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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10 - K
ANNUAL REPORT PURSUANT TO SECTION 13 OR 15 (D) OF
THE SECURITIES EXCHANGE ACT OF 1934
For the annual fiscal period ended June 30, 1996
Commission File No. 033-97320-02
UACSC 1995-D AUTO TRUST
(Exact name of registrant as specified in its charter)
New York 35-1937340
State or other jurisdiction of (I.R.S. Employer
incorporation or organization Identification Number)
UAC Securitization
Corporation
250 Shadeland Avenue, Suite 210 A
Indianapolis, Indiana 46219
(address of principal (zip code)
executive offices)
UAC Securitization Corporation
Registrant's telephone number including area code (317) 231-6466
--------------
Securities registered pursuant to Section 12 (b) of the Act: None
----
Securities registered pursuant to Section 12 (g) of the Act: None
----
Indicate by check mark whether the registrant (1) has filed all reports required
to be filed by Section 13 or 15 (d) of the Securities Exchange Act of 1937
during the preceding 12 months (or for such shorter period that the registrant
was required to file such reports), and (2) has been subject to such filing
requirements for the past 90 days.
Yes X No
DOCUMENTS INCORPORATED BY REFERENCE: None
2.
<PAGE>
PART I
Item 1. Business.
The sole and only "business" of the Trust is the collection and
distribution of payments on the automobile and light truck receivables, in the
manner described in the Registration Statement. Accordingly, there is no
relevant information to report in response to Item 101 of Regulation S-K.
Item 2. Properties.
The Trust does not have any physical properties. Accordingly, this item
1 is inapplicable.
Item 3. Legal Proceedings.
There are no material pending legal proceedings involving either the
Trust, or, with respect to any Certificates or any other trust property,
involving the Trustee or the Company.
Item 4. Submission of Matters to a Vote of Security Holders.
No Votes or consents of Certificateholders are solicited during the
preceding fiscal year for any purpose.
3.
<PAGE>
PART II
Item 5. Market Price or and Dividends on the Registrant's Equity and Related
Stockholder Matters.
There is no established public trading market for the Certificates.
As of June 30, 1996, there were forty-three (43) registered
Certificateholders. The Trust pays no dividends. See Exhibit 99-1 and 99-2 for
information with respect to distributions to Certificateholders.
Item 6. Selected Financial Data.
No financial data is required of UAC Securitization Corporation, as
Registrant (Registration Statement No. 033-97320-02 on form S-3), inasmuch as
the Registration Statement was filed for and on behalf of UACSC Auto Trusts and,
furthermore, because UAC Securitization Corporation is not a guarantor of any of
the payments due from the Trust to Certificateholders.
The regular monthly report form, which the Trustee is required to include
with each monthly distribution of Trust assets to Certificateholders, sets forth
for the prior calendar month, as well as cumulatively, all of the relevant
financial information required by the applicable pooling and servicing agreement
to be reportable to Certificateholders.
The UACSC 1995-D Auto Trust Monthly Servicer's Certificate Report for the
months ending April 30, 1996, May 31, 1996, and June 30, 1996, is incorporated
herein by reference and attached hereto as an Exhibit (Exhibit No. 99-1)
"additional exhibits".
4.
<PAGE>
A Consolidated Monthly Servicer's Certificate Report, for the period
November 30, 1995, through June 30, 1996, is likewise incorporated herein by
reference and is attached hereto as Exhibit 99-2.
The foregoing presents all relevant financial information relating to
the Trust. Because of the limited business activity of the Trust, the Selected
Financial Data specified in Item 301 of Regulation S-K would not provide
meaningful additional information.
Item 7. Management's Discussion and Analysis of Financial Condition and Results
of Operation.
Because of the limited business activity of the Trust, the presentation of
Management's Discussion and Analysis of Financial Condition and Results of
Operations, as otherwise required by Item 303 of Regulation S-K, would not be
meaningful. All relevant information is contained in the monthly statements and
consolidated summary annual statement.
Item 8. Financial Statements and Supplementary Data.
As discussed above, furnishing the traditional financial information
required by Item 8 of Form 10-K would not add relevant information to that
provided by the foregoing statements.
