Document:

Termination Notice

 

Termination Notice

Date: August 5, 2002

To: Point West Capital Corporation

1700 Montgomery Street, Suite 250

San Francisco, California 94111

Fax: 415-394-9471

cc: Person Listed in Attached Distribution List

                   
Reference is made to (a) the Servicing Agreement, dated as of August 1, 1998 (as amended
from time to time, the "Servicing Agreement"), among Point West Capital
Corporation, as Servicer, Allegiance Capital, LLC as Special Servicer, Foresight Analysts,
Inc., as Servicing Advisor, Allegiance Funding I, LLC, as Depositor, and Manufacturers and
Traders Trust Company, as Trustee; (b) the Trust Agreement, dated as of August 1, 1998 (as
amended from time to time, the "Trust Agreement"), among the Depositor,
the Trustee and the Servicer; and (c) the other Transactions Documents. Capitalized terms
used herein and not otherwise defined herein have the same meanings herein as in the
Servicing Agreement or the Trust Agreement.

                   
This is a Termination Notice to you as Servicer. One or more Depositor Events of Default
have occurred and are continuing, including under Section 6.01 (f) and Section 6.01 (g) of
the Trust Agreement. Pursuant to Section 6.02 (b) of the Trust Agreement and Section 6.01
(b) of the Servicing Agreement, the undersigned Controlling Holders and (at the direction
of the Controlling Holders, which direction shall be deemed given hereby) the Trustee
hereby notify you of the termination of your rights and servicing obligations under the
Servicing Agreement, provided that this Termination Notice shall not relieve or
exculpate you from any liability for any action or inaction under the Servicing Agreement
prior to the delivery of this Termination Notice or from any other obligations (whether as
an Outgoing Servicer or otherwise) expressed in any of the Transaction Documents to
survive or otherwise to remain effective after the delivery to you of a Termination
Notice.

                   
Pursuant to Section 6.02 (a) of the Servicing Agreement, the Trustee, acting with the
advice of the Certificateholder Agent, has appointed Portfolio Financial Servicing
Company, a Delaware corporation ("PFSC") as Successor Servicer to the role as
Servicer (because one or more Depositor Events of Default exist and are continuing, the
Depositor has no right to appoint a Successor Servicer). PFSC has accepted such
appointment and, simultaneously with delivery of this Termination Notice to you, has
assumed responsibilities as such Successor Servicer. (A copy of this instrument effecting
such appointment, acceptance and assumption is attached hereto 

 

as Exhibit A.) Accordingly, this Termination Notice is effective immediately
upon delivery to you.

                   
Pursuant to the Servicing Agreement, you are obligated, among other things, to cooperate
in effecting the termination of your rights and responsibilities under the Servicing
Agreement and, at your own expense, to transfer your records (electronic and otherwise)
relating to the Loans to the Successor Servicer in such form as the Successor Servicer in
such form as the Successor Servicer may request and to transfer all other records,
correspondence and documents relating to the Loans that you may possess to the Successor
Servicer in the manner and at such times as the Successor Servicer shall reasonably
request. The address for notices to and other communications with the Successor Servicer
is as follows:

  
    Portfolio Financial Servicing Company 

    2121 Southwest Broadway

    Portland, Oregon 97201

    Attention: Jerry Hudspeth

    Telephone: (503) 721-3234

    Fax: (503) 721-1712

  

                   
The Controlling Holders and the Trustee expressly reserve all rights, powers and remedies
of the Certificateholders and the Trustee under the Transaction Documents and applicable
law.

[Remainder of page intentionally left blank; next page is signature page.]

 

 

 

IN WITNESS WHEREOF, each of the undersigned has executed this Termination Notice as of
the date first written above.

	Certificateholder:	PACIFIC LIFE INSURANCE COMPANY
		(Certificates held in the nominee name Mac& Co.)
		
