delivered a Credit Agreement (3-Year) dated
as of April 10, 2003 (the “Credit Agreement”); and

     Whereas, the Borrower, the Guarantor, the Banks and the Administrative
Agent desire to amend the Credit Agreement to (i) increase the aggregate amount
to which the Commitments may be increased pursuant to Section 2.16 of the
Credit Agreement, (ii) increase the Total Commitments of the Banks by
$50,000,000 and (iii) and to make certain other amendments to the Credit
Agreement as set forth herein;

     Now, Therefore, for good and valuable consideration the receipt of which
is hereby acknowledged, the Borrower, the Guarantor, the Banks and the
Administrative Agent hereby agree as follows:

     1. Section 2.16 of the Credit Agreement is hereby amended by deleting the
amount “$450,000,000” appearing in the eleventh line thereof and inserting in
its place the amount “$500,000,000.”

     2. The Borrower has requested that from and after the Effective Time the
Total Commitments of the Banks be increased by $50,000,000, with such increase
being allocated to certain of the Banks. Accordingly, the Commitments of the
Banks set forth on Schedule I to the Credit Agreement are hereby amended in
their entirety and as so amended shall be as set forth on Schedule I to this
Amendment. If any Loans are outstanding under the Credit Agreement as of the
Effective Time, the Borrower irrevocably authorizes and directs the Banks to
make (nonratably if necessary, but otherwise subject to the terms and
conditions of the Credit Agreement as amended hereby) a Base Rate Loan in an
amount sufficient to (and the Borrower hereby irrevocably authorizes and
directs the Banks to apply such Loan to), pay and discharge the Loans of the
Banks (nonratably if necessary) such that the percentage of each Bank’s
Commitment in use immediately after giving effect to such application is equal.

     3. This Amendment shall become effective as of the opening of business on
October 21, 2004 (the “Effective Time”) subject to the conditions precedent
that on or before such date:

 

 

     (a) the Administrative Agent shall have received
counterparts hereof executed by the Borrower, the
Guarantor and the Required Banks; and

     (b) the Administrative Agent shall have received
certified copies of resolutions of the boards of
directors of the Borrower and the Guarantor
authorizing the execution and delivery of this
Amendment, indicating the authorized signers of this
Amendment and the specimen signatures of such signers.

     4.1. To induce the Administrative Agent and the Banks to enter into this
Amendment, the Borrower represents and warrants to the Administrative Agent and
the Banks that: (a) the representations and warranties contained in the Credit
Agreement are true and correct in all material respects as of the date hereof
with the same effect as though made on the date hereof (it being understood and
agreed that any representation or warranty which by its terms is made as of a
specified date shall be required to be true and correct in all material
respects only as of such specified date); (b) no Default or Event of Default
exists; (c) this Amendment has been duly authorized by all necessary corporate
proceedings and duly executed and delivered by the Borrower and the Credit
Agreement, as amended by this Amendment, is the legal, valid and binding
obligation of the Borrower, enforceable against the Borrower in accordance with
its terms, except as enforceability may be limited by bankruptcy, insolvency or
other similar laws of general application affecting the enforcement of
creditors’ rights or by general principles of equity; and (d) no consent,
approval, authorization, order, registration or qualification with any
governmental authority is required for, and the absence of which would
adversely affect, the legal and valid execution and delivery or performance by
the Borrower of this Amendment or the performance by the Borrower of the Credit
Agreement, as amended by this Amendment.

     4.2. This Amendment may be executed in any number of counterparts and by
the different parties on separate counterparts and each such counterpart shall
be deemed to be an original, but all such counterparts shall together
constitute but one and the same Amendment.

     4.3. Except as specifically provided above, the Credit Agreement shall
remain in full force and effect and is hereby ratified and confirmed in all
respects. The execution, delivery, and effectiveness of this Amendment shall
not, except as expressly provided herein, operate as a waiver of any right,
power, or remedy of the Administrative Agent or any Bank under the Credit
Agreement or any Note, nor constitute a waiver or modification of any provision
of any of the Credit Agreement or any Note.

     4.4. This Amendment and the rights and obligations of the parties
hereunder shall be construed in accordance with and be governed by the law of
the State of Illinois.

- 2 -

 

     In Witness Whereof, the parties hereto have caused this Amendment to be
executed by their respective officers thereunto duly authorized as of the day
and year first above written.