Item 9. Disagreements with Accountants on Accounting and Financial Disclosure.
Not applicable.
5.
<PAGE>
PART III
Item 10. Directors and Executive Officers.
Not applicable.
Item 11. Executive Compensation.
Not applicable.
Item 12. Security Ownership of Certain Beneficial Owners and Management.
As of June 30, 1996, there were a total of forty-three (43) Registered
Certificateholders, all of whom maintained their security positions with the
Depository Trust Company. While some of these Certificateholders' security
positions in the Trust exceeded 5% of the outstanding Certificate Balance; such
securities do not constitute voting securities within the meaning of Item 403 of
Regulation S-K.
Item 13. Certain Relationships and Related Transactions.
Union Acceptance Corporation and UAC Securitization Corporation
receive payments from the Trust in accordance with the terms of the applicable
pooling and servicing agreement.
6.
PART IV
Item 14. Exhibits, Financial Statement Schedules, and Reports on For 8-K.
No reports on Form 8-K have been filed during the last quarter of the
period covered by this report.
Incorporated herein and attached hereto as Exhibit 99-1 is a copy of of the
Monthly Servicer's Certificate Reports to the Trust, for the months of April 30,
1996, May 31, 1996, and June 30, 1996; as Exhibit 99-2 the Consolidated Monthly
Servicer's Certificate Report for the period November 30, 1995, through June 30,
1996.
7.
<PAGE>
Pursuant to the requirements of Section 13 or 15 (d) of the Securities Exchange
Act of 1934, the Registrant has duly caused this Report to be signed on its
behalf by the undersigned, thereunto duly authorized, for and on behalf of UACSC
1995-D Auto Trust.
UASC 1995-D Auto Trust
By: UAC Securitization Corporation,
Depositor
Date: September 27 , 1996 By: s/John Stainbrook
-------------------------------
John Stainbrook
President
Pursuant to the requirements of the Securities Exchange Act
of 1934, this Report has been signed below by the following
persons on behalf of the Registrant and in the capacities
and on the dates indicated.
By: UAC Securitization Corporation,
Depositor
September 27 , 1996 By: s/John Stainbrook
---------------------------
John Stainbrook
President / Director
September 27 , 1996 By: s/Cindy Whitaker
---------------------------
Cindy Whitaker
Director
September 27 , 1996 By: s/Rick Brown
---------------------------
Rick Brown,Treasurer(Chief
Financial and Accounting
Officer)
September 27 , 1996 By: s/Jerry Von Deylen
---------------------------
Jerry Von Deylen, Director
September , 1996 By:
---------------------------
Amanda Foster, Director
September , 1996 By:
---------------------------
Thomas Kelleher, Director
8.
<PAGE>
EXHIBIT INDEX
No. Description
4 Pooling and Servicing Agreement Respecting UACSC 1995-D Auto Trust*
UACSC 1995-D Auto Trust Monthly
Servicer's Certificate Reports:
99-1(a) Month Ended April 30, 1996
99-1(b) Month Ended May 31, 1996
99-1(c) Month Ended June 30, 1996
UACSC 1995-D Auto Trust
Consolidated Monthly Servicer's
Certificate Report Period
99-2 11/30/95 Through 06/30/96
*Incorporated by Reference to Exhibit 4 to Form 8-K filed November 24, 1995.
9.