		By:    Cathy Schwartz
		/s/      Cathy Schwartz
		

    
		Title:   Assistant Vice President
		
		By:      Audrey L. Milfs
		/s/       Audrey L. Milfs
		

    
		Title:   Secretary  

 

	Certificateholder:	UNITED OF OMAHA LIFE INSURANCE COMPANY
		
		
		By:    Donna D. Ennis
		/s/      Donna D. Ennis
		

    
		Title:  Vice President

 

	Certificateholder:	NATIONWIDE LIFE INSURANCE COMPANY
		
		
		By:    Mark W. Poeppelman
		/s/      Mark W. Poeppelman
		

    
		Title:  Associate Vice President

 

	Certificateholder:	LIBERTY LIFE INSURANCE COMPANY
		(Certificates held in the nominee name Hare & Co.)
		
		By:    Adam Emerson
		/s/      Adam Emerson
		

    
		Title:  Authorized Offcer

 

	Certificateholder:	TICE & CO.
		
		
		By:    Lori Luther
		/s/      Lori Luther
		

    
		Title:  Trust Officer/Partner

 

	Trustee:	MANUFACTURERS AND TRADERS TRUST COMPANY,
		as Trustee
		
		By:    Russell T. Whitley
		/s/      Russell T. Whitley
		

    
		Title:  Assistant Vice President

 

 

-3-

 

Distribution List

Persons Receiving Copies of Termination Notice

 

 

Melanie J. Gnazzo, Esq.

Peter S. Szurley, Esq.

Gnazzo Thill

625 Market Street, 11th Floor

San Francisco, CA 94105

Fax: 415-541-0506

Allegiance Funding I, LLC

1700 Montgomery Street, Suite 250-B

San Francisco, California 94111

Fax: 415-394-6703

Allegiance Capital, LLC

1700 Montgomery Street, Suite 250

San Francisco, California 94111

Fax: 415-394-9471

Foresight Analysts, Inc.

5353 North 16th Street, Suite 370

Phoenix, Arizona 85016

Fax: 602-277-6722

Portfolio Financial Servicing Company

2121 Southwest Broadway

Portland, Oregon 97201

Attention: Jerry Hudspeth

Fax: 503-751-1712

 

4-

Exhibit A

[Copy of Appointment and Acceptance of Successor Special Servicer]

 

-5-

 

Appointment and Acceptance of Successor  Servicer

 

 

Date: August 5, 2002

To: Portfolio Financial Servicing Company

2121 Southwest Broadway

Portland, Oregon 97201

 

Reference is made to (a) the Servicing Agreement, dated as of August 1, 1998 (as
amended from time to time, the "Servicing Agreement"), among Point West
Capital Corporation, as Servicer, Allegiance Capital, LLC as Special Servicer, Foresight
Analysts, Inc., as Servicing Advisor, Allegiance Funding I, LLC, as Depositor, and
Manufacturers and Traders Trust Company, as Trustee; (b) the Trust Agreement, dated as of
August 1, 1998 (as amended from time to time, the "Trust Agreement"),
among the Depositor, the Trustee and the Servicer; and (c) the other Transactions
Documents. Capitalized terms used herein and not otherwise defined herein have the same
meanings herein as in the Servicing Agreement or the Trust Agreement. 

Pursuant to the Trust Agreement and the Servicing Agreement, the Controlling Holders
and the Trustee have executed and are delivering a Termination Notice dated the date
hereof to Point West Capital Corporation as Servicer. Pursuant to the Servicing Agreement,
because one or more Depositor Events of Default exist and are continuing, the Trustee (and
not the Depositor), acting with the advice of the Certificateholder Agent, has the right
to appoint a Successor Servicer to the role of Servicer. The Certificateholder Agent
hereby advises and directs the Trustee to appoint, and in accordance with such advice and
direction the Trustee does hereby appoint, Portfolio Financial Servicing Company, a
Delaware corporation ("PFSC") as Successor Servicer to the role of
Servicer. PFSC hereby accepts such appointment and assumes the rights and responsibilities
of the Servicer under the Servicing Agreement and the other Transaction Documents. Such
appointment, acceptance and assumption shall be deemed effective simultaneously with the
delivery of such Termination Notice to Point West Capital Corporation. 