	 	 	 	 	 
	 	 	Alliance Data Systems Corporation, as Borrower
	 
	 	 	 	 
	

	 	By
	 	/s/ Robert P Armiak
	

	 	 	 	
 
	

	 	 	 	Name Robert P Armiak, CCM
	

	 	 	 	Title Sr. Vice President, Treasurer
	 
	 	 	 	 
	 	 	ADS Alliance Data Systems, Inc., as a Guarantor
	 
	 	 	 	 
	

	 	By
	 	/s/ Robert P Armiak
	

	 	 	 	

	

	 	 	 	Name Robert P Armiak, CCM
	

	 	 	 	Title Sr. Vice President, Treasurer

[3-Year]

S-1

 

	 	 	 	 	 
	 	 	Harris Trust and Savings Bank,
individually, as Letter of Credit
Issuer and as Administrative Agent

	 
	 	 	 	 
	

	 	By
	 	/s/ Peter Stack
	

	 	 	 	
 
	

	 	 	 	Name Peter Stack
	

	 	 	 	Title VP

[3-Year]

S-2

 

	 	 	 	 	 
	 	 	SunTrust Bank
	 
	 	 	 	 
	

	 	By
	 	/s/ Nora G. Brown
	

	 	 	 	
 
	

	 	 	 	Name Nora G. Brown
	

	 	 	 	Title Vice President

[3-Year]

S-3

 

	 	 	 	 	 
	 	 	Bank One, N.A. (Main Office Chicago)
	 
	 	 	 	 
	

	 	By
	 	/s/ Michael M. Tolentino
	

	 	 	 	
 
	

	 	 	 	Name Michael M. Tolentino
	

	 	 	 	Title Director

[3-Year]

S-4

 

	 	 	 	 	 
	 	 	Wachovia Bank, N.A.
	 
	 	 	 	 
	

	 	By
	 	/s/ Michael Romanzo
	

	 	 	 	
 
	

	 	 	 	Name Michael Romanzo
	

	 	 	 	Title Vice President

[3-Year]

S-5

 

	 	 	 	 	 
	 	 	JPMorgan Chase Bank
	 
	 	 	 	 
	

	 	By
	 	/s/ Michael J. Lister
	

	 	 	 	
 
	

	 	 	 	Name Michael J. Lister
	

	 	 	 	Title Vice President JP Morgan Chase Bank

[3-Year]

S-6

 

	 	 	 	 	 
	 	 	Huntington National Bank
	 
	 	 	 	 
	

	 	By
	 	/s/ Steven P. Clemens
	

	 	 	 	
 
	

	 	 	 	Name Steven P. Clemens
	

	 	 	 	Title Vice President

[3-Year]

S-7

 

	 	 	 	 	 	 	 
	 	 	Bear Stearns Corporate Lending, Inc.
	 
	 	 	 	 	 	 
	

	 	By	 	 	 	 
	 	 	 	 	
 
	

	 	 	 	Name	 	 
	

	 	 	 	 	 	
 
	

	 	 	 	Title	 	 
	

	 	 	 	 	
 

[3-Year]

S-8

 

	 	 	 	 	 
	 	 	Credit Suisse First Boston, acting through its Cayman Islands Branch
	 
	 	 	 	 
	

	 	By
	 	/s/ Peter Chauvin
	

	 	 	 	
 
	

	 	 	 	Name Peter Chauvin
	

	 	 	 	Title Vice President
	 
	 	 	 	 
	

	 	By
	 	/s/ Alain Daoust
	

	 	 	 	
 
	

	 	 	 	Name Alain Daoust
	

	 	 	 	Title Director

[3-Year]

S-9

 

	 	 	 	 	 
	 	 	US Bank National Association
	 
	 	 	 	 
	

	 	By
	 	/s/ David F. Higbee
	

	 	 	 	
 
	

	 	 	 	Name David F. Higbee
	

	 	 	 	Title Vice President

[3-Year]

S-10

 

	 	 	 	 	 
	 	 	Union Bank of California, N.A.
	 
	 	 	 	 
	

	 	By
	 	/s/ Clifford F. Cho
	

	 	 	 	
 
	

	 	 	 	Name Clifford F. Cho
	

	 	 	 	Title Vice President

[3-Year]

S-11

 

	 	 	 	 	 
	 	 	Fifth Third Bank (Central Ohio)
	 
	 	 	 	 
	

	 	By
	 	/s/ Kristie Nicolosi
	

	 	 	 	
 
	

	 	 	 	Name Kristie Nicolosi
	

	 	 	 	Title Assistant Vice President

[3-Year]

S-12

 

	 	 	 	 	 
	 	 	Barclays Bank PLC
	 
	 	 	 	 
	

	 	By
	 	/s/ Alison McGuigan
	

	 	 	 	
 
	

	 	 	 	Name Alison McGuigan
	

	 	 	 	Title Associate Director

[3-Year]

S-13

 

	 	 	 	 	 	 	 
	 	 	Bank Hapoalim
	 
	 	 	 	 	 	 
	

	 	By	 	 	 	 
	 	 	 	 	
 
	

	 	 	 	Name	 	 
	

	 	 	 	 	 	
 
	

	 	 	 	Title	 	 
	

	 	 	 	 	 	
 

[3-Year]

S-14

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00073-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00073-of-00352.parquet"}]]