UACSC 95-D
UNION ACCEPTANCE CORPORATION
(Servicer)
MONTH ENDING 4/30/96
<TABLE>
<CAPTION>
PRINCIPAL BALANCE RECONCILIATION D O L L A R S NUMBERS
'A' PIECE 'B' PIECE TOTAL OF A+B
<S> <C> <C> <C> <C>
ORIGINAL PRINCIPAL BALANCE $187,050,479.13 $18,499,497.94 $205,549,977.07 15,213
BEGINNING PERIOD PRINCIPAL BALANCE $162,310,259.98 $16,052,663.07 $178,362,923.05 13,905
COLLECTIONS (REGULAR PAYMENTS) $ 2,079,303.25 $ 205,645.38 $ 2,284,948.63 --
COLLECTIONS (PRINCIPAL - PAYOFFS) $ 2,544,561.26 $ 251,659.90 $ 2,796,221.16 241
WITHDRAWAL FROM PAYAHEAD (PRINCIPAL) $ 4,200.85 $ 415.47 $ 4,616.32 --
GROSS CHARGE OFFS $ 512,001.50 $ 50,637.51 $ 562,639.01 35
REPURCHASES $ 20,048.56 $ 1,982.82 $ 22,031.38 2
ENDING BALANCE $157,150,144.56 $15,542,321.99 $172,692,466.55 13,627
CERTIFICATE FACTOR 0.8401483 0.8401483
PASS THROUGH RATE 5.965% 6.025%
CASH FLOW RECONCILIATION
PRINCIPAL WIRED $5,120,148.64
INTEREST WIRED $1,873,702.93
WITHDRAWAL FROM PAYAHEAD ACCOUNT $ 7,625.09
REPURCHASES $ 22,620.74
GROSS CHARGE OFF RECOVERIES $ 248,292.01
GROSS INTEREST ADVANCES $ 35,887.42
CIA INTEREST EARNED $ 17,578.22
SPREAD ACCOUNT WITHDRAWAL $ 0.00
"A" SURETY BOND DRAW FOR "I" INTEREST $ 0.00
"A" SURETY BOND DRAW FOR "A" PRINCIPAL OR INTEREST $ 0.00
"B" SURETY BOND DRAW FOR "B" PRINCIPAL OR INTEREST $ 0.00
TOTAL $7,325,855.05
TRUSTEE DISTRIBUTION ( 5/07/96)
TOTAL CASH FLOW $7,325,855.05
UNRECOVERED INTEREST ADVANCES $ 20,299.76
SERVICING FEE (DUE AND UNPAID) $ 0.00
INTEREST TO 'A' CERTIFICATE HOLDERS $ 806,817.25
INTEREST TO 'I' CERTIFICATE HOLDERS $ 321,413.69
INTEREST TO 'B' CERTIFICATE HOLDERS $ 80,597.75
PRINCIPAL TO 'A' CERTIFICATE HOLDERS $5,160,115.41
PRINCIPAL TO 'B' CERTIFICATE HOLDERS $ 510,341.09
SURETY BOND PREMIUM $ 14,391.04
INTEREST ADVANCE RECOVERIES: Payments $ 28,386.10 *
UNREIMBURSED DRAWS ON CLASS 'A' SURETY BOND FOR CLASS 'I' INTEREST $ 0.00
UNREIMBURSED DRAWS ON CLASS 'A' SURETY BOND FOR CLASS 'A' INT. OR PRI $ 0.00
UNREIMBURSED DRAWS ON CLASS 'B' SURETY BOND FOR CLASS 'B' INT. OR PRI $ 0.00
DEPOSIT TO PAYAHEAD $ 44,713.03
CIA INTEREST TO SERVICER (TO HIT 5/07/96) $ 17,578.22
PAYAHEAD ACCOUNT INTEREST TO SERVICER (TO HIT 5/07/96) $ 415.26
EXCESS YIELD (TO HIT 5/07/96) $ 320,786.45
BALANCE $ 0.00
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
SPREAD ACCOUNT AND SURETY "A" AND "B" RECONCILIATION
SPREAD ACCOUNT "A SURETY BOND "B" SURETY BOND
<S> <C> <C> <C>
ORIGINAL BALANCE $ 0.00 $14,388,498.39 $ 18,499,497.94
BEGINNING BALANCE $1,992,857.08 $13,091,788.38 $ 16,052,663.07