[Remainder of page intentionally left blank; next page is signature page.]

 

 

 

 

 

IN WITNESS WHEREOF, each of the undersigned has executed this Termination Notice as of
the date first written above.

 

	Certificateholder Agent:	WAREHOUSE LINE ADVISORS, INC.
		(Certificates held in the nominee name Mac& Co.)
		
		By:    Joseph A. Lorusso
		/s/      Joseph A. Lorusso
		

    
		Title:   Manager Entity 
		

 

	Certificateholder: Agent:	ABSF ADVISORS, INC.
		
		
		By:    Joseph A. Lorusso
		/s/      Joseph A. Lorusso
		

    
		Title:  President

 

	Certificateholder Agent:	STRUCTURED FINANCE ADVISORS, INC.
		
		
		By:    Joseph A. Lorusso
		/s/      Joseph A. Lorusso
		

    
		Title:  President

 

	Certificateholder Agent:	ASSET BACKED SUBORDINATED FUND ADVISORS, INC.
		
		
		By:    Joseph A. Lorusso
		/s/      Joseph A. Lorusso
		

    
		Title:  Joseph A. Lorusso

 

	Trustee:	MANUFACTURERS AND TRADERS TRUST COMPANY,
		as Trustee
		
		By:    Russell T. Whitley
		/s/      Russell T. Whitley
		

    
		Title:  Assistant Vice President

 

	Successor Servicer:	PORTFOLIO FINANCIAL SERVICING COMPANY
		
		
		By:    Jerry R. Hedgpeth
		/s/      Jerry R. Hedgpeth
		

    
		Title:  President & CEO

 

-2-Termination Notice

Termination Notice

Date: August 5, 2002

To: Allegiance Capital, LLC

        1700 Montgomery Street, Suite 250

        San Francisco, California 94111

        Fax: 415-394-9471

cc: Person Listed in Attached Distribution List

                   
Reference is made to (a) the Servicing Agreement, dated as of August 1, 1998 (as amended
from time to time, the "Servicing Agreement"), among Point West Capital
Corporation, as Servicer, Allegiance Capital, LLC as Special Servicer, Foresight Analysts,
Inc., as Servicing Advisor, Allegiance Funding I, LLC, as Depositor, and Manufacturers and
Traders Trust Company, as Trustee; (b) the Trust Agreement, dated as of August 1, 1998 (as
amended from time to time, the "Trust Agreement"), among the Depositor,
the Trustee and the Servicer; and (c) the other Transactions Documents. Capitalized terms
used herein and not otherwise defined herein have the same meanings herein as in the
Servicing Agreement or the Trust Agreement.

                   
This is a Termination Notice to you as Special Servicer. One or more Depositor Events of
Default have occurred and are continuing, including under Section 6.01 (f) and Section
6.01 (g) of the Trust Agreement. Pursuant to Section 6.02 (b) of the Trust Agreement and
Section 6.01 (b) of the Servicing Agreement, the undersigned Controlling Holders and (at
the direction of the Controlling Holders, which direction shall be deemed given hereby)
the Trustee hereby notify you of the termination of your rights and servicing obligations
under the Servicing Agreement, provided that this Termination Notice shall not
relieve or exculpate you from any liability for any action or inaction under the Servicing
Agreement prior to the delivery of this Termination Notice or from any other obligations
(whether as an Outgoing Servicer or otherwise) expressed in any of the Transaction
Documents to survive or otherwise to remain effective after the delivery to you of a
Termination Notice.