TRUSTEE DISTRIBUTION OF EXCESS YIELD (4/07/96) $ 329,597.52 -- --
INTEREST EARNED (4/30/96) $ 9,557.47 $ 0.00 0.00
DRAWS $ 0.00 $ 0.00 0.00
REIMBURSEMENT FOR PRIOR DRAWS $ 0.00 $ 0.00 0.00
DISTRIBUTION OF FUNDS TO SERVICER ( 4/07/96) $ 0.00 -- --
ENDING BALANCE $2,332,012.07 $13,091,788.38 $16,052,663.07
ADJUSTED END BAL BASED UPON REQ. BAL $12,469,110.57 $15,542,321.99
REQUIRED BALANCE $8,918,146.15 $12,469,110.57 $15,542,321.99
DISTRIBUTION OF FUNDS TO SERVICER (5/07/96) $ 0.00
MONTHLY SERVICING FEE AND THE SPREAD AMOUNT $ 1,134,923.70
SERVICING FEE (RETAINED FROM INTEREST COLLECTIONS) $ 148,635.77
</TABLE>
UACSC 95-D
UNION ACCEPTANCE CORPORATION
(Servicer)
MONTH ENDING 5/31/96
<TABLE>
<CAPTION>
PRINCIPAL BALANCE RECONCILIATION D O L L A R S NUMBERS
'A' PIECE 'B' PIECE TOTAL OF A+B
<S> <C> <C> <C> <C>
ORIGINAL PRINCIPAL BALANCE $187,050,479.13 $18,499,497.94 $205,549,977.07 15,213
BEGINNING PERIOD PRINCIPAL BALANCE $157,150,144.56 $15,542,321.99 $172,692,466.55 13,627
COLLECTIONS (REGULAR PAYMENTS) $ 2,036,703.49 $ 201,432.21 $ 2,238,135.70 --
COLLECTIONS (PRINCIPAL - PAYOFFS) $ 2,162,581.27 $ 213,881.66 $ 2,376,462.93 211
WITHDRAWAL FROM PAYAHEAD (PRINCIPAL) $ 7,850.12 $ 776.39 $ 8,626.50 --
GROSS CHARGE OFFS $ 627,638.38 $ 62,074.13 $ 689,712.51 46
REPURCHASES $ 12,678.55 $ 1,253.92 $ 13,932.47 4
ENDING BALANCE $152,302,692.76 $15,062,903.68 $167,365,596.44 13,366
CERTIFICATE FACTOR 0.8142331 0.8142331
PASS THROUGH RATE 5.965% 6.025%
CASH FLOW RECONCILIATION
PRINCIPAL WIRED $4,650,570.26
INTEREST WIRED $1,785,703.97
WITHDRAWAL FROM PAYAHEAD ACCOUNT $ 12,830.62
REPURCHASES $ 14,263.17
GROSS CHARGE OFF RECOVERIES $ 262,331.02
GROSS INTEREST ADVANCES $ 39,917.11
CIA INTEREST EARNED $ 17,550.05
SPREAD ACCOUNT WITHDRAWAL $ 0.00
"A" SURETY BOND DRAW FOR "I" INTEREST $ 0.00
"A" SURETY BOND DRAW FOR "A" PRINCIPAL OR INTEREST $ 0.00
"B" SURETY BOND DRAW FOR "B" PRINCIPAL OR INTEREST $ 0.00
TOTAL $6,783,166.20
TRUSTEE DISTRIBUTION ( 6/07/96)
TOTAL CASH FLOW $6,783,166.20
UNRECOVERED INTEREST ADVANCES $ 19,715.38
SERVICING FEE (DUE AND UNPAID) $ 0.00
INTEREST TO 'A' CERTIFICATE HOLDERS $ 781,167.18
INTEREST TO 'I' CERTIFICATE HOLDERS $ 308,857.64
INTEREST TO 'B' CERTIFICATE HOLDERS $ 78,035.41
PRINCIPAL TO 'A' CERTIFICATE HOLDERS $4,847,451.80
PRINCIPAL TO 'B' CERTIFICATE HOLDERS $ 479,418.31
SURETY BOND PREMIUM $ 14,412.04
INTEREST ADVANCE RECOVERIES: Payments $ 23,456.18
UNREIMBURSED DRAWS ON CLASS 'A' SURETY BOND FOR CLASS 'I' INTEREST $ 0.00
UNREIMBURSED DRAWS ON CLASS 'A' SURETY BOND FOR CLASS 'A' INT. OR PRI $ 0.00
UNREIMBURSED DRAWS ON CLASS 'B' SURETY BOND FOR CLASS 'B' INT. OR PRI $ 0.00
DEPOSIT TO PAYAHEAD $ 40,720.11
CIA INTEREST TO SERVICER (TO HIT 6/07/96) $ 17,550.05
PAYAHEAD ACCOUNT INTEREST TO SERVICER (TO HIT 6/07/96) $ 527.42
EXCESS YIELD (TO HIT 6/07/96) $ 171,854.69
BALANCE $ 0.00
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
SPREAD ACCOUNT AND SURETY "A" AND "B" RECONCILIATION
SPREAD ACCOUNT "A" SURETY BOND "B" SURETY BOND
-------------- --------------- ---------------
<S> <C> <C> <C>
ORIGINAL BALANCE $ 0.00 $14,388,498.39 $18,499,497.94
BEGINNING BALANCE $2,332,012.07 $12,469,110.57 $15,542,321.99
TRUSTEE DISTRIBUTION OF EXCESS YIELD (5/07/96) $ 320,786.45 -- --
INTEREST EARNED (5/31/96) $ 11,490.79 $ 0.00 $ 0.00
DRAWS $ 0.00 $ 0.00 $ 0.00
REIMBURSEMENT FOR PRIOR DRAWS $ 0.00 $ 0.00 $ 0.00
DISTRIBUTION OF FUNDS TO SERVICER ( 5/07/96) $ 0.00 -- --
ENDING BALANCE $2,664,289.31 $12,469,110.57 $15,542,321.99
ADJUSTED END BAL BASED UPON REQ. BAL $11,870,489.82 15,062,903.68
REQUIRED BALANCE $8,634,623.33 $11,870,489.82 $15,062,903.68
DISTRIBUTION OF FUNDS TO SERVICER (6/07/96) 0.00
MONTHLY SERVICING FEE AND THE SPREAD AMOUNT $ 1,070,411.77
SERVICING FEE (RETAINED FROM INTEREST COLLECTIONS) $ 143,910.39
</TABLE>
UACSC 95-D
UNION ACCEPTANCE CORPORATION
(Servicer)
MONTH ENDING 6/30/96
<TABLE>
<CAPTION>
PRINCIPAL BALANCE RECONCILIATION D O L L A R S NUMBERS
'A' PIECE 'B' PIECE TOTAL OF A+B
<S> <C> <C> <C> <C>
ORIGINAL PRINCIPAL BALANCE $187,050,479.13 $18,499,497.94 $205,549,977.07 15,213
BEGINNING PERIOD PRINCIPAL BALANCE $152,302,692.76 $15,062,903.68 $167,365,596.44 13,366
COLLECTIONS (REGULAR PAYMENTS) $ 1,720,735.96 $ 170,182.68 $ 1,890,918.64 --
COLLECTIONS (PRINCIPAL - PAYOFFS) $ 2,207,517.94 $ 218,325.95 $ 2,425,843.89 208
WITHDRAWAL FROM PAYAHEAD (PRINCIPAL) $ 9,741.99 $ 963.49 $ 10,705.48 --
GROSS CHARGE OFFS $ 335,247.81 $ 33,156.38 $ 368,404.19 27
REPURCHASES $ 17,083.28 $ 1,689.56 $ 18,772.84 6
ENDING BALANCE $148,012,365.77 $14,638,585.63 $162,650,951.40 13,125
CERTIFICATE FACTOR 0.7912964 0.7912964
PASS THROUGH RATE 5.965% 6.025%
CASH FLOW RECONCILIATION
PRINCIPAL WIRED $ 4,360,825.46
INTEREST WIRED $ 1,600,695.66
WITHDRAWAL FROM PAYAHEAD ACCOUNT $ 17,114.64
REPURCHASES $ 21,091.92
GROSS CHARGE OFF RECOVERIES $ 390,886.24
GROSS INTEREST ADVANCES $ 36,693.11
CIA INTEREST EARNED $ 16,485.52
SPREAD ACCOUNT WITHDRAWAL $ 0.00
"A" SURETY BOND DRAW FOR "I" INTEREST $ 0.00