                   
Pursuant to Section 6.02 (a) of the Servicing Agreement, the Trustee, acting with the
advice of the Certificateholder Agent, has appointed Portfolio Financial Servicing
Company, a Delaware corporation ("PFSC") as Successor Servicer to the role as
Special Servicer (because one or more Depositor Events of Default exist and are
continuing, the Depositor has no right to appoint a Successor Servicer). PFSC has accepted
such appointment and, simultaneously with delivery of this Termination Notice to you, has
assumed responsibilities as such Successor Servicer. (A copy of this instrument effecting
such appointment, acceptance and assumption is 

attached hereto as Exhibit A.) Accordingly, this Termination Notice is effective
immediately upon delivery to you.

                   
Pursuant to the Servicing Agreement, you are obligated, among other things, to cooperate
in effecting the termination of your rights and responsibilities under the Servicing
Agreement and, at your own expense, to transfer your records (electronic and otherwise)
relating to the Loans to the Successor Servicer in such form as the Successor Servicer in
such form as the Successor Servicer may request and to transfer all other records,
correspondence and documents relating to the Loans that you may possess to the Successor
Servicer in the manner and at such times as the Successor Servicer shall reasonably
request. The address for notices to and other communications with the Successor Servicer
is as follows:

  
    
      
        
          Portfolio Financial Servicing Company 

          2121 Southwest Broadway 

          Portland, Oregon 97201

          Attention: Jerry Hudspeth

          Telephone: (503) 721-3234

          Fax: (503) 721-1712

        

      

    

  

                   
The Controlling Holders and the Trustee expressly reserve all rights, powers and remedies
of the Certificateholders and the Trustee under the Transaction Documents and applicable
law.

[Remainder of page intentionally left blank; next page is signature page.]

 

 

 

2-

 

IN WITNESS WHEREOF, each of the undersigned has executed this Termination Notice as of
the date first written above.

	Certificateholder:	PACIFIC LIFE INSURANCE COMPANY
		(Certificates held in the nominee name Mac& Co.)
		
		By:    Cathy Schwartz
		/s/      Cathy Schwartz
		

    
		Title:   Assistant Vice President
		
		By:      Audrey L. Milfs
		/s/       Audrey L. Milfs
		

    
		Title:   Secretary  

 

	Certificateholder:	UNITED OF OMAHA LIFE INSURANCE COMPANY
		
		
		By:    Donna D. Ennis
		/s/      Donna D. Ennis
		

    
		Title:  Vice President

 

	Certificateholder:	NATIONWIDE LIFE INSURANCE COMPANY
		
		
		By:    Mark W. Poeppelman
		/s/      Mark W. Poeppelman
		

    
		Title:  Associate Vice President

 

	Certificateholder:	LIBERTY LIFE INSURANCE COMPANY
		(Certificates held in the nominee name Hare & Co.)
		
		By:    Adam Emerson
		/s/      Adam Emerson
		

    
		Title:  Authorized Offcer

 

	Certificateholder:	TICE & CO.
		
		
		By:    Lori Luther
		/s/      Lori Luther
		

    
		Title:  Trust Officer/Partner

 

	Trustee:	MANUFACTURERS AND TRADERS TRUST COMPANY,
		as Trustee
		
		By:    Russell T. Whitley
		/s/      Russell T. Whitley
		

    
		Title:  Assistant Vice President

 

 

-3-

 

Distribution List

Persons Receiving Copies of Termination Notice

 

 

Melanie J. Gnazzo, Esq.

Peter S. Szurley, Esq.

Gnazzo Thill

625 Market Street, 11th Floor

San Francisco, CA 94105

Fax: 415-541-0506

Allegiance Funding I, LLC

1700 Montgomery Street, Suite 250-B

San Francisco, California 94111

Fax: 415-394-6703

Point West Capital Corporation

1700 Montgomery Street, Suite 250

San Francisco, California 94111

Fax: 415-394-9471

Foresight Analysts, Inc.

5353 North 16th Street, Suite 370

Phoenix, Arizona 85016

Fax: 602-277-6722

Portfolio Financial Servicing Company

2121 Southwest Broadway

Portland, Oregon 97201

Attention: Jerry Hudspeth

Fax: 503-751-1712

 

4-

Exhibit A

[Copy of Appointment and Acceptance of Successor Special Servicer]

 

-5-

 

Appointment and Acceptance of Successor Special Servicer

 

 

Date: August 5, 2002

To: Portfolio Financial Servicing Company

2121 Southwest Broadway

Portland, Oregon 97201

 

                   
Reference is made to (a) the Servicing Agreement, dated as of August 1, 1998 (as amended
from time to time, the "Servicing Agreement"), among Point West Capital
Corporation, as Servicer, Allegiance Capital, LLC as Special Servicer, Foresight Analysts,
Inc., as Servicing Advisor, Allegiance Funding I, LLC, as Depositor, and Manufacturers and
Traders Trust Company, as Trustee; (b) the Trust Agreement, dated as of August 1, 1998 (as
amended from time to time, the "Trust Agreement"), among the Depositor,
the Trustee and the Servicer; and (c) the other Transactions Documents. Capitalized terms
used herein and not otherwise defined herein have the same meanings herein as in the
Servicing Agreement or the Trust Agreement. 

                   
Pursuant to the Trust Agreement and the Servicing Agreement, the Controlling Holders and
the Trustee have executed and are delivering a Termination Notice dated the date hereof to
Allegiance Capital, LLC as Special Servicer. Pursuant to the Servicing Agreement, because
one or more Depositor Events of Default exist and are continuing, the Trustee (and not the
Depositor), acting with the advice of the Certificateholder Agent, has the right to
appoint a Successor Servicer to the role of Special Servicer. The Certificateholder Agent
hereby advises and directs the Trustee to appoint, and in accordance with such advice and
direction the Trustee does hereby appoint, Portfolio Financial Servicing Company, a
Delaware corporation ("PFSC") as Successor Servicer to the role of
Special Servicer. PFSC hereby accepts such appointment and assumes the rights and
responsibilities of the Special Servicer under the Servicing Agreement and the other
Transaction Documents. Such appointment, acceptance and assumption shall be deemed
effective simultaneously with the delivery of such Termination Notice to Allegiance
Capital, LLC. 

[Remainder of page intentionally left blank; next page is signature page.]

 

 

 

 

 

 

 

IN WITNESS WHEREOF, each of the undersigned has executed this Termination Notice as of
the date first written above.

 

	Certificateholder Agent:	WAREHOUSE LINE ADVISORS, INC.
		(Certificates held in the nominee name Mac& Co.)
		
		By:    Joseph A. Lorusso
		/s/      Joseph A. Lorusso
		

    
		Title:   Manager Entity 
		

 

	Certificateholder: Agent:	ABSF ADVISORS, INC.
		
		
		By:    Joseph A. Lorusso
		/s/      Joseph A. Lorusso
		

    
		Title:  President

 

	Certificateholder Agent:	STRUCTURED FINANCE ADVISORS, INC.
		
		
		By:    Joseph A. Lorusso
		/s/      Joseph A. Lorusso
		

    
		Title:  President

 

	Certificateholder Agent:	ASSET BACKED SUBORDINATED FUND ADVISORS, INC.
		
		
		By:    Joseph A. Lorusso
		/s/      Joseph A. Lorusso
		

    
		Title:  Joseph A. Lorusso

 

	Trustee:	MANUFACTURERS AND TRADERS TRUST COMPANY,
		as Trustee
		
		By:    Russell T. Whitley
		/s/      Russell T. Whitley
		

    
		Title:  Assistant Vice President

 

	Successor Servicer:	PORTFOLIO FINANCIAL SERVICING COMPANY
		
		
		By:    Jerry R. Hedgpeth
		/s/      Jerry R. Hedgpeth
		

    
		Title:  President & CEO

 

-2-

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