"A" SURETY BOND DRAW FOR "A" PRINCIPAL OR INTEREST $ 0.00
"B" SURETY BOND DRAW FOR "B" PRINCIPAL OR INTEREST $ 0.00
TOTAL $ 6,443,792.55
TRUSTEE DISTRIBUTION (7/07/96)
TOTAL CASH FLOW $6,443,792.55
UNRECOVERED INTEREST ADVANCES $ 11,038.92
SERVICING FEE (DUE AND UNPAID) $ 0.00
INTEREST TO 'A' CERTIFICATE HOLDERS $ 757,071.30
INTEREST TO 'I' CERTIFICATE HOLDERS $ 297,199.77
INTEREST TO 'B' CERTIFICATE HOLDERS $ 75,628.33
PRINCIPAL TO 'A' CERTIFICATE HOLDERS $4,290,326.99
PRINCIPAL TO 'B' CERTIFICATE HOLDERS $ 424,318.05
SURETY BOND PREMIUM $ 13,554.25
INTEREST ADVANCE RECOVERIES: Payments $ 22,517.73
UNREIMBURSED DRAWS ON CLASS 'A' SURETY BOND FOR CLASS 'I' INTEREST $ 0.00
UNREIMBURSED DRAWS ON CLASS 'A' SURETY BOND FOR CLASS 'A' INT. OR PRI $ 0.00
UNREIMBURSED DRAWS ON CLASS 'B' SURETY BOND FOR CLASS 'B' INT. OR PRI $ 0.00
DEPOSIT TO PAYAHEAD $ 47,365.77
CIA INTEREST TO SERVICER (TO HIT 7/07/96) $ 16,485.52
PAYAHEAD ACCOUNT INTEREST TO SERVICER (TO HIT 7/07/96) $ 641.09
EXCESS YIELD (TO HIT 7/07/96) $ 487,644.83
BALANCE $ (0.00)
</TABLE>
SPREAD ACCOUNT AND SURETY "A" AND "B" RECONCILIATION
<TABLE>
<CAPTION>
SPREAD ACCOUNT "A" SURETY BOND "B" SURETY BOND
<S> <C> <C> <C>
ORIGINAL BALANCE $ 0.00 $14,388,498.39 $18,499,497.94
BEGINNING BALANCE $2,664,289.31 $11,870,489.82 $15,062,903.68
TRUSTEE DISTRIBUTION OF EXCESS YIELD (6/07/96) $ 171,854.69 -- --
INTEREST EARNED (6/30/96) $ 12,045.80 $ 0.00 $ 0.00
DRAWS $ 0.00 $ 0.00 $ 0.00
REIMBURSEMENT FOR PRIOR DRAWS $ 0.00 $ 0.00 $ 0.00
DISTRIBUTION OF FUNDS TO SERVICER ( 6/07/96) $ 0.00 -- --
ENDING BALANCE $2,848,189.80 $11,870,489.82 $15,062,903.68
ADJUSTED END BAL BASED UPON REQ. BAL $11,450,857.08 $14,638,585.63
REQUIRED BALANCE $8,368,279.82 $11,450,857.08 $14,638,585.63
DISTRIBUTION OF FUNDS TO SERVICER (7/07/96) $ 0.00
MONTHLY SERVICING FEE AND THE SPREAD AMOUNT $ 907,467.36
SERVICING FEE (RETAINED FROM INTEREST COLLECTIONS) $ 139,471.33
</TABLE>
UACSC 95-D
UNION ACCEPTANCE CORPORATION
(Servicer)
YEAR ENDING 6/30/96
<TABLE>
<CAPTION>
PRINCIPAL BALANCE RECONCILIATION D O L L A R S NUMBERS
'A' PIECE 'B' PIECE TOTAL OF A+B
<S> <C> <C> <C> <C>
ORIGINAL PRINCIPAL BALANCE $187,050,479.13 $18,499,497.94 $205,549,977.07 15,213
BEGINNING PERIOD PRINCIPAL BALANCE $187,050,479.13 $18,499,497.94 $205,549,977.07 15,213
COLLECTIONS (REGULAR PAYMENTS) $ 16,062,165.72 $ 1,588,565.84 $ 17,650,731.56 --
COLLECTIONS (PRINCIPAL - PAYOFFS) $ 20,523,857.71 $ 2,029,832.08 $ 22,553,689.79 1,893
WITHDRAWAL FROM PAYAHEAD (PRINCIPAL) $ 40,075.66 $ 3,963.53 $ 44,039.19 --
GROSS CHARGE OFFS $ 2,274,783.98 $ 224,978.63 $ 2,499,762.61 167
REPURCHASES $ 137,230.29 $ 13,572.23 $ 150,802.52 28
ENDING BALANCE $148,012,365.77 $14,638,585.63 $162,650,951.40 13,125
CERTIFICATE FACTOR 0.7912964 0.7912964
PASS THROUGH RATE 5.965% 6.025%
CASH FLOW RECONCILIATION
PRINCIPAL WIRED $40,424,770.95
INTEREST WIRED $13,914,493.23
WITHDRAWAL FROM PAYAHEAD ACCOUNT $ 56,918.12
REPURCHASES $ 159,671.74
GROSS CHARGE OFF RECOVERIES $ 1,060,588.26
GROSS INTEREST ADVANCES $ 314,286.93
CIA INTEREST EARNED $ 131,805.08
SPREAD ACCOUNT WITHDRAWAL $ 0.00
"A" SURETY BOND DRAW FOR "I" INTEREST $ 0.00
"A" SURETY BOND DRAW FOR "A" PRINCIPAL OR INTEREST $ 0.00
"B" SURETY BOND DRAW FOR "B" PRINCIPAL OR INTEREST $ 0.00
TOTAL
$56,062,534.31
TRUSTEE DISTRIBUTION
TOTAL CASH FLOW $56,062,534.31
UNRECOVERED INTEREST ADVANCES $ 80,611.33
SERVICING FEE (DUE AND UNPAID) $ 0.00
INTEREST TO 'A' CERTIFICATE HOLDERS $ 6,087,844.30
INTEREST TO 'I' CERTIFICATE HOLDERS $ 2,446,005.85
INTEREST TO 'B' CERTIFICATE HOLDERS $ 608,150.77
PRINCIPAL TO 'A' CERTIFICATE HOLDERS $39,038,113.35
PRINCIPAL TO 'B' CERTIFICATE HOLDERS $ 3,860.912.32
SURETY BOND PREMIUM $ 122,082.58
INTEREST ADVANCE RECOVERIES: Payments $ 168,320.18
UNREIMBURSED DRAWS ON CLASS 'A' SURETY BOND FOR CLASS 'I' INTEREST $ 0.00
UNREIMBURSED DRAWS ON CLASS 'A' SURETY BOND FOR CLASS 'A' INT. OR PRI $ 0.00
UNREIMBURSED DRAWS ON CLASS 'B' SURETY BOND FOR CLASS 'B' INT. OR PRI $ 0.00
DEPOSIT TO PAYAHEAD $ 253,791.89
CIA INTEREST TO SERVICER $ 131,805.08
PAYAHEAD ACCOUNT INTEREST TO SERVICER $ 2,520.85
EXCESS YIELD $ 3,262,375.81
BALANCE $ 0.00
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
SPREAD ACCOUNT AND SURETY "A" AND "B" RECONCILIATION
SPREAD ACCOUNT "A" SURETY BOND "B" SURETY BOND
<S> <C>
ORIGINAL BALANCE $ 0.00 $ 14,388,498.39 $18,499,497.94
BEGINNING BALANCE $ 0.00 $ 10,672,239.77 $14,140,747.54
TRUSTEE DISTRIBUTION OF EXCESS YIELD $2,796,092.81 -- --
INTEREST EARNED $ 52,096.99 $ 0.00 0.00
DRAWS $ 0.00 $ 0.00 0.00
REIMBURSEMENT FOR PRIOR DRAWS $ 0.00 $ 0.00 0.00
DISTRIBUTION OF FUNDS TO SERVICER $ 0.00 -- --
ENDING BALANCE $ 2,848,189.80 $ 10,672,239.77 $14,140,747.54
ADJUSTED END BAL BASED UPON REQ. BAL $ 10,672,239.77 $14,140,747.54
REQUIRED BALANCE $8,368,279.82 $ 10,672,239.77 $14,140,747.54
DISTRIBUTION OF FUNDS TO SERVICER $ 0.00
MONTHLY SERVICING FEE AND THE SPREAD AMOUNT $9,515,069.77
SERVICING FEE (RETAINED FROM INTEREST COLLECTIONS) $1,121,532.06
</TABLE>
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